Note 3 - Leases

3 Months Ended

Aug. 02, 2025

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

3. LEASES

The Company has entered into various non-cancelable operating lease agreements for certain of its offices, buildings, machinery and equipment expiring at various dates through June 2037. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Lease agreements generally do not contain material residual value guarantees or material restrictive covenants. Operating lease costs were $4.6 million and $4.1 million for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively. As of August 2, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.75 years and 4.54%, respectively. As of May 3, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.92 years and 4.52%, respectively. Cash payments were $4.7 million and $4.1 million for operating leases for the three fiscal months ended August 2, 2025 and July 27, 2024, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of August 2, 2025:

	(In thousands)
Fiscal 2026 – Remaining 3 quarters	$	13,206
Fiscal 2027		16,724
Fiscal 2028		11,925
Fiscal 2029		10,795
Fiscal 2030		10,213
Thereafter		17,133
Total minimum lease payments including interest		79,996
Less: amounts representing interest		(10,092	)
Present value of minimum lease payments		69,904
Less: current portion of lease obligations		(15,009	)
Non-current portion of lease obligations	$	54,895