Property and Leases
|
3 Months Ended |
May 03, 2025 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| PROPERTY AND LEASES |
PROPERTY AND LEASES During the three months ended May 3, 2025, we commenced operations of a new distribution center, which resulted in an additional operating lease of $22.4 million and additional finance leases for equipment of $31.8 million.
PROPERTY AND EQUIPMENT
Property and equipment, net, consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | Useful Life (years) | | May 3, 2025 | | February 1, 2025 | | May 4, 2024 | | Land | Indefinite | | $ | 1,110 | | | $ | 1,110 | | | $ | 1,110 | | | Buildings | 39 | | 12,485 | | | 12,485 | | | 12,485 | | | Building and leasehold improvements | 3-10 or the lease term if shorter | | 463,456 | | | 457,795 | | | 451,358 | | | Furniture, fixtures and equipment | 3-15 | | 465,541 | | | 463,120 | | | 457,866 | | | Software | 3-5 | | 206,160 | | | 203,415 | | | 233,674 | | | Finance leased equipment | 3-10 or the lease term if shorter | | 31,782 | | | — | | | — | | | Construction-in-progress | | | 6,442 | | | 11,222 | | | 16,085 | | | Total property and equipment | | | 1,186,976 | | | 1,149,147 | | | 1,172,578 | | | Accumulated depreciation and amortization | | | (956,417) | | | (940,948) | | | (949,373) | | | | | $ | 230,559 | | | $ | 208,199 | | | $ | 223,205 | |
LEASES
The following table presents the classification and amounts for operating and finance leases on the condensed consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Classification | | May 3, 2025 | | February 1, 2025 | | May 4, 2024 | | Assets: | | | | | | | | | Operating lease assets | Operating lease assets | | $ | 719,749 | | | $ | 701,621 | | | $ | 728,346 | | | Finance lease assets | Property and equipment, net | | $ | 31,182 | | | $ | — | | | $ | — | | | Liabilities: | | | | | | | | | Current: | | | | | | | | | Operating lease liabilities | Current operating lease liabilities | | $ | 158,171 | | | $ | 159,924 | | | $ | 161,050 | | | Finance lease liabilities | Accrued expenses | | $ | 2,923 | | | $ | — | | | $ | — | | | Non-current: | | | | | | | | | Operating lease liabilities | Non-current operating lease liabilities | | $ | 650,438 | | | $ | 635,076 | | | $ | 657,625 | | | Finance lease liabilities | Other non-current liabilities | | $ | 28,859 | | | $ | — | | | $ | — | |
The following table presents supplemental cash flow information related to leases: | | | | | | | | | | | | | | | | Three months ended | | (in thousands) | | May 3, 2025 | | May 4, 2024 | | Cash paid for leases liabilities- | | | | | | Operating cash flows for operating leases | | $ | 54,856 | | | $ | 49,953 | | | | | | | | | | | | | Non-cash activities: | | | | | | Operating lease liabilities arising from lease asset additions | | $ | 24,665 | | | $ | 8,525 | | | Finance lease liabilities arising from lease asset additions | | $ | 31,782 | | | $ | — | | | Net increase to operating lease assets and lease liabilities for modifications | | $ | 30,247 | | | $ | 30,327 | |
|
| PROPERTY AND LEASES |
PROPERTY AND LEASES During the three months ended May 3, 2025, we commenced operations of a new distribution center, which resulted in an additional operating lease of $22.4 million and additional finance leases for equipment of $31.8 million.
PROPERTY AND EQUIPMENT
Property and equipment, net, consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | Useful Life (years) | | May 3, 2025 | | February 1, 2025 | | May 4, 2024 | | Land | Indefinite | | $ | 1,110 | | | $ | 1,110 | | | $ | 1,110 | | | Buildings | 39 | | 12,485 | | | 12,485 | | | 12,485 | | | Building and leasehold improvements | 3-10 or the lease term if shorter | | 463,456 | | | 457,795 | | | 451,358 | | | Furniture, fixtures and equipment | 3-15 | | 465,541 | | | 463,120 | | | 457,866 | | | Software | 3-5 | | 206,160 | | | 203,415 | | | 233,674 | | | Finance leased equipment | 3-10 or the lease term if shorter | | 31,782 | | | — | | | — | | | Construction-in-progress | | | 6,442 | | | 11,222 | | | 16,085 | | | Total property and equipment | | | 1,186,976 | | | 1,149,147 | | | 1,172,578 | | | Accumulated depreciation and amortization | | | (956,417) | | | (940,948) | | | (949,373) | | | | | $ | 230,559 | | | $ | 208,199 | | | $ | 223,205 | |
LEASES
The following table presents the classification and amounts for operating and finance leases on the condensed consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Classification | | May 3, 2025 | | February 1, 2025 | | May 4, 2024 | | Assets: | | | | | | | | | Operating lease assets | Operating lease assets | | $ | 719,749 | | | $ | 701,621 | | | $ | 728,346 | | | Finance lease assets | Property and equipment, net | | $ | 31,182 | | | $ | — | | | $ | — | | | Liabilities: | | | | | | | | | Current: | | | | | | | | | Operating lease liabilities | Current operating lease liabilities | | $ | 158,171 | | | $ | 159,924 | | | $ | 161,050 | | | Finance lease liabilities | Accrued expenses | | $ | 2,923 | | | $ | — | | | $ | — | | | Non-current: | | | | | | | | | Operating lease liabilities | Non-current operating lease liabilities | | $ | 650,438 | | | $ | 635,076 | | | $ | 657,625 | | | Finance lease liabilities | Other non-current liabilities | | $ | 28,859 | | | $ | — | | | $ | — | |
The following table presents supplemental cash flow information related to leases: | | | | | | | | | | | | | | | | Three months ended | | (in thousands) | | May 3, 2025 | | May 4, 2024 | | Cash paid for leases liabilities- | | | | | | Operating cash flows for operating leases | | $ | 54,856 | | | $ | 49,953 | | | | | | | | | | | | | Non-cash activities: | | | | | | Operating lease liabilities arising from lease asset additions | | $ | 24,665 | | | $ | 8,525 | | | Finance lease liabilities arising from lease asset additions | | $ | 31,782 | | | $ | — | | | Net increase to operating lease assets and lease liabilities for modifications | | $ | 30,247 | | | $ | 30,327 | |
|
| PROPERTY AND LEASES |
PROPERTY AND LEASES During the three months ended May 3, 2025, we commenced operations of a new distribution center, which resulted in an additional operating lease of $22.4 million and additional finance leases for equipment of $31.8 million.
PROPERTY AND EQUIPMENT
Property and equipment, net, consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | (dollars in thousands) | Useful Life (years) | | May 3, 2025 | | February 1, 2025 | | May 4, 2024 | | Land | Indefinite | | $ | 1,110 | | | $ | 1,110 | | | $ | 1,110 | | | Buildings | 39 | | 12,485 | | | 12,485 | | | 12,485 | | | Building and leasehold improvements | 3-10 or the lease term if shorter | | 463,456 | | | 457,795 | | | 451,358 | | | Furniture, fixtures and equipment | 3-15 | | 465,541 | | | 463,120 | | | 457,866 | | | Software | 3-5 | | 206,160 | | | 203,415 | | | 233,674 | | | Finance leased equipment | 3-10 or the lease term if shorter | | 31,782 | | | — | | | — | | | Construction-in-progress | | | 6,442 | | | 11,222 | | | 16,085 | | | Total property and equipment | | | 1,186,976 | | | 1,149,147 | | | 1,172,578 | | | Accumulated depreciation and amortization | | | (956,417) | | | (940,948) | | | (949,373) | | | | | $ | 230,559 | | | $ | 208,199 | | | $ | 223,205 | |
LEASES
The following table presents the classification and amounts for operating and finance leases on the condensed consolidated balance sheets: | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | Classification | | May 3, 2025 | | February 1, 2025 | | May 4, 2024 | | Assets: | | | | | | | | | Operating lease assets | Operating lease assets | | $ | 719,749 | | | $ | 701,621 | | | $ | 728,346 | | | Finance lease assets | Property and equipment, net | | $ | 31,182 | | | $ | — | | | $ | — | | | Liabilities: | | | | | | | | | Current: | | | | | | | | | Operating lease liabilities | Current operating lease liabilities | | $ | 158,171 | | | $ | 159,924 | | | $ | 161,050 | | | Finance lease liabilities | Accrued expenses | | $ | 2,923 | | | $ | — | | | $ | — | | | Non-current: | | | | | | | | | Operating lease liabilities | Non-current operating lease liabilities | | $ | 650,438 | | | $ | 635,076 | | | $ | 657,625 | | | Finance lease liabilities | Other non-current liabilities | | $ | 28,859 | | | $ | — | | | $ | — | |
The following table presents supplemental cash flow information related to leases: | | | | | | | | | | | | | | | | Three months ended | | (in thousands) | | May 3, 2025 | | May 4, 2024 | | Cash paid for leases liabilities- | | | | | | Operating cash flows for operating leases | | $ | 54,856 | | | $ | 49,953 | | | | | | | | | | | | | Non-cash activities: | | | | | | Operating lease liabilities arising from lease asset additions | | $ | 24,665 | | | $ | 8,525 | | | Finance lease liabilities arising from lease asset additions | | $ | 31,782 | | | $ | — | | | Net increase to operating lease assets and lease liabilities for modifications | | $ | 30,247 | | | $ | 30,327 | |
|