Store Closures |
3 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Store Closures [Abstract] | |
| Store Closures | Store ClosuresIn February 2023, the Company's board of directors approved the closing of 11 stores, all of which were closed during 2023. These stores, on average, were approximately 30% larger than the Company's current prototype format and were underperforming financially. The closure of these stores resulted in a charge of $27.8 million during the thirteen weeks ended April 2, 2023 related to the impairment of leasehold improvements and right-of-use assets and was reflected in Store closure and other costs, net on the consolidated statements of income. The impairment charge represented the excess of the carrying value over the estimated fair value of each store's asset group. Accelerated depreciation on the closed stores' assets during 2023 was $5.9 million, of which $4.0 million was incurred during the thirteen weeks ended April 2, 2023 and was reflected in Depreciation and amortization on the consolidated statements of income. Severance expense during 2023 was immaterial. |