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Leases | 12 Months Ended
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Mar. 30, 2024
Leases |
Leases | 10. 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 fiscal 2024, 2023 and 2022, the Company did not record ROU asset impairment charges related to its stores. ROU assets and lease liabilities as of March 30, 2024 and April 1, 2023 consist of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance Sheet Classification | ​ | March 30, 2024 | ​ | April 1, 2023
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease assets | ​ | Right-of-use assets, net | ​ | $ | 8,537 | ​ | $ | 9,357
Operating lease assets | ​ | Right-of-use assets, net | ​ |  | 381,964 | ​ |  | 317,266
Total lease assets | ​ | ​ | ​ | $ | 390,501 | ​ | $ | 326,623
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ |  | ​ | ​ |  | ​
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance | ​ | Short-term lease liabilities | ​ | $ | 873 | ​ | $ | 863
Operating | ​ | Short-term lease liabilities | ​ | ​ | 62,581 | ​ | ​ | 50,732
Total short-term lease liabilities | ​ | ​ | ​ | $ | 63,454 | ​ | $ | 51,595
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance | ​ | Long-term lease liabilities | ​ | $ | 14,428 | ​ | $ | 15,301
Operating | ​ | Long-term lease liabilities | ​ | ​ | 388,875 | ​ | ​ | 314,780
Total long-term lease liabilities | ​ | ​ | ​ | $ | 403,303 | ​ | $ | 330,081
Total lease liabilities | ​ | ​ | ​ | $ | 466,757 | ​ | $ | 381,676
​ Total lease costs for each of fiscal 2024, 2023 and 2022 were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended
(in thousands) |  | March 30, 2024 | ​ | April 1, 2023 | ​ | March 26, 2022
Finance lease cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 805 | ​ | $ | 886 | ​ | $ | 930
Interest on lease liabilities | ​ | ​ | 672 | ​ | ​ | 713 | ​ | ​ | 774
Total finance lease cost | ​ | $ | 1,477 | ​ | $ | 1,599 | ​ | $ | 1,704
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | $ | 73,577 | ​ | $ | 61,600 | ​ | $ | 50,197
Short-term lease cost | ​ | ​ | 4,403 | ​ | ​ | 5,085 | ​ | ​ | 3,934
Variable lease cost | ​ | ​ | 23,920 | ​ | ​ | 22,305 | ​ | ​ | 20,286
Sublease income | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total lease cost | ​ | $ | 103,377 | ​ | $ | 90,589 | ​ | $ | 76,121
​ The following table summarizes future lease payments as of March 30, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Finance Leases
Fiscal Year | ​ | (in thousands) | ​ | (in thousands)
2025 | ​ | $ | 74,848 | ​ | $ | 1,515
2026 | ​ |  | 81,750 | ​ |  | 1,552
2027 | ​ |  | 72,792 | ​ |  | 1,590
2028 | ​ | ​ | 64,838 | ​ | ​ | 1,629
2029 | ​ | ​ | 57,275 | ​ | ​ | 1,669
Thereafter | ​ |  | 202,985 | ​ |  | 11,226
Total | ​ | ​ | 554,488 | ​ | ​ | 19,181
Less: Imputed interest | ​ | ​ | (103,031) | ​ | ​ | (3,881)
Present value of net lease payments | ​ | $ | 451,457 | ​ | $ | 15,300
​ As of March 30, 2024, the Company’s minimum lease commitment for operating leases signed but not yet commenced was $88.7 million. The following table includes supplemental lease information:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fiscal Year Ended | ​
Supplemental Cash Flow Information (dollars in thousands) | ​ | March 30, 2024 | ​ | April 1, 2023 | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows used for operating leases | ​ | $ | 77,270 | ​ | $ | 61,783 | ​
Operating cash flows from finance leases | ​ |  | 663 | ​ |  | 522 | ​
Financing cash flows from finance leases | ​ | ​ | 880 | ​ | ​ | 1,038 | ​
​ | ​ | $ | 78,813 | ​ | $ | 63,343 | ​
Lease liabilities arising from new right-of-use assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 119,026 | ​ | $ | 133,356 | ​
Finance leases | ​ | $ | — | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years) | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 7.9 | ​ | ​ | 8.1 | ​
Finance leases | ​ | ​ | 11.4 | ​ | ​ | 12.4 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average discount rate | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 5.0 | % | ​ | 4.7 | %
Finance leases | ​ | ​ | 10.9 | % | ​ | 10.9 | %
​

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