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Container Store (TCS)

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Oct. 02, 2021Oct. 29, 2021
Document and Entity Information
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity File Number001-36161
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number26-0565401
Entity Address, Address Line One500 Freeport Parkway
Entity Address, City or TownCoppell
Entity Address, State or ProvinceTX
Entity Address, Postal Zip Code75019
City Area Code972
Local Phone Number538-6000
Title of 12(b) SecurityCommon Stock, par value $0.01 per share
Trading SymbolTCS
Security Exchange NameNYSE
Entity Registrant NameContainer Store Group, Inc.
Entity Central Index Key0001411688
Current Fiscal Year End Date--04-02
Document Fiscal Year Focus2021
Document Type10-Q
Document Period End DateOct. 2,
2021
Entity Interactive Data CurrentYes
Amendment Flagfalse
Entity Current Reporting StatusYes
Entity Filer CategoryAccelerated Filer
Common Stock Outstanding50,646,109
Document Fiscal Period FocusQ2
Entity Small Businesstrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse

Consolidated balance sheets

Consolidated balance sheets - USD ($) $ in ThousandsOct. 02, 2021Apr. 03, 2021Sep. 26, 2020
Current assets:
Cash $ 23,137 $ 17,687 $ 61,847
Accounts receivable, net31,035 28,949 29,053
Inventory173,141 130,619 117,715
Prepaid expenses12,690 11,429 10,391
Income Taxes Receivable, Current840 93 93
Other current assets13,354 14,547 12,926
Total current assets254,197 203,324 232,025
Noncurrent assets:
Property and equipment, net130,733 131,884 136,573
Noncurrent operating lease right-of-use assets304,194 307,147 304,390
Goodwill202,815 202,815 202,815
Trade names227,476 227,669 226,562
Deferred financing costs, net229 255 135
Noncurrent deferred tax assets, net905 2,305 2,444
Other assets2,660 3,070 3,110
Total noncurrent assets869,012 875,145 876,029
Total assets1,123,209 1,078,469 1,108,054
Current liabilities:
Accounts payable86,232 68,546 85,680
Accrued liabilities85,848 86,551 76,734
Current borrowings on revolving lines of credit59 1,107
Current portion of long-term debt2,136 2,166 6,970
Current operating lease liabilities50,177 50,847 54,724
Income taxes payable2,852 6,803 2,797
Total current liabilities227,304 214,913 228,012
Noncurrent liabilities:
Long-term debt164,194 163,818 236,955
Noncurrent operating lease liabilities278,235 285,022 292,142
Noncurrent deferred tax liabilities, net46,650 48,923 48,556
Other long-term liabilities12,108 12,124 13,094
Total noncurrent liabilities501,187 509,887 590,747
Total liabilities728,491 724,800 818,759
Commitments and contingencies (Note 6)
Shareholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized; 49,545,153 shares issued at October 2, 2021; 48,838,261 shares issued at April 3, 2021; 48,570,280 shares issued at September 26, 2020495 488 486
Additional paid-in capital871,545 873,048 869,167
Accumulated other comprehensive loss(21,325)(19,003)(24,741)
Retained deficit(455,997)(500,864)(555,617)
Total shareholders' equity394,718 353,669 289,295
Total liabilities and shareholders' equity $ 1,123,209 $ 1,078,469 $ 1,108,054

Consolidated balance sheets (Pa

Consolidated balance sheets (Parenthetical) - $ / sharesOct. 02, 2021Apr. 03, 2021Sep. 26, 2020
Consolidated balance sheets
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized250,000,000 250,000,000 250,000,000
Common stock, shares issued49,545,153 48,838,261 48,570,280

Consolidated statements of oper

Consolidated statements of operations - USD ($) $ in Thousands3 Months Ended6 Months Ended
Oct. 02, 2021Sep. 26, 2020Oct. 02, 2021Sep. 26, 2020
Consolidated statements of operations
Net sales $ 275,954 $ 248,241 $ 521,269 $ 399,927
Cost of sales (excluding depreciation and amortization)112,416 102,183 211,407 175,630
Gross profit163,538 146,058 309,862 224,297
Selling, general, and administrative expenses (excluding depreciation and amortization)114,062 101,193 224,210 187,458
Stock-based compensation1,086 1,977 1,955 2,809
Pre-opening costs72 7 666 16
Depreciation and amortization8,544 8,823 16,745 17,772
Other expenses294 1,102
Gain on disposal of assets(5)(6)
Income from operations39,774 33,764 66,291 15,146
Interest expense, net3,186 4,491 6,371 9,441
Income before taxes36,588 29,273 59,920 5,705
Provision for income taxes9,393 9,073 15,053 2,175
Net income $ 27,195 $ 20,200 $ 44,867 $ 3,530
Net income per common share - basic $ 0.55 $ 0.42 $ 0.91 $ 0.07
Net income per common share - diluted $ 0.54 $ 0.41 $ 0.88 $ 0.07
Weighted-average common shares - basic49,468,324 48,513,826 49,274,611 48,451,508
Weighted-average common shares - diluted50,217,614 48,782,505 51,112,668 48,630,246

Consolidated statements of comp

Consolidated statements of comprehensive income - USD ($) $ in Thousands3 Months Ended6 Months Ended
Oct. 02, 2021Sep. 26, 2020Oct. 02, 2021Sep. 26, 2020
Consolidated statements of comprehensive income (loss)
Net income $ 27,195 $ 20,200 $ 44,867 $ 3,530
Unrealized (loss) gain on financial instruments, net of tax (benefit) provision of $($398), $747, $($347), and $2,140(1,161)1,920 (1,018)5,881
Pension liability adjustment72 (137)15 (356)
Foreign currency translation adjustment(2,022)2,446 (1,319)6,029
Comprehensive income $ 24,084 $ 24,429 $ 42,545 $ 15,084

Consolidated statements of co_2

Consolidated statements of comprehensive income (Parenthetical) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Oct. 02, 2021Jul. 03, 2021Sep. 26, 2020Jun. 27, 2020Oct. 02, 2021Sep. 26, 2020
Consolidated statements of comprehensive income (loss)
Unrealized (loss) gain on financial instruments, net of tax (benefit) provision of ($398), $747, ($347), and $2,140 $ (398) $ 51 $ 747 $ 1,393 $ (347) $ 2,140

Consolidated statements of cash

Consolidated statements of cash flows - USD ($) $ in Thousands6 Months Ended
Oct. 02, 2021Sep. 26, 2020
Operating activities
Net income $ 44,867 $ 3,530
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization16,745 17,772
Stock-based compensation1,955 2,809
Gain on disposal of assets(5)(6)
Deferred tax expense (benefit)454 (4,726)
Non-cash interest940 931
Other(247)80
Changes in operating assets and liabilities:
Accounts receivable(2,105)(2,529)
Inventory(42,836)8,748
Prepaid expenses and other assets(2,125)(2,266)
Accounts payable and accrued liabilities17,359 46,227
Net change in lease assets and liabilities(4,493)9,672
Income taxes(5,562)7,493
Other noncurrent liabilities30 3,448
Net cash provided by operating activities24,977 91,183
Investing activities
Additions to property and equipment(14,585)(6,864)
Proceeds from sale of property and equipment5 6
Net cash used in investing activities(14,580)(6,858)
Financing activities
Borrowings on revolving lines of credit24,923 22,242
Payments on revolving lines of credit(24,863)(30,849)
Borrowings on long-term debt5,000
Payments on long-term debt(5,597)(81,482)
Payment of taxes with shares withheld upon restricted stock vesting(4,677)(406)
Proceeds from the exercise of stock options226
Net cash used in financing activities(4,988)(90,495)
Effect of exchange rate changes on cash41 262
Net increase (decrease) in cash5,450 (5,908)
Cash at beginning of fiscal period17,687 67,755
Cash at end of fiscal period23,137 61,847
Supplemental information for non-cash investing:
Purchases of property and equipment (included in accounts payable) $ 3,083 $ 548

Consolidated statements of shar

Consolidated statements of shareholders' equity - USD ($) $ in ThousandsCommon stockAdditional paid-in capitalAccumulated other comprehensive income (loss)Retained deficitTotal
Common stock, par value (in dollars per share) $ 0.01
Balance at the beginning of period at Mar. 28, 2020 $ 483 $ 866,667 $ (36,295) $ (559,147) $ 271,708
Balance (in shares) at Mar. 28, 202048,316,559
Increase (Decrease) in Stockholders' Equity
Net income(16,670)(16,670)
Stock-based compensation832 832
Vesting of restricted stock awards $ 2 (2)
Vesting of restricted stock awards (in shares)174,758
Taxes related to net share settlement of restricted stock awards(165)(165)
Foreign currency translation adjustment3,583 3,583
Unrealized gain on financial instruments, net of tax provision3,961 3,961
Pension liability adjustment(219)(219)
Balance at the end of period at Jun. 27, 2020 $ 485 867,332 (28,970)(575,817)263,030
Balance (in shares) at Jun. 27, 202048,491,317
Balance at the beginning of period at Mar. 28, 2020 $ 483 866,667 (36,295)(559,147)271,708
Balance (in shares) at Mar. 28, 202048,316,559
Increase (Decrease) in Stockholders' Equity
Net income3,530
Foreign currency translation adjustment6,029
Unrealized gain on financial instruments, net of tax provision5,881
Pension liability adjustment(356)
Balance at the end of period at Sep. 26, 2020 $ 486 869,167 (24,741)(555,617) $ 289,295
Balance (in shares) at Sep. 26, 202048,570,280
Common stock, par value (in dollars per share) $ 0.01
Balance at the beginning of period at Jun. 27, 2020 $ 485 867,332 (28,970)(575,817) $ 263,030
Balance (in shares) at Jun. 27, 202048,491,317
Increase (Decrease) in Stockholders' Equity
Net income20,200 20,200
Stock-based compensation1,836 1,836
Vesting of restricted stock awards $ 1 (1)
Vesting of restricted stock awards (in shares)78,963
Foreign currency translation adjustment2,446 2,446
Unrealized gain on financial instruments, net of tax provision1,920 1,920
Pension liability adjustment(137)(137)
Balance at the end of period at Sep. 26, 2020 $ 486 869,167 (24,741)(555,617) $ 289,295
Balance (in shares) at Sep. 26, 202048,570,280
Common stock, par value (in dollars per share) $ 0.01
Common stock, par value (in dollars per share) $ 0.01
Balance at the beginning of period at Apr. 03, 2021 $ 488 873,048 (19,003)(500,864) $ 353,669
Balance (in shares) at Apr. 03, 202148,838,261
Increase (Decrease) in Stockholders' Equity
Net income17,672 17,672
Stock-based compensation869 869
Vesting of restricted stock awards $ 5 (5)0
Vesting of restricted stock awards (in shares)526,771
Taxes related to net share settlement of restricted stock awards(3,677)(3,677)
Foreign currency translation adjustment703 703
Unrealized gain on financial instruments, net of tax provision143 143
Pension liability adjustment(57)(57)
Stock option exercises $ 1 225 226
Stock option exercises (in shares)52,183
Balance at the end of period at Jul. 03, 2021 $ 494 870,460 (18,214)(483,192)369,548
Balance (in shares) at Jul. 03, 202149,417,215
Balance at the beginning of period at Apr. 03, 2021 $ 488 873,048 (19,003)(500,864)353,669
Balance (in shares) at Apr. 03, 202148,838,261
Increase (Decrease) in Stockholders' Equity
Net income44,867
Foreign currency translation adjustment(1,319)
Unrealized gain on financial instruments, net of tax provision(1,018)
Pension liability adjustment15
Balance at the end of period at Oct. 02, 2021 $ 495 871,545 (21,325)(455,997) $ 394,718
Balance (in shares) at Oct. 02, 202149,545,153
Common stock, par value (in dollars per share) $ 0.01
Balance at the beginning of period at Jul. 03, 2021 $ 494 870,460 (18,214)(483,192) $ 369,548
Balance (in shares) at Jul. 03, 202149,417,215
Increase (Decrease) in Stockholders' Equity
Net income27,195 27,195
Stock-based compensation1,086 1,086
Vesting of restricted stock awards $ 1 (1)0
Vesting of restricted stock awards (in shares)127,938
Foreign currency translation adjustment(2,022)(2,022)
Unrealized gain on financial instruments, net of tax provision(1,161)(1,161)
Pension liability adjustment72 72
Balance at the end of period at Oct. 02, 2021 $ 495 $ 871,545 $ (21,325) $ (455,997) $ 394,718
Balance (in shares) at Oct. 02, 202149,545,153
Common stock, par value (in dollars per share) $ 0.01

Consolidated statements of sh_2

Consolidated statements of shareholders' equity (Parenthetical) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Oct. 02, 2021Jul. 03, 2021Sep. 26, 2020Jun. 27, 2020Oct. 02, 2021Sep. 26, 2020Apr. 03, 2021Mar. 28, 2020
Consolidated statements of shareholders' equity
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01 $ 0.01
Unrealized gain on financial instruments, net of tax provision (benefit) provision $ (398) $ 51 $ 747 $ 1,393 $ (347) $ 2,140

Description of business and bas

Description of business and basis of presentation6 Months Ended
Oct. 02, 2021
Description of business and basis of presentation
Description of business and basis of presentationThe Container Store Group, Inc. Notes to consolidated financial statements (unaudited) (In thousands, except share amounts and unless otherwise stated) October 2, 2021 ​ 1. Description of business and basis of presentation ​ These financial statements should be read in conjunction with the financial statement disclosures in our Annual Report on Form 10-K for the fiscal year ended April 3, 2021, filed with the Securities and Exchange Commission (“SEC”) on June 3, 2021 (the “2020 Annual Report on Form 10-K”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly operating results are reflected herein and are of a normal, recurring nature. Certain items in these consolidated financial statements have been reclassified to conform to the current period presentation. ​ All references herein to “fiscal 2021” refer to the 52-week fiscal year ending April 2, 2022, “fiscal 2020” refer to the 53-week fiscal year ended April 3, 2021, and “fiscal 2019” refer to the 52-week fiscal year ended March 28, 2020. ​ Description of business ​ The Container Store, Inc. was founded in 1978 in Dallas, Texas, as a retailer with a mission to provide customers with storage and organization solutions through an assortment of innovative products and unparalleled customer service. In 2007, The Container Store, Inc. was sold to The Container Store Group, Inc. (the “Company”), a holding company, of which a majority stake was purchased by Leonard Green and Partners, L.P. (“LGP”). On November 6, 2013, the Company completed its initial public offering (the “IPO”), at which time LGP held a controlling interest in the Company as the majority shareholder. During fiscal 2020, LGP sold common stock of the Company, reducing their ownership to less than 50% of the Company’s outstanding common stock. Although LGP is no longer the majority shareholder, LGP continues to have significant influence over the Company. As of October 2, 2021, The Container Store, Inc. (“TCS”) operates 94 stores with an average size of approximately 25,000 square feet (19,000 selling square feet) in 33 states and the District of Columbia. The Container Store, Inc. also offers all of its products directly to its customers (including business customers), through its website, mobile site, call center, and in-home design consultants. The Container Store, Inc.’s wholly-owned Swedish subsidiary, Elfa International AB (“Elfa”), designs and manufactures component-based shelving and drawer systems and made-to-measure sliding doors. elfa ® ​ Business Update Related to Coronavirus The novel coronavirus (“COVID-19”) pandemic had a negative impact on the Company’s fiscal 2020 operations and financial results. We experienced significant disruptions in store operations, including the temporary closure of all stores to in-store customer traffic, which adversely affected our business, results of operations and financial condition, and saw a significant increase in our curbside pick-up and online selling. During the second quarter of fiscal 2021, all stores were open. We continued to see a shift back to brick and mortar stores and a decrease in online channel sales year-over year. We will continue to review local, state, and federal mandates as we may need to temporarily adjust our operations to comply as COVID-19 and other uncertainties continue to unfold. We continue to prioritize the health and safety of our customers and employees by implementing strict health and safety protocols in our stores. We will continue to monitor guidance from the Centers for Disease Control and Prevention, local, state and federal guidance, and the impact of COVID-19 on the Company's business, results of operations, financial position and cash flows. ​ Seasonality ​ The Company’s business has historically been moderately seasonal in nature and, therefore, the results of operations for the twenty-six weeks ended October 2, 2021 have not necessarily been indicative of the operating results for the full year. The Company has historically realized a higher portion of net sales, operating income, and cash flows from operations in the fourth fiscal quarter, attributable primarily to the timing and impact of promotional campaigns. However, we do not expect fiscal 2021 sales and profitability to follow historical patterns due to various factors, including changes in promotional strategy and cadence, anticipated supply chain cost headwinds, and adding back costs to the business that were temporarily suspended during the pandemic. ​ Recent accounting pronouncements ​ In July 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 changes how to recognize expected credit losses on financial assets. The standard requires a more timely recognition of credit losses on loans and other financial assets and also provides additional transparency about credit risk. The current credit loss standard generally requires that a loss actually be incurred before it is recognized, while the new standard will require recognition of full lifetime expected losses upon initial recognition of the financial instrument. Originally, ASU 2016-13 was effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. An entity should apply the standard by recording a cumulative effect adjustment to retained earnings upon adoption. In November 2019, FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) . This ASU defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is planning to adopt this standard in the first quarter of fiscal 2022. ​ In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, . ​ ​

Detail of certain balance sheet

Detail of certain balance sheet accounts6 Months Ended
Oct. 02, 2021
Detail of certain balance sheet accounts
Detail of certain balance sheet accounts2. Detail of certain balance sheet accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ April 3, ​ September 26, ​ 2021 2021 2020 Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables, net ​ $ 19,010 ​ $ 18,784 ​ $ 16,080 Credit card receivables ​ 9,650 ​ 8,445 ​ 11,483 Other receivables ​ 2,375 ​ 1,720 ​ 1,490 ​ ​ $ 31,035 ​ $ 28,949 ​ $ 29,053 Inventory: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ $ 166,818 ​ $ 126,311 ​ $ 112,864 Raw materials ​ 5,634 ​ 3,614 ​ 4,271 Work in progress ​ 689 ​ 694 ​ 580 ​ ​ $ 173,141 ​ $ 130,619 ​ $ 117,715 Accrued liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued payroll, benefits and bonuses ​ $ 26,192 ​ $ 30,028 ​ $ 20,538 Unearned revenue ​ ​ 22,406 ​ ​ 19,503 ​ ​ 16,360 Accrued transaction and property tax ​ ​ 15,202 ​ ​ 15,660 ​ ​ 15,441 Gift cards and store credits outstanding ​ ​ 10,304 ​ ​ 9,862 ​ ​ 9,067 Accrued lease liabilities ​ ​ 31 ​ ​ 34 ​ ​ 1,045 Accrued interest ​ ​ 2,692 ​ ​ 95 ​ ​ 3,750 Accrued sales returns ​ ​ 3,195 ​ ​ 3,381 ​ ​ 3,321 Other accrued liabilities ​ ​ 5,826 ​ ​ 7,988 ​ ​ 7,212 ​ ​ $ 85,848 ​ $ 86,551 ​ $ 76,734 ​ Contract balances as a result of transactions with customers primarily consist of trade receivables included in Accounts receivable, net, Unearned revenue included in Accrued liabilities, and Gift cards and store credits outstanding included in Accrued liabilities in the Company's Consolidated balance sheets provided above. Unearned revenue was $19,503 as of April 3, 2021, and $18,450 was subsequently recognized into revenue for the twenty-six weeks ended October 2, 2021. Gift cards and store credits outstanding was $9,862 as of April 3, 2021, and $2,120 was subsequently recognized into revenue for the twenty-six weeks ended October 2, 2021. See Note 10 for disaggregated revenue disclosures.

Leases

Leases6 Months Ended
Oct. 02, 2021
Leases
Leases3. Leases ​ We conduct all of our U.S. operations from leased facilities that include our corporate headquarters, warehouse facilities, and 94 store locations. The corporate headquarters, warehouse facilities, and stores are under operating leases that generally expire over the next 1 to 20 years. In most cases, management expects that in the normal course of business, leases will be renewed or replaced by other leases. The Company also has finance leases at our Elfa segment that are immaterial. ​ Lease expense on operating leases is recorded on a straight-line basis over the term of the lease, commencing on the date the Company takes possession of the leased property and is recorded in selling, general and administrative expenses (“SG&A”). ​ We consider lease payments that cannot be predicted with reasonable certainty upon lease commencement to be variable lease payments, which are recorded as incurred each period and are excluded from our calculation of lease liabilities. Our variable lease payments include lease payments that are based on a percentage of sales. Upon lease commencement, we recognize the lease liability measured at the present value of the fixed future minimum lease payments. We have elected the practical expedient to not separate lease and non-lease components. Therefore, lease payments included in the measurement of the lease liability include all fixed payments in the lease arrangement. We record a right-of-use asset for an amount equal to the lease liability, increased for any prepaid lease costs and initial direct costs and reduced by any lease incentives. We remeasure the lease liability and right-of-use asset when a change to our future minimum lease payments occurs. Key assumptions and judgments included in the determination of the lease liability include the discount rate applied to present value the future lease payments and the exercise of renewal options. ​ Many of our leases contain renewal options. The option periods are generally not included in the lease term used to measure our lease liabilities and right-of-use assets upon commencement as exercise of the options is not reasonably certain. We remeasure the lease liability and right-of-use asset when we are reasonably certain to exercise a renewal option. ​ During the first and second quarters of fiscal 2020, the Company renegotiated terms with landlords as a result of the COVID-19 pandemic, which resulted in the deferral of approximately $11,900 of certain cash lease payments. Of the $11,900 of deferred cash lease payments, approximately $3,600 was repaid during the first half of fiscal 2021, and the remaining balance of $1,100 is expected to be repaid in the second half of fiscal 2021. ​ Discount Rate ​ Our leases do not provide information about the rate implicit in the lease. Therefore, we utilize an incremental borrowing rate to calculate the present value of our future lease obligations. The incremental borrowing rate represents the rate of interest we would have to pay on a collateralized borrowing, for an amount equal to the lease payments, over a similar term and in a similar economic environment. ​ The components of lease costs for the thirteen and twenty-six weeks ended October 2, 2021 and September 26, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ Twenty-Six Weeks Ended ​ ​ ​ October 2, 2021 ​ ​ September 26, 2020 ​ ​ October 2, 2021 ​ ​ September 26, 2020 Operating lease costs ​ $ 21,859 ​ $ 22,683 ​ $ 43,695 ​ $ 45,194 Variable lease costs ​ 518 ​ 280 ​ 818 ​ 311 Total lease costs ​ $ 22,377 ​ $ 22,963 ​ $ 44,513 ​ $ 45,505 ​ We do not have sublease income and do not recognize lease assets or liabilities for short-term leases, defined as operating leases with initial terms of less than 12 months. Our short-term lease costs were not material for the thirteen and twenty-six weeks ended October 2, 2021 and September 26, 2020. ​ Supplemental cash flow information related to our leases for the twenty-six weeks ended October 2, 2021 and September 26, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended ​ ​ ​ October 2, 2021 ​ ​ September 26, 2020 Cash paid for amounts included in the measurement of operating lease liabilities ​ $ 48,755 ​ $ 35,207 Additions to right-of-use assets ​ $ 18,698 ​ $ 32,817 ​ Weighted average remaining operating lease term and incremental borrowing rate as of October 2, 2021 and September 26, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended ​ ​ October 2, 2021 ​ September 26, 2020 ​ Weighted average remaining lease term (years) ​ 6.5 ​ 7.0 ​ Weighted average incremental borrowing rate ​ 13.1 % 14.0 % ​ ​ As of October 2, 2021, future minimum lease payments under our operating lease liabilities were as follows: ​ ​ ​ ​ ​ ​ Operating leases (1) Within 1 year (remaining) ​ $ 45,616 2 years ​ 87,559 3 years ​ 80,400 4 years ​ 71,406 5 years ​ 61,660 Thereafter ​ 154,983 Total lease payments ​ $ 501,624 Less amount representing interest ​ ​ (173,212) Total lease liability ​ $ 328,412 Less current lease liability ​ ​ (50,177) Total noncurrent lease liability ​ $ 278,235 (1) Operating lease payments exclude approximately $4,194 of legally binding minimum lease payments for one lease signed but not yet commenced.

Net income per common share

Net income per common share6 Months Ended
Oct. 02, 2021
Net income per common share
Net income per common share4. Net income per common share ​ Basic net income per common share is computed as net income divided by the weighted-average number of common shares for the period. Net income per common share – diluted is computed as net income divided by the weighted-average number of common shares for the period plus common stock equivalents consisting of shares subject to stock-based awards with exercise prices less than or equal to the average market price of the Company’s common stock for the period, to the extent their inclusion would be dilutive. Potentially dilutive securities are excluded from the computation of net income per common share – diluted if their effect is anti-dilutive. ​ The following is a reconciliation of net income and the number of shares used in the basic and diluted net income per common share calculations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-Six Weeks Ended ​ ​ October 2, ​ September 26, ​ October 2, ​ September 26, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 27,195 ​ $ 20,200 ​ $ 44,867 ​ $ 3,530 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares — basic ​ 49,468,324 ​ 48,513,826 ​ 49,274,611 ​ 48,451,508 Nonvested restricted stock awards and other dilutive securities ​ ​ 749,290 ​ ​ 268,679 ​ ​ 1,838,057 ​ ​ 178,738 Weighted-average common shares — diluted ​ ​ 50,217,614 ​ ​ 48,782,505 ​ ​ 51,112,668 ​ ​ 48,630,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share — basic ​ $ 0.55 ​ $ 0.42 ​ $ 0.91 ​ $ 0.07 Net income per common share — diluted ​ ​ 0.54 ​ ​ 0.41 ​ ​ 0.88 ​ ​ 0.07 Antidilutive securities not included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options outstanding ​ 1,729,250 ​ 2,285,867 ​ 1,861,136 ​ 2,515,767 Nonvested restricted stock awards ​ ​ 130,457 ​ ​ 232,724 ​ ​ 115,855 ​ ​ 312,851 ​

Income taxes

Income taxes6 Months Ended
Oct. 02, 2021
Income taxes
Income taxes​ 5. Income taxes ​ The provision for income taxes in the thirteen weeks ended October 2, 2021 was $9,393 as compared to a provision of $9,073 in the thirteen weeks ended September 26, 2020. The effective tax rate for the thirteen weeks ended October 2, 2021 was 25.7%, as compared to 31.0% in the thirteen weeks ended September 26, 2020. During the thirteen weeks ended October 2 , 2021, the effective tax rate rose above the U.S. statutory rate of 21% , primarily due to U.S. state income taxes and the impact of the global intangible low-taxed income (“GILTI”). During the thirteen weeks ended September 26, 2020, the effective tax rate rose above the U.S. statutory rate, primarily due to stock-based compensation, U.S. state income taxes, and the impact of the GILTI provision from the Tax Cuts and Jobs Act of 2017. ​ The provision for income taxes in the twenty-six weeks ended October 2, 2021 was $15,053 as compared to $2,175 in the twenty-six weeks ended September 26, 2020. The effective tax rate for the twenty-six weeks ended October 2, 2021 was 25.1% , as compared to 38.1% in the twenty-six weeks ended September 26, 2020. During the twenty-six weeks ended October 2, 2021, the effective tax rate rose above the U.S. statutory rate of 21% , primarily due to U.S. state income taxes and the impact of the GILTI provision. During the twenty-six weeks ended September 26, 2020, the effective tax rate rose above the U.S. statutory rate, primarily due to stock-based compensation, U.S. state income taxes, and the impact of the GILTI provision ​

Commitments and contingencies

Commitments and contingencies6 Months Ended
Oct. 02, 2021
Commitments and contingencies
Commitments and contingencies6. Commitments and contingencies ​ In connection with insurance policies and other contracts, the Company has outstanding standby letters of credit totaling $4,255 as of October 2, 2021. ​ The Company is subject to ordinary litigation and routine reviews by regulatory bodies that are incidental to its business, none of which is expected to have a material adverse effect on the Company’s financial condition, results of operations, or cash flows on an individual basis or in the aggregate.

Accumulated other comprehensive

Accumulated other comprehensive income6 Months Ended
Oct. 02, 2021
Accumulated other comprehensive income
Accumulated other comprehensive income7. Accumulated other comprehensive loss ​ Accumulated other comprehensive loss (“AOCL”) consists of changes in our foreign currency forward contracts, pension liability adjustment, and foreign currency translation. The components of AOCL, net of tax, are shown below for the twenty-six weeks ended October 2, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ currency ​ Pension ​ Foreign ​ ​ ​ ​ ​ hedge ​ liability ​ currency ​ ​ ​ ​ instruments adjustment translation Total Balance at April 3, 2021 ​ $ 3,174 ​ $ (2,415) ​ $ (19,762) ​ $ (19,003) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications, net of tax ​ ​ 103 ​ ​ 15 ​ ​ (1,319) ​ ​ (1,201) Amounts reclassified to earnings, net of tax ​ ​ (1,121) ​ ​ — ​ ​ — ​ ​ (1,121) Net current period other comprehensive (loss) income ​ (1,018) ​ 15 ​ (1,319) ​ (2,322) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at October 2, 2021 ​ $ 2,156 ​ $ (2,400) ​ $ (21,081) ​ $ (21,325) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts reclassified from AOCL to earnings for the foreign currency forward contracts category are generally included in cost of sales in the Company’s consolidated statements of operations. For a description of the Company’s use of foreign currency forward contracts, refer to Note 8.

Foreign currency forward contra

Foreign currency forward contracts6 Months Ended
Oct. 02, 2021
Foreign currency forward contracts.
Foreign currency forward contracts8. Foreign currency forward contracts ​ The Company’s international operations and purchases of inventory products from foreign suppliers are subject to certain opportunities and risks, including foreign currency fluctuations. In the TCS segment, we utilize foreign currency forward contracts in Swedish krona to stabilize our retail gross margins and to protect our domestic operations from downward currency exposure by hedging purchases of inventory from our wholly-owned subsidiary, Elfa. Forward contracts in the TCS segment are designated as cash flow hedges, as defined by ASC 815, Derivatives and Hedging ​ During the twenty-six weeks ended October 2, 2021 and September 26, 2020, the TCS segment used forward contracts for 91% and 83% of inventory purchases in Swedish krona, respectively. Generally, the Company’s foreign currency forward contracts have terms from 1 to 12 months and require the Company to exchange currencies at agreed-upon rates at settlement. ​ The counterparties to the contracts consist of a limited number of major domestic and international financial institutions. The Company does not hold or enter into financial instruments for trading or speculative purposes. The Company records its foreign currency forward contracts on a gross basis and generally does not require collateral from these counterparties because it does not expect any losses from credit exposure. ​ The Company records all foreign currency forward contracts on its consolidated balance sheet at fair value. The Company accounts for its foreign currency hedging instruments in the TCS segment as cash flow hedges, as defined. Changes in the fair value of the foreign currency hedging instruments that are considered to be effective, as defined, are recorded in other comprehensive loss until the hedged item (inventory) is sold to the customer, at which time the deferred gain or loss is recognized through cost of sales. Any portion of a change in the foreign currency hedge instrument’s fair value that is considered to be ineffective, as defined, or that the Company has elected to exclude from its measurement of effectiveness, is immediately recorded in earnings as cost of sales. The Company assessed the effectiveness of the foreign currency hedge instruments and determined the foreign currency hedge instruments were highly effective during the twenty-six weeks ended October 2, 2021 and September 26, 2020. Forward contracts not designated as hedges in the Elfa segment are adjusted to fair value as SG&A on the consolidated statements of operations; however, during the twenty-six weeks ended October 2, 2021, the Company did not ​ The Company recognized a $2,156 gain in accumulated other comprehensive loss related to foreign currency hedge instruments at October 2, 2021, of which $924 represents an unrealized gain for settled foreign currency hedge instruments related to inventory on hand as of October 2, 2021. The Company expects the unrealized gain of $924, net of taxes, to be reclassified into earnings over the next 12 months as the underlying inventory is sold to the end customer. ​ The change in fair value of the Company’s foreign currency hedge instruments that qualify as cash flow hedges and are included in accumulated other comprehensive loss, net of taxes, is presented in Note 7 of these financial statements. ​

Fair value measurements

Fair value measurements6 Months Ended
Oct. 02, 2021
Fair value measurements
Fair value measurements9. Fair value measurements ​ Under GAAP, the Company is required to a) measure certain assets and liabilities at fair value and b) disclose the fair values of certain assets and liabilities recorded at cost. Accounting standards define fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. Fair value is calculated assuming the transaction occurs in the principal or most advantageous market for the asset or liability and includes consideration of non-performance risk and credit risk of both parties. Accounting standards pertaining to fair value establish a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value. These tiers include: ​ ● Level 1—Valuation inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. ​ ● Level 2—Valuation inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ​ ● Level 3—Valuation inputs are unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques. ​ As of October 2, 2021, April 3, 2021 and September 26, 2020, the Company held certain items that are required to be measured at fair value on a recurring basis. These included foreign currency forward contracts which the Company uses to stabilize its retail gross margins and to protect its operations from downward currency exposure and ​ The following items are measured at fair value on a recurring basis, subject to the disclosure requirements of ASC 820, Fair Value Measurements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ April 3, ​ September 26, Description ​ Balance Sheet Location 2021 2021 2020 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonqualified retirement plan N/A Other current assets ​ $ 3,659 ​ $ 5,707 ​ $ 5,377 Foreign currency forward contracts Level 2 Other current assets ​ 1,667 ​ 2,906 ​ 241 Total assets ​ ​ ​ ​ ​ $ 5,326 ​ $ 8,613 ​ $ 5,618 ​ The fair value of long-term debt was estimated using quoted prices as well as recent transactions for similar types of borrowing arrangements (Level 2 valuations). As of October 2, 2021, April 3, 2021 and September 26, 2020, the estimated fair value of the Company’s long-term debt, including current maturities, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ April 3, ​ September 26, ​ 2021 2021 2020 Senior secured term loan facility ​ $ 174,870 ​ $ 174,064 ​ $ 236,431 2019 Elfa revolving facilities ​ ​ 59 ​ ​ — ​ ​ 1,107 Obligations under finance leases ​ ​ 265 ​ ​ 335 ​ ​ 273 Revolving credit facility ​ — ​ — ​ — Total fair value of debt ​ 175,194 ​ 174,399 ​ 237,811 ​

Segment reporting

Segment reporting6 Months Ended
Oct. 02, 2021
Segment reporting
Segment reporting10. Segment reporting ​ The Company’s reportable segments were determined on the same basis as how management evaluates performance internally by the Chief Operating Decision Maker (“CODM”). The Company has determined that the Chief Executive Officer is the CODM and the Company’s two reportable segments consist of TCS and Elfa. The TCS segment includes the Company’s retail stores, website and call center, as well as the installation and organization services business. ​ The Elfa segment includes the manufacturing business that produces the elfa ® brand products that are sold domestically exclusively through the TCS segment, as well as on a wholesale basis in approximately 30 countries around the world, with a concentration in the Nordic region of Europe. The intersegment sales in the Elfa column represent elfa ® product sales to the TCS segment. These sales and the related gross margin on merchandise recorded in TCS inventory balances at the end of the period are eliminated for consolidation purposes in the Eliminations column. The net sales to third parties in the Elfa column represent sales to customers outside of the United States. ​ The Company has determined that adjusted earnings before interest, tax, depreciation, and amortization (“Adjusted EBITDA”) is the profit or loss measure that the CODM uses to make resource allocation decisions and evaluate segment performance. ​ Adjusted EBITDA assists management in comparing our performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our core operations and, therefore, are not included in measuring segment performance. Adjusted EBITDA is calculated in accordance with the Senior Secured Term Loan Facility and the Revolving Credit Facility and we define Adjusted EBITDA as net income before interest, taxes, depreciation and amortization, certain non-cash items, and other adjustments that we do not consider in our evaluation of ongoing operating performance from period to period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended October 2, 2021 TCS Elfa Eliminations Total Net sales to third parties ​ $ 259,378 ​ $ 16,576 ​ $ — ​ $ 275,954 Intersegment sales ​ — ​ 17,412 ​ (17,412) ​ — Adjusted EBITDA ​ 41,676 ​ 4,112 ​ 1,960 ​ 47,748 Interest expense, net ​ ​ 3,097 ​ ​ 89 ​ ​ — ​ ​ 3,186 Assets (1) ​ ​ 1,021,211 ​ ​ 106,888 ​ ​ (4,890) ​ ​ 1,123,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended September 26, 2020 TCS Elfa Eliminations Total Net sales to third parties ​ $ 233,004 ​ $ 15,237 ​ $ — ​ $ 248,241 Intersegment sales ​ ​ — ​ ​ 14,892 ​ ​ (14,892) ​ ​ — Adjusted EBITDA ​ ​ 38,278 ​ ​ 5,736 ​ ​ 69 ​ ​ 44,083 Interest expense, net ​ ​ 4,395 ​ ​ 96 ​ ​ — ​ ​ 4,491 Assets (1) ​ ​ 1,012,629 ​ ​ 102,180 ​ ​ (6,755) ​ ​ 1,108,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended October 2, 2021 TCS Elfa Eliminations Total Net sales to third parties ​ $ 488,108 ​ $ 33,161 ​ $ — ​ $ 521,269 Intersegment sales ​ — ​ 33,105 ​ (33,105) ​ — Adjusted EBITDA ​ 69,644 ​ 8,209 ​ 3,397 ​ 81,250 Interest expense, net ​ ​ 6,220 ​ ​ 151 ​ ​ — ​ ​ 6,371 Assets (1) ​ ​ 1,021,211 ​ ​ 106,888 ​ ​ (4,890) ​ ​ 1,123,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended September 26, 2020 TCS Elfa Eliminations Total Net sales to third parties ​ $ 372,390 ​ $ 27,537 ​ $ — ​ $ 399,927 Intersegment sales ​ ​ — ​ ​ 23,584 ​ ​ (23,584) ​ ​ — Adjusted EBITDA ​ ​ 40,003 ​ ​ 8,673 ​ ​ (130) ​ ​ 48,546 Interest expense, net ​ ​ 9,242 ​ ​ 199 ​ ​ — ​ ​ 9,441 Assets (1) ​ ​ 1,012,629 ​ ​ 102,180 ​ ​ (6,755) ​ ​ 1,108,054 ​ ​ (1) Tangible assets in the Elfa column are located outside of the United States. ​ ​ A reconciliation of income before taxes to Adjusted EBITDA is set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ Twenty-Six Weeks Ended ​ October 2, September 26, October 2, September 26, ​ ​ ​ 2021 ​ ​ 2020 ​ 2021 ​ 2020 Income before taxes ​ $ 36,588 ​ $ 29,273 ​ $ 59,920 ​ $ 5,705 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 8,544 ​ 8,823 ​ 16,745 ​ 17,772 Interest expense, net ​ 3,186 ​ 4,491 ​ 6,371 ​ 9,441 Pre-opening costs (a) ​ 72 ​ 7 ​ 666 ​ 16 Non-cash lease expense (b) ​ (1,722) ​ (1,065) ​ (5,077) ​ 10,073 Stock-based compensation (c) ​ 1,086 ​ 1,977 ​ 1,955 ​ 2,809 Management transition costs (d) ​ ​ — ​ ​ — ​ ​ 473 ​ ​ — Foreign exchange losses (e) ​ (6) ​ 8 ​ 5 ​ 129 COVID-19 costs (f) ​ ​ — ​ ​ 273 ​ ​ 192 ​ ​ 1,496 COVID-19 severance (g) ​ ​ — ​ ​ 296 ​ ​ — ​ ​ 1,105 Adjusted EBITDA ​ $ 47,748 ​ $ 44,083 ​ $ 81,250 ​ $ 48,546 ​ (a) Non-capital expenditures associated with opening new stores and relocating stores, including marketing expenses, travel and relocation costs, and training costs. We adjust for these costs to facilitate comparisons of our performance from period to period. ​ (b) Reflects the extent to which our annual GAAP operating lease expense has been above or below our cash operating lease payments. The amount varies depending on the average age of our lease portfolio (weighted for size), as our GAAP operating lease expense on younger leases typically exceeds our cash operating lease payments, while our GAAP operating lease expense on older leases is typically less than our cash operating lease payments. Non-cash lease expense increased during the first half of fiscal 2020 due to renegotiated terms with landlords due to COVID-19 that resulted in deferral of $11,900 of certain cash lease payments . Of the $11,900 of deferred cash lease payments, approximately $3,600 was repaid d uring the first half of fiscal 2021, and the remaining balance of $1,100 is expected to be repaid in the second half of fiscal 2021. ​ (c) Non-cash charges related to stock-based compensation programs, which vary from period to period depending on volume and vesting timing of awards. We adjust for these charges to facilitate comparisons from period to period. ​ (d) Costs related to the transition of key executives including severance and signing bonus recorded as selling, general and administrative expenses, which we do not consider in our evaluation of ongoing performance. ​ (e) Realized foreign exchange transactional gains/losses our management does not consider in our evaluation of our ongoing operations. ​ (f) Includes incremental costs attributable to the COVID-19 pandemic, which consist of sanitization costs in the first quarter of fiscal 2021 and the first half of fiscal 2020, and hazard pay for distribution center employees in the first quarter of fiscal 2020, all of which are recorded as selling, general and administrative expenses, which we do not consider in our evaluation of ongoing performance. ​ (g) Includes costs incurred in the first half of fiscal 2020 associated with the reduction in workforce as a result of the COVID-19 pandemic and the related temporary store closures in fiscal 2020, which we do not consider in our evaluation of ongoing performance .

Nature of business and summary

Nature of business and summary of significant accounting policies (Policies)6 Months Ended
Oct. 02, 2021
Description of business and basis of presentation
Business Update Related to CoronavirusBusiness Update Related to Coronavirus The novel coronavirus (“COVID-19”) pandemic had a negative impact on the Company’s fiscal 2020 operations and financial results. We experienced significant disruptions in store operations, including the temporary closure of all stores to in-store customer traffic, which adversely affected our business, results of operations and financial condition, and saw a significant increase in our curbside pick-up and online selling. During the second quarter of fiscal 2021, all stores were open. We continued to see a shift back to brick and mortar stores and a decrease in online channel sales year-over year. We will continue to review local, state, and federal mandates as we may need to temporarily adjust our operations to comply as COVID-19 and other uncertainties continue to unfold. We continue to prioritize the health and safety of our customers and employees by implementing strict health and safety protocols in our stores. We will continue to monitor guidance from the Centers for Disease Control and Prevention, local, state and federal guidance, and the impact of COVID-19 on the Company's business, results of operations, financial position and cash flows.
SeasonalitySeasonality ​ The Company’s business has historically been moderately seasonal in nature and, therefore, the results of operations for the twenty-six weeks ended October 2, 2021 have not necessarily been indicative of the operating results for the full year. The Company has historically realized a higher portion of net sales, operating income, and cash flows from operations in the fourth fiscal quarter, attributable primarily to the timing and impact of promotional campaigns. However, we do not expect fiscal 2021 sales and profitability to follow historical patterns due to various factors, including changes in promotional strategy and cadence, anticipated supply chain cost headwinds, and adding back costs to the business that were temporarily suspended during the pandemic.
Recent accounting pronouncementsRecent accounting pronouncements ​ In July 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updates (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . ASU 2016-13 changes how to recognize expected credit losses on financial assets. The standard requires a more timely recognition of credit losses on loans and other financial assets and also provides additional transparency about credit risk. The current credit loss standard generally requires that a loss actually be incurred before it is recognized, while the new standard will require recognition of full lifetime expected losses upon initial recognition of the financial instrument. Originally, ASU 2016-13 was effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. An entity should apply the standard by recording a cumulative effect adjustment to retained earnings upon adoption. In November 2019, FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) . This ASU defers the effective date of ASU 2016-13 for public companies that are considered smaller reporting companies as defined by the SEC to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is planning to adopt this standard in the first quarter of fiscal 2022. ​ In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, . ​

Leases (Tables)

Leases (Tables)6 Months Ended
Oct. 02, 2021
Leases
Schedule of components of lease costsThe components of lease costs for the thirteen and twenty-six weeks ended October 2, 2021 and September 26, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ Twenty-Six Weeks Ended ​ ​ ​ October 2, 2021 ​ ​ September 26, 2020 ​ ​ October 2, 2021 ​ ​ September 26, 2020 Operating lease costs ​ $ 21,859 ​ $ 22,683 ​ $ 43,695 ​ $ 45,194 Variable lease costs ​ 518 ​ 280 ​ 818 ​ 311 Total lease costs ​ $ 22,377 ​ $ 22,963 ​ $ 44,513 ​ $ 45,505
Schedule of supplemental cash flow informationSupplemental cash flow information related to our leases for the twenty-six weeks ended October 2, 2021 and September 26, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended ​ ​ ​ October 2, 2021 ​ ​ September 26, 2020 Cash paid for amounts included in the measurement of operating lease liabilities ​ $ 48,755 ​ $ 35,207 Additions to right-of-use assets ​ $ 18,698 ​ $ 32,817
Schedule of weighted average remaining operating lease term and incremental borrowing rateWeighted average remaining operating lease term and incremental borrowing rate as of October 2, 2021 and September 26, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended ​ ​ October 2, 2021 ​ September 26, 2020 ​ Weighted average remaining lease term (years) ​ 6.5 ​ 7.0 ​ Weighted average incremental borrowing rate ​ 13.1 % 14.0 %
Schedule of future minimum lease payments under our operating lease liabilities​ ​ ​ ​ ​ ​ Operating leases (1) Within 1 year (remaining) ​ $ 45,616 2 years ​ 87,559 3 years ​ 80,400 4 years ​ 71,406 5 years ​ 61,660 Thereafter ​ 154,983 Total lease payments ​ $ 501,624 Less amount representing interest ​ ​ (173,212) Total lease liability ​ $ 328,412 Less current lease liability ​ ​ (50,177) Total noncurrent lease liability ​ $ 278,235

Net income per common share (Ta

Net income per common share (Tables)6 Months Ended
Oct. 02, 2021
Net income per common share
Schedule of reconciliation of net income and the number of shares used in the basic and diluted net income per common share calculations:​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-Six Weeks Ended ​ ​ October 2, ​ September 26, ​ October 2, ​ September 26, ​ 2021 2020 2021 2020 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 27,195 ​ $ 20,200 ​ $ 44,867 ​ $ 3,530 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares — basic ​ 49,468,324 ​ 48,513,826 ​ 49,274,611 ​ 48,451,508 Nonvested restricted stock awards and other dilutive securities ​ ​ 749,290 ​ ​ 268,679 ​ ​ 1,838,057 ​ ​ 178,738 Weighted-average common shares — diluted ​ ​ 50,217,614 ​ ​ 48,782,505 ​ ​ 51,112,668 ​ ​ 48,630,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per common share — basic ​ $ 0.55 ​ $ 0.42 ​ $ 0.91 ​ $ 0.07 Net income per common share — diluted ​ ​ 0.54 ​ ​ 0.41 ​ ​ 0.88 ​ ​ 0.07 Antidilutive securities not included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options outstanding ​ 1,729,250 ​ 2,285,867 ​ 1,861,136 ​ 2,515,767 Nonvested restricted stock awards ​ ​ 130,457 ​ ​ 232,724 ​ ​ 115,855 ​ ​ 312,851

Accumulated other comprehensi_2

Accumulated other comprehensive income (Tables)6 Months Ended
Oct. 02, 2021
Accumulated other comprehensive income
Schedule of components of AOCL, net of tax​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ currency ​ Pension ​ Foreign ​ ​ ​ ​ ​ hedge ​ liability ​ currency ​ ​ ​ ​ instruments adjustment translation Total Balance at April 3, 2021 ​ $ 3,174 ​ $ (2,415) ​ $ (19,762) ​ $ (19,003) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications, net of tax ​ ​ 103 ​ ​ 15 ​ ​ (1,319) ​ ​ (1,201) Amounts reclassified to earnings, net of tax ​ ​ (1,121) ​ ​ — ​ ​ — ​ ​ (1,121) Net current period other comprehensive (loss) income ​ (1,018) ​ 15 ​ (1,319) ​ (2,322) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at October 2, 2021 ​ $ 2,156 ​ $ (2,400) ​ $ (21,081) ​ $ (21,325) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair value measurements (Tables

Fair value measurements (Tables)6 Months Ended
Oct. 02, 2021
Fair value measurements
Schedule of items measured at fair value on a recurring basis, subject to the disclosure requirements of ASC 820​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ April 3, ​ September 26, Description ​ Balance Sheet Location 2021 2021 2020 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonqualified retirement plan N/A Other current assets ​ $ 3,659 ​ $ 5,707 ​ $ 5,377 Foreign currency forward contracts Level 2 Other current assets ​ 1,667 ​ 2,906 ​ 241 Total assets ​ ​ ​ ​ ​ $ 5,326 ​ $ 8,613 ​ $ 5,618
Schedule of estimated fair values of the Company's long-term debt, including current maturities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ October 2, ​ April 3, ​ September 26, ​ 2021 2021 2020 Senior secured term loan facility ​ $ 174,870 ​ $ 174,064 ​ $ 236,431 2019 Elfa revolving facilities ​ ​ 59 ​ ​ — ​ ​ 1,107 Obligations under finance leases ​ ​ 265 ​ ​ 335 ​ ​ 273 Revolving credit facility ​ — ​ — ​ — Total fair value of debt ​ 175,194 ​ 174,399 ​ 237,811

Segment reporting (Tables)

Segment reporting (Tables)6 Months Ended
Oct. 02, 2021
Segment reporting
Schedule of segment reporting​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended October 2, 2021 TCS Elfa Eliminations Total Net sales to third parties ​ $ 259,378 ​ $ 16,576 ​ $ — ​ $ 275,954 Intersegment sales ​ — ​ 17,412 ​ (17,412) ​ — Adjusted EBITDA ​ 41,676 ​ 4,112 ​ 1,960 ​ 47,748 Interest expense, net ​ ​ 3,097 ​ ​ 89 ​ ​ — ​ ​ 3,186 Assets (1) ​ ​ 1,021,211 ​ ​ 106,888 ​ ​ (4,890) ​ ​ 1,123,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended September 26, 2020 TCS Elfa Eliminations Total Net sales to third parties ​ $ 233,004 ​ $ 15,237 ​ $ — ​ $ 248,241 Intersegment sales ​ ​ — ​ ​ 14,892 ​ ​ (14,892) ​ ​ — Adjusted EBITDA ​ ​ 38,278 ​ ​ 5,736 ​ ​ 69 ​ ​ 44,083 Interest expense, net ​ ​ 4,395 ​ ​ 96 ​ ​ — ​ ​ 4,491 Assets (1) ​ ​ 1,012,629 ​ ​ 102,180 ​ ​ (6,755) ​ ​ 1,108,054 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended October 2, 2021 TCS Elfa Eliminations Total Net sales to third parties ​ $ 488,108 ​ $ 33,161 ​ $ — ​ $ 521,269 Intersegment sales ​ — ​ 33,105 ​ (33,105) ​ — Adjusted EBITDA ​ 69,644 ​ 8,209 ​ 3,397 ​ 81,250 Interest expense, net ​ ​ 6,220 ​ ​ 151 ​ ​ — ​ ​ 6,371 Assets (1) ​ ​ 1,021,211 ​ ​ 106,888 ​ ​ (4,890) ​ ​ 1,123,209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six Weeks Ended September 26, 2020 TCS Elfa Eliminations Total Net sales to third parties ​ $ 372,390 ​ $ 27,537 ​ $ — ​ $ 399,927 Intersegment sales ​ ​ — ​ ​ 23,584 ​ ​ (23,584) ​ ​ — Adjusted EBITDA ​ ​ 40,003 ​ ​ 8,673 ​ ​ (130) ​ ​ 48,546 Interest expense, net ​ ​ 9,242 ​ ​ 199 ​ ​ — ​ ​ 9,441 Assets (1) ​ ​ 1,012,629 ​ ​ 102,180 ​ ​ (6,755) ​ ​ 1,108,054 ​ ​ (1) Tangible assets in the Elfa column are located outside of the United States.
Summary of reconciliation of Adjusted EBITDA by segment to income before taxes​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ Twenty-Six Weeks Ended ​ October 2, September 26, October 2, September 26, ​ ​ ​ 2021 ​ ​ 2020 ​ 2021 ​ 2020 Income before taxes ​ $ 36,588 ​ $ 29,273 ​ $ 59,920 ​ $ 5,705 Add: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 8,544 ​ 8,823 ​ 16,745 ​ 17,772 Interest expense, net ​ 3,186 ​ 4,491 ​ 6,371 ​ 9,441 Pre-opening costs (a) ​ 72 ​ 7 ​ 666 ​ 16 Non-cash lease expense (b) ​ (1,722) ​ (1,065) ​ (5,077) ​ 10,073 Stock-based compensation (c) ​ 1,086 ​ 1,977 ​ 1,955 ​ 2,809 Management transition costs (d) ​ ​ — ​ ​ — ​ ​ 473 ​ ​ — Foreign exchange losses (e) ​ (6) ​ 8 ​ 5 ​ 129 COVID-19 costs (f) ​ ​ — ​ ​ 273 ​ ​ 192 ​ ​ 1,496 COVID-19 severance (g) ​ ​ — ​ ​ 296 ​ ​ — ​ ​ 1,105 Adjusted EBITDA ​ $ 47,748 ​ $ 44,083 ​ $ 81,250 ​ $ 48,546 ​ (a) Non-capital expenditures associated with opening new stores and relocating stores, including marketing expenses, travel and relocation costs, and training costs. We adjust for these costs to facilitate comparisons of our performance from period to period. ​ (b) Reflects the extent to which our annual GAAP operating lease expense has been above or below our cash operating lease payments. The amount varies depending on the average age of our lease portfolio (weighted for size), as our GAAP operating lease expense on younger leases typically exceeds our cash operating lease payments, while our GAAP operating lease expense on older leases is typically less than our cash operating lease payments. Non-cash lease expense increased during the first half of fiscal 2020 due to renegotiated terms with landlords due to COVID-19 that resulted in deferral of $11,900 of certain cash lease payments . Of the $11,900 of deferred cash lease payments, approximately $3,600 was repaid d uring the first half of fiscal 2021, and the remaining balance of $1,100 is expected to be repaid in the second half of fiscal 2021. ​ (c) Non-cash charges related to stock-based compensation programs, which vary from period to period depending on volume and vesting timing of awards. We adjust for these charges to facilitate comparisons from period to period. ​ (d) Costs related to the transition of key executives including severance and signing bonus recorded as selling, general and administrative expenses, which we do not consider in our evaluation of ongoing performance. ​ (e) Realized foreign exchange transactional gains/losses our management does not consider in our evaluation of our ongoing operations. ​ (f) Includes incremental costs attributable to the COVID-19 pandemic, which consist of sanitization costs in the first quarter of fiscal 2021 and the first half of fiscal 2020, and hazard pay for distribution center employees in the first quarter of fiscal 2020, all of which are recorded as selling, general and administrative expenses, which we do not consider in our evaluation of ongoing performance. ​ (g) Includes costs incurred in the first half of fiscal 2020 associated with the reduction in workforce as a result of the COVID-19 pandemic and the related temporary store closures in fiscal 2020, which we do not consider in our evaluation of ongoing performance .

Description of business and b_2

Description of business and basis of presentation (Details)Oct. 02, 2021ft²statecountrystoreApr. 03, 2021
Description of business and basis of presentation
Number of stores | store94
Average size of stores (in square feet)25,000
Average selling square feet in stores (in square feet)19,000
Number of states | state33
LGP | Maximum
Description of business and basis of presentation
Ownership percentage50.00%
Elfa
Description of business and basis of presentation
Number of countries in which products are sold on wholesale basis | country30

Detail of certain balance she_2

Detail of certain balance sheet accounts (Details) - USD ($) $ in Thousands6 Months Ended12 Months Ended
Oct. 02, 2021Apr. 03, 2021Sep. 26, 2020
Detail of certain balance sheet accounts
Revenue recognized included in unearned income $ 18,450
Revenue recognized included in Gift Cards and Store Credits2,120 $ 9,862
Accounts receivable, net:
Trade receivables, net19,010 18,784 $ 16,080
Credit card receivables9,650 8,445 11,483
Other receivables2,375 1,720 1,490
Accounts receivable, net31,035 28,949 29,053
Inventory:
Finished goods166,818 126,311 112,864
Raw materials5,634 3,614 4,271
Work in progress689 694 580
Inventory173,141 130,619 117,715
Accrued Liabilities:
Accrued payroll, benefits and bonuses26,192 30,028 20,538
Unearned revenue22,406 19,503 16,360
Accrued transaction and property tax15,202 15,660 15,441
Gift cards and store credits outstanding10,304 9,862 9,067
Accrued lease liabilities31 34 1,045
Accrued interest2,692 95 3,750
Accrued sales returns3,195 3,381 3,321
Other accrued liabilities5,826 7,988 7,212
Accrued liabilities $ 85,848 $ 86,551 $ 76,734

Leases (Details)

Leases (Details) $ in ThousandsApr. 02, 2022USD ($)Oct. 02, 2021USD ($)storeSep. 26, 2020USD ($)
Leases
Number of store locations | store94
Deferred cash lease payments $ 3,600 $ 11,900
Forecast
Leases
Deferred cash lease payments $ 1,100
Minimum
Leases
Expiration term1 year
Maximum
Leases
Expiration term20 years

Leases - Components of lease co

Leases - Components of lease costs (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Oct. 02, 2021Sep. 26, 2020Oct. 02, 2021Sep. 26, 2020
Lease costs
Operating lease costs $ 21,859 $ 22,683 $ 43,695 $ 45,194
Variable lease costs518 280 818 311
Total lease costs $ 22,377 $ 22,963 $ 44,513 $ 45,505

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands6 Months Ended
Oct. 02, 2021Sep. 26, 2020
Leases
Cash paid for amounts included in the measurement of operating lease liabilities $ 48,755 $ 35,207
Additions to right-of-use assets $ 18,698 $ 32,817

Leases - Weighted average remai

Leases - Weighted average remaining operating lease term and incremental borrowing rate (Details)Oct. 02, 2021Sep. 26, 2020
Leases
Weighted average remaining lease term (years)6 years 6 months7 years
Weighted average incremental borrowing rate13.10%14.00%

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) - USD ($) $ in ThousandsOct. 02, 2021Apr. 03, 2021Sep. 26, 2020
Operating leases
Within 1 year $ 45,616
2 years87,559
3 years80,400
4 years71,406
5 years61,660
Thereafter154,983
Total lease payments501,624
Less amount representing interest(173,212)
Total lease liability328,412
Less current lease liability(50,177) $ (50,847) $ (54,724)
Total non-current lease liability278,235 $ 285,022 $ 292,142
Amount of minimum lease payments for leases signed but not yet commenced $ 4,194

Net income per common share (De

Net income per common share (Details) - USD ($)3 Months Ended6 Months Ended
Oct. 02, 2021Jul. 03, 2021Sep. 26, 2020Jun. 27, 2020Oct. 02, 2021Sep. 26, 2020
Numerator:
Net income $ 27,195,000 $ 17,672,000 $ 20,200,000 $ (16,670,000) $ 44,867,000 $ 3,530,000
Denominator:
Weighted-average common shares - basic (in shares)49,468,324 48,513,826 49,274,611 48,451,508
Nonvested restricted stock awards and other dilutive securities $ 749,290 $ 268,679 $ 1,838,057 $ 178,738
Weighted-average common shares - diluted (in shares)50,217,614 48,782,505 51,112,668 48,630,246
Net income per common share - basic $ 0.55 $ 0.42 $ 0.91 $ 0.07
Net income per common share - diluted $ 0.54 $ 0.41 $ 0.88 $ 0.07
Stock Options
Antidilutive securities not included:
Antidilutive securities1,729,250 2,285,867 1,861,136 2,515,767
Nonvested restricted stock awards
Antidilutive securities not included:
Antidilutive securities130,457 232,724 115,855 312,851

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Oct. 02, 2021Sep. 26, 2020Oct. 02, 2021Sep. 26, 2020
Income taxes
Provision for income taxes $ 9,393 $ 9,073 $ 15,053 $ 2,175
Effective income tax rate (as a percent)25.70%31.00%25.10%38.10%
U.S. federal corporate tax rate21.00%21.00%

Commitments and contingencies (

Commitments and contingencies (Details) $ in ThousandsOct. 02, 2021USD ($)
Standby letters of credit
Commitments and contingencies
Amount outstanding $ 4,255

Accumulated other comprehensi_3

Accumulated other comprehensive income (Details) $ in Thousands6 Months Ended
Oct. 02, 2021USD ($)
Rollforward of the amounts included in AOCI, net of taxes
Balance beginning of period $ (19,003)
Other comprehensive income (loss) before reclassifications, net of tax(1,201)
Amounts reclassified to earnings, net of tax(1,121)
Net current period other comprehensive (loss) income(2,322)
Balance end of period(21,325)
Minimum pension liability
Rollforward of the amounts included in AOCI, net of taxes
Balance beginning of period(2,415)
Other comprehensive income (loss) before reclassifications, net of tax15
Net current period other comprehensive (loss) income15
Balance end of period(2,400)
Foreign currency translation
Rollforward of the amounts included in AOCI, net of taxes
Balance beginning of period(19,762)
Other comprehensive income (loss) before reclassifications, net of tax(1,319)
Net current period other comprehensive (loss) income(1,319)
Balance end of period(21,081)
Foreign currency hedge instruments
Rollforward of the amounts included in AOCI, net of taxes
Balance beginning of period3,174
Other comprehensive income (loss) before reclassifications, net of tax103
Amounts reclassified to earnings, net of tax(1,121)
Net current period other comprehensive (loss) income(1,018)
Balance end of period $ 2,156

Foreign currency forward cont_2

Foreign currency forward contracts (Details) - USD ($) $ in Thousands6 Months Ended
Oct. 02, 2021Sep. 26, 2020
Purchase of inventory from use of forward contracts in Swedish krona (as a percent)91.00%83.00%
Foreign currency forward contracts | Not Designated as Hedging Instrument
Amount associated with forward contracts not designated as hedge instruments $ 0
Foreign currency hedge instruments | Designated as Hedging Instrument | Cash Flow Hedging
Unrealized gain for settled foreign currency hedge instruments924
Unrealized gain to be reclassified into earnings over the next 12 months924
Gain in accumulated other comprehensive loss related to foreign currency hedge instruments $ 2,156
Minimum | Foreign currency forward contracts
Term of contract1 month1 month
Maximum | Foreign currency forward contracts
Term of contract12 months12 months

Fair value measurements (Detail

Fair value measurements (Details) - Recurring - USD ($) $ in ThousandsOct. 02, 2021Apr. 03, 2021Sep. 26, 2020
Assets
Total assets $ 5,326 $ 8,613 $ 5,618
Other current assets
Assets
Nonqualified retirement plan3,659 5,707 5,377
Level 2 | Other current assets
Assets
Foreign currency forward contracts $ 1,667 $ 2,906 $ 241

Fair value measurements - Estim

Fair value measurements - Estimated fair value of long-term debt, including current maturities (Details) - USD ($) $ in ThousandsOct. 02, 2021Apr. 03, 2021Sep. 26, 2020
Fair value measurements
Total fair value of debt $ 175,194
Fair value
Fair value measurements
Total fair value of debt $ 174,399 $ 237,811
The 2019 Elfa Revolving Credit Facility
Fair value measurements
Total fair value of debt59
The 2019 Elfa Revolving Credit Facility | Fair value
Fair value measurements
Total fair value of debt1,107
Senior secured term loan facility
Fair value measurements
Total fair value of debt174,870
Senior secured term loan facility | Fair value
Fair value measurements
Total fair value of debt174,064 236,431
Obligations under finance leases
Fair value measurements
Total fair value of debt $ 265
Obligations under finance leases | Fair value
Fair value measurements
Total fair value of debt $ 335 $ 273

Segment reporting - (Details)

Segment reporting - (Details) $ in Thousands3 Months Ended6 Months Ended
Oct. 02, 2021USD ($)countrySep. 26, 2020USD ($)Oct. 02, 2021USD ($)segmentcountrySep. 26, 2020USD ($)Apr. 03, 2021USD ($)
Segment reporting
Number of reportable segments | segment2
Segment reporting
Sales $ 275,954 $ 248,241 $ 521,269 $ 399,927
Adjusted EBITDA47,748 44,083 81,250 48,546
Interest expense, net3,186 4,491 6,371 9,441
Assets $ 1,123,209 1,108,054 $ 1,123,209 1,108,054 $ 1,078,469
Elfa
Segment reporting
Number of countries in which products are sold on wholesale basis | country30 30
Operating segments | TCS
Segment reporting
Sales $ 259,378 233,004 $ 488,108 372,390
Adjusted EBITDA41,676 38,278 69,644 40,003
Interest expense, net3,097 4,395 6,220 9,242
Assets1,021,211 1,012,629 1,021,211 1,012,629
Operating segments | Elfa
Segment reporting
Sales16,576 15,237 33,161 27,537
Adjusted EBITDA4,112 5,736 8,209 8,673
Interest expense, net89 96 151 199
Assets106,888 102,180 106,888 102,180
lntersegment
Segment reporting
Sales(17,412)(14,892)(33,105)(23,584)
Adjusted EBITDA1,960 69 3,397 (130)
Assets(4,890)(6,755)(4,890)(6,755)
lntersegment | Elfa
Segment reporting
Sales $ 17,412 $ 14,892 $ 33,105 $ 23,584

Segment reporting - Reconciliat

Segment reporting - Reconciliation of EBITDA (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Oct. 02, 2021Sep. 26, 2020Oct. 02, 2021Sep. 26, 2020Apr. 02, 2022
Segment reporting
Income before taxes $ 36,588 $ 29,273 $ 59,920 $ 5,705
Depreciation and amortization8,544 8,823 16,745 17,772
Interest expense, net3,186 4,491 6,371 9,441
Pre-opening costs72 7 666 16
Non-cash lease expense(1,722)(1,065)(5,077)10,073
Stock-based compensation1,086 1,977 1,955 2,809
Management transition costs473
Foreign exchange (gains) losses(6)8 5 129
COVID-19 costs273 192 1,496
COVID-19 severance296 1,105
Total Adjusted EBITDA47,748 44,083 81,250 48,546
Deferred cash lease payments $ 3,600 $ 11,900 $ 3,600 $ 11,900
Forecast
Segment reporting
Deferred cash lease payments $ 1,100