Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.24.1.1.u2
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  %