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Leases | 12 Months Ended
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Apr. 27, 2024
Leases [Abstract] |
Leases | Leases The Company leases real estate for retail stores, distribution centers, warehouses, manufacturing plants, showrooms and office space. We also have equipment leases for tractors/trailers, IT and office equipment, and vehicles. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all the economic benefits from the use of that identified asset. Most of our real estate leases include options to renew or terminate early. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at lease commencement. Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our right of use ("ROU") lease asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. If an interest rate is implicit in a lease, we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU lease asset and lease liability. Supplemental balance sheet information pertaining to our leases is as follows:
(Amounts in thousands) |  | 4/27/2024 |  | 4/29/2023
Operating leases |  |  |  |
ROU lease assets |  | $ | 444,711 |  |  | $ | 415,925 |
Lease liabilities, short-term |  | 76,436 |  |  | 77,626 |
Lease liabilities, long-term |  | 403,513 |  |  | 367,938 |
Finance leases |  |  |  |
ROU lease assets |  | $ | 1,755 |  |  | $ | 344 |
Lease liabilities, short-term |  | 591 |  |  | 125 |
Lease liabilities, long-term |  | 1,211 |  |  | 225 |
The ROU lease assets by segment are as follows:
(Amounts in thousands) |  | 4/27/2024 |  | 4/29/2023
Wholesale |  | $ | 125,286 |  |  | $ | 92,195 |
Retail |  | 290,457 |  |  | 299,536 |
Corporate and Other |  | 30,723 |  |  | 24,538 |
Total ROU lease assets |  | $ | 446,466 |  |  | $ | 416,269 |
The components of lease cost are as follows:
|  |  |  | Fiscal Year Ended
|  |  |  | (52 weeks) |  | (52 weeks) |  | (53 weeks)
(Amounts in thousands) |  |  |  | 4/27/2024 |  | 4/29/2023 |  | 4/30/2022
Operating lease cost |  |  |  | $ | 95,876 |  |  | $ | 90,500 |  |  | $ | 83,520 |
Finance lease cost |  |  |  | 588 |  |  | 130 |  |  | 130 |
Short-term lease cost |  |  |  | 1,899 |  |  | 2,459 |  |  | 2,097 |
Variable lease cost |  |  |  | 271 |  |  | 187 |  |  | 159 |
Less: Sublease income |  |  |  | (291) |  |  | (276) |  |  | (550) |
Total lease cost |  |  |  | $ | 98,343 |  |  | $ | 93,000 |  |  | $ | 85,356 |
The following tables present supplemental lease disclosures:
|  | Fiscal Year Ended
|  | (52 weeks) |  | (52 weeks)
|  | 4/27/2024 |  | 4/29/2023
(Amounts in thousands) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 95,992 |  |  | $ | 588 |  |  | $ | 91,934 |  |  | $ | 130 |
Lease liabilities arising from new ROU lease assets |  | 112,484 |  |  | 1,941 |  |  | 92,787 |  |  | — |
|  | 4/27/2024 |  | 4/29/2023
(Amounts in thousands) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term (years) |  | 7.1 |  | 3.0 |  | 7.0 |  | 2.8
Weighted-average discount rate |  | 4.2 | % |  | 6.0 | % |  | 3.5 | % |  | 1.7 | %
The following table presents our maturity of lease liabilities:
|  | 4/27/2024 |  |
(Amounts in thousands) |  | Operating Leases (1) |  | Finance Leases |  |  |  |
Within one year |  | $ | 94,628 |  |  | $ | 680 |  |  |  |  |
After one year and within two years |  | 86,529 |  |  | 647 |  |  |  |  |
After two years and within three years |  | 76,397 |  |  | 550 |  |  |  |  |
After three years and within four years |  | 68,304 |  |  | 92 |  |  |  |  |
After four years and within five years |  | 61,914 |  |  | — |  |  |  |  |
After five years |  | 170,008 |  |  | — |  |  |  |  |
Total lease payments |  | 557,780 |  |  | 1,969 |  |  |  |  |
Less: Interest |  | 77,831 |  |  | 167 |  |  |  |  |
Total lease obligations |  | $ | 479,949 |  |  | $ | 1,802 |  |  |  |  |
(1)Excludes approximately $17.2 million in future lease payments for various operating leases commencing in a future period
Leases | Leases The Company leases real estate for retail stores, distribution centers, warehouses, manufacturing plants, showrooms and office space. We also have equipment leases for tractors/trailers, IT and office equipment, and vehicles. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all the economic benefits from the use of that identified asset. Most of our real estate leases include options to renew or terminate early. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at lease commencement. Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our right of use ("ROU") lease asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. If an interest rate is implicit in a lease, we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU lease asset and lease liability. Supplemental balance sheet information pertaining to our leases is as follows:
(Amounts in thousands) |  | 4/27/2024 |  | 4/29/2023
Operating leases |  |  |  |
ROU lease assets |  | $ | 444,711 |  |  | $ | 415,925 |
Lease liabilities, short-term |  | 76,436 |  |  | 77,626 |
Lease liabilities, long-term |  | 403,513 |  |  | 367,938 |
Finance leases |  |  |  |
ROU lease assets |  | $ | 1,755 |  |  | $ | 344 |
Lease liabilities, short-term |  | 591 |  |  | 125 |
Lease liabilities, long-term |  | 1,211 |  |  | 225 |
The ROU lease assets by segment are as follows:
(Amounts in thousands) |  | 4/27/2024 |  | 4/29/2023
Wholesale |  | $ | 125,286 |  |  | $ | 92,195 |
Retail |  | 290,457 |  |  | 299,536 |
Corporate and Other |  | 30,723 |  |  | 24,538 |
Total ROU lease assets |  | $ | 446,466 |  |  | $ | 416,269 |
The components of lease cost are as follows:
|  |  |  | Fiscal Year Ended
|  |  |  | (52 weeks) |  | (52 weeks) |  | (53 weeks)
(Amounts in thousands) |  |  |  | 4/27/2024 |  | 4/29/2023 |  | 4/30/2022
Operating lease cost |  |  |  | $ | 95,876 |  |  | $ | 90,500 |  |  | $ | 83,520 |
Finance lease cost |  |  |  | 588 |  |  | 130 |  |  | 130 |
Short-term lease cost |  |  |  | 1,899 |  |  | 2,459 |  |  | 2,097 |
Variable lease cost |  |  |  | 271 |  |  | 187 |  |  | 159 |
Less: Sublease income |  |  |  | (291) |  |  | (276) |  |  | (550) |
Total lease cost |  |  |  | $ | 98,343 |  |  | $ | 93,000 |  |  | $ | 85,356 |
The following tables present supplemental lease disclosures:
|  | Fiscal Year Ended
|  | (52 weeks) |  | (52 weeks)
|  | 4/27/2024 |  | 4/29/2023
(Amounts in thousands) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 95,992 |  |  | $ | 588 |  |  | $ | 91,934 |  |  | $ | 130 |
Lease liabilities arising from new ROU lease assets |  | 112,484 |  |  | 1,941 |  |  | 92,787 |  |  | — |
|  | 4/27/2024 |  | 4/29/2023
(Amounts in thousands) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Weighted-average remaining lease term (years) |  | 7.1 |  | 3.0 |  | 7.0 |  | 2.8
Weighted-average discount rate |  | 4.2 | % |  | 6.0 | % |  | 3.5 | % |  | 1.7 | %
The following table presents our maturity of lease liabilities:
|  | 4/27/2024 |  |
(Amounts in thousands) |  | Operating Leases (1) |  | Finance Leases |  |  |  |
Within one year |  | $ | 94,628 |  |  | $ | 680 |  |  |  |  |
After one year and within two years |  | 86,529 |  |  | 647 |  |  |  |  |
After two years and within three years |  | 76,397 |  |  | 550 |  |  |  |  |
After three years and within four years |  | 68,304 |  |  | 92 |  |  |  |  |
After four years and within five years |  | 61,914 |  |  | — |  |  |  |  |
After five years |  | 170,008 |  |  | — |  |  |  |  |
Total lease payments |  | 557,780 |  |  | 1,969 |  |  |  |  |
Less: Interest |  | 77,831 |  |  | 167 |  |  |  |  |
Total lease obligations |  | $ | 479,949 |  |  | $ | 1,802 |  |  |  |  |
(1)Excludes approximately $17.2 million in future lease payments for various operating leases commencing in a future period

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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