v3.26.1
Subsequent Events
12 Months Ended
Apr. 25, 2026
Subsequent Events [Abstract]  
Subsequent Events
Note 21: Subsequent Events

Business Realignment

On May 29, 2026, we completed the sale of the remaining assets held for sale within the Casegoods disposal group as described in Note 4, Assets Held for Sale, which includes the Kincaid® and American Drew® wholesale businesses. The terms of the final purchase agreement are consistent with amounts recognized in the financial statements as of April 25, 2026 and therefore we expect this transaction to have an immaterial impact on our consolidated financial statements during the first quarter of fiscal 2027. The sale of this business does not meet the requirements to be classified as discontinued operations as the disposition does not represent a strategic shift that will have a material effect on the Company’s operations and financial results.

Supply Chain Optimization

During the first quarter of fiscal 2027, we announced the planned closure of our leased upholstery assembly plant in San Luis Rio Colorado, Mexico, with operations expected to cease by the end of the first quarter of fiscal 2027. Additionally, we announced the planned closure of our leased Joybird manufacturing plant in Tijuana, Mexico, with all manufacturing operations
expected to transfer to our U.S. plants by the end of fiscal 2027. We have evaluated the implications of these actions on the consolidated financial statements as of April 25, 2026 and concluded that these events do not require recognition in fiscal 2026. The financial impact of these actions will primarily be recognized during fiscal 2027.

Share Repurchase Authorization

In April 2026, our board of directors rescinded the remaining repurchase authorization as of May 14, 2026, and established a new stock repurchase program, effective as of May 14, 2026, authorizing the repurchase of up to $300 million of Company stock. The new authorization does not have an expiration date.