| ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Large accelerated filer | ¨ | x | |||||||||
| Non-accelerated filer | ¨ | Smaller reporting company | |||||||||
| Emerging growth company | |||||||||||
| Page | |||||
| (in thousands) | Square Feet | ||||
Retail stores | 9,945 | ||||
Offsite processing facilities | 473 | ||||
Wholesale warehouses | 245 | ||||
Logistics warehouses | 240 | ||||
Corporate offices | 27 | ||||
Total | 10,930 | ||||
| Alaska | 4 | Massachusetts | 14 | Ohio | 3 | ||||||||||||
| Arkansas | 1 | Maryland | 13 | Oregon | 1 | ||||||||||||
| Arizona | 8 | Minnesota | 10 | Pennsylvania | 4 | ||||||||||||
| California | 22 | Missouri | 6 | Rhode Island | 4 | ||||||||||||
| Connecticut | 4 | North Dakota | 1 | South Dakota | 1 | ||||||||||||
Georgia | 4 | New Hampshire | 3 | Texas | 3 | ||||||||||||
| Hawaii | 2 | New Jersey | 5 | Utah | 8 | ||||||||||||
| Idaho | 2 | New Mexico | 5 | Virginia | 6 | ||||||||||||
| Illinois | 10 | Nevada | 7 | Washington | 14 | ||||||||||||
| Kansas | 3 | New York | 10 | Wisconsin | 1 | ||||||||||||
| Alberta | 21 | ||||
| British Columbia | 24 | ||||
| Manitoba | 7 | ||||
| New Brunswick | 3 | ||||
| Newfoundland | 1 | ||||
| Nova Scotia | 7 | ||||
| Ontario | 77 | ||||
| Prince Edward Island | 1 | ||||
| Quebec | 24 | ||||
| Saskatchewan | 5 | ||||
Period | Total Number of Shares Purchased (#) | Average Price Paid Per Share ($) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)(b) (#) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Publicly Announced Plans (a)(b) ($) | ||||||||||||||||||||||
| September 28, 2025 to October 25, 2025 | — | — | — | 2,786 | ||||||||||||||||||||||
| October 26, 2025 to November 22, 2025 | 501,000 | 8.21 | 501,000 | 47,289 | ||||||||||||||||||||||
| November 23, 2025 to January 3, 2026 | 610,916 | 9.20 | 610,916 | 41,669 | ||||||||||||||||||||||
| Total | 1,111,916 | 8.75 | 1,111,916 | |||||||||||||||||||||||

| 6/29/2023 | 12/29/2023 | 6/28/2024 | 12/27/2024 | 6/27/2025 | 1/2/2026 | ||||||||||||||||||||||||||||||
| Savers Value Village, Inc. | $ | 100 | $ | 76 | $ | 53 | $ | 45 | $ | 45 | $ | 41 | |||||||||||||||||||||||
S&P 500 Index | $ | 100 | $ | 109 | $ | 126 | $ | 139 | $ | 144 | $ | 162 | |||||||||||||||||||||||
| S&P 500 Retail Select Industry Index | $ | 100 | $ | 115 | $ | 120 | $ | 131 | $ | 126 | $ | 141 | |||||||||||||||||||||||
| Fiscal Year | |||||||||||
| 2025 | 2024 | ||||||||||
Comparable Store Sales | |||||||||||
| U.S. | 6.6 | % | 2.7 | % | |||||||
| Canada | 2.0 | % | (4.0) | % | |||||||
Total(1) | 4.7 | % | (0.1) | % | |||||||
| Other Metrics | |||||||||||
Pounds processed (Ibs mm) | 1,111 | 1,012 | |||||||||
| OSDs and GreenDrop as a % of total pounds processed | 78.0 | % | 76.3 | % | |||||||
Sales yield | $ | 1.47 | $ | 1.46 | |||||||
| Cost of merchandise sold per pound processed | $ | 0.68 | $ | 0.66 | |||||||
| U.S. | Canada | Australia | Total | ||||||||||||||||||||
| December 28, 2024 | 172 | 165 | 14 | 351 | |||||||||||||||||||
| New stores | 14 | 8 | 4 | 26 | |||||||||||||||||||
| Closures | (7) | (3) | 0 | (10) | |||||||||||||||||||
| January 3, 2026 | 179 | 170 | 18 | 367 | |||||||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
2025 | 2024 | ||||||||||||||||||||||
(in thousands) | Amount | % of Sales | Amount | % of Sales | |||||||||||||||||||
| Net sales | $ | 1,678,954 | 100.0% | $ | 1,537,617 | 100.0% | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | 750,876 | 44.7 | 669,744 | 43.6 | |||||||||||||||||||
| Salaries, wages and benefits | 349,010 | 20.8 | 331,023 | 21.5 | |||||||||||||||||||
| Selling, general and administrative | 374,486 | 22.3 | 337,131 | 21.9 | |||||||||||||||||||
| Depreciation and amortization | 80,482 | 4.8 | 69,530 | 4.5 | |||||||||||||||||||
| Total operating expenses | 1,554,854 | 92.6 | 1,407,428 | 91.5 | |||||||||||||||||||
| Operating income | 124,100 | 7.4 | 130,189 | 8.5 | |||||||||||||||||||
| Other expense (income): | |||||||||||||||||||||||
| Interest expense, net | 61,964 | 3.8 | 62,444 | 4.1 | |||||||||||||||||||
| (Gain) loss on foreign currency, net | (11,032) | (0.7) | 14,294 | 0.9 | |||||||||||||||||||
| Loss on extinguishment of debt | 35,728 | 2.1 | 4,088 | 0.3 | |||||||||||||||||||
| Other expense (income), net | 235 | — | (71) | — | |||||||||||||||||||
| Other expense, net | 86,895 | 5.2 | 80,755 | 5.3 | |||||||||||||||||||
| Income before income taxes | 37,205 | 2.2 | 49,434 | 3.2 | |||||||||||||||||||
Income tax expense | 14,566 | 0.9 | 20,404 | 1.3 | |||||||||||||||||||
| Net income | $ | 22,639 | 1.3% | $ | 29,030 | 1.9% | |||||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Retail sales | $ | 1,601,595 | $ | 1,463,404 | $ | 138,191 | 9.4 | % | |||||||||||||||
| Wholesale sales | 77,359 | 74,213 | 3,146 | 4.2 | % | ||||||||||||||||||
| Total net sales | $ | 1,678,954 | $ | 1,537,617 | $ | 141,337 | 9.2 | % | |||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | $ | 750,876 | $ | 669,744 | $ | 81,132 | 12.1 | % | |||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Retail and wholesale | $ | 224,219 | $ | 201,455 | $ | 22,764 | 11.3 | % | |||||||||||||||
| Corporate | 124,791 | 129,568 | (4,777) | (3.7) | % | ||||||||||||||||||
| Total salaries, wages and benefits | $ | 349,010 | $ | 331,023 | $ | 17,987 | 5.4 | % | |||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Retail and wholesale | $ | 321,493 | $ | 286,086 | $ | 35,407 | 12.4 | % | |||||||||||||||
| Corporate | 52,993 | 51,045 | 1,948 | 3.8 | % | ||||||||||||||||||
| Total selling, general and administrative | $ | 374,486 | $ | 337,131 | $ | 37,355 | 11.1 | % | |||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Depreciation and amortization | $ | 80,482 | $ | 69,530 | $ | 10,952 | 15.8 | % | |||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Interest expense, net | $ | 62,532 | $ | 67,810 | $ | (5,278) | (7.8) | % | |||||||||||||||
| Amortization of debt issuance costs and debt discount | 4,768 | 5,611 | (843) | (15.0) | % | ||||||||||||||||||
| Gain on interest rate swaps | (5,336) | (10,977) | 5,641 | (51.4) | % | ||||||||||||||||||
| Total interest expense, net | $ | 61,964 | $ | 62,444 | $ | (480) | (0.8) | % | |||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| (Gain) loss on foreign currency remeasurement | $ | (14,215) | $ | 27,342 | $ | (41,557) | n/m | ||||||||||||||||
| Loss (gain) on derivative instruments | 3,183 | (13,048) | 16,231 | n/m | |||||||||||||||||||
| Total (gain) loss on foreign currency, net | $ | (11,032) | $ | 14,294 | $ | (25,326) | n/m | ||||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Loss on extinguishment of debt | $ | 35,728 | $ | 4,088 | $ | 31,640 | n/m | ||||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Other expense (income), net | $ | 235 | $ | (71) | $ | 306 | n/m | ||||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Income tax expense | $ | 14,566 | $ | 20,404 | $ | (5,838) | (28.6) | % | |||||||||||||||
| Effective tax rate | 39.2 | % | 41.3 | % | |||||||||||||||||||
| Fiscal Year | |||||||||||||||||||||||
| (in thousands) | 2025 | 2024 | $ Change | % Change | |||||||||||||||||||
| Net sales: | |||||||||||||||||||||||
| U.S. Retail | $ | 940,185 | $ | 832,581 | $ | 107,604 | 12.9 | % | |||||||||||||||
| Canada Retail | 608,093 | 586,971 | 21,122 | 3.6 | % | ||||||||||||||||||
| Total segment sales | $ | 1,548,278 | $ | 1,419,552 | $ | 128,726 | 9.1 | % | |||||||||||||||
| Segment profit: | |||||||||||||||||||||||
| U.S. Retail | $ | 195,415 | $ | 181,949 | $ | 13,466 | 7.4 | % | |||||||||||||||
| Canada Retail | $ | 153,540 | $ | 163,595 | $ | (10,055) | (6.1) | % | |||||||||||||||
| Fiscal Year | |||||||||||
| (in thousands, except per share amounts) | 2025 | 2024 | |||||||||
| Adjusted net income: | |||||||||||
Net income | $ | 22,639 | $ | 29,030 | |||||||
Loss on extinguishment of debt(1)(2) | 35,728 | 4,088 | |||||||||
IPO-related stock-based compensation expense(1)(3) | 25,496 | 54,981 | |||||||||
Transaction costs(1)(4) | 3,426 | 2,621 | |||||||||
Foreign currency exchange rate impacts(1)(5) | (9,812) | 14,294 | |||||||||
Executive transition costs(1)(6) | — | 689 | |||||||||
Other adjustments(1)(7) | 8,907 | 4,312 | |||||||||
Tax effect on adjustments(8) | (13,952) | (10,810) | |||||||||
Excess tax shortfall (benefit) from stock-based compensation | 223 | (2,321) | |||||||||
Adjusted net income | $ | 72,655 | $ | 96,884 | |||||||
| Adjusted net income per share, diluted: | |||||||||||
| Net income per share, diluted | $ | 0.14 | $ | 0.17 | |||||||
Loss on extinguishment of debt(1)(2) | 0.22 | 0.02 | |||||||||
IPO-related stock-based compensation expense(1)(3) | 0.16 | 0.33 | |||||||||
Transaction costs(1)(4) | 0.02 | 0.02 | |||||||||
Foreign currency exchange rate impacts(1)(5) | (0.06) | 0.09 | |||||||||
Executive transition costs(1)(6) | — | — | |||||||||
Other adjustments(1)(7) | 0.05 | 0.03 | |||||||||
Tax effect on adjustments(8) | (0.09) | (0.06) | |||||||||
| Excess tax shortfall (benefit) from stock-based compensation | — | (0.01) | |||||||||
Adjusted net income per share, diluted* | $ | 0.45 | $ | 0.58 | |||||||
| Fiscal Year | |||||||||||
| (dollars in thousands) | 2025 | 2024 | |||||||||
Net income | $ | 22,639 | $ | 29,030 | |||||||
| Interest expense, net | 61,964 | 62,444 | |||||||||
Income tax expense | 14,566 | 20,404 | |||||||||
| Depreciation and amortization | 80,482 | 69,530 | |||||||||
Loss on extinguishment of debt(1) | 35,728 | 4,088 | |||||||||
Stock-based compensation expense(2) | 38,602 | 61,636 | |||||||||
Lease intangible asset expense(3) | 3,316 | 3,531 | |||||||||
Executive transition costs(4) | — | 689 | |||||||||
Transaction costs(5) | 3,426 | 2,621 | |||||||||
Foreign currency exchange rate impacts(6) | (9,812) | 14,294 | |||||||||
Other adjustments(7) | 4,744 | 4,312 | |||||||||
Adjusted EBITDA | $ | 255,655 | $ | 272,579 | |||||||
| Net income margin | 1.3% | 1.9% | |||||||||
Adjusted EBITDA margin | 15.2% | 17.7% | |||||||||
| (dollars in thousands) | Net Sales | Benefit of 53rd Week | Impact of Foreign Currency | Constant-Currency Net Sales | $ Change Over Prior Year | % Change Over Prior Year | |||||||||||||||||||||||||||||
Fiscal 2025 | |||||||||||||||||||||||||||||||||||
| U.S. Retail | $ | 940,185 | $ | (17,552) | $ | — | $ | 922,633 | $ | 90,052 | 10.8 | % | |||||||||||||||||||||||
| Canada Retail | 608,093 | (9,150) | 12,287 | 611,230 | 24,259 | 4.1 | % | ||||||||||||||||||||||||||||
| Other | 130,676 | (2,221) | 1,412 | 129,867 | 11,802 | 10.0 | % | ||||||||||||||||||||||||||||
| Total net sales | $ | 1,678,954 | $ | (28,923) | $ | 13,699 | $ | 1,663,730 | $ | 126,113 | 8.2 | % | |||||||||||||||||||||||
Fiscal 2024 | |||||||||||||||||||||||||||||||||||
| U.S. Retail | $ | 832,581 | n/a | n/a | $ | 832,581 | n/a | n/a | |||||||||||||||||||||||||||
| Canada Retail | 586,971 | n/a | n/a | 586,971 | n/a | n/a | |||||||||||||||||||||||||||||
| Other | 118,065 | n/a | n/a | 118,065 | n/a | n/a | |||||||||||||||||||||||||||||
| Total net sales | $ | 1,537,617 | n/a | n/a | $ | 1,537,617 | n/a | n/a | |||||||||||||||||||||||||||
n/a - not applicable | ||
| Fiscal Year | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Net cash provided by operating activities | $ | 167,280 | $ | 134,276 | |||||||
| Net cash used in investing activities | (118,467) | (80,523) | |||||||||
| Net cash used in financing activities | (116,020) | (76,630) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 3,144 | (7,111) | |||||||||
| Net change in cash and cash equivalents | $ | (64,063) | $ | (29,988) | |||||||
| Consolidated Financial Statements | |||||


| Fiscal Year | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net sales | $ | $ | $ | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | |||||||||||||||||
| Salaries, wages and benefits | |||||||||||||||||
| Selling, general and administrative | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Total operating expenses | |||||||||||||||||
| Operating income | |||||||||||||||||
| Other expense (income): | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| (Gain) loss on foreign currency, net | ( | ( | |||||||||||||||
| Loss on extinguishment of debt | |||||||||||||||||
| Other expense (income), net | ( | ( | |||||||||||||||
| Other expense, net | |||||||||||||||||
| Income before income taxes | |||||||||||||||||
| Income tax expense (benefit) | ( | ||||||||||||||||
| Net income | |||||||||||||||||
| Other comprehensive income (loss), net of tax: | |||||||||||||||||
| Foreign currency translation adjustments | ( | ( | |||||||||||||||
| Cash flow hedges | ( | ( | ( | ||||||||||||||
| Other comprehensive loss | ( | ( | ( | ||||||||||||||
| Comprehensive income | $ | $ | $ | ||||||||||||||
| Net income per share, basic | $ | $ | $ | ||||||||||||||
| Net income per share, diluted | $ | $ | $ | ||||||||||||||
| Basic weighted average shares outstanding | |||||||||||||||||
| Diluted weighted average shares outstanding | |||||||||||||||||
| January 3, 2026 | December 28, 2024 | ||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Trade receivables, net | |||||||||||
| Inventories | |||||||||||
| Prepaid expenses and other current assets | |||||||||||
| Total current assets | |||||||||||
| Property and equipment, net | |||||||||||
| Right-of-use lease assets | |||||||||||
| Goodwill | |||||||||||
| Intangible assets, net | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| Current liabilities: | |||||||||||
| Accounts payable and accrued liabilities | $ | $ | |||||||||
| Accrued payroll and related taxes | |||||||||||
| Lease liabilities – current | |||||||||||
| Current portion of long-term debt | |||||||||||
| Total current liabilities | |||||||||||
| Long-term debt, net | |||||||||||
| Lease liabilities – non-current | |||||||||||
Other liabilities | |||||||||||
| Total liabilities | |||||||||||
Commitments and contingencies (see Note 16) | |||||||||||
| Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Accumulated deficit | ( | ( | |||||||||
| Accumulated other comprehensive income | |||||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
| Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income | Total | |||||||||||||||||||||||||||||||
| Shares | Amount | ||||||||||||||||||||||||||||||||||
| Balance at December 31, 2022 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Proceeds from initial public offering, net of underwriting fees and offering costs of $ | — | — | — | ||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| Stock issued under stock incentive plans, net | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
| Repurchase of common stock prior to initial public offering | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Dividends declared, $ | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Comprehensive income (loss) | — | — | — | ( | |||||||||||||||||||||||||||||||
| Balance at December 30, 2023 | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| Stock issued under stock incentive plans, net | — | — | — | ||||||||||||||||||||||||||||||||
| Repurchase of common stock, including excise tax | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Comprehensive income (loss) | — | — | — | ( | |||||||||||||||||||||||||||||||
| Balance at December 28, 2024 | ( | ||||||||||||||||||||||||||||||||||
| Stock-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
| Stock issued under stock incentive plans, net | — | — | — | ||||||||||||||||||||||||||||||||
| Repurchase of common stock, including excise tax | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||
| Comprehensive income (loss) | — | — | — | ( | |||||||||||||||||||||||||||||||
| Balance at January 3, 2026 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
| Fiscal Year | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net income | $ | $ | $ | ||||||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
| Stock-based compensation expense | |||||||||||||||||
| Amortization of debt issuance costs and debt discount | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Operating lease expense | |||||||||||||||||
| Deferred income taxes, net | ( | ( | |||||||||||||||
| Loss on extinguishment of debt | |||||||||||||||||
| Other items | ( | ( | |||||||||||||||
| Changes in operating assets and liabilities, net of acquisition: | |||||||||||||||||
| Trade receivables | ( | ( | |||||||||||||||
| Inventories | ( | ( | ( | ||||||||||||||
| Prepaid expenses and other assets | ( | ||||||||||||||||
| Accounts payable and accrued liabilities | ( | ( | |||||||||||||||
| Accrued payroll and related taxes | ( | ||||||||||||||||
| Operating lease liabilities | ( | ( | ( | ||||||||||||||
| Other liabilities | |||||||||||||||||
| Net cash provided by operating activities | |||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Purchases of property and equipment | ( | ( | ( | ||||||||||||||
| Settlement of derivative instruments, net | |||||||||||||||||
| Purchase of marketable securities | ( | ||||||||||||||||
| Proceeds from sale of marketable securities | |||||||||||||||||
Business acquisition, net of cash acquired | ( | ||||||||||||||||
| Purchase of trade name | ( | ||||||||||||||||
| Net cash used in investing activities | ( | ( | ( | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds from issuance of long-term debt, net | |||||||||||||||||
| Principal payments on long-term debt | ( | ( | ( | ||||||||||||||
| Payment of debt issuance costs | ( | ( | ( | ||||||||||||||
| Prepayment premium on extinguishment of debt | ( | ( | ( | ||||||||||||||
| Advances on revolving line of credit | |||||||||||||||||
| Repayments of revolving line of credit | ( | ||||||||||||||||
| Proceeds from stock option exercises | |||||||||||||||||
| Repurchase of common stock, including excise tax | ( | ( | ( | ||||||||||||||
| Shares withheld for taxes | ( | ( | ( | ||||||||||||||
| Principal payments on finance lease liabilities | ( | ( | ( | ||||||||||||||
| Settlement of derivative instrument, net | |||||||||||||||||
| Dividends paid | ( | ||||||||||||||||
Proceeds from initial public offering, net | |||||||||||||||||
| Payment of offering costs | ( | ||||||||||||||||
| Other | ( | ( | |||||||||||||||
| Net cash used in financing activities | ( | ( | ( | ||||||||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||||||||
| Net change in cash and cash equivalents | ( | ( | |||||||||||||||
| Cash and cash equivalents at beginning of period | |||||||||||||||||
| Cash and cash equivalents at end of period | $ | $ | $ | ||||||||||||||
| Supplemental disclosures of cash flow information: | |||||||||||||||||
| Interest paid on debt | $ | $ | $ | ||||||||||||||
| Supplemental disclosure of noncash investing and financing activities: | |||||||||||||||||
| Noncash capital expenditures | $ | $ | $ | ||||||||||||||
| Repurchase of common stock and excise tax not yet paid | $ | $ | $ | ||||||||||||||
| Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Retail sales | $ | $ | $ | ||||||||||||||
| Wholesale sales | |||||||||||||||||
| Total net sales | $ | $ | $ | ||||||||||||||
| (in thousands) | January 3, 2026 | December 28, 2024 | |||||||||
| Furniture, fixtures and equipment | $ | $ | |||||||||
| Leasehold improvements | |||||||||||
| Finance leases | |||||||||||
Construction in progress | |||||||||||
| Total property and equipment | |||||||||||
| Less: accumulated depreciation | |||||||||||
| Total property and equipment, net | $ | $ | |||||||||
| (in thousands) | U.S. Retail | Canada Retail | Total | ||||||||||||||
| Balance at December 30, 2023 | $ | $ | $ | ||||||||||||||
| Foreign currency translation effect | ( | ( | |||||||||||||||
| Business acquisition | |||||||||||||||||
| Balance at December 28, 2024 | |||||||||||||||||
| Foreign currency translation effect | |||||||||||||||||
| Balance at January 3, 2026 | $ | $ | $ | ||||||||||||||
| (in thousands) | January 3, 2026 | ||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
| Trade names and trademarks | $ | $ | — | $ | |||||||||||||
| Charity licensing agreements | ( | ||||||||||||||||
| Total | $ | $ | ( | $ | |||||||||||||
| (in thousands) | December 28, 2024 | ||||||||||||||||
| Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||
| Trade names and trademarks | $ | $ | — | $ | |||||||||||||
| Charity licensing agreements | ( | ||||||||||||||||
| Total | $ | $ | ( | $ | |||||||||||||
| (in thousands) | January 3, 2026 | December 28, 2024 | |||||||||
| 2025 Term Loan Facility | $ | $ | |||||||||
| Senior Secured Notes | |||||||||||
| 2021 Term Loan Facility | |||||||||||
| Total face value of debt | |||||||||||
| Less: current portion of long-term debt | |||||||||||
| Less: unamortized debt issuance costs and debt discount | |||||||||||
| Long-term debt, net | $ | $ | |||||||||
(in thousands) | |||||
| 2026 | $ | ||||
| 2027 | |||||
| 2028 | |||||
| 2029 | |||||
| 2030 | |||||
| Thereafter | |||||
Total | $ | ||||
| (in thousands) | Fair Value Hierarchy | Total | |||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | |||||||||||||||||||
| Interest rate swaps | |||||||||||||||||||||||
| Cross currency swaps | |||||||||||||||||||||||
Marketable securities (1) | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Interest rate swaps | $ | $ | $ | $ | |||||||||||||||||||
| Cross currency swaps | |||||||||||||||||||||||
| Forward contracts | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| (in thousands) | Fair Value Hierarchy | Total | |||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | |||||||||||||||||||
| Forward contracts | |||||||||||||||||||||||
| Total | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities: | |||||||||||||||||||||||
| Acquisition-related contingent consideration | $ | $ | $ | $ | |||||||||||||||||||
| (in thousands) | |||||
Balance at December 28, 2024 | $ | ||||
| ( | |||||
| Cash payment | ( | ||||
| Balance at January 3, 2026 | $ | ||||
| Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Operating lease costs | $ | $ | $ | ||||||||||||||
| Short-term and variable lease costs | |||||||||||||||||
| Sublease income | ( | ( | ( | ||||||||||||||
| Finance lease costs: | |||||||||||||||||
| Amortization of lease assets | |||||||||||||||||
| Interest on lease obligations | |||||||||||||||||
| Total lease costs, net | $ | $ | $ | ||||||||||||||
| (in thousands) | Operating Leases | Finance Leases | Total | ||||||||||||||
| 2026 | $ | $ | $ | ||||||||||||||
| 2027 | |||||||||||||||||
| 2028 | |||||||||||||||||
| 2029 | |||||||||||||||||
| 2030 | |||||||||||||||||
| Thereafter | |||||||||||||||||
| Total undiscounted payments | |||||||||||||||||
| Less: Interest | |||||||||||||||||
| $ | $ | $ | |||||||||||||||
| Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Cash paid for amounts included in the measurement of lease obligations: | |||||||||||||||||
| Operating cash flows for operating leases | $ | $ | $ | ||||||||||||||
| Operating cash flows for finance leases | $ | $ | $ | ||||||||||||||
| Financing cash flows for finance leases | $ | $ | $ | ||||||||||||||
| Noncash investing activities: | |||||||||||||||||
| Assets obtained in exchange for new operating lease obligations | $ | $ | $ | ||||||||||||||
| Assets obtained in exchange for new finance lease obligations | $ | $ | $ | ||||||||||||||
| (in thousands) | Balance Sheet Location | January 3, 2026 | December 28, 2024 | ||||||||||||||
| Assets: | |||||||||||||||||
| Operating lease assets | Right-of-use lease assets | $ | $ | ||||||||||||||
| Finance lease assets | Property and equipment, net(1) | ||||||||||||||||
| Total leased assets | $ | $ | |||||||||||||||
| Current liabilities: | |||||||||||||||||
| Operating lease liabilities | Lease liabilities – current | $ | $ | ||||||||||||||
| Finance lease liabilities | |||||||||||||||||
| Long-term liabilities: | |||||||||||||||||
| Operating lease liabilities | Lease liabilities – non-current | ||||||||||||||||
| Finance lease liabilities | |||||||||||||||||
| Total lease liabilities | $ | $ | |||||||||||||||
| Weighted average remaining lease term (years) - operating | |||||||||||||||||
| Weighted average remaining lease term (years) - financing | |||||||||||||||||
| Weighted average discount rate - operating | |||||||||||||||||
| Weighted average discount rate - financing | |||||||||||||||||
| January 3, 2026 | |||||||||||||||||
| (in thousands) | Balance Sheet Location | Derivatives in an Asset Position | Derivatives in a Liability Position | ||||||||||||||
| Derivatives not designated as hedging instruments: | |||||||||||||||||
| Forward contracts | Accounts payable and accrued liabilities(1) | $ | $ | ( | |||||||||||||
| Cross currency swaps | Prepaid expenses and other current assets | ||||||||||||||||
| Cross currency swaps | Other liabilities | ( | |||||||||||||||
| Total | $ | $ | ( | ||||||||||||||
| Derivatives designated as hedging instruments: | |||||||||||||||||
| Interest rate swaps | Prepaid expenses and other current assets | $ | $ | ||||||||||||||
| Interest rate swaps | Accounts payable and accrued liabilities(1) | ||||||||||||||||
| Interest rate swaps | Other liabilities | ( | |||||||||||||||
| Total | $ | $ | ( | ||||||||||||||
Deferred loss on interest rate swap(2) | Accumulated other comprehensive income | $ | — | $ | ( | ||||||||||||
| December 28, 2024 | |||||||||||||||||
| (in thousands) | Balance Sheet Location | Derivatives in an Asset Position | Derivatives in a Liability Position | ||||||||||||||
| Derivatives not designated as hedging instruments: | |||||||||||||||||
| Forward contracts | Prepaid expenses and other current assets(1) | $ | $ | ( | |||||||||||||
Deferred gain on interest rate swap(2)(3) | Accumulated other comprehensive income | $ | $ | — | |||||||||||||
| (in thousands, gross of immaterial income taxes) | Fiscal Year | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Loss (gain) on forward contracts recognized in (gain) loss on foreign currency, net | $ | $ | ( | $ | |||||||||||||
| Loss (gain) on cross currency swaps recognized in (gain) loss on foreign currency, net | $ | $ | ( | $ | |||||||||||||
| Gain on interest rate swaps recognized in interest expense, net | $ | ( | $ | ( | $ | ( | |||||||||||
| (in thousands, gross of immaterial income taxes) | Fiscal Year | ||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Loss) gain recognized in other comprehensive loss | $ | ( | $ | $ | |||||||||||||
| Gain reclassified from accumulated other comprehensive income into net income | $ | $ | $ | ||||||||||||||
| Fiscal Year 2025 | |||||||||||||||||
| (in thousands) | U.S. Retail | Canada Retail | Total | ||||||||||||||
| Segment sales | $ | $ | $ | ||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | |||||||||||||||||
| Salaries, wages and benefits | |||||||||||||||||
| Selling, general and administrative | |||||||||||||||||
| Total segment expenses | |||||||||||||||||
| Segment profit | $ | $ | |||||||||||||||
| Reconciliation of profit | |||||||||||||||||
| Other profit | |||||||||||||||||
| General corporate expenses | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Operating income | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| Gain on foreign currency, net | ( | ||||||||||||||||
| Loss on extinguishment of debt | |||||||||||||||||
| Other expense, net | |||||||||||||||||
| Income before income taxes | $ | ||||||||||||||||
| Fiscal Year 2024 | |||||||||||||||||
| (in thousands) | U.S. Retail | Canada Retail | Total | ||||||||||||||
| Segment sales | $ | $ | $ | ||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | |||||||||||||||||
| Salaries, wages and benefits | |||||||||||||||||
| Selling, general and administrative | |||||||||||||||||
| Total segment expenses | |||||||||||||||||
| Segment profit | $ | $ | |||||||||||||||
| Reconciliation of profit | |||||||||||||||||
| Other profit | |||||||||||||||||
| General corporate expenses | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Operating income | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| Loss on foreign currency, net | |||||||||||||||||
| Loss on extinguishment of debt | |||||||||||||||||
| Other income, net | ( | ||||||||||||||||
| Income before income taxes | $ | ||||||||||||||||
| Fiscal Year 2023 | |||||||||||||||||
| (in thousands) | U.S. Retail | Canada Retail | Total | ||||||||||||||
| Segment sales | $ | $ | $ | ||||||||||||||
| Cost of merchandise sold, exclusive of depreciation and amortization | |||||||||||||||||
| Salaries, wages and benefits | |||||||||||||||||
| Selling, general and administrative | |||||||||||||||||
| Total segment expenses | |||||||||||||||||
| Segment profit | $ | $ | |||||||||||||||
| Reconciliation of profit | |||||||||||||||||
| Other profit | |||||||||||||||||
| General corporate expenses | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Operating income | |||||||||||||||||
| Interest expense, net | |||||||||||||||||
| Gain on foreign currency, net | ( | ||||||||||||||||
| Loss on extinguishment of debt | |||||||||||||||||
| Other income, net | ( | ||||||||||||||||
| Income before income taxes | $ | ||||||||||||||||
| (in thousands) | January 3, 2026 | December 28, 2024 | |||||||||
U.S. | $ | $ | |||||||||
Canada | |||||||||||
Australia | |||||||||||
| Total long-lived assets | $ | $ | |||||||||
Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
Total segment sales | $ | $ | $ | ||||||||||||||
Other sales | |||||||||||||||||
Total net sales | $ | $ | $ | ||||||||||||||
Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. | $ | $ | $ | ||||||||||||||
| Canada | |||||||||||||||||
| Australia | |||||||||||||||||
| Rest of world | |||||||||||||||||
| Total net sales | $ | $ | $ | ||||||||||||||
| Fiscal Year | |||||||||||||||||
| (in thousands, except per share data) | 2025 | 2024 | 2023 | ||||||||||||||
| Numerator: | |||||||||||||||||
| Net income | $ | $ | $ | ||||||||||||||
| Denominator: | |||||||||||||||||
| Basic weighted average shares outstanding | |||||||||||||||||
| Dilutive effect of employee stock options and awards | |||||||||||||||||
Diluted weighted average shares outstanding (1) | |||||||||||||||||
| Net income per share: | |||||||||||||||||
| Basic | $ | $ | $ | ||||||||||||||
| Diluted | $ | $ | $ | ||||||||||||||
| Fiscal Year | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Expected volatility | |||||||||||||||||
| Risk-free interest rate | |||||||||||||||||
| Expected term (in years) | |||||||||||||||||
| (in thousands, except per share amounts and remaining term) | Number of Options (#) | Weighted Average Exercise Price Per Share ($) | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value ($) | |||||||||||||||||||
| Outstanding at December 28, 2024 | |||||||||||||||||||||||
| Granted | |||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||
| Forfeited or expired | ( | ||||||||||||||||||||||
| Outstanding at January 3, 2026 | |||||||||||||||||||||||
| Exercisable at January 3, 2026 | |||||||||||||||||||||||
| Fiscal Year | |||||||||||
| 2023 | 2022 | ||||||||||
| Expected volatility | |||||||||||
| Risk-free interest rate | |||||||||||
| Expected term (in years) | |||||||||||
| Fiscal Year | |||||
| 2023 | |||||
| Expected volatility | |||||
| Risk-free interest rate | |||||
| Expected term (in years) | |||||
| (in thousands, except per share amounts and remaining term) | Number of Options (#) | Weighted Average Exercise Price Per Share ($) | Weighted Average Remaining Contractual Term (in Years) | Aggregate Intrinsic Value ($) | |||||||||||||||||||
| Outstanding at December 28, 2024 | |||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||
| Forfeited or expired | ( | ||||||||||||||||||||||
| Outstanding at January 3, 2026 | |||||||||||||||||||||||
| Exercisable at January 3, 2026 | |||||||||||||||||||||||
| (in thousands, except per share amounts) | Number of Units (#) | Weighted Average Grant-Date Fair Value Per Share ($) | |||||||||
| Unvested at December 28, 2024 | |||||||||||
| Granted | |||||||||||
| Vested | ( | ||||||||||
| Forfeited | ( | ||||||||||
| Unvested at January 3, 2026 | |||||||||||
| Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. operations | $ | $ | $ | ( | |||||||||||||
| Foreign operations | |||||||||||||||||
| Income before income taxes | $ | $ | $ | ||||||||||||||
| Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Current: | |||||||||||||||||
| U.S. - federal | $ | ( | $ | $ | |||||||||||||
| U.S. - state | |||||||||||||||||
| Foreign | |||||||||||||||||
| Deferred: | |||||||||||||||||
| U.S. - federal | ( | ( | |||||||||||||||
| U.S. - state | ( | ( | |||||||||||||||
| Foreign | ( | ( | ( | ||||||||||||||
| Income tax expense (benefit) | $ | $ | $ | ( | |||||||||||||
Fiscal Year 2025 | |||||||||||
| (in thousands) | Amount | Percent | |||||||||
| U.S. federal statutory income tax rate | $ | % | |||||||||
State and local income taxes, net of federal income tax effect(1) | |||||||||||
| Nontaxable or nondeductible items, net: | |||||||||||
| Section 162(m) limitation | |||||||||||
| Other | |||||||||||
| Effect of cross-border tax laws: | |||||||||||
| Other | ( | ( | |||||||||
| Tax credits: | |||||||||||
| Foreign tax credit | ( | ( | |||||||||
| Work opportunity tax credit | ( | ( | |||||||||
| Foreign tax effects: | |||||||||||
| Canada | |||||||||||
| Statutory tax rate difference between Canada and United States | ( | ( | |||||||||
| Provincial taxes | |||||||||||
| Rate difference on foreign capital gain/loss | ( | ( | |||||||||
| Stock-based compensation | |||||||||||
| Withholding taxes | |||||||||||
| Changes in valuation allowances | ( | ( | |||||||||
| Other | |||||||||||
| Australia | |||||||||||
| Statutory tax rate difference between Australia and United States | ( | ( | |||||||||
| Changes in valuation allowances | |||||||||||
| Other | |||||||||||
| Changes in unrecognized tax benefits | ( | ( | |||||||||
| Effective tax rate | $ | % | |||||||||
| Fiscal Year | |||||||||||
| (in thousands) | 2024 | 2023 | |||||||||
| Tax expense at statutory rate | $ | $ | |||||||||
| Increase (decrease) in income taxes resulting from: | |||||||||||
| Change in valuation allowance | ( | ||||||||||
| Section 162(m) limitation | |||||||||||
| Foreign rate differential | |||||||||||
| Withholding taxes | |||||||||||
| State taxes net of federal benefit | |||||||||||
Tax impact of restructuring(1) | ( | ||||||||||
| Impact of foreign currency translations | ( | ( | |||||||||
| Change in tax rate | ( | ||||||||||
| Stock-based compensation | ( | ||||||||||
GILTI / FDII(2) | ( | ( | |||||||||
| Change in uncertain tax positions | ( | ||||||||||
| Prior year true-up | ( | ||||||||||
Tax credits | ( | ( | |||||||||
| Other | ( | ||||||||||
| Income tax expense (benefit) | $ | $ | ( | ||||||||
| (in thousands) | January 3, 2026 | December 28, 2024 | |||||||||
| Deferred tax assets: | |||||||||||
| Lease liability | $ | $ | |||||||||
| Deferred payroll | |||||||||||
| Deferred interest | |||||||||||
| Sec. 267 deferred basis | |||||||||||
| Insurance reserves | |||||||||||
| Realized loss on account of capital | |||||||||||
| Unrealized foreign exchange loss | |||||||||||
| Net operating loss carryforwards | |||||||||||
| Partnership tax deferral | |||||||||||
| Capitalized research and development | |||||||||||
| Other | |||||||||||
| Deferred tax assets, exclusive of valuation allowance | |||||||||||
| Less: valuation allowance | |||||||||||
| Deferred tax assets, net of valuation allowance | |||||||||||
| Deferred tax liabilities: | |||||||||||
| ROU lease asset | |||||||||||
| Trade names and trademarks | |||||||||||
| Property and equipment depreciation | |||||||||||
| Charity licensing agreements | |||||||||||
| Partnership tax deferral | |||||||||||
| Inventory | |||||||||||
| Leasehold interests | |||||||||||
| Unrealized foreign exchange gain | |||||||||||
| Other | |||||||||||
| Deferred tax liabilities | |||||||||||
| Deferred tax (liabilities) assets, net | $ | ( | $ | ||||||||
| Fiscal Year 2025 | |||||||||||
| (in thousands) | Amount | Expires in | |||||||||
| Net operating loss carryforwards: | |||||||||||
| U.S. State | $ | 2028 - 2041 | |||||||||
| U.S. State | $ | Indefinite | |||||||||
| Non-U.S | $ | Indefinite | |||||||||
| Income tax credit carryforwards: | |||||||||||
| U.S. federal | $ | 2032 | |||||||||
| Fiscal Year | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Beginning gross unrecognized tax benefits | $ | $ | $ | ||||||||||||||
| Increase related to prior year tax position | |||||||||||||||||
| Decrease related to prior year tax position | ( | ( | |||||||||||||||
| Ending gross unrecognized tax benefits | $ | $ | $ | ||||||||||||||
Fiscal Year | |||||
| (in thousands) | 2025 | ||||
| U.S. Federal | $ | ||||
| U.S. States | |||||
| Foreign: | |||||
| Canadian federal | |||||
| Canadian provincial | |||||
| Other foreign jurisdiction | |||||
| Total income taxes paid, net | $ | ||||
| Consolidated Financial Statements | Page in this Report | |||||||
Report of KPMG, independent registered public accounting firm (Public Company Accounting Oversight Board ID: | ||||||||
| Consolidated Statements of Operations and Comprehensive Income | ||||||||
| Consolidated Balance Sheets | ||||||||
| Consolidated Statements of Stockholders’ Equity | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| Notes to Consolidated Financial Statements | ||||||||
Incorporated by Reference | ||||||||||||||||||||
| Exhibit Number | Description of Document | Form | Exhibit | Filing Date | Filed Herewith | |||||||||||||||
3.1 | 8-K | 3.1 | 7/3/2023 | |||||||||||||||||
3.2 | 8-K | 3.2 | 7/3/2023 | |||||||||||||||||
4.1 | 10-Q | 4.1 | 8/11/2023 | |||||||||||||||||
4.2 | 8-K | 10.1 | 7/3/2023 | |||||||||||||||||
4.3 | 10-K | 4.4 | 3/8/2024 | |||||||||||||||||
10.1 | S-1/A | 10.1 | 5/11/2023 | |||||||||||||||||
10.2 | 8-K | 10.1 | 9/19/2025 | |||||||||||||||||
| 10.3 | S-1 | 10.4 | 12/22/2021 | |||||||||||||||||
| 10.4 | S-1 | 10.5 | 12/22/2021 | |||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||
10.5# | S-1/A | 10.7 | 6/20/2023 | |||||||||||||||||
10.6# | S-1/A | 10.8 | 5/11/2023 | |||||||||||||||||
10.7# | S-1/A | 10.9 | 5/11/2023 | |||||||||||||||||
10.8# | 10-Q | 10.2 | 5/10/2024 | |||||||||||||||||
10.9# | 10-Q | 10.3 | 5/10/2024 | |||||||||||||||||
10.10# | 10-Q | 10.4 | 5/10/2024 | |||||||||||||||||
10.11# | 10-K | 10.11 | 2/21/2025 | |||||||||||||||||
10.12# | S-1/A | 10.10 | 5/11/2023 | |||||||||||||||||
10.13# | S-1/A | 10.11 | 5/11/2023 | |||||||||||||||||
10.14# | X | |||||||||||||||||||
10.15# | 10-K | 10.15 | 2/21/2025 | |||||||||||||||||
10.16# | S-1/A | 10.14 | 5/11/2023 | |||||||||||||||||
10.17# | 10-Q | 10.1 | 5/02/2025 | |||||||||||||||||
10.18# | X | |||||||||||||||||||
19.1 | 10-K | 19.1 | 2/21/2025 | |||||||||||||||||
21.1 | 10-K | 21.1 | 3/8/2024 | |||||||||||||||||
| 23.1 | X | |||||||||||||||||||
31.1 | X | |||||||||||||||||||
31.2 | X | |||||||||||||||||||
32.1 | X | |||||||||||||||||||
32.2 | X | |||||||||||||||||||
| 97.1 | 10-K | 97.1 | 3/8/2024 | |||||||||||||||||
101 | The following financial statements from the Company’s Annual Report on Form 10-K for the Fiscal Year Ended January 3, 2026, formatted in Inline XBRL: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations and Comprehensive Income, (iii) Consolidated Statements of Stockholders’ Equity, (iv) Consolidated Statements of Cash Flows, and (v) Notes to Consolidated Financial Statements, tagged as blocks of text and including detailed tags. | |||||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||
104 | The cover page from the Company’s Annual Report on Form 10-K for the Fiscal Year Ended January 3, 2026, formatted in Inline XBRL (included within Exhibit 101). | |||||||||||||||||||
| Date: | February 20, 2026 | By: | /s/ Michael W. Maher | ||||||||
Michael W. Maher | |||||||||||
| Chief Financial Officer and Treasurer (Principal Financial Officer) | |||||||||||
| Signature | Title | Date | ||||||||||||
| /s/ Mark Walsh | Chief Executive Officer (Principal Executive Officer) and Director | February 20, 2026 | ||||||||||||
| Mark Walsh | ||||||||||||||
/s/ Michael W. Maher | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | February 20, 2026 | ||||||||||||
Michael W. Maher | ||||||||||||||
/s/ Aaron Rosen | Chairman of the Board of Directors | February 20, 2026 | ||||||||||||
| Aaron Rosen | ||||||||||||||
/s/ Jordan Smith | Director | February 20, 2026 | ||||||||||||
Jordan Smith | ||||||||||||||
/s/ Robyn Collver | Director | February 20, 2026 | ||||||||||||
| Robyn Collver | ||||||||||||||
/s/ William Allen | Director | February 20, 2026 | ||||||||||||
| William Allen | ||||||||||||||
/s/ Brian Ames | Director | February 20, 2026 | ||||||||||||
Brian Ames | ||||||||||||||
/s/ Aina Konold | Director | February 20, 2026 | ||||||||||||
| Aina Konold | ||||||||||||||
/s/ Kristy Pipes | Director | February 20, 2026 | ||||||||||||
| Kristy Pipes | ||||||||||||||
/s/ Susan O’Farrell | Director | February 20, 2026 | ||||||||||||
Susan O’Farrell | ||||||||||||||
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| /s/ Mark T. Walsh | ||
| Name: Mark T. Walsh | ||
| Title: Chief Executive Officer and Director | ||
| /s/ Michael W. Maher | ||
| Name: Michael W. Maher | ||
| Title: Chief Financial Officer and Treasurer (Principal Financial Officer) | ||
| /s/ Mark T. Walsh | ||
| Name: Mark T. Walsh | ||
| Title: Chief Executive Officer and Director | ||
| /s/ Michael W. Maher | ||
| Name: Michael W. Maher | ||
| Title: Chief Financial Officer and Treasurer (Principal Financial Officer) | ||
Audit Information |
12 Months Ended |
|---|---|
Jan. 03, 2026 | |
| Audit Information [Abstract] | |
| Auditor Name | KPMG LLP |
| Auditor Location | Boise, Idaho |
| Auditor Firm ID | 185 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Jan. 03, 2026 |
Dec. 28, 2024 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value (in usd per share) | $ 0.000001 | $ 0.000001 |
| Preferred stock, shares authorized (in shares) | 100,000 | 100,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock, par value (in usd per share) | $ 0.000001 | $ 0.000001 |
| Common stock, shares authorized (in shares) | 800,000,000 | 800,000,000 |
| Common stock, shares issued (in shares) | 155,283,000 | 159,164,000 |
| Common stock, shares, outstanding (in shares) | 155,283,000 | 159,164,000 |
Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands |
12 Months Ended |
|---|---|
|
Dec. 30, 2023
USD ($)
$ / shares
| |
| Statement of Stockholders' Equity [Abstract] | |
| Underwriting fees and issuance costs | $ | $ 42,473 |
| Dividends declared (in usd per share) | $ / shares | $ 1.32 |
Description of Business and Basis of Presentation |
12 Months Ended |
|---|---|
Jan. 03, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Description of Business and Basis of Presentation | Description of Business and Basis of Presentation Description of business Savers Value Village, Inc., a Washington State based company, together with its wholly owned subsidiaries (the “Company”, “we”, “us” or “our”), sells secondhand merchandise primarily in retail stores located in the United States (“U.S.”), Canada and Australia. Items that are unsuited for or unsold at retail stores are marketed to wholesale customers. Basis of presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. These consolidated financial statements present the results of operations, financial position and cash flows of the Company in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company reports on a fiscal year basis, which ends on the Saturday nearest December 31. Our last three fiscal years consisted of the 53 weeks ended January 3, 2026 (“fiscal 2025”), the 52 weeks ended December 28, 2024 (“fiscal 2024”) and the 52 weeks ended December 30, 2023 (“fiscal 2023”). All amounts in the Notes to the Consolidated Financial Statements, with the exception of per share amounts, are rounded to the nearest thousand unless otherwise indicated. Initial public offering The registration statement related to our initial public offering (“IPO”) was declared effective on June 28, 2023, and our common stock began trading on the New York Stock Exchange on June 29, 2023. On July 3, 2023, we completed our IPO for the sale of 18.8 million shares of our common stock, $0.000001 par value per share, at a public offering price of $18.00 per share. Net proceeds to the Company from the IPO were $295.0 million after deducting underwriting discounts and commissions of $22.8 million and offering expenses of $19.7 million. In addition to the 18.8 million shares sold by the Company, certain funds, investment vehicles or accounts managed or advised by the Private Equity Group of Ares Management Corporation (the “Ares Funds”) sold 6.9 million shares, including 3.3 million shares pursuant to the exercise of the underwriters’ over-allotment option. The Company did not receive any proceeds from sales made by the Ares Funds. Secondary offering On May 16, 2025, the Ares Funds and Mark Walsh, the chief executive officer of the Company (collectively, the “Selling Stockholders”), sold 17.3 million shares, including approximately 2.3 million shares pursuant to the exercise of the underwriters’ over-allotment option (the “Secondary Offering”). The Company did not receive any proceeds from sales made by the Selling Stockholders but incurred approximately $1.2 million in costs associated with the Secondary Offering, which were recorded in selling, general and administrative expenses in the Consolidated Statement of Operations and Comprehensive Income for fiscal 2025. In connection with the Secondary Offering, the Company purchased from the underwriters approximately 2.3 million shares of common stock at a total cost of approximately $20.0 million, excluding excise tax, at a price per share equal to the price per share paid by the underwriters to the Selling Stockholders (the “Concurrent Share Repurchase”). The underwriters did not receive any compensation for the shares repurchased by the Company. See Note 14. Share Repurchases for further details. Authorized shares In connection with the Company’s IPO, the Company filed an amended and restated certificate of incorporation (the “A&R Charter”) on June 29, 2023. The Company also amended and restated its bylaws, effective as of June 28, 2023. The A&R Charter authorized 800.0 million shares of common stock, par value $0.000001 per share, and 100.0 million shares of preferred stock, par value $0.000001 per share. Each share of common stock entitles its holder to one vote per share on all matters to be voted on by stockholders and to receive dividends when and as declared by the board of directors from legally available sources, subject to the prior rights of the holders of our preferred stock. Common stockholders are not entitled to preemptive rights and are therefore subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that the board of directors may designate and issue in the future. In the event of a liquidation, dissolution or winding-up, the assets legally available for distribution to the Company’s stockholders would be distributable ratably among the holders of common stock and any participating preferred stock outstanding at that time after payment of liquidation preferences, if any, on any outstanding shares of preferred stock and payment of claims of creditors.
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Summary of Significant Accounting Policies |
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Jan. 03, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Use of estimates The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. These estimates are based on available information and on various other assumptions that are believed to be reasonable under the circumstances. Certain items subject to such estimates and assumptions include, but are not limited to, the valuation of insurance reserves, impairment assessments associated with our goodwill and indefinite-lived intangible assets, and income taxes. Actual results could vary from those estimates under different assumptions or conditions. Foreign currency The functional currency of the Company’s foreign entities is the local currency of the country in which the entity operates. Assets and liabilities of foreign operations are translated into U.S. dollars, the reporting currency of the Company, using exchange rates in effect at the end of the reporting period. The net gain or loss resulting from translation is shown as a foreign currency translation adjustment and is included in other comprehensive loss in the Consolidated Statements of Operations and Comprehensive Income and in accumulated other comprehensive income on the Consolidated Balance Sheets. Income and expense accounts of the Company’s foreign entities are translated into U.S. dollars using average exchange rates during the reporting period. (Gain) loss on foreign currency, net in the Consolidated Statements of Operations and Comprehensive Income comprises realized gains and losses upon settlement of foreign currency transactions, remeasurement gains and losses on unsettled foreign currency transactions, and realized and unrealized gains and losses on cross currency swaps and forward contracts (see Note 10. Derivative Financial Instruments). Realized and unrealized (gains) and losses on foreign currency transactions totaled $(14.2) million in fiscal 2025, $27.3 million in fiscal 2024 and $(9.8) million in fiscal 2023. Foreign currency gains and losses relating to intercompany loans issued by or to foreign subsidiaries are not eliminated during consolidation and are included in (gain) loss on foreign currency, net in the Consolidated Statements of Operations and Comprehensive Income. Revenue recognition Retail sales. Revenue is recorded for store sales upon the purchase of merchandise by customers. Sales taxes collected from customers are not considered revenue and are included in accounts payable and accrued liabilities on the Consolidated Balance Sheets until remitted to the taxing authorities. Revenue is recorded net of coupons, promotional discounts and sales discounts under reward programs. Revenue from gift cards is recognized upon redemption, and estimated breakage is recognized based on redemption data. The Company accounts for outstanding gift card balances as a liability, net of estimated breakage. Gift card liabilities are included in accounts payable and accrued liabilities on the Consolidated Balance Sheets. The Company does not record a sales return reserve as no right of return exists for customers. Wholesale sales. Sales of products are recognized at the point of shipment with no right of return and exclude shipping and handling costs, which are paid by the customer. The Company’s revenue arrangements do not contain a significant financing component. The following table disaggregates our revenue by retail and wholesale for the periods presented:
Cash and cash equivalents Cash and cash equivalents consist of cash, demand deposits with banks, proceeds due from credit and debit card transactions and money market funds with maturity dates of three months or less from the date of purchase. The carrying amounts reported for cash and cash equivalents are considered to approximate fair value based upon their short maturities. The Company’s cash deposits are maintained in accounts primarily with two major financial institutions in the U.S. and Canada. Substantially all cash on deposit exceeds the federally insured limits for such deposits. Money market funds are invested in a single fund that invests in U.S. Government and U.S. Treasury securities. The Company also maintains a money market account within a rabbi trust related to its deferred compensation plan that participants may select as an investment option. Trade accounts receivable Trade accounts receivable are recorded at the invoiced amount, net of any allowances. Both trade accounts receivable and the allowance for credit losses relate to wholesale sales. Inventories Inventories consist almost entirely of used clothing and other household goods purchased from nonprofit partners. Inventory is valued at the lower of average purchase cost or net realizable value. The allowance for excess inventory as of January 3, 2026 and December 28, 2024 was immaterial. Property and equipment Property and equipment are stated at historical cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from 3 to 15 years for furniture, fixtures and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of 7 years or the remaining lease term. Long-lived assets The carrying values of long-lived assets, consisting of property and equipment, right-of-use lease assets and long-lived intangible assets, are reviewed for impairment when store performance expectations, events or changes in circumstances - such as a decision to relocate or close a store, office or distribution center - indicate that the carrying amounts may not be recoverable. When testing for impairment, we group assets and liabilities at the lowest level for which cash flows are separately identifiable - which is primarily at the individual store level. We then assess the risk of impairment by comparing an estimate of the undiscounted cash flows expected to be generated by the asset group against the carrying value of the asset group (the “recoverability test”). Impairment is indicated when the carrying value of the asset group exceeds the estimated future undiscounted cash flows generated by those assets. When impairment is indicated and the fair value of the asset group is determined to be less than the carrying value of the asset group, the Company records an impairment charge equal to the amount by which the carrying value of the asset group exceeds the asset group’s fair value. Performing the recoverability test requires management to make judgments relating to future cash flows, growth rates and economic and market conditions. Depending on the asset class, estimated fair value may be determined either by the use of a discounted cash flow model and/or by reference to estimated selling prices of assets in similar condition. In fiscal 2025 and 2024, the Company recorded an impairment charge on its of $4.0 million and $4.3 million, respectively, which was recorded in selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. In fiscal 2023, no triggering events were identified and no impairment charges were recorded on the Company’s long-lived assets. Goodwill Goodwill is reviewed for impairment annually in the Company’s fourth quarter and whenever circumstances indicate goodwill might be impaired. The Company has the option of performing a qualitative assessment that involves evaluating relevant events and circumstances to determine whether it is more likely than not (i.e. a likelihood of greater than 50%) that the fair value of a reporting unit is less than its carrying amount. If not, no further impairment testing is performed. If the assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company performs a quantitative assessment by comparing the carrying value of the reporting unit to the estimated fair value of the reporting unit, both as of the testing date. If the carrying value of the reporting unit exceeds the estimated fair value, the Company will recognize an impairment charge equal to the amount by which the carrying value exceeds the reporting unit’s estimated fair value up to but not to exceed the total amount of goodwill allocated to the reporting unit. While the Company generally performs a qualitative assessment, we may choose periodically to forgo the qualitative assessment and proceed directly to a quantitative analysis. Factors considered in determining whether to forgo the qualitative assessment and proceed directly to the quantitative analysis include the significance of the excess of a reporting unit’s estimated fair value over its carrying value at the last quantitative assessment date, the amount of time between quantitative assessments, the desirability of establishing an updated baseline quantitative analysis, and other performance and market indicators. The Company’s reporting units are consistent with its reportable segments, with goodwill balances allocated entirely to the U.S. Retail and Canada Retail reporting units. No goodwill impairment was recorded during fiscal 2025, 2024 and 2023. Intangible assets Intangible assets represent the Company’s trade names, trademarks and charity licensing agreements. The Company’s trade names and trademarks, which have indefinite lives, are not amortized, but rather, reviewed for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Charity licensing agreements are amortized using the straight-line method over their estimated useful life, which is usually 15 years. No intangible asset impairment was recorded during fiscal 2025, 2024 and 2023. Insurance reserves The Company is self-insured for general liability, medical and workers’ compensation and regularly reviews the related insurance reserves and adjusts the balances as necessary. Self-insurance claims filed and claims incurred-but-not-reported are accrued based on management’s estimates of cost by considering historical claims experience, demographic factors, severity factors and other actuarial assumptions. Additionally, the Company reviews specific large insurance claims to determine whether there is a need for any additional accruals. Advertising costs Advertising production costs and media placement costs are expensed the first time the advertisement takes place. Total advertising costs during fiscal 2025, 2024 and 2023 were $8.3 million, $10.7 million and $9.0 million, respectively, and are included in selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. Income taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized based on the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount more likely than not expected to be realized. Income tax expense represents the current expense incurred for the period plus or minus the change during the period in net deferred tax assets and liabilities. Section 382 of the Internal Revenue Code and similar state regulations, contain provisions that may limit the net operating loss (“NOL”) carryforwards and other tax attributes available to be used to offset income and tax liabilities in any given year upon the occurrence of certain events, including changes in ownership of more than 50%. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount of the benefit that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense, net and penalties in income tax expense (benefit) in the Consolidated Statements of Operations and Comprehensive Income. Stock-based compensation The Company’s stock-based incentive plan allows for the issuance of various types of stock-based awards, including time-based options, performance-based options and restricted stock units (“RSUs”). Options are generally granted with an exercise price equal to the fair value of our common stock at the date of grant. Prior to July 3, 2023, the date we completed our IPO, the fair value of our common stock was established by the Board at the date of grant. Upon completion of our IPO, the fair value of our common stock is determined based on the closing price of our common stock on the New York Stock Exchange on the date of grant. The grant-date fair value of time-based options is determined using the Black-Scholes-Merton option pricing model. The grant-date fair value of performance-based options is determined using the Black-Scholes-Merton option-pricing model for awards tied to the Company’s IPO and a Monte Carlo simulation for awards subject to market-specific conditions, with the probability of achieving the market condition reflected in the grant-date fair value. We recognize expense for time-based options on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. We recognize expense for performance-based options subject to Company-specific conditions when it is probable that performance conditions will be achieved, and recognize the expense on a graded vesting basis over the expected vesting period. For performance-based options subject to market-specific conditions, expense is recognized on a graded vesting basis over the expected vesting period and is recognized regardless of whether the market-specific conditions are achieved. The grant-date fair value of all RSUs is estimated based on the fair value of our common stock on the date of grant. We recognize expense for RSUs on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Liability-classified RSUs are initially measured at fair value and remeasured at each reporting date until settlement, with changes in fair value recognized as compensation expense. For a more detailed discussion of stock-based compensation, see Note 13. Stock-Based Compensation. Share repurchases Repurchased shares are retired and the excess of cost over par value is recorded as an increase in accumulated deficit. Net income per share Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net income per share reflects the impact of potentially dilutive common equivalent shares under the treasury stock method. The dilutive impact of shares issued under incentive plans is determined by applying the treasury stock method to the assumed vesting of outstanding restricted stock units and the exercise of outstanding time-based options. The dilutive impact related to contingently issuable performance-based options is determined using a two-step approach that applies both the contingently issuable share guidance and the treasury stock method. Derivative instruments In the normal course of business, the Company may use derivative financial instruments, including interest rate swaps, cross currency swaps and foreign exchange forwards, to hedge against fluctuations in interest rates or foreign exchange rates thereby reducing our exposure to variability in cash flows on our floating-rate debt or from foreign operations. Derivative instruments are measured at fair value and classified as assets or liabilities, current or non-current, depending on the settlement dates of the individual contracts. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative instruments that are not designated as hedges are intended to economically hedge a portion of our foreign exchange risk. All gains and losses on these economic hedges are recorded immediately in (gain) loss on foreign currency, net in the Consolidated Statements of Operations and Comprehensive Income. For derivative instruments designated as cash flow hedges, unrealized gains and losses from changes in fair value are initially reported as a component of accumulated other comprehensive income on the Consolidated Balance Sheets and are reclassified to interest expense, net in the Consolidated Statements of Operations and Comprehensive Income as interest payments are made on the Company’s variable-rate debt. For derivative instruments designated as cash flow hedges, realized gains and losses from settlement are a component of interest expense, net in the Consolidated Statements of Operations and Comprehensive Income. Realized gains and losses on interest rate swaps with an other-than-insignificant financing element at inception are reported within cash flows from financing activities on the Consolidated Statements of Cash Flows. Realized gains and losses on interest rate swaps without an other-than-insignificant financing element at inception are reported within cash flows from operating activities on the Consolidated Statements of Cash Flows. Realized gains and losses on cross currency swaps and forward contracts are reported within cash flows from investing activities on the Consolidated Statements of Cash Flows. The Company does not use derivative instruments for trading or speculative purposes and does not use any leveraged derivative financial instruments. Leases The Company leases various real estate, including retail stores, offsite processing facilities, wholesale warehouses and office space, as well as vehicles. The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) lease assets, lease liabilities – current and non-current – in our Consolidated Balance Sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are expensed as incurred. Our lease assets and liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments over the lease term. As an implicit rate is not provided for most of our leases, we use an incremental borrowing rate which represents the rate used for a secured borrowing of a similar term as the lease. Our real estate leases typically require payment of real estate taxes, common area maintenance and insurance. These components comprise the majority of our variable lease costs and are excluded from the present value of our lease obligations. As of January 3, 2026, the Company’s leases had remaining lease terms of greater than 1 year to 20 years. The lease term includes the initial contractual term as well as any options to extend the lease when it is reasonably certain that the Company will exercise that option. The option periods are generally not included in the lease term used to measure our lease liabilities and lease assets upon commencement as exercise of the options is not reasonably certain. We remeasure the lease liability and lease asset when we are reasonably certain to exercise a renewal option. The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants. Recently adopted accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require that public entities on an annual basis disclose specific categories in the rate reconciliation table, provide additional information for reconciling items that meet a quantitative threshold and provide additional information about income taxes paid. The Company adopted ASU 2023-09 for the year ended January 3, 2026 and applied the guidance on a prospective basis, with no change to prior period disclosures. This guidance impacted the Company’s disclosures only with no impact to its results of operations, financial position or cash flows. Recently issued accounting pronouncements not yet adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require public entities to disclose, on an annual and interim basis, specific expenses included in each relevant expense caption on the income statement. The amendments in this update are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This guidance is expected to impact the Company’s disclosures only with no impact to its results of operations, financial position or cash flows.
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2 Peaches Acquisition |
12 Months Ended |
|---|---|
Jan. 03, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| 2 Peaches Acquisition | 2 Peaches Acquisition On May 6, 2024, the Company acquired all of the equity of 2 Peaches Group, LLC (“2 Peaches”) for $5.4 million, which is comprised of cash consideration of $3.5 million, including a holdback of $0.5 million, and acquisition-related contingent consideration with an initial fair value of $1.9 million (the “2 Peaches Acquisition”). 2 Peaches was a thrift store chain with seven locations in the Atlanta, Georgia, metropolitan area. The acquired stores were the Company’s first locations in the state of Georgia and serve as a base for the Company’s entrance and expansion into the southeast region of the U.S. The acquisition-related contingent consideration arrangement with an initial fair value of $1.9 million required us to make a future cash payment of up to $2.7 million upon achievement of specific milestones. In September 2025, the Company paid $0.7 million to settle the acquisition-related contingent consideration obligation in full.
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Property and Equipment |
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| Property and Equipment | Property and Equipment Property and equipment, net, consisted of the following:
Depreciation expense for fiscal 2025, 2024 and 2023 was $73.7 million, $61.3 million and $56.0 million, respectively. Fiscal 2025 includes accelerated depreciation of $1.6 million due to a reduction of the estimated useful lives for certain store-related property and equipment.
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | Goodwill Changes in the carrying value of goodwill by reportable segments were as follows:
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Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | Intangible Assets The components of intangible assets were as follows:
The amortization expense associated with intangible assets was $6.8 million, $8.3 million and $5.2 million for fiscal 2025, 2024 and 2023, respectively. Fiscal 2025 includes $2.6 million of accelerated amortization due to a reduction of the estimated useful lives for certain acquisition-related charity licensing agreements. The estimated aggregate amortization expense of intangible assets for each of the five years commencing after January 3, 2026 is $4.1 million.
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Long-term debt consisted of the following:
2025 Senior Secured Credit Facilities On September 18, 2025, the Company entered into new Senior Secured Credit Facilities (the “2025 Senior Secured Credit Facilities”), consisting of a $750 million term loan facility (the “2025 Term Loan Facility”) and a $180 million revolving credit facility (the “2025 Revolving Credit Facility”). The proceeds of the 2025 Term Loan Facility were used, in part, to redeem the remaining aggregate principal amount of the Senior Secured Notes (the “Notes”), including accrued interest and a premium of 4.875%, or $19.5 million, and repay all outstanding borrowings under the term loan facility, dated as of April 26, 2021 (the “2021 Term Loan Facility”). As a result of this transaction, the Company recorded a $32.6 million loss on extinguishment of debt which included the $19.5 million prepayment premium, as well as the write-off of unamortized debt issuance costs and debt discounts under the Notes and 2021 Term Loan Facility. The Company’s principal subsidiaries in the U.S. and Canada are borrowers under the 2025 Senior Secured Credit Facilities, and most of the Company’s U.S. and Canadian subsidiaries are guarantors. The 2025 Senior Secured Credit Facilities are secured by a first priority lien on substantially all assets of the borrowers and guarantors, subject to certain exceptions. The 2025 Revolving Credit Facility is senior to the 2025 Term Loan Facility in right of payment. The 2025 Senior Secured Credit Facilities have customary affirmative and negative covenants, including restrictions on the Company’s ability to incur additional indebtedness, incur liens, make investments, make restricted payments, make optional prepayments on junior financings, engage in transactions with affiliates and make asset sales, in each case, subject to customary exceptions and baskets. The 2025 Senior Secured Credit Facilities also have a customary uncommitted incremental facility of (i) the greater of $313.3 million and 1.0 times our EBITDA plus unused amounts under the “general” debt basket, plus (ii) an additional amount based on the Company’s leverage ratios or interest coverage ratio. 2025 Term Loan Facility The 2025 Term Loan Facility matures in September 2032. Required minimum principal payments of $1.9 million are due quarterly. The Company is able to prepay amounts outstanding under the 2025 Term Loan Facility without a prepayment premium. The 2025 Term Loan Facility bears interest at a variable rate equal to a reference rate plus a margin ranging from 2.00% to 3.00% based on loan type and our first lien net leverage ratio. The Company is required to prepay the 2025 Term Loan Facility with a percentage of the Company’s annual excess cash flow if the first lien net leverage ratio is greater than or equal to 4.00 to 1.00. The Company is also required to prepay the 2025 Term Loan Facility with a percentage of the net cash proceeds of certain asset sales, subject to customary reinvestment provisions, when the first lien net leverage ratio exceeds 4.00 to 1.00. On December 23, 2025, the Company repaid $20.0 million in outstanding borrowings under the 2025 Term Loan Facility. This transaction resulted in a loss on extinguishment of debt of $0.4 million reflecting the write-off of a proportional amount of unamortized debt issuance costs and debt discount associated with the repayment. 2025 Revolving Credit Facility The 2025 Revolving Credit Facility matures in September 2030. The maximum available amount under the 2025 Revolving Credit Facility is $180 million, with $75 million available for letters of credit and a swingline sublimit of $25 million. As of January 3, 2026, there were no advances on the 2025 Revolving Credit Facility, there were $0.9 million of letters of credit outstanding and $179.1 million was available to borrow. The interest rate on revolver draws is variable at a rate equal to the reference rate plus a margin of 1.50% or 3.00% based on loan type. A 0.375% commitment fee is payable quarterly on the unused portion of the 2025 Revolving Credit Facility. The 2025 Revolving Credit Facility is subject to a financial maintenance covenant that requires us to ensure the first lien net leverage ratio, which is tested quarterly, does not exceed 7.75 to 1.00. The financial maintenance covenant is only applicable if the aggregate amount of revolving loans, swingline loans and letters of credit outstanding under the 2025 Revolving Credit Facility (excluding (i) letters of credit and (ii) for the first four fiscal quarters following the Closing Date, outstanding amounts incurred to finance the transactions contemplated by the 2025 Senior Secured Credit Facilities) exceeds 40% of the committed amount. The 2025 Revolving Credit Facility provides for customary equity cure rights. 2021 Senior Secured Credit Facilities The 2021 Senior Secured Credit Facilities consisted of the 2021 Term Loan Facility and a revolving credit facility (the “2021 Revolving Credit Facility”). The Company’s principal subsidiaries in the U.S. and Canada were borrowers under the 2021 Senior Secured Credit Facilities and most of the Company’s U.S. and Canadian subsidiaries were guarantors. The 2021 Senior Secured Credit Facilities were secured by a first priority lien on substantially all assets of the borrowers and guarantors, subject to certain exceptions. The 2021 Revolving Credit Facility was senior to the 2021 Term Loan Facility in right of payment. The 2021 Senior Secured Credit Facilities had customary affirmative and negative covenants, including restrictions on our ability to incur additional indebtedness, incur liens, make investments, make restricted payments (including restrictions on the payment of dividends), make optional prepayments on junior financings, engage in transactions with affiliates and make asset sales, in each case subject to customary exceptions and baskets. The 2021 Senior Secured Credit Facilities also had a customary uncommitted incremental facility of (i) the greater of $136.0 million or EBITDA for the prior four fiscal quarters plus (ii) additional amounts based on the Company’s net leverage ratio or interest coverage ratio plus (iii) certain specific additional amounts. 2021 Term Loan Facility Borrowings under the 2021 Term Loan Facility were due in full at maturity in April 2028. The Term Loan Facility bore interest at a variable rate equal to a reference rate plus a margin ranging from 2.50% to 3.75% based on loan type and our first lien net leverage ratio. The Company was required to prepay the Term Loan Facility with a percentage of the Company’s annual excess cash flow if the first lien net leverage ratio was greater than or equal to 3.50 to 1.00. The Company was also required to prepay the Term Loan Facility with a percentage of the net cash proceeds of certain asset sales, subject to customary reinvestment provisions, when the first lien net leverage ratio was greater than or equal to 3.50 to 1.00. The Company was able to prepay amounts outstanding under the Term Loan Facility without a prepayment premium. On January 30, 2024, the Company entered into the third amendment to its 2021 Senior Secured Credit Facilities which repriced the outstanding borrowings under the 2021 Term Loan Facility resulting in a loss on extinguishment of debt of $0.7 million. 2021 Revolving Credit Facility The 2021 Revolving Credit Facility was set to mature in April 2027. The maximum available amount under the 2021 Revolving Credit Facility was $125.0 million, with $60.0 million available for letters of credit and a swingline sublimit of $10.0 million. The interest rate on revolver draws was variable at a rate equal to the reference rate plus a margin of 2.25% or 3.25% based on loan type. A 0.5% commitment fee was payable quarterly on the unused portion of the Revolving Credit Facility. The 2021 Revolving Credit Facility was subject to a financial maintenance covenant that required us to ensure the first lien net leverage ratio, which was tested quarterly, did not exceed 7.75 to 1.00. The financial maintenance covenant was only applicable if the aggregate amount of revolving loans, swingline loans and letters of credit outstanding under the 2021 Revolving Credit Facility (excluding up to $20 million of undrawn letters of credit and certain other amounts) exceeded 35% of the committed amount. The 2021 Revolving Credit Facility provided for customary equity cure rights. Senior Secured Notes In February 2023, the Company issued $550.0 million aggregate principal amount of Notes which had a fixed interest rate of 9.75% with interest due every February 15 and August 15. As of December 28, 2024, the Company had a $16.1 million balance for accrued interest on the Notes, which is classified in accounts payable & accrued liabilities in the Consolidated Balance Sheets. The Notes were due in full at maturity in April 2028, coterminous with the 2021 Term Loan Facility. The Company’s principal subsidiaries in the U.S. were issuers of the Notes. The Notes were fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by most of the Company’s U.S. and Canadian subsidiaries (other than the issuers). The Notes were secured by a first priority lien on substantially all assets of the issuers and guarantors, subject to certain exceptions, on an equal and ratable basis with indebtedness under the 2021 Term Loan Facility. The Notes ranked pari passu with the 2021 Term Loan Facility in right of payment and were subordinated to our super-priority 2021 Revolving Credit Facility in right of payment. The indenture, pursuant to which the Notes were issued, contains customary affirmative and negative covenants, which were similar in scope to those in the 2021 Senior Secured Credit Facilities, although there were no financial maintenance covenants in the indenture governing the Notes. Certain covenants could be suspended in the event the Notes were assigned an investment grade rating from two of three rating agencies. On March 4, 2024, the Company redeemed $49.5 million aggregate principal amount of the Notes, equal to 10% of the outstanding balance at December 30, 2023. In addition to paying accrued interest, the Company paid a premium of 3%, or $1.5 million, on the partial redemption. This transaction resulted in a loss on extinguishment of debt of $3.4 million. On February 6, 2025, the Company redeemed $44.5 million aggregate principal amount of the Notes, equal to 10% of the outstanding balance at December 28, 2024. In addition to paying accrued interest, the Company paid a premium of 3%, or $1.3 million, on the partial redemption. This transaction resulted in a loss on extinguishment of debt of $2.7 million. As described above, the Company redeemed the remaining aggregate principal amount of the Notes in September 2025 using the proceeds of the 2025 Term Loan Facility. Required minimum principal payments Required minimum principal payments on debt for each of the following fiscal years as of January 3, 2026 are as follows:
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements for its financial assets and financial liabilities and fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Fair value is based upon a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: •Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. •Level 2 inputs are inputs other than unadjusted quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. •Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement. Recurring fair value measurements The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at January 3, 2026:
(1)Represents investments held in a rabbi trust associated with the Company’s deferred compensation plan and are included in prepaid expenses and other current assets and other assets on the Consolidated Balance Sheets. The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at December 28, 2024:
There were no transfers of financial assets or liabilities between Level 1, Level 2 or Level 3 for fiscal 2025 or fiscal 2024. Money market funds, consisting of short-term deposits with an original maturity of three months or less, are valued based on quoted market prices of identical assets and are classified within Level 1. Marketable securities are deferred compensation investments measured at fair value using unadjusted quoted market prices available from national securities exchanges and are classified within Level 1. Forward contracts, cross currency swaps and interest rate swaps are fair valued using independent valuation services, and the valuations are based on observable market data. As such, the forward contracts, cross currency swaps and interest rate swaps are classified within Level 2. The Company reviews the independent valuation and obtains an understanding of the methods used in pricing the instruments. The fair value of the acquisition-related contingent consideration liability is measured using the probability-weighted present value of the potential payment. The probability-weighted present value of the potential payment is based on significant unobservable inputs, including management estimates and assumptions. Accordingly, the fair value of the acquisition-related contingent consideration has been classified as Level 3. In September 2025, the Company paid $0.7 million to settle the 2 Peaches acquisition-related contingent consideration obligation in full. The following table provides a reconciliation of the acquisition-related contingent consideration liability measured at fair value using Level 3 significant unobservable inputs:
Non-recurring fair value measurements The Company’s non-financial assets, such as goodwill, intangible assets, property and equipment, and ROU lease assets, are recorded at cost. Fair value adjustments are made to these non-financial assets in the period an impairment charge is recognized. In fiscal 2025 and 2024, the Company recognized impairment charges of $2.8 million and $2.5 million, respectively, on ROU lease assets and $1.2 million and $1.8 million, respectively, on property and equipment which are recorded in selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. Fair value of these assets was determined using discounted cash flow models based on significant unobservable inputs, including projected store-level cash flows, discount rates and market rental data. Accordingly, the fair value of these assets are classified as Level 3 within the fair value hierarchy. Other fair value disclosures The fair value of borrowings under the Company’s 2025 Senior Secured Credit Facilities approximate their carrying value as the current rates approximate rates on similar debt and were based on rate notices provided by the Administrative Agent (Level 2 inputs) at January 3, 2026. The Company’s Notes were fully redeemed on September 18, 2025. The fair value of the Company’s Notes, based on Level 1 inputs, was $467.6 million at December 28, 2024. The fair value of borrowings under the Company’s 2021 Senior Secured Credit Facilities approximated their carrying value and were based on rate notices provided by the Administrative Agent (Level 2 inputs) at December 28, 2024.
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Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The components of total lease costs, net, consisted of the following:
The maturities of our lease obligations at January 3, 2026 were as follows:
Supplemental cash flow information related to leases is as follows:
Supplemental balance sheet information related to leases is as follows:
(1)Finance lease assets are net of accumulated amortization of $7.1 million and $4.8 million as of January 3, 2026 and December 28, 2024, respectively.
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Derivative Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Derivative Financial Instruments As a result of its operating and financing activities, the Company is exposed to market risks from changes in foreign currency exchange rates and interest rates. These market risks may adversely affect the Company’s operating results, cash flows and financial position. The Company seeks to manage risk from changes in foreign currency exchange rates through the use of forward contracts, cross currency swaps or both and uses interest rate swaps to manage the risk of changes in interest rates. The Company’s derivative contracts are not collateralized and are entered into with large, reputable financial institutions that are monitored for counterparty risk. We maintain master netting arrangements that allow for the non-conditional offsetting of amounts receivable and payable with counterparties to help manage our risks and record derivative positions on a net basis. Refer to Note 8. Fair Value Measurements for information on the fair value of our derivative financial instruments. Foreign currency contracts The Company operates in foreign countries, which exposes it to market risk associated with foreign currency exchange rate fluctuations. The Company uses forward contracts and cross currency swaps to manage its exposure to fluctuations in the U.S. dollar (“USD”) – Canadian dollar (“CAD”) exchange rate. Forward contracts and cross currency swaps lock in the exchange rate for a portion of the estimated cash flows of the Company’s Canadian operations. As of January 3, 2026 and December 28, 2024, the Company’s forward contracts had USD equivalent notional amounts of $102.4 million and $102.5 million, respectively. In September 2025, the Company entered into cross currency swaps with USD notional amounts of $200.0 million as of January 3, 2026. In April 2024, the Company terminated its then-existing cross currency swaps, resulting in net proceeds of $28.1 million. Cross currency swaps and forward contracts were not designated in hedging relationships. Interest rate swap contracts The Company’s market risk is affected by changes in interest rates. The Company’s 2025 Senior Secured Credit Facilities bear interest based on market rates plus an applicable margin. Because the interest rate on the Company’s floating-rate debt is tied to market rates, the Company manages its exposure to interest rate movements by effectively converting a portion of its floating-rate debt to fixed-rate debt using interest rate swaps. Interest rate swaps, as used by the Company, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreement without exchange of the underlying notional amount. In September 2025, the Company entered into interest rate swaps with USD notional amounts of $600.0 million as of January 3, 2026. In April 2024, the Company terminated its then-existing interest rate swaps, resulting in net proceeds of $10.3 million. All interest rate swaps were designated as cash flow hedging instruments. The fair value of derivative financial instruments were as follows:
(1)Derivatives subject to master netting agreements are presented net on the Consolidated Balance Sheets. (2)Presented gross of immaterial income taxes. (3)The accumulated other comprehensive income balance of $4.4 million consists of the deferred gain associated with interest rate swaps that were terminated in April 2024. The impact of derivative financial instruments on the Consolidated Statements of Operations and Comprehensive Income was as follows:
The table below presents the effect of cash flow hedge accounting on comprehensive income:
Amounts reclassified from accumulated other comprehensive income into net income are recognized in interest expense, net in the Consolidated Statements of Operations and Comprehensive Income. Within the next twelve months, the Company estimates that $0.1 million of losses currently recognized within accumulated other comprehensive income will be reclassified as an increase in interest expense, net.
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Segments |
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments | Segments The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), assesses segment performance and makes resource allocation decisions based on the geographies in which it conducts its retail operations, and separately for its wholesale operations, each of which represents an operating segment. For disclosure purposes, U.S. Retail and Canada Retail were determined to be reportable segments. Neither the Company’s retail operations in Australia nor its wholesale operations meet the quantitative thresholds to be reported separately and since they do not share similar economic characteristics, they have been combined and disclosed within Other Profit. We do not separately present assets for our reportable segments because the Company’s CODM is not provided these amounts. The Company’s CODM assesses segment performance and makes resource allocation decisions primarily based on weekly, monthly and quarterly reports that focus predominantly on segment net sales, the drivers of segment net sales and key non-financial operating metrics by segment. These weekly, monthly and quarterly reports compare actual segment performance against performance in the comparative period in the prior year, against budget, against forecast, or as a trend over time, or any combination of the foregoing. Collectively, these factors provide the CODM with insight into segment profitability. The Company’s CODM is provided with segment profit as well as significant segment expenses on a recurring basis. General corporate expenses include unallocated corporate overhead recorded in salaries, wages and benefits, and selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income. Beginning in the first quarter of fiscal 2025, the Company revised its calculation of segment profit to include, among other things, lease expense as recognized under Topic 842, Leases, consistent with the information provided to the CODM. Previously, segment profit included cash-basis rent. Prior period amounts have been recast to reflect this change, resulting in a decrease in segment profit of $5.3 million for the U.S. Retail segment and a decrease of $1.5 million for the Canada Retail segment for fiscal 2024. For fiscal 2023, the recast resulted in a decrease in segment profit of $5.6 million for the U.S. Retail segment and a decrease of $2.0 million for the Canada Retail segment. Segment profit may not be comparable to similarly titled measures used by other entities. These measures should not be considered as alternatives to our GAAP measures of operating income, net income or cash flows from operating activities as an indicator of the Company’s performance or as a measure of its liquidity. Our segment results are presented in the tables below. In each table, “Other profit” is attributable to the Australia Retail and Wholesale operating segments which have been combined.
We do not separately present assets for our reportable segments because the Company’s CODM is not provided these amounts. The Company’s long-lived assets are primarily located in the U.S. and Canada, with a portion located in Australia. Long-lived assets consist of property and equipment, ROU lease assets and charity licensing agreements. The following table disaggregates our long-lived assets by location:
The following table reconciles total reportable segment net sales to consolidated net sales. “Other sales” is attributable to the Australia Retail and Wholesale operating segments which have been combined.
The following table disaggregates the Company’s net sales by geography, based on the location of the Company’s customers:
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| Net Income Per Share | Net Income Per Share Basic and diluted net income per share were as follows:
(1)For fiscal 2025, 2024 and 2023, the calculation of diluted net income per share excludes the effect of 6.7 million, 3.1 million and 0.8 million, respectively, of potential shares of common stock as the inclusion of these potential shares would have been antidilutive and/or the shares were contingently issuable and not issuable based on current period results, assuming the end of the reporting period was the end of the contingency period.
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Stock-Based Compensation |
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| Stock-Based Compensation | Stock-Based Compensation 2019 Management Incentive Plan On March 28, 2019, the Company adopted the 2019 Management Incentive Plan (the “2019 Plan”) which allowed for the issuance of stock options to directors, officers and key employees. Stock options awarded under the 2019 Plan may contain both service and performance conditions and have a 10-year maximum contractual term. In connection with the adoption of the Omnibus Incentive Compensation Plan (as defined below), the Company ceased issuing awards under the 2019 Plan. As a result, no shares remain available for issuance under the 2019 Plan; however, the 2019 Plan continues to govern awards that are outstanding under it. As of January 3, 2026, 11.5 million shares remain subject to outstanding options under the 2019 Plan. Omnibus Incentive Plan In connection with the IPO, the Company’s Board of Directors (the “Board”) approved the Omnibus Incentive Compensation Plan (the “Omnibus Incentive Plan”), which became effective on June 28, 2023, the date the SEC declared our IPO registration statement on Form S-1 effective. The Omnibus Incentive Plan allows for issuance of up to 15.0 million new shares of common stock. In addition, should any awards under the 2019 Plan expire, terminate or be canceled, the shares of common stock underlying those awards will become available for issuance under the Omnibus Incentive Plan. Awards under the Omnibus Incentive Plan may be in the form of incentive stock options, nonqualified stock options, stock appreciation rights, stock awards, stock units, other stock-based awards and cash awards. Awards issued under the Omnibus Incentive Plan have a maximum contractual term of 10 years. As of January 3, 2026, there were 11.6 million shares available for future issuance under the Omnibus Incentive Plan. Stock-based compensation The Company classifies stock-based compensation expense in salaries, wages and benefits in the Consolidated Statements of Operations and Comprehensive Income. The Company recognized stock-based compensation expense of $38.6 million, $61.6 million and $72.6 million during fiscal 2025, 2024 and 2023, respectively. The total tax benefit associated with stock-based compensation for fiscal 2025, 2024 and 2023 was $4.7 million, $6.0 million and $7.2 million, respectively. Equity-classified time-based options Stock option awards containing only a service condition (“time-based options”) generally vest in equal annual installments over a one-year, three-year or five-year period from the date of grant provided the participant continues to be employed by, or provide service to, the Company through each vesting date. Stock-based compensation cost for time-based options is measured at the grant date based on the fair value of the award using the Black-Scholes-Merton option pricing model and is recognized on a straight-line basis over the requisite service period of the award. The Company accounts for forfeitures of time-based options as they occur. The following assumptions apply to time-based options awarded during fiscal 2025, 2024 and 2023 under the Black-Scholes-Merton option pricing model:
The dividend yield assumption is zero for fiscal 2025, 2024 and 2023. Although the Company paid a cash dividend in February 2023 and December 2022, the Company has no history of making regular dividends, nor does it anticipate paying any cash dividends in the foreseeable future. The weighted average grant-date fair value of time-based stock options awarded during fiscal 2025, 2024 and 2023 was $2.98, $9.26 and $6.01, respectively. Expected volatility is based on historic share price volatilities of comparable publicly traded companies over a term consistent with the expected term. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of each grant, which corresponds to the expected term of the stock options. Based upon limited exercise history, the Company has elected to use the simplified method for estimating the expected term. The expected term of options granted represents the period of time that options are expected to be outstanding. The following table summarizes activity related to time-based options:
The total intrinsic value of time-based options exercised during fiscal 2025, 2024 and 2023 was $7.0 million, $21.8 million and $2.6 million, respectively. As of January 3, 2026, unrecognized compensation expense related to outstanding time-based options was $9.6 million, which is expected to be recognized over a weighted average remaining vesting period of 2.12 years. Equity-classified performance-based options Stock option awards containing a performance condition (“performance-based options”) vest in 25% increments as performance conditions are achieved through the term of the options. Twenty-five percent of outstanding performance-based options vested upon completion of the Company’s IPO, with the remainder scheduled to vest in equal increments over three years starting on June 30, 2024 provided market-specific conditions, including stock price performance, are achieved. The vesting of performance-based options is subject to continued employment through the vesting date. To the extent that the requisite service is rendered, compensation cost for accounting purposes is not reversed; rather, it is recognized regardless of whether the market-specific conditions are achieved. The Company accounts for forfeitures of performance-based options as they occur. In October 2022, May 2023 and July 2023, the Company modified the vesting terms of its performance-based options to reflect the vesting terms above. The Company determined that the modified vesting terms constituted modifications under Topic 718, Compensation - Stock Compensation and thus remeasured the fair value of the outstanding performance-based options as of their respective modification dates. Forty-one grantees were affected by the modifications that occurred in October 2022, May 2023 and July 2023. A Black-Scholes-Merton option pricing model was used to determine the grant-date fair value of the performance-based options that were tied to the Company’s IPO and a Monte Carlo simulation under the option pricing framework was used to determine the grant-date fair value of the performance-based options subject to market-specific conditions. During fiscal 2025, 2024 and 2023, we recognized $22.3 million, $51.3 million and $38.8 million, respectively, of expense related to amortization of the remaining outstanding performance-based options that is recognized on a graded vesting basis over their expected vesting period. During fiscal 2023, we also recognized $28.0 million of expense related to performance-based options that vested upon completion of our IPO. Black-Scholes-Merton option pricing model The following assumptions were used to remeasure the fair value of performance-based options resulting from the October 2022 and May 2023 modifications under the Black-Scholes-Merton option pricing model:
The dividend yield assumption was zero for fiscal 2023 and 2022. Although the Company paid a cash dividend in February 2023 and December 2022, the Company did not have a history of making regular dividends, nor did it anticipate paying any cash dividends in the foreseeable future. The weighted average grant-date fair value of performance-based stock options modified during fiscal 2023 and 2022 was $16.32 and $13.51, respectively. Expected volatility is based on historic share price volatilities of comparable publicly traded companies over a term consistent with the expected term. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of each grant, which corresponds to the expected term of the stock options. Based upon limited exercise history, the Company has elected to use the simplified method for estimating the expected term. The expected term of options granted represents the period of time that options are expected to be outstanding. Monte Carlo simulation The following assumptions were used to remeasure the fair value of performance-based options resulting from the July 2023 modification under the Monte Carlo simulation:
The dividend yield assumption was zero. Although the Company paid a cash dividend in February 2023 and December 2022, the Company did not have a history of making regular dividends, nor did it anticipate paying any cash dividends in the foreseeable future. The weighted average grant-date fair value of performance-based stock options modified during July 2023 was $21.18. Expected volatility is based on historic share price volatilities of comparable publicly traded companies over a term consistent with the expected term. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of each grant, which corresponds to the expected term of the stock options. Based upon limited exercise history, the Company has elected to use the simplified method for estimating the expected term. The expected term of options granted represents the period of time that options are expected to be outstanding. The following table summarizes activity related to performance-based options:
The total intrinsic value of performance-based options exercised during fiscal 2025 and 2024 was $4.4 million and $4.1 million, respectively. No performance-based options were exercised during fiscal 2023. The Company did not award performance-based options during fiscal 2025, 2024 or 2023. As of January 3, 2026, unrecognized compensation expense related to outstanding performance-based options was $6.0 million, which is expected to be fully recognized by the second quarter of fiscal 2026. Equity-classified restricted stock units RSUs containing only a service condition generally vest in equal annual installments over a one-year or three-year period from the date of grant, provided the participant continues to be employed by, or provide service to, the Company through each vesting date. The fair value of RSUs is determined using the closing price of the Company’s common stock on the date of the grant. All RSUs were granted after the Company’s common stock commenced trading on June 29, 2023. The following table summarizes activity related to RSUs as of January 3, 2026:
As of January 3, 2026, unrecognized compensation expense related to outstanding RSUs was $14.2 million, which is expected to be recognized over a weighted average remaining vesting period of 2.0 years. Liability-classified restricted stock units The Company’s annual incentive compensation program for certain employees includes awards of RSUs that are earned based on the achievement of Company-specific performance metrics for a given fiscal year, and continued employee service over a defined period. The level of performance determines the compensation cost, and the number of RSUs to be issued will be determined based on the attained award amount divided by the market price of the Company’s common stock on the date of grant. Prior to grant, the RSUs are considered liability-classified awards. Upon issuance, the awards will become equity-classified as they no longer meet the criteria for liability classification. The grant date of the awards typically occurs during the first quarter following the performance year, and the awards vest on the one-year anniversary of the date of grant, subject to continued employment until that date. As of January 3, 2026, $2.0 million was accrued and included in accrued payroll and related taxes in the Consolidated Balance Sheets.
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Share Repurchases |
12 Months Ended |
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Jan. 03, 2026 | |
| Equity [Abstract] | |
| Share Repurchases | Share Repurchases Concurrent share repurchase As part of the Secondary Offering, the Company purchased from the underwriters approximately 2.3 million shares of common stock at a price per share of $8.86 and a total cost of approximately $20.0 million, excluding excise tax. The Company funded the Concurrent Share Repurchase from its existing cash on hand and it was not part of its share repurchase programs. Share repurchase programs During fiscal 2025 and 2024, under our share repurchase programs, we repurchased 2.9 million and 3.2 million shares, respectively, at a weighted average price of $8.51 and $9.95, respectively, and a total cost of $25.1 million and $31.9 million, respectively, excluding commissions and excise tax. As of January 3, 2026, we had $41.7 million remaining under the 2025 Share Repurchase Program (as defined below). 2023 Share Repurchase Program In November 2023, the Company authorized a share repurchase program of up to $50 million of the Company’s common stock (the “2023 Share Repurchase Program”). The 2023 Share Repurchase Program expired on November 8, 2025. 2025 Share Repurchase Program The Company announced on October 30, 2025 the authorization of a new share repurchase program of up to $50 million of the Company’s common stock (the “2025 Share Repurchase Program”). The 2025 Share Repurchase Program became effective as of November 9, 2025 and expires on November 8, 2027. Under the 2025 Share Repurchase Program, the Company may purchase shares from time to time in compliance with applicable securities laws, that may include Securities Act Rule 10b-18 and Securities Act Rule 10b5-1. The timing and amount of any shares purchased will be based upon a variety of factors, including the share price of the common stock, general market conditions, alternative uses for capital, the Company’s’ financial performance and other considerations. The 2025 Share Repurchase Program does not obligate the Company to purchase any minimum number of shares, and the program may be suspended, modified or discontinued at any time without prior notice. Any repurchases will be funded by available cash and cash equivalents.
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Income Taxes |
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Income before income taxes consisted of the following:
Components of income tax expense (benefit) are summarized as follows:
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Maryland, Massachusetts and Minnesota. A reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal income tax rate to income before income taxes prior to the adoption of ASU 2023-09 is as follows:
(1)In October 2023 the Company underwent an internal legal entity restructuring. (2)GILTI and FDII refer to Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income, respectively. The One Big Beautiful Bill Act (“OB3”) was enacted on July 4, 2025, which includes wide-ranging tax reforms for businesses. OB3 extended and modified certain provisions of the Tax Cuts & Jobs Act (TCJA) and made certain key elements permanent, including 100% bonus depreciation, immediate expensing of domestic research costs and the deductibility of business interest expense. The Company’s consolidated financial statements for fiscal 2025 reflect adjustments related to OB3. While the enacted legislation did not have a material impact on the Company’s effective tax rate for the year ended January 3, 2026, it resulted in a favorable change in the timing of cash taxes due to certain accelerated deductions. The Company will continue to assess the impact of OB3 provisions that become effective in future years and monitor potential outcomes based on its facts and circumstances each upcoming year. The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows for the consolidated taxable entities at January 3, 2026 and December 28, 2024:
Section 382 of the Internal Revenue Code and similar state regulations, contain provisions that may limit certain tax attributes available to be used to offset income in any given year upon the occurrence of certain events, including changes in the ownership within the meaning of Section 382. The Company maintains a valuation allowance of $0.1 million, $5.4 million and $5.7 million related to its U.S. state, Canadian and Australian operations, respectively. A valuation allowance is established when necessary to reduce deferred tax assets to the amounts that are more-likely-than-not expected to be realized. Management evaluates and weighs all available positive and negative evidence such as historic results, projected future taxable income, future reversals of existing deferred tax liabilities, as well as prudent and feasible tax-planning strategies. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are utilizable, we believe it is more likely than not that the Company will realize the net benefits of its deferred tax assets, other than the deferred tax assets related to certain U.S. state net operating loss carryforwards, unrealized foreign exchange losses in Canada and deferred tax assets in Australia for which a valuation allowance has been established due to uncertainties relating to their realization. As of January 3, 2026 and December 28, 2024, the Company had not recognized a deferred tax liability on the excess of the amount for financial reporting over the tax basis in the stock of certain foreign subsidiaries that is essentially permanent in duration. This amount becomes taxable upon a repatriation of assets from the subsidiaries or a disposal of the subsidiaries. It is not practicable to determine the amount of the related unrecognized deferred income tax liability. As of January 3, 2026, the Company had the following net operating loss and income tax credit carryforwards:
As of January 3, 2026 and December 28, 2024, the Company did not have U.S. federal net operating loss carryforwards. The following table summarizes the activity related to the Company’s unrecognized tax benefits:
As of January 3, 2026, the Company had $0.1 million of unrecognized tax benefits that, if recognized, would favorably affect our effective tax rate in the future. In the normal course of business, the Company is subject to examination by taxing authorities in the countries in which it operates. As of January 3, 2026 the operations for tax years 2022 to 2025 remain subject to examination in the U.S. federal jurisdiction, and the operations for tax years 2021 to 2025 remain subject to examination in Canada, Australia, and most U.S. state jurisdictions. Although the outcome of tax audits is always uncertain, the Company has assessed the probable outcomes and potential exposure and believes that it has provided adequate amounts of tax, interest and penalties for any adjustments that may arise from these open tax years. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense (benefit) in the Consolidated Statements of Operations and Comprehensive Income. The Organization for Economic Cooperation and Development (OECD) proposed model rules to ensure a minimal level of taxation (commonly referred to as Pillar II) and the European Union member states have agreed to implement Pillar II’s proposed global corporate minimum tax rate of 15%. We considered the applicable tax law changes from Pillar II implementation in the relevant countries in which we operate, and determined that there is no material impact to our tax provision for fiscal 2025. We will continue to evaluate the impact of these tax law changes in future reporting periods. The amounts of cash income taxes paid, net of refunds received, by the Company were as follows:
The amount of cash income taxes paid, net of refunds received, by the Company during the years ended December 28, 2024 and December 30, 2023 was $48.2 million and $22.5 million, respectively. As of January 3, 2026, the Company had a $28.7 million balance in prepaid income taxes, which is classified in prepaid expenses and other current assets in the Consolidated Balance Sheets. The Company’s prepaid income tax balance increased significantly compared to the prior year primarily as a result of the aforementioned new tax legislation enacted in July 2025. Prior to the enactment of the legislation, the Company made estimated income tax payments based on tax laws then in effect. The new legislation introduced favorable timing‑related deductions for tax purposes, which reduced the Company’s estimated current‑year taxable income and overall tax liabilities in the U.S. As a result, the estimated tax payments made under the pre‑new law exceeded the revised estimated tax obligation under the new law, giving rise to an overpayment that is reflected as prepaid income taxes. The balance represents amounts expected to be refunded or applied against future tax liabilities and is based on the Company’s preliminary assessment of the impact of the legislation, which will continue to be refined in subsequent periods.
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Commitments and Contingencies |
12 Months Ended |
|---|---|
Jan. 03, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Litigation and regulatory matters The Company is involved from time to time in claims, proceedings and litigation arising in the ordinary course of business. The Company has made accruals with respect to these matters, where appropriate, which are reflected in the consolidated financial statements. For some matters, the amount of liability is not probable or the amount cannot be reasonably estimated and therefore accruals have not been made. The Company may enter into discussions regarding settlement of these matters and may enter into settlement agreements, if in the best interest of the Company. From time to time, the Company is involved in routine litigation that arises in the ordinary course of business. There are no pending significant legal proceedings to which the Company is a party for which management believes the ultimate outcome would have a material adverse effect on the Company’s financial position.
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Related Party Transactions |
12 Months Ended |
|---|---|
Jan. 03, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions In November 2025, the Company entered into a consulting arrangement with Brian Ames, a member of the Company’s Board and Nominating, Governance & Sustainability Committee. Under the terms of this arrangement, Mr. Ames served as Interim Chief Innovation Officer for twelve weeks and received $150,000 in cash compensation. As a result of the arrangement, Mr. Ames is considered a related party pursuant to Item 404(a) of Regulation S-K. In connection with this arrangement, the Company also granted Mr. Ames an equity award in the form of RSUs during fiscal 2025, with a grant date fair value of $75,000. The RSUs will cliff vest on the three-month anniversary of the grant date, subject to completion of services.
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Retirement Plans |
12 Months Ended |
|---|---|
Jan. 03, 2026 | |
| Retirement Benefits [Abstract] | |
| Retirement Plans | Retirement Plans Defined contribution plans The Company sponsors certain retirement plans in both the U.S. and Canada. Once eligible, the Company will match $1.00 for every $1.00 contributed by the employee each paycheck, up to the first 4% of eligible pay, subject to annual regulatory limits. The total expense related to the Company’s contributions to the U.S. and Canadian plans for fiscal 2025, 2024 and 2023 was $5.3 million, $5.2 million and $4.7 million, respectively. Deferred compensation plans The Company has a non-qualified deferred compensation program which permits executives and other key employees to defer an amount of income into the plan which provides benefits payable at specified future dates. The plan investments are held within a rabbi trust with the deferred amount included within accrued payroll & related taxes and other liabilities in the accompanying Consolidated Balance Sheets. Participants’ cash deferrals earn market returns based on the participants’ selection of investments.
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Jan. 03, 2026 | |
| 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 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Jan. 03, 2026 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Jan. 03, 2026 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Savers is committed to maintaining a cybersecurity risk management strategy that encompasses assessments, monitoring, and proactive measures to safeguard our assets and operations. Our approach involves a combination of internal and external risk assessments, monitoring, vulnerability scanning and remediation, external penetration testing and disaster recovery planning. On an annual basis, we conduct internal and external risk assessments to identify, evaluate, and prioritize potential risks to our business operations, data, and information systems. These assessments utilize industry-standard methodologies and frameworks to evaluate emerging threats and vulnerabilities. Specifically, we align our efforts with the National Institute of Standards and Technology framework, the Center for Internet Security (CIS) Controls 8.0 version and the Payment Card Industry Data Security Standard (PCI DSS) framework. Identified risks are categorized and assessed for potential impact, allowing us to implement targeted mitigation strategies. Continuous monitoring is a fundamental component of our risk management strategy. We employ appropriate technologies and tools to monitor our network, systems, and applications. This proactive approach supports our efforts to detect and respond to anomalies, potential threats, and emerging vulnerabilities. Our dedicated cybersecurity team conducts regular reviews of security logs and alerts, facilitating a swift and effective response to any deviations from established security baselines. We have also implemented a comprehensive third-party risk management program that includes a review of the third-party’s SOC I and II reports and their Service Level Agreements to ensure their security practices align with our standards. We employ regular vulnerability scanning processes to identify weaknesses and potential points of exploitation within our infrastructure. Following the identification of vulnerabilities, a systematic remediation process is initiated. Our activities to mitigate vulnerabilities on an ongoing basis include the application of patches and updates, and the implementation of compensating controls to address and mitigate the identified vulnerabilities. Our goal is to maintain a proactive stance in eliminating potential entry points for cyber threats. As part of our commitment to maintaining a robust security posture, we engage in annual external penetration testing conducted by reputable third-party security firms. These tests simulate real-world cyber-attacks to evaluate the effectiveness of our defenses and identify areas for improvement. The insights gained from penetration testing inform our ongoing security enhancements, aiding the resiliency of our systems against evolving cyber threats. We also have deployed a Disaster Recovery as a Service solution (DRaaS) that will enhance our ability to recover and restore data in the event of a cybersecurity incident or other event, such as a natural disaster. Our systems and data are categorized into tiers, with our most critical systems covered by appropriate backup approaches and rapid recovery tools/processes matched with their criticality. Cybersecurity risks We have no reason to believe any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. For additional information, see “Risks Relating to Information Technology, Intellectual Property, Data Security and Privacy,” in Item 1A, “Risk Factors” in this Annual Report.
|
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | Savers is committed to maintaining a cybersecurity risk management strategy that encompasses assessments, monitoring, and proactive measures to safeguard our assets and operations. Our approach involves a combination of internal and external risk assessments, monitoring, vulnerability scanning and remediation, external penetration testing and disaster recovery planning. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] | We have no reason to believe any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | Our Board, directly and through the Audit Committee, provides oversight of our operational risk management process and compliance with legal and regulatory requirements. As one of its responsibilities, the Audit Committee has the responsibility to review and discuss with management and the internal audit group all major financial risk exposures and management’s risk assessment and risk management policies. Further, the Audit Committee has specific oversight of risks related to data privacy and information security, including compliance with applicable laws and management’s response to material cybersecurity and privacy incidents or breaches. As part of its responsibilities, the Audit Committee periodically reviews with management the Company’s capabilities, policies, controls, methods and procedures related to (i) identifying, assessing and mitigating information and cybersecurity risks, (ii) disaster recovery and business continuity and (iii) compliance with data privacy and information security laws. Regularly scheduled Audit Committee meetings include an information technology and cybersecurity update as a standing agenda item. These updates are typically given by our Chief Information Officer (CIO) and can include additional team members from our information technology and security team. In addition, the Audit Committee also receives periodic updates from our Enterprise Risk Committee, a management committee which provides oversight to the anticipation, identification, prioritization, and management of the Company’s material risks. The Audit Committee regularly reports to the Board on its oversight of these topics. In addition, both the Audit Committee and the Board receive special presentations about risk areas as needed. The Company also maintains a Crisis Response Plan, which may be activated in the event of certain cybersecurity incidents. Our Crisis Response Plan includes specific procedures and considerations for cybersecurity and ransomware incidents, including involvement of our executive team and outside advisors and required reporting to the Audit Committee and Board. Typically, our Chief Compliance Officer (CCO) would lead management in a crisis incident. Our CIO has primary responsibility for assessing and managing cybersecurity risks. The CIO reports directly to the CEO and is a member of the Enterprise Risk Committee. Our current CIO is an experienced senior technology executive with over 35 years of IT experience, including several CIO roles in leading retail and direct marketing organizations. Our CCO, who is also our General Counsel, is responsible for maintaining our Crisis Response Plan. The CCO reports directly to the CEO, is a member of the Enterprise Risk Committee, oversees the Company’s risk department and has navigated the Company through multiple complex situations.
|
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our Board, directly and through the Audit Committee, provides oversight of our operational risk management process and compliance with legal and regulatory requirements. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Regularly scheduled Audit Committee meetings include an information technology and cybersecurity update as a standing agenda item. These updates are typically given by our Chief Information Officer (CIO) and can include additional team members from our information technology and security team. In addition, the Audit Committee also receives periodic updates from our Enterprise Risk Committee, a management committee which provides oversight to the anticipation, identification, prioritization, and management of the Company’s material risks. The Audit Committee regularly reports to the Board on its oversight of these topics. In addition, both the Audit Committee and the Board receive special presentations about risk areas as needed. The Company also maintains a Crisis Response Plan, which may be activated in the event of certain cybersecurity incidents. Our Crisis Response Plan includes specific procedures and considerations for cybersecurity and ransomware incidents, including involvement of our executive team and outside advisors and required reporting to the Audit Committee and Board. Typically, our Chief Compliance Officer (CCO) would lead management in a crisis incident.
|
| Cybersecurity Risk Role of Management [Text Block] | Regularly scheduled Audit Committee meetings include an information technology and cybersecurity update as a standing agenda item. These updates are typically given by our Chief Information Officer (CIO) and can include additional team members from our information technology and security team. In addition, the Audit Committee also receives periodic updates from our Enterprise Risk Committee, a management committee which provides oversight to the anticipation, identification, prioritization, and management of the Company’s material risks. The Audit Committee regularly reports to the Board on its oversight of these topics. In addition, both the Audit Committee and the Board receive special presentations about risk areas as needed. The Company also maintains a Crisis Response Plan, which may be activated in the event of certain cybersecurity incidents. Our Crisis Response Plan includes specific procedures and considerations for cybersecurity and ransomware incidents, including involvement of our executive team and outside advisors and required reporting to the Audit Committee and Board. Typically, our Chief Compliance Officer (CCO) would lead management in a crisis incident. Our CIO has primary responsibility for assessing and managing cybersecurity risks. The CIO reports directly to the CEO and is a member of the Enterprise Risk Committee. Our current CIO is an experienced senior technology executive with over 35 years of IT experience, including several CIO roles in leading retail and direct marketing organizations. Our CCO, who is also our General Counsel, is responsible for maintaining our Crisis Response Plan. The CCO reports directly to the CEO, is a member of the Enterprise Risk Committee, oversees the Company’s risk department and has navigated the Company through multiple complex situations.
|
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our CIO has primary responsibility for assessing and managing cybersecurity risks. The CIO reports directly to the CEO and is a member of the Enterprise Risk Committee. Our current CIO is an experienced senior technology executive with over 35 years of IT experience, including several CIO roles in leading retail and direct marketing organizations. Our CCO, who is also our General Counsel, is responsible for maintaining our Crisis Response Plan. The CCO reports directly to the CEO, is a member of the Enterprise Risk Committee, oversees the Company’s risk department and has navigated the Company through multiple complex situations. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Our current CIO is an experienced senior technology executive with over 35 years of IT experience, including several CIO roles in leading retail and direct marketing organizations. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | Our Board, directly and through the Audit Committee, provides oversight of our operational risk management process and compliance with legal and regulatory requirements. As one of its responsibilities, the Audit Committee has the responsibility to review and discuss with management and the internal audit group all major financial risk exposures and management’s risk assessment and risk management policies. Further, the Audit Committee has specific oversight of risks related to data privacy and information security, including compliance with applicable laws and management’s response to material cybersecurity and privacy incidents or breaches. As part of its responsibilities, the Audit Committee periodically reviews with management the Company’s capabilities, policies, controls, methods and procedures related to (i) identifying, assessing and mitigating information and cybersecurity risks, (ii) disaster recovery and business continuity and (iii) compliance with data privacy and information security laws. Regularly scheduled Audit Committee meetings include an information technology and cybersecurity update as a standing agenda item. These updates are typically given by our Chief Information Officer (CIO) and can include additional team members from our information technology and security team. In addition, the Audit Committee also receives periodic updates from our Enterprise Risk Committee, a management committee which provides oversight to the anticipation, identification, prioritization, and management of the Company’s material risks. The Audit Committee regularly reports to the Board on its oversight of these topics. In addition, both the Audit Committee and the Board receive special presentations about risk areas as needed. The Company also maintains a Crisis Response Plan, which may be activated in the event of certain cybersecurity incidents. Our Crisis Response Plan includes specific procedures and considerations for cybersecurity and ransomware incidents, including involvement of our executive team and outside advisors and required reporting to the Audit Committee and Board. Typically, our Chief Compliance Officer (CCO) would lead management in a crisis incident. Our CIO has primary responsibility for assessing and managing cybersecurity risks. The CIO reports directly to the CEO and is a member of the Enterprise Risk Committee. Our current CIO is an experienced senior technology executive with over 35 years of IT experience, including several CIO roles in leading retail and direct marketing organizations. Our CCO, who is also our General Counsel, is responsible for maintaining our Crisis Response Plan. The CCO reports directly to the CEO, is a member of the Enterprise Risk Committee, oversees the Company’s risk department and has navigated the Company through multiple complex situations.
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| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Jan. 03, 2026 | |
| Accounting Policies [Abstract] | |
| Basis of presentation | Basis of presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. These consolidated financial statements present the results of operations, financial position and cash flows of the Company in accordance with U.S. generally accepted accounting principles (“GAAP”). The Company reports on a fiscal year basis, which ends on the Saturday nearest December 31. Our last three fiscal years consisted of the 53 weeks ended January 3, 2026 (“fiscal 2025”), the 52 weeks ended December 28, 2024 (“fiscal 2024”) and the 52 weeks ended December 30, 2023 (“fiscal 2023”). All amounts in the Notes to the Consolidated Financial Statements, with the exception of per share amounts, are rounded to the nearest thousand unless otherwise indicated.
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| Use of estimates | Use of estimates The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. These estimates are based on available information and on various other assumptions that are believed to be reasonable under the circumstances. Certain items subject to such estimates and assumptions include, but are not limited to, the valuation of insurance reserves, impairment assessments associated with our goodwill and indefinite-lived intangible assets, and income taxes. Actual results could vary from those estimates under different assumptions or conditions.
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| Foreign currency | Foreign currency The functional currency of the Company’s foreign entities is the local currency of the country in which the entity operates. Assets and liabilities of foreign operations are translated into U.S. dollars, the reporting currency of the Company, using exchange rates in effect at the end of the reporting period. The net gain or loss resulting from translation is shown as a foreign currency translation adjustment and is included in other comprehensive loss in the Consolidated Statements of Operations and Comprehensive Income and in accumulated other comprehensive income on the Consolidated Balance Sheets. Income and expense accounts of the Company’s foreign entities are translated into U.S. dollars using average exchange rates during the reporting period. (Gain) loss on foreign currency, net in the Consolidated Statements of Operations and Comprehensive Income comprises realized gains and losses upon settlement of foreign currency transactions, remeasurement gains and losses on unsettled foreign currency transactions, and realized and unrealized gains and losses on cross currency swaps and forward contracts (see Note 10. Derivative Financial Instruments). Realized and unrealized (gains) and losses on foreign currency transactions totaled $(14.2) million in fiscal 2025, $27.3 million in fiscal 2024 and $(9.8) million in fiscal 2023. Foreign currency gains and losses relating to intercompany loans issued by or to foreign subsidiaries are not eliminated during consolidation and are included in (gain) loss on foreign currency, net in the Consolidated Statements of Operations and Comprehensive Income.
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| Revenue recognition | Revenue recognition Retail sales. Revenue is recorded for store sales upon the purchase of merchandise by customers. Sales taxes collected from customers are not considered revenue and are included in accounts payable and accrued liabilities on the Consolidated Balance Sheets until remitted to the taxing authorities. Revenue is recorded net of coupons, promotional discounts and sales discounts under reward programs. Revenue from gift cards is recognized upon redemption, and estimated breakage is recognized based on redemption data. The Company accounts for outstanding gift card balances as a liability, net of estimated breakage. Gift card liabilities are included in accounts payable and accrued liabilities on the Consolidated Balance Sheets. The Company does not record a sales return reserve as no right of return exists for customers. Wholesale sales. Sales of products are recognized at the point of shipment with no right of return and exclude shipping and handling costs, which are paid by the customer. The Company’s revenue arrangements do not contain a significant financing component.
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| Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash, demand deposits with banks, proceeds due from credit and debit card transactions and money market funds with maturity dates of three months or less from the date of purchase. The carrying amounts reported for cash and cash equivalents are considered to approximate fair value based upon their short maturities. The Company’s cash deposits are maintained in accounts primarily with two major financial institutions in the U.S. and Canada. Substantially all cash on deposit exceeds the federally insured limits for such deposits. Money market funds are invested in a single fund that invests in U.S. Government and U.S. Treasury securities. The Company also maintains a money market account within a rabbi trust related to its deferred compensation plan that participants may select as an investment option.
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| Trade accounts receivable | Trade accounts receivable Trade accounts receivable are recorded at the invoiced amount, net of any allowances. Both trade accounts receivable and the allowance for credit losses relate to wholesale sales.
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| Inventories | Inventories Inventories consist almost entirely of used clothing and other household goods purchased from nonprofit partners. Inventory is valued at the lower of average purchase cost or net realizable value.
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| Property and equipment | Property and equipment Property and equipment are stated at historical cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets ranging from 3 to 15 years for furniture, fixtures and equipment. Leasehold improvements are amortized using the straight-line method over the shorter of 7 years or the remaining lease term.
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| Long-lived assets | Long-lived assets The carrying values of long-lived assets, consisting of property and equipment, right-of-use lease assets and long-lived intangible assets, are reviewed for impairment when store performance expectations, events or changes in circumstances - such as a decision to relocate or close a store, office or distribution center - indicate that the carrying amounts may not be recoverable. When testing for impairment, we group assets and liabilities at the lowest level for which cash flows are separately identifiable - which is primarily at the individual store level. We then assess the risk of impairment by comparing an estimate of the undiscounted cash flows expected to be generated by the asset group against the carrying value of the asset group (the “recoverability test”). Impairment is indicated when the carrying value of the asset group exceeds the estimated future undiscounted cash flows generated by those assets. When impairment is indicated and the fair value of the asset group is determined to be less than the carrying value of the asset group, the Company records an impairment charge equal to the amount by which the carrying value of the asset group exceeds the asset group’s fair value. Performing the recoverability test requires management to make judgments relating to future cash flows, growth rates and economic and market conditions. Depending on the asset class, estimated fair value may be determined either by the use of a discounted cash flow model and/or by reference to estimated selling prices of assets in similar condition.
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| Goodwill | Goodwill Goodwill is reviewed for impairment annually in the Company’s fourth quarter and whenever circumstances indicate goodwill might be impaired. The Company has the option of performing a qualitative assessment that involves evaluating relevant events and circumstances to determine whether it is more likely than not (i.e. a likelihood of greater than 50%) that the fair value of a reporting unit is less than its carrying amount. If not, no further impairment testing is performed. If the assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company performs a quantitative assessment by comparing the carrying value of the reporting unit to the estimated fair value of the reporting unit, both as of the testing date. If the carrying value of the reporting unit exceeds the estimated fair value, the Company will recognize an impairment charge equal to the amount by which the carrying value exceeds the reporting unit’s estimated fair value up to but not to exceed the total amount of goodwill allocated to the reporting unit. While the Company generally performs a qualitative assessment, we may choose periodically to forgo the qualitative assessment and proceed directly to a quantitative analysis. Factors considered in determining whether to forgo the qualitative assessment and proceed directly to the quantitative analysis include the significance of the excess of a reporting unit’s estimated fair value over its carrying value at the last quantitative assessment date, the amount of time between quantitative assessments, the desirability of establishing an updated baseline quantitative analysis, and other performance and market indicators. The Company’s reporting units are consistent with its reportable segments, with goodwill balances allocated entirely to the U.S. Retail and Canada Retail reporting units.
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| Intangible assets | Intangible assets Intangible assets represent the Company’s trade names, trademarks and charity licensing agreements. The Company’s trade names and trademarks, which have indefinite lives, are not amortized, but rather, reviewed for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset may be impaired. Charity licensing agreements are amortized using the straight-line method over their estimated useful life, which is usually 15 years.
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| Insurance reserves | Insurance reserves The Company is self-insured for general liability, medical and workers’ compensation and regularly reviews the related insurance reserves and adjusts the balances as necessary. Self-insurance claims filed and claims incurred-but-not-reported are accrued based on management’s estimates of cost by considering historical claims experience, demographic factors, severity factors and other actuarial assumptions. Additionally, the Company reviews specific large insurance claims to determine whether there is a need for any additional accruals.
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| Advertising costs | Advertising costs Advertising production costs and media placement costs are expensed the first time the advertisement takes place.
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| Income taxes | Income taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized based on the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred income tax assets to the amount more likely than not expected to be realized. Income tax expense represents the current expense incurred for the period plus or minus the change during the period in net deferred tax assets and liabilities. Section 382 of the Internal Revenue Code and similar state regulations, contain provisions that may limit the net operating loss (“NOL”) carryforwards and other tax attributes available to be used to offset income and tax liabilities in any given year upon the occurrence of certain events, including changes in ownership of more than 50%. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount of the benefit that has a greater than 50% likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense, net and penalties in income tax expense (benefit) in the Consolidated Statements of Operations and Comprehensive Income.
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| Stock-based compensation | Stock-based compensation The Company’s stock-based incentive plan allows for the issuance of various types of stock-based awards, including time-based options, performance-based options and restricted stock units (“RSUs”). Options are generally granted with an exercise price equal to the fair value of our common stock at the date of grant. Prior to July 3, 2023, the date we completed our IPO, the fair value of our common stock was established by the Board at the date of grant. Upon completion of our IPO, the fair value of our common stock is determined based on the closing price of our common stock on the New York Stock Exchange on the date of grant. The grant-date fair value of time-based options is determined using the Black-Scholes-Merton option pricing model. The grant-date fair value of performance-based options is determined using the Black-Scholes-Merton option-pricing model for awards tied to the Company’s IPO and a Monte Carlo simulation for awards subject to market-specific conditions, with the probability of achieving the market condition reflected in the grant-date fair value. We recognize expense for time-based options on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. We recognize expense for performance-based options subject to Company-specific conditions when it is probable that performance conditions will be achieved, and recognize the expense on a graded vesting basis over the expected vesting period. For performance-based options subject to market-specific conditions, expense is recognized on a graded vesting basis over the expected vesting period and is recognized regardless of whether the market-specific conditions are achieved. The grant-date fair value of all RSUs is estimated based on the fair value of our common stock on the date of grant. We recognize expense for RSUs on a straight-line basis over the requisite service period of the awards, which is generally the vesting period. Liability-classified RSUs are initially measured at fair value and remeasured at each reporting date until settlement, with changes in fair value recognized as compensation expense.
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| Share repurchases | Share repurchases Repurchased shares are retired and the excess of cost over par value is recorded as an increase in accumulated deficit.
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| Net income per share | Net income per share Basic net income per share is computed by dividing net income by the weighted-average number of shares outstanding during the period. Diluted net income per share reflects the impact of potentially dilutive common equivalent shares under the treasury stock method. The dilutive impact of shares issued under incentive plans is determined by applying the treasury stock method to the assumed vesting of outstanding restricted stock units and the exercise of outstanding time-based options. The dilutive impact related to contingently issuable performance-based options is determined using a two-step approach that applies both the contingently issuable share guidance and the treasury stock method.
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| Derivative instruments | Derivative instruments In the normal course of business, the Company may use derivative financial instruments, including interest rate swaps, cross currency swaps and foreign exchange forwards, to hedge against fluctuations in interest rates or foreign exchange rates thereby reducing our exposure to variability in cash flows on our floating-rate debt or from foreign operations. Derivative instruments are measured at fair value and classified as assets or liabilities, current or non-current, depending on the settlement dates of the individual contracts. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative instruments that are not designated as hedges are intended to economically hedge a portion of our foreign exchange risk. All gains and losses on these economic hedges are recorded immediately in (gain) loss on foreign currency, net in the Consolidated Statements of Operations and Comprehensive Income. For derivative instruments designated as cash flow hedges, unrealized gains and losses from changes in fair value are initially reported as a component of accumulated other comprehensive income on the Consolidated Balance Sheets and are reclassified to interest expense, net in the Consolidated Statements of Operations and Comprehensive Income as interest payments are made on the Company’s variable-rate debt. For derivative instruments designated as cash flow hedges, realized gains and losses from settlement are a component of interest expense, net in the Consolidated Statements of Operations and Comprehensive Income. Realized gains and losses on interest rate swaps with an other-than-insignificant financing element at inception are reported within cash flows from financing activities on the Consolidated Statements of Cash Flows. Realized gains and losses on interest rate swaps without an other-than-insignificant financing element at inception are reported within cash flows from operating activities on the Consolidated Statements of Cash Flows. Realized gains and losses on cross currency swaps and forward contracts are reported within cash flows from investing activities on the Consolidated Statements of Cash Flows. The Company does not use derivative instruments for trading or speculative purposes and does not use any leveraged derivative financial instruments.
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| Leases | Leases The Company leases various real estate, including retail stores, offsite processing facilities, wholesale warehouses and office space, as well as vehicles. The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use (“ROU”) lease assets, lease liabilities – current and non-current – in our Consolidated Balance Sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet and are expensed as incurred. Our lease assets and liabilities are recognized at the lease commencement date based on the present value of the fixed lease payments over the lease term. As an implicit rate is not provided for most of our leases, we use an incremental borrowing rate which represents the rate used for a secured borrowing of a similar term as the lease. Our real estate leases typically require payment of real estate taxes, common area maintenance and insurance. These components comprise the majority of our variable lease costs and are excluded from the present value of our lease obligations. As of January 3, 2026, the Company’s leases had remaining lease terms of greater than 1 year to 20 years. The lease term includes the initial contractual term as well as any options to extend the lease when it is reasonably certain that the Company will exercise that option. The option periods are generally not included in the lease term used to measure our lease liabilities and lease assets upon commencement as exercise of the options is not reasonably certain. We remeasure the lease liability and lease asset when we are reasonably certain to exercise a renewal option. The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants.
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| Recently adopted accounting pronouncements and Recently issued accounting pronouncements not yet adopted | Recently adopted accounting pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require that public entities on an annual basis disclose specific categories in the rate reconciliation table, provide additional information for reconciling items that meet a quantitative threshold and provide additional information about income taxes paid. The Company adopted ASU 2023-09 for the year ended January 3, 2026 and applied the guidance on a prospective basis, with no change to prior period disclosures. This guidance impacted the Company’s disclosures only with no impact to its results of operations, financial position or cash flows. Recently issued accounting pronouncements not yet adopted In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require public entities to disclose, on an annual and interim basis, specific expenses included in each relevant expense caption on the income statement. The amendments in this update are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. This guidance is expected to impact the Company’s disclosures only with no impact to its results of operations, financial position or cash flows.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Disaggregation of Revenue | The following table disaggregates our revenue by retail and wholesale for the periods presented:
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Property and Equipment (Tables) |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Property, and Equipment, Net | Property and equipment, net, consisted of the following:
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Goodwill (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | Changes in the carrying value of goodwill by reportable segments were as follows:
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Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Indefinite-Lived Intangible Assets | The components of intangible assets were as follows:
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| Schedule of Finite-Lived Intangible Assets | The components of intangible assets were as follows:
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Debt (Tables) |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt | Long-term debt consisted of the following:
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| Schedule of Maturities of Long-Term Debt | Required minimum principal payments on debt for each of the following fiscal years as of January 3, 2026 are as follows:
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Fair Value Measurements (Tables) |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at January 3, 2026:
(1)Represents investments held in a rabbi trust associated with the Company’s deferred compensation plan and are included in prepaid expenses and other current assets and other assets on the Consolidated Balance Sheets. The following table presents financial assets and financial liabilities that are measured at fair value on a recurring basis at December 28, 2024:
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| Schedule of Fair Value, Liabilities Measured on Recurring Basis | The following table provides a reconciliation of the acquisition-related contingent consideration liability measured at fair value using Level 3 significant unobservable inputs:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 03, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Lease, Cost | The components of total lease costs, net, consisted of the following:
Supplemental balance sheet information related to leases is as follows:
(1)Finance lease assets are net of accumulated amortization of $7.1 million and $4.8 million as of January 3, 2026 and December 28, 2024, respectively.
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| Schedule of Lessee, Operating Lease, Liability, to be Paid, Maturity | The maturities of our lease obligations at January 3, 2026 were as follows:
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| Schedule of Leases, Supplemental Cash Flow Information | Supplemental cash flow information related to leases is as follows:
The amounts of cash income taxes paid, net of refunds received, by the Company were as follows:
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Derivative Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 03, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Cross Currency Swap Contracts, Forward Contracts, and Interest Rate Swaps | The fair value of derivative financial instruments were as follows:
(1)Derivatives subject to master netting agreements are presented net on the Consolidated Balance Sheets. (2)Presented gross of immaterial income taxes. (3)The accumulated other comprehensive income balance of $4.4 million consists of the deferred gain associated with interest rate swaps that were terminated in April 2024.
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| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The impact of derivative financial instruments on the Consolidated Statements of Operations and Comprehensive Income was as follows:
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| Schedule of Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of cash flow hedge accounting on comprehensive income:
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Segments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 03, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Segment Reporting Information | Our segment results are presented in the tables below. In each table, “Other profit” is attributable to the Australia Retail and Wholesale operating segments which have been combined.
The following table reconciles total reportable segment net sales to consolidated net sales. “Other sales” is attributable to the Australia Retail and Wholesale operating segments which have been combined.
The following table disaggregates the Company’s net sales by geography, based on the location of the Company’s customers:
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| Schedule of Long-Lived Assets by Geographic Areas | The following table disaggregates our long-lived assets by location:
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Net Income Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 03, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Basic and Diluted Net Income per Share | Basic and diluted net income per share were as follows:
(1)For fiscal 2025, 2024 and 2023, the calculation of diluted net income per share excludes the effect of 6.7 million, 3.1 million and 0.8 million, respectively, of potential shares of common stock as the inclusion of these potential shares would have been antidilutive and/or the shares were contingently issuable and not issuable based on current period results, assuming the end of the reporting period was the end of the contingency period.
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Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 03, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The following assumptions apply to time-based options awarded during fiscal 2025, 2024 and 2023 under the Black-Scholes-Merton option pricing model:
The following assumptions were used to remeasure the fair value of performance-based options resulting from the October 2022 and May 2023 modifications under the Black-Scholes-Merton option pricing model:
The following assumptions were used to remeasure the fair value of performance-based options resulting from the July 2023 modification under the Monte Carlo simulation:
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| Schedule of Share-Based Payment Arrangement, Option, Activity | The following table summarizes activity related to time-based options:
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| Schedule of Share-Based Payment Arrangement, Performance Shares, Activity | The following table summarizes activity related to performance-based options:
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| Schedule of Share-Based Payment Arrangement, Restricted Stock Unit, Activity | The following table summarizes activity related to RSUs as of January 3, 2026:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jan. 03, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income before Income Taxes | Income before income taxes consisted of the following:
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| Schedule of Components of Income Tax Expense (Benefit) | Components of income tax expense (benefit) are summarized as follows:
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| Schedule of Effective Income Tax Reconciliation | A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Maryland, Massachusetts and Minnesota. A reconciliation of the provision for income taxes to the amount computed by applying the 21% U.S. federal income tax rate to income before income taxes prior to the adoption of ASU 2023-09 is as follows:
(1)In October 2023 the Company underwent an internal legal entity restructuring. (2)GILTI and FDII refer to Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income, respectively.
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| Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities are as follows for the consolidated taxable entities at January 3, 2026 and December 28, 2024:
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| Schedule of Net Operating Loss and Income Tax Credit Carryforwards | As of January 3, 2026, the Company had the following net operating loss and income tax credit carryforwards:
|
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| Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
|
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| Schedule of Cash Income Taxes Paid, Net of Refunds Received | Supplemental cash flow information related to leases is as follows:
The amounts of cash income taxes paid, net of refunds received, by the Company were as follows:
|
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| Summary of Tax Credit Carryforwards | As of January 3, 2026, the Company had the following net operating loss and income tax credit carryforwards:
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Summary of Significant Accounting Policies - Foreign currency (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounting Policies [Abstract] | |||
| Aggregate foreign currency translation (gain) loss | $ (14.2) | $ 27.3 | $ (9.8) |
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Disaggregation of Revenue [Line Items] | |||
| Net sales | $ 1,678,954 | $ 1,537,617 | $ 1,500,249 |
| Retail sales | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | 1,601,595 | 1,463,404 | 1,427,024 |
| Wholesale sales | |||
| Disaggregation of Revenue [Line Items] | |||
| Net sales | $ 77,359 | $ 74,213 | $ 73,225 |
Summary of Significant Accounting Policies - Cash and cash equivalents (Details) |
Jan. 03, 2026
financial_institution
|
|---|---|
| Accounting Policies [Abstract] | |
| Number of financial institutions | 2 |
Summary of Significant Accounting Policies - Property and equipment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Property, Plant and Equipment [Line Items] | |||
| Impairment, long-lived asset, held-for-use, statement of income or comprehensive income [Extensible Enumeration] | Selling, general and administrative | Selling, general and administrative | |
| Impairment of property and equipment | $ 4.0 | $ 4.3 | $ 0.0 |
| Leasehold improvements | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, useful life | 7 years | ||
| Minimum | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, useful life | 3 years | ||
| Maximum | |||
| Property, Plant and Equipment [Line Items] | |||
| Property and equipment, useful life | 15 years | ||
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounting Policies [Abstract] | |||
| Goodwill, impairment | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounting Policies [Abstract] | |||
| Intangible assets, useful life | 15 years | ||
| Goodwill, impairment | $ 0 | $ 0 | $ 0 |
Summary of Significant Accounting Policies - Advertising costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Accounting Policies [Abstract] | |||
| Advertising costs | $ 8.3 | $ 10.7 | $ 9.0 |
Summary of Significant Accounting Policies - Leases (Details) |
Jan. 03, 2026 |
|---|---|
| Minimum | |
| Lessee, Lease, Description [Line Items] | |
| Lessee, operating lease, remaining lease term | 1 year |
| Maximum | |
| Lessee, Lease, Description [Line Items] | |
| Lessee, operating lease, remaining lease term | 20 years |
2 Peaches Acquisition (Details) - 2 Peaches Group, LLC $ in Millions |
1 Months Ended | |
|---|---|---|
|
May 06, 2024
USD ($)
store
|
Sep. 30, 2025
USD ($)
|
|
| Business Combination [Line Items] | ||
| Business combination, consideration transferred | $ 5.4 | |
| Business combination, cash consideration | 3.5 | |
| Acquisition-related contingent consideration | 0.5 | |
| Acquisition-related contingent consideration | 1.9 | |
| Acquisition-related contingent consideration, expected payment of revenue milestones | $ 2.7 | |
| Payments for contingent consideration | $ 0.7 | |
| Georgia | ||
| Business Combination [Line Items] | ||
| Number of stores acquired | store | 7 |
Property and Equipment - Schedule of Property, and Equipment, Net (Details) - USD ($) $ in Thousands |
Jan. 03, 2026 |
Dec. 28, 2024 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Finance leases | $ 29,832 | $ 13,281 |
| Total property and equipment | 654,824 | 513,922 |
| Less: accumulated depreciation | 315,829 | 243,799 |
| Total property and equipment, net | 338,995 | 270,123 |
| Furniture, fixtures and equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | 346,544 | 291,772 |
| Leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | 198,474 | 133,947 |
| Construction in progress | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, gross | $ 79,974 | $ 74,922 |
Property and Equipment - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Property, Plant and Equipment [Abstract] | |||
| Depreciation | $ 73.7 | $ 61.3 | $ 56.0 |
| Accelerated depreciation | $ 1.6 | ||
Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
|
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | $ 665,465 | $ 687,368 |
| Foreign currency translation effect | 12,419 | (21,951) |
| Business acquisition | 48 | |
| Goodwill, ending balance | 677,884 | 665,465 |
| U.S. Retail | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 414,994 | 414,946 |
| Foreign currency translation effect | 0 | 0 |
| Business acquisition | 48 | |
| Goodwill, ending balance | 414,994 | 414,994 |
| Canada Retail | ||
| Goodwill [Roll Forward] | ||
| Goodwill, beginning balance | 250,471 | 272,422 |
| Foreign currency translation effect | 12,419 | (21,951) |
| Business acquisition | 0 | |
| Goodwill, ending balance | $ 262,890 | $ 250,471 |
Intangible Assets - Schedule of Indefinite and Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Jan. 03, 2026 |
Dec. 28, 2024 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Accumulated Amortization | $ (26,456) | $ (22,945) |
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
| Gross Carrying Amount | 180,045 | 182,275 |
| Accumulated Amortization | (26,456) | (22,945) |
| Net Carrying Amount | 153,589 | 159,330 |
| Trade names and trademarks | ||
| Indefinite-Lived Intangible Assets [Line Items] | ||
| Indefinite-lived intangible assets | 118,650 | 118,650 |
| Charity licensing agreements | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Amount | 61,395 | 63,625 |
| Accumulated Amortization | (26,456) | (22,945) |
| Net Carrying Amount | 34,939 | 40,680 |
| Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
| Accumulated Amortization | $ (26,456) | $ (22,945) |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Amortization expense, long-lived intangible assets | $ 6.8 | $ 8.3 | $ 5.2 |
| Accelerated amortization of intangible assets | 2.6 | ||
| Estimated aggregate amortization expense of long-lived intangible assets year one | 4.1 | ||
| Estimated aggregate amortization expense of long-lived intangible assets year two | 4.1 | ||
| Estimated aggregate amortization expense of long-lived intangible assets year three | 4.1 | ||
| Estimated aggregate amortization expense of long-lived intangible assets year four | 4.1 | ||
| Estimated aggregate amortization expense of long-lived intangible assets year five | $ 4.1 | ||
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands |
Jan. 03, 2026 |
Dec. 28, 2024 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Total face value of debt | $ 730,000 | $ 761,256 |
| Less: current portion of long-term debt | 7,500 | 6,000 |
| Less: unamortized debt issuance costs and debt discount | 14,285 | 20,123 |
| Long-term debt, net | 708,215 | 735,133 |
| Term Debt | 2025 Term Loan Facility | ||
| Debt Instrument [Line Items] | ||
| Total face value of debt | 730,000 | 0 |
| Senior Secured Notes | Senior Secured Notes | ||
| Debt Instrument [Line Items] | ||
| Total face value of debt | 0 | 445,500 |
| Line of Credit | Secured Debt | 2021 Term Loan Facility | ||
| Debt Instrument [Line Items] | ||
| Total face value of debt | $ 0 | $ 315,756 |
Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands |
Jan. 03, 2026
USD ($)
|
|---|---|
| Debt Disclosure [Abstract] | |
| 2026 | $ 7,500 |
| 2027 | 7,500 |
| 2028 | 7,500 |
| 2029 | 7,500 |
| 2030 | 7,500 |
| Thereafter | 692,500 |
| Principal payments on long-term debt | $ 730,000 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Sep. 30, 2025 |
Jan. 03, 2026 |
Dec. 28, 2024 |
|
| Fair Value, Option, Quantitative Disclosures [Line Items] | |||
| Impairment on ROU assets | $ 2.8 | $ 2.5 | |
| Property and equipment impairment | $ 1.2 | 1.8 | |
| 2 Peaches Group, LLC | |||
| Fair Value, Option, Quantitative Disclosures [Line Items] | |||
| Payments for contingent consideration | $ 0.7 | ||
| Level 1 | Senior Secured Notes | Senior Secured Notes | |||
| Fair Value, Option, Quantitative Disclosures [Line Items] | |||
| Fair value | $ 467.6 | ||
Fair Value Measurements - Reconciliation of the Acquisition-Related Contingent Consideration Liability (Details) $ in Thousands |
12 Months Ended |
|---|---|
|
Jan. 03, 2026
USD ($)
| |
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
| Beginning balance | $ 2,000 |
| Change in fair value recorded in selling, general and administrative | (1,300) |
| Cash payment | (700) |
| Ending balance | $ 0 |
| Fair value, liability, recurring basis, unobservable input reconciliation, gain (Loss), statement of income or comprehensive income [Extensible Enumeration] | Selling, general and administrative |
Leases - Lease, Cost (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Leases [Abstract] | |||
| Operating lease costs | $ 147,671 | $ 132,173 | $ 119,908 |
| Short-term and variable lease costs | 57,808 | 53,191 | 41,559 |
| Sublease income | (2,470) | (2,452) | (2,703) |
| Amortization of lease assets | 3,980 | 1,725 | 1,152 |
| Interest on lease obligations | 1,465 | 587 | 247 |
| Total lease costs, net | $ 208,454 | $ 185,224 | $ 160,163 |
Leases - Lessee, Operating Lease, Liability, to be Paid, Maturity (Details) - USD ($) $ in Thousands |
Jan. 03, 2026 |
Dec. 28, 2024 |
|---|---|---|
| Operating Leases | ||
| 2026 | $ 141,370 | |
| 2027 | 138,469 | |
| 2028 | 115,233 | |
| 2029 | 111,258 | |
| 2030 | 96,040 | |
| Thereafter | 333,995 | |
| Total undiscounted payments | 936,365 | |
| Less: Interest | 270,817 | |
| Present value of lease obligations | $ 665,548 | |
| Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and accrued liabilities, Other liabilities | |
| Finance Leases | ||
| 2026 | $ 6,316 | |
| 2027 | 5,902 | |
| 2028 | 5,174 | |
| 2029 | 4,822 | |
| 2030 | 3,777 | |
| Thereafter | 2,859 | |
| Total undiscounted payments | 28,850 | |
| Less: Interest | 6,126 | |
| Present value of lease obligations | 22,724 | |
| Total | ||
| 2026 | 147,686 | |
| 2027 | 144,371 | |
| 2028 | 120,407 | |
| 2029 | 116,080 | |
| 2030 | 99,817 | |
| Thereafter | 336,854 | |
| Total undiscounted payments | 965,215 | |
| Less: Interest | 276,943 | |
| Present value of lease obligations | $ 688,272 | $ 570,624 |
Leases - Leases, Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Cash paid for amounts included in the measurement of lease obligations: | |||
| Operating cash flows for operating leases | $ 134,760 | $ 123,945 | $ 112,139 |
| Operating cash flows for finance leases | 1,465 | 587 | 247 |
| Financing cash flows for finance leases | 3,958 | 1,615 | 1,526 |
| Noncash investing activities: | |||
| Assets obtained in exchange for new operating lease obligations | 175,579 | 160,348 | 145,206 |
| Assets obtained in exchange for new finance lease obligations | $ 18,606 | $ 4,738 | $ 3,517 |
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions |
1 Months Ended | 12 Months Ended | |
|---|---|---|---|
Apr. 30, 2024 |
Jan. 03, 2026 |
Dec. 28, 2024 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Gains that will be reclassified within 12 months | $ 0.1 | ||
| Forward contracts | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Derivative notional amount | 102.4 | $ 102.5 | |
| Cross currency swaps | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Derivative notional amount | 200.0 | ||
| Proceeds from derivative instruments | $ 28.1 | ||
| Interest rate swaps | |||
| Derivative Instruments, Gain (Loss) [Line Items] | |||
| Derivative notional amount | $ 600.0 | ||
| Proceeds from derivative instruments | $ 10.3 |
Derivative Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Forward contracts | Foreign Currency Gain (Loss) | |||
| Derivatives, Fair Value [Line Items] | |||
| Loss (gain) on derivative instruments recognized in (gain) loss on foreign currency, net | $ 2,840 | $ (5,401) | $ 373 |
| Cross currency swaps | Foreign Currency Gain (Loss) | |||
| Derivatives, Fair Value [Line Items] | |||
| Loss (gain) on derivative instruments recognized in (gain) loss on foreign currency, net | 343 | (7,647) | 2,770 |
| Interest rate swaps | Interest Expense | |||
| Derivatives, Fair Value [Line Items] | |||
| Gain on interest rate swaps recognized in interest expense, net | $ (5,336) | $ (10,977) | $ (11,110) |
Derivative Financial Instruments - Cash Flow Hedge (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
| (Loss) gain recognized in other comprehensive loss | $ (317) | $ 2,364 | $ 3,141 |
| Gain reclassified from accumulated other comprehensive income into net income | $ 5,336 | $ 10,977 | $ 11,110 |
Segments - Narrative (Details) - Operating Segments - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| U.S. Retail | ||
| Segment Reporting Information [Line Items] | ||
| Increase (decrease) in gross profit | $ 5.3 | $ (5.6) |
| Canada Retail | ||
| Segment Reporting Information [Line Items] | ||
| Increase (decrease) in gross profit | $ (1.5) | $ (2.0) |
Segments - Long-Lived Assets by Geographic Areas (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Segment Reporting Information [Line Items] | |||
| Long-lived assets | $ 1,007,946 | $ 863,565 | |
| Net sales | 1,678,954 | 1,537,617 | $ 1,500,249 |
| U.S. | |||
| Segment Reporting Information [Line Items] | |||
| Long-lived assets | 624,025 | 527,126 | |
| Net sales | 959,514 | 850,887 | 799,619 |
| Canada | |||
| Segment Reporting Information [Line Items] | |||
| Long-lived assets | 335,100 | 297,479 | |
| Net sales | 623,590 | 602,257 | 622,690 |
| Australia | |||
| Segment Reporting Information [Line Items] | |||
| Long-lived assets | 48,821 | 38,960 | |
| Net sales | 53,317 | 43,852 | 41,268 |
| Rest of world | |||
| Segment Reporting Information [Line Items] | |||
| Net sales | $ 42,533 | $ 40,621 | $ 36,672 |
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Numerator: | |||
| Net income | $ 22,639 | $ 29,030 | $ 53,115 |
| Denominator: | |||
| Basic weighted average shares outstanding (in shares) | 156,649,000 | 160,911,000 | 151,027,000 |
| Dilutive effect of employee stock options and awards (in shares) | 6,130,000 | 5,795,000 | 5,129,000 |
| Diluted weighted average shares outstanding (in shares) | 162,779,000 | 166,706,000 | 156,156,000 |
| Net income per share: | |||
| Basic (in usd per share) | $ 0.14 | $ 0.18 | $ 0.35 |
| Diluted (in usd per share) | $ 0.14 | $ 0.17 | $ 0.34 |
| Antidilutive securities excluded from computation of earnings per share (in shares) | 6,700,000 | 3,100,000 | 800,000 |
Stock-Based Compensation - 2019 Management Incentive Plan (Details) - Options - 2019 Management Incentive Plan - shares |
Mar. 28, 2019 |
Jan. 03, 2026 |
|---|---|---|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Award requisite service period | 10 years | |
| Number of options available for issuance (in shares) | 0 | |
| Outstanding (in shares) | 11,500,000 |
Stock-Based Compensation - Omnibus Incentive Plan (Details) shares in Millions |
12 Months Ended |
|---|---|
|
Jan. 03, 2026
shares
| |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Number of shares authorized (in shares) | 15.0 |
| Common stock reserved for future issuance (in shares) | 11.6 |
| Omnibus Incentive Plan | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Award requisite service period | 10 years |
Stock-Based Compensation - Stock-based compensation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Share-Based Payment Arrangement [Abstract] | |||
| Stock-based compensation expense | $ 38.6 | $ 61.6 | $ 72.6 |
| Stock-based compensation expense, tax benefit | $ 4.7 | $ 6.0 | $ 7.2 |
Stock-Based Compensation - Weighted Average Assumptions for Time-based Options (Details) - Time-Based Options |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Expected volatility, minimum | 35.40% | 35.90% | 35.40% |
| Expected volatility, maximum | 35.90% | 43.00% | 35.70% |
| Risk-free interest rate, minimum | 3.80% | 3.90% | 3.40% |
| Risk-free interest rate, maximum | 4.10% | 4.30% | 4.20% |
| Expected term (in years) | 6 years | 6 years 6 months | |
| Minimum | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Expected term (in years) | 6 years | ||
| Maximum | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Expected term (in years) | 6 years 6 months | ||
Stock-Based Compensation - Weighted Average Assumptions for Performance-based Options (Details) - Performance based options |
12 Months Ended | |
|---|---|---|
Dec. 30, 2023 |
Dec. 31, 2022 |
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| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
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| Risk-free interest rate | 3.50% | 3.80% |
| Expected term (in years) | 6 years 6 months | 6 years 6 months |
| Monte Carlo Simulation | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Expected volatility | 35.00% | |
| Risk-free interest rate, minimum | 3.55% | |
| Risk-free interest rate, maximum | 3.74% | |
| Minimum | Monte Carlo Simulation | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
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| Maximum | Monte Carlo Simulation | ||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
| Expected term (in years) | 6 years 7 months 6 days | |
Stock-Based Compensation - Restricted Stock Units (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Jan. 03, 2026
USD ($)
| |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
| Unrecognized share-based compensation cost, period of recognition | 2 years 1 month 13 days |
| Restricted Stock Units | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
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| Unrecognized share-based compensation cost, period of recognition | 2 years |
| Liability classified awards | $ 2.0 |
| Minimum | Restricted Stock Units | |
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| Maximum | Restricted Stock Units | |
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
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Stock-Based Compensation - Restricted Stock Units Activity (Details) - Restricted Stock Units shares in Thousands |
12 Months Ended |
|---|---|
|
Jan. 03, 2026
$ / shares
shares
| |
| Number of Units | |
| Beginning, outstanding (in shares) | shares | 839 |
| Granted (in shares) | shares | 1,543 |
| Vested (in shares) | shares | (235) |
| Forfeited (in shares) | shares | (65) |
| Ending, outstanding (in shares) | shares | 2,082 |
| Weighted Average Grant-Date Fair Value Per Share | |
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| Granted (in usd per share) | $ / shares | 7.72 |
| Vested (in usd per share) | $ / shares | 20.60 |
| Forfeited (in usd per share) | $ / shares | 13.11 |
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Income Taxes - Schedule of Income before Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Income before income taxes | $ 37,205 | $ 49,434 | $ 47,079 |
| U.S. operations | |||
| Operating Loss Carryforwards [Line Items] | |||
| U.S. operations | 7,036 | 32,767 | (2,940) |
| Foreign operations | |||
| Operating Loss Carryforwards [Line Items] | |||
| Foreign operations | $ 30,169 | $ 16,667 | $ 50,019 |
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
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| U.S. - federal | $ (3,042) | $ 21,749 | $ 8,280 |
| U.S. - state | 404 | 5,579 | 6,232 |
| Foreign | 9,511 | 24,360 | 14,838 |
| Deferred: | |||
| U.S. - federal | 5,600 | (18,733) | (19,480) |
| U.S. - state | 2,182 | (4,476) | (13,156) |
| Foreign | (89) | (8,075) | (2,750) |
| Income tax expense (benefit) | $ 14,566 | $ 20,404 | $ (6,036) |
Income Taxes - Schedule of Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Tax expense at statutory rate | $ 7,813 | $ 10,381 | $ 9,887 |
| Amount | |||
| Change in valuation allowance | 7,348 | (2,996) | |
| Section 162(m) limitation | 6,648 | 11,229 | |
| Foreign rate differential | 3,720 | 2,623 | |
| Withholding taxes | 1,619 | 2,279 | |
| State taxes net of federal benefit | 2,043 | 871 | 4,519 |
| Tax impact of restructuring | 0 | (31,340) | |
| Impact of foreign currency translations | (619) | (1) | |
| Change in tax rate | (878) | 4 | |
| Stock-based compensation | (1,130) | 1,590 | |
| GILTI / FDII | (1,493) | (1,603) | |
| Change in uncertain tax positions | (1,681) | 0 | |
| Prior year true-up | (2,236) | 4,205 | |
| Tax credits | (2,492) | (3,741) | |
| Other | 346 | (2,691) | |
| Income tax expense (benefit) | $ 14,566 | $ 20,404 | $ (6,036) |
Income Taxes - Narrative (Details) - USD ($) |
Jan. 03, 2026 |
Dec. 28, 2024 |
|---|---|---|
| Income Tax Examination [Line Items] | ||
| Valuation allowance | $ 11,159,000 | $ 10,263,000 |
| UTB that would affect income tax rate | 100,000 | |
| Deferred tax liability, amount not recognized | 0 | $ 0 |
| Prepaid income taxes | 28,700,000 | |
| U.S. | ||
| Income Tax Examination [Line Items] | ||
| Valuation allowance | 100,000 | |
| Canada | ||
| Income Tax Examination [Line Items] | ||
| Valuation allowance | 5,400,000 | |
| Australia | ||
| Income Tax Examination [Line Items] | ||
| Valuation allowance | $ 5,700,000 |
Income Taxes - Schedule of Net Operating Loss and Income Tax Credit Carryforwards (Details) $ in Thousands |
Jan. 03, 2026
USD ($)
|
|---|---|
| U.S. States | |
| Operating Loss Carryforwards [Line Items] | |
| Net operating loss carryforwards: | $ 9,460 |
| Net operating loss carryforwards: | 15 |
| Non-U.S | |
| Operating Loss Carryforwards [Line Items] | |
| Net operating loss carryforwards: | 5,616 |
| U.S. Federal | |
| Operating Loss Carryforwards [Line Items] | |
| Income tax credit carryforwards: | $ 275 |
Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Unrecognized Tax Benefits [Roll Forward] | |||
| Beginning gross unrecognized tax benefits | $ 231 | $ 1,912 | $ 1,912 |
| Increase related to prior year tax position | 0 | 138 | 0 |
| Decrease related to prior year tax position | (93) | (1,819) | 0 |
| Ending gross unrecognized tax benefits | $ 138 | $ 231 | $ 1,912 |
Income Taxes - Schedule of Cash Income Taxes Paid, Net of Refunds Received (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| Total income taxes paid, net | $ 35,242 | $ 48,200 | $ 22,500 |
| U.S. Federal | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| U.S. Federal | 15,800 | ||
| U.S. States | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| U.S. States | 2,438 | ||
| Canada | Canada Federal | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| Foreign: | 10,744 | ||
| Canada | Canada Provincial | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| Foreign: | 6,193 | ||
| Other foreign jurisdiction | |||
| Income Tax Paid, by Individual Jurisdiction [Line Items] | |||
| Foreign: | $ 67 | ||
Related Party Transactions (Details) - Related Party - Brian Ames - Cash Compensation - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended |
|---|---|---|
Nov. 30, 2025 |
Jan. 03, 2026 |
|
| Related Party Transaction [Line Items] | ||
| Related party transaction, amounts of transaction | $ 150 | |
| Restricted Stock Units | Nonemployee | ||
| Related Party Transaction [Line Items] | ||
| Grants in period, fair value | $ 75 | |
| Vesting period | 3 months |
Retirement Plans (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Jan. 03, 2026 |
Dec. 28, 2024 |
Dec. 30, 2023 |
|
| Retirement Benefits [Abstract] | |||
| Dollar per dollar match | $ 1.00 | ||
| Defined contribution plan, maximum annual contributions per employee, percent | 4.00% | ||
| Defined contribution plan, cost | $ 5,300,000 | $ 5,200,000 | $ 4,700,000 |
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