Segment Information

12 Months Ended

Dec. 30, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company has two reportable segments, U.S. Retail and Canada Retail. In addition to its two reportable segments, the Company has retail stores in Australia and wholesale operations, both of which are classified within Other.

The Company evaluates the performance of its segments based on Segment Profit, which it defines as operating income, exclusive of corporate overhead and allocations, asset impairments as applicable, and certain separately disclosed unusual or infrequent items. Segment Profit, as defined herein, 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 were as follows:

	Fiscal Year
(in thousands)	2023		2022		2021
Net sales:
U.S. Retail	$	780,126	$	747,397	$	644,182
Canada Retail	605,630		582,944		481,559
Other	114,493		106,888		78,383
Total net sales	$	1,500,249	$	1,437,229	$	1,204,124
Segment profit:
U.S. Retail	$	198,146	$	181,664	$	166,988
Canada Retail	189,899		173,917		148,137
Other	39,572		33,395		16,235
Total segment profit	427,617		388,976		331,360
General corporate expenses	224,616		126,997		101,739
Depreciation and amortization	61,144		55,753		47,385
Operating income	141,857		206,226		182,236
Interest expense	(88,500)		(64,744)		(53,565)
Gain (loss) on foreign currency, net	6,660		(20,737)		1,583
Other income (expense), net	3,688		4,576		(4,848)
Loss on extinguishment of debt	(16,626)		(1,023)		(47,541)
Income before income taxes	47,079		124,298		77,865
Income tax (benefit) expense	(6,036)		39,578		(5,529)
Net income	$	53,115	$	84,720	$	83,394

We do not separately present assets, depreciation expense or amortization expense for our reportable segments because the Company’s CODM does not review these amounts on a regular basis and because depreciation expense and amortization expense are excluded from segment profit. The Company’s long-lived assets are primarily located in the U.S. and Canada, with a portion located in Australia. The locations of our long-lived assets consisted of the following:

(in thousands)	December 30, 2023		December 31, 2022
U.S.	$	453,446	$	381,151
Canada	302,322		275,091
Australia	21,043		24,770
Total long-lived assets	$	776,811	$	681,012

Long-lived assets reflected above consist of property and equipment, net, ROU lease assets and charity licensing agreements, net.