Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.23.1
Leases (Tables)
 3 Months Ended
Apr. 03, 2023
Leases [Abstract]  
Lease, Cost The components of lease expense for the quarters ended April 3, 2023 and March 31, 2022 is as follows:
(in thousands) Classification Quarter Ended
 April 3, 2023		 Quarter Ended March 31, 2022
Operating lease cost Occupancy and related expenses
Pre-opening costs
Store closure costs		 $ 3,107  $ 3,251 
Finance lease cost:
   Amortization of right-of-use assets Depreciation and amortization expense 58  52 
   Interest on lease liabilities Interest expense 14  12 
Less: Sublease income Occupancy and related expenses (47) (47)
Total lease cost $ 3,132  $ 3,268 
Lessee, Operating Lease, Liability, Maturity
The maturity of the Company's operating and finance lease liabilities as of April 3, 2023 is as follows:

(in thousands) Operating Leases Finance Leases
2023 $ 12,733  $ 148 
2024 11,431  184 
2025 9,947  170 
2026 8,131  159 
2027 6,710  152 
2028 5,384  134 
Thereafter 8,427  118 
Total undiscounted lease payments 62,763  1,065 
Less: present value adjustment 9,862  171 
Total net lease liabilities $ 52,901  $ 894 
Finance Lease, Liability, Fiscal Year Maturity
The maturity of the Company's operating and finance lease liabilities as of April 3, 2023 is as follows:

(in thousands) Operating Leases Finance Leases
2023 $ 12,733  $ 148 
2024 11,431  184 
2025 9,947  170 
2026 8,131  159 
2027 6,710  152 
2028 5,384  134 
Thereafter 8,427  118 
Total undiscounted lease payments 62,763  1,065 
Less: present value adjustment 9,862  171 
Total net lease liabilities $ 52,901  $ 894 
Assets And Liabilities, Lessee
A summary of lease terms and discount rates for finance and operating leases is as follows:

Quarter Ended Quarter Ended
April 3, 2023 March 31, 2022
Weighted-average remaining lease term (in years)
Operating leases 5.9 6.6
Finance leases 6.1 6.6
Weighted-average discount rate
Operating leases 6.3  % 6.0  %
Finance leases 6.0  % 6.0  %