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Note 3 - Leases

6 Months Ended

Nov. 01, 2025

3. LEASES

The Company has entered into various non-cancelable operating lease agreements for certain offices, buildings and machinery and equipment which expire 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 November 1, 2025 and October 26, 2024, respectively. Operating lease costs were $9.2 million and $8.3 million for the six fiscal months ended November 1, 2025 and October 26, 2024, respectively. As of November 1, 2025, the weighted-average remaining lease term and weighted average discount rate of operating leases was 5.62 years and 4.56%, 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 $4.6 million and $4.3 million for operating leases for the three fiscal months ended November 1, 2025 and October 26, 2024, respectively. Cash payments were $9.2 million and $8.4 million for operating leases for the six fiscal months ended November 1, 2025 and October 26, 2024, respectively.

The following is a summary of future minimum lease payments and related liabilities for all non-cancelable operating leases as of November 1, 2025:

	(In thousands)
Fiscal 2026 – Remaining 2 quarters	$	8,700
Fiscal 2027		16,734
Fiscal 2028		11,935
Fiscal 2029		10,800
Fiscal 2030		10,218
Thereafter		17,134
Total minimum lease payments including interest		75,521
Less: amounts representing interest		(9,327	)
Present value of minimum lease payments		66,194
Less: current portion of lease obligations		(15,026	)
Non-current portion of lease obligations	$	51,168