Leases

9 Months Ended

Jan. 26, 2025

Assets and Liabilities, Lessee [Abstract]

17. 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 January 26, 2025, January 28, 2024, and April 28, 2024, are as follows:



(dollars in thousands)	January 26, 2025		January 28, 2024		April 28, 2024
Right of use assets	$	6,103	$	6,952	$	6,203
Operating lease liability - current		2,025		2,524		2,061
Operating lease liability – noncurrent		3,127		2,656		2,422

Supplemental Cash Flow Information


	Nine Months Ended		Nine Months Ended
(dollars in thousands)	January 26, 2025		January 28, 2024
Operating lease liability payments	$	1,694	$	1,992
Right of use assets exchanged for lease liabilities		2,660		978

Operating lease expense for the three-month periods ended January 26, 2025, and January 28, 2024, was $683,000 and $789,000, respectively. Operating lease expense for the nine-month periods ended January 26, 2025, and January 28, 2024, was $2.1 million and $2.3 million, respectively. Short-term lease and variable lease expenses were immaterial for the three-month and nine-month periods ended January 26, 2025, and January 28, 2024.

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		655
2026		2,217
2027		1,556
2028		388
2029		227
Thereafter		576
	$	5,619
Less: interest		(467	)
Present value of lease liabilities	$	5,152

As of January 26, 2025, the weighted average remaining lease term and discount rate for our operating leases follows:


	January 26, 2025
Weighted average lease term (in years)	3.24
Weighted average discount rate		5.50	%