Quarterly report [Sections 13 or 15(d)]

Commitments and Contingencies (Tables)

v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 27, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Components of Lease Expense
The table below presents components of lease expense for operating leases within the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income:
Thirteen Weeks Ended
in thousands March 27, 2025 March 28, 2024
Fixed operating lease cost: Selling and store operating $ 47,277  $ 42,735 
Cost of sales 10,227  6,452 
Pre-opening 1,531  3,063 
General and administrative 1,129  1,029 
Total fixed operating lease cost $ 60,164  $ 53,279 
Variable lease cost (1): Selling and store operating $ 21,591  $ 18,092 
Cost of sales 1,651  1,283 
Pre-opening 161  173 
General and administrative 349  579 
Total variable lease cost $ 23,752  $ 20,127 
Sublease income Cost of sales (755) (682)
Total operating lease cost (2) $ 83,161  $ 72,724 
(1) Includes variable costs for common area maintenance, property taxes, and insurance on leased real estate.
(2) Excludes short-term lease costs, which were immaterial for the thirteen weeks ended March 27, 2025 and March 28, 2024.
Schedule of Future Minimum Lease Payments under Non Cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases as of March 27, 2025 were as follows:
in thousands Amount
Thirty-nine weeks ending December 25, 2025 $ 179,674 
2026 245,458 
2027 235,135 
2028 214,965 
2029 202,864 
Thereafter 1,511,798 
Total minimum lease payments (1) (2) 2,589,894 
Less: amount of lease payments representing interest 832,955 
Present value of future minimum lease payments 1,756,939 
Less: current obligations under leases 145,088 
Long-term lease obligations $ 1,611,851 
(1) Future lease payments exclude approximately $16.6 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2) Operating lease payments include $272.1 million related to options to extend lease terms that are reasonably certain of being exercised.