Leases

12 Months Ended

Apr. 26, 2025

Note 5: Leases

The Company leases real estate for retail stores, distribution centers, warehouses, manufacturing plants, showrooms and office space. We also have equipment leases for tractors/trailers, IT and office equipment, and vehicles. We determine if a contract contains a lease at inception based on our right to control the use of an identified asset and our right to obtain substantially all the economic benefits from the use of that identified asset. Most of our real estate leases include options to renew or terminate early. We assess these options to determine if we are reasonably certain of exercising these options based on all relevant economic and financial factors. Any options that meet these criteria are included in the lease term at lease commencement.

Most of our leases do not have an interest rate implicit in the lease. As a result, for purposes of measuring our right of use ("ROU") lease asset and lease liability, we determine our incremental borrowing rate by applying a spread above the U.S. Treasury borrowing rates. If an interest rate is implicit in a lease, we will use that rate as the discount rate for that lease. Some of our leases contain variable rent payments based on a Consumer Price Index or percentage of sales. Due to the variable nature of these costs, they are not included in the measurement of the ROU lease asset and lease liability.

Supplemental balance sheet information pertaining to our leases is as follows:


(Amounts in thousands)	4/26/2025		4/27/2024
Operating leases
ROU lease assets	$	450,177	$	444,711
Lease liabilities, short-term	79,707		76,436
Lease liabilities, long-term	408,402		403,513
Finance leases
ROU lease assets	$	2,671	$	1,755
Lease liabilities, short-term	885		591
Lease liabilities, long-term	1,863		1,211

The ROU lease assets by segment are as follows:


(Amounts in thousands)	4/26/2025		4/27/2024
Wholesale	$	110,045	$	125,286
Retail	316,510		290,457
Corporate and Other	26,293		30,723
Total ROU lease assets	$	452,848	$	446,466

The components of lease cost are as follows:


	Fiscal Year Ended
	(52 weeks)		(52 weeks)		(52 weeks)
(Amounts in thousands)	4/26/2025		4/27/2024		4/29/2023
Operating lease cost	$	97,261	$	95,876	$	90,500
Finance lease cost	773		588		130
Short-term lease cost	2,644		1,899		2,459
Variable lease cost	274		271		187
Less: Sublease income	(380)		(291)		(276)
Total lease cost	$	100,572	$	98,343	$	93,000

The following tables present supplemental lease disclosures:


	Fiscal Year Ended
	(52 weeks)				(52 weeks)
	4/26/2025				4/27/2024
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Cash paid for amounts included in the measurement of lease liabilities	$	99,128	$	773	$	95,992	$	588
Lease liabilities arising from new ROU lease assets	81,927		1,608		112,484		1,941


	4/26/2025				4/27/2024
(Amounts in thousands)	Operating Leases		Finance Leases		Operating Leases		Finance Leases
Weighted-average remaining lease term (years)	6.8		3.6		7.1		3.0
Weighted-average discount rate	4.5	%	5.7	%	4.2	%	6.0	%

The following table presents our maturity of lease liabilities:


	4/26/2025
(Amounts in thousands)	Operating Leases (1)		Finance Leases
Within one year	$	99,196	$	1,013
After one year and within two years	90,247		915
After two years and within three years	81,610		457
After three years and within four years	75,269		365
After four years and within five years	63,371		272
After five years	158,432		—
Total lease payments	568,125		3,022
Less: Interest	80,016		274
Total lease obligations	$	488,109	$	2,748

(1)Excludes approximately $56.2 million in future lease payments for various operating leases commencing in a future period.

Leases