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Leases | 9 Months Ended
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Dec. 28, 2024
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. The Company did not record ROU asset impairment charges related to its stores during the thirteen and thirty-nine weeks ended December 28, 2024 and December 30, 2023. ​ ROU assets and lease liabilities as of December 28, 2024 and March 30, 2024 consisted of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 28, 2024 | ​ | March 30, 2024
​ | ​ | Balance Sheet Classification | ​ | (in thousands) | ​ | (in thousands)
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance lease assets | ​ | Right-of-use assets, net | ​ | $ | 7,976 | ​ | $ | 8,537
Operating lease assets | ​ | Right-of-use assets, net | ​ |  | 445,075 | ​ |  | 381,964
Total lease assets | ​ | ​ | ​ | $ | 453,051 | ​ | $ | 390,501
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ |  | ​ | ​ |  | ​
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance | ​ | Short-term lease liabilities | ​ | $ | 929 | ​ | $ | 873
Operating | ​ | Short-term lease liabilities | ​ | ​ | 69,373 | ​ | ​ | 62,581
Total short-term lease liabilities | ​ | ​ | ​ | $ | 70,302 | ​ | $ | 63,454
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Finance | ​ | Long-term lease liabilities | ​ | $ | 13,726 | ​ | $ | 14,428
Operating | ​ | Long-term lease liabilities | ​ | ​ | 457,422 | ​ | ​ | 388,875
Total long-term lease liabilities | ​ | ​ | ​ | $ | 471,148 | ​ | $ | 403,303
Total lease liabilities | ​ | ​ | ​ | $ | 541,450 | ​ | $ | 466,757
​ Total lease costs for the thirteen and thirty-nine weeks ended December 28, 2024 and December 30, 2023 were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen Weeks Ended | ​ | Thirty-Nine Weeks Ended
(in thousands) |  | December 28, 2024 | ​ | December 30, 2023 | ​ | December 28, 2024 | ​ | December 30, 2023
Finance lease cost | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization of right-of-use assets | ​ | $ | 187 | ​ | $ | 205 | ​ | $ | 561 | ​ | $ | 618
Interest on lease liabilities | ​ | ​ | 157 | ​ | ​ | 167 | ​ | ​ | 479 | ​ | ​ | 508
Total finance lease cost | ​ | $ | 344 | ​ | $ | 372 | ​ | $ | 1,040 | ​ | $ | 1,126
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | $ | 23,469 | ​ | $ | 18,515 | ​ | $ | 67,140 | ​ | $ | 53,594
Short-term lease cost | ​ | ​ | 1,301 | ​ | ​ | 1,298 | ​ | ​ | 2,921 | ​ | ​ | 3,138
Variable lease cost | ​ | ​ | 8,176 | ​ | ​ | 6,132 | ​ | ​ | 23,243 | ​ | ​ | 18,266
Total lease cost | ​ | $ | 33,290 | ​ | $ | 26,317 | ​ | $ | 94,344 | ​ | $ | 76,124
​ The following table summarizes future lease payments as of December 28, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating Leases | ​ | Finance Leases
Fiscal Year | ​ | (in thousands) | ​ | (in thousands)
2025 (Remainder) | ​ | $ | 11,974 | ​ | $ | 381
2026 | ​ |  | 94,352 | ​ |  | 1,552
2027 | ​ |  | 94,170 | ​ |  | 1,590
2028 | ​ | ​ | 83,883 | ​ | ​ | 1,629
2029 | ​ | ​ | 76,359 | ​ | ​ | 1,669
Thereafter | ​ |  | 289,459 | ​ |  | 11,226
Total | ​ | ​ | 650,197 | ​ | ​ | 18,047
Less: Imputed interest | ​ | ​ | (123,402) | ​ | ​ | (3,392)
Present value of net lease payments | ​ | $ | 526,795 | ​ | $ | 14,655
​ As of December 28, 2024, the Company’s minimum lease commitment for operating leases signed but not yet commenced was $122.1 million. ​ The following table includes supplemental lease information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Thirty-Nine Weeks Ended | ​ |  | Thirty-Nine Weeks Ended | ​
Supplemental Cash Flow Information (dollars in thousands) | ​ | December 28, 2024 | ​ | ​ | December 30, 2023 | ​
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows used for operating leases | ​ | $ | 71,301 | ​ | ​ | $ | 57,127 | ​
Operating cash flows used for finance leases | ​ |  | 472 | ​ | ​ |  | 501 | ​
Financing cash flows used for finance leases | ​ | ​ | 662 | ​ | ​ | ​ | 670 | ​
​ | ​ | $ | 72,435 | ​ | ​ | $ | 58,298 | ​
Lease liabilities arising from new right-of-use assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | $ | 111,866 | ​ | ​ | $ | 80,498 | ​
Finance leases | ​ | $ | — | ​ | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining lease term (in years) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 7.8 | ​ | ​ | ​ | 8.0 | ​
Finance leases | ​ | ​ | 10.7 | ​ | ​ | ​ | 11.7 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average discount rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | ​ | ​ | 5.1 | % | ​ | ​ | 4.9 | %
Finance leases | ​ | ​ | 10.9 | % | ​ | ​ | 10.9 | %
​

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