Quarterly report [Sections 13 or 15(d)]

Commitments and Contingencies (Tables)

v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 26, 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 Twenty-six Weeks Ended
in thousands June 26, 2025 June 27, 2024 June 26, 2025 June 27, 2024
Fixed operating lease cost: Selling and store operating $ 47,324  $ 43,840  $ 94,601  $ 86,575 
Cost of sales 13,693  6,461  23,920  12,913 
Pre-opening 1,724  4,151  3,255  7,214 
General and administrative 1,135  1,031  2,264  2,060 
Total fixed operating lease cost $ 63,876  $ 55,483  $ 124,040  $ 108,762 
Variable lease cost (1): Selling and store operating $ 20,836  $ 17,999  $ 42,427  $ 36,091 
Cost of sales 2,076  1,067  3,727  2,350 
Pre-opening 125  162  286  335 
General and administrative 447  578  796  1,157 
Total variable lease cost $ 23,484  $ 19,806  $ 47,236  $ 39,933 
Sublease income Cost of sales (875) (680) (1,630) (1,362)
Total operating lease cost (2) $ 86,485  $ 74,609  $ 169,646  $ 147,333 
(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 and twenty-six weeks ended June 26, 2025 and June 27, 2024.
Schedule of Future Minimum Lease Payments under Non Cancelable Operating Leases
Future minimum lease payments under non-cancelable operating leases as of June 26, 2025 were as follows:
in thousands Amount
Twenty-six weeks ending December 25, 2025 $ 121,692 
2026 249,904 
2027 239,690 
2028 219,532 
2029 207,159 
Thereafter 1,542,698 
Total minimum lease payments (1) (2) 2,580,675 
Less: amount of lease payments representing interest 825,259 
Present value of future minimum lease payments 1,755,416 
Less: current obligations under leases 148,871 
Long-term lease obligations $ 1,606,545 
(1) Future lease payments exclude approximately $64.7 million of legally binding minimum lease payments for operating leases signed but not yet commenced.
(2) Operating lease payments include $283.4 million related to options to extend lease terms that are reasonably certain of being exercised.