v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 27, 2025
Revenue from Contract with Customer [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Revenue Recognition
 
The following table presents the Company’s net sales disaggregated by principal product category:
Thirteen Weeks EndedTwenty-Six Weeks Ended
June 27, 2025June 28, 2024June 27, 2025June 28, 2024
Center-of-the-Plate$394,327 38.1 %$365,387 38.3 %$755,819 38.1 %$708,323 38.7 %
Specialty:
Dry Goods167,680 16.2 %154,575 16.2 %317,786 16.0 %293,385 16.0 %
Produce124,032 12.0 %136,295 14.3 %243,604 12.3 %262,420 14.3 %
Pastry139,268 13.5 %114,224 12.0 %267,806 13.5 %216,092 11.8 %
Cheese and Charcuterie75,990 7.3 %68,820 7.2 %141,165 7.1 %128,119 7.0 %
Dairy and Eggs77,953 7.5 %62,674 6.6 %154,022 7.8 %120,800 6.6 %
Oils and Vinegars35,713 3.5 %33,811 3.5 %67,363 3.4 %63,617 3.5 %
Kitchen Supplies19,943 1.9 %18,918 1.9 %38,089 1.8 %36,436 2.1 %
Total Specialty$640,579 61.9 %$589,317 61.7 %$1,229,835 61.9 %$1,120,869 61.3 %
Total net sales$1,034,906 100 %$954,704 100 %$1,985,654 100 %$1,829,192 100 %

The Company determines its product category classification based on how the Company currently markets its products to its customers. The Company’s definition of its principal product categories may differ from the way in which other companies present similar information. Net sales by product category includes estimates of product mix for certain locations that are not yet fully integrated into the Company’s sales reporting system as of the reporting date.

Food Processing Costs

Food processing costs include, but are not limited to, direct labor and benefits, applicable overhead and depreciation of equipment and facilities used in food processing activities. Food processing costs included in cost of sales were $16,537 and $18,277 for the thirteen weeks ended June 27, 2025 and June 28, 2024, respectively, and $34,789 and $37,347 for the twenty-six weeks ended June 27, 2025 and June 28, 2024, respectively.

Share Repurchases

The Company has a share repurchase program that is executed through purchases made from time to time either in the open market or through private market transactions. During fiscal 2025, shares purchased were retired and returned to the status of authorized and unissued shares. During the twenty-six weeks ended June 28, 2024, shares purchased under the program were recorded at cost and held as treasury stock. During the third quarter of fiscal 2024, these shares were retired and returned to the status of authorized and unissued shares.

Recent Accounting Pronouncements

Induced Conversions of Convertible Debt Instruments: In November 2024, the Financial Accounting Standards Board (“FASB”) issued guidance which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The guidance is effective for fiscal years beginning after December 15, 2025, and interim periods within that fiscal year. Early adoption is permitted. The impact of this guidance is dependent on future induced conversions, if any, of the Company’s convertible debt instruments.

Disaggregation of Income Statement Expenses: In November 2024, the FASB issued guidance to require disclosure in the notes to the financial statements of certain categories of expenses that are included on the face of the income statement, including purchases of inventory, employee compensation and depreciation and amortization, as well as additional disclosure about selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods for fiscal years beginning after December 15, 2027 on a prospective basis. Early adoption is permitted. The Company expects to adopt this guidance when effective and is evaluating the impact of adoption on its consolidated financial statements, which is limited to financial statement disclosures.
Improvements to Income Tax Disclosures: In December 2023, the FASB issued guidance designed to improve the transparency and usefulness of income tax disclosures. The amendments include provisions to address the consistency of the income tax rate reconciliation and requirement to disaggregate income taxes paid by jurisdiction. The new disclosure requirements will be effective in the Company's Annual Report on Form 10-K for the fiscal year ending December 26, 2025. The impact of the guidance is limited to financial statement disclosures.