Shareholders' Equity

6 Months Ended

Jul. 02, 2024

Equity [Abstract]

Shareholders' Equity

9. SHAREHOLDERS’ EQUITY

Stock Repurchases

During the twenty-six weeks ended July 2, 2024, we repurchased and retired approximately 255,000 shares of our common stock at an average price of $34.70 per share for approximately $8.8 million, which is recorded as a reduction in common stock, with any excess charged to retained earnings. In February 2024, our Board of Directors approved an increase in our share repurchase program by $50 million. We currently have approximately $52.2 million available under our authorized $550 million share repurchase program as of July 2, 2024. Repurchases may be made at any time.

Cash Dividends

We currently do not pay any cash dividends. Any payment of quarterly cash dividends will be subject to our Board of Directors determining that the payment of dividends is in the best interest of the Company and its shareholders.