| Leases Components of lease expense were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
April 30, 2023 |
May 01, 2022 |
| Operating lease expense |
$ |
7,004 |
|
$ |
5,334 |
|
| Variable lease expense |
2,041 |
|
2,197 |
|
| Short term lease expense |
240 |
|
179 |
|
| Total lease expense |
$ |
9,285 |
|
$ |
7,710 |
|
Variable lease expense includes index-based changes in rent, maintenance, real estate taxes, insurance and other variable charges.
The Company’s weighted average lease terms and weighted average discount rates are as follows:
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
|
April 30, 2023 |
May 01, 2022 |
| Weighted average remaining lease term (in years) |
|
|
| Operating Leases |
7.5 |
7.2 |
|
|
|
| Weighted average discount rate |
|
|
| Operating Leases |
4.42 |
% |
3.97 |
% |
We did not recognize any impairment charges associated with showroom-level right-of-use assets during the thirteen weeks ended April 30, 2023 or May 1, 2022.
Future minimum lease payments under non-cancelable leases as of April 30, 2023 were as follows (in thousands):
|
|
|
|
|
|
| (amounts in thousands) |
|
| 2024 |
$ |
21,684 |
|
| 2025 |
28,644 |
|
| 2026 |
26,237 |
|
| 2027 |
23,905 |
|
| 2028 |
21,605 |
|
| Thereafter |
73,411 |
|
| Total undiscounted future minimum lease payments |
195,486 |
|
| Less: imputed interest |
(31,458) |
|
| Total present value of lease obligations |
164,028 |
|
| Less: current operating lease liability |
(22,160) |
|
| Operating lease liability- long term |
$ |
141,868 |
|
Supplemental Cash Flow information and non-cash activity related to our operating leases is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended |
| (amounts in thousands) |
April 30, 2023 |
May 01, 2022 |
| Operating cash flow information: |
|
|
| Amounts paid on operating lease liabilities |
$ |
6,945 |
|
$ |
4,062 |
|
| Non-cash activities |
|
|
| Right-of-use assets obtained in exchange for lease obligations |
$ |
12,106 |
|
$ |
12,513 |
|
|