v3.25.2
Segments
 6 Months Ended
Jun. 28, 2025
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.
General corporate expenses include unallocated corporate overhead recorded in salaries, wages and benefits, and selling, general and administrative in the unaudited interim Condensed 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, 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 $3.8 million for the U.S. Retail segment and an increase of $0.1 million for the Canada Retail segment for the thirteen weeks ended June 29, 2024. For the twenty-six weeks ended June 29, 2024, the recast resulted in a decrease in segment profit of $5.0 million for the U.S. Retail segment and a decrease of $0.7 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.
Thirteen Weeks Ended June 28, 2025
(in thousands)U.S. RetailCanada RetailTotal
Segment sales$228,833 $154,956 $383,789 
Segment expenses:
Cost of merchandise sold, exclusive of depreciation and amortization104,090 66,400 170,490 
Salaries, wages and benefits32,396 19,203 51,599 
Selling, general and administrative43,834 29,878 73,712 
Total segment expenses180,320 115,481 295,801 
Segment profit$48,513 $39,475 87,988 
Reconciliation of profit
Other profit8,689 
General corporate expenses41,752 
Depreciation and amortization20,904 
Operating income34,021 
Interest expense, net15,985 
Gain on foreign currency, net(8,611)
Other expense, net37 
Income before income taxes$26,610 
Thirteen Weeks Ended June 29, 2024
(in thousands)U.S. RetailCanada RetailTotal
Segment sales$207,068 $149,836 $356,904 
Segment expenses:
Cost of merchandise sold, exclusive of depreciation and amortization90,562 57,889 148,451 
Salaries, wages and benefits28,874 18,445 47,319 
Selling, general and administrative39,574 29,424 68,998 
Total segment expenses159,010 105,758 264,768 
Segment profit$48,058 $44,078 92,136 
Reconciliation of profit
Other profit8,423 
General corporate expenses50,963 
Depreciation and amortization17,380 
Operating income32,216 
Interest expense, net15,767 
Loss on foreign currency, net940 
Other income, net(496)
Income before income taxes$16,005 
Twenty-Six Weeks Ended June 28, 2025
(in thousands)U.S. RetailCanada RetailTotal
Segment sales$439,598 $283,591 $723,189 
Segment expenses:
Cost of merchandise sold, exclusive of depreciation and amortization201,923 122,518 324,441 
Salaries, wages and benefits64,140 36,572 100,712 
Selling, general and administrative86,024 59,710 145,734 
Total segment expenses352,087 218,800 570,887 
Segment profit$87,511 $64,791 152,302 
Reconciliation of profit
Other profit17,379 
General corporate expenses84,995 
Depreciation and amortization40,262 
Operating income44,424 
Interest expense, net30,799 
Gain on foreign currency, net(10,242)
Other expense, net203 
Loss on extinguishment of debt2,718 
Income before income taxes$20,946 
Twenty-Six Weeks Ended June 29, 2024
(in thousands)U.S. RetailCanada RetailTotal
Segment sales$399,648 $283,955 $683,603 
Segment expenses:
Cost of merchandise sold, exclusive of depreciation and amortization178,634 115,718 294,352 
Salaries, wages and benefits56,902 34,473 91,375 
Selling, general and administrative75,433 54,973 130,406 
Total segment expenses310,969 205,164 516,133 
Segment profit$88,679 $78,791 167,470 
Reconciliation of profit
Other profit17,079 
General corporate expenses100,385 
Depreciation and amortization35,681 
Operating income48,483 
Interest expense, net31,843 
Loss on foreign currency, net1,896 
Other income, net(390)
Loss on extinguishment of debt4,088 
Income before income taxes$11,046