As of January 31, 2026, the Company leases all of its retail stores, a distribution center, and office space. As of that same date, the Company did not have any financing leases and no operating leases contained any material residual value guarantees or material restrictive covenants. Certain of the Company’s retail operating leases include variable rental payments based on a percentage of retail sales over contractual levels.

Some retail leases include one or more options to renew, with renewal terms that can extend the lease term from one to fifteen years. The Company’s distribution center has renewal terms that can extend the lease term up to twenty years. The exercise of lease renewal options is at the Company’s sole discretion.

The Company maintained a tenant incentive liability of $0.1 million and $0.2 million as of January 31, 2026 and February 1, 2025, respectively, related to certain variable retail leases.

The components of lease expense were as follows (in thousands):


		For the Fiscal Year Ended
Lease Cost	Classification	January 31, 2026		February 1, 2025		February 3, 2024
Operating lease cost	SG&A Expenses	$	43,492	$	39,866	$	39,102
Variable lease cost	SG&A Expenses		2,382		3,675		3,089
Total lease cost		$	45,874	$	43,541	$	42,191

For Fiscal Year 2025, noncash impairment charges related to certain operating lease right-of-use ("ROU") assets of $0.3 million were recorded. The Company reduced the carrying value of the related ROU assets to their estimated fair value, which was determined using a fair market rent analysis.

For Fiscal Year 2024, noncash impairment charges related to ROU assets of $0.3 million were recorded. The impairment charges related primarily to a ROU asset which arose from the revised sublease assumptions relating to one floor of the corporate headquarters located in Quincy, Massachusetts that was vacated in July 2019. There were no impairments recorded in Fiscal Year 2023.

For Fiscal Years 2025, 2024, and 2023, Selling general and administrative expenses included common area maintenance expense of $13.7 million, $12.2 million and $13.2 million, respectively.

For Fiscal Years 2025, 2024, and 2023, the total cash paid for amounts included in the measurement of operating lease liabilities was $47.9 million, $43.2 million and $45.1 million, respectively.

The weighted average remaining lease term and weighted average discount rate for our operating leases are as follows:


Lease Term and Discount Rate	January 31, 2026
Weighted-average remaining lease term (in years)
Operating leases		5.1
Weighted-average discount rate
Operating leases		6.9	%

Maturities of lease liabilities as of January 31, 2026 were as follows (in thousands):


Fiscal Year	Operating Leases(1)
2026		43,800
2027		40,047
2028		30,215
2029		23,777
2030		14,307
Thereafter		29,958
Subtotal		182,104
Less: Imputed interest		30,614
Present value of lease liabilities	$	151,490

(1)

There were no operating leases with legally binding minimum lease payments for leases signed but for which the Company has not taken possession.