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Shareholders' Equity (Tables)
 9 Months Ended
Feb. 01, 2025
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

 

 

Nine Months Ended

 

 

 

February 1, 2025

 

 

January 27, 2024

 

 

February 1, 2025

 

 

January 27, 2024

 

(in millions, except share and per share data)

 

(13 Weeks)

 

 

(13 Weeks)

 

 

(40 Weeks)

 

 

(39 Weeks)

 

Shares purchased

 

 

—

 

 

 

130,592

 

 

 

136,000

 

 

 

453,371

 

Average price per share

 

$

—

 

 

$

22.99

 

 

$

11.55

 

 

$

23.73

 

Total cost

 

$

—

 

 

$

3.0

 

 

$

1.6

 

 

$

10.8

 

 
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 February 1, 2025 (13 Weeks)

 

 

Nine Months Ended February 1, 2025 (40 Weeks)

 

(in millions)

 

Currency translation adjustments

 

 

Derivative instruments

 

 

Total

 

 

Currency translation adjustments

 

 

Derivative instruments

 

 

Total

 

Balance at beginning of period

 

$

(34.9

)

 

$

(2.8

)

 

$

(37.7

)

 

$

(36.5

)

 

$

(0.2

)

 

$

(36.7

)

Other comprehensive income (loss)

 

 

(13.3

)

 

 

2.7

 

 

 

(10.6

)

 

 

(12.5

)

 

 

(0.8

)

 

 

(13.3

)

Tax (expense) benefit

 

 

(2.2

)

 

 

(0.7

)

 

 

(2.9

)

 

 

(1.4

)

 

 

0.2

 

 

 

(1.2

)

Net other comprehensive income (loss)

 

 

(15.5

)

 

 

2.0

 

 

 

(13.5

)

 

 

(13.9

)

 

 

(0.6

)

 

 

(14.5

)

Balance at the end of period

 

$

(50.4

)

 

$

(0.8

)

 

$

(51.2

)

 

$

(50.4

)

 

$

(0.8

)

 

$

(51.2

)

 

 

Three Months Ended January 27, 2024 (13 Weeks)

 

 

Nine Months Ended January 27, 2024 (39 Weeks)

 

(in millions)

 

Currency translation adjustments

 

 

Derivative instruments

 

 

Total

 

 

Currency translation adjustments

 

 

Derivative instruments

 

 

Total

 

Balance at beginning of period

 

$

(42.5

)

 

$

(0.4

)

 

$

(42.9

)

 

$

(19.8

)

 

$

0.8

 

 

$

(19.0

)

Other comprehensive income (loss)

 

 

11.7

 

 

 

(2.8

)

 

 

8.9

 

 

 

(8.6

)

 

 

(4.3

)

 

 

(12.9

)

Tax benefit (expense)

 

 

2.0

 

 

 

0.8

 

 

 

2.8

 

 

 

(0.4

)

 

 

1.1

 

 

 

0.7

 

Net other comprehensive income (loss)

 

 

13.7

 

 

 

(2.0

)

 

 

11.7

 

 

 

(9.0

)

 

 

(3.2

)

 

 

(12.2

)

Balance at the end of period

 

$

(28.8

)

 

$

(2.4

)

 

$

(31.2

)

 

$

(28.8

)

 

$

(2.4

)

 

$

(31.2

)
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 February 1, 2025

 

 

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

 

 

326,244

 

 

$

12.01

 

Conversion of cash bonus to RSUs

 

 

160,401

 

 

$

12.87

 

Vested

 

 

(396,744

)

 

$

28.29

 

Forfeited

 

 

(183,930

)

 

$

22.73

 

Non-vested at February 1, 2025

 

 

847,611

 

 

$

18.25

 
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

 

 

52.40

%

Risk free interest rate

 

 

4.07

%

Expected term (in years)

 

 

2.72

 

Grant date fair value

 

$

14.09

 
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

 

 

208,661

 

 

$

14.09

 

Vested

 

 

—

 

 

$

—

 

Forfeited

 

 

—

 

 

$

—

 

Non-vested at February 1, 2025

 

 

208,661

 

 

$

14.09

 

 
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

 

 

 

90,725

 

 

 

147,405

 

 

$

9.92

 

Issued

 

 

(56,680

)

 

 

(23,756

)

 

 

(80,436

)

 

$

10.49

 

Outstanding at February 1, 2025

 

 

—

 

 

 

144,288

 

 

 

144,288

 

 

$

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 February 1, 2025

 

 

—

 

 

$

—

 

 

 

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

 

 

Nine Months Ended

 

 

 

February 1, 2025

 

 

January 27, 2024

 

 

February 1, 2025

 

 

January 27, 2024

 

(in millions)

 

(13 Weeks)

 

 

(13 Weeks)

 

 

(40 Weeks)

 

 

(39 Weeks)

 

RSUs

 

$

1.5

 

 

$

(2.1

)

 

$

3.5

 

 

$

0.2

 

PSUs

 

 

0.3

 

 

 

—

 

 

 

0.5

 

 

 

—

 

Deferred non-employee director awards

 

 

—

 

 

 

—

 

 

 

0.9

 

 

 

1.0

 

Non-employee director awards

 

 

—

 

 

 

—

 

 

 

0.6

 

 

 

0.6

 

Total stock-based compensation expense

 

$

1.8

 

 

$

(2.1

)

 

$

5.5

 

 

$

1.8