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Segments
 12 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
Segments Segments
The Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), assesses segment performance and makes resource allocation decisions based on the geographies in which it conducts its retail operations, and separately for its wholesale operations, each of which represents an operating segment. For disclosure purposes, U.S. Retail and Canada Retail were determined to be reportable segments. Neither the Company’s retail operations in Australia nor its wholesale operations meet the quantitative thresholds to be reported separately and since they do not share similar economic characteristics, they have been combined and disclosed within Other.
The Company’s CODM assesses segment performance and makes resource allocation decisions primarily based on weekly, monthly and quarterly reports that focus predominantly on segment net sales, the drivers of segment net sales, and key non-financial operating metrics by segment. These weekly, monthly and quarterly reports compare actual segment performance against performance in the comparative period in the prior year, against budget, against forecast, or as a trend over time, or any combination of the foregoing. Collectively, these factors provide the CODM with insight into segment profitability. The Company’s CODM is provided with segment profit as well as significant segment expenses on a recurring basis.
General corporate expenses include unallocated corporate overhead recorded in salaries, wages and benefits, and selling, general and administrative in the Consolidated Statements of Operations and Comprehensive Income.
Segment profit 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 are presented in the tables below. In each table, “Other profit” is attributable to the Australia Retail and Wholesale operating segments which have been combined.
Fiscal Year 2024
(in thousands)
U.S. Retail
Canada Retail
Total
Segment sales$832,581 $586,971 $1,419,552 
Segment expenses:
Cost of merchandise sold, exclusive of depreciation and amortization375,417 239,138 614,555 
Salaries, wages and benefits117,034 70,534 187,568 
Selling, general and administrative152,897 112,163 265,060 
Total segment expenses645,348 421,835 1,067,183 
Segment profit$187,233 $165,136 352,369 
Reconciliation of profit
Other profit36,059 
General corporate expenses188,709 
Depreciation and amortization69,530 
Operating income130,189 
Interest expense, net(62,444)
Loss on foreign currency, net(14,294)
Other income, net71 
Loss on extinguishment of debt(4,088)
Income before income taxes$49,434 
Fiscal Year 2023
(in thousands)
U.S. Retail
Canada Retail
Total
Segment sales$780,126 $605,630 $1,385,756 
Segment expenses:
Cost of merchandise sold, exclusive of depreciation and amortization336,164 233,054 569,218 
Salaries, wages and benefits107,670 72,638 180,308 
Selling, general and administrative138,146 110,039 248,185 
Total segment expenses581,980 415,731 997,711 
Segment profit$198,146 $189,899 388,045 
Reconciliation of profit
Other profit39,572 
General corporate expenses224,616 
Depreciation and amortization61,144 
Operating income141,857 
Interest expense, net(88,500)
Gain on foreign currency, net6,660 
Other income, net3,688 
Loss on extinguishment of debt(16,626)
Income before income taxes$47,079 
Fiscal Year 2022
(in thousands)
U.S. Retail
Canada Retail
Total
Segment sales$747,397 $582,944 $1,330,341 
Segment expenses:
Cost of merchandise sold, exclusive of depreciation and amortization317,537 219,802 537,339 
Salaries, wages and benefits109,272 79,057 188,329 
Selling, general and administrative138,924 110,168 249,092 
Total segment expenses565,733 409,027 974,760 
Total segment profit$181,664 $173,917 355,581 
Reconciliation of profit
Other profit33,395 
General corporate expenses126,997 
Depreciation and amortization55,753 
Operating income206,226 
Interest expense, net(64,744)
Loss on foreign currency, net(20,737)
Other income, net4,576 
Loss on extinguishment of debt(1,023)
Income before income taxes$124,298 
We do not separately present assets for our reportable segments because the Company’s CODM is not provided these amounts. The Company’s long-lived assets are primarily located in the U.S. and Canada, with a portion located in Australia. Long-lived assets consist of property and equipment, ROU lease assets and charity licensing agreements. The following table disaggregates our long-lived assets by location:
(in thousands)December 28, 2024December 30, 2023
U.S.
$527,126 $453,446 
Canada
297,479 302,322 
Australia
38,960 21,043 
Total long-lived assets
$863,565 $776,811 
The following table reconciles total reportable segment net sales to consolidated net sales. “Other sales” is attributable to the Australia Retail and Wholesale operating segments which have been combined.
Fiscal Year
(in thousands)202420232022
Total segment sales
$1,419,552 $1,385,756 $1,330,341 
Other sales
118,065 114,493 106,888 
Total net sales
$1,537,617 $1,500,249 $1,437,229 
The following table disaggregates the Company’s net sales by geography, based on the location of the Company’s customers:
Fiscal Year
(in thousands)202420232022
U.S.$850,887 $799,619 $771,884 
Canada602,257 622,690 598,451 
Australia43,852 41,268 34,768 
Rest of world40,621 36,672 32,126 
Total net sales
$1,537,617 $1,500,249 $1,437,229