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Leases

12 Months Ended

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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- References

No definition available.

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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

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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

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