Leases (Tables)

3 Months Ended

Apr. 01, 2024

Leases [Abstract]

Lease, Cost

The components of lease expense for the periods shown is as follows:

		Quarter Ended
(in thousands)	Classification	April 1, 2024		April 3, 2023
Operating lease cost	Occupancy and related expenses	$	3,271	$	3,107
	Pre-opening costs	77		—
	Store closure costs	115		—
Lease termination recovery	Asset impairment	(56)		$	—
Finance lease cost:
Amortization of right-of use assets	Depreciation and amortization expense	88		58
Interest on lease liabilities	Interest expense	45		14
Less: Sublease income	Occupancy and related expenses	(71)		(47)
Total lease cost		$	3,469	$	3,132

Lessee, Operating Lease, Liability, Maturity

The maturity of the Company's operating and finance lease liabilities as of April 1, 2024 is as follows:

(in thousands)	Operating Leases		Finance Leases
2024	$	10,394	$	410
2025	13,331		533
2026	11,672		504
2027	10,033		472
2028	8,397		448
2029 and thereafter	10,125		561
Total undiscounted lease payments	63,952		2,928
Less: present value adjustment	(11,168)		(736)
Total net lease liabilities	$	52,784	$	2,192

Finance Lease, Liability, Fiscal Year Maturity

The maturity of the Company's operating and finance lease liabilities as of April 1, 2024 is as follows:

(in thousands)	Operating Leases		Finance Leases
2024	$	10,394	$	410
2025	13,331		533
2026	11,672		504
2027	10,033		472
2028	8,397		448
2029 and thereafter	10,125		561
Total undiscounted lease payments	63,952		2,928
Less: present value adjustment	(11,168)		(736)
Total net lease liabilities	$	52,784	$	2,192

Assets And Liabilities, Lessee

A summary of lease terms and discount rates for finance and operating leases is as follows:

	April 1, 2024		April 3, 2023
Weighted-average remaining lease term (in years)
Operating leases	5.3		5.9
Finance leases	5.9		6.1
Weighted-average discount rate
Operating leases	7.6	%	6.3	%
Finance leases	10.5	%	6.0	%