v3.26.1
Leases
3 Months Ended
May 03, 2026
Disclosure Text Block [Abstract]  
Lessee, Operating Leases [Text Block]

10. Leases

 

We have operating leases for warehouses, showrooms, manufacturing facilities, offices and equipment. We recognized sublease income of $64,000 and $18,000 in the first quarters of fiscal 2027 and 2026, respectively.

The components of lease cost and supplemental cash flow information for leases for the first quarters of fiscal 2027 and 2026 were:

 

   Thirteen Weeks Ended 
   May 3,
2026
   May 4,
2025
 
Operating lease cost  $1,659   $2,172 
Variable lease cost   79    88 
Short-term lease cost   46    49 
Total operating lease cost  $1,784   $2,309 
           
Operating cash outflows  $1,769   $2,233 

 

The right-of-use assets and lease liabilities recorded on our condensed consolidated balance sheets as of May 3, 2026 and February 1, 2026 were as follows:

 

   May 3,
2026
   February 1,
2026
 
Real estate  $21,031   $22,328 
Property and equipment   622    687 
Total operating leases right-of-use assets  $21,653   $23,015 
           
Current portion of operating lease liabilities  $5,359   $5,445 
Long term operating lease liabilities   18,207    19,468 
Total operating lease liabilities  $23,566   $24,913 

 

The weighted-average discount rate is 4.97%. The weighted-average remaining lease term is 5.4 years as of May 3, 2026.

 

The following table reconciles the undiscounted future lease payments for operating leases to the operating lease liabilities recorded in the condensed consolidated balance sheets on May 3, 2026:

 

   Undiscounted
Future
Operating
Lease
Payments
 
Remainder of fiscal 2027  $4,904 
2028   4,685 
2029   3,915 
2030   3,881 
2031   3,913 
2032 and thereafter   5,833 
Total lease payments  $27,131 
Less: impact of discounting   (3,565)
Present value of lease payments  $23,566 

 

As of February 1, 2026, the Company had an additional lease for an administrative office in High Point, North Carolina. This lease commenced in May of calendar 2026 with an initial lease term of seven years and estimated future minimum rental commitments of approximately $2.2 million. Since the lease had not commenced as of the quarter-end, the undiscounted amounts are not included in the table above.