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Shareholders' Equity (Tables) | 6 Months Ended
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Nov. 02, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
Summary of Activity under 2021 Buyback Program | The following table summarizes activity under the 2021 Buyback Authorization:
|  | Three Months Ended |  |  | Six Months Ended |
|  | November 2, 2024 |  |  | October 28, 2023 |  |  | November 2, 2024 |  |  | October 28, 2023 |
(in millions, except share and per share data) |  | (14 Weeks) |  |  | (13 Weeks) |  |  | (27 Weeks) |  |  | (26 Weeks) |
Shares purchased |  |  | — |  |  |  | 322,779 |  |  |  | 136,000 |  |  |  | 322,779 |
Average price per share |  | $ | — |  |  | $ | 24.03 |  |  | $ | 11.55 |  |  | $ | 24.03 |
Total cost |  | $ | — |  |  | $ | 7.8 |  |  | $ | 1.6 |  |  | $ | 7.8 |
Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | A summary of changes in AOCI, net of tax is shown below:
|  | Three Months Ended November 2, 2024 (14 Weeks) |  |  | Six Months Ended November 2, 2024 (27 Weeks) |
(in millions) |  | Currency translation adjustments |  |  | Derivative instruments |  |  | Total |  |  | Currency translation adjustments |  |  | Derivative instruments |  |  | Total |
Balance at beginning of period |  | $ | (34.4 | ) |  | $ | (1.9 | ) |  | $ | (36.3 | ) |  | $ | (36.5 | ) |  | $ | (0.2 | ) |  | $ | (36.7 | )
Other comprehensive income (loss) |  |  | (0.4 | ) |  |  | (1.3 | ) |  |  | (1.7 | ) |  |  | 0.7 |  |  |  | (3.5 | ) |  |  | (2.8 | )
Tax expense (benefit) |  |  | (0.1 | ) |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.9 |  |  |  | 0.9 |  |  |  | 1.8 |
Net other comprehensive income (loss) |  |  | (0.5 | ) |  |  | (0.9 | ) |  |  | (1.4 | ) |  |  | 1.6 |  |  |  | (2.6 | ) |  |  | (1.0 | )
Balance at the end of period |  | $ | (34.9 | ) |  | $ | (2.8 | ) |  | $ | (37.7 | ) |  | $ | (34.9 | ) |  | $ | (2.8 | ) |  | $ | (37.7 | )
|  | Three Months Ended October 28, 2023 (13 Weeks) |  |  | Six Months Ended October 28, 2023 (26 Weeks) |
(in millions) |  | Currency translation adjustments |  |  | Derivative instruments |  |  | Total |  |  | Currency translation adjustments |  |  | Derivative instruments |  |  | Total |
Balance at beginning of period |  | $ | (22.3 | ) |  | $ | (0.8 | ) |  | $ | (23.1 | ) |  | $ | (19.8 | ) |  | $ | 0.8 |  |  | $ | (19.0 | )
Other comprehensive income (loss) |  |  | (17.6 | ) |  |  | 0.7 |  |  |  | (16.9 | ) |  |  | (20.3 | ) |  |  | (1.5 | ) |  |  | (21.8 | )
Tax expense (benefit) |  |  | (2.6 | ) |  |  | (0.3 | ) |  |  | (2.9 | ) |  |  | (2.4 | ) |  |  | 0.3 |  |  |  | (2.1 | )
Net other comprehensive income (loss) |  |  | (20.2 | ) |  |  | 0.4 |  |  |  | (19.8 | ) |  |  | (22.7 | ) |  |  | (1.2 | ) |  |  | (23.9 | )
Balance at the end of period |  | $ | (42.5 | ) |  | $ | (0.4 | ) |  | $ | (42.9 | ) |  | $ | (42.5 | ) |  | $ | (0.4 | ) |  | $ | (42.9 | )
Summary of RSA and RSU Activity | The following table summarizes RSA activity:
|  | Restricted stock awards |  |  | Weighted average grant date fair value |
Non-vested at April 27, 2024 |  |  | 789,674 |  |  | $ | 28.81 |
Awarded |  |  | — |  |  | $ | — |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | (79,325 | ) |  | $ | 28.28 |
Non-vested at November 2, 2024 |  |  | 710,349 |  |  | $ | 28.87 |
The following table summarizes RSU activity:
|  | Restricted stock units |  |  | Weighted average grant date fair value |
Non-vested at April 27, 2024 |  |  | 941,640 |  |  | $ | 26.43 |
Awarded |  |  | 267,833 |  |  | $ | 12.25 |
Conversion of cash bonus to RSUs |  |  | 160,401 |  |  | $ | 12.87 |
Vested |  |  | (395,412 | ) |  | $ | 28.30 |
Forfeited |  |  | (182,596 | ) |  | $ | 22.72 |
Non-vested at November 2, 2024 |  |  | 791,866 |  |  | $ | 18.81 |
Summary of the Weighted-Average Assumptions for the PSUs Granted | The following table provides a summary of the weighted-average assumptions for the PSUs granted:
|  | Assumptions |
Expected volatility |  |  | 52.01 | %
Risk free interest rate |  |  | 4.07 | %
Expected term (in years) |  |  | 2.74 |
Grant date fair value |  | $ | 14.91 |
Summary of PSU Activity | The following table summarizes PSU activity:
|  | Performance stock units |  |  | Weighted average grant date fair value |
Non-vested at April 27, 2024 |  |  | — |  |  | $ | — |
Awarded |  |  | 192,779 |  |  | $ | 14.91 |
Vested |  |  | — |  |  | $ | — |
Forfeited |  |  | — |  |  | $ | — |
Non-vested at November 2, 2024 |  |  | 192,779 |  |  | $ | 14.91 |
Summary of Awards Granted to Non-employee Directors | The following table summarizes awards granted to non-employee directors:
|  | Non-employee director awards |  |  | Deferred non-employee director awards |  |  | Total |  |  | Weighted average grant date fair value |
Outstanding at April 27, 2024 |  |  | — |  |  |  | 77,319 |  |  |  | 77,319 |  |  | $ | 37.23 |
Awarded |  |  | 56,680 |  |  |  | 86,786 |  |  |  | 143,466 |  |  | $ | 9.92 |
Issued |  |  | (56,680 | ) |  |  | (23,756 | ) |  |  | (80,436 | ) |  | $ | 10.49 |
Outstanding at November 2, 2024 |  |  | — |  |  |  | 140,349 |  |  |  | 140,349 |  |  | $ | 22.80 |
Summary of combined stock option activity and related information for stock options granted | The following table summarizes stock option activity:
|  | Stock options |  |  | Weighted average exercise price |  |  | Weighted- average life (years) |  |  | Aggregate intrinsic value (in millions) |
Outstanding and exercisable at April 27, 2024 |  |  | 8,000 |  |  | $ | 37.01 |  |  |  | 0.2 |  |  | $ | 0.0 |
Exercised |  |  | — |  |  | $ | — |  |  |  |  |  |  |
Forfeited |  |  | (8,000 | ) |  | $ | 37.01 |  |  |  |  |  |  |
Outstanding and exercisable at November 2, 2024 |  |  | — |  |  | $ | — |  |  |  | 0.0 |  |  | $ | 0.0 |
Summary of Stock-based Compensation Expense Related to Equity Awards | The table below summarizes the stock-based compensation expense related to the equity awards:
|  | Three Months Ended |  |  | Six Months Ended |
|  | November 2, 2024 |  |  | October 28, 2023 |  |  | November 2, 2024 |  |  | October 28, 2023 |
(in millions) |  | (14 Weeks) |  |  | (13 Weeks) |  |  | (27 Weeks) |  |  | (26 Weeks) |
RSUs |  | $ | 1.3 |  |  | $ | 1.3 |  |  | $ | 2.0 |  |  | $ | 2.3 |
PSUs |  |  | 0.2 |  |  |  | — |  |  |  | 0.2 |  |  |  | — |
Deferred non-employee director awards |  |  | — |  |  |  | — |  |  |  | 0.9 |  |  |  | 1.0 |
Non-employee director awards |  |  | — |  |  |  | — |  |  |  | 0.6 |  |  |  | 0.6 |
Total stock-based compensation expense |  | $ | 1.5 |  |  | $ | 1.3 |  |  | $ | 3.7 |  |  | $ | 3.9 |

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