Shareholders' Equity (Tables)
|
12 Months Ended |
May 02, 2026 |
|---|
| Share Based Compensation Arrangement By Share Based Payment Award [Line Items] |
|
| Summary of Activity under 2021 Buyback Program |
The following table summarizes the activity under the 2021 Buyback Authorization:
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|
|
|
|
|
|
|
|
|
|
Fiscal Year Ended |
|
|
|
May 2, 2026 |
|
|
May 3, 2025 |
|
|
April 27, 2024 |
|
Shares purchased |
|
|
— |
|
|
|
136,000 |
|
|
|
627,586 |
|
Average price per share |
|
$ |
— |
|
|
$ |
11.55 |
|
|
$ |
21.93 |
|
Total cost (in millions) |
|
$ |
— |
|
|
$ |
1.6 |
|
|
$ |
13.8 |
|
|
| Summary of Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax |
A summary of changes in accumulated other comprehensive income (loss), net of tax is shown below:
|
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|
|
|
|
(in millions) |
|
Currency translation adjustments (1) |
|
|
Derivative
instruments |
|
|
Total |
|
Balance as of April 29, 2023 |
|
$ |
(19.8 |
) |
|
$ |
0.8 |
|
|
$ |
(19.0 |
) |
Other comprehensive income (loss) |
|
|
(18.1 |
) |
|
|
(1.3 |
) |
|
|
(19.4 |
) |
Tax (expense) benefit |
|
|
1.4 |
|
|
|
0.3 |
|
|
|
1.7 |
|
Net current period other comprehensive income (loss) |
|
|
(16.7 |
) |
|
|
(1.0 |
) |
|
|
(17.7 |
) |
Balance as of April 27, 2024 |
|
|
(36.5 |
) |
|
|
(0.2 |
) |
|
|
(36.7 |
) |
Other comprehensive income (loss) |
|
|
9.7 |
|
|
|
(1.8 |
) |
|
|
7.9 |
|
Tax (expense) benefit |
|
|
(1.4 |
) |
|
|
0.4 |
|
|
|
(1.0 |
) |
Net current period other comprehensive income (loss) |
|
|
8.3 |
|
|
|
(1.4 |
) |
|
|
6.9 |
|
Balance as of May 3, 2025 |
|
|
(28.2 |
) |
|
|
(1.6 |
) |
|
|
(29.8 |
) |
Other comprehensive income (loss) |
|
|
18.1 |
|
|
|
4.0 |
|
|
|
22.1 |
|
Tax (expense) benefit |
|
|
(0.2 |
) |
|
|
(0.9 |
) |
|
|
(1.1 |
) |
Net current period other comprehensive income (loss) |
|
|
17.9 |
|
|
|
3.1 |
|
|
|
21.0 |
|
Balance as of May 2, 2026 |
|
$ |
(10.3 |
) |
|
$ |
1.5 |
|
|
$ |
(8.8 |
) |
|
|
|
|
|
|
|
|
|
|
(1) Includes foreign currency gains and losses related to debt designated as a net investment hedge. See Note 8, "Derivative Financial Instruments and Hedging Activities" for additional information. |
|
|
| Summary of Stock-based Compensation Expense Related to Equity Awards |
The table below summarizes the stock-based compensation expense related to the equity awards:
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|
|
|
|
Fiscal Year Ended |
|
|
|
May 2, 2026 |
|
|
May 3, 2025 |
|
|
April 27, 2024 |
|
(in millions) |
|
(52 Weeks) |
|
|
(53 Weeks) |
|
|
(52 Weeks) |
|
RSUs |
|
$ |
5.1 |
|
|
$ |
5.2 |
|
|
$ |
2.0 |
|
PSUs |
|
|
2.5 |
|
|
|
0.7 |
|
|
|
— |
|
Deferred non-employee director awards |
|
|
0.4 |
|
|
|
0.9 |
|
|
|
1.0 |
|
Non-employee director awards |
|
|
0.5 |
|
|
|
0.6 |
|
|
|
0.6 |
|
Total stock-based compensation expense |
|
$ |
8.5 |
|
|
$ |
7.4 |
|
|
$ |
3.6 |
|
|
| Summary of RSA and RSU Activity |
The following table summarizes the RSA activity:
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|
|
|
|
|
|
|
Restricted
stock
awards |
|
|
Weighted
average grant
date fair value |
|
Non-vested at April 29, 2023 |
|
|
933,674 |
|
|
$ |
28.73 |
|
Awarded |
|
|
— |
|
|
$ |
— |
|
Vested |
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
(144,000 |
) |
|
$ |
28.28 |
|
Non-vested at April 27, 2024 |
|
|
789,674 |
|
|
$ |
28.81 |
|
Awarded |
|
|
— |
|
|
$ |
— |
|
Vested |
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
(79,325 |
) |
|
$ |
28.28 |
|
Non-vested at May 3, 2025 |
|
|
710,349 |
|
|
$ |
28.87 |
|
Awarded |
|
|
— |
|
|
$ |
— |
|
Vested |
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
(710,349 |
) |
|
$ |
— |
|
Non-vested at May 2, 2026 |
|
|
— |
|
|
$ |
— |
|
The following table summarizes RSU activity:
|
|
|
|
|
|
|
|
|
|
|
Restricted
stock
units |
|
|
Weighted
average grant
date fair value |
|
Non-vested at April 29, 2023 |
|
|
770,667 |
|
|
$ |
30.47 |
|
Awarded |
|
|
389,966 |
|
|
$ |
21.48 |
|
Vested |
|
|
(36,221 |
) |
|
$ |
42.72 |
|
Forfeited |
|
|
(182,772 |
) |
|
$ |
29.65 |
|
Non-vested at April 27, 2024 |
|
|
941,640 |
|
|
$ |
26.43 |
|
Awarded |
|
|
441,353 |
|
|
$ |
11.09 |
|
Conversion of cash bonus to RSUs |
|
|
160,401 |
|
|
$ |
12.87 |
|
Vested |
|
|
(735,309 |
) |
|
$ |
24.28 |
|
Forfeited |
|
|
(187,535 |
) |
|
$ |
22.71 |
|
Non-vested at May 3, 2025 |
|
|
620,550 |
|
|
$ |
15.31 |
|
Awarded |
|
|
999,450 |
|
|
$ |
6.61 |
|
Vested |
|
|
(340,459 |
) |
|
$ |
17.23 |
|
Forfeited |
|
|
(82,228 |
) |
|
$ |
12.86 |
|
Non-vested at May 2, 2026 |
|
|
1,197,313 |
|
|
$ |
7.67 |
|
|
| Summary of the Weighted-Average Assumptions for the PSUs Granted |
The following table provides a summary of the weighted-average assumptions for the PSUs granted:
|
|
|
|
|
|
|
Assumptions |
|
Expected volatility |
|
|
66.34 |
% |
Risk free interest rate |
|
|
3.68 |
% |
Expected term (in years) |
|
|
2.72 |
|
Grant date fair value |
|
$ |
7.99 |
|
|
| Summary of PSU Activity |
The following table summarizes PSU activity:
|
|
|
|
|
|
|
|
|
|
|
Performance
stock
units |
|
|
Weighted
average grant
date fair value |
|
Non-vested at April 27, 2024 |
|
|
— |
|
|
$ |
— |
|
Awarded |
|
|
208,661 |
|
|
$ |
14.09 |
|
Vested |
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
— |
|
|
$ |
— |
|
Non-vested at May 3, 2025 |
|
|
208,661 |
|
|
$ |
14.09 |
|
Awarded |
|
|
835,479 |
|
|
$ |
7.11 |
|
Vested |
|
|
— |
|
|
$ |
— |
|
Forfeited |
|
|
(30,878 |
) |
|
$ |
7.27 |
|
Non-vested at May 2, 2026 |
|
|
1,013,262 |
|
|
$ |
8.33 |
|
|
| Summary of Awards Granted to Non-employee Directors |
The following table summarizes awards granted to non-employee directors:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-employee director awards |
|
|
Deferred non-employee director awards |
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|
Total |
|
|
Weighted
average grant
date fair value |
|
Outstanding at April 29, 2023 |
|
|
— |
|
|
|
45,750 |
|
|
|
45,750 |
|
|
$ |
40.56 |
|
Awarded |
|
|
16,804 |
|
|
|
31,569 |
|
|
|
48,373 |
|
|
$ |
32.72 |
|
Issued |
|
|
(16,804 |
) |
|
|
— |
|
|
|
(16,804 |
) |
|
$ |
33.33 |
|
Outstanding at April 27, 2024 |
|
|
— |
|
|
|
77,319 |
|
|
|
77,319 |
|
|
$ |
37.23 |
|
Awarded |
|
|
56,680 |
|
|
|
93,749 |
|
|
|
150,429 |
|
|
$ |
9.86 |
|
Issued |
|
|
(56,680 |
) |
|
|
(23,756 |
) |
|
|
(80,436 |
) |
|
$ |
10.49 |
|
Outstanding at May 3, 2025 |
|
|
— |
|
|
|
147,312 |
|
|
|
147,312 |
|
|
$ |
22.39 |
|
Awarded |
|
|
55,629 |
|
|
|
61,051 |
|
|
|
116,680 |
|
|
$ |
7.54 |
|
Issued |
|
|
(55,629 |
) |
|
|
(11,140 |
) |
|
|
(66,769 |
) |
|
$ |
10.33 |
|
Outstanding at May 2, 2026 |
|
|
— |
|
|
|
197,223 |
|
|
|
197,223 |
|
|
$ |
18.80 |
|
|
| Summary of combined stock option activity and related information for stock options granted |
The following table summarizes stock option activity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Options |
|
|
Weighted average exercise price |
|
|
Weighted average life (years) |
|
|
Aggregate intrinsic value (in millions) |
|
Outstanding at April 29, 2023 |
|
|
20,000 |
|
|
$ |
37.01 |
|
|
|
1.2 |
|
|
$ |
0.1 |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Forfeited |
|
|
(12,000 |
) |
|
$ |
37.01 |
|
|
|
|
|
|
|
Outstanding at April 27, 2024 |
|
|
8,000 |
|
|
$ |
37.01 |
|
|
|
0.2 |
|
|
$ |
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Forfeited |
|
|
(8,000 |
) |
|
$ |
37.01 |
|
|
|
|
|
|
|
Outstanding at May 3, 2025 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
— |
|
Exercised |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
Forfeited |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
$ |
— |
|
Outstanding at May 2, 2026 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|