v3.26.1
Note K - Leases
12 Months Ended
Mar. 29, 2026
Notes to Financial Statements  
Leases, Disclosure [Text Block]

NOTE K LEASES

 

The Company is party as lessee to various leases for land, buildings and certain office equipment for its Company-owned restaurants and corporate office. The Company previously leased and subleased one property; this arrangement was terminated on November 4, 2025. In connection with the termination, the Company received $84 in settlement income which is included in Other income, net, on the Consolidated Statement of Earnings.

 

Company as lessee

 

The components of the net lease cost for the fiscal years ended March 29, 2026 and March 30, 2025 were as follows:

 

   

March 29,

   

March 30,

 
   

2026

   

2025

 
                 

Operating lease cost

  $ 1,589     $ 1,598  

Variable lease cost

    1,996       1,996  

Less: Sublease income, net

    (50 )     (87 )
                 

Total net lease cost

  $ 3,535     $ 3,507  

 

The components of the net lease cost are included on the Consolidated Statement of Earnings for the fiscal years ended March 29, 2026 and March 30, 2025 as follows:

 

   

March 29,

   

March 30,

 
   

2026

   

2025

 
                 

Restaurant operating expenses

  $ 2,754     $ 2,769  

General and administrative expenses

    831       825  

Less: Other income, net

    (50 )     (87 )
                 

Total net lease cost

  $ 3,535     $ 3,507  

 

Cash paid for amounts included in the measurement of lease liabilities for the fiscal years ended March 29, 2026 and March 30, 2025 were as follows:

 

   

March 29,

   

March 30,

 
   

2026

   

2025

 
                 

Operating cash flows from operating leases

  $ 1,926     $ 1,887  

 

The weighted average remaining lease term and weighted average discount rate for operating leases for the fiscal years ended March 29, 2026 and March 30, 2025 were as follows:

 

   

March 29,

   

March 30,

 
   

2026

   

2025

 
                 

Weighted average remaining lease term (years):

    2.6       3.5  
                 

Weighted average discount rate:

    8.445 %     8.474 %

 

Future lease commitments to be paid and received by the Company as of March 29, 2026 were as follows:

 

   

Payments

   

Receipts

         
   

Operating Leases

   

Subleases

   

Net Leases

 
                         

Fiscal year:

                       

2027

    1,940       112       1,828  

2028

    1,790       115       1,675  

2029

    440       -       440  

2030

    171       -       171  

Total lease commitments

  $ 4,341     $ 227     $ 4,114  

Less: Amount representing interest

    (398 )                

Present value of lease liabilities (a)

  $ 3,943                  

 

 

(a)

The present value of minimum operating lease payments of $1,940 and $2,003 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 29, 2026 and March 30, 2025 were as follows:

 

   

March 29,

   

March 30,

 
   

2026

   

2025

 
                 

Operating lease income, net

  $ 50     $ 87