LEASES (Tables)
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3 Months Ended |
Apr. 01, 2026 |
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| LEASES |
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| Schedule of lease cost |
The following table presents the Company’s total lease cost, disaggregated by underlying asset (in thousands): | | | | | | | | | | | | | | | | | | | | | Thirteen Weeks Ended | | | April 1, 2026 | | March 26, 2025 | | | Property | | Equipment | | | | | Property | | Equipment | | | | | | Leases | | Leases | | Total | | Leases | | Leases | | Total | Finance lease cost: | | | | | | | | | | | | | | | | | | | Amortization of right-of-use assets | | $ | 17 | | $ | 21 | | $ | 38 | | $ | 19 | | $ | 30 | | $ | 49 | Interest on lease liabilities | | | 9 | | | 3 | | | 12 | | | 9 | | | 5 | | | 14 | Operating lease cost: | | | | | | | | | | | | | | | | | | | Fixed rent cost | | | 7,333 | | | 80 | | | 7,413 | | | 7,184 | | | 103 | | | 7,287 | Short-term lease cost | | | — | | | 3 | | | 3 | | | — | | | 28 | | | 28 | Variable lease cost | | | 103 | | | 432 | | | 535 | | | 139 | | | 334 | | | 473 | Sublease income | | | (1,687) | | | — | | | (1,687) | | | (1,715) | | | — | | | (1,715) | Total lease cost | | $ | 5,775 | | $ | 539 | | $ | 6,314 | | $ | 5,636 | | $ | 500 | | $ | 6,136 |
The following table presents the Company’s total lease cost on the condensed consolidated statements of income (in thousands): | | | | | | | | | | | Thirteen Weeks Ended | | | | April 1, 2026 | | March 26, 2025 | Lease cost – Occupancy and other operating expenses | | | $ | 6,054 | | $ | 5,965 | Lease cost – General & administrative | | | | 210 | | | 108 | Lease cost – Depreciation and amortization | | | | 38 | | | 49 | Lease cost – Interest expense | | | | 12 | | | 14 | Total lease cost | | | $ | 6,314 | | $ | 6,136 |
During the thirteen weeks ended April 1, 2026 and March 26, 2025, the Company had the following cash and non-cash activities associated with its leases (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | Thirteen Weeks Ended April 1, 2026 | | Thirteen Weeks Ended March 26, 2025 | | | Property | | Equipment | | | | | Property | | Equipment | | | | | | Leases | | Leases | | Total | | Leases | | Leases | | Total | Cash paid for amounts included in the measurement of lease liabilities | | | | | | | | | | | | | | | | | | | Operating cash flows used for operating leases | | $ | 8,724 | | $ | 119 | | $ | 8,843 | | $ | 7,246 | | $ | 93 | | $ | 7,339 | Financing cash flows used for finance leases | | $ | 34 | | $ | 30 | | $ | 64 | | $ | 23 | | $ | 34 | | $ | 57 | | | | | | | | | | | | | | | | | | | | Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | Operating lease ROU assets obtained in exchange for lease liabilities: | | | | | | | | | | | | | | | | | | | Operating lease ROU assets | | $ | 5,397 | | $ | (51) | | $ | 5,346 | | $ | 1,414 | | $ | — | | $ | 1,414 | Finance lease ROU assets obtained in exchange for lease liabilities: | | | | | | | | | | | | | | | | | | | Finance lease ROU assets | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | Derecognition of ROU assets due to terminations, impairment or modifications | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other Information | | | | | | | | | | | | | | | | | | | Weighted-average remaining years in lease term—finance leases | | | 14.61 | | | 2.59 | | | | | | 15.63 | | | 3.08 | | | | Weighted-average remaining years in lease term—operating leases | | | 9.63 | | | 2.41 | | | | | | 9.99 | | | 3.54 | | | | Weighted-average discount rate—finance leases | | | 2.57 | % | | 7.87 | % | | | | | 2.57 | % | | 6.66 | % | | | Weighted-average discount rate—operating leases | | | 5.53 | % | | 6.85 | % | | | | | 5.32 | % | | 6.84 | % | | |
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| Schedule of Operating Leases |
Information regarding the Company’s minimum future lease obligations as of April 1, 2026 is as follows (in thousands): | | | | | | | | | | | | Finance Leases | | Operating Leases | | | Minimum | | Minimum | | Minimum | | | Lease | | Lease | | Sublease | For the Years Ending | | Payments | | Payments | | Income | December 30, 2026 | | $ | 111 | | $ | 18,559 | | $ | 5,642 | December 29, 2027 | | | 167 | | | 30,430 | | | 5,553 | December 27, 2028 | | | 124 | | | 28,337 | | | 5,258 | December 26, 2029 | | | 108 | | | 26,282 | | | 4,682 | December 25, 2030 | | | 104 | | | 23,930 | | | 4,333 | Thereafter | | | 1,169 | | | 119,805 | | | 27,233 | Total | | $ | 1,783 | | $ | 247,343 | | $ | 52,701 | Less: imputed interest (2.57% - 7.87%) | | | (288) | | | (59,865) | | | | Present value of lease obligations | | | 1,495 | | | 187,478 | | | | Less: current maturities | | | (117) | | | (16,379) | | | | Noncurrent portion | | $ | 1,378 | | $ | 171,099 | | | |
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| Schedule of Financing Leases |
Information regarding the Company’s minimum future lease obligations as of April 1, 2026 is as follows (in thousands): | | | | | | | | | | | | Finance Leases | | Operating Leases | | | Minimum | | Minimum | | Minimum | | | Lease | | Lease | | Sublease | For the Years Ending | | Payments | | Payments | | Income | December 30, 2026 | | $ | 111 | | $ | 18,559 | | $ | 5,642 | December 29, 2027 | | | 167 | | | 30,430 | | | 5,553 | December 27, 2028 | | | 124 | | | 28,337 | | | 5,258 | December 26, 2029 | | | 108 | | | 26,282 | | | 4,682 | December 25, 2030 | | | 104 | | | 23,930 | | | 4,333 | Thereafter | | | 1,169 | | | 119,805 | | | 27,233 | Total | | $ | 1,783 | | $ | 247,343 | | $ | 52,701 | Less: imputed interest (2.57% - 7.87%) | | | (288) | | | (59,865) | | | | Present value of lease obligations | | | 1,495 | | | 187,478 | | | | Less: current maturities | | | (117) | | | (16,379) | | | | Noncurrent portion | | $ | 1,378 | | $ | 171,099 | | | |
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