Commitments and Contingencies |
3 Months Ended | ||||
|---|---|---|---|---|---|
May 05, 2018 | |||||
| Commitments and Contingencies Disclosure [Abstract] | |||||
| Commitments and Contingencies |
Commitments Leases The Company leases property and equipment under non-cancelable operating leases. Certain retail store lease agreements provide for contingent rental payments if the store’s net sales exceed stated levels (percentage rents) and/or contain escalation clauses, which provide for increases in base rental payments for increases in future operating costs. Many of the Company’s leases provide for one or more renewal options for periods of five years. The Company’s operating lease agreements, including assumed extensions, which are generally those that take the lease to a ten-year term, expire through fiscal 2033. During the thirteen weeks ended May 5, 2018, the Company committed to 42 new store leases with terms of 10 to 15 years that have future minimum lease payments of approximately $79.1 million. Other contractual commitments As of May 5, 2018, the Company has other purchase commitments of approximately $3.4 million consisting of purchase agreements for materials that will be used in the construction of new stores. In June 2018, the Company signed a purchase agreement to build an approximate 700,000 square foot distribution center located in Georgia for approximately $42 million to support the Company's anticipated growth. The Company expects to occupy the space in January 2019. Contingencies Legal Matters From time to time, the Company is involved in certain legal actions arising in the ordinary course of business. In management’s opinion, the outcome of such actions will not have a material adverse effect on the Company’s financial condition or results of operations. |