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CONSOLIDATED STATEMENTS OF NET (LOSS) INCOME - USD ($)
12 Months Ended
Apr. 30, 2023
May 01, 2022
May 02, 2021
Income Statement [Abstract]      
net sales $ 234,934,000 $ 294,839,000 $ 299,720,000
cost of sales (224,038,000) (258,746,000) (249,888,000)
gross profit 10,896,000 36,093,000 49,832,000
selling, general and administrative expenses (37,978,000) (35,415,000) (37,756,000)
restructuring expense [1] (1,396,000)    
(loss) income from operations (28,478,000) 678,000 12,076,000
interest expense   (17,000) (51,000)
interest income 531,000 373,000 244,000
gain on bargain purchase [2]     819,000
other expense (443,000) (1,359,000) (2,208,000)
(loss) income before income taxes (28,390,000) (325,000) 10,880,000
income tax expense (3,130,000) (2,886,000) (7,693,000)
income from investment in unconsolidated joint venture     31,000
net (loss) income $ (31,520,000) $ (3,211,000) $ 3,218,000
net (loss) income per share-basic $ (2.57) $ (0.26) $ 0.26
net (loss) income per share-diluted $ (2.57) $ (0.26) $ 0.26
[1] Restructuring expense totaling $1.4 million for fiscal 2023 relates to both our restructuring activities for our cut and sew upholstery fabrics operations (i) located in Shanghai, China, which occurred during the second quarter of fiscal 2023, and (ii) located in Ouanaminthe, Haiti, which occurred during the third and fourth quarters of fiscal 2023. Restructuring expense represents employee termination benefits of $507,000, lease termination costs of $481,000, impairment losses totaling $357,000 that relate to leasehold improvements and equipment, and $51,000 for other associated costs.
[2] Effective February 1, 2021, we acquired the remaining fifty percent ownership interest in our former unconsolidated joint venture located in Haiti. Pursuant to this transaction, we are now the sole owner with full control over this operation. The gain on bargain purchase represents the net assets acquired from this transaction that exceeded the fair value of our previously held 50% ownership interest of $1.7 million and the $954,000 total purchase price for the remaining 50% ownership interest.