| Leases |
Leases Components of lease expense were as follows (in thousands):
|
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Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
October 29, 2023 |
|
October 30, 2022 |
|
October 29, 2023 |
|
October 30, 2022 |
| Operating lease expense |
|
$ |
7,601 |
|
|
$ |
6,326 |
|
|
$ |
21,996 |
|
|
$ |
17,468 |
|
| Variable lease expense |
|
2,498 |
|
|
3,973 |
|
|
7,040 |
|
|
10,178 |
|
| Short term lease expense |
|
252 |
|
|
180 |
|
|
899 |
|
|
539 |
|
| Total lease expense |
|
$ |
10,351 |
|
|
$ |
10,479 |
|
|
$ |
29,935 |
|
|
$ |
28,185 |
|
Variable lease expense includes index-based changes in rent, maintenance, real estate taxes, insurance and other variable charges.
We did not recognize any impairment charges associated with showroom-level right-of-use assets during the thirteen and thirty-nine weeks ended October 29, 2023 or October 30, 2022.
Future minimum lease payments under non-cancelable leases as of October 29, 2023 were as follows (in thousands):
|
|
|
|
|
|
| (amounts in thousands) |
|
| 2024 |
$ |
982 |
|
| 2025 |
30,596 |
|
| 2026 |
28,401 |
|
| 2027 |
26,123 |
|
| 2028 |
23,880 |
|
| Thereafter |
84,150 |
|
| Total undiscounted future minimum lease payments |
194,132 |
|
| Less: imputed interest |
(32,310) |
|
| Total present value of lease obligations |
161,822 |
|
| Less: current operating lease liability |
(16,966) |
|
| Operating lease liability- long term |
$ |
144,856 |
|
Supplemental information related to our operating leases is as follows (in thousands):
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Thirty-nine weeks ended |
| (amounts in thousands) |
|
October 29, 2023 |
|
October 30, 2022 |
| Operating cash flow information: |
|
|
|
|
| Amounts paid on operating lease liabilities |
|
$ |
21,957 |
|
|
$ |
13,227 |
|
| Non-cash activities: |
|
|
|
|
| Right-of-use assets obtained in exchange for lease obligations |
|
$ |
25,672 |
|
|
$ |
43,834 |
|
| Weighted average remaining lease term - operating leases |
|
7.4 years |
|
7.5 years |
| Weighted average discount rate - operating leases |
|
4.58 |
% |
|
4.07 |
% |
|