| Leases Components of lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
Thirty-nine weeks ended |
|
|
November 3,
2024 |
|
October 29,
2023 |
|
November 3,
2024 |
|
October 29,
2023 |
| Operating lease expense |
|
$ |
8,713 |
|
|
$ |
7,601 |
|
|
$ |
25,650 |
|
|
$ |
21,996 |
|
| Variable and short term lease expense |
|
1,540 |
|
|
2,750 |
|
|
4,436 |
|
|
7,939 |
|
| Total lease expense |
|
$ |
10,253 |
|
|
$ |
10,351 |
|
|
$ |
30,086 |
|
|
$ |
29,935 |
|
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 thirty-nine weeks ended November 3, 2024 and October 29, 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):
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine weeks ended |
| (amounts in thousands) |
|
November 3,
2024 |
|
October 29,
2023 |
| Operating cash flow information: |
|
|
|
|
| Amounts paid on operating lease liabilities |
|
$ |
25,690 |
|
|
$ |
21,957 |
|
| Non-cash activities: |
|
|
|
|
| Right-of-use assets obtained in exchange for lease obligations |
|
$ |
16,961 |
|
|
$ |
25,672 |
|
| Weighted average remaining lease term - operating leases |
|
7.0 years |
|
7.4 years |
| Weighted average discount rate - operating leases |
|
5.16 |
% |
|
4.58 |
% |
|