Leases

6 Months Ended

Aug. 01, 2026

11. Leases

The Company leases its retail store locations, distribution centers and certain office space and equipment. Leases for store locations are typically for a term of five years with options to extend for one or more five-year periods.

The Company analyzes all leases at inception to determine if a right-of-use asset and lease liability should be recognized. Leases with an initial term of 12 months or less and leases with mutual termination clauses are not included on the condensed consolidated balance sheets. The lease liability is measured at the present value of future lease payments as of the lease commencement date.

Total lease cost is comprised of operating lease costs, short-term lease costs and variable lease costs, which include rent paid as a percentage of sales, common area maintenance, real estate taxes and insurance for the Company’s real estate leases. Lease costs consisted of the following (in thousands):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	August 1, 2026		August 2, 2025		August 1, 2026		August 2, 2025
Operating lease cost	$	15,923	$	15,219	$	31,888	$	30,386
Variable lease cost		3,695		3,205		6,854		5,815
Short term lease cost		241		422		964		998
Total lease cost	$	19,859	$	18,846	$	39,706	$	37,199

Future minimum lease payments as of August 1, 2026 are as follows (in thousands):


Fiscal Year	Lease Costs
Remainder of 2026	$	33,442
2027		60,229
2028		50,410
2029		40,059
2030		29,354
Thereafter		108,947
Total future minimum lease payments		322,441
Less: imputed interest		(97,592)	(1)
Total present value of lease liabilities	$	224,849	(2)

(1)

Calculated using the incremental borrowing rate.

(2)

Includes short-term and long-term portions of operating lease liabilities.

Certain operating leases provide for fixed monthly rents, while others provide for contingent rents computed as a percentage of net sales and others provide for a combination of both fixed monthly rents and contingent rents computed as a percentage of net sales.

Supplemental cash flows and other information related to operating leases are as follows (in thousands, except for weighted average amounts):


	Twenty-Six Weeks Ended
	August 1, 2026		August 2, 2025
Cash paid for operating leases	$	31,990	$	30,578
Right of use assets obtained in exchange for new operating lease liabilities	$	25,397	$	26,675

Weighted average remaining lease term (years) - operating leases		6.64		6.99
Weighted average discount rate - operating leases		6.28%		5.87%