BARNES & NOBLE EDUCATION, INC., 10-K filed on 6/30/2021
Annual Report
v3.21.2
Document and Entity Information - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
May 01, 2021
Jun. 17, 2021
Oct. 31, 2020
May 02, 2020
Document Information [Line Items]        
Document Type 10-K      
Document Annual Report true      
Document Period End Date May 01, 2021      
Current Fiscal Year End Date --05-01      
Document Transition Report false      
Entity File Number 1-37499      
Entity Registrant Name BARNES & NOBLE EDUCATION, INC.      
Entity Incorporation, State or Country Code DE      
Entity Tax Identification Number 46-0599018      
Entity Address, Address Line One 120 Mountain View Blvd.      
Entity Address, City or Town Basking Ridge      
Entity Address, State or Province NJ      
Entity Address, Postal Zip Code 07920      
City Area Code (908)      
Local Phone Number 991-2665      
Title of 12(b) Security Common Stock, $0.01 par value per share      
Trading Symbol BNED      
Security Exchange Name NYSE      
Entity Well-known Seasoned Issuer No      
Entity Voluntary Filers No      
Entity Current Reporting Status Yes      
Entity Interactive Data Current Yes      
Entity Emerging Growth Company false      
Entity Shell Company false      
Share Price     $ 2.30  
Entity Common Stock, Shares Outstanding   51,384,234    
Common Stock, Par or Stated Value Per Share $ 0.01     $ 0.01
Amendment Flag false      
Document Fiscal Year Focus 2021      
Document Fiscal Period Focus FY      
Entity Central Index Key 0001634117      
Entity Filer Category Accelerated Filer      
ICFR Auditor Attestation Flag true      
Entity Public Float     $ 109  
Entity Small Business false      
v3.21.2
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Sales:      
Product sales and other $ 1,299,740 $ 1,671,200 $ 1,838,760
Rental income 134,150 179,863 195,883
Revenues 1,433,890 1,851,063 2,034,643
bned_Cost of Product and Other Cost of Sales 1,093,989 1,303,702 1,395,339
Rental cost of sales 87,240 104,812 111,578
Cost of Goods and Services Sold 1,181,229 1,408,514 1,506,917
Gross profit 252,661 442,549 527,726
Selling and administrative expenses 338,280 404,472 423,880
Depreciation and amortization expense 52,967 61,860 65,865
Impairment loss (non-cash) 27,630 433 57,748
Restructuring and other charges 9,960 18,567 7,233
Transaction costs 0 0 654
Operating income (176,176) (42,783) (27,654)
Interest expense, net 8,087 7,445 9,780
Income before income taxes (184,263) (50,228) (37,434)
Income tax expense (52,476) (11,978) (13,060)
Net income (loss) $ (131,787) $ (38,250) $ (24,374)
Earnings per share of common stock      
Earnings Per Share, Basic $ (2.65) $ (0.80) $ (0.52)
Earnings Per Share, Diluted $ (2.65) $ (0.80) $ (0.52)
Weighted average common shares outstanding      
Weighted Average Number of Shares Outstanding, Basic 49,669 48,013 47,306
Diluted 49,669 48,013 47,306
v3.21.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
May 01, 2021
May 02, 2020
Current assets:    
Cash and cash equivalents $ 8,024 $ 8,242
Receivables, net 121,072 90,851
Merchandise inventories, net 281,112 428,939
Textbook rental inventories 28,692 40,710
Prepaid expenses and other current assets 61,933 16,177
Total current assets 500,833 584,919
Property and equipment, net 89,172 97,739
Operating Lease, Right-of-Use Asset 240,456 250,837
Intangible assets, net 150,904 175,125
Goodwill 4,700 4,700
Deferred Income Tax Assets, Net 23,248 7,805
Other noncurrent assets 29,105 35,307
Total assets 1,038,418 1,156,432
Current liabilities:    
Accounts payable 137,578 143,678
Accrued Liabilities, Current 92,871 95,420
Operating Lease, Liability, Current 92,513 92,571
Short-term borrowings 50,000 75,000
Total current liabilities 372,962 406,669
Operating Lease, Liability, Noncurrent 184,780 186,142
Other long-term liabilities 52,042 46,170
Long-term borrowings 127,600 99,700
Total liabilities 737,384 738,681
Commitments and contingencies 0 0
Preferred stock, $0.01 par value 0 0
Common stock, $0.01 par value 533 521
Additional paid-in capital 734,257 732,958
Retained Earnings (Accumulated Deficit) (414,614) (282,827)
Treasury stock, at cost (19,142) (32,901)
Total stocholders' equity 301,034 417,751
Total liabilities and Parent Company equity $ 1,038,418 $ 1,156,432
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Preferred Stock, Shares Authorized 5,000,000 5,000,000
Preferred Stock, Shares Issued 0 0
Preferred Stock, Shares Outstanding 0 0
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01
Common Stock, Shares Authorized 200,000,000 200,000,000
Common Stock, Shares, Issued 53,327,000 52,140,000
Common Stock, Shares, Outstanding 51,378,913 48,298,000
v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Net Cash Provided by (Used in) Operating Activities $ 32,882 $ (8,676) $ 121,791
Cash flows from operating activities:      
Net income (loss) (131,787) (38,250) (24,374)
Adjustments to reconcile net income to net cash flows from operating activities:      
Depreciation and amortization expense 52,967 61,860 65,865
Impairment loss (non-cash) 27,630 433 57,748
COGS Inventory Loss and Markdown 14,960 0 0
Content amortization expenses 5,034 4,082 1,096
Amortization of deferred financing costs 1,112 1,095 1,550
Deferred taxes (15,443) (5,380) (4,531)
Stock-based compensation expense 5,095 6,638 9,017
Increase (Decrease) in Operating Liabilities (4,367) 18,399 0
Changes in other long-term liabilities 9,238 947 (5,340)
Changes in other operating assets and liabilities, net 68,443 (58,500) 20,760
Net Cash Provided by (Used in) Investing Activities (36,875) (37,019) (55,620)
Cash flows from investing activities:      
Purchases of property and equipment (37,223) (36,192) (46,420)
Acquisition of business, net of cash acquired 0 0 (10,000)
Increase (Decrease) in Other Noncurrent Assets (348) 827 (800)
Cash flows from financing activities:      
Proceeds from borrowings on Credit Facility 722,600 600,900 521,200
Repayments of borrowings on Credit Facility (719,700) (559,700) (584,100)
Payments of deferred financing costs (1,076) 0 (3,395)
Proceeds from Sale of Treasury Stock 10,869 0 0
Payments for Repurchase of Common Stock (894) (1,265) (1,977)
Net Cash Provided by (Used in) Financing Activities 11,799 39,935 (68,272)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 7,806 (5,760) (2,101)
Cash and cash equivalents at beginning of period 16,814 9,008 14,768
Changes in other operating assets and liabilities, net:      
Receivables, net (30,221) 7,320 1,814
Merchandise inventories 132,867 (8,617) 23,237
Textbook rental inventories 12,018 6,291 778
Prepaid expenses and other current assets (37,492) (4,399) 69
Accounts payable and accrued liabilities (8,729) (59,095) (5,138)
Changes in other operating assets and liabilities, net 68,443 (58,500) 20,760
Supplemental Cash Flow Information [Abstract]      
Interest Paid, Excluding Capitalized Interest, Operating Activities 6,778 6,796 8,589
Income taxes paid (net of refunds) $ 6,008 $ (4,141) $ 10,277
v3.21.2
Consolidated Statement of Equity Statement - USD ($)
$ in Thousands
Total
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Common Stock [Member]
Retained Earnings
Common Stock, Shares, Issued       50,032,000  
Stockholders' Equity Attributable to Parent $ 467,963 $ 717,323 $ 29,658 $ 501 $ (220,203)
Treasury Stock, Shares     3,115,000    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 9,017 9,017      
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures       998,000  
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures $ 0 (9)   $ 9  
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 351,043   352,000    
Treasury Stock, Value, Acquired, Cost Method     $ 1,978    
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation $ 1,978        
Net Income (Loss) Attributable to Parent (24,374)       (24,374)
Proceeds from Sale of Treasury Stock $ 0        
Common Stock, Shares, Issued 51,030,000        
Stockholders' Equity Attributable to Parent $ 450,628 726,331 $ 31,636 $ 510 (244,577)
Treasury Stock, Shares     3,467,000    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 6,638 6,638      
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures       1,110,000  
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures $ 0 (11)   $ 11  
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 374,733   375,000    
Treasury Stock, Value, Acquired, Cost Method     $ 1,265    
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation $ 1,265        
Net Income (Loss) Attributable to Parent (38,250)       (38,250)
Proceeds from Sale of Treasury Stock $ 0        
Common Stock, Shares, Issued 52,140,000        
Treasury Stock, Value $ (32,901)        
Stockholders' Equity Attributable to Parent 417,751 732,958   $ 521 (282,827)
Treasury Stock, Shares     3,842,000    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 5,095 5,095      
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures       1,187,000  
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0 (12)   $ 12  
Stock Issued During Period, Value, Treasury Stock Reissued $ 14,653        
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 414,174   414,000    
Treasury Stock, Value, Acquired, Cost Method     $ 894    
CostOfRepurchasedSharesForTaxWittholdingForShareBasedCompensation $ 894        
Net Income (Loss) Attributable to Parent (131,787)       (131,787)
Adjustments to Additional Paid in Capital, Other $ (3,784)        
Stock Issued During Period, Shares, Treasury Stock Reissued (2,307,692)   (2,308,000)    
Proceeds from Sale of Treasury Stock $ 10,869        
Common Stock, Shares, Issued 53,327,000        
Treasury Stock, Value $ (19,142)        
Stockholders' Equity Attributable to Parent $ 301,034 $ 734,257 $ 19,142 $ 533 $ (414,614)
Treasury Stock, Shares     1,948,000    
v3.21.2
Organization
 12 Months Ended
May 01, 2021
Organization
Note 1. Organization
Description of Business
Barnes & Noble Education, Inc. (“BNED”) is one of the largest contract operators of physical and virtual bookstores for college and university campuses and K-12 institutions across the United States. We are also one of the largest textbook wholesalers, inventory management hardware and software providers, and a leading provider of digital education solutions. We operate 1,417 physical, virtual, and custom bookstores and serve more than 6 million students, delivering essential educational content and tools within a dynamic omni channel retail environment. Additionally, we offer direct-to-student products and services to help students study more effectively and improve academic performance.
The strengths of our business include our ability to compete by developing new products and solutions to meet market needs, our large operating footprint with direct access to students and faculty, our well-established, deep relationships with academic partners and stable, long-term contracts and our well-recognized brands. We expect to continue to introduce scalable and advanced digital solutions focused largely on the student, expand our e-commerce capabilities and accelerate such capabilities through our recent Fanatics Partnership, increase market share with new accounts, and expand our strategic opportunities through acquisitions and partnerships. We expect general merchandise sales to increase over the long term, as our product assortments continue to emphasize and reflect changing consumer trends, and we evolve our presentation concepts and merchandising of products in stores and online, which we expect to be further enhanced and accelerated through our partnership with Fanatics Retail Group Fulfillment, LLC, Inc. and Fanatics Lids College, Inc. (collectively referred to herein as the “FLC Partnership”). Through this partnership, we receive unparalleled product assortment, e-commerce capabilities and powerful digital marketing tools to drive increased value for customers and accelerate growth of our logo and emblematic general merchandise business.
We believe the Barnes & Noble brand (licensed from our former parent) along with our subsidiary brands, BNC and MBS, are synonymous with innovation in bookselling and campus retailing, and are widely recognized and respected brands in the United States. Our large college footprint, reputation, and credibility in the marketplace not only support our marketing efforts to universities, students, and faculty, but are also important to our relationship with leading publishers who rely on us as one of their primary distribution channels, and for being a trusted source for students in our direct-to-student digital solutions business.
We have three reportable segments: Retail, Wholesale and DSS. For additional information related to our strategies, operations and segments, see Part I - Item 1. Business and Part II - Item 8. Financial Statements and Supplementary Data - Note 5. Segment Reporting.
Partnership with Fanatics and FLC
In December 2020, we entered into a new merchandising partnership with Fanatics Retail Group Fulfillment, LLC, Inc. (“Fanatics”) and Fanatics Lids College, Inc. (“FLC”). Through this partnership, we receive unparalleled product assortment, e-commerce capabilities and powerful digital marketing tools to drive increased value for customers and accelerate growth of our general merchandise business. Fanatics’ cutting-edge e-commerce and technology expertise offers our campus stores expanded product selection, a world-class online and mobile experience, and a progressive direct-to-consumer platform. Coupled with FLC, the leading standalone brick and mortar retailer focused exclusively on licensed fan and alumni products, our campus stores have improved access to trend and sales performance data on licensees, product styles, and design treatments.
We maintain our relationships with campus partners and remain responsible for staffing and managing the day-to-day operations of our campus bookstores. We also work closely with our campus partners to ensure that each campus store maintains unique aspects of in-store merchandising, including localized product assortments and specific styles and designs that reflect each campus’s brand. We leverage Fanatics’ e-commerce technology and expertise for the operational management of the emblematic merchandise and gift sections of our campus store websites. FLC manages in-store assortment planning and merchandising of emblematic apparel, headwear, and gift products for our partner campus stores.
In December 2020, Fanatics, Inc. and Lids Holdings, Inc. jointly made a strategic equity investment in BNED. On April 4, 2021, as contemplated by the merchandising partnership agreement, we closed on the sale of our logo and emblematic general merchandise inventory to FLC. As the logo and emblematic general merchandise sales are fulfilled by FLC and Fanatics, we
recognize commission revenue earned for these sales on a net basis. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Merchandise Inventories and Note 6. Equity and Earnings Per Share.
COVID-19 Business Impact
During Fiscal 2021 and the fourth quarter of Fiscal 2020, our business was significantly negatively impacted by the COVID-19 pandemic, resulting in an unprecedented material decline in revenue. Despite the introduction of COVID-19 vaccines, the pandemic remains highly volatile and continues to evolve. We cannot accurately predict the duration or extent of the impact of COVID-19 on enrollments, university budgets, athletics and other areas that directly affect our business operations. Although most schools expect to return to a traditional on-campus environment for learning in the upcoming Fall semester, as well as host traditional on campus sporting activities, there is still uncertainty about the duration and extent of the impact of the COVID-19 pandemic. We will continue to assess our operations and will continue to consider the guidance of local governments to determine when our operations can begin returning to normal levels of business. Please see our Part II - Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for further discussion. See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Other Long-Lived Assets related to the impairment loss (non-cash) recognized during Fiscal 2021.
v3.21.2
Revenue Revenue
 12 Months Ended
May 01, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
Disaggregation of Revenue
The following table disaggregates the revenue associated with our major product and service offerings.
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Retail
Product Sales$1,157,115 $1,493,044 $1,645,357 
Rental Income134,150 179,863 195,883 
Service and Other Revenue (a)
39,205 39,985 47,768 
Retail Total Sales$1,330,470 $1,712,892 $1,889,008 
Wholesale Sales$165,825 $198,353 $223,374 
DSS Sales (b)
$27,374 $23,661 $21,339 
Eliminations (c)
$(89,779)$(83,843)$(99,078)
Total Sales$1,433,890 $1,851,063 $2,034,643 
(a)Service and other revenue primarily relates to brand partnerships and other service revenues.
(b)DSS sales primarily relate to direct-to-student subscription-based revenue.
(c)The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale.
Contract with Customer, Asset and Liability [Table Text Block]
The following table presents changes in contract liabilities during the fiscal year ended May 1, 2021:
Deferred revenue as of April 27, 2019$20,418 
Additions to deferred revenue during the period193,235 
Reductions to deferred revenue for revenue recognized during the period(200,280)
Deferred revenue balance as of May 2, 2020$13,373 
Additions to deferred revenue during the period171,834 
Reductions to deferred revenue for revenue recognized during the period(167,068)
Deferred revenue balance as of May 1, 2021$18,139 
v3.21.2
Summary of Significant Accounting Policies (Notes)
 12 Months Ended
May 02, 2020
Summary of Significant Accounting Policies
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
Our consolidated financial statements reflect our consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). In the opinion of the Company’s management, the accompanying consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported.
Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. The fiscal year periods for each of the last three fiscal years consisted of the 52 weeks ended May 1, 2021 (“Fiscal 2021”), 53 weeks ended May 2, 2020 (“Fiscal 2020”), and 52 weeks ended April 27, 2019 (“Fiscal 2019”).
Our business is highly seasonal. Our quarterly results also may fluctuate depending on the timing of the start of the various schools' semesters, as well as shifts in our fiscal calendar dates. These shifts in timing may affect the comparability of our results across periods. For certain of our retail operations, sales are generally highest in the second and third fiscal quarters, when students purchase and rent textbooks and other course materials for the typical academic year, and lowest in the first and fourth fiscal quarters. Sales attributable to our wholesale business are generally highest in our first, second and third quarters, as MBS sells textbooks and other course materials for retail distribution. Our DSS segment sales and operating profit are realized relatively consistently throughout the year.
As discussed in Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization, our business experienced an unprecedented and significant impact as a result of the COVID-19 pandemic. The impact of the COVID-19 pandemic on our operations affects the comparability of our results of operations and cash flows.
Consolidation
The results of operations reflected in our consolidated financial statements are presented on a consolidated basis. All material intercompany accounts and transactions have been eliminated in consolidation.
Acquisition - PaperRater
On August 21, 2018, we acquired the assets of PaperRater in the DSS Segment. PaperRater is a leading website that offers students a suite of writing services aimed at improving multiple facets of writing. PaperRater's services include plagiarism detection, grammar feedback, and an AI-based writing score predictor, and are highly complementary to Student Brands' existing writing service offerings. PaperRater adds millions of pieces of content, from essays and dissertations to personal narratives and speeches, to our growing digital content library.
We completed the purchase for cash consideration of $10,000 and the transaction was funded from cash on-hand and availability under our existing Credit Agreement. The final purchase price was allocated primarily as follows: $5,300 intangible assets (primarily content with an estimated useful life of 5 years) and $4,700 goodwill. This acquisition is not material to our
consolidated financial statements and therefore, disclosure of pro forma financial information has not been presented. The results of operations reflect the period of ownership of the acquired business.
Use of Estimates
In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents
We consider all short-term, highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
Restricted Cash
As of May 1, 2021, we had restricted cash of $8,790, comprised of $7,893 in prepaid and other current assets in the consolidated balance sheet related to segregated funds for commission due to FLC for logo merchandise sales as per the merchandising partnership agreement and $897 in other noncurrent assets in the consolidated balance sheet related to amounts held in trust for future distributions related to employee benefit plans. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization.
As of May 2, 2020, we had restricted cash of $766 included in other noncurrent assets in the consolidated balance sheet for amounts held in trust for future distributions related to employee benefit plans.
Accounts Receivable
Receivables represent customer, private and public institutional and government billings (colleges, universities and other financial aid providers), credit/debit card receivables, advances for book buybacks, advertising and other receivables due within one year. Components of accounts receivables are as follows:
As of
May 1, 2021May 2, 2020
Trade accounts$99,583 $75,702 
Advances for book buybacks2,901 766 
Credit/debit card receivables4,433 2,177 
Other receivables14,155 12,206 
Total receivables, net$121,072 $90,851 
Accounts receivable are presented on our consolidated balance sheets net of allowances. An allowance for doubtful accounts is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of our customers and an evaluation of economic conditions. We write-off uncollectible trade receivables once collection efforts have been exhausted and record bad debt expenses related to textbook rentals that are not returned and we are unable to successfully charge the customer. Allowance for doubtful accounts were $3,594, and $1,986 as of May 1, 2021 and May 2, 2020, respectively.
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand.
Cost is determined primarily by the retail inventory method for our Retail segment and last-in first out, or “LIFO”, method for our Wholesale segment. Our textbook inventories, for Retail and Wholesale, and trade book inventories are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments in Fiscal 2021, Fiscal 2020 and Fiscal 2019.
For our physical bookstores, we also estimate and accrue shortage for the period between the last physical count of inventory and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.
The Retail Segment fulfillment order is directed first to our wholesale business before other sources of inventory are utilized. The products that we sell originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers. The Retail Segments four largest suppliers, excluding the supply sourced from our Wholesale Segment, accounted for approximately 35% of our merchandise purchased during the 52 weeks ended May 1, 2021. For our Wholesale Segment, the four largest suppliers, excluding textbooks purchased from students at our Retail Segment's bookstores, accounted for approximately 32% of merchandise purchases during the 52 weeks ended May 1, 2021.
On April 4, 2021, as contemplated by the merchandising partnership agreement, we closed on the sale of our logo and emblematic general merchandise inventory to FLC and received proceeds of $41,773, and recognized a merchandise inventory loss on the sale of $10,262 in cost of goods sold during the 52 weeks ended May 1, 2021 in the statement of operations for the Retail Segment. The final inventory purchase price will be determined during the first quarter of Fiscal 2022. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization.
During the 52 weeks ended May 1, 2021, we also recognized a merchandise inventory write-off of $4,698 in cost of goods sold in the statement of operations for the Retail Segment related to our initiative to exit certain product offerings and streamline/rationalize our overall non-logo general merchandise product assortment resulting from the centralization of our merchandising decision-making during the year.
Textbook Rental Inventories
Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period. The related amortization expense is included in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Cloud Computing Arrangements
We adopted ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15") effective April 28, 2019 (first day of Fiscal 2020) prospectively for all implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract. The guidance requires implementation costs incurred in a cloud computing arrangement (or hosting arrangement) that is a service contract to be amortized to hosting expense over the term of the arrangement, beginning when the module or component of the hosting arrangement is ready for its intended use. Prior to adoption, we capitalized certain implementation costs, primarily related to digital and consumer data platforms, to property and equipment on the consolidated balance sheets and depreciated these implementation costs to depreciation and amortization expense in the consolidated statement of operations over the term of the service contract once the asset was ready for its intended use. Subsequent to adoption, implementation costs which were previously capitalized and depreciated as described above, are included in prepaid expenses and other assets in the consolidated balance sheets and amortized to selling and administrative expense in the consolidated statement of operations. Implementation costs incurred in cloud computing arrangements reflected in prepaid and other assets in the consolidated balance sheets were $10,516 and $4,262 as of May 1, 2021 and May 2, 2020, respectively. We had $283, $96, and $0 of amortization of implementation costs in selling and administrative expense in the consolidated statement of operations, for the 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019, respectively.
Property and Equipment
Property and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over estimated useful lives. Maintenance and repairs are expensed as incurred, however major maintenance and remodeling costs are capitalized if they extend the useful life of the asset. We had $35,024, $42,550, and $44,550, of depreciation expense in the consolidated statement of operations for the 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019, respectively.
Content development costs are primarily related to bartleby.com textbook solutions which was launched in Fiscal 2019. Content amortization is computed using the straight-line method over estimated useful lives. Amortization of content development costs is recorded to cost of goods sold. We had $5,034, $4,082, and $1,096, of content amortization expense in the consolidated statement of operations for the 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019, respectively.
Components of property and equipment are as follows:
As of
Useful LifeMay 1, 2021May 2, 2020
Property and equipment:
Leasehold improvements(a)$131,784 $141,602 
Machinery, equipment and display fixtures
3 - 5
247,979 246,447 
Computer hardware and capitalized software costs(b)152,941 145,764 
Office furniture and other
2 - 7
62,031 62,209 
Content development costs
3 - 5
25,526 16,729 
Construction in progress4,444 3,878 
Total property and equipment624,705 616,629 
Less accumulated depreciation and amortization535,533 518,890 
Total property and equipment, net$89,172 $97,739 
(a)     Leasehold improvements are capitalized and depreciated over the shorter of the lease term or the useful life of the improvements, ranging from 1 - 15 years.
(b)     System costs are capitalized and amortized over their estimated useful lives, from the date the systems become operational. Purchased software is generally amortized over a period of between 2 - 5 years.
Intangible Assets
Amortizable intangible assets as of May 1, 2021 and May 2, 2020 are as follows:
  As of May 1, 2021
Amortizable intangible assetsRemaining
Life		Gross
Carrying
Amount		Accumulated
Amortization		Total
Customer relationships
9 - 13
$263,168 $(122,565)$140,603 
Content
1 - 2
19,400 (13,495)5,905 
Technology
1
9,500 (7,500)2,000 
Other (a)
1 - 7
8,930 (6,534)2,396 
$300,998 $(150,094)$150,904 
  As of May 2, 2020
Amortizable intangible assetsRemaining
Life		Gross
Carrying
Amount		Accumulated
Amortization		Total
Customer relationships
10 - 14
$271,800 $(113,280)$158,520 
Content
2 - 3
19,400 (9,615)9,785 
Technology
2
9,500 (5,900)3,600 
Other (a)
1 - 8
8,930 (5,710)3,220 
$309,630 $(134,505)$175,125 
(a)    Other consists of recognized intangibles for non-compete agreements, trade names, and favorable leasehold interests.
All amortizable intangible assets are being amortized over their useful life on a straight-line basis.
Aggregate Amortization Expense: 
For the 52 weeks ended May 1, 2021$17,943 
For the 53 weeks ended May 2, 2020$19,310 
For the 52 weeks ended April 27, 2019$21,314 
Estimated Amortization Expense: (Fiscal Year) 
2022$16,808 
2023$13,429 
2024$11,567 
2025$11,210 
2026$11,207 
After 2026$86,683 

For additional information about intangible assets, see Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies.
Leases
Effective April 28, 2019, we adopted Accounting Standards Codification ("ASC") Topic 842, Leases, and recognized lease assets and lease liabilities on the consolidated balance sheet for all operating lease arrangements based on the present value of future lease payments. We do not recognize lease assets or lease liabilities for short-term leases (i.e., those with a term of twelve months or less). We recognize lease expense on a straight-line basis over the lease term for contracts with fixed lease payments, including those with fixed annual minimums, or over a rolling twelve-month period for leases where the annual guarantee resets at the start of each contract year, in order to best reflect the pattern of usage of the underlying leased asset.
As a result of adopting ASC Topic 842, we recorded an initial operating lease right-of-use asset of $277,006 (inclusive of prepaid assets and accrued liabilities related to existing leases) and an operating lease liability of $294,727 as of April 28, 2019 for all leases that were not completed and with lease terms in excess of twelve months at that date. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 9. Leases.
Impairment of Long-Lived Assets
As of May 1, 2021, our other long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $89,172, $240,456, $150,904, and $29,105, respectively, on our consolidated balance sheet. As of May 2, 2020, our other long-lived assets include property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets of $97,739, $250,837, $175,125, and $35,307, respectively, on our consolidated balance sheet.
These amortizable intangible assets relate primarily to our customer and bookstore relationships with our colleges and university clients, and technology acquired. For additional information related to amortizable intangibles, see Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Intangible Assets.
We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and consider market participants in accordance with Accounting Standards Codification (“ASC”) 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. We evaluate the long-lived assets of the reporting units for impairment at the lowest asset group level for which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we first compared the carrying amount of the asset group to the estimated future undiscounted cash flows. The impairment loss calculation compares the carrying amount of the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value.
Fiscal 2021 results have been significantly impacted by the ongoing COVID-19 pandemic, as many schools continued to adjust their learning models and on-campus activities during the Spring semester of Fiscal 2021. Many of the trends observed during the Fall 2020 semester continued into the Spring 2021 semester, as fewer students have returned to campus for the Spring semester, many colleges and universities continued with remote learning models and on-campus classes and activities
have been further curtailed, including many athletic conferences that have been either eliminated or severely restricted. These combined events impacted the Company’s course materials and general merchandise business. During the third quarter of Fiscal 2021, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $27,630, $20,506 after-tax, comprised of $5,085, $13,328, $6,278 and $2,939 of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively, on the consolidated statement of operations. The fair value of the impaired long-lived assets were determined using an income approach (Level 3 input), using the Company’s best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations. The significant assumptions used in the income approach included annual revenue growth rates, gross margin rates and the estimated relationship of selling and administrative costs to revenue used to estimate the projected cash-flow directly related to the future operation of the stores as well as the weighted average cost of capital used to calculate the fair value. Significant assumptions used to determine the fair values of certain operating right-of-use assets included the current market rent and discount rate. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 7. Fair Value Measurements.
In the first quarter of Fiscal 2020, we recorded an impairment loss (non-cash) of $433 in the Retail segment related to net capitalized development costs for a project which are not recoverable. During the fourth quarter of Fiscal 2020, in conjunction with COVID-19 related campus store closures, we evaluated certain of our long-lived assets associated with our Retail and Wholesale segments for impairment. Based on the results of the tests, for the Retail segment, we recognized an impairment loss of $587 related to store-level assets in restructuring and other charges. These long-lived assets were not recoverable and had a de minimis fair value, as determined using an income approach (Level 3 input), resulting in a non-cash impairment charge for the full carrying value of those long-lived assets.
During the fourth quarter of Fiscal 2019, in conjunction with the change to reporting segments and the interim goodwill impairment test noted below, as well as operational changes in certain long-lived asset groups, we evaluated certain of our long-lived assets for impairment and recognized an impairment loss of $8,466, comprised of $8,138 of intangible assets, primarily acquired technology, and $328 of property and equipment related to our LoudCloud and Promoversity operations. These long-lived assets were not recoverable and had a de minimis fair value, as determined using the relief-from-royalty and income approaches (Level 3 input), resulting in a non-cash impairment charge for the full carrying value of those long-lived assets. See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Significant Accounting Policies - Intangible Assets.
Goodwill
The costs in excess of net assets of businesses acquired are carried as goodwill in the accompanying consolidated balance sheets. In accordance with ASC 350-10, Intangibles - Goodwill and Other, we complete our annual goodwill impairment test as of the first day of the third quarter of each fiscal year, or whenever events or changes in circumstances indicate that the carrying amount of the reporting unit exceeds its fair value. As of both May 1, 2021 and May 2, 2020, we had $0, $0 and $4,700 of goodwill on our consolidated balance sheets related to our Retail, Wholesale, and DSS reporting units, respectively.
During the third quarter of both Fiscal 2021 and Fiscal 2020, we completed our annual goodwill impairment test and concluded that the fair value of the DSS reporting unit was determined to exceed the carrying value of the reporting unit; therefore, no goodwill impairment was recognized.
During the third quarter of Fiscal 2019, we completed our annual goodwill impairment test and concluded that the fair value of the MBS and DSS reporting units, as they existed at that time, each exceeded their respective carrying values and no goodwill impairment was recognized. In the fourth quarter of Fiscal 2019, due to the change in our reporting units identified as a result of the change in our reportable segments, we recognized a total goodwill impairment (non-cash impairment loss) of $49,282 associated with the MBS reporting unit (as it existed at that date) and allocated $20,538 of goodwill to the Retail Segment and $28,744 of goodwill to the Wholesale Segment.
As of May 1, 2021, goodwill of approximately $67,015 was deductible for federal income tax purposes. This is higher than the goodwill balance reflected on the consolidated balance sheet as of May 1, 2021 due to impairment losses recorded in Fiscal 2018 and Fiscal 2019.
Application of the goodwill impairment test requires judgment, including: the identification of reporting units; assignment of assets and liabilities to reporting units; assignment of goodwill to reporting units; and the determination of the fair value of each reporting unit. In performing the valuation, we used cash flows that reflected management’s forecasts and discount rates that included risk adjustments consistent with the current market conditions.
We estimated the fair value of our reporting units using a weighting of fair values derived from the income approach.
Under the income approach, we calculate the fair value of the reporting unit based on the present value of estimated future cash flows. Inherent in our preparation of cash flow projections are assumptions and estimates derived from a review of our operating results, business plans, expected growth rates, cost of capital and tax rates. We also make certain forecasts about future economic conditions, interest rates, market data, and other observable trends, such as comparable store sales trends, recent changes in publisher relationships, and development of innovative digital products and services in the rapidly changing education landscape. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business’s ability to execute on the projected cash flows.
Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates for a discussion of key assumptions used in our testing.
Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of our revenue is derived from the sales of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 4. Revenue.
Retail product revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. Wholesale product revenue is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of goods sold.
Revenue from the rental of physical textbooks, which contains a single performance obligation, is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale.
Revenue from the rental of digital textbooks, which contains a single performance obligation, is recognized at the point of sale. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the rental term the customer is no longer able to access the content. While the digital rental allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete.
We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis. Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis.
We do not have gift card or customer loyalty programs. We do not treat any promotional offers as expenses. Sales tax collected from our customers is excluded from reported revenues. Our payment terms are generally 30 days and do not extend beyond one year.
Service and other revenue
Service and other revenue is primarily derived from DSS segment subscription-based service revenues and partnership marketing services which includes promotional activities and advertisements within our physical bookstores and web properties performed on behalf of third-party customers.
Subscription-based revenue, which contains a single performance obligation, is deferred and recognized based on the passage of time over the subscription period commencing at the point of sale, when control of the service transfers to the customer. The majority of subscriptions sold are one month in duration.
Partnership marketing agreements often include multiple performance obligations which are individually negotiated with our customers. For these arrangements that contain distinct performance obligations, we allocate the transaction price based on the relative standalone selling price method by comparing the standalone selling price (“SSP”) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for partnership marketing service and overtime for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
Cost of Sales
Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling and Administrative Expenses
Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting, and operating costs related to our direct-to-student subscription-based services business. Shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions, are not allocated to any specific reporting segment and are recorded in Corporate Services.
Long-Term Incentive Compensation
We have granted awards in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan (the “Equity Incentive Plan”). Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock, restricted stock units, performance shares, performance share units, and phantom share units. See Part II - Item 8. Financial Statements and Supplementary Data - Note 13. Long-Term Incentive Compensation Expense for additional information regarding expense recognition for each type of award.
Advertising Costs
The costs of advertising are expensed as incurred during the year pursuant to ASC No. 720-35, Advertising Costs. Advertising costs charged to selling and administrative expenses were $12,916, $10,349, and $10,636 in the consolidated statement of operations for the 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019, respectively.
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 14. Income Taxes.
As of May 1, 2021, other long-term liabilities includes $25,335 related to the long-term tax payable associated with the LIFO reserve. The LIFO reserve is impacted by changes in the consumer price index (“CPI”) and is dependent on the inventory levels at the end of our tax year (on or about January 31st) which is in the middle of our second largest selling cycle. At the end of the most recent tax year, inventory levels declined as compared to the prior year resulting in approximately $745 of the LIFO reserve becoming currently payable. Given recent trends relating to the pricing and rental of textbooks, management believes
that an additional portion of the remaining long-term tax payable associated with the LIFO reserve could be payable within the next twelve months. We are unable to predict future trends for CPI and inventory levels, therefore it is difficult to project with reasonable certainty how much of this liability will become payable within the next twelve months.
v3.21.2
Recent Accounting Pronouncements (Notes)
 12 Months Ended
May 01, 2021
Recent Accounting Pronouncements
Note 3. Recent Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The ASU replaces the existing incurred loss impairment model for trade receivables with an expected loss model which requires the use of forward-looking information to calculate expected credit loss estimates. These changes may result in earlier recognition of credit losses. We adopted this guidance during the first quarter of Fiscal 2021 with no cumulative-effect adjustment to retained earnings.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance seeks to simplify the accounting for income taxes by removing the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items, 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign equity method investment becomes a subsidiary and 4) exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. Additionally, the guidance seeks to further simplify the accounting for income taxes by: 1) requiring that an entity recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, 2) requiring that an entity evaluate when a step up in the tax basis of goodwill should be considered part of the business combination in which the book goodwill was originally recognized and when it should be considered a separate transaction, 3) specifying that an entity is not required to allocate the consolidated amount of current and deferred tax expense to a legal entity that is not subject to tax in its separate financial statements (although the entity may elect to do so (on an entity-by-entity basis) for a legal entity that is both not subject to tax and disregarded by the taxing authority), 4) requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date and 5) making minor improvements for income tax accounting related to employee stock ownership plans and investments in qualified affordable housing projects accounted for using the equity method. We adopted ASU 2019-12 during the third quarter of Fiscal 2021. As a result of adopting this standard, we did not record a cumulative adjustment and there was not a material impact on our consolidated financial statements.
v3.21.2
Revenue Revenue (Notes)
 12 Months Ended
May 01, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
Note 4. Revenue
Revenue from sales of our products and services is recognized either at the point in time when control of the products is transferred to our customers or over time as services are provided in an amount that reflects the consideration we expect to be entitled to in exchange for the products or services. See Note 2. Summary of Significant Accounting Policies for additional information related to our revenue recognition policies and Note 5. Segment Reporting for a description of each segment's product and service offerings.
See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Pronouncements for additional information related to our revenue recognition policies and Part II - Item 8. Financial Statements and Supplementary Data - Note 5. Segment Reporting for a description of each segments product and service offerings.
Disaggregation of Revenue
The following table disaggregates the revenue associated with our major product and service offerings.
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Retail
Product Sales$1,157,115 $1,493,044 $1,645,357 
Rental Income134,150 179,863 195,883 
Service and Other Revenue (a)
39,205 39,985 47,768 
Retail Total Sales$1,330,470 $1,712,892 $1,889,008 
Wholesale Sales$165,825 $198,353 $223,374 
DSS Sales (b)
$27,374 $23,661 $21,339 
Eliminations (c)
$(89,779)$(83,843)$(99,078)
Total Sales$1,433,890 $1,851,063 $2,034,643 
(a)Service and other revenue primarily relates to brand partnerships and other service revenues.
(b)DSS sales primarily relate to direct-to-student subscription-based revenue.
(c)The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale.
Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis.
Contract Assets and Contract Liabilities
Contract assets represent the sale of goods or services to a customer before we have the right to obtain consideration from the customer. Contract assets consist of unbilled amounts at the reporting date and are transferred to accounts receivable when the rights become unconditional. Contract assets (unbilled receivables) were $0 as of both May 1, 2021 and May 2, 2020 on our consolidated balance sheets.
Contract liabilities represent an obligation to transfer goods or services to a customer for which we have received consideration and consists of our deferred revenue liability (deferred revenue). Deferred revenue consists of the following:
•advanced payments from customers related to textbook rental and subscription-based performance obligations, which are recognized ratably over the terms of the related rental or subscription periods;
•unsatisfied performance obligations associated with partnership marketing services, which are recognized when the contracted services are provided to our partnership marketing customers; and
•unsatisfied performance obligations associated with the premium paid for the sale of treasury shares, which are expected to be recognized over the term of the merchandising contracts for Fanatics and FLC as discussed in Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization - Partnership with Fanatics and FLC and Note 6. Equity and Earnings Per Share - Sale of Treasury Shares.
Deferred revenue of $13,469 and $4,670 is recorded within accrued liabilities and other long-term liabilities on our consolidated balance sheet, respectively, as of May 1, 2021 and $13,373 is recorded within accrued liabilities on our consolidated balance sheet as of May 2, 2020.
The following table presents changes in contract liabilities during the fiscal year ended May 1, 2021:
Deferred revenue as of April 27, 2019$20,418 
Additions to deferred revenue during the period193,235 
Reductions to deferred revenue for revenue recognized during the period(200,280)
Deferred revenue balance as of May 2, 2020$13,373 
Additions to deferred revenue during the period171,834 
Reductions to deferred revenue for revenue recognized during the period(167,068)
Deferred revenue balance as of May 1, 2021$18,139 
As of May 1, 2021 we expect to recognize $13,469 of the deferred revenue balance within in the next 12 months.
v3.21.2
Segment Reporting (Notes)
 12 Months Ended
May 01, 2021
Segment Reporting
Note 5. Segment Reporting
We have three reportable segments: Retail, Wholesale and DSS. Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, continue to be presented as “Corporate Services”.
We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker allocates resources and assesses financial performance. The following summarizes the three segments. For additional information about this segments operations, see Part I - Item 1. Business.
Retail Segment
The Retail Segment operates 1,417 college, university, and K-12 school bookstores, comprised of 769 physical bookstores and 648 virtual bookstores. Our bookstores typically operate under agreements with the college, university, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce sites which we operate independently or along with our merchant partners, and which offer students access to affordable course materials and affinity products, including emblematic apparel and gifts. The Retail Segment also offers inclusive access programs, in which course materials are offered at a reduced price through a fee charged by the institution or included in tuition, and delivered to students on or before the first day of class. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware.
Wholesale Segment
The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 3,300 physical bookstores (including our Retail Segment's 769 physical bookstores) and sources and distributes new and used textbooks to our 648 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 400 college bookstores.
DSS Segment
The Digital Student Solutions (“DSS”) Segment includes direct-to-student products and services to assist students to study more effectively and improve academic performance. The DSS Segment is comprised of the operations of Student Brands, LLC, a leading direct-to-student subscription-based writing services business, and bartleby®, a direct-to-student subscription-based offering providing textbook solutions, expert questions and answers, writing and tutoring.
Corporate Services
Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources.
Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
Our international operations are not material and the majority of the revenue and total assets are within the United States.
As of
May 1, 2021May 2, 2020
Total Assets
Retail $800,012 $867,288 
Wholesale 199,698 248,464 
DSS 33,937 35,689 
Corporate Services4,771 4,991 
Total Assets$1,038,418 $1,156,432 
As of both May 1, 2021 and May 2, 2020, we had $0, $0 and $4,700 of goodwill on our consolidated balance sheets related to our Retail, Wholesale, and DSS reporting units, respectively.
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Capital Expenditures
Retail$21,208 $28,546 $33,008 
Wholesale5,905 2,126 1,824 
DSS (a)
9,662 5,425 11,444 
Corporate Services448 95 144 
Total Capital Expenditures$37,223 $36,192 $46,420 
(a) Primarily comprised of content development costs for bartleby.com textbook solutions which was launched in Fiscal 2019.
Summarized financial information for our reportable segments is reported below:
52 weeks ended
May 1, 2021 (a)
53 weeks ended
May 2, 2020 (a)
52 weeks ended
April 27, 2019
Sales:
Retail$1,330,470 $1,712,892 $1,889,008 
Wholesale165,825 198,353 223,374 
DSS27,374 23,661 21,339 
Eliminations (89,779)(83,843)(99,078)
Total Sales$1,433,890 $1,851,063 $2,034,643 
Gross Profit
Retail (b)
$195,617 $383,282 $451,871 
Wholesale34,683 39,805 56,341 
DSS22,318 19,313 20,030 
Eliminations 43 149 (516)
Total Gross Profit$252,661 $442,549 $527,726 
Depreciation and Amortization
Retail$39,634 $47,099 $51,728 
Wholesale5,461 5,963 6,014 
DSS7,763 8,670 7,974 
Corporate Services109 128 149 
Total Depreciation and Amortization$52,967 $61,860 $65,865 
Operating Loss
Retail (c)
$(154,592)$(24,445)$3,751 
Wholesale (c)
14,732 12,909 (2,131)
DSS (8,132)(8,529)(3,345)
Corporate Services(28,376)(23,077)(25,463)
Eliminations 192 359 (466)
Total Operating Loss (c)
$(176,176)$(42,783)$(27,654)
The following is a reconciliation of segment Operating Loss to consolidated Income Before Income Taxes
Total Operating Loss$(176,176)$(42,783)$(27,654)
Interest Expense, net(8,087)(7,445)(9,780)
Total Loss Before Income Taxes$(184,263)$(50,228)$(37,434)
(a)In Fiscal 2021 and Fiscal 2020, our business experienced an unprecedented and significant impact as a result of the COVID-19 pandemic. The impact of which affects the comparability of our results of operations and cash flows.
(b)In Fiscal 2021, gross margin includes a merchandise inventory loss and write-off of $14,960 in the Retail Segment. See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Merchandise Inventories.
(c)In Fiscal 2021, we recognized an impairment loss (non-cash) of $27,630, $20,506 after-tax, in the Retail segment related to certain of our store-level long-lived assets. In Fiscal 2020, we recorded an impairment loss (non-cash) of $433 in the Retail segment related to net capitalized development costs for a project which were not recoverable. In Fiscal 2019, we recorded an impairment loss (non-cash) of $57,748, comprised of $49,282 of goodwill ($20,538 and $28,744 in our Retail and Wholesale Segments, respectively).and $8,466 of long-lived assets. See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies.
v3.21.2
Equity and Earnings Per Share (Notes)
 12 Months Ended
May 01, 2021
Equity and Earnings Per Share [Text Block]
Note 6. Equity and Earnings Per Share
Equity
Our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. As of May 1, 2021, 51,378,913 shares of our common stock and 0 shares of our preferred stock were issued and outstanding. Our common stock trades on the NYSE under the symbol “BNED”.
The holders of our common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders. Holders of shares of our common stock do not have cumulative voting rights in the election of directors. The holders of our common stock will be entitled to share ratably in our assets legally available for distribution to our stockholders, subject to the prior distribution rights of preferred stock, if any, then outstanding. The holders of our common stock do not have preemptive rights or preferential rights to subscribe for shares of our capital stock.
We have reserved 10,409,345 shares of common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. See Part II - Item 8. Financial Statements and Supplementary Data - Note 13. Long-Term Incentive Compensation Expense.
Repurchase of Shares
On December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50,000, in the aggregate, of our outstanding common stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. During the Fiscal 2021, 2020, and Fiscal 2019, we did not purchase shares under the stock repurchase program. As of May 1, 2021, approximately $26,669 remains available under the stock repurchase program.
During the Fiscal 2021, Fiscal 2020, and Fiscal 2019, we also repurchased 414,174, 374,733 shares, and 351,043 shares of our common stock in connection with employee tax withholding obligations for vested stock awards, respectively.
Sale of Treasury Shares
In December 2020, we entered into a new merchandising partnership with Fanatics and FLC which included a strategic equity investment in the Company. Fanatics, Inc. and Lids Holdings, Inc. jointly purchased an aggregate 2,307,692 of our common shares (issued from treasury shares) for $15,000, representing a share price of $6.50 per share. The premium price paid above the fair market value of our common stock at closing was approximately $4,131 and was recorded as a contract liability ($175 in accrued liabilities and $3,956 in other long-term liabilities our consolidated balance sheet) which is expected to be recognized over the term of the merchandising contracts for Fanatics and FLC, as discussed in Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization - Partnership with Fanatics and FLC.
Dividends
We paid no other dividends to common stockholders during Fiscal 2021, Fiscal 2020 and Fiscal 2019. We do not intend to pay dividends on our common stock in the foreseeable future.
Earnings Per Share
Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company. During the Fiscal 2021, Fiscal 2020 and Fiscal 2019, average shares of 3,387,185, 3,795,603, and 2,939,089, respectively, were excluded from the diluted earnings per share calculation using the two-class method as their inclusion would have been antidilutive.
The following is a reconciliation of the basic and diluted earnings per share calculation:
(shares in thousands)52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Numerator for basic and diluted earnings per share:
Net loss available to common shareholders$(131,787)$(38,250)$(24,374)
Denominator for basic and diluted earnings per share:
Basic and diluted weighted average shares of Common Stock 49,669 48,013 47,306 
Loss per share of Common Stock:
Basic and diluted loss per share of Common Stock$(2.65)$(0.80)$(0.52)
v3.21.2
Fair Values of Financial Instruments (Notes)
 12 Months Ended
May 01, 2021
Fair Values of Financial Instruments
Note 7. Fair Values Measurements
In accordance with ASC No. 820, Fair Value Measurements and Disclosures, the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1—Observable inputs that reflect quoted prices in active markets
Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions
Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair values of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of short-term and long-term debt approximates its carrying value.
Non-Financial Assets and Liabilities
Our non-financial assets include goodwill, property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets.
During the 52 weeks ended May 1, 2021, we evaluated certain of our store-level long-lived assets in the Retail segment for impairment. Based on the results of the impairment tests, we recognized an impairment loss (non-cash) of $27,630, $20,506 after-tax, on the consolidated statement of operations. The fair value of the impaired long-lived assets were determined using an income approach (Level 3 input), using our best estimates of the amount and timing of future discounted cash flows, based on historical experience, market conditions, current trends and performance expectations.
During the 53 weeks ended May 2, 2020, we recognized an impairment loss (non-cash) of $433 in the Retail segment related to net capitalized development costs for a project which are not recoverable.
During the 52 weeks ended April 27, 2019, we recorded an impairment loss (non-cash) of $57,748, comprised of $49,282 of goodwill and $8,466 of long-lived assets, comprised of $8,138 of intangible assets, primarily acquired technology, and $328 of property and equipment related to our LoudCloud and Promoversity operations.
For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies.
The following table shows the fair values of our non-financial assets and liabilities that were required to be remeasured at fair value on a non-recurring basis and the total impairments recorded as a result of the remeasurement process:
52 weeks ended May 1, 202153 weeks ended May 2, 2020
Carrying Value
Prior to Impairment		Fair ValueImpairment Loss
(non-cash)		Carrying Value Prior to ImpairmentFair ValueImpairment Loss
(non-cash)
Receivables, net$— $— $— $245 $— $245 
Property and equipment, net5,505 420 5,085 300 — 300 
Operating lease right-of-use assets26,427 13,099 13,328 — — — 
Intangible assets, net7,723 1,445 6,278 — — — 
Other noncurrent assets3,539 600 2,939 — — — 
Accrued liabilities— — — (112)— (112)
Total$43,194 $15,564 $27,630 $433 $— $433 
Non-Financial Liabilities
We granted phantom share units as long-term incentive awards which are settled in cash based on the fair market value of a share of common stock of the Company at each vesting date. The fair value of the liability for the cash-settled phantom share unit awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions. As of May 1, 2021, we recorded a liability of $3,845 (Level 2 input) which is reflected in accrued liabilities ($2,509) and other long-term liabilities ($1,336) on the consolidated balance sheet. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 13. Long-Term Incentive Compensation Expense.
v3.21.2
Credit Facility (Notes)
 12 Months Ended
May 01, 2021
Credit Facility
Note 8. Credit Facility
We have a credit agreement (the “Credit Agreement”), amended March 31, 2021 and March 1, 2019, under which the lenders committed to provide us with a 5 year asset-backed revolving credit facility in an aggregate committed principal amount of $400,000 (the “Credit Facility”) effective from the date of the amendment. We have the option to request an increase in commitments under the Credit Facility of up to $100,000, subject to certain restrictions. Proceeds from the Credit Facility are used for general corporate purposes, including seasonal working capital needs. The agreement includes an incremental first in, last out seasonal loan facility (the “FILO Facility”) for a $100,000 incremental facility maintaining the maximum availability under the Credit Agreement at $500,000. On March 31, 2021, we were granted a waiver to the condition to the current draw under the FILO Facility.
During the 52 weeks ended May 1, 2021, we borrowed $722,600 and repaid $719,700 under the Credit Agreement, and had outstanding borrowings of $127,600 and $50,000 under the Credit Facility and FILO Facility, respectively, as of May 1, 2021. During the 53 weeks ended May 2, 2020, we borrowed $600,900 and repaid $559,700 under the Credit Agreement, and had outstanding borrowings of $99,700 and $75,000 under the Credit Facility and FILO Facility, respectively, as of May 2, 2020. During 52 weeks ended April 27, 2019, we borrowed $521,200 and repaid $584,100 under the Credit Agreement, and had outstanding borrowings of $33,500 and $100,000 under the Credit Facility and FILO Facility, respectively, as of April 27, 2019. As of both May 1, 2021 and May 2, 2020, we issued $4,759 in letters of credit under the Credit Facility, respectively.
During 52 weeks ended May 1, 2021, we incurred debt issuance costs totaling $1,076 related to the March 31, 2021 Credit Facility amendment. The debt issuance costs have been deferred and are presented as prepaid and other current assets and other noncurrent assets in the consolidated balance sheets, and subsequently amortized ratably over the term of the credit agreement.
The Credit Facility is secured by substantially all of the inventory, accounts receivable and related assets of the borrowers under the Credit Facility. This is considered an all asset lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate).
Interest under the Credit Facility accrues, at our election, at a LIBOR or alternate base rate, plus, in each case, an applicable interest rate margin, which is determined by reference to the level of excess availability under the Credit Facility. Loans will initially bear interest at LIBOR plus 2.00% per annum, in the case of LIBOR borrowings, or at the alternate base rate plus 1.00% per annum, in the alternative, and thereafter the interest rate will fluctuate between LIBOR plus 2.00% per annum and LIBOR plus 1.50% per annum (or between the alternate base rate plus 1.00% per annum and the alternate base rate plus 0.50% per annum), based upon the excess availability under the Credit Facility at such time.
Loans under the FILO Facility will bear interest at a rate equal to the LIBOR rate, plus 3.750%. In connection with the waiver, the applicable margin for credit extensions made under the FILO Facility after March 31, 2021 through the end of 2021 was increased by 0.50% (to 3.75% per annum for LIBO rate loans and 2.75% for base rate loans). The FILO Facility will be available solely during the draw period each year, from April 1 through July 31. We are required to borrow 100% of the aggregate commitments under the FILO Facility on April 1 of each year, and the loans must be repaid in full (including interest and fees) on July 31 of each year. The commitments under the FILO Facility will decrease from $50,000 to $25,000 on August 1, 2021. We will pay a commitment fee of 0.375% on the daily unused portion of the FILO Facility.
The Credit Facility contains customary negative covenants, which limit the Company’s ability to incur additional indebtedness, create liens, make investments, make restricted payments or specified payments and merge or acquire assets, among other things. In addition, if excess availability under the Credit Facility were to fall below certain specified levels, certain additional covenants (including fixed charge coverage ratio requirements and a minimum excess availability of the greater of 10% of the Loan Cap and $25,000 when the FILO is funded) would be triggered, and the lenders would have the right to assume dominion and control over the Company's cash. The Credit Facility includes an anti-cash hoarding provision, which limits maximum excess cash allowed to $50,000 when the FILO is funded.
The Credit Facility contains customary events of default, including payment defaults, material breaches of representations and warranties, covenant defaults, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The Credit Facility also contains customary affirmative covenants and representations and warranties. We are in compliance with all covenants, representations and warranties under the Credit Facility as of May 1, 2021.
We believe that our future cash from operations, access to borrowings under the Credit Facility, FILO Facility and short-term vendor financing will provide adequate resources to fund our operating and financing needs for the foreseeable future. Our future capital requirements will depend on many factors, including, but not limited to, the economy and the outlook for and pace of sustainable growth in our markets, the levels at which we maintain inventory, the number and timing of new store openings, and any potential acquisitions of other brands or companies including digital properties. To the extent that available funds are insufficient to fund our future activities, we may need to raise additional funds through public or private financing of debt or equity. Our access to, and the availability of, financing in the future will be impacted by many factors, including the liquidity of the overall capital markets and the current state of the economy. There can be no assurances that we will have access to capital markets on acceptable terms.
v3.21.2
Leases (Notes)
 12 Months Ended
May 01, 2021
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block]
Note 9. Leases
Effective the first quarter of Fiscal 2020 (April 28, 2019), we adopted FASB ASC 842, Leases (Topic 842), which required us to recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all lease arrangements. Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use (“ROU”) asset and lease liability in our consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
The following table summarizes lease expense:
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020
Variable lease expense$69,511 $73,455 
Operating lease expense108,282 159,289 
Net lease expense$177,793 $232,744 
The decrease in lease expense is primarily due to lower sales for contracts based on a percentage of revenue and the impact of the timing and reduction of minimum contractual guarantees.
The following table summarizes our minimum fixed lease obligations, excluding variable commissions, as of May 1, 2021:
As of
May 1, 2021
Fiscal 2022$99,657 
Fiscal 202348,621 
Fiscal 202440,506 
Fiscal 202534,748 
Fiscal 202627,045 
Thereafter70,234 
Total lease payments320,811 
Less: imputed interest(43,518)
Operating lease liabilities at period end$277,293 
Future lease payment obligations related to leases that were entered into, but did not commence as of May 1, 2021, were not material.
The following summarizes additional information related to our operating leases:
As ofAs of
May 1, 2021May 2, 2020
Weighted average remaining lease term (in years)5.5 years5.2 years
Weighted average discount rate4.9 %4.6 %
Supplemental cash flow information:
Cash payments for lease liabilities within operating activities$111,167 $140,670 
ROU assets obtained in exchange for lease liabilities from initial recognition$123,556 $131,175 
v3.21.2
Supplementary Information Supplementary Information (Notes)
 12 Months Ended
May 01, 2021
Other Income and Expenses [Abstract]  
Supplementary Information [Text Block]
Note 10. Supplementary Information
Impairment Loss (non-cash)
We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. For information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies.
During the 52 weeks ended May 1, 2021, we recognized an impairment loss (non-cash) of $27,630, $20,506 after-tax, in the Retail segment comprised of $5,085, $13,328, $6,278 and $2,939 of property and equipment, operating lease right-of-use assets, amortizable intangibles, and other noncurrent assets, respectively, on the consolidated statement of operations.
During the 53 weeks ended May 2, 2020, we recognized an impairment loss (non-cash) of $433 in the Retail segment related to net capitalized development costs for a project which are not recoverable.
During the 52 weeks ended April 27, 2019, we recorded an impairment loss (non-cash) of $57,748, comprised of $49,282 of goodwill ($20,538 and $28,744 in our Retail and Wholesale Segments, respectively).and $8,466 of long-lived assets,
comprised of $8,138 of intangible assets, primarily acquired technology, and $328 of property and equipment related to our LoudCloud and Promoversity operations.
Restructuring and Other Charges
During the 52 weeks ended May 1, 2021, we recognized restructuring and other charges totaling $9,960, comprised primarily of $5,888 for severance and other employee termination and benefit costs associated with elimination of various positions as part of cost reduction objectives ($3,246 is included in accrued liabilities in the consolidated balance sheet as of May 1, 2021), $5,213 for professional service costs related to restructuring, process improvements, the financial advisor strategic review process, costs related to development and integration associated with Fanatics and FLC partnership agreements and shareholder activist activities, and $454 related to liabilities for a facility closure, partially offset by a $1,595 in an actuarial gain related to a frozen retirement benefit plan (non-cash).
During the 53 weeks ended May 2, 2020, we recognized restructuring and other charges totaling $18,567 comprised of $12,667 for severance and other employee termination and benefit costs associated with several management changes ($10,370 is included in accrued liabilities in the consolidated balance sheet as of May 2, 2020), the elimination of various positions as part of cost reduction objectives, and professional service costs for process improvements, and $2,695 related to an actuarial loss for a frozen retirement benefit plan (non-cash), $2,841 for professional service costs for shareholder activist activities, and $587 related to a store-level asset impairment charge, offset by $223 related to reduction of liabilities for a facility closure.
During the 52 weeks ended April 27, 2019, we recognized restructuring and other charges totaling $7,233 comprised of $4,554 for severance and transition payments related to senior management changes, other employee termination and benefit costs, and other charges totaling $2,679, primarily comprised of $2,274 in an actuarial loss for a frozen retirement benefit plan (non-cash), $281 related to additional liabilities for a facility closure, and a write-off of $118 of existing unamortized debt issuance costs.
v3.21.2
Related Party Transactions Related Party Transctions (Notes)
 12 Months Ended
May 01, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
Note 11. Related Party Transactions
MBS Textbook Exchange, LLC
Prior to the acquisition of MBS on February 27, 2017, MBS was considered a related-party as it was majority-owned by Leonard Riggio, who is a principal owner holding substantial shares of our common stock, and other members of the Riggio family. Subsequent to the acquisition, the consolidated financial statements include the accounts of MBS and all material intercompany accounts and transactions have been eliminated in consolidation.
MBS leases its main warehouse and distribution facility located in Columbia, Missouri from MBS Realty Partners L.P. which is majority-owned by Leonard Riggio, with the remaining ownership by other sellers of MBS. The lease was originally entered into in 1991 and included a renewal option which extended the lease through September 1, 2023. Based upon a valuation performed as of the acquisition date, the lease was determined to be favorable from a lessee perspective with below market rent. Rent payments to MBS Realty Partners L.P. were approximately $1,380 in Fiscal 2021, Fiscal 2020 and Fiscal 2019.
v3.21.2
Employees' Defined Contribution Plan
 12 Months Ended
May 01, 2021
Employees' Defined Contribution Plan
Note 12. Employee Benefit Plans
We sponsor defined contribution plans for the benefit of substantially all of the employees of BNC and DSS. MBS maintains a profit sharing plan covering substantially all full-time employees of MBS. For all plans, we are responsible to fund the employer contributions directly. Total employee benefit expense for these plans was $0, $5,015, and $6,702 during 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019, respectively.
Effective April 2020, due to the significant impact as a result of COVID-19 related campus store closures, we have temporarily suspended employer matching contributions into our 401(k) plans through the end of Fiscal 2021.
v3.21.2
Stock-Based Compensation (Notes)
 12 Months Ended
May 01, 2021
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement [Text Block]
Note 13. Long-Term Incentive Compensation Expense
We have reserved 10,409,345 shares of our common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock (“RS”), restricted stock units (“RSU”), performance shares (“PS”), performance share units (“PSU”), and stock options.
We recognize compensation expense for restricted stock awards and performance share awards ratably over the requisite service period of the award, which is generally three years. We recognize compensation expense for these awards based on the number of awards expected to vest, which includes an estimated average forfeiture rate. We calculate the fair value of these awards based on the closing stock price on the date the award was granted. For those awards with market conditions, we have determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the requisite service period regardless of whether the market condition is satisfied.
Restricted Stock Awards
A RS award is an award of common stock that is subject to certain restrictions during a specified period. Restricted stock awards are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares of unvested restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares have vested) and are considered to be currently issued and outstanding. Restricted stock awards will have a minimum vesting period of one year.
A RSU is a grant valued in terms of our common stock, but no stock is issued at the time of grant. Each restricted stock unit may be redeemed for one share of our common stock once vested. Restricted stock units are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the units except in very limited circumstances and with the consent of the compensation committee. Shares associated with unvested restricted stock units have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until the units have vested). Restricted stock units generally vest over a period of three years, but will have a minimum vesting period of one year.
Performance Share Awards
PS awards and PSU awards were granted to employees. Each PS and PSU may be redeemed for one share of our common stock once vested and are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the PS or PSU awards except in very limited circumstances and with the consent of the compensation committee. Shares of unvested PSU awards have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares or units, as the case may be, have vested). The PS and PSU awards will only vest based upon the achievement of pre-established performance goals related to Adjusted EBITDA, segment revenue, new business, and/or total shareholder return performance achieved over a period of time. The PS and PSU awards will vest based on company performance and/or market conditions during the subsequent two year period with one additional year of time-based vesting. The number of PS and PSU awards that will vest range from 0%-150% of the target award based on actual performance.
Stock Options
For stock options granted with an "at market" exercise price, we determined the grant fair value using the Black-Scholes model and for stock options granted with "a premium" exercise price, we determined the grant date fair value using the Monte Carlo simulation model. The fair value models for stock options use assumptions that include the risk-free interest rate, expected volatility, expected dividend yield and expected term of the options. During Fiscal 2021, we granted 1,250,518 stock options with an exercise price of $2.46 per stock option, which was the fair market value on the date of grant (Stock Option Grant #1) and 1,250,518 stock options with an exercise price of $5.00 per stock option (Stock Option Grant #2) granted to employees. The stock options are exercisable in four equal annual installments commencing one year after the date of grant and have a ten year term. Holders are not entitled to receive dividends (if any) prior to vesting and exercise of the options.
The following summarizes the stock option fair value assumptions:
Stock Option Grant #1Stock Option Grant #2
Exercise Price$2.46 $5.00 
Valuation method utilizedBlack-ScholesMonte Carlo
Risk-free interest rate0.27 %0.68 %
Expected option term6.2 years10.0 years
Company volatility73 %73 %
Dividend yield— %— %
Grant date fair value per award$1.58 $1.28 
The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. For Stock Option Grant #1, we are permitted to use the simplified approach to estimate the expected term of the stock options, which typically assumes exercise occurs at the mid-point between the end of the vesting period and the expiration date. The simplified approach is not allowed for premium-priced options (Stock Option Grant #2), which were estimated using a stock price multiple, as there is no option exercise history which to base an early exercise option. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term.
Phantom Shares
During Fiscal 2021, we granted 2,397,953 phantom share units granted to employees. Each phantom share represents the economic equivalent to one share of the Company's common stock and will be settled in cash based on the fair market value of a share of common stock at each vesting date in an amount not to exceed three times the grant date stock price. The phantom shares vest and will be settled in three equal installments commencing one year after the date of grant. The fair value of the phantom shares was determined using the closing stock price on the date of the award less the fair value of the call option which was estimated using the Black-Scholes model.
The average fair value on the date of grant was determined based on using risk-free rates and annual volatility rates for each the three tranches within the respective grant as detailed in the table below based upon their vesting dates and remaining time to maturity. The fair value of the liability for the cash-settled phantom share unit awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions of the respective awards. The following summarizes the phantom share fair value assumptions:
Phantom Share Grant #1Phantom Share Grant #2
Grant Date Stock Price$2.46 $7.63 
Stock Price Cap$7.38 $22.89 
Valuation method utilizedBlack-ScholesBlack-Scholes
Grant Date Risk Free Rate Range0.12% - 0.15%0.07% - 0.31%
Grant Date Volatility Range86% - 114%90% - 110%
Average Grant date fair value per award$1.88 $5.79 
As of May 1, 2021, we recorded a liability of $3,845 (Level 2 input) of which $2,509 and $1,336 is reflected in accrued liabilities and other long-term liabilities on the consolidated balance sheet, respectively.
Long-Term Incentive Compensation Activity
The following table presents a summary of awards activity related to our current Equity Incentive Plan:
Restricted Stock AwardsRestricted Stock UnitsPerformance Share Units
Number of 
Shares		Weighted 
Average
Grant Date
Fair Value		Number of 
Shares		Weighted 
Average
Grant Date Fair Value		Number of 
Shares		Weighted 
Average
Grant Date Fair Value
Balance, May 2, 202038,096 $3.152,250,078 $4.211,323,767 $4.20
Granted146,343 $2.40243,905 $2.40— $—
Vested(38,096)$—(1,210,566)$4.48(138,060)$7.97
Forfeited (a)
— $—(83,566)$4.18(590,474)$5.34
Balance, May 1, 2021146,343 $2.401,199,851 $3.56595,233 $2.23
Stock OptionsPhantom Shares
Number of 
Shares		Weighted 
Average
Grant Date
Fair Value		Number of 
Shares		Weighted 
Average
Grant Date
Fair Value
Balance, May 2, 2020— $—— $—
Granted2,501,036 $1.432,397,953 $1.97
Exercised/Vested— $—— $—
Forfeited (310,046)$1.43(193,090)$1.88
Balance, May 1, 20212,190,990 $1.432,204,863 $1.97
(a) The PSUs forfeitures reflect a cumulative adjustment to reflect changes to the expected level of achievement of the respective grants.
Total fair value of vested share awards since the inception of the Equity Incentive Plan is $42,125.
Long-Term Incentive Compensation Expense
We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Stock-based awards
Restricted stock expense$226 $120 $110 
Restricted stock units expense 3,919 6,253 7,846 
Performance shares expense (a)
— 12 87 
Performance share units expense (a)
283 253 974 
Stock option expense667 — — 
Sub-total stock-based awards:$5,095 $6,638 $9,017 
Cash settled awards
Phantom share units expense$3,845 $— $— 
Total compensation expense for long-term incentive awards$8,940 $6,638 $9,017 
(a)     Long-term incentive compensation expense reflects cumulative adjustments to reflect changes to the expected level of achievement of the respective grants.
Total unrecognized compensation cost related to unvested awards as of May 1, 2021 was $11,099 and is expected to be recognized over a weighted-average period of 2.28 years.
v3.21.2
Income Taxes Income Taxes (Notes)
 12 Months Ended
May 01, 2021
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]
Note 14. Income Taxes
For Fiscal 2021, Fiscal 2020, and Fiscal 2019, we had no material revenue or expense in jurisdictions outside the United States.
Impact of U.S. Tax Reform
The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The Act reduces the U.S. federal corporate income tax rate from 35% to 21% and requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, among other provisions. In accordance with SAB 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act” (SAB 118), we completed our accounting for the tax effects of the enactment of the Act within the provisional period as of April 27, 2019. We recorded measurement period adjustments during Fiscal 2019 to reduce our net deferred tax liability by $3,911, which primarily related to the acceleration of certain deductions as permitted by the U.S. tax code. The most significant impact of the legislation for the Company was a $20,425 reduction of the value of our net deferred (which represents future tax liabilities) and long-term tax liabilities as a result of lowering the U.S. corporate income tax rate from 35% to 21%, which was recorded in Fiscal 2018. We also recorded a liability associated with the one-time transition tax, however, such amount is not material.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (The “CARES Act”) was enacted. We have analyzed the provisions, which provide for a technical correction to allow for full expensing of qualified leasehold improvements, modifications to charitable contribution and net operating loss limitations (“NOLs”), modifications to the deductibility of business interest expense, as well as Alternative Minimum Tax (“AMT”) credit acceleration. The most significant impact of the legislation for the Company was an income tax benefit of $7,164 for the carryback of NOLs to higher tax rate years, recorded in Fiscal 2021. As of May 1, 2021, we recognized a current income tax receivable for NOL carrybacks of $30,492 in prepaid and other current assets on the consolidate balance sheet.
Income tax benefits for Fiscal 2021, Fiscal 2020 and Fiscal 2019 are as follows:
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Current:
Federal $(36,187)$(5,471)$(6,494)
State(846)(1,127)(2,035)
Total Current(37,033)(6,598)(8,529)
Deferred:
Federal (6,100)(4,086)(3,681)
State(9,343)(1,294)(850)
Total Deferred(15,443)(5,380)(4,531)
Total$(52,476)$(11,978)$(13,060)

Reconciliation between the effective income tax rate and the federal statutory income tax rate is as follows:
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Federal statutory income tax rate (a)
21.0 %21.0 %21.0 %
State income taxes, net of federal income tax benefit4.4 3.7 6.3 
Permanent book / tax differences(0.9)(2.9)(3.9)
CARES Act NOL Carry-back3.9 — — 
Provisional remeasurement due to Tax Legislation— — 10.4 
Credits— 0.5 0.3 
Other, net0.1 1.5 0.8 
Effective income tax rate28.5 %23.8 %34.9 %
The effective tax rate for Fiscal 2021 is significantly lower as compared to the comparable prior year period due to various permanent differences and the impact of the CARES Act recorded.
One percentage point on our Fiscal 2021 effective tax rate is approximately $1,843. The permanent book / tax differences are principally comprised of non-deductible compensation, non-deductible meals and entertainment costs, and federal income tax credits.
We account for income taxes using the asset and liability method. Deferred taxes are recorded based on differences between the financial statement basis and tax basis of assets and liabilities and available tax loss and credit carryforwards. The significant components of our deferred taxes consisted of the following:
As of
May 1, 2021May 2, 2020
Deferred tax assets:
Estimated accrued liabilities$11,559 $11,046 
Inventory8,073 7,167 
Stock-based compensation1,622 1,511 
Insurance liability505 528 
Operating lease liabilities65,456 65,334 
Tax credits433 484 
Goodwill16,759 18,438 
Net operating losses10,810 4,992 
Other10,570 8,853 
Gross deferred tax assets125,787 118,353 
Valuation allowance(1,202)(1,231)
Net deferred tax assets124,585 117,122 
Deferred tax liabilities:
Intangible asset amortization(33,547)(37,864)
Operating lease right-of-use assets(61,896)(64,695)
Property and equipment(5,894)(6,758)
Gross deferred tax liabilities(101,337)(109,317)
Net deferred tax asset$23,248 $7,805 
As of May 1, 2021, we had $0 of unrecognized tax benefits, all of which, if recognized, would affect our effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Balance at April 28, 2018$97 
Additions for tax positions of the current period— 
Additions for tax positions of prior periods— 
Reductions due to settlements— 
Other reductions for tax positions of prior periods(6)
Balance at April 27, 2019$91 
Additions for tax positions of the current period— 
Additions for tax positions of prior periods— 
Reductions due to settlements— 
Other reductions for tax positions of prior periods(39)
Balance at May 2, 2020$52 
Additions for tax positions of the current period— 
Additions for tax positions of prior periods— 
Reductions due to settlements— 
Other reductions for tax positions of prior periods(52)
Balance at May 1, 2021$— 
Our policy is to recognize interest and penalties related to income tax matters in income tax expense. As of May 1, 2021 and May 2, 2020, we had accrued $0 and $3, respectively, for net interest and penalties. The change in the amount accrued for net interest and penalties includes $3 in reductions for net interest and penalties recognized in income tax expense in our Fiscal 2021 consolidated statement of operations.
In assessing the realizability of the deferred tax assets, management considered whether it is more likely than not that some or all of the deferred tax assets would be realized. In evaluating our ability to utilize our deferred tax assets, we considered all available evidence, both positive and negative, in determining future taxable income on a jurisdiction by jurisdiction basis. We have recorded a valuation allowance of $1,202 and $1,231 for May 1, 2021 and May 2, 2020, respectively.
As of May 1, 2021, and based on our tax year ended January 2021, we had state net operating loss carryforwards (“NOLs”) of approximately $196,180 that are available to offset taxable income in our respective taxing jurisdiction beginning in the current period and that expire beginning in 2030. We had net state tax credit carryforwards totaling $548, which expire beginning in 2022.
As of May 2, 2021, we recorded $200 of foreign withholding tax related to repatriations of earnings from certain foreign subsidiaries. If additional earnings in these foreign subsidiaries were repatriated in the future, additional income and withholding tax expense would be incurred. Additional income and withholding tax expense on any future repatriated earnings is estimated to be less than $100.
We are subject to U.S. federal income tax, as well as income tax in jurisdictions of each state having an income tax. The tax years that remain subject to examination are primarily Fiscal 2015 and forward. Some earlier years remain open for a small minority of states. We retain an income tax liability for periods prior to the Spin-Off from Barnes & Noble, Inc. only for returns filed on a stand-alone basis.
v3.21.2
Legal Proceedings (Notes)
 12 Months Ended
May 01, 2021
Legal Proceedings
Note 15. Legal Proceedings
We are involved in a variety of claims, suits, investigations and proceedings that arise from time to time in the ordinary course of our business, including actions with respect to contracts, intellectual property, taxation, employment, benefits, personal injuries and other matters. We record a liability when we believe that it is both probable that a loss has been incurred and the amount of loss can be reasonably estimated. Based on our current knowledge, we do not believe that there is a reasonable possibility that the final outcome of any pending or threatened legal proceedings to which we or any of our subsidiaries are a party, either individually or in the aggregate, will have a material adverse effect on our future financial results. However, legal matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond our
control. As such, there can be no assurance that the final outcome of these matters will not materially and adversely affect our business, financial condition, results of operations or cash flows.
Between January 22, 2020 and June 15, 2020, thirteen purported class action complaints were filed in the United States District Court for the District of Delaware, the United States District Court for the District of New Jersey, and the United States District Court for the Northern District of Illinois against the Company, along with several publishers, another collegiate bookstore retailer, and an industry association. The plaintiffs are retailers of collegiate course materials or current or former college students. Although the specific allegations vary, the plaintiffs generally claim, on their own behalf and on behalf of the purported classes, that the Company and the other defendants violated Section 1 of the Sherman Act (15 U.S.C. § 1), Section 2 of the Sherman Act (15 U.S.C. § 2), Section 13(a) of the Robinson-Patman Act (15 U.S.C. §13(a)), and various state antitrust and unfair trade practices laws for alleged activities in connection with inclusive access and the sale of course materials to universities and their students. The United States Judicial Panel on Multidistrict Litigation has consolidated these and other related cases in a consolidated proceeding before the Hon. Denise L. Cote of the United States District Court for the Southern District of New York. On October 16, 2020, three named student plaintiffs filed a Consolidated Amended Complaint, as did the retailer plaintiffs. The student plaintiffs and retailer plaintiffs each filed a Second Consolidated Amended Complaint on December 18, 2020, which all Defendants jointly moved to dismiss on January 22, 2021. On June 14, 2021, the Court ordered both cases dismissed with prejudice. Should Plaintiffs pursue an appeal, we intend to vigorously defend this matter. We are currently unable to estimate any potential losses.
v3.21.2
Commitments and Contingencies Commitments and Contingencies (Notes)
 12 Months Ended
May 01, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
Note 16. Commitments and Contingencies
We generally operate our physical bookstores pursuant to multi-year school management contracts under which a school designates us to operate the official school physical bookstore on campus and we provide the school with regular payments that represent a percentage of store sales and, in some cases, include a minimum fixed guaranteed payment. We account for these service agreements for our physical bookstores under lease accounting. Prior to the adoption of FASB ASC 842, Leases (Topic 842) ("ASC 842") as discussed below, the excess of such minimum contract expense over actual contract payments (net of school allowances) was reflected in other long-term liabilities and accrued liabilities in the consolidated balance sheets.
Effective the first quarter of Fiscal 2020 (April 28, 2019), we adopted ASC 842, which requires us to recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all fixed lease arrangements (excluding variable obligations) with a term greater than twelve months. For additional information on lease expense and minimum fixed lease obligations, excluding variable commissions, see Part II - Item 8. Financial Statements and Supplementary Data - Note 9. Leases.
The expense related to our college and university contracts for physical bookstores, including rent expense, and other facility costs in the consolidated statements of operations for periods prior to adoption of ASC 842 in Fiscal 2020 are as follows: 
52 weeks ended
April 27, 2019
Minimum contract expense$169,131 
Percentage contract expense73,368 
Total expense$242,499 
Purchase obligations, which includes information technology contracts and inventory purchase commitments, as of May 1, 2021 are as follows: 
Less Than 1 Year$14,756 
1-3 Years10,994 
3-5 Years538 
Total$26,288 
v3.21.2
Schedule II Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Notes)
 12 Months Ended
May 01, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]
Schedule II—Valuation and Qualifying Accounts
Receivables Valuation and Qualifying Accounts
(In thousands)
For the 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019:
Balance at
beginning
of period		Charge
(recovery) to
costs and
expenses		Write-offsBalance at
end
of period
Allowance for Doubtful Accounts
May 1, 2021$1,986 $4,600 $(2,992)$3,594 
May 2, 2020$2,135 $1,710 $(1,859)$1,986 
April 27, 2019$2,083 $2,670 $(2,618)$2,135 
Balance at
beginning
of period		Addition
Charged to
Costs		DeductionsBalance at
end
of period
Sales Returns Reserves
May 1, 2021$5,063 $145,595 $(147,327)$3,331 
May 2, 2020$5,282 $186,305 $(186,524)$5,063 
April 27, 2019$5,229 $197,799 $(197,746)$5,282 
All other schedules are omitted because the conditions requiring their filing do not exist, or because the required information is provided in the consolidated financial statements, including the notes thereto.
v3.21.2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
May 01, 2021
Lessee, Leases [Policy Text Block]
Effective the first quarter of Fiscal 2020 (April 28, 2019), we adopted FASB ASC 842, Leases (Topic 842), which required us to recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all lease arrangements. Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use (“ROU”) asset and lease liability in our consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
Share-based Payment Arrangement [Policy Text Block] We have reserved 10,409,345 shares of our common stock for future grants in accordance with the Barnes & Noble Education Inc. Equity Incentive Plan. Types of equity awards that can be granted under the Equity Incentive Plan include options, restricted stock (“RS”), restricted stock units (“RSU”), performance shares (“PS”), performance share units (“PSU”), and stock options.
We recognize compensation expense for restricted stock awards and performance share awards ratably over the requisite service period of the award, which is generally three years. We recognize compensation expense for these awards based on the number of awards expected to vest, which includes an estimated average forfeiture rate. We calculate the fair value of these awards based on the closing stock price on the date the award was granted. For those awards with market conditions, we have determined the grant date fair value using the Monte Carlo simulation model and compensation expense is recognized ratably over the requisite service period regardless of whether the market condition is satisfied.
Restricted Stock Awards
A RS award is an award of common stock that is subject to certain restrictions during a specified period. Restricted stock awards are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the shares before the restricted shares vest. Shares of unvested restricted stock have the same voting rights as common stock, are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares have vested) and are considered to be currently issued and outstanding. Restricted stock awards will have a minimum vesting period of one year.
A RSU is a grant valued in terms of our common stock, but no stock is issued at the time of grant. Each restricted stock unit may be redeemed for one share of our common stock once vested. Restricted stock units are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the units except in very limited circumstances and with the consent of the compensation committee. Shares associated with unvested restricted stock units have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until the units have vested). Restricted stock units generally vest over a period of three years, but will have a minimum vesting period of one year.
Performance Share Awards
PS awards and PSU awards were granted to employees. Each PS and PSU may be redeemed for one share of our common stock once vested and are generally subject to forfeiture if employment terminates prior to the release of the restrictions. The grantee cannot transfer the PS or PSU awards except in very limited circumstances and with the consent of the compensation committee. Shares of unvested PSU awards have no voting rights but are entitled to receive dividends and other distributions thereon (although payment may be deferred until the shares or units, as the case may be, have vested). The PS and PSU awards will only vest based upon the achievement of pre-established performance goals related to Adjusted EBITDA, segment revenue, new business, and/or total shareholder return performance achieved over a period of time. The PS and PSU awards will vest based on company performance and/or market conditions during the subsequent two year period with one additional year of time-based vesting. The number of PS and PSU awards that will vest range from 0%-150% of the target award based on actual performance.
Stock Options
For stock options granted with an "at market" exercise price, we determined the grant fair value using the Black-Scholes model and for stock options granted with "a premium" exercise price, we determined the grant date fair value using the Monte Carlo simulation model. The fair value models for stock options use assumptions that include the risk-free interest rate, expected volatility, expected dividend yield and expected term of the options. During Fiscal 2021, we granted 1,250,518 stock options with an exercise price of $2.46 per stock option, which was the fair market value on the date of grant (Stock Option Grant #1) and 1,250,518 stock options with an exercise price of $5.00 per stock option (Stock Option Grant #2) granted to employees. The stock options are exercisable in four equal annual installments commencing one year after the date of grant and have a ten year term. Holders are not entitled to receive dividends (if any) prior to vesting and exercise of the options.
The following summarizes the stock option fair value assumptions:
Stock Option Grant #1Stock Option Grant #2
Exercise Price$2.46 $5.00 
Valuation method utilizedBlack-ScholesMonte Carlo
Risk-free interest rate0.27 %0.68 %
Expected option term6.2 years10.0 years
Company volatility73 %73 %
Dividend yield— %— %
Grant date fair value per award$1.58 $1.28 
The risk-free interest rate is based on United States Treasury yields in effect at the date of grant for periods corresponding to the expected stock option term. For Stock Option Grant #1, we are permitted to use the simplified approach to estimate the expected term of the stock options, which typically assumes exercise occurs at the mid-point between the end of the vesting period and the expiration date. The simplified approach is not allowed for premium-priced options (Stock Option Grant #2), which were estimated using a stock price multiple, as there is no option exercise history which to base an early exercise option. The expected stock option term represents the weighted average period of time that stock options granted are expected to be outstanding, based on vesting schedules and the contractual term of the stock options. Volatility is based on the historical volatility of the Company’s common stock over a period of time corresponding to the expected stock option term.
Phantom Shares
During Fiscal 2021, we granted 2,397,953 phantom share units granted to employees. Each phantom share represents the economic equivalent to one share of the Company's common stock and will be settled in cash based on the fair market value of a share of common stock at each vesting date in an amount not to exceed three times the grant date stock price. The phantom shares vest and will be settled in three equal installments commencing one year after the date of grant. The fair value of the phantom shares was determined using the closing stock price on the date of the award less the fair value of the call option which was estimated using the Black-Scholes model.
The average fair value on the date of grant was determined based on using risk-free rates and annual volatility rates for each the three tranches within the respective grant as detailed in the table below based upon their vesting dates and remaining time to maturity. The fair value of the liability for the cash-settled phantom share unit awards will be remeasured at the end of each reporting period through settlement to reflect current risk-free rate and volatility assumptions of the respective awards. The following summarizes the phantom share fair value assumptions:
Phantom Share Grant #1Phantom Share Grant #2
Grant Date Stock Price$2.46 $7.63 
Stock Price Cap$7.38 $22.89 
Valuation method utilizedBlack-ScholesBlack-Scholes
Grant Date Risk Free Rate Range0.12% - 0.15%0.07% - 0.31%
Grant Date Volatility Range86% - 114%90% - 110%
Average Grant date fair value per award$1.88 $5.79 
As of May 1, 2021, we recorded a liability of $3,845 (Level 2 input) of which $2,509 and $1,336 is reflected in accrued liabilities and other long-term liabilities on the consolidated balance sheet, respectively.
Basis of Presentation
Basis of Presentation
Our consolidated financial statements reflect our consolidated financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (“GAAP”). In the opinion of the Company’s management, the accompanying consolidated financial statements of the Company contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly its consolidated financial position and the results of its operations and cash flows for the periods reported.
Our fiscal year is comprised of 52 or 53 weeks, ending on the Saturday closest to the last day of April. The fiscal year periods for each of the last three fiscal years consisted of the 52 weeks ended May 1, 2021 (“Fiscal 2021”), 53 weeks ended May 2, 2020 (“Fiscal 2020”), and 52 weeks ended April 27, 2019 (“Fiscal 2019”).
Our business is highly seasonal. Our quarterly results also may fluctuate depending on the timing of the start of the various schools' semesters, as well as shifts in our fiscal calendar dates. These shifts in timing may affect the comparability of our results across periods. For certain of our retail operations, sales are generally highest in the second and third fiscal quarters, when students purchase and rent textbooks and other course materials for the typical academic year, and lowest in the first and fourth fiscal quarters. Sales attributable to our wholesale business are generally highest in our first, second and third quarters, as MBS sells textbooks and other course materials for retail distribution. Our DSS segment sales and operating profit are realized relatively consistently throughout the year.
As discussed in Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization, our business experienced an unprecedented and significant impact as a result of the COVID-19 pandemic. The impact of the COVID-19 pandemic on our operations affects the comparability of our results of operations and cash flows.
Consolidation
The results of operations reflected in our consolidated financial statements are presented on a consolidated basis. All material intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates
In preparing financial statements in conformity with GAAP, we are required to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents
We consider all short-term, highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]
Restricted Cash
As of May 1, 2021, we had restricted cash of $8,790, comprised of $7,893 in prepaid and other current assets in the consolidated balance sheet related to segregated funds for commission due to FLC for logo merchandise sales as per the merchandising partnership agreement and $897 in other noncurrent assets in the consolidated balance sheet related to amounts held in trust for future distributions related to employee benefit plans. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 1. Organization.
As of May 2, 2020, we had restricted cash of $766 included in other noncurrent assets in the consolidated balance sheet for amounts held in trust for future distributions related to employee benefit plans.
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]
Accounts Receivable
Receivables represent customer, private and public institutional and government billings (colleges, universities and other financial aid providers), credit/debit card receivables, advances for book buybacks, advertising and other receivables due within one year. Components of accounts receivables are as follows:
As of
May 1, 2021May 2, 2020
Trade accounts$99,583 $75,702 
Advances for book buybacks2,901 766 
Credit/debit card receivables4,433 2,177 
Other receivables14,155 12,206 
Total receivables, net$121,072 $90,851 
Accounts receivable are presented on our consolidated balance sheets net of allowances. An allowance for doubtful accounts is determined through an analysis of the aging of accounts receivable and assessments of collectability based on historical trends, the financial condition of our customers and an evaluation of economic conditions. We write-off uncollectible trade receivables once collection efforts have been exhausted and record bad debt expenses related to textbook rentals that are not returned and we are unable to successfully charge the customer. Allowance for doubtful accounts were $3,594, and $1,986 as of May 1, 2021 and May 2, 2020, respectively.
Merchandise Inventories
Merchandise Inventories
Merchandise inventories, which consist of finished goods, are stated at the lower of cost or market. Market value of our inventory, which is all purchased finished goods, is determined based on its estimated net realizable value, which is generally the selling price less normally predictable costs of disposal and transportation. Reserves for non-returnable inventory are based on our history of liquidating non-returnable inventory, which includes certain significant assumptions, including markdowns, sales below cost, inventory aging and expected demand.
Cost is determined primarily by the retail inventory method for our Retail segment and last-in first out, or “LIFO”, method for our Wholesale segment. Our textbook inventories, for Retail and Wholesale, and trade book inventories are valued using the LIFO method and the related reserve was not material to the recorded amount of our inventories. There were no LIFO adjustments in Fiscal 2021, Fiscal 2020 and Fiscal 2019.
For our physical bookstores, we also estimate and accrue shortage for the period between the last physical count of inventory and the balance sheet date. Shortage rates are estimated and accrued based on historical rates and can be affected by changes in merchandise mix and changes in actual shortage trends.The Retail Segment fulfillment order is directed first to our wholesale business before other sources of inventory are utilized. The products that we sell originate from a wide variety of domestic and international vendors. After internal sourcing, the bookstore purchases textbooks from outside suppliers and publishers. The Retail Segments four largest suppliers, excluding the supply sourced from our Wholesale Segment, accounted for approximately 35% of our merchandise purchased during the 52 weeks ended May 1, 2021. For our Wholesale Segment, the four largest suppliers, excluding textbooks purchased from students at our Retail Segment's bookstores, accounted for approximately 32% of merchandise purchases during the 52 weeks ended May 1, 2021.
Textbook Rentals Inventories
Textbook Rental Inventories
Physical textbooks out on rent are categorized as textbook rental inventories. At the time a rental transaction is consummated, the book is removed from merchandise inventories and moved to textbook rental inventories at cost. The cost of the book is amortized down to its estimated residual value over the rental period. The related amortization expense is included in cost of goods sold. At the end of the rental period, upon return, the book is removed from textbook rental inventories and recorded in merchandise inventories at its amortized cost.
Property, Plant and Equipment, Planned Major Maintenance Activities, Policy [Policy Text Block]
Property and Equipment
Property and equipment are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over estimated useful lives. Maintenance and repairs are expensed as incurred, however major maintenance and remodeling costs are capitalized if they extend the useful life of the asset. We had $35,024, $42,550, and $44,550, of depreciation expense in the consolidated statement of operations for the 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019, respectively.
Content development costs are primarily related to bartleby.com textbook solutions which was launched in Fiscal 2019. Content amortization is computed using the straight-line method over estimated useful lives. Amortization of content development costs is recorded to cost of goods sold. We had $5,034, $4,082, and $1,096, of content amortization expense in the consolidated statement of operations for the 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019, respectively.
Components of property and equipment are as follows:
As of
Useful LifeMay 1, 2021May 2, 2020
Property and equipment:
Leasehold improvements(a)$131,784 $141,602 
Machinery, equipment and display fixtures
3 - 5
247,979 246,447 
Computer hardware and capitalized software costs(b)152,941 145,764 
Office furniture and other
2 - 7
62,031 62,209 
Content development costs
3 - 5
25,526 16,729 
Construction in progress4,444 3,878 
Total property and equipment624,705 616,629 
Less accumulated depreciation and amortization535,533 518,890 
Total property and equipment, net$89,172 $97,739 
(a)     Leasehold improvements are capitalized and depreciated over the shorter of the lease term or the useful life of the improvements, ranging from 1 - 15 years.
(b)     System costs are capitalized and amortized over their estimated useful lives, from the date the systems become operational. Purchased software is generally amortized over a period of between 2 - 5 years.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and consider market participants in accordance with Accounting Standards Codification (“ASC”) 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets. We evaluate the long-lived assets of the reporting units for impairment at the lowest asset group level for which individual cash flows can be identified. When evaluating long-lived assets for potential impairment, we first compared the carrying amount of the asset group to the estimated future undiscounted cash flows. The impairment loss calculation compares the carrying amount of the assets to the fair value based on estimated discounted future cash flows. If required, an impairment loss is recorded for that portion of the asset’s carrying value in excess of fair value.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]
Goodwill
The costs in excess of net assets of businesses acquired are carried as goodwill in the accompanying consolidated balance sheets. In accordance with ASC 350-10, Intangibles - Goodwill and Other, we complete our annual goodwill impairment test as of the first day of the third quarter of each fiscal year, or whenever events or changes in circumstances indicate that the carrying amount of the reporting unit exceeds its fair value. As of both May 1, 2021 and May 2, 2020, we had $0, $0 and $4,700 of goodwill on our consolidated balance sheets related to our Retail, Wholesale, and DSS reporting units, respectively.
During the third quarter of both Fiscal 2021 and Fiscal 2020, we completed our annual goodwill impairment test and concluded that the fair value of the DSS reporting unit was determined to exceed the carrying value of the reporting unit; therefore, no goodwill impairment was recognized.
During the third quarter of Fiscal 2019, we completed our annual goodwill impairment test and concluded that the fair value of the MBS and DSS reporting units, as they existed at that time, each exceeded their respective carrying values and no goodwill impairment was recognized. In the fourth quarter of Fiscal 2019, due to the change in our reporting units identified as a result of the change in our reportable segments, we recognized a total goodwill impairment (non-cash impairment loss) of $49,282 associated with the MBS reporting unit (as it existed at that date) and allocated $20,538 of goodwill to the Retail Segment and $28,744 of goodwill to the Wholesale Segment.
As of May 1, 2021, goodwill of approximately $67,015 was deductible for federal income tax purposes. This is higher than the goodwill balance reflected on the consolidated balance sheet as of May 1, 2021 due to impairment losses recorded in Fiscal 2018 and Fiscal 2019.
Application of the goodwill impairment test requires judgment, including: the identification of reporting units; assignment of assets and liabilities to reporting units; assignment of goodwill to reporting units; and the determination of the fair value of each reporting unit. In performing the valuation, we used cash flows that reflected management’s forecasts and discount rates that included risk adjustments consistent with the current market conditions.
We estimated the fair value of our reporting units using a weighting of fair values derived from the income approach.
Under the income approach, we calculate the fair value of the reporting unit based on the present value of estimated future cash flows. Inherent in our preparation of cash flow projections are assumptions and estimates derived from a review of our operating results, business plans, expected growth rates, cost of capital and tax rates. We also make certain forecasts about future economic conditions, interest rates, market data, and other observable trends, such as comparable store sales trends, recent changes in publisher relationships, and development of innovative digital products and services in the rapidly changing education landscape. The discount rate used is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the business’s ability to execute on the projected cash flows.
Refer to Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates for a discussion of key assumptions used in our testing.
Revenue Recognition
Revenue Recognition and Deferred Revenue
Product sales and rentals
The majority of our revenue is derived from the sales of products through our bookstore locations, including virtual bookstores, and our bookstore affiliated e-commerce websites, and contains a single performance obligation. Revenue from sales of our products is recognized at the point in time when control of the products is transferred to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for the products. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 4. Revenue.
Retail product revenue is recognized when the customer takes physical possession of our products, which occurs either at the point of sale for products purchased at physical locations or upon receipt of our products by our customers for products ordered through our websites and virtual bookstores. Wholesale product revenue is recognized upon shipment of physical textbooks at which point title passes and risk of loss is transferred to the customer. Additional revenue is recognized for shipping charges billed to customers and shipping costs are accounted for as fulfillment costs within cost of goods sold.
Revenue from the rental of physical textbooks, which contains a single performance obligation, is deferred and recognized over the rental period based on the passage of time commencing at the point of sale, when control of the product transfers to the customer. Rental periods are typically for a single semester and are always less than one year in duration. We offer a buyout option to allow the purchase of a rented physical textbook at the end of the rental period if the customer desires to do so. We record the buyout purchase when the customer exercises and pays the buyout option price which is determined at the time of the buyout. In these instances, we accelerate any remaining deferred rental revenue at the point of sale.
Revenue from the rental of digital textbooks, which contains a single performance obligation, is recognized at the point of sale. A software feature is embedded within the content of our digital textbooks, such that upon expiration of the rental term the customer is no longer able to access the content. While the digital rental allows the customer to access digital content for a fixed period of time, once the digital content is delivered to the customer, our performance obligation is complete.
We estimate returns based on an analysis of historical experience. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of goods sold in the period that the related sales are recorded.
For sales and rentals involving third-party products, we evaluate whether we are acting as a principal or an agent. Our determination is based on our evaluation of whether we control the specified goods or services prior to transferring them to the customer. There are significant judgments involved in determining whether we control the specified goods or services prior to transferring them to the customer including whether we have the ability to direct the use of the good or service and obtain substantially all of the remaining benefits from the good or service. For those transactions where we are the principal, we record revenue on a gross basis, and for those transactions where we are an agent to a third-party, we record revenue on a net basis. Effective April 4, 2021, as per the FLC merchandising partnership agreement, logo and emblematic general merchandise sales were fulfilled by FLC and we recognized commission revenue earned for these sales on a net basis.
We do not have gift card or customer loyalty programs. We do not treat any promotional offers as expenses. Sales tax collected from our customers is excluded from reported revenues. Our payment terms are generally 30 days and do not extend beyond one year.
Service and other revenue
Service and other revenue is primarily derived from DSS segment subscription-based service revenues and partnership marketing services which includes promotional activities and advertisements within our physical bookstores and web properties performed on behalf of third-party customers.
Subscription-based revenue, which contains a single performance obligation, is deferred and recognized based on the passage of time over the subscription period commencing at the point of sale, when control of the service transfers to the customer. The majority of subscriptions sold are one month in duration.
Partnership marketing agreements often include multiple performance obligations which are individually negotiated with our customers. For these arrangements that contain distinct performance obligations, we allocate the transaction price based on the relative standalone selling price method by comparing the standalone selling price (“SSP”) of each distinct performance obligation to the total value of the contract. The revenue is recognized as each performance obligation is satisfied, typically at a point in time for partnership marketing service and overtime for advertising efforts as measured based upon the passage of time for contracts that are based on a stated period of time or the number of impressions delivered for contracts with a fixed number of impressions.
Cost of Goods and Service [Policy Text Block]
Cost of Sales
Our cost of sales primarily includes costs such as merchandise costs, textbook rental amortization, content development cost amortization, warehouse costs related to inventory management and order fulfillment, insurance, certain payroll costs, and management service agreement costs, including rent expense, related to our college and university contracts and other facility related expenses.
Selling, General and Administrative Expenses, Policy [Policy Text Block]
Selling and Administrative Expenses
Our selling and administrative expenses consist primarily of store payroll and store operating expenses. Selling and administrative expenses also include long-term incentive plan compensation expense and general office expenses, such as merchandising, procurement, field support, finance and accounting, and operating costs related to our direct-to-student subscription-based services business. Shared-service costs such as human resources, legal, treasury, information technology, and various other corporate level expenses and other governance functions, are not allocated to any specific reporting segment and are recorded in Corporate Services.
Advertising Cost [Policy Text Block] Advertising CostsThe costs of advertising are expensed as incurred during the year pursuant to ASC No. 720-35, Advertising Costs. Advertising costs charged to selling and administrative expenses were $12,916, $10,349, and $10,636 in the consolidated statement of operations for the 52 weeks ended May 1, 2021, 53 weeks ended May 2, 2020, and 52 weeks ended April 27, 2019, respectively.
Income Tax, Policy [Policy Text Block]
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 14. Income Taxes.
As of May 1, 2021, other long-term liabilities includes $25,335 related to the long-term tax payable associated with the LIFO reserve. The LIFO reserve is impacted by changes in the consumer price index (“CPI”) and is dependent on the inventory levels at the end of our tax year (on or about January 31st) which is in the middle of our second largest selling cycle. At the end of the most recent tax year, inventory levels declined as compared to the prior year resulting in approximately $745 of the LIFO reserve becoming currently payable. Given recent trends relating to the pricing and rental of textbooks, management believes
that an additional portion of the remaining long-term tax payable associated with the LIFO reserve could be payable within the next twelve months. We are unable to predict future trends for CPI and inventory levels, therefore it is difficult to project with reasonable certainty how much of this liability will become payable within the next twelve months.
Segment Reporting, Policy [Policy Text Block]
We have three reportable segments: Retail, Wholesale and DSS. Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, continue to be presented as “Corporate Services”.
We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker allocates resources and assesses financial performance. The following summarizes the three segments. For additional information about this segments operations, see Part I - Item 1. Business.
Retail Segment
The Retail Segment operates 1,417 college, university, and K-12 school bookstores, comprised of 769 physical bookstores and 648 virtual bookstores. Our bookstores typically operate under agreements with the college, university, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce sites which we operate independently or along with our merchant partners, and which offer students access to affordable course materials and affinity products, including emblematic apparel and gifts. The Retail Segment also offers inclusive access programs, in which course materials are offered at a reduced price through a fee charged by the institution or included in tuition, and delivered to students on or before the first day of class. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware.
Wholesale Segment
The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 3,300 physical bookstores (including our Retail Segment's 769 physical bookstores) and sources and distributes new and used textbooks to our 648 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 400 college bookstores.
DSS Segment
The Digital Student Solutions (“DSS”) Segment includes direct-to-student products and services to assist students to study more effectively and improve academic performance. The DSS Segment is comprised of the operations of Student Brands, LLC, a leading direct-to-student subscription-based writing services business, and bartleby®, a direct-to-student subscription-based offering providing textbook solutions, expert questions and answers, writing and tutoring.
Corporate Services
Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources.
Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
Share Repurchase [Policy Text Block] Repurchase of SharesOn December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50,000, in the aggregate, of our outstanding common stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.
Dividend [Policy Text Block] DividendsWe paid no other dividends to common stockholders during Fiscal 2021, Fiscal 2020 and Fiscal 2019. We do not intend to pay dividends on our common stock in the foreseeable future.
Net Earnings (Loss) Per Share Earnings Per ShareBasic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.
Fair Values of Financial Instruments
In accordance with ASC No. 820, Fair Value Measurements and Disclosures, the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1—Observable inputs that reflect quoted prices in active markets
Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions
Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair values of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of short-term and long-term debt approximates its carrying value.
Non-Financial Assets and Liabilities
Our non-financial assets include goodwill, property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets.
Debt, Policy [Policy Text Block] The Credit Facility is secured by substantially all of the inventory, accounts receivable and related assets of the borrowers under the Credit Facility. This is considered an all asset lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate).
Commitments and Contingencies, Policy [Policy Text Block]
We generally operate our physical bookstores pursuant to multi-year school management contracts under which a school designates us to operate the official school physical bookstore on campus and we provide the school with regular payments that represent a percentage of store sales and, in some cases, include a minimum fixed guaranteed payment. We account for these service agreements for our physical bookstores under lease accounting. Prior to the adoption of FASB ASC 842, Leases (Topic 842) ("ASC 842") as discussed below, the excess of such minimum contract expense over actual contract payments (net of school allowances) was reflected in other long-term liabilities and accrued liabilities in the consolidated balance sheets.
Effective the first quarter of Fiscal 2020 (April 28, 2019), we adopted ASC 842, which requires us to recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all fixed lease arrangements (excluding variable obligations) with a term greater than twelve months. For additional information on lease expense and minimum fixed lease obligations, excluding variable commissions, see Part II - Item 8. Financial Statements and Supplementary Data - Note 9. Leases.
v3.21.2
Segment Reporting Segment Reporting (Policies)
 12 Months Ended
May 01, 2021
Segment Reporting [Abstract]  
Segment Reporting, Policy [Policy Text Block]
We have three reportable segments: Retail, Wholesale and DSS. Additionally, unallocated shared-service costs, which include various corporate level expenses and other governance functions, continue to be presented as “Corporate Services”.
We identify our segments in accordance with the way our business is managed (focusing on the financial information distributed) and the manner in which our chief operating decision maker allocates resources and assesses financial performance. The following summarizes the three segments. For additional information about this segments operations, see Part I - Item 1. Business.
Retail Segment
The Retail Segment operates 1,417 college, university, and K-12 school bookstores, comprised of 769 physical bookstores and 648 virtual bookstores. Our bookstores typically operate under agreements with the college, university, or K-12 schools to be the official bookstore and the exclusive seller of course materials and supplies, including physical and digital products. The majority of the physical campus bookstores have school-branded e-commerce sites which we operate independently or along with our merchant partners, and which offer students access to affordable course materials and affinity products, including emblematic apparel and gifts. The Retail Segment also offers inclusive access programs, in which course materials are offered at a reduced price through a fee charged by the institution or included in tuition, and delivered to students on or before the first day of class. Additionally, the Retail Segment offers a suite of digital content and services to colleges and universities, including a variety of open educational resource-based courseware.
Wholesale Segment
The Wholesale Segment is comprised of our wholesale textbook business and is one of the largest textbook wholesalers in the country. The Wholesale Segment centrally sources, sells, and distributes new and used textbooks to approximately 3,300 physical bookstores (including our Retail Segment's 769 physical bookstores) and sources and distributes new and used textbooks to our 648 virtual bookstores. Additionally, the Wholesale Segment sells hardware and a software suite of applications that provides inventory management and point-of-sale solutions to approximately 400 college bookstores.
DSS Segment
The Digital Student Solutions (“DSS”) Segment includes direct-to-student products and services to assist students to study more effectively and improve academic performance. The DSS Segment is comprised of the operations of Student Brands, LLC, a leading direct-to-student subscription-based writing services business, and bartleby®, a direct-to-student subscription-based offering providing textbook solutions, expert questions and answers, writing and tutoring.
Corporate Services
Corporate Services represents unallocated shared-service costs which include corporate level expenses and other governance functions, including executive functions, such as accounting, legal, treasury, information technology, and human resources.
Eliminations
The eliminations are primarily related to the following intercompany activities:
•The sales eliminations represent the elimination of Wholesale sales and fulfillment service fees to Retail and the elimination of Retail commissions earned from Wholesale, and
•These cost of sales eliminations represent (i) the recognition of intercompany profit for Retail inventory that was purchased from Wholesale in a prior period that was subsequently sold to external customers during the current period and the elimination of Wholesale service fees charged for fulfillment of inventory for virtual store sales, net of (ii) the elimination of intercompany profit for Wholesale inventory purchases by Retail that remain in ending inventory at the end of the current period.
v3.21.2
Equity and Earnings Per Share Equity and Earnings Per Share (Policies)
 12 Months Ended
May 01, 2021
Earnings Per Share [Abstract]  
Share Repurchase [Policy Text Block] Repurchase of SharesOn December 14, 2015, our Board of Directors authorized a stock repurchase program of up to $50,000, in the aggregate, of our outstanding common stock. The stock repurchase program is carried out at the direction of management (which may include a plan under Rule 10b5-1 of the Securities Exchange Act of 1934). The stock repurchase program may be suspended, terminated, or modified at any time. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.
Dividend [Policy Text Block] DividendsWe paid no other dividends to common stockholders during Fiscal 2021, Fiscal 2020 and Fiscal 2019. We do not intend to pay dividends on our common stock in the foreseeable future.
Earnings Per Share, Policy [Policy Text Block] Earnings Per ShareBasic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of our common stock for the year. We include participating securities (unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents) in the computation of EPS pursuant to the two-class method. Our participating securities consist solely of unvested restricted stock awards, which have contractual participation rights equivalent to those of stockholders of unrestricted common stock. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.
v3.21.2
Fair Values of Financial Instruments Fair Value of Financial Instruments (Policies)
 12 Months Ended
May 01, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurement, Policy [Policy Text Block]
In accordance with ASC No. 820, Fair Value Measurements and Disclosures, the fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:
Level 1—Observable inputs that reflect quoted prices in active markets
Level 2—Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3—Unobservable inputs in which little or no market data exists, therefore requiring us to develop our own assumptions
Our financial instruments include cash and cash equivalents, receivables, accrued liabilities and accounts payable. The fair values of cash and cash equivalents, receivables, accrued liabilities and accounts payable approximates their carrying values because of the short-term nature of these instruments, which are all considered Level 1. The fair value of short-term and long-term debt approximates its carrying value.
Non-Financial Assets and Liabilities
Our non-financial assets include goodwill, property and equipment, operating lease right-of-use assets, and intangible assets. Such assets are reported at their carrying values and are not subject to recurring fair value measurements. We review our long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC 360-10, Accounting for the Impairment or Disposal of Long-Lived Assets.
v3.21.2
Credit Facility Credit Facility (Policies)
 12 Months Ended
May 01, 2021
Debt Disclosure [Abstract]  
Debt, Policy [Policy Text Block] The Credit Facility is secured by substantially all of the inventory, accounts receivable and related assets of the borrowers under the Credit Facility. This is considered an all asset lien (inclusive of proceeds from tax refunds payable to the Company and a pledge of equity from subsidiaries, exclusive of real estate).
v3.21.2
Leases (Policies)
 12 Months Ended
May 01, 2021
Leases [Abstract]  
Lessee, Leases [Policy Text Block]
Effective the first quarter of Fiscal 2020 (April 28, 2019), we adopted FASB ASC 842, Leases (Topic 842), which required us to recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all lease arrangements. Our portfolio of leases consists of operating leases comprised of operations agreements which grant us the right to operate on-campus bookstores at colleges and universities; real estate leases for office and warehouse operations; and vehicle leases. We do not have finance leases or short-term leases (i.e., those with a term of twelve months or less).
We recognize a right of use (“ROU”) asset and lease liability in our consolidated balance sheets for leases with a term greater than twelve months. Options to extend or terminate a lease are included in the determination of the ROU asset and lease liability when it is reasonably certain that such options will be exercised. Our lease terms generally range from one year to fifteen years and a number of agreements contain minimum annual guarantees, many of which are adjusted at the start of each contract year based on the actual sales activity of the leased premises for the most recently completed contract year.
Payment terms are based on the fixed rates explicit in the lease, including minimum annual guarantees, and/or variable rates based on: i) a percentage of revenues or sales arising at the relevant premises (“variable commissions”), and/or ii) operating expenses, such as common area charges, real estate taxes and insurance. For contracts with fixed lease payments, including those with minimum annual guarantees, we recognize lease expense on a straight-line basis over the lease term or over the contract year in order to best reflect the pattern of usage of the underlying leased asset and our minimum obligations arising from these types of leases. Our lease agreements do not contain any material residual value guarantees, material restrictions or covenants.
We used our incremental borrowing rates to determine the present value of fixed lease payments based on the information available at the lease commencement date, as the rate implicit in the lease is not readily determinable. We utilized an estimated collateralized incremental borrowing rate as of the effective date or the commencement date of the lease, whichever is later.
v3.21.2
Income Taxes Income Taxes (Policies)
 12 Months Ended
May 01, 2021
Income Tax Disclosure [Abstract]  
Income Tax, Policy [Policy Text Block]
Income Taxes
The provision for income taxes includes federal, state and local income taxes currently payable and those deferred because of temporary differences between the financial statement and tax basis of assets and liabilities. The deferred tax assets and liabilities are measured using the enacted tax rates and laws that are expected to be in effect when the differences reverse. We regularly review deferred tax assets for recoverability and establish a valuation allowance, if determined to be necessary. For additional information, see Part II - Item 8. Financial Statements and Supplementary Data - Note 14. Income Taxes.
As of May 1, 2021, other long-term liabilities includes $25,335 related to the long-term tax payable associated with the LIFO reserve. The LIFO reserve is impacted by changes in the consumer price index (“CPI”) and is dependent on the inventory levels at the end of our tax year (on or about January 31st) which is in the middle of our second largest selling cycle. At the end of the most recent tax year, inventory levels declined as compared to the prior year resulting in approximately $745 of the LIFO reserve becoming currently payable. Given recent trends relating to the pricing and rental of textbooks, management believes
that an additional portion of the remaining long-term tax payable associated with the LIFO reserve could be payable within the next twelve months. We are unable to predict future trends for CPI and inventory levels, therefore it is difficult to project with reasonable certainty how much of this liability will become payable within the next twelve months.
us-gaap_IncomeTaxPolicyTextBlock
For Fiscal 2021, Fiscal 2020, and Fiscal 2019, we had no material revenue or expense in jurisdictions outside the United States.
Impact of U.S. Tax Reform
The Tax Cuts and Jobs Act (the “Act”) was enacted on December 22, 2017. The Act reduces the U.S. federal corporate income tax rate from 35% to 21% and requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, among other provisions. In accordance with SAB 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act” (SAB 118), we completed our accounting for the tax effects of the enactment of the Act within the provisional period as of April 27, 2019. We recorded measurement period adjustments during Fiscal 2019 to reduce our net deferred tax liability by $3,911, which primarily related to the acceleration of certain deductions as permitted by the U.S. tax code. The most significant impact of the legislation for the Company was a $20,425 reduction of the value of our net deferred (which represents future tax liabilities) and long-term tax liabilities as a result of lowering the U.S. corporate income tax rate from 35% to 21%, which was recorded in Fiscal 2018. We also recorded a liability associated with the one-time transition tax, however, such amount is not material.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (The “CARES Act”) was enacted. We have analyzed the provisions, which provide for a technical correction to allow for full expensing of qualified leasehold improvements, modifications to charitable contribution and net operating loss limitations (“NOLs”), modifications to the deductibility of business interest expense, as well as Alternative Minimum Tax (“AMT”) credit acceleration. The most significant impact of the legislation for the Company was an income tax benefit of $7,164 for the carryback of NOLs to higher tax rate years, recorded in Fiscal 2021. As of May 1, 2021, we recognized a current income tax receivable for NOL carrybacks of $30,492 in prepaid and other current assets on the consolidate balance sheet.
v3.21.2
Commitments and Contingencies Commitments and Contingencies (Policies)
 12 Months Ended
May 01, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies, Policy [Policy Text Block]
We generally operate our physical bookstores pursuant to multi-year school management contracts under which a school designates us to operate the official school physical bookstore on campus and we provide the school with regular payments that represent a percentage of store sales and, in some cases, include a minimum fixed guaranteed payment. We account for these service agreements for our physical bookstores under lease accounting. Prior to the adoption of FASB ASC 842, Leases (Topic 842) ("ASC 842") as discussed below, the excess of such minimum contract expense over actual contract payments (net of school allowances) was reflected in other long-term liabilities and accrued liabilities in the consolidated balance sheets.
Effective the first quarter of Fiscal 2020 (April 28, 2019), we adopted ASC 842, which requires us to recognize lease assets and lease liabilities on the consolidated balance sheets for substantially all fixed lease arrangements (excluding variable obligations) with a term greater than twelve months. For additional information on lease expense and minimum fixed lease obligations, excluding variable commissions, see Part II - Item 8. Financial Statements and Supplementary Data - Note 9. Leases.
v3.21.2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)
 12 Months Ended
May 01, 2021
Summary of Significant Accounting Policies [Abstract]  
Accounts Receivable [Table Text Block] Components of accounts receivables are as follows:
As of
May 1, 2021May 2, 2020
Trade accounts$99,583 $75,702 
Advances for book buybacks2,901 766 
Credit/debit card receivables4,433 2,177 
Other receivables14,155 12,206 
Total receivables, net$121,072 $90,851 
Property and Equipment [Table Text Block]
Components of property and equipment are as follows:
As of
Useful LifeMay 1, 2021May 2, 2020
Property and equipment:
Leasehold improvements(a)$131,784 $141,602 
Machinery, equipment and display fixtures
3 - 5
247,979 246,447 
Computer hardware and capitalized software costs(b)152,941 145,764 
Office furniture and other
2 - 7
62,031 62,209 
Content development costs
3 - 5
25,526 16,729 
Construction in progress4,444 3,878 
Total property and equipment624,705 616,629 
Less accumulated depreciation and amortization535,533 518,890 
Total property and equipment, net$89,172 $97,739 
(a)     Leasehold improvements are capitalized and depreciated over the shorter of the lease term or the useful life of the improvements, ranging from 1 - 15 years.
(b)     System costs are capitalized and amortized over their estimated useful lives, from the date the systems become operational. Purchased software is generally amortized over a period of between 2 - 5 years.
Schedule of Finite-Lived Intangible Assets
Amortizable intangible assets as of May 1, 2021 and May 2, 2020 are as follows:
  As of May 1, 2021
Amortizable intangible assetsRemaining
Life		Gross
Carrying
Amount		Accumulated
Amortization		Total
Customer relationships
9 - 13
$263,168 $(122,565)$140,603 
Content
1 - 2
19,400 (13,495)5,905 
Technology
1
9,500 (7,500)2,000 
Other (a)
1 - 7
8,930 (6,534)2,396 
$300,998 $(150,094)$150,904 
  As of May 2, 2020
Amortizable intangible assetsRemaining
Life		Gross
Carrying
Amount		Accumulated
Amortization		Total
Customer relationships
10 - 14
$271,800 $(113,280)$158,520 
Content
2 - 3
19,400 (9,615)9,785 
Technology
2
9,500 (5,900)3,600 
Other (a)
1 - 8
8,930 (5,710)3,220 
$309,630 $(134,505)$175,125 
(a)    Other consists of recognized intangibles for non-compete agreements, trade names, and favorable leasehold interests.
Finite-lived Intangible Assets Amortization Expense [Table Text Block]
All amortizable intangible assets are being amortized over their useful life on a straight-line basis.
Aggregate Amortization Expense: 
For the 52 weeks ended May 1, 2021$17,943 
For the 53 weeks ended May 2, 2020$19,310 
For the 52 weeks ended April 27, 2019$21,314 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
Estimated Amortization Expense: (Fiscal Year) 
2022$16,808 
2023$13,429 
2024$11,567 
2025$11,210 
2026$11,207 
After 2026$86,683 
v3.21.2
Segment Reporting Segment (Tables)
 12 Months Ended
May 01, 2021
Segment Reporting Information [Line Items]  
Reconciliation of Assets from Segment to Consolidated [Table Text Block]
As of
May 1, 2021May 2, 2020
Total Assets
Retail $800,012 $867,288 
Wholesale 199,698 248,464 
DSS 33,937 35,689 
Corporate Services4,771 4,991 
Total Assets$1,038,418 $1,156,432 
As of both May 1, 2021 and May 2, 2020, we had $0, $0 and $4,700 of goodwill on our consolidated balance sheets related to our Retail, Wholesale, and DSS reporting units, respectively.
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Capital Expenditures
Retail$21,208 $28,546 $33,008 
Wholesale5,905 2,126 1,824 
DSS (a)
9,662 5,425 11,444 
Corporate Services448 95 144 
Total Capital Expenditures$37,223 $36,192 $46,420 
(a) Primarily comprised of content development costs for bartleby.com textbook solutions which was launched in Fiscal 2019.
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Summarized financial information for our reportable segments is reported below:
52 weeks ended
May 1, 2021 (a)
53 weeks ended
May 2, 2020 (a)
52 weeks ended
April 27, 2019
Sales:
Retail$1,330,470 $1,712,892 $1,889,008 
Wholesale165,825 198,353 223,374 
DSS27,374 23,661 21,339 
Eliminations (89,779)(83,843)(99,078)
Total Sales$1,433,890 $1,851,063 $2,034,643 
Gross Profit
Retail (b)
$195,617 $383,282 $451,871 
Wholesale34,683 39,805 56,341 
DSS22,318 19,313 20,030 
Eliminations 43 149 (516)
Total Gross Profit$252,661 $442,549 $527,726 
Depreciation and Amortization
Retail$39,634 $47,099 $51,728 
Wholesale5,461 5,963 6,014 
DSS7,763 8,670 7,974 
Corporate Services109 128 149 
Total Depreciation and Amortization$52,967 $61,860 $65,865 
Operating Loss
Retail (c)
$(154,592)$(24,445)$3,751 
Wholesale (c)
14,732 12,909 (2,131)
DSS (8,132)(8,529)(3,345)
Corporate Services(28,376)(23,077)(25,463)
Eliminations 192 359 (466)
Total Operating Loss (c)
$(176,176)$(42,783)$(27,654)
The following is a reconciliation of segment Operating Loss to consolidated Income Before Income Taxes
Total Operating Loss$(176,176)$(42,783)$(27,654)
Interest Expense, net(8,087)(7,445)(9,780)
Total Loss Before Income Taxes$(184,263)$(50,228)$(37,434)
(a)In Fiscal 2021 and Fiscal 2020, our business experienced an unprecedented and significant impact as a result of the COVID-19 pandemic. The impact of which affects the comparability of our results of operations and cash flows.
(b)In Fiscal 2021, gross margin includes a merchandise inventory loss and write-off of $14,960 in the Retail Segment. See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies - Merchandise Inventories.
(c)In Fiscal 2021, we recognized an impairment loss (non-cash) of $27,630, $20,506 after-tax, in the Retail segment related to certain of our store-level long-lived assets. In Fiscal 2020, we recorded an impairment loss (non-cash) of $433 in the Retail segment related to net capitalized development costs for a project which were not recoverable. In Fiscal 2019, we recorded an impairment loss (non-cash) of $57,748, comprised of $49,282 of goodwill ($20,538 and $28,744 in our Retail and Wholesale Segments, respectively).and $8,466 of long-lived assets. See Part II - Item 8. Financial Statements and Supplementary Data - Note 2. Summary of Significant Accounting Policies
v3.21.2
Equity and Earnings Per Share (Tables)
 12 Months Ended
May 01, 2021
Reconciliation of Basic and Diluted Loss Per Share The following is a reconciliation of the basic and diluted earnings per share calculation:
(shares in thousands)52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Numerator for basic and diluted earnings per share:
Net loss available to common shareholders$(131,787)$(38,250)$(24,374)
Denominator for basic and diluted earnings per share:
Basic and diluted weighted average shares of Common Stock 49,669 48,013 47,306 
Loss per share of Common Stock:
Basic and diluted loss per share of Common Stock$(2.65)$(0.80)$(0.52)
v3.21.2
Leases (Tables)
 12 Months Ended
May 01, 2021
Leases [Abstract]  
Schedule of Rent Expense [Table Text Block]
The following table summarizes lease expense:
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020
Variable lease expense$69,511 $73,455 
Operating lease expense108,282 159,289 
Net lease expense$177,793 $232,744 
The decrease in lease expense is primarily due to lower sales for contracts based on a percentage of revenue and the impact of the timing and reduction of minimum contractual guarantees.
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table summarizes our minimum fixed lease obligations, excluding variable commissions, as of May 1, 2021:
As of
May 1, 2021
Fiscal 2022$99,657 
Fiscal 202348,621 
Fiscal 202440,506 
Fiscal 202534,748 
Fiscal 202627,045 
Thereafter70,234 
Total lease payments320,811 
Less: imputed interest(43,518)
Operating lease liabilities at period end$277,293 
Schedule of Operating Lease Disclosures
The following summarizes additional information related to our operating leases:
As ofAs of
May 1, 2021May 2, 2020
Weighted average remaining lease term (in years)5.5 years5.2 years
Weighted average discount rate4.9 %4.6 %
Supplemental cash flow information:
Cash payments for lease liabilities within operating activities$111,167 $140,670 
ROU assets obtained in exchange for lease liabilities from initial recognition$123,556 $131,175 
v3.21.2
Stock-Based Compensation (Tables)
 12 Months Ended
May 01, 2021
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Activity [Table Text Block]
The following table presents a summary of awards activity related to our current Equity Incentive Plan:
Restricted Stock AwardsRestricted Stock UnitsPerformance Share Units
Number of 
Shares		Weighted 
Average
Grant Date
Fair Value		Number of 
Shares		Weighted 
Average
Grant Date Fair Value		Number of 
Shares		Weighted 
Average
Grant Date Fair Value
Balance, May 2, 202038,096 $3.152,250,078 $4.211,323,767 $4.20
Granted146,343 $2.40243,905 $2.40— $—
Vested(38,096)$—(1,210,566)$4.48(138,060)$7.97
Forfeited (a)
— $—(83,566)$4.18(590,474)$5.34
Balance, May 1, 2021146,343 $2.401,199,851 $3.56595,233 $2.23
Stock OptionsPhantom Shares
Number of 
Shares		Weighted 
Average
Grant Date
Fair Value		Number of 
Shares		Weighted 
Average
Grant Date
Fair Value
Balance, May 2, 2020— $—— $—
Granted2,501,036 $1.432,397,953 $1.97
Exercised/Vested— $—— $—
Forfeited (310,046)$1.43(193,090)$1.88
Balance, May 1, 20212,190,990 $1.432,204,863 $1.97
(a) The PSUs forfeitures reflect a cumulative adjustment to reflect changes to the expected level of achievement of the respective grants.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
We recognized compensation expense for long-term incentive plan awards in selling and administrative expenses as follows:
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Stock-based awards
Restricted stock expense$226 $120 $110 
Restricted stock units expense 3,919 6,253 7,846 
Performance shares expense (a)
— 12 87 
Performance share units expense (a)
283 253 974 
Stock option expense667 — — 
Sub-total stock-based awards:$5,095 $6,638 $9,017 
Cash settled awards
Phantom share units expense$3,845 $— $— 
Total compensation expense for long-term incentive awards$8,940 $6,638 $9,017 
(a)     Long-term incentive compensation expense reflects cumulative adjustments to reflect changes to the expected level of achievement of the respective grants.
v3.21.2
Income Taxes Income Taxes (Tables)
 12 Months Ended
May 01, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Income tax benefits for Fiscal 2021, Fiscal 2020 and Fiscal 2019 are as follows:
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Current:
Federal $(36,187)$(5,471)$(6,494)
State(846)(1,127)(2,035)
Total Current(37,033)(6,598)(8,529)
Deferred:
Federal (6,100)(4,086)(3,681)
State(9,343)(1,294)(850)
Total Deferred(15,443)(5,380)(4,531)
Total$(52,476)$(11,978)$(13,060)
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Reconciliation between the effective income tax rate and the federal statutory income tax rate is as follows:
52 weeks ended
May 1, 2021		53 weeks ended
May 2, 2020		52 weeks ended
April 27, 2019
Federal statutory income tax rate (a)
21.0 %21.0 %21.0 %
State income taxes, net of federal income tax benefit4.4 3.7 6.3 
Permanent book / tax differences(0.9)(2.9)(3.9)
CARES Act NOL Carry-back3.9 — — 
Provisional remeasurement due to Tax Legislation— — 10.4 
Credits— 0.5 0.3 
Other, net0.1 1.5 0.8 
Effective income tax rate28.5 %23.8 %34.9 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] The significant components of our deferred taxes consisted of the following:
As of
May 1, 2021May 2, 2020
Deferred tax assets:
Estimated accrued liabilities$11,559 $11,046 
Inventory8,073 7,167 
Stock-based compensation1,622 1,511 
Insurance liability505 528 
Operating lease liabilities65,456 65,334 
Tax credits433 484 
Goodwill16,759 18,438 
Net operating losses10,810 4,992 
Other10,570 8,853 
Gross deferred tax assets125,787 118,353 
Valuation allowance(1,202)(1,231)
Net deferred tax assets124,585 117,122 
Deferred tax liabilities:
Intangible asset amortization(33,547)(37,864)
Operating lease right-of-use assets(61,896)(64,695)
Property and equipment(5,894)(6,758)
Gross deferred tax liabilities(101,337)(109,317)
Net deferred tax asset$23,248 $7,805 
Summary of Income Tax Contingencies [Table Text Block] A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Balance at April 28, 2018$97 
Additions for tax positions of the current period— 
Additions for tax positions of prior periods— 
Reductions due to settlements— 
Other reductions for tax positions of prior periods(6)
Balance at April 27, 2019$91 
Additions for tax positions of the current period— 
Additions for tax positions of prior periods— 
Reductions due to settlements— 
Other reductions for tax positions of prior periods(39)
Balance at May 2, 2020$52 
Additions for tax positions of the current period— 
Additions for tax positions of prior periods— 
Reductions due to settlements— 
Other reductions for tax positions of prior periods(52)
Balance at May 1, 2021$— 
v3.21.2
Commitments and Contingencies Commitments and Contingencies (Tables)
 12 Months Ended
May 01, 2021
Commitments and Contingencies Disclosure [Abstract]  
Other Commitments
The expense related to our college and university contracts for physical bookstores, including rent expense, and other facility costs in the consolidated statements of operations for periods prior to adoption of ASC 842 in Fiscal 2020 are as follows: 
52 weeks ended
April 27, 2019
Minimum contract expense$169,131 
Percentage contract expense73,368 
Total expense$242,499 
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block]
Purchase obligations, which includes information technology contracts and inventory purchase commitments, as of May 1, 2021 are as follows: 
Less Than 1 Year$14,756 
1-3 Years10,994 
3-5 Years538 
Total$26,288 
v3.21.2
Organization Organization (Details)
Person in Millions
 12 Months Ended
May 01, 2021
Store
Person
segment
Number of Stores | Store 1,417
Number Of Students | Person 6
Number of Reportable Segments | segment 3
v3.21.2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($)
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Apr. 28, 2019
Payments to Acquire Businesses, Gross     $ 10,000,000  
Restricted Cash and Cash Equivalents $ 8,790,000      
Receivables, Net, Current 121,072,000 $ 90,851,000    
Advances on Inventory Purchases 2,901,000 766,000    
Accounts Receivable, Allowance for Credit Loss 3,594,000 1,986,000    
Other Nonrecurring Expense 27,630,000 433,000 57,748,000  
Hosting Arrangement, Service Contract, Implementation Cost, Capitalized, after Accumulated Amortization 10,516,000 4,262,000    
Hosting Arrangement, Service Contract, Implementation Cost, Expense, Amortization 283,000 96,000 0  
Depreciation 35,024,000 42,550,000 44,550,000  
Content amortization expenses 5,034,000 4,082,000 1,096,000  
Property, Plant and Equipment, Gross 624,705,000 616,629,000    
Content development costs 25,526,000 16,729,000    
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 535,533,000 518,890,000    
Property, Plant and Equipment, Net 89,172,000 97,739,000    
Finite-Lived Intangible Assets, Gross 300,998,000 309,630,000    
Finite-Lived Intangible Assets, Accumulated Amortization (150,094,000) (134,505,000)    
Intangible Assets, Net (Excluding Goodwill) 150,904,000 175,125,000    
Amortization of Intangible Assets 17,943,000 19,310,000 21,314,000  
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months 16,808,000      
Finite-Lived Intangible Assets, Amortization Expense, Year Two 13,429,000      
Finite-Lived Intangible Assets, Amortization Expense, Year Three 11,567,000      
Finite-Lived Intangible Assets, Amortization Expense, Year Four 11,210,000      
Finite-Lived Intangible Assets, Amortization Expense, Year Five 11,207,000      
Finite-Lived Intangible Assets, Amortization Expense, after Year Five 86,683,000      
Operating Lease, Right-of-Use Asset 240,456,000 250,837,000   $ 277,006,000
Operating Lease, Liability, Noncurrent 277,293,000     $ 294,727,000
Other noncurrent assets 29,105,000 35,307,000    
other nonrecurring expense net of tax 20,506,000      
Restructuring and other charges 9,960,000 18,567,000 7,233,000  
Other Asset Impairment Charges     8,466,000  
Goodwill 4,700,000 4,700,000    
Goodwill, Impairment Loss     49,282,000  
Business Acquisition, Goodwill, Expected Tax Deductible Amount 67,015,000      
Marketing and Advertising Expense 12,916,000 10,349,000 10,636,000  
Inventory, LIFO Reserve, Effect on Income, Net 25,335,000      
Liabilities, Current 372,962,000 406,669,000    
Leasehold Improvements [Member]        
Property, Plant and Equipment, Gross 131,784,000 141,602,000    
Display fixtures and equipment [Member]        
Property, Plant and Equipment, Gross 247,979,000 246,447,000    
Software and Software Development Costs [Member]        
Property, Plant and Equipment, Gross 152,941,000 145,764,000    
Furniture and Fixtures [Member]        
Property, Plant and Equipment, Gross 62,031,000 62,209,000    
Construction in Progress [Member]        
Property, Plant and Equipment, Gross 4,444,000 3,878,000    
Customer Relationships [Member]        
Finite-Lived Intangible Assets, Gross 263,168,000 271,800,000    
Finite-Lived Intangible Assets, Accumulated Amortization (122,565,000) (113,280,000)    
Finite-Lived Intangible Assets, Net 140,603,000 158,520,000    
Media Content [Member]        
Finite-Lived Intangible Assets, Gross 19,400,000 19,400,000    
Finite-Lived Intangible Assets, Accumulated Amortization (13,495,000) (9,615,000)    
Finite-Lived Intangible Assets, Net 5,905,000 9,785,000    
Intellectual Property [Member]        
Finite-Lived Intangible Assets, Gross 9,500,000 9,500,000    
Finite-Lived Intangible Assets, Accumulated Amortization (7,500,000) (5,900,000)    
Finite-Lived Intangible Assets, Net 2,000,000 3,600,000    
Other Intangible Assets [Member]        
Finite-Lived Intangible Assets, Gross 8,930,000 8,930,000    
Finite-Lived Intangible Assets, Accumulated Amortization (6,534,000) (5,710,000)    
Finite-Lived Intangible Assets, Net 2,396,000 $ 3,220,000    
Inventories        
Proceeds from Sale of Other Assets 41,773,000      
Gain (Loss) on Disposition of Other Assets 10,262,000      
Inventory Valuation and Obsolescence        
Other Nonrecurring Expense $ 4,698,000      
PaperRater [Member]        
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles     $ 5,300,000  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life     5 years  
Goodwill, Acquired During Period     $ 4,700,000  
Minimum [Member] | Leasehold Improvements [Member]        
Property, Plant and Equipment, Useful Life 1 year      
Minimum [Member] | Display fixtures and equipment [Member]        
Property, Plant and Equipment, Useful Life 3 years      
Minimum [Member] | Software and Software Development Costs [Member]        
Property, Plant and Equipment, Useful Life 2 years      
Minimum [Member] | Furniture and Fixtures [Member]        
Property, Plant and Equipment, Useful Life 2 years      
Minimum [Member] | Content Development Costs [Member]        
Property, Plant and Equipment, Useful Life 3 years      
Minimum [Member] | Customer Relationships [Member]        
Finite-Lived Intangible Asset, Useful Life 9 years 10 years    
Minimum [Member] | Media Content [Member]        
Finite-Lived Intangible Asset, Useful Life 1 year 2 years    
Minimum [Member] | Other Intangible Assets [Member]        
Finite-Lived Intangible Asset, Useful Life 1 year 1 year    
Maximum [Member] | Leasehold Improvements [Member]        
Property, Plant and Equipment, Useful Life 15 years      
Maximum [Member] | Display fixtures and equipment [Member]        
Property, Plant and Equipment, Useful Life 5 years      
Maximum [Member] | Software and Software Development Costs [Member]        
Property, Plant and Equipment, Useful Life 5 years      
Maximum [Member] | Furniture and Fixtures [Member]        
Property, Plant and Equipment, Useful Life 7 years      
Maximum [Member] | Content Development Costs [Member]        
Property, Plant and Equipment, Useful Life 5 years      
Maximum [Member] | Customer Relationships [Member]        
Finite-Lived Intangible Asset, Useful Life 13 years 14 years    
Maximum [Member] | Media Content [Member]        
Finite-Lived Intangible Asset, Useful Life 2 years 3 years    
Maximum [Member] | Intellectual Property [Member]        
Finite-Lived Intangible Asset, Useful Life 1 year 2 years    
Maximum [Member] | Other Intangible Assets [Member]        
Finite-Lived Intangible Asset, Useful Life 7 years 8 years    
Other Noncurrent Assets [Member]        
Restricted Cash and Cash Equivalents $ 897,000 $ 766,000    
Prepaid Expenses and Other Current Assets        
Restricted Cash and Cash Equivalents 7,893,000      
Deferred Tax Asset [Domain]        
Liabilities, Current $ 745,000      
Retail Segment [Member]        
Largest Suppliers Percentage 35.00%      
Goodwill, Impairment Loss     20,538,000  
Wholesale [Member]        
Largest Suppliers Percentage 32.00%      
Goodwill, Impairment Loss     28,744,000  
DSS [Member]        
Goodwill $ 4,700,000 4,700,000    
Wholesale [Member]        
Goodwill 0 0    
Finite-Lived Intangible Assets [Member]        
Other Asset Impairment Charges     8,138,000  
Property, Plant and Equipment [Member]        
Other Asset Impairment Charges     $ 328,000  
Trade Accounts Receivable [Member]        
Receivables, Net, Current 99,583,000 75,702,000    
Credit Card Receivable [Member]        
Receivables, Net, Current 4,433,000 2,177,000    
Accounts Receivable [Member]        
Receivables, Net, Current $ 14,155,000 12,206,000    
Impaired Long-Lived Assets Held and Used, Asset Name [Domain]        
Restructuring and other charges   $ 587,000    
v3.21.2
Revenue Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Revenues $ 1,433,890 $ 1,851,063 $ 2,034,643
Rental income 134,150 179,863 195,883
Contract with Customer, Asset, after Allowance for Credit Loss 0    
Deferred Revenue 18,139 13,373 20,418
Deferred Revenue, Additions 171,834 193,235  
Contract with Customer, Liability, Revenue Recognized (167,068) (200,280)  
Intersegment Eliminations [Member]      
Revenues (89,779) (83,843) (99,078)
Accrued Liabilities      
Deferred Revenue 13,469 13,373  
Other Noncurrent Liabilities      
Deferred Revenue 4,670    
Retail Segment [Member]      
Revenues 1,330,470 1,712,892 1,889,008
Wholesale [Member]      
Revenues 165,825 198,353 223,374
DSS [Member]      
Revenues 27,374 23,661 21,339
Transferred at Point in Time [Member] | Retail Segment [Member]      
Revenues 1,157,115 1,493,044 1,645,357
Transferred over Time [Member] | Retail Segment [Member]      
Revenues 39,205 39,985 47,768
Rental income $ 134,150 $ 179,863 $ 195,883
v3.21.2
Segment Reporting Segment Reporting (Details)
$ in Thousands
 12 Months Ended
May 01, 2021
USD ($)
Store
segment
May 02, 2020
USD ($)
Apr. 27, 2019
USD ($)
Segment Reporting Information [Line Items]      
Number of Reportable Segments | segment 3    
Number of Stores | Store 1,417    
Assets $ 1,038,418 $ 1,156,432  
Goodwill 4,700 4,700  
Payments to Acquire Property, Plant, and Equipment 37,223 36,192 $ 46,420
Revenues 1,433,890 1,851,063 2,034,643
Gross Profit 252,661 442,549 527,726
Depreciation and amortization expense 52,967 61,860 65,865
Operating Income (Loss) (176,176) (42,783) (27,654)
Interest Income (Expense), Net (8,087) (7,445) (9,780)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest (184,263) (50,228) (37,434)
COGS Inventory Loss and Markdown 14,960 0 0
Other Nonrecurring Expense 27,630 433 57,748
other nonrecurring expense net of tax 20,506    
Goodwill, Impairment Loss     49,282
Other Asset Impairment Charges     8,466
Retail Segment [Member]      
Segment Reporting Information [Line Items]      
Goodwill 0 0  
Wholesale [Member]      
Segment Reporting Information [Line Items]      
Goodwill 0 0  
DSS [Member]      
Segment Reporting Information [Line Items]      
Goodwill 4,700 4,700  
Corporate, Non-Segment [Member]      
Segment Reporting Information [Line Items]      
Assets 4,771 4,991  
Payments to Acquire Property, Plant, and Equipment (448) (95) (144)
Depreciation and amortization expense 109 128 149
Operating Income (Loss) (28,376) (23,077) (25,463)
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Revenues (89,779) (83,843) (99,078)
Gross Profit 43 149 (516)
Operating Income (Loss) 192 359 (466)
Retail Segment [Member]      
Segment Reporting Information [Line Items]      
Assets 800,012 867,288  
Payments to Acquire Property, Plant, and Equipment (21,208) (28,546) (33,008)
Revenues 1,330,470 1,712,892 1,889,008
Gross Profit 195,617 383,282 451,871
Depreciation and amortization expense 39,634 47,099 51,728
Operating Income (Loss) $ (154,592) (24,445) 3,751
Goodwill, Impairment Loss     20,538
Wholesale [Member]      
Segment Reporting Information [Line Items]      
Number of Wholesale Customers | Store 3,300    
Number of System Customers | Store 400    
Assets $ 199,698 248,464  
Payments to Acquire Property, Plant, and Equipment (5,905) (2,126) (1,824)
Revenues 165,825 198,353 223,374
Gross Profit 34,683 39,805 56,341
Depreciation and amortization expense 5,461 5,963 6,014
Operating Income (Loss) 14,732 12,909 (2,131)
Goodwill, Impairment Loss     28,744
DSS [Member]      
Segment Reporting Information [Line Items]      
Assets 33,937 35,689  
Payments to Acquire Property, Plant, and Equipment (9,662) (5,425) (11,444)
Revenues 27,374 23,661 21,339
Gross Profit 22,318 19,313 20,030
Depreciation and amortization expense 7,763 8,670 7,974
Operating Income (Loss) $ (8,132) $ (8,529) $ (3,345)
Physical Stores [Member]      
Segment Reporting Information [Line Items]      
Number of Stores | Store 769    
Virtual Stores [Member]      
Segment Reporting Information [Line Items]      
Number of Stores | Store 648    
v3.21.2
Equity and Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Dec. 14, 2015
Common Stock, Shares Authorized 200,000,000 200,000,000    
Common Stock, Par or Stated Value Per Share $ 0.01 $ 0.01    
Preferred Stock, Shares Authorized 5,000,000 5,000,000    
Preferred Stock, Par or Stated Value Per Share $ 0.01 $ 0.01    
Common Stock, Shares, Outstanding 51,378,913 48,298,000    
Preferred Stock, Shares Outstanding 0 0    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 10,409,345      
Stock Repurchase Program, Authorized Amount       $ 50,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount $ 26,669      
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation 414,174 374,733 351,043  
Stock Issued During Period, Shares, Treasury Stock Reissued 2,307,692      
Proceeds from Issuance of Common Stock $ 15,000      
Sale of Stock, Price Per Share $ 6.50      
Contract with Customer, Liability $ 4,131      
Contract with Customer, Liability, Current 175      
Contract with Customer, Liability, Noncurrent $ 3,956      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 3,387,185 3,795,603 2,939,089  
Weighted Average Number of Shares Outstanding, Basic and Diluted 49,669,000 48,013,000    
Net Income (Loss) Available to Common Stockholders, Basic $ (131,787) $ (38,250) $ (24,374)  
Earnings Per Share, Basic and Diluted $ (2.65) $ (0.80) $ (0.52)  
v3.21.2
Fair Values of Financial Instruments (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Other Nonrecurring Expense $ 27,630 $ 433 $ 57,748
other nonrecurring expense net of tax 20,506    
Goodwill, Impairment Loss     49,282
Other Asset Impairment Charges     8,466
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 43,194 433  
Receivables, Fair Value Disclosure 0 0  
Property, Plant, and Equipment, Fair Value Disclosure 420 0  
OperatingLeaseRightOfUseAssetfairvalue 13,099 0  
Finite-lived Intangible Assets, Fair Value Disclosure 1,445 0  
Other Assets, Fair Value Disclosure 600 0  
Accrued Liabilities, Fair Value Disclosure 0 0  
Fair Value, Net Asset (Liability) 15,564 0  
Phantom Share Units (PSUs)      
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent 3,845    
Accounts Receivable [Member]      
Other Nonrecurring Expense 0 245  
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 0 245  
Property, Plant and Equipment [Member]      
Other Nonrecurring Expense 5,085 300 328
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 5,505 300  
Property Subject to Operating Lease      
Other Nonrecurring Expense 13,328 0  
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 26,427 0  
Other Intangible Assets [Member]      
Other Nonrecurring Expense 6,278 0 8,138
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 7,723 0  
Other Noncurrent Assets [Member]      
Other Nonrecurring Expense 2,939 0  
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 3,539 0  
Accrued Liabilities      
Other Nonrecurring Expense 0 112  
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset 0 $ 112  
Other Intangible Assets [Member]      
Other Asset Impairment Charges     8,138
Property, Plant and Equipment [Member]      
Other Asset Impairment Charges     $ 328
Accrued Liabilities | Phantom Share Units (PSUs)      
Other Deferred Compensation Arrangements, Liability, Current 2,509    
Other Noncurrent Liabilities | Phantom Share Units (PSUs)      
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent $ 1,336    
v3.21.2
Credit Facility (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Line of Credit Facility [Line Items]      
Line of Credit Facility, Covenant Compliance On March 31, 2021, we were granted a waiver to the condition to the current draw under the FILO Facility.    
Proceeds from borrowings on Credit Facility $ 722,600 $ 600,900 $ 521,200
Repayments of borrowings on Credit Facility 719,700 559,700 584,100
Long-term Line of Credit, Noncurrent 127,600 99,700 33,500
Short-term Debt 50,000 75,000 $ 100,000
Letters of Credit Outstanding, Amount 4,759 $ 4,759  
Debt Issuance Costs, Gross $ 1,076    
Debt Instrument, Covenant Description The Credit Facility contains customary negative covenants, which limit the Company’s ability to incur additional indebtedness, create liens, make investments, make restricted payments or specified payments and merge or acquire assets, among other things. In addition, if excess availability under the Credit Facility were to fall below certain specified levels, certain additional covenants (including fixed charge coverage ratio requirements and a minimum excess availability of the greater of 10% of the Loan Cap and $25,000 when the FILO is funded) would be triggered, and the lenders would have the right to assume dominion and control over the Company's cash. The Credit Facility includes an anti-cash hoarding provision, which limits maximum excess cash allowed to $50,000 when the FILO is funded.The Credit Facility contains customary events of default, including payment defaults, material breaches of representations and warranties, covenant defaults, default on other material indebtedness, customary ERISA events of default, bankruptcy and insolvency, material judgments, invalidity of liens on collateral, change of control or cessation of business. The Credit Facility also contains customary affirmative covenants and representations and warranties. We are in compliance with all covenants, representations and warranties under the Credit Facility as of May 1, 2021.    
New Credit Facility      
Line of Credit Facility [Line Items]      
Credit facility maturity term, in years 5 years    
Credit facility, borrowing capacity $ 400,000    
Line Of Credit Potential Increase Amount $ 100,000    
Line of Credit Facility, Interest Rate Description Interest under the Credit Facility accrues, at our election, at a LIBOR or alternate base rate, plus, in each case, an applicable interest rate margin, which is determined by reference to the level of excess availability under the Credit Facility. Loans will initially bear interest at LIBOR plus 2.00% per annum, in the case of LIBOR borrowings, or at the alternate base rate plus 1.00% per annum, in the alternative, and thereafter the interest rate will fluctuate between LIBOR plus 2.00% per annum and LIBOR plus 1.50% per annum (or between the alternate base rate plus 1.00% per annum and the alternate base rate plus 0.50% per annum), based upon the excess availability under the Credit Facility at such time.    
New Credit Facility [Member] [Member]      
Line of Credit Facility [Line Items]      
Credit facility, borrowing capacity $ 100,000    
Line of Credit Facility, Interest Rate Description Loans under the FILO Facility will bear interest at a rate equal to the LIBOR rate, plus 3.750%. In connection with the waiver, the applicable margin for credit extensions made under the FILO Facility after March 31, 2021 through the end of 2021 was increased by 0.50% (to 3.75% per annum for LIBO rate loans and 2.75% for base rate loans). The FILO Facility will be available solely during the draw period each year, from April 1 through July 31. We are required to borrow 100% of the aggregate commitments under the FILO Facility on April 1 of each year, and the loans must be repaid in full (including interest and fees) on July 31 of each year. The commitments under the FILO Facility will decrease from $50,000 to $25,000 on August 1, 2021. We will pay a commitment fee of 0.375% on the daily unused portion of the FILO Facility.    
Revolving Credit Facility [Member]      
Line of Credit Facility [Line Items]      
Credit facility, borrowing capacity $ 500,000    
v3.21.2
Leases (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 28, 2019
Leases [Abstract]      
Variable Lease, Cost $ 69,511 $ 73,455  
Lease, Cost 108,282 159,289  
Operating Lease, Expense 177,793 $ 232,744  
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year 99,657    
Lessee, Operating Lease, Liability, Payments, Due Year Two 48,621    
Lessee, Operating Lease, Liability, Payments, Due Year Three 40,506    
Lessee, Operating Lease, Liability, Payments, Due Year Four 34,748    
Lessee, Operating Lease, Liability, Payments, Due Year Five 27,045    
Lessee, Operating Lease, Liability, Payments, Due after Year Five 70,234    
Lessee, Operating Lease, Liability, Payments, Due 320,811    
Lessee, Operating Lease, Liability, Undiscounted Excess Amount (43,518)    
Operating Lease, Liability $ 277,293   $ 294,727
Operating Lease, Weighted Average Remaining Lease Term 5 years 6 months 5 years 2 months 12 days  
Operating Lease, Weighted Average Discount Rate, Percent 4.90% 4.60%  
Operating Lease, Payments $ 111,167 $ 140,670  
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability $ 123,556 $ 131,175  
v3.21.2
Supplementary Information Supplementary Info - Impairment and Restructuring (Details) - USD ($)
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Other Nonrecurring Expense $ 27,630,000 $ 433,000 $ 57,748,000
other nonrecurring expense net of tax 20,506,000    
Other Asset Impairment Charges     8,466,000
Goodwill, Impairment Loss     49,282,000
Restructuring and other charges 9,960,000 18,567,000 7,233,000
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) 1,595,000 2,695,000 2,274,000
Write off of Deferred Debt Issuance Cost     118,000
Retail Segment [Member]      
Goodwill, Impairment Loss     20,538,000
Wholesale [Member]      
Goodwill, Impairment Loss     28,744,000
Employee Severance [Member]      
Restructuring and other charges 5,888,000 12,667,000 4,554,000
Accrued Liabilities 3,246,000 10,370,000  
Other Expense [Member]      
Other Nonrecurring Expense 5,213,000 2,841,000  
Facility Closing [Member]      
Restructuring and other charges $ 454,000 223,000 281,000
Impaired Long-Lived Assets Held and Used, Asset Name [Domain]      
Restructuring and other charges   $ 587,000  
Other Restructuring [Member]      
Restructuring and other charges     $ 2,679,000
v3.21.2
Related Party Transactions Related Party (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
MBS [Domain]      
Related Party Transaction [Line Items]      
Payments for Rent $ 1,380 $ 1,380 $ 1,380
v3.21.2
Employees' Defined Contribution Plan (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Company contributions, employee benefit expenses $ 0 $ 5,015 $ 6,702
v3.21.2
Stock-Based Compensation (Details) - USD ($)
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Oct. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized 10,409,345      
Share Price       $ 2.30
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value $ 42,125,000      
Stock-based compensation expense 5,095,000 $ 6,638,000 $ 9,017,000  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 11,099,000      
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition 2 years 3 months 10 days      
Selling, General and Administrative Expenses [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 5,095,000 6,638,000 9,017,000  
Long Term Incentive Plan Compensation $ 8,940,000 $ 6,638,000 9,017,000  
Restricted Stock [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 2.40 $ 3.15    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 146,343      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 146,343 38,096    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (38,096)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period 0      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 2.40      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 0      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 0      
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 226,000 $ 120,000 110,000  
Restricted Stock Units (RSUs) [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 3.56 $ 4.21    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 243,905      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 1,199,851 2,250,078    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (1,210,566)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (83,566)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 2.40      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 4.48      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 4.18      
Restricted Stock Units (RSUs) [Member] | Selling, General and Administrative Expenses [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 3,919,000 $ 6,253,000 7,846,000  
Performance Shares [Member] | Selling, General and Administrative Expenses [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 0 $ 12,000 87,000  
Performance Share Units [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 2.23 $ 4.20    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 0      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 595,233 1,323,767    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (138,060)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (590,474)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 0      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 7.97      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 5.34      
Performance Share Units (PSUs) [Member] | Selling, General and Administrative Expenses [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 283,000 $ 253,000 974,000  
Equity Option        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 2,501,036      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number 2,190,990 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 0      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (310,046)      
Share-based Compensation Arrangement by Share-based Payment Award, Option, Nonvested, Weighted Average Exercise Price $ 1.43 $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value 1.43      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value 0      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value $ 1.43      
Equity Option | OptionsAtMarket        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 1,250,518      
Option Indexed to Issuer's Equity, Strike Price $ 2.46      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used Black-Scholes      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 0.27%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 6 years 2 months 12 days      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 73.00%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 0.00%      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 1.58      
Equity Option | OptionsAtPremium        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 1,250,518      
Option Indexed to Issuer's Equity, Strike Price $ 5.00      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used Monte Carlo      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate 0.68%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 10 years      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 73.00%      
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate 0.00%      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 1.28      
Equity Option | Selling, General and Administrative Expenses [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Stock-based compensation expense $ 667,000 $ 0 0  
Phantom Share Units (PSUs)        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 1.97 $ 0    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 2,397,953      
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent $ 3,845,000      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number 2,204,863 0    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period 0      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (193,090)      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value $ 1.97      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value 0      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value $ 1.88      
Phantom Share Units (PSUs) | Phantom Share Grant 1        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used Black-Scholes      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 1.88      
Share Price $ 2.46      
ExercisePriceMaximum $ 7.38      
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateRange [Line Items] 0.12% - 0.15%      
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsVolatility [Line Items] 86% - 114%      
Phantom Share Units (PSUs) | Phantom Share Grant 2        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used Black-Scholes      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value $ 5.79      
Share Price $ 7.63      
ExercisePriceMaximum $ 22.89      
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateRange [Line Items] 0.07% - 0.31%      
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsVolatility [Line Items] 90% - 110      
Phantom Share Units (PSUs) | Accrued Liabilities        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Other Deferred Compensation Arrangements, Liability, Current $ 2,509,000      
Phantom Share Units (PSUs) | Other Noncurrent Liabilities        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Other Deferred Compensation Arrangements, Liability, Classified, Noncurrent 1,336,000      
Phantom Share Units (PSUs) | Selling, General and Administrative Expenses [Member]        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Deferred Compensation Arrangement with Individual, Compensation Expense $ 3,845,000 $ 0 $ 0  
v3.21.2
Income Taxes Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Apr. 27, 2019
May 01, 2021
May 02, 2020
Apr. 27, 2019
Apr. 28, 2018
Current Federal Tax Expense (Benefit)   $ (36,187) $ (5,471) $ (6,494)  
Current State and Local Tax Expense (Benefit)   (846) (1,127) (2,035)  
Current Income Tax Expense (Benefit)   (37,033) (6,598) (8,529)  
Deferred Federal Income Tax Expense (Benefit)   (6,100) (4,086) (3,681)  
Deferred State and Local Income Tax Expense (Benefit)   (9,343) (1,294) (850)  
Deferred Income Tax Expense (Benefit)   (15,443) (5,380) (4,531)  
Income Tax Expense (Benefit)   $ (52,476) $ (11,978) $ (13,060)  
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00% 21.00% 35.00%
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount       $ 3,911  
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability       $ 20,425  
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent   4.40% 3.70% 6.30%  
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent   (0.90%) (2.90%) (3.90%)  
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Percent   3.90% 0.00% 0.00%  
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent   0.00% 0.00% 10.40%  
Effective Income Tax Rate Reconciliation, Tax Credit, Percent   0.00% 0.50% 0.30%  
Effective Income Tax Rate Reconciliation,Other Reconciling Items, Percent   0.10% 1.50% 0.80%  
Effective Income Tax Rate Reconciliation, Percent   28.50% 23.80% 34.90%  
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals   $ 11,559 $ 11,046    
Deferred Tax Assets, Inventory   8,073 7,167    
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost   1,622 1,511    
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Self Insurance   505 528    
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Deferred Rent   65,456 65,334    
Deferred Tax Assets, Tax Credit Carryforwards, Other   433 484    
Deferred Tax Assets, Goodwill and Intangible Assets   16,759 18,438    
Deferred Tax Assets, Operating Loss Carryforwards   10,810 4,992    
Deferred Tax Assets, Other   10,570 8,853    
Deferred Tax Assets, Gross   125,787 118,353    
Deferred Tax Assets, Valuation Allowance   (1,202) (1,231)    
Deferred Tax Assets, Net of Valuation Allowance   124,585 117,122    
Deferred Tax Liabilities, Goodwill and Intangible Assets   (33,547) (37,864)    
Deferred Tax Liabilities, Leasing Arrangements   (61,896) (64,695)    
Deferred Tax Liabilities, Property, Plant and Equipment   (5,894) (6,758)    
Deferred Tax Liabilities, Gross   (101,337) (109,317)    
Deferred Tax Assets, Net   23,248 7,805    
Unrecognized Tax Benefits $ 91 0 52 $ 91 $ 97
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions   0 0 0  
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions   0 0 0  
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities   0 0 0  
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions   (52) (39) $ (6)  
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued   0 $ 3    
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense   3      
Deferred Tax Liabilities, Undistributed Foreign Earnings   200      
Deferred Foreign Income Tax Expense (Benefit)   100      
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit)   7,164      
Income Taxes Receivable   30,492      
One percentage point [Domain]          
Current State and Local Tax Expense (Benefit)   1,843      
Internal Revenue Service (IRS) [Member]          
Operating Loss Carryforwards   196,180      
State and Local Jurisdiction [Member]          
Operating Loss Carryforwards   $ 548      
v3.21.2
Commitments and Contingencies Commitments and Contingencies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Apr. 27, 2019
May 01, 2021
Loss Contingencies [Line Items]    
Operating Leases, Rent Expense, Minimum Rentals $ 169,131  
Operating Leases, Rent Expense, Contingent Rentals 73,368  
Operating Leases, Rent Expense, Net $ 242,499  
Purchase Obligation, Due in Next Twelve Months   $ 14,756
Purchase Obligation, Due in Second and Third Year   10,994
Purchase Obligation, Due in Fourth and Fifth Year   538
Purchase Obligation   $ 26,288
v3.21.2
Schedule II Valuation and Qualifying Accounts Schedule II Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
May 01, 2021
May 02, 2020
Apr. 27, 2019
Apr. 28, 2018
SEC Schedule, 12-09, Allowance, Credit Loss [Member]        
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]        
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense $ 4,600 $ 1,710 $ 2,670  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction (2,992) (1,859) (2,618)  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount 3,594 1,986 2,135 $ 2,083
Sales Returns and Allowances [Member]        
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]        
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Other Account 145,595 186,305 197,799  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction (147,327) (186,524) (197,746)  
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount $ 3,331 $ 5,063 $ 5,282 $ 5,229
v3.21.2
Label Element Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $ 16,869,000