v3.26.1
Leases
 12 Months Ended
Apr. 25, 2026
Leases [Abstract]  
Leases
Note 6: 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)4/25/20264/26/2025
Operating leases
ROU lease assets$518,687 $450,177 
Lease liabilities, short-term87,865 79,707 
Lease liabilities, long-term474,253 408,402 
Finance leases
ROU lease assets$2,039 $2,671 
Lease liabilities, short-term897 885 
Lease liabilities, long-term1,273 1,863 

The ROU lease assets by segment are as follows:
(Amounts in thousands)4/25/20264/26/2025
Wholesale$113,928 $110,045 
Retail385,277 316,510 
Corporate and Other21,521 26,293 
Total ROU lease assets$520,726 $452,848 
The components of lease cost are as follows:
Fiscal Year Ended
(52 weeks)(52 weeks)(52 weeks)
(Amounts in thousands)4/25/20264/26/20254/27/2024
Operating lease cost$107,187 $97,261 $95,876 
Finance lease cost1,051 773 588 
Short-term lease cost1,379 2,644 1,899 
Variable lease cost412 274 271 
Less: Sublease income(1,363)(380)(291)
Total lease cost$108,666 $100,572 $98,343 

The following tables present supplemental lease disclosures:
Fiscal Year Ended
(52 weeks)(52 weeks)
4/25/20264/26/2025
(Amounts in thousands)Operating LeasesFinance LeasesOperating LeasesFinance Leases
Cash paid for amounts included in the measurement of lease liabilities$107,645 $1,055 $99,128 $773 
Lease liabilities arising from new ROU lease assets151,922 302 81,927 1,608 

4/25/20264/26/2025
(Amounts in thousands)Operating LeasesFinance LeasesOperating LeasesFinance Leases
Weighted-average remaining lease term (years)6.93.26.83.6
Weighted-average discount rate4.6 %5.5 %4.5 %5.7 %

The following table presents our maturity of lease liabilities:
4/25/2026
(Amounts in thousands)Operating Leases (1)Finance Leases
Within one year$111,051 $988 
After one year and within two years103,529 529 
After two years and within three years97,268 438 
After three years and within four years85,210 345 
After four years and within five years73,030 48 
After five years187,697 — 
Total lease payments657,785 2,348 
Less: Interest95,667 178 
Total lease obligations$562,118 $2,170 
(1)Excludes approximately $37.2 million in future lease payments for various operating leases commencing in a future period.
Leases
Note 6: 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)4/25/20264/26/2025
Operating leases
ROU lease assets$518,687 $450,177 
Lease liabilities, short-term87,865 79,707 
Lease liabilities, long-term474,253 408,402 
Finance leases
ROU lease assets$2,039 $2,671 
Lease liabilities, short-term897 885 
Lease liabilities, long-term1,273 1,863 

The ROU lease assets by segment are as follows:
(Amounts in thousands)4/25/20264/26/2025
Wholesale$113,928 $110,045 
Retail385,277 316,510 
Corporate and Other21,521 26,293 
Total ROU lease assets$520,726 $452,848 
The components of lease cost are as follows:
Fiscal Year Ended
(52 weeks)(52 weeks)(52 weeks)
(Amounts in thousands)4/25/20264/26/20254/27/2024
Operating lease cost$107,187 $97,261 $95,876 
Finance lease cost1,051 773 588 
Short-term lease cost1,379 2,644 1,899 
Variable lease cost412 274 271 
Less: Sublease income(1,363)(380)(291)
Total lease cost$108,666 $100,572 $98,343 

The following tables present supplemental lease disclosures:
Fiscal Year Ended
(52 weeks)(52 weeks)
4/25/20264/26/2025
(Amounts in thousands)Operating LeasesFinance LeasesOperating LeasesFinance Leases
Cash paid for amounts included in the measurement of lease liabilities$107,645 $1,055 $99,128 $773 
Lease liabilities arising from new ROU lease assets151,922 302 81,927 1,608 

4/25/20264/26/2025
(Amounts in thousands)Operating LeasesFinance LeasesOperating LeasesFinance Leases
Weighted-average remaining lease term (years)6.93.26.83.6
Weighted-average discount rate4.6 %5.5 %4.5 %5.7 %

The following table presents our maturity of lease liabilities:
4/25/2026
(Amounts in thousands)Operating Leases (1)Finance Leases
Within one year$111,051 $988 
After one year and within two years103,529 529 
After two years and within three years97,268 438 
After three years and within four years85,210 345 
After four years and within five years73,030 48 
After five years187,697 — 
Total lease payments657,785 2,348 
Less: Interest95,667 178 
Total lease obligations$562,118 $2,170 
(1)Excludes approximately $37.2 million in future lease payments for various operating leases commencing in a future period.