v3.25.1
Note K - Leases
12 Months Ended
Mar. 30, 2025
Notes to Financial Statements  
Leases, Disclosure [Text Block]

NOTE K LEASES

 

The Company is party as lessee to various leases for its Company-owned restaurants and lessee/sublessor to one franchised location property, including land and buildings, as well as leases for its corporate office and certain office equipment.

 

Company as lessee

 

The components of the net lease cost for the fiscal years ended March 30, 2025 and March 31, 2024 were as follows:

 

   

March 30,

   

March 31,

 
   

2025

   

2024

 
                 

Operating lease cost

  $ 1,598     $ 1,580  

Variable lease cost

    1,996       1,751  

Less: Sublease income, net

    (87 )     (87 )
                 

Total net lease cost

  $ 3,507     $ 3,244  

 

The components of the net lease cost are included on the Consolidated Statement of Earnings for the fiscal years ended March 30, 2025 and March 31, 2024 as follows:

 

   

March 30,

   

March 31,

 
   

2025

   

2024

 
                 

Restaurant operating expenses

  $ 2,769     $ 2,535  

General and administrative expenses

    825       796  

Less: Other income, net

    (87 )     (87 )
                 

Total net lease cost

  $ 3,507     $ 3,244  

 

Cash paid for amounts included in the measurement of lease liabilities for the fiscal years ended March 30, 2025 and March 31, 2024 were as follows:

 

   

March 30,

   

March 31,

 
   

2025

   

2024

 
                 

Operating cash flows from operating leases

  $ 1,887     $ 1,867  

 

The weighted average remaining lease term and weighted average discount rate for operating leases for the fiscal years ended March 30, 2025 and March 31, 2024 were as follows:

 

   

March 30,

   

March 31,

 
   

2025

   

2024

 
                 

Weighted average remaining lease term (years):

    3.5       4.4  
                 

Weighted average discount rate:

    8.474 %     8.480 %

 

Future lease commitments to be paid and received by the Company as of March 30, 2025 were as follows:

 

   

Payments

   

Receipts

         
   

Operating Leases

   

Subleases

   

Net Leases

 
                         

Fiscal year:

                       

2026

    1,923       278       1,645  

2027

    1,931       281       1,650  

2028

    1,781       129       1,652  

2029

    434       118       316  

2030

    171       122       49  

Thereafter

    -       255       (255 )

Total lease commitments

  $ 6,240     $ 1,183     $ 5,057  

Less: Amount representing interest

    (789 )                

Present value of lease liabilities (a)

  $ 5,451                  

 

 

(a)

The present value of minimum operating lease payments of $1,923 and $3,528 are included in “Current portion of operating lease liabilities” and “Long-term operating lease liabilities,” respectively, on the Consolidated Balance Sheet.

 

Company as lessor

 

The components of lease income for the fiscal years ended March 30, 2025 and March 31, 2024 were as follows:

 

   

March 30,

   

March 31,

 
   

2025

   

2024

 
                 

Operating lease income, net

  $ 87     $ 87