v3.24.2
Leases
12 Months Ended
Apr. 28, 2024
Leases [Abstract]  
Leases Leases
The Company leases various assets, including real estate, retail buildings, restaurant equipment and office equipment. The Company has non-cancelable operating leases expiring at various times through 2036.
In June 2023, the Company entered into a lease amendment for one location that resulted in a lease modification in accordance with Accounting Standards Codification 842, Leases (ASC 842), under which the Company received an abatement of $4,673 and deferral of previously unpaid rent of $4,500. The modification of the lease increased the lease liability by $2,678, decreased accrued occupancy costs by $9,173 and decreased the lease asset, which resulted in a gain of $3,281 that is included as a reduction in the Company’s store occupancy costs, excluding depreciation, line of the consolidated statements of operations for the fiscal year ended April 28, 2024.
As of April 28, 2024, the Company entered into additional operating leases with $81,226 in aggregate future fixed lease payments related to new locations, which have not yet commenced. As of April 28, 2024, the Company did not have control of the underlying properties.
The components of lease expense are as follows:
April 28, 2024April 30, 2023
Operating lease cost$12,980 $14,199 
Variable lease cost5,936 3,616 
Short term lease cost172 43 
Total lease cost$19,088 $17,858 
The operating lease costs, except pre-opening costs of $1,418 for the year ended April 28, 2024 and $1,547 for year ended April 30, 2023, are included within store occupancy costs on the consolidated statements of operations.
Supplemental cash flow information is as follows:
April 28, 2024April 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $28,244 $25,549 
The aggregate future fixed lease payments for operating leases as of April 28, 2024 are as follows:
2025$25,971 
202621,858 
202721,273 
202820,289 
202916,866 
Thereafter85,939 
Total Lease payments192,196 
Less: imputed interest(82,682)
Total$109,514 
Other information related to operating leases is as follows:
20242023
Weighted-average remaining lease term (years) 12.09.8
Weighted-average discount rate11.7 %9.5 %