| LEASES |
LEASES The following components of lease expense were recognized in the Company’s Consolidated Statements of Operations: | | | | | | | | | | | | | | | | | | | | Fiscal Years Ended | | February 1, 2025 | | February 3, 2024 | | January 28, 2023 | | (in thousands) | | Fixed operating lease cost | $ | 90,129 | | | $ | 91,066 | | | $ | 99,988 | | | Variable operating lease cost | 24,425 | | | 44,195 | | | 51,905 | | | Total operating lease cost | $ | 114,554 | | | $ | 135,261 | | | $ | 151,893 | |
The following table provides the weighted-average remaining lease term of the Company’s operating leases, the weighted-average discount rate used to calculate the Company’s operating liabilities, cash paid for amounts included in the measurement of the Company’s operating lease liabilities, and ROU assets obtained in exchange for the Company’s new operating lease liabilities: | | | | | | | | | | | | | | Fiscal Years Ended | | February 1, 2025 | | February 3, 2024 | | Weighted-average remaining lease term (years) | 4.3 | | 4.2 | | Weighted average discount rate (%) | 8.1 | | | 7.1 | | | Cash paid for amounts included in the measurement of operating lease liabilities ($, in millions) | 79.1 | | | 93.4 | | | ROU assets obtained in exchange for new operating lease liabilities ($, in millions) | 71.8 | | | 120.5 | |
As of February 1, 2025, the maturities of operating lease liabilities were as follows: | | | | | | | | February 1, 2025 | | (in thousands) | | 2025 | $ | 78,499 | | | | 2026 | 49,253 | | | | 2027 | 23,993 | | | | 2028 | 16,325 | | | | 2029 | 10,715 | | | | Thereafter | 34,642 | | | | Total operating lease payments | 213,427 | | | | Less: imputed interest | (38,733) | | | | Present value of operating lease liabilities | $ | 174,694 | | |
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