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Inventories | 9 Months Ended
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Jan. 26, 2025
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) |  | January 26, 2025 |  |  | January 28, 2024 |  |  | April 28, 2024 |
Raw materials |  | $ | 5,502 |  |  | $ | 8,214 |  |  | $ | 6,214 |
Work-in-process |  |  | 2,371 |  |  |  | 2,388 |  |  |  | 1,854 |
Finished goods |  |  | 40,726 |  |  |  | 36,275 |  |  |  | 36,775 |
|  | $ | 48,599 |  |  | $ | 46,877 |  |  | $ | 44,843 |
Measurement of Inventory to Net Realizable Value We recorded a non-cash inventory net credit of $1.0 million for the nine months ended January 26, 2025, which represents adjustments made to our inventory markdowns reserve estimated based on our policy for aged inventory for both the mattress and upholstery fabrics segments (see Note 10 of the consolidated financial statements for further details regarding markdowns of inventory associated with the Fiscal 2025 Restructuring Plan). We recorded a non-cash inventory net credit of $2.0 million for the nine months ended January 28, 2024. This non-cash inventory credit represents a credit of $2.0 million related to adjustments made to our inventory markdown reserve estimated based on our policy for aged inventory for both our mattress and upholstery fabrics segments, partially offset by a charge of $40,000 which represents markdowns of inventory related to the discontinuance of production of cut and sewn upholstery kits at our facility in Ouanaminthe, Haiti. Assessment As of January 26, 2025, we reviewed our mattress fabrics and upholstery fabrics inventories to determine if any additional reductions of inventory 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 nine months ended January 26, 2025, other than the markdowns of inventory associated with our restructuring activities described in Note 10 of the consolidated financial statements. Based on the current unfavorable macroeconomic conditions related to the home furnishings and bedding industry, 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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