Leases

9 Months Ended

Jan. 28, 2024

Assets and Liabilities, Lessee [Abstract]

16. Leases

Overview

We lease manufacturing facilities, showroom and office space, distribution centers, and equipment under operating lease arrangements. Our operating leases have remaining lease terms of one to eight years, with renewal options for additional periods ranging up to twelve years.

Balance Sheet

The right of use assets and lease liabilities associated with our operating leases as of January 28, 2024, January 29, 2023, and April 30, 2023, are as follows:



(dollars in thousands)	January 28, 2024		January 29, 2023		April 30, 2023
Right of use assets	$	6,952	$	8,913	$	8,191
Operating lease liability - current		2,524		2,785		2,640
Operating lease liability – noncurrent		2,656		4,399		3,612

Supplemental Cash Flow Information


	Nine Months Ended		Nine Months Ended
(dollars in thousands)	January 28, 2024		January 29, 2023
Operating lease liability payments	$	1,992	$	1,704
Right of use assets exchanged for lease liabilities		978		731

Operating lease expense for the three-month periods ended January 28, 2024, and January 29, 2023, was $789,000 and $921,000, respectively. Operating lease expense for the nine-month periods ended January 28, 2024, and January 29, 2023, was $2.3 million

and $2.9 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ended January 28, 2024, and January 29, 2023.

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2024, the subsequent next four fiscal years, and thereafter follows:


(dollars in thousands)
2024		614
2025		2,248
2026		950
2027		609
2028		225
Thereafter		804
	$	5,450
Less: interest		(270	)
Present value of lease liabilities	$	5,180

As of January 28, 2024, the weighted average remaining lease term and discount rate for our operating leases follows:


	January 28, 2024
Weighted average lease term (in years)	3.72
Weighted average discount rate		4.00	%