The Company's lease portfolio is primarily comprised of leases for retail store locations. The Company also leases certain equipment and corporate office space. Store leases for new stores typically have an initial term of 10 years, with options to renew for an additional 1 to 5 years. The exercise of lease renewal options is at the Company's sole discretion and is included in the lease term for calculations of its right-of-use assets and liabilities when it is reasonably certain that the Company plans to renew these leases. Certain store lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. Lease agreements do not contain any residual value guarantees, material restrictive covenants, or options to purchase the leased property.

The Company records its lease liabilities at the present value of the lease payments not yet paid, discounted at the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term. As the Company's leases do not provide an implicit interest rate, the Company obtains an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The Company has elected to apply the practical expedient to account for lease components (e.g. fixed payments for rent, insurance, and real estate taxes) and non-lease components (e.g. fixed payments for common area maintenance) together as a single component for all underlying asset classes. Additionally, the Company elected as an accounting policy to exclude short-term leases from the recognition requirements.


	Fiscal Years Ended
	January 31, 2026		February 1, 2025		February 3, 2024

Operating lease cost	$	106,827	$	102,140	$	99,172
Variable lease cost (a)	22,301		22,694		24,243
Total lease cost	$	129,128	$	124,834	$	123,415

(a) Includes variable payments related to both lease and non-lease components, such as contingent rent payments based on performance and payments related to taxes, insurance, and maintenance costs. Also includes payments related to short-term leases which are not material in any periods presented.


	Fiscal Years Ended
	January 31, 2026		February 1, 2025		February 3, 2024

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (a)	$	108,108	$	105,553	$	102,383

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	195,069	$	131,897	$	122,824

(a) Operating cash flows from operating leases are included within the change in other assets and liabilities in the consolidated statement of cash flows offset by non-cash right-of-use asset amortization and lease liability accretion.

The Company uses its incremental borrowing rate as the discount rate to determine the present value of lease payments. As of January 31, 2026, the weighted-average remaining lease term was 6.3 years and the weighted-average discount rate was 6.6%.

The table below reconciles undiscounted future lease payments (e.g. fixed payments for rent, insurance, real estate taxes, and common area maintenance) for each of the next five fiscal years and the total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of January 31, 2026:


Fiscal Year	Operating Leases (a)
2026	$	108,071
2027	82,340
2028	61,436
2029	50,861
2030	42,163
Thereafter	129,546
Total lease payments	474,417
Less: Imputed interest	90,603
Total operating lease liability	$	383,814