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Inventories | 3 Months Ended
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Jul. 28, 2024
Inventory Disclosure [Abstract] |
Inventories | 5. Inventories Inventories are carried at the lower of cost or net realizable value. Cost is determined using the FIFO (first-in, first-out) method. A summary of inventories follows:
(dollars in thousands) |  | July 28, 2024 |  |  | July 30, 2023 |  |  | April 28, 2024 |
Raw materials |  | $ | 7,076 |  |  | $ | 8,408 |  |  | $ | 6,214 |
Work-in-process |  |  | 1,876 |  |  |  | 2,430 |  |  |  | 1,854 |
Finished goods |  |  | 32,716 |  |  |  | 32,979 |  |  |  | 36,775 |
|  | $ | 41,668 |  |  | $ | 43,817 |  |  | $ | 44,843 |
Measurement of Inventory to Net Realizable Value We recorded a non-cash inventory credit of $268,000 for the three months ended July 28, 2024, related to adjustments made to our inventory markdowns reserve estimated based on our policy for aged inventory for both the mattress and upholstery fabrics segments. We recorded a non-cash inventory credit of $717,000 for the three months ended July 30, 2023, representing an $896,000 credit related to adjustments made to our inventory markdowns reserve estimated based on our policy for aged inventory for both our operating segments, partially offset by a charge of $179,000 for markdowns of inventory related to the exit of our cut and sew upholstery fabrics operation located in Ouanaminthe, Haiti. Assessment As of July 28, 2024, we reviewed our mattress fabrics and upholstery fabrics inventories to determine if any additional write-downs, in excess of the amount recorded based on our policy for aged inventory, were necessary. Based on our assessment, no additional write-downs of inventories to their net realizable value were recorded for the three months ended July 28, 2024, other than the markdowns of inventory associated with our restructuring activities described in Note 9 of the consolidated financial statements. Based on the current unfavorable macroeconomic conditions, it is possible that estimates used by management to determine the write down of inventory to its net realizable value could be materially different from the actual amounts or our results. These differences could result in higher than expected inventory provisions, which could adversely affect the company’s results of operations and financial condition in the near term.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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