Leases (Tables)
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12 Months Ended |
Jan. 31, 2026 |
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| Leases |
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| Schedule of weighted-average remaining lease term and discount rate for operating leases |
The following table presents supplemental balance sheet information, the weighted-average remaining lease term, and discount rate for operating leases:
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January 31, |
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February 1, |
(In thousands) |
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Classification on the Balance Sheet |
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2026 |
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2025 |
Right-of-use assets |
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Operating lease assets |
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$ |
1,813,074 |
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$ |
1,609,870 |
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Current lease liabilities |
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Current operating lease liabilities |
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$ |
306,671 |
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$ |
288,114 |
Non-current lease liabilities |
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Non-current operating lease liabilities |
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1,813,103 |
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|
1,635,120 |
Total lease liabilities |
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$ |
2,119,774 |
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$ |
1,923,234 |
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Weighted-average remaining lease term |
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6.9 years |
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6.7 years |
Weighted-average discount rate |
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4.6% |
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4.2% |
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| Summary of components of lease cost for operating leases: |
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Fiscal Year Ended |
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January 31, |
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February 1, |
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February 3, |
(In thousands) |
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Classification on the Statement of Income |
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2026 |
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2025 |
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2024 |
Operating lease cost |
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Cost of sales (1) |
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$ |
387,016 |
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$ |
355,241 |
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$ |
344,600 |
Variable lease cost |
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Cost of sales |
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102,544 |
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90,095 |
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|
88,381 |
Short-term lease cost |
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SG&A expenses |
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1,491 |
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1,415 |
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|
1,451 |
Sublease income |
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Net sales |
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(974) |
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(975) |
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(1,672) |
Total lease cost |
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$ |
490,077 |
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$ |
445,776 |
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$ |
432,760 |
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(1) |
The majority of operating lease cost relates to retail stores, distribution centers, fast fulfillment center, and market fulfillment centers and is classified within cost of sales. Operating lease cost for corporate offices is classified within the SG&A expenses. Operating lease cost from the control date through store opening date is classified within pre-opening expenses. |
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| Schedule of supplemental disclosures of cash flow information related to operating leases |
The following table presents supplemental disclosures of cash flow information related to operating leases:
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Fiscal Year Ended |
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January 31, |
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February 1, |
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February 3, |
(In thousands) |
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2026 |
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2025 |
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2024 |
Cash paid for operating lease liabilities (1) |
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$ |
438,807 |
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$ |
413,299 |
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$ |
396,573 |
Operating lease assets obtained in exchange for operating lease liabilities (non-cash) |
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553,735 |
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345,976 |
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346,021 |
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(1) |
Excludes $50,153, $40,742, and $39,654 related to cash received for tenant incentives as of January 31, 2026, February 1, 2025, and February 3, 2024, respectively.
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| Schedule of maturities of operating lease liabilities |
The following table presents maturities of operating lease liabilities:
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Fiscal year |
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(In thousands) |
2026 |
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$ |
396,067 |
2027 |
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423,980 |
2028 |
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358,715 |
2029 |
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303,610 |
2030 |
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262,224 |
2031 and thereafter |
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|
761,636 |
Total lease payments |
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$ |
2,506,232 |
Less: imputed interest |
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(386,458) |
Present value of operating lease liabilities |
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$ |
2,119,774 |
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