The Company determines if an arrangement contains a lease at the inception of a contract. Operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

During the thirteen weeks ended May 2, 2026, the Company committed to 48 new store leases with average terms of approximately 10 years that have future minimum lease payments of approximately $83.3 million.

All of the Company's leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the consolidated balance sheets. As of May 2, 2026 and May 3, 2025, the weighted average remaining lease term for the Company's operating leases was 6.7 years and 7.2 years, respectively, and the weighted average discount rate was 5.3% and 6.1%, respectively.

The following table is a summary of the Company's components for net lease costs (in thousands):


	Thirteen Weeks Ended
Lease Cost	May 2, 2026		May 3, 2025
Operating lease cost	$	91,425	$	83,568
Variable lease cost	28,679		25,846
Net lease cost*	$	120,104	$	109,414

The following table summarizes the maturity of lease liabilities under operating leases as of May 2, 2026 (in thousands):


Maturity of Lease Liabilities	Operating Leases
2026	$	302,825
2027	391,122
2028	366,967
2029	334,245
2030	289,291
After 2030	704,910
Total lease payments	2,389,360
Less: imputed interest	390,651
Present value of lease liabilities	$	1,998,709

The following table summarizes the supplemental cash flow disclosures related to leases (in thousands):


	Thirteen Weeks Ended
	May 2, 2026		May 3, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Cash payments arising from operating lease liabilities (1)	$	86,383	$	69,608
Supplemental non-cash information:
Operating lease liabilities arising from obtaining right-of-use assets	$	23,332	$	41,475

(1) Included within operating activities in the Company's Consolidated Statements of Cash Flows.