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Leases | 3 Months Ended
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Jun. 25, 2022
Leases |
Leases | 7. Leases ​ The Company does not own any real estate. Instead, most of its retail store locations are occupied under operating leases. The store leases generally have a base lease term of five or 10 years, with one or more renewal periods of five years, on average, exercisable at the Company’s option. The Company is generally responsible for the payment of property taxes and insurance, utilities and common area maintenance fees. Some leases also require additional payments based on percentage of sales. Lease terms include the non-cancellable portion of the underlying leases along with any reasonably certain lease periods associated with available renewal periods, termination options and purchase options. ​ Operating and finance lease liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments using the Company's incremental borrowing rates for its population of leases. Related operating and finance lease ROU assets are recognized based on the initial present value of the fixed lease payments, reduced by cash payments received from landlords as lease incentives, plus any prepaid rent and other direct costs from executing the leases. Amortization of both operating and finance lease ROU assets is performed on a straight-line basis and recorded as part of rent expense. The majority of total lease costs is recorded as part of cost of goods sold, with the balance recorded in selling, general and administrative expenses on the condensed consolidated statements of operations. The interest expense amortization component of the finance lease liabilities is recorded within interest expense on the condensed consolidated statements of operations. ROU assets are tested for impairment in the same manner as long-lived assets. During both the thirteen weeks ended June 25, 2022 and June 26, 2021, the Company did not record ROU asset impairment charges related to its stores. ​ ROU assets and lease liabilities as of June 25, 2022 and March 26, 2022 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance Sheet Classification | ​ | June 25, 2022 (in thousands) | ​ | March 26, 2022 (in thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease assets | ​ | Right-of-use assets, net | ​ | $ | 10,000 | ​ | $ | 10,254
Operating lease assets | ​ | Right-of-use assets, net | ​ |  | 254,569 | ​ |  | 230,893
Total lease assets | ​ | ​ | ​ | $ | 264,569 | ​ | $ | 241,147
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ |  | ​ | ​ |  | ​
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance | ​ | Short-term lease liabilities | ​ | $ | 830 | ​ | $ | 838
Operating | ​ | Short-term lease liabilities | ​ | ​ | 44,286 | ​ | ​ | 42,279
Total short-term lease liabilities | ​ | ​ | ​ | $ | 45,116 | ​ | $ | 43,117
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance | ​ | Long-term lease liabilities | ​ | $ | 15,951 | ​ | $ | 16,164
Operating | ​ | Long-term lease liabilities | ​ | ​ | 244,025 | ​ | ​ | 218,420
Total long-term lease liabilities | ​ | ​ | ​ | $ | 259,976 | ​ | $ | 234,584
Total lease liabilities | ​ | ​ | ​ | $ | 305,092 | ​ | $ | 277,701
​ Total lease costs for the thirteen weeks ended June 25, 2022 and June 26, 2021 were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen Weeks Ended | ​ | ​
(in thousands) |  | June 25, 2022 | ​ | June 26, 2021 | ​ | ​
Finance lease cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 255 | ​ | $ | 200 | ​ | ​
Interest on lease liabilities | ​ | ​ | 182 | ​ | ​ | 202 | ​ | ​
Total finance lease cost | ​ | $ | 437 | ​ | $ | 402 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | $ | 14,023 | ​ | $ | 11,934 | ​ | ​
Short-term lease cost | ​ | ​ | 897 | ​ | ​ | 581 | ​ | ​
Variable lease cost | ​ | ​ | 5,469 | ​ | ​ | 4,407 | * | ​
Sublease income | ​ | ​ | — | ​ | ​ | — | ​ | ​
Total lease cost | ​ | $ | 20,826 | ​ | $ | 17,324 | ​ | ​
​ *Amount previously disclosed above for variable lease cost in the thirteen weeks ended June 26, 2021 has been corrected from the amount previously reported of $1.0 million. ​ The following table summarizes future lease payments as of June 25, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Finance Leases
Fiscal Year | ​ | (in thousands) | ​ | (in thousands)
2023 | ​ | $ | 33,773 | ​ | $ | 1,157
2024 | ​ |  | 58,798 | ​ |  | 1,544
2025 | ​ |  | 52,467 | ​ |  | 1,515
2026 | ​ | ​ | 45,301 | ​ | ​ | 1,552
2027 | ​ | ​ | 36,573 | ​ | ​ | 1,590
Thereafter | ​ |  | 109,332 | ​ |  | 14,525
Total | ​ | ​ | 336,244 | ​ | ​ | 21,883
Less: Imputed interest | ​ | ​ | (47,933) | ​ | ​ | (5,102)
Present value of net lease payments | ​ | $ | 288,311 | ​ | $ | 16,781
​ The following table includes supplemental lease information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen Weeks Ended | ​ | ​ | Thirteen Weeks Ended | ​
Supplemental Cash Flow Information (dollars in thousands) | ​ | June 25, 2022 | ​ | ​ | June 26, 2021 | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows from operating leases | ​ | $ | 13,881 | ​ | ​ | $ | 11,997 | ​
Operating cash flows from finance leases | ​ |  | — | ​ | ​ |  | — | ​
Financing cash flows from finance leases | ​ | ​ | 403 | ​ | ​ | ​ | 385 | ​
​ | ​ | $ | 14,284 | ​ | ​ | $ | 12,382 | ​
Lease liabilities arising from new right-of-use assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 34,540 | ​ | ​ | $ | 20,519 | ​
Finance leases | ​ | $ | — | ​ | ​ | $ | 14 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 6.8 | ​ | ​ | ​ | 6.4 | ​
Finance leases | ​ | ​ | 13.1 | ​ | ​ | ​ | 13.9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average discount rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 4.5 | % | ​ | ​ | 5.3 | %
Finance leases | ​ | ​ | 10.9 | % | ​ | ​ | 12.1 | %
​

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