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Leases | 3 Months Ended
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Jul. 01, 2023
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. ​ ROU assets are tested for impairment in the same manner as long-lived assets. During the thirteen weeks ended July 1, 2023 and June 25, 2022, the Company did not record ROU asset impairment charges related to its stores. ​ ROU assets and lease liabilities as of July 1, 2023 and April 1, 2023 consist of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance Sheet Classification | ​ | July 1, 2023 (in thousands) | ​ | April 1, 2023 (in thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease assets | ​ | Right-of-use assets, net | ​ | $ | 9,150 | ​ | $ | 9,357
Operating lease assets | ​ | Right-of-use assets, net | ​ |  | 325,253 | ​ |  | 317,266
Total lease assets | ​ | ​ | ​ | $ | 334,403 | ​ | $ | 326,623
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ |  | ​ | ​ |  | ​
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance | ​ | Short-term lease liabilities | ​ | $ | 860 | ​ | $ | 863
Operating | ​ | Short-term lease liabilities | ​ | ​ | 53,810 | ​ | ​ | 50,732
Total short-term lease liabilities | ​ | ​ | ​ | $ | 54,670 | ​ | $ | 51,595
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance | ​ | Long-term lease liabilities | ​ | $ | 15,091 | ​ | $ | 15,301
Operating | ​ | Long-term lease liabilities | ​ | ​ | 327,365 | ​ | ​ | 314,780
Total long-term lease liabilities | ​ | ​ | ​ | $ | 342,456 | ​ | $ | 330,081
Total lease liabilities | ​ | ​ | ​ | $ | 397,126 | ​ | $ | 381,676
​ Total lease costs for the thirteen weeks ended July 1, 2023 and June 25, 2022 were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen Weeks Ended
(in thousands) |  | July 1, 2023 | ​ | June 25, 2022
Finance lease cost | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 207 | ​ | $ | 255
Interest on lease liabilities | ​ | ​ | 172 | ​ | ​ | 182
Total finance lease cost | ​ | $ | 379 | ​ | $ | 437
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | $ | 17,302 | ​ | $ | 14,023
Short-term lease cost | ​ | ​ | 806 | ​ | ​ | 897
Variable lease cost | ​ | ​ | 5,941 | ​ | ​ | 5,469
Total lease cost | ​ | $ | 24,428 | ​ | $ | 20,826
​ The following table summarizes future lease payments as of July 1, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Finance Leases
Fiscal Year | ​ | (in thousands) | ​ | (in thousands)
2024 | ​ | $ | 46,198 | ​ | $ | 1,159
2025 | ​ |  | 69,889 | ​ |  | 1,515
2026 | ​ |  | 63,183 | ​ |  | 1,552
2027 | ​ | ​ | 54,426 | ​ | ​ | 1,590
2028 | ​ | ​ | 48,327 | ​ | ​ | 1,629
Thereafter | ​ |  | 183,950 | ​ |  | 12,896
Total | ​ | ​ | 465,973 | ​ | ​ | 20,341
Less: Imputed interest | ​ | ​ | (84,798) | ​ | ​ | (4,390)
Present value of net lease payments | ​ | $ | 381,175 | ​ | $ | 15,951
​ The following table includes supplemental lease information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirteen Weeks Ended | ​ |  | Thirteen Weeks Ended | ​
Supplemental Cash Flow Information (dollars in thousands) | ​ | July 1, 2023 | ​ | ​ | June 25, 2022 | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows used for operating leases | ​ | $ | 17,848 | ​ | ​ | $ | 13,881 | ​
Operating cash flows used for finance leases | ​ |  | 170 | ​ | ​ |  | — | ​
Financing cash flows used for finance leases | ​ | ​ | 215 | ​ | ​ | ​ | 403 | ​
​ | ​ | $ | 18,233 | ​ | ​ | $ | 14,284 | ​
Lease liabilities arising from new right-of-use assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 20,897 | ​ | ​ | $ | 34,540 | ​
Finance leases | ​ | $ | — | ​ | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 8.1 | ​ | ​ | ​ | 6.8 | ​
Finance leases | ​ | ​ | 12.1 | ​ | ​ | ​ | 13.1 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average discount rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 4.7 | % | ​ | ​ | 4.5 | %
Finance leases | ​ | ​ | 10.9 | % | ​ | ​ | 10.9 | %
​

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