v3.26.1
Leases
 3 Months Ended
May 02, 2026
Leases [Abstract]  
Leases
NOTE 12 – LEASES:
The
Company determines
whether
an
arrangement
is
a
lease
at
inception.
The
Company
has
operating
leases for
stores,
offices,
warehouse space
and equipment.
Its leases
have remaining
lease terms
of
one
year
to
10 years
, some of which include options to
extend the lease term for
up to five years
, and some of
which
include
options
to
terminate
the
lease
within one year
.
The
Company
considers
these
options
in
determining
the
lease term
used
to
establish its
right-of-use assets
and lease
liabilities. The
Company’s
lease agreements do not contain any material residual value guarantees or material
restrictive covenants.
As
most
of
the
Company’s
leases
do
not
provide
an
implicit
rate,
the
Company
uses
its
estimated
incremental borrowing rate
based on
the information available
at the
commencement date
of the lease
in
determining the present value of lease payments.
The components of lease cost are shown below (in thousands):
`
Three Months Ended
May 2, 2026
May 3, 2025
Operating lease cost
$
16,319
$
16,588
Variable
lease cost (a)
$
519
$
438
(a) Primarily relates to monthly percentage rent for stores not presented on the balance sheet.
Supplemental cash flow
information and non-cash
activity related to
the Company’s
operating leases are
as follows (in thousands):
Operating cash flow information:
Three Months Ended
May 2, 2026
May 3, 2025
Cash paid for amounts included in the measurement of lease liabilities
$
13,939
$
14,534
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations, net of rent violations
$
8,836
$
1,206
Weighted-average
remaining
lease
term
and
discount
rate
for
the
Company’s
operating
leases
are
as
follows:
As of
May 2, 2026
May 3, 2025
Weighted-average remaining lease term
2.3
Years
2.1
Years
Weighted-average discount rate
6.29%
5.90%
As of May 2, 2026, the maturities of lease liabilities by fiscal year for the Company’s
operating leases are
as follows (in thousands):
Fiscal Year
2026 (a)
$
47,815
2027
47,369
2028
32,929
2029
20,990
2030
11,566
Thereafter
2,313
Total lease payments
162,982
Less: Imputed interest
17,955
Present value of lease liabilities
$
145,027
(a) Excluding the 3 months ended May 2, 2026.