Container Store (TCSGQ) 10-Q 2 Aug 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 01, 2023	Jul. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	001-36161
Entity Registrant Name	Container Store Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0565401
Entity Address, Address Line One	500 Freeport Parkway
Entity Address, City or Town	Coppell
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75019
City Area Code	972
Local Phone Number	538-6000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	TCS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Stock Outstanding		51,392,282
Entity Central Index Key	0001411688
Current Fiscal Year End Date	--03-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated balance sheets

Consolidated balance sheets - USD ($) $ in Thousands	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022
Current assets:
Cash	$ 12,155	$ 6,958	$ 23,206
Accounts receivable, net	21,870	25,870	30,466
Inventory	170,512	170,637	190,752
Prepaid expenses	14,624	14,989	14,612
Income taxes receivable	964	858	808
Other current assets	9,985	10,914	9,826
Total current assets	230,110	230,226	269,670
Noncurrent assets:
Property and equipment, net	157,747	158,702	144,175
Noncurrent operating lease right-of-use assets	353,402	347,959	365,053
Goodwill	23,447	23,447	221,159
Trade names	219,894	221,278	221,633
Deferred financing costs, net	137	150	190
Noncurrent deferred tax assets, net	517	568	636
Other assets	2,702	2,844	1,923
Total noncurrent assets	757,846	754,948	954,769
Total assets	987,956	985,174	1,224,439
Current liabilities:
Accounts payable	53,305	52,637	68,920
Accrued liabilities	68,218	74,673	81,743
Current borrowings on revolving lines of credit		2,423	11,541
Current portion of long-term debt	2,055	2,063	2,072
Current operating lease liabilities	59,996	57,201	54,605
Income taxes payable	670	1,318	10,464
Total current liabilities	184,244	190,315	229,345
Noncurrent liabilities:
Long-term debt	183,333	163,385	173,502
Noncurrent operating lease liabilities	320,845	314,100	332,800
Noncurrent deferred tax liabilities, net	45,062	49,338	48,309
Other long-term liabilities	5,394	5,851	6,876
Total noncurrent liabilities	554,634	532,674	561,487
Total liabilities	738,878	722,989	790,832
Commitments and contingencies (Note 6)
Shareholders' equity:
Common stock, $0.01 par value, 250,000,000 shares authorized; 49,390,882 shares issued at July 1, 2023; 49,181,562 shares issued at April 1, 2023; 49,941,336 shares issued at July 2, 2022	494	492	499
Additional paid-in capital	872,536	872,204	875,016
Accumulated other comprehensive loss	(34,113)	(32,509)	(33,241)
Retained deficit	(589,839)	(578,002)	(408,667)
Total shareholders' equity	249,078	262,185	433,607
Total liabilities and shareholders' equity	$ 987,956	$ 985,174	$ 1,224,439

Consolidated balance sheets (Pa

Consolidated balance sheets (Parenthetical) - $ / shares	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022
Consolidated balance sheets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000	250,000,000
Common stock, shares issued	49,390,882	49,181,562	49,941,336

Consolidated statements of oper

Consolidated statements of operations - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Consolidated statements of operations
Net sales	$ 207,112	$ 262,634
Cost of sales (excluding depreciation and amortization)	92,563	112,546
Gross profit	114,549	150,088
Selling, general, and administrative expenses (excluding depreciation and amortization)	111,380	121,909
Stock-based compensation	474	1,201
Pre-opening costs	185	36
Depreciation and amortization	10,512	9,006
Other expenses	2,453
Loss on disposal of assets	1	1
(Loss) income from operations	(10,456)	17,935
Interest expense, net	4,967	3,223
(Loss) income before taxes	(15,423)	14,712
(Benefit) provision for income taxes	(3,586)	4,233
Net (loss) income	$ (11,837)	$ 10,479
Net (loss) income per common share - basic	$ (0.24)	$ 0.21
Net (loss) income per common share - diluted	$ (0.24)	$ 0.21
Weighted-average common shares - basic	49,252,869	49,719,559
Weighted-average common shares - diluted	49,252,869	50,312,855

Consolidated statements of comp

Consolidated statements of comprehensive (loss) income - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Consolidated statements of comprehensive income
Net (loss) income	$ (11,837)	$ 10,479
Unrealized (loss) on financial instruments, net of tax benefit of ($39)		(113)
Pension liability adjustment, net of tax provision	59	214
Foreign currency translation adjustment	(1,663)	(5,898)
Comprehensive (loss) income	$ (13,441)	$ 4,682

Consolidated statements of co_2

Consolidated statements of comprehensive income (Parenthetical) $ in Thousands	3 Months Ended
	Jul. 02, 2022 USD ($)
Consolidated statements of comprehensive income
Unrealized (loss) on financial instruments, net of tax benefit of ($39)	$ (39)

Consolidated statements of cash

Consolidated statements of cash flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Operating activities
Net (loss) income	$ (11,837)	$ 10,479
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	10,512	9,006
Stock-based compensation	474	1,201
Loss on disposal of assets	1	1
Deferred tax (benefit)	(3,975)	(1,325)
Non-cash interest	471	471
Other	193	81
Changes in operating assets and liabilities
Accounts receivable	5,894	(2,101)
Inventory	(234)	(59)
Prepaid expenses and other assets	1,173	(2,415)
Accounts payable and accrued liabilities	(8,707)	(17,280)
Net change in lease assets and liabilities	4,101	7
Income taxes	(739)	5,271
Other noncurrent liabilities	(315)	(165)
Net cash (used in) provided by operating activities	(2,988)	3,172
Investing activities
Additions to property and equipment	(8,898)	(17,620)
Investments in non-qualified plan trust	(128)	(767)
Proceeds from non-qualified plan trust redemptions	83	60
Proceeds from sale of property and equipment	1
Net cash used in investing activities	(8,942)	(18,327)
Financing activities
Borrowings on revolving lines of credit	12,799	23,834
Payments on revolving lines of credit	(15,180)	(13,528)
Borrowings on long-term debt	20,000	15,000
Payments on long-term debt	(518)	(530)
Payment of taxes with shares withheld upon restricted stock vesting	(140)	(712)
Proceeds from the exercise of stock options		340
Net cash provided by financing activities	16,961	24,404
Effect of exchange rate changes on cash	166	(295)
Net decrease in cash	5,197	8,954
Cash at beginning of fiscal period	6,958	14,252
Cash at end of fiscal period	12,155	23,206
Supplemental information:
Purchases of property and equipment (included in accounts payable)	4,678	6,486
Cash paid for amounts included in the measurement of operating lease liabilities	23,474	22,254
Additions to right-of-use assets in exchange for operating lease liabilities	$ 19,429	$ 30,321

Consolidated statements of shar

Consolidated statements of shareholders' equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained deficit	Total
Balance at the beginning of period at Apr. 02, 2022	$ 496	$ 874,190	$ (27,444)	$ (419,146)	$ 428,096
Balance (in shares) at Apr. 02, 2022	49,635,447
Increase (Decrease) in Stockholders' Equity
Net (loss) income				10,479	10,479
Stock-based compensation		1,201			1,201
Stock options exercises	$ 1	339			340
Stock option exercises (in shares)	73,594
Vesting of restricted stock awards	$ 2	(2)
Vesting of restricted stock awards (in shares)	232,295
Taxes related to net share settlement of restricted stock awards		(712)			(712)
Foreign currency translation adjustment			(5,898)		(5,898)
Unrealized (loss) gain on financial instruments, net of tax			(113)		(113)
Pension liability adjustment, net of tax provision			214		214
Balance at the end of period at Jul. 02, 2022	$ 499	875,016	(33,241)	408,667	$ 433,607
Balance (in shares) at Jul. 02, 2022	49,941,336
Common stock, par value (in dollars per share)					$ 0.01
Common stock, par value (in dollars per share)					$ 0.01
Balance at the beginning of period at Apr. 01, 2023	$ 492	872,204	(32,509)	(578,002)	$ 262,185
Balance (in shares) at Apr. 01, 2023	49,181,562
Increase (Decrease) in Stockholders' Equity
Net (loss) income				(11,837)	(11,837)
Stock-based compensation		474			474
Vesting of restricted stock awards	$ 2	(2)
Vesting of restricted stock awards (in shares)	209,320
Taxes related to net share settlement of restricted stock awards		(140)			(140)
Foreign currency translation adjustment			(1,663)		(1,663)
Pension liability adjustment, net of tax provision			59		59
Balance at the end of period at Jul. 01, 2023	$ 494	$ 872,536	$ (34,113)	$ (589,839)	$ 249,078
Balance (in shares) at Jul. 01, 2023	49,390,882
Common stock, par value (in dollars per share)					$ 0.01

Consolidated statements of sh_2

Consolidated statements of shareholders' equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 02, 2022	Jul. 01, 2023	Apr. 01, 2023
Consolidated statements of shareholders' equity
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Unrealized loss on financial instruments, net of tax benefit	$ (39)

Description of business and bas

Description of business and basis of presentation	3 Months Ended
	Jul. 01, 2023
Nature of business and summary of significant accounting policies
Description of business and basis of presentation	The Container Store Group, Inc. Notes to consolidated financial statements (unaudited) (In thousands, except share amounts and unless otherwise stated) July 1, 2023 ​ 1. Description of business and basis of presentation ​ These financial statements should be read in conjunction with the financial statement disclosures in our Annual Report on Form 10-K for the fiscal year ended April 1, 2023, filed with the Securities and Exchange Commission (“SEC”) on May 26, 2023 (the “2022 Annual Report on Form 10-K”). The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We use the same accounting policies in preparing quarterly and annual financial statements. All adjustments necessary for a fair presentation of quarterly operating results are reflected herein and are of a normal, recurring nature. Certain items in these consolidated financial statements have been reclassified to conform to the current period presentation. ​ All references herein to “fiscal 2023” refer to the 52-week fiscal year ending March 30, 2024, and “fiscal 2022” refer to the 52-week fiscal year ended April 1, 2023. ​ Description of business ​ Our operations consist of two reportable segments: ​ The Container Store, Inc. (“TCS”) : Today, TCS includes The Container Store Custom Spaces (“Custom Spaces”) consisting of our elfa® Classic, elfa® Décor, Avera® and Preston TM deepen our relationship with our customers, expand our reach and strengthen our capabilities, all while transforming lives through the power of organization. ​ The Container Store, Inc. consists of our retail stores, website and call center (which includes business sales), as well as our in-home services business. As of July 1, 2023, we operated 97 stores with an average size of approximately 24,000 square feet (18,000 selling square feet) in 34 states and the District of Columbia. The Container Store, Inc. also offers all of its products directly to its customers, through its website, responsive mobile site and app, call center, in-home design specialists and in-home design organizers. We operate the C Studio manufacturing facility in Elmhurst, Illinois, which designs and manufactures the Company’s premium wood-based custom space product offering, and is included in the TCS reportable segment. ​ Elfa : ® ​ Seasonality ​ Our unique offering of organizing solutions, custom spaces, and in-home services makes us less susceptible to holiday season shopping patterns than many retailers. Our quarterly results fluctuate, depending upon a variety of factors, including our product offerings, promotional events, store openings, the weather, remodeling or relocations, shifts in the timing of holidays, timing of delivery of orders, competitive factors and general economic conditions, including economic downturns as a result of unforeseen events such as pandemics, inflation, and supply chain disruptions, among other things. Accordingly, our results of operations may fluctuate on a seasonal and quarterly basis, relative to corresponding periods in prior years. In addition, we may take certain pricing or marketing actions that could have a disproportionate effect on our business, financial condition and results of operations in a particular quarter or selling season. ​ ​

Detail of certain balance sheet

Detail of certain balance sheet accounts	3 Months Ended
	Jul. 01, 2023
Detail of certain balance sheet accounts
Detail of certain balance sheet accounts	2. Detail of certain balance sheet accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ April 1, ​ July 2, ​ 2023 2023 2022 Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables, net ​ $ 12,727 ​ $ 16,911 ​ $ 17,992 Credit card receivables ​ 7,351 ​ 7,523 ​ 10,541 Other receivables ​ 1,792 ​ 1,436 ​ 1,933 ​ ​ $ 21,870 ​ $ 25,870 ​ $ 30,466 Inventory: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ $ 160,198 ​ $ 160,108 ​ $ 182,523 Raw materials ​ 9,024 ​ 9,289 ​ 6,902 Work in progress ​ 1,290 ​ 1,240 ​ 1,327 ​ ​ $ 170,512 ​ $ 170,637 ​ $ 190,752 Accrued liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued payroll, benefits and bonuses ​ $ 18,907 ​ $ 24,224 ​ $ 21,795 Unearned revenue ​ ​ 17,036 ​ ​ 15,700 ​ ​ 24,747 Accrued transaction and property tax ​ ​ 11,789 ​ ​ 14,072 ​ ​ 14,306 Gift cards and store credits outstanding ​ ​ 12,978 ​ ​ 13,002 ​ ​ 12,441 Accrued sales returns ​ ​ 2,999 ​ ​ 3,366 ​ ​ 4,170 Accrued interest ​ ​ 245 ​ ​ 189 ​ ​ 188 Other accrued liabilities ​ ​ 4,264 ​ ​ 4,120 ​ ​ 4,096 ​ ​ $ 68,218 ​ $ 74,673 ​ $ 81,743 ​ Contract balances as a result of transactions with customers primarily consist of trade receivables included in accounts receivable, net, unearned revenue, and gift cards and store credits outstanding included in accrued liabilities in the Company’s consolidated balance sheets. Unearned revenue was $15,700 as of April 1, 2023, and $11,928 was subsequently recognized into revenue for the thirteen weeks ended July 1, 2023. Gift cards and store credits outstanding was $13,002 as of April 1, 2023, and $1,764 was subsequently recognized into revenue for the thirteen weeks ended July 1, 2023. See Note 9 for disaggregated revenue disclosures.

Leases

Leases	3 Months Ended
	Jul. 01, 2023
Leases
Leases	​ ​ 3. Leases ​ We conduct all of our U.S. operations from leased facilities that include our support center, distribution centers, manufacturing facilities, and 97 store locations. The support center, distribution centers, manufacturing facilities, and stores are leased under operating leases that generally expire over the next 1 to 15 years. We also lease computer hardware under operating leases that generally expire over the next few years. In most cases, management expects that in the normal course of business, leases will be renewed or replaced by other leases. The Company also has finance leases at our Elfa segment which are immaterial. ​ Lease expense on operating leases is recorded on a straight-line basis over the term of the lease, commencing on the date the Company takes possession of the leased property and is recorded in selling, general and administrative expenses (“SG&A”). ​ We consider lease payments that cannot be predicted with reasonable certainty upon lease commencement to be variable lease payments, which are recorded as incurred each period and are excluded from our calculation of lease liabilities. Our variable lease payments include lease payments that are based on a percentage of sales. Upon lease commencement, we recognize the lease liability measured at the present value of the fixed future minimum lease payments. We have elected the practical expedient to not separate lease and non-lease components. Therefore, lease payments included in the measurement of the lease liability include all fixed payments in the lease arrangement. We record a right-of-use asset for an amount equal to the lease liability, increased for any prepaid lease costs and initial direct costs and reduced by any lease incentives. We remeasure the lease liability and right-of-use asset when a change to our future minimum lease payments occurs. Key assumptions and judgments included in the determination of the lease liability include the discount rate applied to present value of the future lease payments and the exercise of renewal options. ​ Many of our leases contain renewal options. The option periods are generally not included in the lease term used to measure our lease liabilities and right-of-use assets upon commencement as exercise of the options is not reasonably certain. We remeasure the lease liability and right-of-use asset when we are reasonably certain to exercise a renewal option. ​ Discount Rate ​ Our leases do not provide information about the rate implicit in the lease. Therefore, we utilize an incremental borrowing rate to calculate the present value of our future lease obligations. The incremental borrowing rate represents the rate of interest we would have to pay on a collateralized borrowing, for an amount equal to the lease payments, over a similar term and in a similar economic environment. ​ The components of lease costs for the thirteen weeks ended July 1, 2023 and July 2, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ ​ July 1, 2023 ​ ​ July 2, 2022 Operating lease costs ​ $ 23,284 ​ $ 22,304 Variable lease costs ​ 163 ​ 369 Total lease costs ​ $ 23,447 ​ $ 22,673 ​ We do not have sublease income and do not recognize lease assets or liabilities for short-term leases, defined as operating leases with initial terms of less than 12 months. Our short-term lease costs were not material for the thirteen weeks ended July 1, 2023 and July 2, 2022. ​ Weighted average remaining operating lease term and incremental borrowing rate as of July 1, 2023 and July 2, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ July 1, 2023 ​ July 2, 2022 ​ Weighted average remaining lease term (years) ​ 6.5 ​ 6.9 ​ Weighted average incremental borrowing rate ​ 10.2 % 10.7 % ​ As of July 1, 2023, future minimum lease payments under our operating lease liabilities were as follows: ​ ​ ​ ​ ​ ​ Operating leases (1) Within 1 year (remaining) ​ $ 71,509 2 years ​ 89,827 3 years ​ 81,722 4 years ​ 71,587 5 years ​ 59,737 Thereafter ​ 147,301 Total lease payments ​ $ 521,683 Less amount representing interest ​ ​ 140,842 Total lease liability ​ $ 380,841 Less current lease liability ​ ​ 59,996 Total noncurrent lease liability ​ $ 320,845 (1) Operating lease payments exclude approximately $49,719 of legally binding minimum lease payments for six leases signed but not yet commenced. ​

Net (loss) income per common sh

Net (loss) income per common share	3 Months Ended
	Jul. 01, 2023
Net (loss) income per common share
Net (loss) income per common share	4. Net (loss) income per common share ​ Basic net (loss) income per common share is computed as net (loss) income divided by the weighted-average number of common shares for the period. Net (loss) income per common share - diluted is computed as net (loss) income divided by the weighted-average number of common shares for the period plus common stock equivalents consisting of shares subject to stock-based awards with exercise prices less than or equal to the average market price of the Company’s common stock for the period, to the extent their inclusion would be dilutive. Potentially dilutive securities are excluded from the computation of net (loss) income per common share - diluted if their effect is anti-dilutive. ​ The following is a reconciliation of net (loss) income and the number of shares used in the basic and diluted net (loss) income per common share calculations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ ​ July 1, ​ July 2, ​ ​ 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (11,837) ​ $ 10,479 ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares — basic ​ 49,252,869 ​ 49,719,559 ​ ​ Nonvested restricted stock awards and other dilutive securities ​ ​ — ​ ​ 593,296 ​ ​ Weighted-average common shares — diluted ​ ​ 49,252,869 ​ ​ 50,312,855 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income per common share — basic ​ $ (0.24) ​ $ 0.21 ​ ​ Net (loss) income per common share — diluted ​ $ (0.24) ​ $ 0.21 ​ ​ Antidilutive securities not included: ​ ​ ​ ​ ​ ​ ​ ​ Stock options outstanding ​ ​ 1,711,246 ​ 1,541,235 ​ ​ Nonvested restricted stock awards ​ ​ 613,394 ​ ​ 252,582 ​ ​ ​

Income taxes

Income taxes	3 Months Ended
	Jul. 01, 2023
Income taxes
Income taxes	5. Income taxes ​ The benefit for income taxes in the thirteen weeks ended July 1, 2023 was $3,586 as compared to a provision for income taxes of $4,233 in the thirteen weeks ended July 2, 2022. The effective tax rate for the thirteen weeks ended July 1, 2023 was 23.3%, as compared to 28.8% in the thirteen weeks ended July 2, 2022. During the thirteen weeks ended July 1, 2023 and July 2, 2022 , the effective tax rate rose above the U.S. statutory rate of 21% , primarily due to U.S. state income taxes, and the impact of the provision. ​ ​

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Jul. 01, 2023
Commitments and contingencies
Commitments and contingencies	6. Commitments and contingencies ​ In connection with insurance policies and other contracts, the Company has outstanding standby letters of credit totaling $3,905 as of July 1, 2023. ​ The Company is subject to ordinary litigation and routine reviews by regulatory bodies that are incidental to its business, none of which is expected to have a material adverse effect on the Company’s consolidated financial statements on an individual basis or in the aggregate. ​

Accumulated other comprehensive

Accumulated other comprehensive loss	3 Months Ended
	Jul. 01, 2023
Accumulated other comprehensive loss
Accumulated other comprehensive loss	7. Accumulated other comprehensive loss ​ Accumulated other comprehensive loss (“AOCL”) consists of changes in our foreign currency forward contracts, pension liability adjustment, and foreign currency translation. The components of AOCL, net of tax, are shown below for the thirteen weeks ended July 1, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension ​ Foreign ​ ​ ​ ​ ​ liability ​ currency ​ ​ ​ ​ adjustment translation Total Balance at April 1, 2023 ​ $ (1,117) ​ $ (31,392) ​ $ (32,509) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications, net of tax ​ ​ 59 ​ ​ (1,663) ​ ​ (1,604) Amounts reclassified to earnings, net of tax ​ ​ — ​ ​ — ​ ​ — Net current period other comprehensive income (loss) ​ 59 ​ (1,663) ​ (1,604) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2023 ​ $ (1,058) ​ $ (33,055) ​ $ (34,113) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair value measurements

Fair value measurements	3 Months Ended
	Jul. 01, 2023
Fair value measurements
Fair value measurements	8. Fair value measurements ​ Under GAAP, the Company is required to a) measure certain assets and liabilities at fair value and b) disclose the fair values of certain assets and liabilities recorded at cost. Accounting standards define fair value as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. Fair value is calculated assuming the transaction occurs in the principal or most advantageous market for the asset or liability and includes consideration of non-performance risk and credit risk of both parties. Accounting standards pertaining to fair value establish a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value. These tiers include: ​ ● Level 1—Valuation inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. ​ ● Level 2—Valuation inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ​ ● Level 3—Valuation inputs are unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are determined using model-based techniques that include option pricing models, discounted cash flow models and similar techniques. ​ As of July 1, 2023, April 1, 2023 and July 2, 2022, the Company held certain items that are required to be measured at fair value on a recurring basis. These items are included in the ​ The following items are measured at fair value on a recurring basis, subject to the requirements of ASC 820, Fair Value Measurements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ April 1, ​ July 2, ​ Description ​ Balance Sheet Location 2023 2023 2022 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonqualified retirement plan N/A Other current assets ​ $ 4,012 ​ $ 3,743 ​ $ 3,847 ​ Total assets ​ ​ ​ ​ ​ $ 4,012 ​ $ 3,743 ​ $ 3,847 ​ ​ The fair value of long-term debt was estimated using quoted prices as well as recent transactions for similar types of borrowing arrangements (Level 2 valuations). As of July 1, 2023, April 1, 2023 and July 2, 2022, the estimated fair value of the Company’s long-term debt, including current maturities, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ April 1, ​ July 2, ​ ​ 2023 2023 2022 Senior secured term loan facility ​ $ 152,625 ​ $ 153,915 ​ $ 153,640 ​ 2019 Elfa revolving facilities ​ ​ — ​ ​ 2,423 ​ ​ 11,541 ​ Obligations under finance leases ​ ​ 117 ​ ​ 136 ​ ​ 135 ​ Revolving credit facility ​ 25,000 ​ 5,000 ​ 15,000 ​ Total fair value of debt ​ $ 177,742 ​ $ 161,474 ​ $ 180,316 ​ ​

Segment reporting

Segment reporting	3 Months Ended
	Jul. 01, 2023
Segment reporting
Segment reporting	9. Segment reporting ​ The Company’s reportable segments were determined on the same basis as how management evaluates performance internally by the Chief Operating Decision Maker (“CODM”). The Company has determined that the Chief Executive Officer is the CODM and the Company’s two reportable segments consist of TCS and Elfa. The TCS segment includes the Company’s retail stores, website and call center, as well as in-home services. We operate the C Studio manufacturing facility in Elmhurst, Illinois, which designs and manufactures the Company’s premium wood-based custom space product offering. We determined that TCS and C Studio have similar economic characteristics and meet the aggregation criteria set forth in ASC 280, Segment Reporting ​ The Elfa segment includes the manufacturing business that produces elfa ® brand products that are sold domestically exclusively through the TCS segment, as well as on a wholesale basis in approximately 30 countries around the world, with a concentration in the Nordic region of Europe. The intersegment sales in the Elfa column represent elfa ® product sales to the TCS segment. These sales and the related gross margin on merchandise recorded in TCS inventory balances at the end of the period are eliminated for consolidation purposes in the Eliminations column. The net sales to third parties in the Elfa column represent sales to customers outside of the United States. ​ The Company has determined that adjusted earnings before interest, tax, depreciation, and amortization (“Adjusted EBITDA”) is the profit or loss measure that the CODM uses to make resource allocation decisions and evaluate segment performance. ​ Adjusted EBITDA assists management in comparing our performance on a consistent basis for purposes of business decision-making by removing the impact of certain items that management believes do not directly reflect our core operations and, therefore, are not included in measuring segment performance. Adjusted EBITDA is calculated in accordance with the Senior Secured Term Loan Facility and the Revolving Credit Facility and we define Adjusted EBITDA as net (loss) income before interest, taxes, depreciation and amortization, certain non-cash items, and other adjustments that we do not consider in our evaluation of ongoing operating performance from period to period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended July 1, 2023 TCS Elfa Eliminations Total Net sales to third parties ​ $ 195,127 ​ $ 11,985 ​ $ — ​ $ 207,112 Intersegment sales ​ — ​ 12,552 ​ (12,552) ​ — Adjusted EBITDA ​ 774 ​ 1,953 ​ 192 ​ 2,919 Interest expense, net ​ ​ 4,885 ​ ​ 82 ​ ​ — ​ ​ 4,967 Assets (1) ​ ​ 899,462 ​ ​ 96,987 ​ ​ (8,493) ​ ​ 987,956 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended July 2, 2022 TCS Elfa Eliminations Total Net sales to third parties ​ $ 246,771 ​ $ 15,863 ​ $ — ​ $ 262,634 Intersegment sales ​ ​ — ​ ​ 11,720 ​ ​ (11,720) ​ ​ — Adjusted EBITDA ​ ​ 25,097 ​ ​ 3,251 ​ ​ (160) ​ ​ 28,188 Interest expense, net ​ ​ 3,135 ​ ​ 88 ​ ​ — ​ ​ 3,223 Assets (1) ​ ​ 1,126,112 ​ ​ 102,138 ​ ​ (3,811) ​ ​ 1,224,439 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Tangible assets in the Elfa column are located outside of the United States. ​ A reconciliation of income before taxes to Adjusted EBITDA is set forth below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ July 1, July 2, ​ ​ ​ 2023 ​ ​ 2022 ​ (Loss) income before taxes ​ $ (15,423) ​ $ 14,712 ​ Add: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 10,512 ​ 9,006 ​ Interest expense, net ​ 4,967 ​ 3,223 ​ Pre-opening costs (a) ​ 185 ​ 36 ​ Non-cash lease expense (b) ​ (174) ​ 34 ​ Stock-based compensation (c) ​ 474 ​ 1,201 ​ Foreign exchange gains (d) ​ (75) ​ (24) ​ Severance charges (e) ​ ​ 2,453 ​ ​ — ​ Adjusted EBITDA ​ $ 2,919 ​ $ 28,188 ​ ​ (a) Non-capital expenditures associated with opening new stores and relocating stores, including marketing expenses, travel and relocation costs, and training costs. We adjust for these costs to facilitate comparisons of our performance from period to period. ​ (b) Reflects the extent to which our annual GAAP operating lease expense has been above or below our cash operating lease payments. The amount varies depending on the average age of our lease portfolio (weighted for size), as our GAAP operating lease expense on younger leases typically exceeds our cash operating lease payments, while our GAAP operating lease expense on older leases is typically less than our cash operating lease payments. ​ (c) Non-cash charges related to stock-based compensation programs, which vary from period to period depending on volume and vesting timing of awards. We adjust for these charges to facilitate comparisons from period to period. ​ (d) Realized foreign exchange transactional gains/losses our management does not consider in our evaluation of our ongoing operations. ​ (e) TCS segment severance charges associated with the elimination of certain positions recorded in other expenses in the first quarter of fiscal 2023, which we do not consider in our evaluation of ongoing performance.

Stock-based compensation

Stock-based compensation	3 Months Ended
	Jul. 01, 2023
Stock-based compensation
Stock-based compensation	10. Stock-based compensation ​ On June 1, 2023, the Company granted time-based and performance-based restricted stock awards under the Company’s Amended and Restated 2013 Incentive Award Plan to certain officers and employees of the Company. The total number of restricted shares granted was 1,586,596 with a grant-date fair value of $2.48 per share. The time-based restricted stock awards will vest over 3 years . The performance-based restricted stock awards vest based on achievement of fiscal 2023 performance targets and are also subject to time-based vesting requirements over 3 years . ​

Detail of certain balance she_2

Detail of certain balance sheet accounts (Tables)	3 Months Ended
	Jul. 01, 2023
Detail of certain balance sheet accounts
Schedule of detail of certain balance sheet accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ April 1, ​ July 2, ​ 2023 2023 2022 Accounts receivable, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ Trade receivables, net ​ $ 12,727 ​ $ 16,911 ​ $ 17,992 Credit card receivables ​ 7,351 ​ 7,523 ​ 10,541 Other receivables ​ 1,792 ​ 1,436 ​ 1,933 ​ ​ $ 21,870 ​ $ 25,870 ​ $ 30,466 Inventory: ​ ​ ​ ​ ​ ​ ​ ​ ​ Finished goods ​ $ 160,198 ​ $ 160,108 ​ $ 182,523 Raw materials ​ 9,024 ​ 9,289 ​ 6,902 Work in progress ​ 1,290 ​ 1,240 ​ 1,327 ​ ​ $ 170,512 ​ $ 170,637 ​ $ 190,752 Accrued liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued payroll, benefits and bonuses ​ $ 18,907 ​ $ 24,224 ​ $ 21,795 Unearned revenue ​ ​ 17,036 ​ ​ 15,700 ​ ​ 24,747 Accrued transaction and property tax ​ ​ 11,789 ​ ​ 14,072 ​ ​ 14,306 Gift cards and store credits outstanding ​ ​ 12,978 ​ ​ 13,002 ​ ​ 12,441 Accrued sales returns ​ ​ 2,999 ​ ​ 3,366 ​ ​ 4,170 Accrued interest ​ ​ 245 ​ ​ 189 ​ ​ 188 Other accrued liabilities ​ ​ 4,264 ​ ​ 4,120 ​ ​ 4,096 ​ ​ $ 68,218 ​ $ 74,673 ​ $ 81,743

Leases (Tables)

Leases (Tables)	3 Months Ended
	Jul. 01, 2023
Leases
Schedule of components of lease costs	The components of lease costs for the thirteen weeks ended July 1, 2023 and July 2, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ ​ July 1, 2023 ​ ​ July 2, 2022 Operating lease costs ​ $ 23,284 ​ $ 22,304 Variable lease costs ​ 163 ​ 369 Total lease costs ​ $ 23,447 ​ $ 22,673
Schedule of weighted average remaining operating lease term and incremental borrowing rate	Weighted average remaining operating lease term and incremental borrowing rate as of July 1, 2023 and July 2, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ July 1, 2023 ​ July 2, 2022 ​ Weighted average remaining lease term (years) ​ 6.5 ​ 6.9 ​ Weighted average incremental borrowing rate ​ 10.2 % 10.7 %
Schedule of future minimum lease payments under our operating lease liabilities	​ ​ ​ ​ ​ ​ Operating leases (1) Within 1 year (remaining) ​ $ 71,509 2 years ​ 89,827 3 years ​ 81,722 4 years ​ 71,587 5 years ​ 59,737 Thereafter ​ 147,301 Total lease payments ​ $ 521,683 Less amount representing interest ​ ​ 140,842 Total lease liability ​ $ 380,841 Less current lease liability ​ ​ 59,996 Total noncurrent lease liability ​ $ 320,845 (1) Operating lease payments exclude approximately $49,719 of legally binding minimum lease payments for six leases signed but not yet commenced.

Net (loss) income per common _2

Net (loss) income per common share (Tables)	3 Months Ended
	Jul. 01, 2023
Net (loss) income per common share
Schedule of reconciliation of net (loss) income and the number of shares used in the basic and diluted net income per common share calculations:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ ​ ​ July 1, ​ July 2, ​ ​ 2023 2022 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income ​ $ (11,837) ​ $ 10,479 ​ ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average common shares — basic ​ 49,252,869 ​ 49,719,559 ​ ​ Nonvested restricted stock awards and other dilutive securities ​ ​ — ​ ​ 593,296 ​ ​ Weighted-average common shares — diluted ​ ​ 49,252,869 ​ ​ 50,312,855 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net (loss) income per common share — basic ​ $ (0.24) ​ $ 0.21 ​ ​ Net (loss) income per common share — diluted ​ $ (0.24) ​ $ 0.21 ​ ​ Antidilutive securities not included: ​ ​ ​ ​ ​ ​ ​ ​ Stock options outstanding ​ ​ 1,711,246 ​ 1,541,235 ​ ​ Nonvested restricted stock awards ​ ​ 613,394 ​ ​ 252,582 ​ ​

Accumulated other comprehensi_2

Accumulated other comprehensive loss (Tables)	3 Months Ended
	Jul. 01, 2023
Accumulated other comprehensive loss
Schedule of components of AOCL, net of tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension ​ Foreign ​ ​ ​ ​ ​ liability ​ currency ​ ​ ​ ​ adjustment translation Total Balance at April 1, 2023 ​ $ (1,117) ​ $ (31,392) ​ $ (32,509) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) before reclassifications, net of tax ​ ​ 59 ​ ​ (1,663) ​ ​ (1,604) Amounts reclassified to earnings, net of tax ​ ​ — ​ ​ — ​ ​ — Net current period other comprehensive income (loss) ​ 59 ​ (1,663) ​ (1,604) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at July 1, 2023 ​ $ (1,058) ​ $ (33,055) ​ $ (34,113) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Fair value measurements (Tables

Fair value measurements (Tables)	3 Months Ended
	Jul. 01, 2023
Fair value measurements
Schedule of items measured at fair value on a recurring basis, subject to the disclosure requirements of ASC 820	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ April 1, ​ July 2, ​ Description ​ Balance Sheet Location 2023 2023 2022 Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonqualified retirement plan N/A Other current assets ​ $ 4,012 ​ $ 3,743 ​ $ 3,847 ​ Total assets ​ ​ ​ ​ ​ $ 4,012 ​ $ 3,743 ​ $ 3,847 ​
Schedule of estimated fair values of the Company's long-term debt, including current maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, ​ April 1, ​ July 2, ​ ​ 2023 2023 2022 Senior secured term loan facility ​ $ 152,625 ​ $ 153,915 ​ $ 153,640 ​ 2019 Elfa revolving facilities ​ ​ — ​ ​ 2,423 ​ ​ 11,541 ​ Obligations under finance leases ​ ​ 117 ​ ​ 136 ​ ​ 135 ​ Revolving credit facility ​ 25,000 ​ 5,000 ​ 15,000 ​ Total fair value of debt ​ $ 177,742 ​ $ 161,474 ​ $ 180,316 ​

Segment reporting (Tables)

Segment reporting (Tables)	3 Months Ended
	Jul. 01, 2023
Segment reporting
Schedule of segment reporting	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended July 1, 2023 TCS Elfa Eliminations Total Net sales to third parties ​ $ 195,127 ​ $ 11,985 ​ $ — ​ $ 207,112 Intersegment sales ​ — ​ 12,552 ​ (12,552) ​ — Adjusted EBITDA ​ 774 ​ 1,953 ​ 192 ​ 2,919 Interest expense, net ​ ​ 4,885 ​ ​ 82 ​ ​ — ​ ​ 4,967 Assets (1) ​ ​ 899,462 ​ ​ 96,987 ​ ​ (8,493) ​ ​ 987,956 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended July 2, 2022 TCS Elfa Eliminations Total Net sales to third parties ​ $ 246,771 ​ $ 15,863 ​ $ — ​ $ 262,634 Intersegment sales ​ ​ — ​ ​ 11,720 ​ ​ (11,720) ​ ​ — Adjusted EBITDA ​ ​ 25,097 ​ ​ 3,251 ​ ​ (160) ​ ​ 28,188 Interest expense, net ​ ​ 3,135 ​ ​ 88 ​ ​ — ​ ​ 3,223 Assets (1) ​ ​ 1,126,112 ​ ​ 102,138 ​ ​ (3,811) ​ ​ 1,224,439 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Tangible assets in the Elfa column are located outside of the United States.

Description of business and b_2

Description of business and basis of presentation - Fiscal year (Details) - segment	3 Months Ended	12 Months Ended
	Jul. 01, 2023	Mar. 30, 2024	Apr. 01, 2023
Fiscal year
Length of fiscal year		364 days	364 days
Number of Reportable Segments	2

Description of business and b_3

Description of business and basis of presentation (Details)	Jul. 01, 2023 ft² store state	Apr. 03, 2021
Description of business and basis of presentation
Number of stores | store	97
Average size of stores (in square feet)	24,000
Average selling square feet in stores (in square feet)	18,000
Number of states | state	34
LGP | Maximum
Description of business and basis of presentation
Ownership percentage		50%

Detail of certain balance she_3

Detail of certain balance sheet accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022
Detail of certain balance sheet accounts
Revenue recognized included in unearned revenue	$ 11,928
Revenue recognized included in Gift cards and store credits outstanding	1,764
Accounts receivable, net:
Trade receivables, net	12,727	$ 16,911	$ 17,992
Credit card receivables	7,351	7,523	10,541
Other receivables	1,792	1,436	1,933
Accounts receivable, net	21,870	25,870	30,466
Inventory:
Finished goods	160,198	160,108	182,523
Raw materials	9,024	9,289	6,902
Work in progress	1,290	1,240	1,327
Inventory	170,512	170,637	190,752
Property and equipment, net
Property and equipment, net	157,747	158,702	144,175
Accrued Liabilities:
Accrued payroll, benefits and bonuses	18,907	24,224	21,795
Unearned revenue	17,036	15,700	24,747
Accrued transaction and property tax	11,789	14,072	14,306
Gift cards and store credits outstanding	12,978	13,002	12,441
Accrued sales returns	2,999	3,366	4,170
Accrued interest	245	189	188
Other accrued liabilities	4,264	4,120	4,096
Accrued liabilities	$ 68,218	$ 74,673	$ 81,743

Leases (Details)

Leases (Details)	Jul. 01, 2023 store
Leases
Number of store locations	97
Minimum
Leases
Expiration term	1 year
Maximum
Leases
Expiration term	15 years

Leases - Components of lease co

Leases - Components of lease costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jul. 01, 2023	Apr. 01, 2023
Lease costs
Operating lease costs	$ 23,284	$ 22,304
Variable lease costs	163	369
Total lease costs	$ 23,447	$ 22,673

Leases - Weighted average remai

Leases - Weighted average remaining operating lease term and incremental borrowing rate (Details)	Jul. 01, 2023	Apr. 01, 2023
Leases
Weighted average remaining lease term (years)	6 years 6 months	6 years 10 months 24 days
Weighted average incremental borrowing rate	10.20%	10.70%

Leases - Future minimum lease p

Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022
Operating leases
Within 1 year (remaining)	$ 71,509
2 years	89,827
3 years	81,722
4 years	71,587
5 years	59,737
Thereafter	147,301
Total lease payments	521,683
Less amount representing interest	140,842
Total lease liability	380,841
Current operating lease liabilities	59,996	$ 57,201	$ 54,605
Total non-current lease liability	320,845	$ 314,100	$ 332,800
Amount of minimum lease payments for leases signed but not yet commenced	$ 49,719

Net (loss) income per common _3

Net (loss) income per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Numerator:
Net (loss) income	$ (11,837)	$ 10,479
Denominator:
Weighted-average common shares - diluted	49,252,869	50,312,855
Nonvested restricted stock awards and other dilutive securities		593,296
Weighted-average common shares - basic	49,252,869	49,719,559
Net (loss) income per common share - basic	$ (0.24)	$ 0.21
Net (loss) income per common share - diluted	$ (0.24)	$ 0.21
Employee Stock Option [Member]
Antidilutive securities not included:
Antidilutive securities	1,711,246	1,541,235
Nonvested restricted stock awards
Antidilutive securities not included:
Antidilutive securities	613,394	252,582

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		15 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023
Income taxes
(Benefit) provision for income taxes	$ (3,586)	$ 4,233
Effective income tax rate (as a percent)	23.30%	28.80%
U.S. federal corporate tax rate	21%		21%

Commitments and contingencies (

Commitments and contingencies (Details) $ in Thousands	Jul. 01, 2023 USD ($)
Standby letters of credit
Commitments and contingencies
Amount outstanding	$ 3,905

Accumulated other comprehensi_3

Accumulated other comprehensive loss (Details) $ in Thousands	3 Months Ended
	Jul. 01, 2023 USD ($)
Rollforward of the amounts included in AOCI, net of taxes
Balance beginning of period	$ (32,509)
Other comprehensive income (loss) before reclassifications, net of tax	(1,604)
Net current period other comprehensive (loss) income	(1,604)
Balance end of period	(34,113)
Minimum pension liability
Rollforward of the amounts included in AOCI, net of taxes
Balance beginning of period	(1,117)
Other comprehensive income (loss) before reclassifications, net of tax	59
Net current period other comprehensive (loss) income	59
Balance end of period	(1,058)
Foreign currency translation
Rollforward of the amounts included in AOCI, net of taxes
Balance beginning of period	(31,392)
Other comprehensive income (loss) before reclassifications, net of tax	(1,663)
Net current period other comprehensive (loss) income	(1,663)
Balance end of period	$ (33,055)

Fair value measurements (Detail

Fair value measurements (Details) - Recurring - USD ($) $ in Thousands	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022
Assets
Total assets	$ 4,012	$ 3,743	$ 3,847
Other current assets
Assets
Nonqualified retirement plan	$ 4,012	$ 3,743	$ 3,847

Fair value measurements - Estim

Fair value measurements - Estimated fair value of long-term debt, including current maturities (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022
Fair value measurements
Total fair value of debt	$ 177,742	$ 161,474	$ 180,316
The 2019 Elfa Revolving Credit Facility
Fair value measurements
Total fair value of debt		2,423	11,541
Revolving credit facility
Fair value measurements
Total fair value of debt	25,000	5,000	15,000
Senior secured term loan facility
Fair value measurements
Total fair value of debt	152,625	153,915	153,640
Obligations under finance leases
Fair value measurements
Total fair value of debt	$ 117	$ 136	$ 135

Segment reporting - (Details)

Segment reporting - (Details) $ in Thousands	3 Months Ended
	Jul. 01, 2023 USD ($) segment country	Jul. 02, 2022 USD ($)	Apr. 01, 2023 USD ($)
Segment reporting
Number of reportable segments | segment	2
Segment reporting
Net sales to third party	$ 207,112	$ 262,634
Adjusted EBITDA	2,919	28,188
Depreciation and amortization	(10,512)	(9,006)
Interest expense, net	4,967	3,223
Capital expenditures	8,898	17,620
Goodwill	23,447	221,159	$ 23,447
Trade names	219,894	221,633	221,278
Assets	$ 987,956	1,224,439	$ 985,174
Elfa
Segment reporting
Number of countries in which products are sold on wholesale basis | country	30
Operating segments | TCS
Segment reporting
Net sales to third party	$ 195,127	246,771
Adjusted EBITDA	774	25,097
Interest expense, net	4,885	3,135
Assets	899,462	1,126,112
Operating segments | Elfa
Segment reporting
Net sales to third party	11,985	15,863
Adjusted EBITDA	1,953	3,251
Interest expense, net	82	88
Assets	96,987	102,138
lntersegment
Segment reporting
Net sales to third party	(12,552)	(11,720)
Adjusted EBITDA	192	(160)
Assets	(8,493)	(3,811)
lntersegment | Elfa
Segment reporting
Net sales to third party	$ 12,552	$ 11,720

Segment reporting - Reconciliat

Segment reporting - Reconciliation of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Segment reporting
(Loss) income before taxes	$ (15,423)	$ 14,712
Depreciation and amortization	10,512	9,006
Interest expense, net	4,967	3,223
Pre-opening costs	185	36
Non-cash lease expense	(174)	34
Stock-based compensation	474	1,201
Foreign exchange (gains)	(75)	(24)
Elfa severance charges	2,453
Total Adjusted EBITDA	$ 2,919	$ 28,188

Stock-based compensation - Rest

Stock-based compensation - Restricted Stock Awards (Details) - Amended and Restated 2013 Incentive Award Plan	Jun. 01, 2023 $ / shares shares
Market-Based Share Awards
Awards granted (in shares) | shares	1,586,596
Grant-date fair value (in dollars per share) | $ / shares	$ 2.48
Time-based restricted shares granted on June 1, 2023
Market-Based Share Awards
Vesting period	3 years
Performance-based restricted shares granted on June 1, 2023
Market-Based Share Awards
Vesting period	3 years

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (11,837)	$ 10,479

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false