| Leases |
Leases Components of lease expense were as follows (in thousands):
|
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Thirteen weeks ended |
|
Twenty-six weeks ended |
|
|
July 30, 2023 |
|
July 31, 2022 |
|
July 30, 2023 |
|
July 31, 2022 |
| Operating lease expense |
|
$ |
7,391 |
|
|
$ |
5,808 |
|
|
$ |
14,395 |
|
|
$ |
11,142 |
|
| Variable lease expense |
|
2,486 |
|
|
3,991 |
|
|
4,542 |
|
|
6,205 |
|
| Short term lease expense |
|
407 |
|
|
180 |
|
|
647 |
|
|
359 |
|
| Total lease expense |
|
$ |
10,284 |
|
|
$ |
9,979 |
|
|
$ |
19,584 |
|
|
$ |
17,706 |
|
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 twenty-six weeks ended July 30, 2023 or July 31, 2022.
Future minimum lease payments under non-cancelable leases as of July 30, 2023 were as follows (in thousands):
|
|
|
|
|
|
| (amounts in thousands) |
|
| 2024 |
$ |
7,896 |
|
| 2025 |
30,562 |
|
| 2026 |
28,231 |
|
| 2027 |
25,946 |
|
| 2028 |
23,692 |
|
| Thereafter |
82,929 |
|
| Total undiscounted future minimum lease payments |
199,256 |
|
| Less: imputed interest |
(33,753) |
|
| Total present value of lease obligations |
165,503 |
|
| Less: current operating lease liability |
(16,072) |
|
| Operating lease liability- long term |
$ |
149,431 |
|
Supplemental information related to our operating leases is as follows (in thousands):
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Twenty-six weeks ended |
| (amounts in thousands) |
|
July 30, 2023 |
|
July 31, 2022 |
| Operating cash flow information: |
|
|
|
|
| Amounts paid on operating lease liabilities |
|
$ |
14,208 |
|
|
$ |
8,501 |
|
| Non-cash activities: |
|
|
|
|
| Right-of-use assets obtained in exchange for lease obligations |
|
$ |
24,676 |
|
|
$ |
20,702 |
|
| Weighted average remaining lease term - operating leases |
|
7.6 years |
|
7.3 years |
| Weighted average discount rate - operating leases |
|
4.55 |
% |
|
4.01 |
% |
|