| Leases Components of lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Twenty-six weeks ended |
|
|
August 4,
2024 |
|
July 30,
2023 |
|
August 4,
2024 |
|
July 30,
2023 |
| Operating lease expense |
|
$ |
8,555 |
|
|
$ |
7,391 |
|
|
$ |
16,937 |
|
|
$ |
14,395 |
|
| Variable and short term lease expense |
|
1,694 |
|
|
2,893 |
|
|
2,896 |
|
|
5,189 |
|
| Total lease expense |
|
$ |
10,249 |
|
|
$ |
10,284 |
|
|
$ |
19,833 |
|
|
$ |
19,584 |
|
Variable lease expense includes percentage rent, maintenance, real estate taxes, insurance and other variable charges included in the lease as well as rental expenses related to short term leases.
During the thirteen and twenty-six weeks ended August 4, 2024 and July 30, 2023, we did not recognize any impairment charges associated with showroom-level right-of-use assets.
Supplemental information related to our operating leases is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-six weeks ended |
| (amounts in thousands) |
|
August 4,
2024 |
|
July 30,
2023 |
| Operating cash flow information: |
|
|
|
|
| Amounts paid on operating lease liabilities |
|
$ |
16,682 |
|
|
$ |
14,208 |
|
| Non-cash activities: |
|
|
|
|
| Right-of-use assets obtained in exchange for lease obligations |
|
$ |
13,720 |
|
|
$ |
24,676 |
|
| Weighted average remaining lease term - operating leases |
|
7.1 years |
|
7.6 years |
| Weighted average discount rate - operating leases |
|
5.09 |
% |
|
4.55 |
% |
|