Leases

3 Months Ended

Jul. 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 seven 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 July 28, 2024, July 30, 2023, and April 28, 2024, are as follows:



(dollars in thousands)	July 28, 2024		July 30, 2023		April 28, 2024
Right of use assets	$	4,483	$	7,466	$	6,203
Operating lease liability - current		1,565		2,558		2,061
Operating lease liability – noncurrent		2,219		2,994		2,422

Supplemental Cash Flow Information


	Three Months Ended		Three Months Ended
(dollars in thousands)	July 28, 2024		July 30, 2023
Operating lease liability payments	$	592	$	656
Right of use assets exchanged for lease liabilities		—		—

Operating lease expense for the three-month periods ended July 28, 2024, and July 30, 2023, was $791,000 and $774,000, respectively. Short-term lease and variable lease expenses were immaterial for the three-month periods ended July 28, 2024, and July 30, 2023.

Other Information

Maturity of our operating lease liabilities for the remainder of fiscal 2025, the subsequent next four fiscal years, and thereafter follows:


(dollars in thousands)
2025		1,390
2026		942
2027		608
2028		225
2029		227
Thereafter		577
	$	3,969
Less: interest		(185	)
Present value of lease liabilities	$	3,784

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


	July 28, 2024
Weighted average lease term (in years)	3.99
Weighted average discount rate		3.49	%