Segment Information

3 Months Ended

Mar. 30, 2024

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 loss, 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:

	Thirteen Weeks Ended
(in thousands)	March 30, 2024		April 1, 2023
Net sales:
U.S. Retail	$	192,580	$	184,021
Canada Retail	134,119		133,273
Other	27,473		28,390
Total net sales	$	354,172	$	345,684
Segment profit:
U.S. Retail	$	41,791	$	42,484
Canada Retail	35,530		33,968
Other	8,485		9,562
Total segment profit	85,806		86,014
General corporate expenses	51,238		55,760
Depreciation and amortization	18,301		14,484
Operating income	16,267		15,770
Interest expense, net	(16,076)		(24,470)
(Loss) gain on foreign currency, net	(956)		1,295
Other expense, net	(106)		(216)
Loss on extinguishment of debt	(4,088)		(6,011)
Loss before income taxes	(4,959)		(13,632)
Income tax benefit	(4,492)		(3,437)
Net loss	$	(467)	$	(10,195)