Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 26, 2015 | Jan. 23, 2016 | Jun. 27, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 26, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | VSI | ||
Entity Registrant Name | Vitamin Shoppe, Inc. | ||
Entity Central Index Key | 1,360,530 | ||
Current Fiscal Year End Date | --12-26 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,787,461 | ||
Entity Public Float | $ 1,135,564,171 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 15,104 | $ 12,166 |
Accounts receivable, net of allowance of $897 and $1,883 in 2015 and 2014, respectively | 7,437 | 10,376 |
Inventories | 226,830 | 187,027 |
Prepaid expenses and other current assets | 25,194 | 29,580 |
Deferred income taxes | 7,449 | |
Total current assets | 274,565 | 246,598 |
Property and equipment, net | 140,158 | 140,596 |
Goodwill | 243,269 | 243,269 |
Other intangibles, net | 87,270 | 89,025 |
Other long-term assets | 3,429 | 2,903 |
Total assets | 748,691 | 722,391 |
Current liabilities: | ||
Revolving credit facility | 8,000 | 8,000 |
Accounts payable | 41,217 | 37,396 |
Deferred sales | 20,483 | 22,499 |
Accrued expenses and other current liabilities | 47,776 | 53,321 |
Total current liabilities | 117,476 | 121,216 |
Convertible notes, net | 115,410 | |
Deferred income taxes | 9,151 | |
Deferred rent | 39,889 | 39,388 |
Other long-term liabilities | $ 615 | $ 702 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value; 250,000,000 shares authorized and no shares issued and outstanding at December 26, 2015 and December 27, 2014 | ||
Common stock, $0.01 par value; 400,000,000 shares authorized, 25,993,715 shares issued and 25,873,581 shares outstanding at December 26, 2015, and 30,106,337 shares issued and 30,048,881 shares outstanding at December 27, 2014 | $ 260 | $ 301 |
Additional paid-in capital | 139,827 | 267,083 |
Treasury stock, at cost; 120,134 shares at December 26, 2015 and 57,456 shares at December 27, 2014 | (5,225) | (2,695) |
Accumulated other comprehensive loss | (60) | (83) |
Retained earnings | 340,499 | 287,328 |
Total stockholders' equity | 475,301 | 551,934 |
Total liabilities and stockholders' equity | $ 748,691 | $ 722,391 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 897 | $ 1,883 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 250,000,000 | 250,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 25,993,715 | 30,106,337 |
Common stock, shares outstanding | 25,873,581 | 30,048,881 |
Treasury stock, shares | 120,134 | 57,456 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 1,266,549 | $ 1,213,046 | $ 1,087,469 |
Cost of goods sold | 847,634 | 808,787 | 709,823 |
Gross profit | 418,915 | 404,259 | 377,646 |
Selling, general and administrative expenses | 329,922 | 301,603 | 267,354 |
Income from operations | 88,993 | 102,656 | 110,292 |
Interest expense, net | 1,105 | 495 | 495 |
Income before provision for income taxes | 87,888 | 102,161 | 109,797 |
Provision for income taxes | 34,717 | 40,920 | 43,251 |
Net income | $ 53,171 | $ 61,241 | $ 66,546 |
Weighted average common shares outstanding | |||
Basic | 28,954,804 | 30,239,183 | 29,992,620 |
Diluted | 29,203,429 | 30,664,105 | 30,541,057 |
Net income per common share | |||
Basic | $ 1.84 | $ 2.03 | $ 2.22 |
Diluted | $ 1.82 | $ 2 | $ 2.18 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Condensed Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net income | $ 53,171 | $ 61,241 | $ 66,546 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 23 | 3 | (87) |
Other comprehensive income (loss) | 23 | 3 | (87) |
Comprehensive income | $ 53,194 | $ 61,244 | $ 66,459 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Settlement of employees' tax obligations [Member] | Common Stock [Member] | Treasury Stock [Member] | Treasury Stock [Member]Settlement of employees' tax obligations [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] |
Beginning balance, value at Dec. 29, 2012 | $ 447,418 | $ 302 | $ 287,574 | $ 1 | $ 159,541 | |||
Beginning balance, shares at Dec. 29, 2012 | 30,170,627 | |||||||
Comprehensive (loss) income | 66,459 | (87) | 66,546 | |||||
Equity compensation | 8,333 | 8,333 | ||||||
Issuance of restricted shares, value | $ 1 | (1) | ||||||
Issuance of restricted shares, shares | 166,573 | |||||||
Purchase of treasury stock, value | (280) | $ (280) | ||||||
Purchase of treasury stock, shares | (6,316) | |||||||
Cancelation of restricted shares, shares | (16,610) | |||||||
Issuance of shares under employee stock purchase plan, value | 849 | 849 | ||||||
Issuance of shares under employee stock purchase plan, shares | 20,887 | |||||||
Exercise of stock options, value | 3,487 | $ 2 | 3,485 | |||||
Exercise of stock options, shares | 190,073 | |||||||
Tax benefits on exercise of equity awards | 2,074 | 2,074 | ||||||
Ending balance, value at Dec. 28, 2013 | 528,340 | $ 305 | $ (280) | 302,314 | (86) | 226,087 | ||
Ending balance, shares at Dec. 28, 2013 | 30,531,550 | (6,316) | ||||||
Comprehensive (loss) income | 61,244 | 3 | 61,241 | |||||
Equity compensation | 6,901 | 6,901 | ||||||
Issuance of restricted shares, value | $ 2 | (2) | ||||||
Issuance of restricted shares, shares | 194,929 | |||||||
Purchase of treasury stock, value | $ (2,415) | $ (2,415) | ||||||
Purchase of treasury stock, shares | (51,140) | |||||||
Purchases of shares under Share Repurchase Program, value | $ (57,815) | $ (12) | (57,803) | |||||
Purchases of shares under Share Repurchase Program, shares | (201,000) | (1,183,714) | ||||||
Cancelation of restricted shares, shares | (14,691) | |||||||
Issuance of shares under employee stock purchase plan, value | $ 923 | 923 | ||||||
Issuance of shares under employee stock purchase plan, shares | 24,289 | |||||||
Exercise of stock options, value | 9,393 | $ 6 | 9,387 | |||||
Exercise of stock options, shares | 553,974 | |||||||
Tax benefits on exercise of equity awards | 5,363 | 5,363 | ||||||
Ending balance, value at Dec. 27, 2014 | 551,934 | $ 301 | $ (2,695) | 267,083 | (83) | 287,328 | ||
Ending balance, shares at Dec. 27, 2014 | 30,106,337 | (57,456) | ||||||
Comprehensive (loss) income | 53,194 | 23 | 53,171 | |||||
Equity compensation | 5,402 | 5,402 | ||||||
Issuance of restricted shares, value | $ 3 | (3) | ||||||
Issuance of restricted shares, shares | 271,716 | |||||||
Purchase of treasury stock, value | (2,500) | $ (2,530) | $ (2,530) | |||||
Issuance of shares, value | $ 167 | 167 | ||||||
Purchase of treasury stock, shares | (62,678) | (62,678) | ||||||
Issuance of shares, shares | 5,184 | |||||||
Purchases of shares under Share Repurchase Program, value | $ (146,108) | $ (43) | (146,065) | |||||
Purchases of shares under Share Repurchase Program, shares | (1,182,990) | (4,328,055) | ||||||
Cancelation of restricted shares, value | $ (2) | 2 | ||||||
Cancelation of restricted shares, shares | (145,117) | |||||||
Issuance of shares under employee stock purchase plan, value | $ 892 | 892 | ||||||
Issuance of shares under employee stock purchase plan, shares | 27,187 | |||||||
Exercise of stock options, value | $ 1,352 | $ 1 | 1,351 | |||||
Exercise of stock options, shares | 56,463 | 56,463 | ||||||
Equity portion of convertible notes, net | $ 24,948 | 24,948 | ||||||
Bond hedge purchase | (26,407) | (26,407) | ||||||
Warrant sale | 12,966 | 12,966 | ||||||
Tax benefits on exercise of equity awards | (509) | (509) | ||||||
Ending balance, value at Dec. 26, 2015 | $ 475,301 | $ 260 | $ (5,225) | $ 139,827 | $ (60) | $ 340,499 | ||
Ending balance, shares at Dec. 26, 2015 | 25,993,715 | (120,134) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 53,171 | $ 61,241 | $ 66,546 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization of fixed and intangible assets | 38,495 | 34,219 | 28,026 |
Impairment charges on fixed assets | 1,177 | 419 | |
Gain on insurance recoveries | (1,079) | ||
Amortization of deferred financing fees | 237 | 164 | 96 |
Amortization of debt discount on convertible notes | 223 | ||
Deferred income taxes | (1,364) | (3,950) | 545 |
Deferred rent | (2,294) | (503) | 810 |
Equity compensation expense | 5,491 | 6,901 | 8,333 |
Issuance of shares for services rendered | 167 | ||
Proceeds from insurance recoveries | 757 | ||
Tax benefits on exercises of equity awards | 509 | (5,363) | (2,074) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 2,939 | 1,499 | |
Inventories | (38,284) | (2,458) | (13,429) |
Prepaid expenses and other current assets | 3,889 | 3,782 | (15,668) |
Other long-term assets | (139) | 2,441 | (968) |
Accounts payable | (3,709) | (9,869) | 11,688 |
Deferred sales | (2,011) | 787 | 734 |
Accrued expenses and other current liabilities | 394 | 8,483 | (1,416) |
Other long-term liabilities | 2,735 | 1,395 | (1,779) |
Net cash provided by operating activities | 60,667 | 100,147 | 81,122 |
Cash flows from investing activities: | |||
Capital expenditures | (39,403) | (42,957) | (42,782) |
Trademarks and other intangible assets | (514) | (689) | (648) |
Proceeds from insurance recoveries | 322 | ||
Net cash used in investing activities | (39,430) | (125,184) | (93,650) |
Cash flows from financing activities: | |||
Borrowings under revolving credit agreement | 47,000 | 15,000 | |
Repayments of borrowings under revolving credit agreement | (47,000) | (7,000) | |
Proceeds from issuance of convertible notes | 143,750 | ||
Debt issuance costs on convertible notes | (4,593) | ||
Bond hedge purchase | (26,407) | ||
Proceeds from sale of warrants | 12,966 | ||
Contingent consideration payment for acquisition of FDC Vitamins, LLC | (4,041) | ||
Bank overdraft | 6,973 | ||
Payments of capital lease obligations | (80) | (152) | (135) |
Proceeds from exercises of common stock options | 1,352 | 9,393 | 3,487 |
Issuance of shares under employee stock purchase plan | 892 | 923 | 849 |
Purchases of treasury stock | (2,530) | (2,415) | (280) |
Purchases of shares under Share Repurchase Programs | (146,108) | (57,815) | |
Tax benefits on exercises of equity awards | (509) | 5,363 | 2,074 |
Deferred financing fees and other | (93) | (174) | (532) |
Net cash (used in) provided by financing activities | (18,428) | (36,877) | 5,463 |
Effect of exchange rate changes on cash and cash equivalents | 129 | 44 | (67) |
Net increase (decrease) in cash and cash equivalents | 2,938 | (61,870) | (7,132) |
Cash and cash equivalents beginning of year | 12,166 | 74,036 | 81,168 |
Cash and cash equivalents end of year | 15,104 | 12,166 | 74,036 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 440 | 249 | 390 |
Income taxes paid | 33,659 | 37,652 | 57,064 |
Supplemental disclosures of non-cash investing activities: | |||
Liability for purchases of property and equipment | 7,497 | 8,379 | 7,106 |
Assets acquired under capital lease | 314 | ||
FDC Vitamins, LLC [Member] | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Contingent consideration for acquisition of FDC Vitamins, LLC | (959) | 959 | |
Cash flows from investing activities: | |||
Acquisition of business | $ 487 | $ (81,538) | |
Super Supplements, Inc [Member] | |||
Cash flows from investing activities: | |||
Acquisition of business | $ (50,542) |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 26, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Vitamin Shoppe, Inc. (“VSI”), is incorporated in the State of Delaware, and through its wholly-owned subsidiary, Vitamin Shoppe Industries Inc. (“Subsidiary” or “Industries” together with VSI, the “Company”), is a multi-channel specialty retailer and contract manufacturer of nutritional products. Sales of both national brands and our own brands of vitamins, minerals, herbs, specialty supplements, sports nutrition and other health and wellness products (“VMS products”) are made through VSI-operated retail stores, and the internet to customers located primarily in the United States. In addition, the Company manufactures products for both sales to third parties as well as for the VSI product assortment. The consolidated financial statements for the fiscal years ended December 26, 2015, December 27, 2014 and December 28, 2013 include the accounts of VSI and Subsidiary. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on the last Saturday in December. As used herein, the term “Fiscal Year” or “Fiscal” refers to a 52-week On June 6, 2014, the Company acquired all of the outstanding equity interests of FDC Vitamins, LLC d/b/a Nutri-Force Nutrition (“Nutri-Force”), a company which provides custom manufacturing and private labeling of vitamins, dietary supplements, nutraceuticals and nutritional supplements, as well as, develops and markets its own branded products. The total purchase price was $86.1 million in cash, which includes $5.0 million of contingent consideration which was paid in Fiscal 2015. Refer to Note 3. Acquisitions for additional information. On February 14, 2013, the Company acquired substantially all of the assets and assumed certain liabilities of Super Supplements, Inc. (“Super Supplements”), a specialty retailer of vitamins, minerals, specialty supplements and sports nutrition, including 31 retail locations in the Pacific Northwest, a distribution center in Seattle, Washington and an e-commerce business. The total purchase price was $50.5 million in cash and the assumption of certain liabilities. Refer to Note 3. Acquisitions for additional information. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 26, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates Cash and Cash Equivalents Accounts Receivable The following table details the activity and balances for the Company’s customer allowances for the years ended December 26, 2015 and December 27, 2014 (in thousands): Balance at Year Additions Deductions Balance at End of Period Ended December 26, 2015 $ 1,883.2 $ 2,751.9 $ (3,738.4 ) $ 896.7 Period Ended December 27, 2014 $ — $ 3,194.2 $ (1,311.0 ) $ 1,883.2 Inventories Balance at Beginning of Fiscal Year Amounts Cost of Goods Sold Write-Offs Against Reserves Balance at End of Fiscal Year Fiscal Year Ended December 26, 2015 $ 3,121.0 $ 9,809.2 $ (7,991.1 ) $ 4,939.1 Fiscal Year Ended December 27, 2014 2,640.3 5,866.6 (5,385.9 ) 3,121.0 Fiscal Year Ended December 28, 2013 1,841.2 4,637.9 (3,838.8 ) 2,640.3 Property and Equipment, Net Impairment of Long-Lived Assets Goodwill and Other Intangibles In Fiscal 2015, the Company performed a quantitative analysis of its retail, direct and manufacturing reporting units and determined that the fair value of these reporting units and indefinite-lived tradenames were substantially greater than their respective carrying values, with the exception of the manufacturing reporting unit. Since the acquisition, Nutri-Force has experienced disruption in its ability to optimize production capacity and correspondingly has experienced lower service levels to customers. As of the annual testing date, the fair value of the manufacturing reporting unit exceeded the carrying value by approximately 5%. Goodwill for the manufacturing reporting unit is $32.6 million. The assumptions which impact the estimated fair value include management projections, the weighted average cost of capital percentage including the company specific risk premium and the selection of comparable companies. The uncertainty associated with the key assumptions relates primarily to the performance of Nutri-Force in comparison to management projections, which includes improvements in operating efficiencies, the ability to transition additional Vitamin Shoppe branded products, and increase sales to third party customers. The Company has taken steps to improve the operations at Nutri-Force, including the hiring of new leadership and the engagement of third-party manufacturing consultants to implement and improve manufacturing processes. The Company believes the disruption noted above should not impact the long-term opportunity from the Nutri-Force acquisition. Although the Company believes it has used reasonable estimates and assumptions to calculate the fair value of the manufacturing reporting unit, these estimates and assumptions could be materially different from actual results. If actual market conditions are less favorable than those projected, or if events occur or circumstances change that would reduce the fair value of this reporting unit below its carrying value, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. There have been no impairment charges related to other intangibles during Fiscal 2015, Fiscal 2014 and Fiscal 2013. Rent Expenses, Deferred Rent and Landlord Construction Allowances Revenue Recognition Cost of Goods Sold Vendor Allowances Frequent Buyer Program Store Pre-opening Costs Advertising Costs Online Marketing Arrangements Income Taxes The Company accounts for tax positions based on the provisions of the accounting literature related to accounting for uncertainty in income tax positions. Such literature provides guidance for the recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For tax positions that are not more likely than not sustainable upon audit, the Company recognizes the largest amount of the benefit that is more likely than not to be sustained. The Company makes estimates of the potential liability based on our assessment of all potential tax exposures. In addition, the Company uses factors such as applicable tax laws and regulations, current information and past experience with similar issues to make these assessments. The tax positions are analyzed regularly and adjustments are made as events occur that warrant adjustments for those positions. The Company records interest expense and penalties payable to relevant tax authorities as income tax expense. Concentrations of Credit Risk The Company had two suppliers from whom we purchased at least 5% of our merchandise during Fiscal 2015 and one supplier from whom we purchased at least 5% of our merchandise during Fiscal 2014 and Fiscal 2013. We purchased approximately 17% of our total merchandise from these suppliers during Fiscal 2015 and approximately 12% during Fiscal 2014 and 10% during Fiscal 2013. The Company is subject to concentrations of credit risk associated with cash and cash equivalents, and at times holds cash balances in excess of Federal Deposit Insurance Corporation limits. Stock-Based Compensation Expense related to shares purchased under the Company’s Employee Stock Purchase Plan (“ESPP”) is accounted for based on fair value recognition requirements similar to stock options. ESPP participation occurs each calendar quarter (the “Participation Period”) and the expense of which is subject to employee participation in the plan. Under the ESPP, participating employees are allowed to purchase shares at 85% of the lower of the market price of the Company’s common stock at either the first or last trading day of the Participation Period. Compensation expense related to the ESPP is based on the estimated fair value of the discount and purchase price offered on the estimated shares to be purchased under the ESPP. Expense is calculated quarterly, based on the employee contributions made over the applicable three-month Participation Period, using volatility and risk free rates applicable to that three-month period. Net Income Per Share Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock options, unvested restricted shares, warrants and unvested restricted share units are included as potential dilutive securities for the periods applicable, using the treasury stock method to the extent dilutive. The components of the calculation of basic net income per common share and diluted net income per common share are as follows (in thousands except share and per share data): Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Numerator: Net income available to common stockholders $ 53,171 $ 61,241 $ 66,546 Denominator: Basic weighted average common shares outstanding 28,954,804 30,239,183 29,992,620 Effect of dilutive securities: Stock options 97,114 235,057 402,814 Restricted shares 150,353 184,995 141,573 Restricted share units 1,158 4,870 4,050 Diluted weighted average common shares outstanding 29,203,429 30,664,105 30,541,057 Basic net income per common share $ 1.84 $ 2.03 $ 2.22 Diluted net income per common share $ 1.82 $ 2.00 $ 2.18 Stock options and restricted shares for the fiscal years ended December 26, 2015, December 27, 2014 and December 28, 2013 for 48,538, 18,089 and 23,319 shares, respectively, have been excluded from the above calculation as they were anti-dilutive. The Company has the intent and ability to settle the principal portion of its Convertible Notes in cash, and as such, has applied the treasury stock method, which has resulted in the underlying convertible shares being anti-dilutive in Fiscal 2015 as the Company’s average stock price from the issuance of the Convertible Notes through December 26, 2015 is less than the conversion price. Refer to Note 8. Credit Arrangements for additional information on the Convertible Notes. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606). Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result of this deferral, ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 for public companies and early adoption of ASU 2014-09 is permitted for public companies for annual reporting periods beginning after December 15, 2016. The Company is evaluating ASU 2014-09 to determine if this guidance will have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (“ASU 2015-03”), Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with the treatment of debt discounts. This standard does not affect the recognition and measurement guidance for debt issuance costs. Amortization of such costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted and the Company has elected to early adopt this standard, concurrent with the issuance of the Convertible Notes. As a result, issuance costs attributable to the liability portion of the Convertible Notes have been recorded as a direct deduction from the carrying amount of the Convertible Notes liability. The adoption of ASU 2015-03 has no impact on any prior period financial statements presented, as debt issuance costs previously incurred relate to the Company’s revolving credit facility and will continue to be recorded in other long-term assets. In July 2015, the FASB issued Accounting Standards Update No. 2015-11 (“ASU 2015-11”), Simplifying the Measurement of Inventory (Topic 330). ASU 2015-11 simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of ASU 2015-11 is permitted. The Company is evaluating ASU 2015-11 to determine if this guidance will have a material impact on the Company’s consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 26, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions Nutri-Force On June 6, 2014, the Company acquired all of the outstanding equity interests of Nutri-Force. The total purchase price was $86.1 million in cash, which includes $5.0 million of contingent consideration which was paid in Fiscal 2015. See Note 15. Segment and Product Data for additional information. The acquisition was funded by cash on hand. The results of operations of the acquired business are included in the Company’s results from the acquisition date. The Company has recorded its accounting for this acquisition in accordance with accounting guidance on business combinations. The acquisition resulted in goodwill primarily related to the expected benefits resulting from vertical integration as well as growth opportunities. The Company recorded $1.9 million and $4.0 million of acquisition and integration related costs during Fiscal 2015 and Fiscal 2014, respectively, which are included in the consolidated statement of income within selling, general and administrative expenses. The purchase price of the acquisition has been allocated to the net tangible and intangible assets acquired, with the remainder recorded as goodwill on the basis of estimated fair values. The goodwill was allocated to the Company’s manufacturing segment. The allocation is as follows (in thousands): Consideration transferred $ 81,538 Working capital adjustment (487 ) Estimated contingent consideration 4,041 (a) Total consideration $ 85,092 Less: net identifiable assets acquired Current assets 33,798 Non-current assets 10,008 Intangible assets 18,800 Current liabilities (10,150 ) Total net identifiable assets acquired $ 52,456 Goodwill $ 32,636 (a) In the fourth quarter of Fiscal 2014, the Company recorded approximately $1.0 million of additional contingent consideration, which is included in the consolidated statement of income within selling, general and administrative expenses. As a result of fair value accounting for the acquisition, current assets includes an inventory valuation step-up of $4.5 million, which was charged to cost of goods sold during Fiscal 2014. Intangible assets consist of brands totaling $10.0 million, customer relationships of $7.5 million and internally-developed software of $1.3 million which are being amortized over their estimated useful lives of 18 years, 20 years and 5 years, respectively. The goodwill of $32.6 million is being amortized for tax purposes. From June 6, 2014 through December 27, 2014, the acquired business generated net sales to third parties of $40.3 million and a pre-tax net loss of $1.8 million, excluding acquisition and integration costs. The pre-tax net loss includes the $4.5 million of charges related to the inventory valuation step-up noted above. The results represent the manufacturing segment. Pro forma results are not presented as the acquisition was not significant to the operating results for Fiscal 2015, Fiscal 2014 or Fiscal 2013. Super Supplements On February 14, 2013, the Company acquired substantially all of the assets and assumed certain liabilities of Super Supplements, a specialty retailer of vitamins, minerals, specialty supplements and sports nutrition, including 31 retail locations in the Pacific Northwest, a distribution center in Seattle, Washington and an e-commerce business. The total purchase price was $50.5 million in cash and the assumption of certain liabilities. The acquisition was funded with existing cash on the Company’s balance sheet. The results of operations of the acquired business are included in the Company’s results from the acquisition date. The acquisition resulted in goodwill primarily related to growth opportunities. The Company expensed acquisition and integration costs of $0.8 million and $4.3 million during Fiscal 2014 and Fiscal 2013, respectively, which are included in the consolidated statements of income within selling, general and administrative expenses. The purchase price of the acquisition has been allocated to the net tangible and intangible assets acquired, with the remainder recorded as goodwill on the basis of estimated fair values. The goodwill was allocated to the Company’s retail segment. The allocation is as follows (in thousands): Total consideration transferred $ 50,542 Less: net identifiable assets acquired: Current assets 13,876 Non-current assets 7,027 Intangible assets 2,400 Current liabilities (5,350 ) Long-term liabilities (796 ) Total net identifiable assets acquired $ 17,157 Goodwill $ 33,385 Intangible assets consist of a tradename of $2.4 million which is being amortized over the estimated useful life. Long-term liabilities include unfavorable leases for certain retail locations of $0.8 million. The unfavorable lease liabilities are being amortized to rent expense over their respective lease terms, ranging from 2 to 9 years. The goodwill of $33.4 million is being amortized for tax purposes. From February 15, 2013 through December 28, 2013 the acquired business generated net sales of $66.1 million and net income of $3.1 million, excluding acquisition and integration costs. Pro forma results are not presented as the acquisition was not significant to the operating results for Fiscal 2015, Fiscal 2014 and Fiscal 2013. |
Inventories
Inventories | 12 Months Ended |
Dec. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories The components of inventories are as follows (in thousands): December 26, 2015 December 27, 2014 Finished goods $ 211,879 $ 171,896 Work-in-process 6,180 4,592 Raw materials 8,771 10,539 $ 226,830 $ 187,027 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Goodwill is allocated between the Company’s segments (reporting units), retail, direct and manufacturing. The following table discloses the carrying value of all intangible assets (in thousands): December 26, 2015 December 27, 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible assets: Goodwill $ 243,269 $ — $ 243,269 $ 243,269 $ — $ 243,269 Tradenames - Indefinite-lived 68,405 — 68,405 68,405 — 68,405 Brands 10,000 880 9,120 10,000 324 9,676 Customer relationships 7,500 594 6,906 7,500 219 7,281 Tradenames - Definite-lived 4,673 2,722 1,951 4,250 1,735 2,515 Software 1,300 412 888 1,300 152 1,148 Intangibles related to asset purchase — — — 2,950 2,950 — $ 335,147 $ 4,608 $ 330,539 $ 337,674 $ 5,380 $ 332,294 Intangible amortization expense for Fiscal 2015, Fiscal 2014 and Fiscal 2013 was $2.3 million, $1.7 million and $0.9 million, respectively. The annual impairment tests for goodwill and tradenames were performed during the fourth quarter of Fiscal 2015. There have been no impairment charges related to goodwill or other intangibles during Fiscal 2015, Fiscal 2014 and Fiscal 2013. The useful lives of the Company’s definite-lived intangible assets are between 3 to 20 years. The expected amortization expense on definite-lived intangible assets on the Company’s consolidated balance sheet at December 26, 2015, is as follows (in thousands): Fiscal 2016 $ 1,515 Fiscal 2017 1,415 Fiscal 2018 1,415 Fiscal 2019 1,260 Fiscal 2020 1,155 Thereafter 12,108 $ 18,865 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consists of the following (in thousands): December 26, 2015 December 27, 2014 Leasehold improvements $ 168,830 $ 160,348 Furniture, fixtures and equipment 170,391 155,927 Software 59,049 52,040 398,270 368,315 Less: accumulated depreciation and amortization (274,222 ) (238,613 ) Subtotal 124,048 129,702 Construction in progress 16,110 10,894 $ 140,158 $ 140,596 Depreciation and amortization expense on property and equipment for the fiscal years ended December 26, 2015, December 27, 2014, and December 28, 2013 was approximately $36.1 million, $32.5 million and $27.1 million, respectively. The Company recognized impairment charges of $1.2 million during Fiscal 2015 on fixed assets related to five of its underperforming retail locations still in use in the Company’s operations and three retail locations in Ontario, Canada which the Company expects to close during the second quarter of Fiscal 2016. The Company recognized impairment charges of $0.4 million during Fiscal 2014 on fixed assets related to three of its underperforming retail locations still in use in the Company’s operations. Depreciation and amortization expense on property and equipment for the Company’s retail and direct segments is recorded in selling, general and administrative expenses on the consolidated statements of income. Depreciation on property and equipment used in the manufacturing process is recorded in cost of goods sold on the consolidated statements of income. All other depreciation and amortization for the manufacturing segment is recorded in selling, general and administrative expenses on the consolidated statements of income. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 26, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): December 26, 2015 December 27, 2014 Accrued salaries and related expenses $ 10,115 $ 8,824 Sales tax payable and related expenses 6,975 6,494 Accrued fixed asset additions 5,842 7,290 Other accrued expenses 24,844 30,713 $ 47,776 $ 53,321 The Company is involved in ongoing examinations with various taxing authorities regarding non-income based tax matters for Fiscal 2015 and prior. The final obligation to these authorities may be subject to either an increase or decrease to the initial estimates recorded. As of December 26, 2015, the Company believes the reserves for these matters are adequately provided for in its consolidated financial statements, the reserves of which are reflected in “Sales tax payable and related expenses” in the table above. |
Credit Arrangements
Credit Arrangements | 12 Months Ended |
Dec. 26, 2015 | |
Debt Disclosure [Abstract] | |
Credit Arrangements | 8. Credit Arrangements Convertible Senior Notes due 2020 On December 9, 2015, the Company completed an offering of $143.8 million of its 2.25% Convertible Senior Notes due 2020 (the “Convertible Notes”). The Convertible Notes are senior unsecured obligations of the Company. Interest on the Convertible Notes is payable on June 1 and December 1 of each year, commencing on June 1, 2016 until their maturity date of December 1, 2020. The Company may not redeem the Convertible Notes prior to the maturity date. Prior to July 1, 2020, the Convertible Notes will be convertible only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2016, if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after July 1, 2020 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. The Convertible Notes will be convertible at an initial conversion rate of 25.1625 shares of the Company’s common stock per $1,000 principal amount of the Convertible Notes, which is equivalent to an initial conversion price of approximately $39.74. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company is required to increase, in certain circumstances, the conversion rate for a holder who elects to convert its Convertible Notes in connection with such a corporate event including customary conversion rate adjustments in connection with a “make-whole fundamental change” as defined. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as applicable, cash, shares of its common stock or a combination of cash and shares of its common stock, at its election. The Company allocated the principal amount of the Convertible Notes between its liability and equity components (see table below). The carrying amount of the liability component was determined by measuring the fair value of a similar debt instrument of similar credit quality and maturity that did not have the conversion feature. The carrying amount of the equity component, representing the embedded conversion option, was determined by deducting the fair value of the liability component from the principal amount of the Convertible Notes as a whole. The equity component was recorded to additional paid-in capital and is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the Convertible Notes over the carrying amount of the liability component was recorded as a debt discount, and is being amortized to interest expense using an effective interest rate of 3.8% over the term of the Convertible Notes. The Company allocated the total amount of transaction costs incurred to the liability and equity components using the same proportions as the proceeds from the Convertible Notes. Transaction costs attributable to the liability component were recorded as a direct deduction from the liability component of the Convertible Notes, and are being amortized to interest expense using the effective interest method through the maturity date. Transaction costs attributable to the equity component were netted with the equity component of the Convertible Notes in additional paid-in capital. The Convertible Notes consist of the following components as of December 26, 2015 (in thousands): Liability component: Principal $ 143,750 Conversion feature (24,800 ) Liability portion of debt issuance costs (3,800 ) Amortization 260 Net carrying amount $ 115,410 Equity component: Conversion feature $ 24,800 Equity portion of debt issuance costs (793 ) Deferred taxes 941 Net carrying amount $ 24,948 In connection with the issuance of the Convertible Notes, the Company entered into convertible note hedge transactions for which it paid an aggregate $26.4 million. In addition, the Company sold warrants for which it received aggregate proceeds of $13.0 million. The convertible note hedge transactions are expected generally to reduce potential dilution of the Company’s common stock upon any conversion of notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted notes. However, the warrant transaction could separately have a dilutive effect to the extent that the market value per share of the Company’s common stock exceeds the applicable strike price of the warrant transactions, which is approximately $52.99 at inception. As these transactions meet certain accounting criteria, the convertible note hedge and warrant transactions are recorded in stockholders’ equity, are not accounted for as derivatives and are not remeasured each reporting period. The net proceeds from the Convertible Notes and related transactions of $125.7 million, net of commissions and offering costs of $4.6 million, are being used to repurchase shares of the Company’s common stock under the Company’s share repurchase programs. Refer to Note 11. Share Repurchase Programs for additional information. Revolving Credit Facility As of December 26, 2015 and December 27, 2014, the Company had $8.0 million of borrowings outstanding on its Revolving Credit Facility. Subject to the terms of the Revolving Credit Facility, which has a maturity date of October 11, 2018, the Company may borrow up to $90.0 million, with a Company option to increase the facility up to a total of $150.0 million. The availability under the Revolving Credit Facility is subject to a borrowing base calculated on the value of certain accounts receivable as well as certain inventory of the Company. The obligations thereunder are secured by a security interest in substantially all of the assets of the Company. Under the Revolving Credit Facility, VSI has guaranteed the Company’s obligations, and Industries and its wholly-owned subsidiaries have each guaranteed the obligations of the other respective entities. The Revolving Credit Facility provides for affirmative and negative covenants affecting the Company. The Revolving Credit Facility restricts, among other things, the Company’s ability to incur indebtedness, create or permit liens on the Company’s assets, declare or pay dividends and make certain other restricted payments, consolidate, merge or recapitalize, sell assets, make certain investments, loans or other advances, enter into transactions with affiliates, change our line of business, and restricts the types of hedging activities the Company can enter into. The largest amount borrowed at any given point during Fiscal 2015 was $28.0 million. The unused available line of credit under the Revolving Credit Facility at December 26, 2015 was $79.1 million. Borrowings under the Revolving Credit Facility accrue interest, at the Company’s option, at the rate per annum based on an “alternative base rate” plus 0.25% or 0.50% or the adjusted Eurodollar rate plus 1.25% or 1.50%, in each case with the higher spread applicable in the event that the aggregate amount of the borrowings under the Revolving Credit Facility exceeds 50% of the borrowing base availability under the Revolving Credit Facility. The weighted average interest rate for the Revolving Credit facility for Fiscal 2015 was 1.47%. The commitment fee on the undrawn portion of the $90.0 million Revolving Credit Facility was 0.25% as of December 26, 2015 and December 27, 2014. Interest expense, net for Fiscal 2015, 2014 and 2013 consists of the following (in thousands): Fiscal Year Ended December 26, December 27, December 28, Interest / fees on the revolving credit facility and other interest $ 487 $ 344 $ 419 Amortization of deferred financing fees 237 164 96 Interest on convertible notes 159 — — Amortization of debt discount on convertible notes 223 — — Interest income (1 ) (13 ) (20 ) Interest expense, net $ 1,105 $ 495 $ 495 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. Income Taxes The provision for income taxes for Fiscal 2015, Fiscal 2014 and Fiscal 2013 consists of the following (in thousands): Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Current: Federal $ 30,696 $ 38,432 $ 36,070 State 5,385 6,438 6,636 Total current 36,081 44,870 42,706 Deferred: Federal (1,283 ) (3,497 ) 256 State (81 ) (453 ) 289 Total deferred (1,364 ) (3,950 ) 545 Provision for income taxes $ 34,717 $ 40,920 $ 43,251 A reconciliation of the statutory Federal income tax rate and effective rate of the provision for income taxes is as follows: Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of Federal income tax benefit 3.4 % 4.2 % 4.4 % Adjustments for uncertain tax positions — — (0.5 )% Other 1.1 % 0.9 % 0.5 % Effective tax rate 39.5 % 40.1 % 39.4 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The temporary differences and carryforwards that give rise to deferred tax assets and liabilities at December 26, 2015 and December 27, 2014 are as follows (in thousands): December 26, December 27, Deferred tax assets: Net operating loss carryforward $ 1,806 $ 1,142 Deferred rent 11,389 11,861 Tenant allowance 4,215 3,667 Deferred sales 4,011 4,386 General accrued liabilities 6,790 6,165 Deferred wages and compensation 569 711 Inventory 7,205 4,339 Equity compensation expense 3,400 6,304 Debt 1,002 — Other 3,299 2,062 43,686 40,637 Valuation allowance (1,806 ) (1,142 ) Deferred tax assets 41,880 39,495 Deferred tax liabilities: Trade name and goodwill (29,777 ) (29,368 ) Accumulated depreciation (9,488 ) (9,612 ) Prepaid expenses (2,012 ) (2,217 ) Deferred tax liabilities (41,277 ) (41,197 ) Net deferred tax asset (liability) $ 603 $ (1,702 ) In November 2015, the FASB issued Accounting Standards Update No. 2015-17 (“ASU 2015-17”), Balance Sheet Classification of Deferred Taxes (Topic 740) to simplify the presentation of deferred taxes by requiring the classification of all deferred tax assets and liabilities as noncurrent in a classified statement of financial position. The Company is electing a prospective early application of ASU 2015-17 for Fiscal 2015. Prior periods were not retrospectively adjusted. Management periodically assesses whether the Company is more likely than not to realize some or all of its deferred tax assets. As of December 26, 2015, with the exception of $1.8 million of deferred tax assets arising from a foreign and state net operating loss carryforward against which there is a valuation allowance (see above table), management determined that the Company is more likely than not to realize the deferred tax assets detailed above. Realization of deferred tax assets associated with the state net operating loss carryforwards is dependent upon generating sufficient taxable income prior to their expiration by tax jurisdiction. The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was approximately $0.4 million at December 26, 2015, $0.4 million at December 27, 2014 and $0.3 million at December 28, 2013. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 29, 2012 $ 5,630 Additions based on tax positions related to the current year 13 Additions for tax positions of prior years — Decreases for tax positions of prior years due to revaluation of positions (4,627 ) Decreases for tax positions of prior years due to lapse of statutes (612 ) Balance at December 28, 2013 $ 404 Additions based on tax positions related to the current year 148 Additions for tax positions of prior years — Decreases for tax positions of prior years due to revaluation of positions — Decreases for tax positions of prior years due to lapse of statutes (93 ) Balance at December 27, 2014 $ 459 Additions based on tax positions related to the current year 107 Additions for tax positions of prior years — Decreases for tax positions of prior years due to revaluation of positions — Decreases for tax positions of prior years due to lapse of statutes (97 ) Balance at December 26, 2015 $ 469 The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions, Puerto Rico and Canada. The Company recognizes interest related to uncertain tax positions in income tax expense. The Company is no longer subject to U.S. federal examinations by tax authorities for years before 2012 and for state examinations before 2009. However, the tax authorities still have the ability to review the relevance of net operating loss carryforwards created in closed years if such tax attributes are utilized in open years (subsequent to 2009). The Company has domestic (U.S. state) and foreign net operating losses of approximately $1.4 million and $6.3 million at December 26, 2015, against which a full valuation allowance is recorded. Domestic net operating losses generated in the state of New Jersey will continue to expire annually through Fiscal 2032. The Company’s foreign net operating loss is generated through operations in Canada, and will expire in Fiscal 2034. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 26, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | 10. Stock Based Compensation Equity Incentive Plans - The following table summarizes restricted shares for the 2009 Plan as of December 26, 2015 and changes during Fiscal 2015: Number of Weighted Unvested at December 27, 2014 448,611 $ 45.04 Granted 251,603 $ 39.57 Vested (156,535 ) $ 43.13 Canceled/forfeited (145,117 ) $ 44.17 Unvested at December 26, 2015 398,562 $ 42.65 The total intrinsic value of restricted shares vested during Fiscal 2015, Fiscal 2014 and Fiscal 2013 was $6.3 million, $5.7 million and $1.3 million, respectively. The following table summarizes stock options for the 2006 and 2009 Plans as of December 26, 2015 and changes during Fiscal 2015: Number of Weighted Weighted Aggregate Outstanding at December 27, 2014 383,577 $ 24.14 Granted — — Exercised (56,463 ) $ 23.93 Canceled/forfeited (42,276 ) $ 34.47 Outstanding at December 26, 2015 284,838 $ 22.65 2.88 $ 3,464 Vested or expected to vest at December 26, 2015 284,588 $ 22.65 2.88 Vested and exercisable at December 26, 2015 282,338 $ 22.36 2.85 $ 3,464 The total intrinsic value of options exercised during Fiscal 2015, Fiscal 2014 and Fiscal 2013 was $1.0 million, $16.0 million and $6.1 million, respectively. The cash received from options exercised during Fiscal 2015, Fiscal 2014 and Fiscal 2013 was $1.4 million, $9.4 million and $3.5 million, respectively. The following table summarizes restricted share units for the 2009 Plan as of December 26, 2015 and changes during Fiscal 2015: Number of Weighted Unvested at December 27, 2014 9,633 $ 51.37 Granted 20,747 $ 39.99 Vested (19,100 ) $ 47.35 Canceled/forfeited — — Unvested at December 26, 2015 11,280 $ 37.25 The total intrinsic value of restricted share units vested during Fiscal 2015, Fiscal 2014, and Fiscal 2013 was $0.6 million, $0.3 million and $0.3 million, respectively. Compensation expense attributable to stock-based compensation for Fiscal 2015 was $5.5 million, for Fiscal 2014 was $6.9 million and for Fiscal 2013 was $8.3 million. As of December 26, 2015, the remaining unrecognized stock based compensation expense for non-vested stock options, restricted shares and restricted share units to be expensed in future periods is $6.1 million, and the related weighted average period over which it is expected to be recognized is 1.6 years. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on its historical forfeiture rate since the inception of granting stock based awards. The estimated value of future forfeitures for stock options, restricted shares and restricted share units as of December 26, 2015 is approximately $0.6 million. The weighted average grant date fair value of stock options was $18.99 and $23.76 for Fiscal 2014 and Fiscal 2013, respectively. These valuations represent the fair value of subsequent annual tranches of performance based stock option grants, and there were no such valuations during Fiscal 2015. The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: December 27, 2014 December 28, 2013 Expected dividend yield 0.0 % 0.0 % Weighted average expected volatility 35.3 % 39.0 % Weighted average risk-free interest rate 1.4 % 0.6 % Expected holding period(s) 4.00 - 4.43 years 4.00 - 4.93 years Treasury Stock |
Share Repurchase Programs
Share Repurchase Programs | 12 Months Ended |
Dec. 26, 2015 | |
Equity [Abstract] | |
Share Repurchase Programs | 11. Share Repurchase Programs On August 5, 2014, May 6, 2015 and November 23, 2015, the Company’s board of directors approved share repurchase programs that enable the Company to purchase up to an aggregate of $300 million of its shares of common stock from time to time over three year periods ending on August 4, 2017, May 5, 2018 and November 22, 2018, respectively. As of December 26, 2015, 5,511,769 shares have been repurchased for a total of $203.9 million. The repurchase program does not obligate the Company to acquire any specific number of shares of its common stock and may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing such shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. During Fiscal 2015 and Fiscal 2014, the Company repurchased 1,182,990 and 201,000 shares, respectively, of its common stock in the open market. The shares were retired upon repurchase. Open market share repurchases were $44.2 million in Fiscal 2015 and $7.8 million in Fiscal 2014 with average repurchase prices per share of $37.38 and $38.88, respectively. Additionally, the Company has entered into accelerated share repurchase (“ASR”) arrangements with financial institutions. In exchange for an up-front payment, the financial institutions initially deliver shares of the Company’s common stock. The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, is determined at the end of the purchase period of each ASR based on the volume weighted-average price of the Company’s common stock during that period. The shares are retired in the periods they are delivered, and each up-front payment is accounted for as a reduction to stockholders’ equity in the Company’s Consolidated Balance Sheet in the period the payment was made. The Company reflects each ASR as a repurchase of common stock in the period delivered for purposes of calculating earnings per share and as a forward contract indexed to its own common stock. The ASRs met all of the applicable criteria for equity classification, and therefore, were not accounted for as derivative instruments. The following table summarizes the Company’s ASR arrangements: Beginning of ASR Period Up-front Initial Share End of ASR Period Final Average November, 2014 $ 50.0 982,714 January, 2015 88,325 $ 46.68 December, 2015 $ 50.0 1,391,940 * * * * To be determined at the end of the purchase period of the ASR. In December 2015, the Company also repurchased 1,664,800 shares of its common stock for $51.9 million, or $31.17 per share, from purchasers of the Convertible Notes in privately negotiated transactions. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 26, 2015 | |
Postemployment Benefits [Abstract] | |
Benefit Plans | 12. Benefit Plans The Company sponsors the Vitamin Shoppe Industries, Inc. 401(k) Plan (“401k Plan”). Employees who have completed one month of service are eligible to participate in the 401k Plan. The 401k Plan provides for participant contributions of 1% to 100% of participant compensation into deferred savings, subject to IRS limitations. The 401k Plan provides for Company contributions upon the participant meeting the eligibility requirements. Participants are 100% vested in the Company matching contribution upon receipt. The Company matching contribution is 100% of the first 3% of participant compensation contributed to the 401k Plan and 50% of the next 2% of participant compensation contributed to the 401k Plan. The Company may make discretionary contributions for each 401k Plan year. The Company recognized expenses for the 401k Plan of $1.9 million in Fiscal 2015, $1.6 million in Fiscal 2014, and $1.5 million in Fiscal 2013. The Company had a Non-qualified Deferred Compensation Plan (“DC Plan”) which was terminated in January 2015 and did not have a material effect on the Company’s financial statements. The DC Plan allowed participants the opportunity to defer pretax amounts up to 75% of base salary and up to 100% of other eligible compensation. The DC Plan was primarily funded by elective contributions made by the participants. The assets of the DC Plan were $2.7 million at December 27, 2014. Accordingly, gains and losses on the underlying investments, which are held in a Rabbi Trust, were recognized in the consolidated statements of income. The liabilities for the DC Plan were $2.3 million at December 27, 2014. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 26, 2015 | |
Leases [Abstract] | |
Lease Commitments | 13. Lease Commitments The Company has non-cancelable real estate operating leases, which expire through 2036. These leases generally contain renewal options for periods ranging from 1 to 10 years and require the Company to pay costs such as real estate taxes and common area maintenance. Contingent rentals are paid based on a percentage of gross sales as defined by lease agreements. The following table provides the net rental expense for all real estate operating leases (in thousands): Fiscal Year Ended December 26, December 27, December 28, Minimum rentals $ 117,578 $ 107,456 $ 97,332 Contingent rentals 154 103 110 117,732 107,559 97,442 Less: Sublease rentals (273 ) (245 ) (244 ) Net rental expense $ 117,459 $ 107,314 $ 97,198 As of December 26, 2015, the Company’s real estate lease commitments are as follows (in thousands): Fiscal year Total 2016 119,983 2017 112,965 2018 98,839 2019 81,637 2020 66,382 Thereafter 195,019 $ 674,825 (1) Store operating leases included in the above table do not include contingent rent based upon sales volume. Operating leases do not include common area maintenance costs or real estate taxes that are paid to the landlord during the year, which combined represented approximately 17.5% of our minimum lease obligations for Fiscal 2015. In addition, not included are variable activity based fees associated with our west coast logistics facility, which were approximately $0.6 million during Fiscal 2015. |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 26, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 14. Legal Proceedings The Company is party to various lawsuits arising from time to time in the normal course of business, many of which are covered by insurance. As of December 26, 2015, the Company was not party to any material legal proceedings. Although the impact of the final resolution of these matters on the Company’s financial condition, results of operations or cash flows is not known, management does not believe that the resolution of these lawsuits will have a material adverse effect on the financial condition, results of operations or liquidity of the Company. |
Segment and Product Data
Segment and Product Data | 12 Months Ended |
Dec. 26, 2015 | |
Segment Reporting [Abstract] | |
Segment and Product Data | 15. Segment and Product Data The Company currently operates three business segments, retail, direct and manufacturing. The operating segments are segments of the Company for which separate financial information is available and for which operating results are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance. The Company’s management evaluates segment operating results based on several indicators. The primary key performance indicators are sales and operating income for each segment. The table below represents key financial information for each of the Company’s business segments as well as corporate costs. The retail segment primarily includes the Company’s retail stores. The retail segment generates revenue primarily through the sale of VMS products through Vitamin Shoppe, Super Supplements and Vitapath retail stores in the United States, Puerto Rico and in Canada. The direct segment generates revenue through the sale of VMS products primarily through the Company’s websites. The Company’s websites offer customers online access to a full assortment of approximately 19,400 SKUs. The manufacturing segment supplies the retail and direct segments, along with various thirds parties, with finished products for sale. Corporate costs represent all other expenses not allocated to the retail, direct or manufacturing segments which include, but are not limited to: human resources, legal, retail management, direct management, finance, information technology, depreciation (primarily related to assets utilized by the retail and direct business segments as well as corporate assets) and amortization, and various other corporate level activity related expenses. Intercompany sales transactions are eliminated in consolidation. The Company’s segments are designed to allocate resources internally and provide a framework to determine management responsibility. The Company has allocated $165.3 million, $45.3 million and $32.6 million of its recorded goodwill to the retail, direct and manufacturing segments, respectively. The Company does not have identifiable assets separated by segment, with the exception of the identifiable assets of the manufacturing segment, which were $88.4 million and $96.2 million as of December 26, 2015 and December 27, 2014, respectively. Capital expenditures for the manufacturing segment during Fiscal 2015 were $3.5 million and from the acquisition date of June 6, 2014 through December 27, 2014 were approximately $0.5 million. At December 26, 2015 and December 27, 2014, long lived assets of the manufacturing segment were $60.4 million and $59.9 million, respectively. Depreciation and amortization expense, included in selling, general and administrative expenses, for the manufacturing segment during Fiscal 2015 was $1.5 million and from the acquisition date of June 6, 2014 through December 27, 2014 was $0.9 million. The following table contains key financial information of the Company’s business segments (in thousands): Fiscal Year Ended December 26, December 27, December 28, Net sales: Retail $ 1,081,123 $ 1,042,054 $ 969,610 Direct 128,825 130,644 117,859 Manufacturing 91,159 48,102 — Segment net sales 1,301,107 1,220,800 1,087,469 Elimination of intersegment revenues (34,558 ) (7,754 ) — Net sales 1,266,549 1,213,046 1,087,469 Income from operations: Retail 192,598 194,864 192,439 Direct 20,904 22,755 21,930 Manufacturing (1) (1,977 ) (1,830 ) — Corporate costs (2) (122,532 ) (113,133 ) (104,077 ) Income from operations $ 88,993 $ 102,656 $ 110,292 (1) In Fiscal 2015, income from operations for the manufacturing segment includes a $1.4 million charge for accounts receivable for one wholesale customer which were deemed uncollectible, and in Fiscal 2014 includes $4.5 million in charges related to the inventory valuation step up for inventory sold subsequent to the acquisition of Nutri-Force. (2) Corporate costs include (in thousands): Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Depreciation and amortization expenses $ 37,004 $ 32,968 $ 28,026 Management realignment charges (a) 3,396 — — Reinvention costs (b) 2,723 — — Acquisition and integration costs 1,874 4,777 4,336 Contingent consideration for Nutri-Force acquisition — 959 — Insurance recoveries from Superstorm Sandy — — (1,079 ) (a) During Fiscal 2015, the Company incurred management realignment charges, which primarily consisted of severance, sign-on bonuses, recruiting and relocation costs. (b) During Fiscal 2015, the Company launched a comprehensive initiative to review and improve its customers’ experience across its retail and e-commerce channels. The costs incurred represent outside consultants fees. The following table represents net merchandise sales by major product category (in thousands): Fiscal Year Ended Product Category December 26, 2015 (a) December 27, 2014 (a) December 28, 2013 Vitamins, Minerals, Herbs and Homeopathy $ 301,520 $ 285,775 $ 276,447 Sports Nutrition 432,205 428,845 393,659 Specialty Supplements 308,162 313,025 305,320 Other 222,615 182,352 109,554 Total 1,264,502 1,209,997 1,084,980 Delivery Revenue 2,047 3,049 2,489 $ 1,266,549 $ 1,213,046 $ 1,087,469 (a) In Fiscal 2015 and Fiscal 2014, the “Other” product category includes net merchandise sales to third parties of Nutri-Force of $56.6 million and $40.3 million, respectively. For each of the last three years, less than 1.0% of our sales have been derived from international sources. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 26, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 16. Fair Value of Financial Instruments The fair value hierarchy requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: • Level 1: Unadjusted quoted prices in active markets for identical assets and liabilities. • Level 2: Observable inputs other than those included in Level 1. For example, quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. • Level 3: Unobservable inputs reflecting management’s own assumptions about the inputs used in pricing the asset or liability. The Company’s financial instruments include cash, accounts receivable, accounts payable and its revolving credit facility. The Company believes that the recorded values of these financial instruments approximate their fair values due to their nature and respective durations. The fair value and carrying value of the Convertible Notes as of December 26, 2015 was $119.8 million and $115.4 million, respectively. The fair value of the Convertible Notes was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, including the trading price of the Company’s Convertible Notes, when available, the Company’s stock price and interest rates based on similar debt issued by parties with credit ratings similar to the Company (Level 2). Certain assets are measured at fair value on a non-recurring basis, that is, the assets are subject to fair value adjustments in certain circumstances such as when there is evidence of impairment. These measures of fair value, and related inputs, are considered level 2 or 3 measures under the fair value hierarchy. |
Selected Quarterly Financial In
Selected Quarterly Financial Information | 12 Months Ended |
Dec. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | 17. Selected Quarterly Financial Information (unaudited) The following table summarizes the Fiscal 2015 and Fiscal 2014 quarterly results (in thousands, except for share data): Fiscal Quarter Ended March June September December Fiscal Year Ended December 26, 2015 Net sales $ 336,835 $ 322,338 $ 313,886 $ 293,490 Gross profit 114,649 108,260 104,709 91,297 Income from operations 30,955 23,564 23,357 11,117 Net income 18,700 14,241 14,098 6,132 Net income per common share: Basic $ 0.63 $ 0.49 $ 0.49 $ 0.22 Diluted $ 0.63 $ 0.48 $ 0.48 $ 0.22 Fiscal Year Ended December 27, 2014 Net sales $ 307,836 $ 306,218 $ 308,910 $ 290,082 Gross profit 109,469 102,907 97,294 94,589 Income from operations 34,247 28,166 20,549 19,694 Net income 20,509 16,926 12,197 11,609 Net income per common share: Basic $ 0.68 $ 0.56 $ 0.40 $ 0.39 Diluted $ 0.67 $ 0.55 $ 0.40 $ 0.38 The following table summarizes certain items for Fiscal 2015 and Fiscal 2014 which impacted quarterly results on a pre-tax basis (in thousands): Fiscal Quarter Ended March June September December Fiscal Year Ended December 26, 2015 Integration costs (1) $ 360 $ 410 $ 617 $ 487 Management realignment charges (2) — 2,174 — 1,222 Accounts receivable bad debt reserve charge (3) — 1,370 — — Reinvention costs (4) — — 1,026 1,697 Super Supplements conversion costs (5) — — — 1,766 Product write-off (6) — — — 1,330 Canada stores closing costs (7) — — — 885 Fiscal Year Ended December 27, 2014 Acquisition and integration costs $ 1,758 $ 2,248 $ 289 $ 482 Inventory valuation step-up recognized in cost of goods sold — 1,200 3,306 — Contingent consideration for Nutri-Force acquisition — — — 959 (1) Represents integration costs related to the acquisition of Nutri-Force, consisting primarily of professional fees. (2) Management realignment charges primarily consist of severance, sign-on bonuses, recruiting and relocation costs. (3) Represents a charge to increase the allowance for doubtful accounts for Nutri-Force, related to one wholesale customer that abruptly ceased operations. (4) The costs represent outside consultants fees in connection with the Company’s “reinvention strategy”. (5) Conversion costs primarily include inventory reserve charges, product markdowns and accelerated depreciation. (6) Represents a charge to inventory reserves for the write-off of USPlabs ® (7) Costs include inventory reserve charges, impairment charges to fixed assets and severance charges. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 26, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Accounts Receivable | Accounts Receivable The following table details the activity and balances for the Company’s customer allowances for the years ended December 26, 2015 and December 27, 2014 (in thousands): Balance at Year Additions Deductions Balance at End of Period Ended December 26, 2015 $ 1,883.2 $ 2,751.9 $ (3,738.4 ) $ 896.7 Period Ended December 27, 2014 $ — $ 3,194.2 $ (1,311.0 ) $ 1,883.2 |
Inventories | Inventories Balance at Beginning of Fiscal Year Amounts Cost of Goods Sold Write-Offs Against Reserves Balance at End of Fiscal Year Fiscal Year Ended December 26, 2015 $ 3,121.0 $ 9,809.2 $ (7,991.1 ) $ 4,939.1 Fiscal Year Ended December 27, 2014 2,640.3 5,866.6 (5,385.9 ) 3,121.0 Fiscal Year Ended December 28, 2013 1,841.2 4,637.9 (3,838.8 ) 2,640.3 |
Property and Equipment, Net | Property and Equipment, Net |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Goodwill and Other Intangibles | Goodwill and Other Intangibles In Fiscal 2015, the Company performed a quantitative analysis of its retail, direct and manufacturing reporting units and determined that the fair value of these reporting units and indefinite-lived tradenames were substantially greater than their respective carrying values, with the exception of the manufacturing reporting unit. Since the acquisition, Nutri-Force has experienced disruption in its ability to optimize production capacity and correspondingly has experienced lower service levels to customers. As of the annual testing date, the fair value of the manufacturing reporting unit exceeded the carrying value by approximately 5%. Goodwill for the manufacturing reporting unit is $32.6 million. The assumptions which impact the estimated fair value include management projections, the weighted average cost of capital percentage including the company specific risk premium and the selection of comparable companies. The uncertainty associated with the key assumptions relates primarily to the performance of Nutri-Force in comparison to management projections, which includes improvements in operating efficiencies, the ability to transition additional Vitamin Shoppe branded products, and increase sales to third party customers. The Company has taken steps to improve the operations at Nutri-Force, including the hiring of new leadership and the engagement of third-party manufacturing consultants to implement and improve manufacturing processes. The Company believes the disruption noted above should not impact the long-term opportunity from the Nutri-Force acquisition. Although the Company believes it has used reasonable estimates and assumptions to calculate the fair value of the manufacturing reporting unit, these estimates and assumptions could be materially different from actual results. If actual market conditions are less favorable than those projected, or if events occur or circumstances change that would reduce the fair value of this reporting unit below its carrying value, the Company may be required to conduct an interim test and possibly recognize impairment charges, which may be material, in future periods. There have been no impairment charges related to other intangibles during Fiscal 2015, Fiscal 2014 and Fiscal 2013. |
Rent Expenses, Deferred Rent and Landlord Construction Allowances | Rent Expenses, Deferred Rent and Landlord Construction Allowances |
Revenue Recognition | Revenue Recognition |
Cost of Goods Sold | Cost of Goods Sold |
Vendor Allowances | Vendor Allowances |
Frequent Buyer Program | Frequent Buyer Program |
Store Pre-opening Costs | Store Pre-opening Costs |
Advertising Costs | Advertising Costs |
Online Marketing Arrangements | Online Marketing Arrangements |
Income Taxes | Income Taxes The Company accounts for tax positions based on the provisions of the accounting literature related to accounting for uncertainty in income tax positions. Such literature provides guidance for the recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For tax positions that are not more likely than not sustainable upon audit, the Company recognizes the largest amount of the benefit that is more likely than not to be sustained. The Company makes estimates of the potential liability based on our assessment of all potential tax exposures. In addition, the Company uses factors such as applicable tax laws and regulations, current information and past experience with similar issues to make these assessments. The tax positions are analyzed regularly and adjustments are made as events occur that warrant adjustments for those positions. The Company records interest expense and penalties payable to relevant tax authorities as income tax expense. |
Concentrations of Credit Risk | Concentrations of Credit Risk The Company had two suppliers from whom we purchased at least 5% of our merchandise during Fiscal 2015 and one supplier from whom we purchased at least 5% of our merchandise during Fiscal 2014 and Fiscal 2013. We purchased approximately 17% of our total merchandise from these suppliers during Fiscal 2015 and approximately 12% during Fiscal 2014 and 10% during Fiscal 2013. The Company is subject to concentrations of credit risk associated with cash and cash equivalents, and at times holds cash balances in excess of Federal Deposit Insurance Corporation limits. |
Stock-Based Compensation | Stock-Based Compensation Expense related to shares purchased under the Company’s Employee Stock Purchase Plan (“ESPP”) is accounted for based on fair value recognition requirements similar to stock options. ESPP participation occurs each calendar quarter (the “Participation Period”) and the expense of which is subject to employee participation in the plan. Under the ESPP, participating employees are allowed to purchase shares at 85% of the lower of the market price of the Company’s common stock at either the first or last trading day of the Participation Period. Compensation expense related to the ESPP is based on the estimated fair value of the discount and purchase price offered on the estimated shares to be purchased under the ESPP. Expense is calculated quarterly, based on the employee contributions made over the applicable three-month Participation Period, using volatility and risk free rates applicable to that three-month period. |
Net Income Per Share | Net Income Per Share Diluted net income per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock. Stock options, unvested restricted shares, warrants and unvested restricted share units are included as potential dilutive securities for the periods applicable, using the treasury stock method to the extent dilutive. The components of the calculation of basic net income per common share and diluted net income per common share are as follows (in thousands except share and per share data): Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Numerator: Net income available to common stockholders $ 53,171 $ 61,241 $ 66,546 Denominator: Basic weighted average common shares outstanding 28,954,804 30,239,183 29,992,620 Effect of dilutive securities: Stock options 97,114 235,057 402,814 Restricted shares 150,353 184,995 141,573 Restricted share units 1,158 4,870 4,050 Diluted weighted average common shares outstanding 29,203,429 30,664,105 30,541,057 Basic net income per common share $ 1.84 $ 2.03 $ 2.22 Diluted net income per common share $ 1.82 $ 2.00 $ 2.18 Stock options and restricted shares for the fiscal years ended December 26, 2015, December 27, 2014 and December 28, 2013 for 48,538, 18,089 and 23,319 shares, respectively, have been excluded from the above calculation as they were anti-dilutive. The Company has the intent and ability to settle the principal portion of its Convertible Notes in cash, and as such, has applied the treasury stock method, which has resulted in the underlying convertible shares being anti-dilutive in Fiscal 2015 as the Company’s average stock price from the issuance of the Convertible Notes through December 26, 2015 is less than the conversion price. Refer to Note 8. Credit Arrangements for additional information on the Convertible Notes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09 (“ASU 2014-09”), Revenue from Contracts with Customers (Topic 606). Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. As a result of this deferral, ASU 2014-09 will be effective for annual reporting periods beginning after December 15, 2017 for public companies and early adoption of ASU 2014-09 is permitted for public companies for annual reporting periods beginning after December 15, 2016. The Company is evaluating ASU 2014-09 to determine if this guidance will have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued Accounting Standards Update No. 2015-03 (“ASU 2015-03”), Interest – Imputation of Interest (Subtopic 835-30) – Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires an entity to present debt issuance costs related to a recognized debt liability as a direct deduction from the carrying amount of that debt liability, consistent with the treatment of debt discounts. This standard does not affect the recognition and measurement guidance for debt issuance costs. Amortization of such costs will continue to be reported as interest expense. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015. Early adoption is permitted and the Company has elected to early adopt this standard, concurrent with the issuance of the Convertible Notes. As a result, issuance costs attributable to the liability portion of the Convertible Notes have been recorded as a direct deduction from the carrying amount of the Convertible Notes liability. The adoption of ASU 2015-03 has no impact on any prior period financial statements presented, as debt issuance costs previously incurred relate to the Company’s revolving credit facility and will continue to be recorded in other long-term assets. In July 2015, the FASB issued Accounting Standards Update No. 2015-11 (“ASU 2015-11”), Simplifying the Measurement of Inventory (Topic 330). ASU 2015-11 simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 is effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption of ASU 2015-11 is permitted. The Company is evaluating ASU 2015-11 to determine if this guidance will have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Schedule of Customer Allowances | The following table details the activity and balances for the Company’s customer allowances for the years ended December 26, 2015 and December 27, 2014 (in thousands): Balance at Year Additions Deductions Balance at End of Period Ended December 26, 2015 $ 1,883.2 $ 2,751.9 $ (3,738.4 ) $ 896.7 Period Ended December 27, 2014 $ — $ 3,194.2 $ (1,311.0 ) $ 1,883.2 |
Calculation of Basic and Diluted Net Income Per Common Share | The components of the calculation of basic net income per common share and diluted net income per common share are as follows (in thousands except share and per share data): Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Numerator: Net income available to common stockholders $ 53,171 $ 61,241 $ 66,546 Denominator: Basic weighted average common shares outstanding 28,954,804 30,239,183 29,992,620 Effect of dilutive securities: Stock options 97,114 235,057 402,814 Restricted shares 150,353 184,995 141,573 Restricted share units 1,158 4,870 4,050 Diluted weighted average common shares outstanding 29,203,429 30,664,105 30,541,057 Basic net income per common share $ 1.84 $ 2.03 $ 2.22 Diluted net income per common share $ 1.82 $ 2.00 $ 2.18 |
Obsolescence Reserves [Member] | |
Valuation Allowance and Reserves | The following table details the activity and balances for the Company’s reserve for inventory for the years ended December 26, 2015, December 27, 2014, and December 28, 2013 (in thousands): Balance at Beginning of Fiscal Year Amounts Cost of Goods Sold Write-Offs Against Reserves Balance at End of Fiscal Year Fiscal Year Ended December 26, 2015 $ 3,121.0 $ 9,809.2 $ (7,991.1 ) $ 4,939.1 Fiscal Year Ended December 27, 2014 2,640.3 5,866.6 (5,385.9 ) 3,121.0 Fiscal Year Ended December 28, 2013 1,841.2 4,637.9 (3,838.8 ) 2,640.3 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Super Supplements, Inc [Member] | |
Purchase Price of Acquisition Allocated to Net Tangible and Intangible Assets Acquired | The allocation is as follows (in thousands): Total consideration transferred $ 50,542 Less: net identifiable assets acquired: Current assets 13,876 Non-current assets 7,027 Intangible assets 2,400 Current liabilities (5,350 ) Long-term liabilities (796 ) Total net identifiable assets acquired $ 17,157 Goodwill $ 33,385 |
Nutri-Force [Member] | |
Purchase Price of Acquisition Allocated to Net Tangible and Intangible Assets Acquired | The allocation is as follows (in thousands): Consideration transferred $ 81,538 Working capital adjustment (487 ) Estimated contingent consideration 4,041 (a) Total consideration $ 85,092 Less: net identifiable assets acquired Current assets 33,798 Non-current assets 10,008 Intangible assets 18,800 Current liabilities (10,150 ) Total net identifiable assets acquired $ 52,456 Goodwill $ 32,636 (a) In the fourth quarter of Fiscal 2014, the Company recorded approximately $1.0 million of additional contingent consideration, which is included in the consolidated statement of income within selling, general and administrative expenses. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The components of inventories are as follows (in thousands): December 26, 2015 December 27, 2014 Finished goods $ 211,879 $ 171,896 Work-in-process 6,180 4,592 Raw materials 8,771 10,539 $ 226,830 $ 187,027 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The following table discloses the carrying value of all intangible assets (in thousands): December 26, 2015 December 27, 2014 Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Intangible assets: Goodwill $ 243,269 $ — $ 243,269 $ 243,269 $ — $ 243,269 Tradenames - Indefinite-lived 68,405 — 68,405 68,405 — 68,405 Brands 10,000 880 9,120 10,000 324 9,676 Customer relationships 7,500 594 6,906 7,500 219 7,281 Tradenames - Definite-lived 4,673 2,722 1,951 4,250 1,735 2,515 Software 1,300 412 888 1,300 152 1,148 Intangibles related to asset purchase — — — 2,950 2,950 — $ 335,147 $ 4,608 $ 330,539 $ 337,674 $ 5,380 $ 332,294 |
Expected Amortization Expense on Definite-Lived Intangible Assets | The expected amortization expense on definite-lived intangible assets on the Company’s consolidated balance sheet at December 26, 2015, is as follows (in thousands): Fiscal 2016 $ 1,515 Fiscal 2017 1,415 Fiscal 2018 1,415 Fiscal 2019 1,260 Fiscal 2020 1,155 Thereafter 12,108 $ 18,865 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consists of the following (in thousands): December 26, 2015 December 27, 2014 Leasehold improvements $ 168,830 $ 160,348 Furniture, fixtures and equipment 170,391 155,927 Software 59,049 52,040 398,270 368,315 Less: accumulated depreciation and amortization (274,222 ) (238,613 ) Subtotal 124,048 129,702 Construction in progress 16,110 10,894 $ 140,158 $ 140,596 |
Accrued Expenses and Other Cu31
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): December 26, 2015 December 27, 2014 Accrued salaries and related expenses $ 10,115 $ 8,824 Sales tax payable and related expenses 6,975 6,494 Accrued fixed asset additions 5,842 7,290 Other accrued expenses 24,844 30,713 $ 47,776 $ 53,321 |
Credit Arrangements (Tables)
Credit Arrangements (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Debt Disclosure [Abstract] | |
Components of Convertible Notes | The Convertible Notes consist of the following components as of December 26, 2015 (in thousands): Liability component: Principal $ 143,750 Conversion feature (24,800 ) Liability portion of debt issuance costs (3,800 ) Amortization 260 Net carrying amount $ 115,410 Equity component: Conversion feature $ 24,800 Equity portion of debt issuance costs (793 ) Deferred taxes 941 Net carrying amount $ 24,948 |
Interest Expense, Net | Interest expense, net for Fiscal 2015, 2014 and 2013 consists of the following (in thousands): Fiscal Year Ended December 26, December 27, December 28, Interest / fees on the revolving credit facility and other interest $ 487 $ 344 $ 419 Amortization of deferred financing fees 237 164 96 Interest on convertible notes 159 — — Amortization of debt discount on convertible notes 223 — — Interest income (1 ) (13 ) (20 ) Interest expense, net $ 1,105 $ 495 $ 495 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The provision for income taxes for Fiscal 2015, Fiscal 2014 and Fiscal 2013 consists of the following (in thousands): Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Current: Federal $ 30,696 $ 38,432 $ 36,070 State 5,385 6,438 6,636 Total current 36,081 44,870 42,706 Deferred: Federal (1,283 ) (3,497 ) 256 State (81 ) (453 ) 289 Total deferred (1,364 ) (3,950 ) 545 Provision for income taxes $ 34,717 $ 40,920 $ 43,251 |
Reconciliation of Provision for Income Taxes | A reconciliation of the statutory Federal income tax rate and effective rate of the provision for income taxes is as follows: Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of Federal income tax benefit 3.4 % 4.2 % 4.4 % Adjustments for uncertain tax positions — — (0.5 )% Other 1.1 % 0.9 % 0.5 % Effective tax rate 39.5 % 40.1 % 39.4 % |
Deferred Tax Assets and Liabilities | The temporary differences and carryforwards that give rise to deferred tax assets and liabilities at December 26, 2015 and December 27, 2014 are as follows (in thousands): December 26, December 27, Deferred tax assets: Net operating loss carryforward $ 1,806 $ 1,142 Deferred rent 11,389 11,861 Tenant allowance 4,215 3,667 Deferred sales 4,011 4,386 General accrued liabilities 6,790 6,165 Deferred wages and compensation 569 711 Inventory 7,205 4,339 Equity compensation expense 3,400 6,304 Debt 1,002 — Other 3,299 2,062 43,686 40,637 Valuation allowance (1,806 ) (1,142 ) Deferred tax assets 41,880 39,495 Deferred tax liabilities: Trade name and goodwill (29,777 ) (29,368 ) Accumulated depreciation (9,488 ) (9,612 ) Prepaid expenses (2,012 ) (2,217 ) Deferred tax liabilities (41,277 ) (41,197 ) Net deferred tax asset (liability) $ 603 $ (1,702 ) |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Balance at December 29, 2012 $ 5,630 Additions based on tax positions related to the current year 13 Additions for tax positions of prior years — Decreases for tax positions of prior years due to revaluation of positions (4,627 ) Decreases for tax positions of prior years due to lapse of statutes (612 ) Balance at December 28, 2013 $ 404 Additions based on tax positions related to the current year 148 Additions for tax positions of prior years — Decreases for tax positions of prior years due to revaluation of positions — Decreases for tax positions of prior years due to lapse of statutes (93 ) Balance at December 27, 2014 $ 459 Additions based on tax positions related to the current year 107 Additions for tax positions of prior years — Decreases for tax positions of prior years due to revaluation of positions — Decreases for tax positions of prior years due to lapse of statutes (97 ) Balance at December 26, 2015 $ 469 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Summary of Stock Options | The following table summarizes stock options for the 2006 and 2009 Plans as of December 26, 2015 and changes during Fiscal 2015: Number of Weighted Weighted Aggregate Outstanding at December 27, 2014 383,577 $ 24.14 Granted — — Exercised (56,463 ) $ 23.93 Canceled/forfeited (42,276 ) $ 34.47 Outstanding at December 26, 2015 284,838 $ 22.65 2.88 $ 3,464 Vested or expected to vest at December 26, 2015 284,588 $ 22.65 2.88 Vested and exercisable at December 26, 2015 282,338 $ 22.36 2.85 $ 3,464 |
Summary of Fair Value Option Grant Using Black-Scholes Option-Pricing Model | The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: December 27, 2014 December 28, 2013 Expected dividend yield 0.0 % 0.0 % Weighted average expected volatility 35.3 % 39.0 % Weighted average risk-free interest rate 1.4 % 0.6 % Expected holding period(s) 4.00 - 4.43 years 4.00 - 4.93 years |
Restricted Shares [Member] | |
Summary of Restricted Shares | The following table summarizes restricted shares for the 2009 Plan as of December 26, 2015 and changes during Fiscal 2015: Number of Weighted Unvested at December 27, 2014 448,611 $ 45.04 Granted 251,603 $ 39.57 Vested (156,535 ) $ 43.13 Canceled/forfeited (145,117 ) $ 44.17 Unvested at December 26, 2015 398,562 $ 42.65 |
Restricted Share Units [Member] | |
Summary of Restricted Shares | The following table summarizes restricted share units for the 2009 Plan as of December 26, 2015 and changes during Fiscal 2015: Number of Weighted Unvested at December 27, 2014 9,633 $ 51.37 Granted 20,747 $ 39.99 Vested (19,100 ) $ 47.35 Canceled/forfeited — — Unvested at December 26, 2015 11,280 $ 37.25 |
Share Repurchase Programs (Tabl
Share Repurchase Programs (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Equity [Abstract] | |
Summary of ASR Arrangements | The following table summarizes the Company’s ASR arrangements: Beginning of ASR Period Up-front Initial Share End of ASR Period Final Average November, 2014 $ 50.0 982,714 January, 2015 88,325 $ 46.68 December, 2015 $ 50.0 1,391,940 * * * * To be determined at the end of the purchase period of the ASR. |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Leases [Abstract] | |
Net Rent Expenses | The following table provides the net rental expense for all real estate operating leases (in thousands): Fiscal Year Ended December 26, December 27, December 28, Minimum rentals $ 117,578 $ 107,456 $ 97,332 Contingent rentals 154 103 110 117,732 107,559 97,442 Less: Sublease rentals (273 ) (245 ) (244 ) Net rental expense $ 117,459 $ 107,314 $ 97,198 |
Lease Commitments | As of December 26, 2015, the Company’s real estate lease commitments are as follows (in thousands): Fiscal year Total 2016 119,983 2017 112,965 2018 98,839 2019 81,637 2020 66,382 Thereafter 195,019 $ 674,825 (1) Store operating leases included in the above table do not include contingent rent based upon sales volume. Operating leases do not include common area maintenance costs or real estate taxes that are paid to the landlord during the year, which combined represented approximately 17.5% of our minimum lease obligations for Fiscal 2015. In addition, not included are variable activity based fees associated with our west coast logistics facility, which were approximately $0.6 million during Fiscal 2015. |
Segment and Product Data (Table
Segment and Product Data (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Segment Reporting [Abstract] | |
Table of Key Financial Information of Company's Business Segments | The following table contains key financial information of the Company’s business segments (in thousands): Fiscal Year Ended December 26, December 27, December 28, Net sales: Retail $ 1,081,123 $ 1,042,054 $ 969,610 Direct 128,825 130,644 117,859 Manufacturing 91,159 48,102 — Segment net sales 1,301,107 1,220,800 1,087,469 Elimination of intersegment revenues (34,558 ) (7,754 ) — Net sales 1,266,549 1,213,046 1,087,469 Income from operations: Retail 192,598 194,864 192,439 Direct 20,904 22,755 21,930 Manufacturing (1) (1,977 ) (1,830 ) — Corporate costs (2) (122,532 ) (113,133 ) (104,077 ) Income from operations $ 88,993 $ 102,656 $ 110,292 (1) In Fiscal 2015, income from operations for the manufacturing segment includes a $1.4 million charge for accounts receivable for one wholesale customer which were deemed uncollectible, and in Fiscal 2014 includes $4.5 million in charges related to the inventory valuation step up for inventory sold subsequent to the acquisition of Nutri-Force. (2) Corporate costs include (in thousands): Fiscal Year Ended December 26, 2015 December 27, 2014 December 28, 2013 Depreciation and amortization expenses $ 37,004 $ 32,968 $ 28,026 Management realignment charges (a) 3,396 — — Reinvention costs (b) 2,723 — — Acquisition and integration costs 1,874 4,777 4,336 Contingent consideration for Nutri-Force acquisition — 959 — Insurance recoveries from Superstorm Sandy — — (1,079 ) (a) During Fiscal 2015, the Company incurred management realignment charges, which primarily consisted of severance, sign-on bonuses, recruiting and relocation costs. (b) During Fiscal 2015, the Company launched a comprehensive initiative to review and improve its customers’ experience across its retail and e-commerce channels. The costs incurred represent outside consultants fees. |
Net Merchandise Sales by Major Product Category | The following table represents net merchandise sales by major product category (in thousands): Fiscal Year Ended Product Category December 26, 2015 (a) December 27, 2014 (a) December 28, 2013 Vitamins, Minerals, Herbs and Homeopathy $ 301,520 $ 285,775 $ 276,447 Sports Nutrition 432,205 428,845 393,659 Specialty Supplements 308,162 313,025 305,320 Other 222,615 182,352 109,554 Total 1,264,502 1,209,997 1,084,980 Delivery Revenue 2,047 3,049 2,489 $ 1,266,549 $ 1,213,046 $ 1,087,469 (a) In Fiscal 2015 and Fiscal 2014, the “Other” product category includes net merchandise sales to third parties of Nutri-Force of $56.6 million and $40.3 million, respectively. |
Selected Quarterly Financial 38
Selected Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 26, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following table summarizes the Fiscal 2015 and Fiscal 2014 quarterly results (in thousands, except for share data): Fiscal Quarter Ended March June September December Fiscal Year Ended December 26, 2015 Net sales $ 336,835 $ 322,338 $ 313,886 $ 293,490 Gross profit 114,649 108,260 104,709 91,297 Income from operations 30,955 23,564 23,357 11,117 Net income 18,700 14,241 14,098 6,132 Net income per common share: Basic $ 0.63 $ 0.49 $ 0.49 $ 0.22 Diluted $ 0.63 $ 0.48 $ 0.48 $ 0.22 Fiscal Year Ended December 27, 2014 Net sales $ 307,836 $ 306,218 $ 308,910 $ 290,082 Gross profit 109,469 102,907 97,294 94,589 Income from operations 34,247 28,166 20,549 19,694 Net income 20,509 16,926 12,197 11,609 Net income per common share: Basic $ 0.68 $ 0.56 $ 0.40 $ 0.39 Diluted $ 0.67 $ 0.55 $ 0.40 $ 0.38 |
Summary of Certain Items Impact on Quarterly Results on Pre tax basis | The following table summarizes certain items for Fiscal 2015 and Fiscal 2014 which impacted quarterly results on a pre-tax basis (in thousands): Fiscal Quarter Ended March June September December Fiscal Year Ended December 26, 2015 Integration costs (1) $ 360 $ 410 $ 617 $ 487 Management realignment charges (2) — 2,174 — 1,222 Accounts receivable bad debt reserve charge (3) — 1,370 — — Reinvention costs (4) — — 1,026 1,697 Super Supplements conversion costs (5) — — — 1,766 Product write-off (6) — — — 1,330 Canada stores closing costs (7) — — — 885 Fiscal Year Ended December 27, 2014 Acquisition and integration costs $ 1,758 $ 2,248 $ 289 $ 482 Inventory valuation step-up recognized in cost of goods sold — 1,200 3,306 — Contingent consideration for Nutri-Force acquisition — — — 959 (1) Represents integration costs related to the acquisition of Nutri-Force, consisting primarily of professional fees. (2) Management realignment charges primarily consist of severance, sign-on bonuses, recruiting and relocation costs. (3) Represents a charge to increase the allowance for doubtful accounts for Nutri-Force, related to one wholesale customer that abruptly ceased operations. (4) The costs represent outside consultants fees in connection with the Company’s “reinvention strategy”. (5) Conversion costs primarily include inventory reserve charges, product markdowns and accelerated depreciation. (6) Represents a charge to inventory reserves for the write-off of USPlabs ® (7) Costs include inventory reserve charges, impairment charges to fixed assets and severance charges. |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | Jun. 06, 2014USD ($) | Feb. 14, 2013USD ($)BusinessDistributionCentersRetail_Locations | Dec. 26, 2015USD ($) |
Basis Of Presentation [Line Items] | |||
Purchase price, cash paid | $ 4,041 | ||
FDC Vitamins, LLC [Member] | |||
Basis Of Presentation [Line Items] | |||
Total purchase price | $ 86,100 | ||
Contingent consideration | $ 5,000 | ||
Super Supplements, Inc [Member] | |||
Basis Of Presentation [Line Items] | |||
Number of retail locations in Pacific Northwest | Retail_Locations | 31 | ||
Purchase price, cash paid | $ 50,500 | ||
Seattle Washington [Member] | Super Supplements, Inc [Member] | |||
Basis Of Presentation [Line Items] | |||
Number of distribution center | DistributionCenters | 1 | ||
Washington [Member] | Super Supplements, Inc [Member] | |||
Basis Of Presentation [Line Items] | |||
Number of e-commerce business | Business | 1 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Schedule of Customer allowances (Detail) - USD ($) | 12 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Receivables [Abstract] | ||
Customer Allowances, Balance at Beginning of Fiscal Year | $ 1,883,000 | |
Customer Allowances, Additions | 2,751,900 | $ 3,194,200 |
Customer Allowances, Deductions | (3,738,400) | (1,311,000) |
Customer Allowances, Balance at End of Fiscal Year | $ 897,000 | $ 1,883,000 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Valuation Allowance and Reserves (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Obsolescence Reserves [Abstract] | ||||
Balance at Beginning of Fiscal Year | $ 3,121,000 | $ 2,640,300 | $ 1,841,200 | |
Amounts Charged to Cost of Goods Sold | $ 1,330,000 | 9,809,200 | 5,866,600 | 4,637,900 |
Write-Offs Against Reserves | (7,991,100) | (5,385,900) | (3,838,800) | |
Balance at End of Fiscal Year | $ 4,939,100 | $ 4,939,100 | $ 3,121,000 | $ 2,640,300 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 26, 2015USD ($)SupplierCustomershares | Dec. 27, 2014USD ($)SupplierCustomershares | Dec. 28, 2013USD ($)Suppliershares | Jun. 06, 2014USD ($) | Feb. 14, 2013USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage decrease in revenue projections accounting for unfavorable events | 10.00% | ||||
Goodwill | $ 243,269,000 | $ 243,269,000 | $ 33,385,000 | ||
Percentage of fair value in excess of carrying value | 5.00% | ||||
Impairment charges on other intangibles | $ 0 | 0 | $ 0 | ||
Amounts recognized as shipping revenue | 2,000,000 | 3,000,000 | 2,500,000 | ||
Advertising expense | 21,600,000 | 19,300,000 | 16,500,000 | ||
Fixed payment commitments | $ 0 | $ 0 | $ 0 | ||
Supplier Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of suppliers | Supplier | 2 | 1 | 1 | ||
Furniture Fixtures and Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of asset, years | 7 years | ||||
Other Capitalized Property Plant and Equipment [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of asset, years | 5 years | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 53.00% | 60.00% | |||
Number of customers | Customer | 5 | 5 | |||
Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 17.00% | 12.00% | 10.00% | ||
Stock Options [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Anti-dilutive stock options excluded from computation of earnings per share | shares | 48,538 | 18,089 | 23,319 | ||
Prepaid Expenses and Other Current Assets [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accounts receivable | $ 10,200,000 | $ 7,200,000 | |||
Employee Stock Purchase Plan [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Percentage of the lower market price of shares at which participating ESPP employees can purchase | 85.00% | ||||
Participation period for calculation of compensation expense related to ESPP | 3 months | ||||
Restricted Shares [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Anti-dilutive stock options excluded from computation of earnings per share | shares | 48,538 | 18,089 | 23,319 | ||
Restricted Share Units [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Vesting term of options, years | 1 year | ||||
Minimum [Member] | Cost of Goods, Total [Member] | Supplier Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 5.00% | 5.00% | 5.00% | ||
Minimum [Member] | Restricted Shares [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Vesting term of options, years | 2 years | ||||
Maximum [Member] | Restricted Shares [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Vesting term of options, years | 3 years | ||||
Nutri-Force [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Goodwill | $ 32,600,000 | $ 32,600,000 | $ 32,636,000 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||||||||||
Net income available to common stockholders | $ 6,132 | $ 14,098 | $ 14,241 | $ 18,700 | $ 11,609 | $ 12,197 | $ 16,926 | $ 20,509 | $ 53,171 | $ 61,241 | $ 66,546 |
Basic weighted average common shares outstanding | 28,954,804 | 30,239,183 | 29,992,620 | ||||||||
Diluted weighted average common shares outstanding | 29,203,429 | 30,664,105 | 30,541,057 | ||||||||
Basic net income per common share | $ 0.22 | $ 0.49 | $ 0.49 | $ 0.63 | $ 0.39 | $ 0.40 | $ 0.56 | $ 0.68 | $ 1.84 | $ 2.03 | $ 2.22 |
Diluted net income per common share | $ 0.22 | $ 0.48 | $ 0.48 | $ 0.63 | $ 0.38 | $ 0.40 | $ 0.55 | $ 0.67 | $ 1.82 | $ 2 | $ 2.18 |
Stock Options [Member] | |||||||||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||||||||||
Effect of dilutive securities | 97,114 | 235,057 | 402,814 | ||||||||
Restricted Shares [Member] | |||||||||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||||||||||
Effect of dilutive securities | 150,353 | 184,995 | 141,573 | ||||||||
Restricted Share Units [Member] | |||||||||||
Summary Of Computation Of Basic And Diluted Earnings Per Share [Line Items] | |||||||||||
Effect of dilutive securities | 1,158 | 4,870 | 4,050 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | Jun. 06, 2014USD ($) | Feb. 14, 2013USD ($)BusinessDistributionCentersRetail_Locations | Dec. 26, 2015USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | Dec. 26, 2015USD ($) | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) |
Business Acquisition [Line Items] | |||||||||||||||
Acquisition and integration costs | $ 482 | $ 289 | $ 2,248 | $ 1,758 | |||||||||||
Goodwill | $ 33,385 | $ 243,269 | 243,269 | $ 243,269 | $ 243,269 | $ 243,269 | |||||||||
Inventory valuation step-up | 4,500 | $ 3,306 | $ 1,200 | 4,500 | 4,500 | ||||||||||
Net sales | 40,300 | $ 66,100 | |||||||||||||
Net income (loss) | (1,800) | $ 3,100 | |||||||||||||
Purchase price, cash paid | 4,041 | ||||||||||||||
Long-term liabilities includes unfavorable leases | 800 | 800 | |||||||||||||
Brands [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangible assets | 10,000 | 10,000 | $ 10,000 | ||||||||||||
Estimated useful life period | 18 years | ||||||||||||||
Customer Relationships [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangible assets | 7,500 | 7,500 | $ 7,500 | ||||||||||||
Estimated useful life period | 20 years | ||||||||||||||
Internally-Developed Software [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangible assets | 1,300 | 1,300 | $ 1,300 | ||||||||||||
Estimated useful life period | 5 years | ||||||||||||||
Tradenames [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Intangible assets | 2,400 | $ 2,400 | |||||||||||||
Minimum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Unfavorable lease amortization period | 2 years | ||||||||||||||
Maximum [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Unfavorable lease amortization period | 9 years | ||||||||||||||
Nutri-Force [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Total purchase price | $ 86,100 | ||||||||||||||
Contingent consideration | 5,000 | ||||||||||||||
Acquisition and integration costs | 487 | $ 617 | $ 410 | $ 360 | $ 1,900 | $ 4,000 | |||||||||
Intangible assets | 18,800 | ||||||||||||||
Goodwill | 32,636 | $ 32,600 | $ 32,600 | 32,600 | $ 32,600 | 32,600 | |||||||||
Inventory valuation step-up charge | $ 4,500 | ||||||||||||||
Purchase price, cash paid | $ 81,538 | ||||||||||||||
Super Supplements, Inc [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Acquisition and integration costs | $ 800 | $ 4,300 | |||||||||||||
Intangible assets | 2,400 | ||||||||||||||
Goodwill | $ 33,385 | ||||||||||||||
Number of retail locations in Pacific Northwest | Retail_Locations | 31 | ||||||||||||||
Purchase price, cash paid | $ 50,500 | ||||||||||||||
Super Supplements, Inc [Member] | Seattle Washington [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of distribution center | DistributionCenters | 1 | ||||||||||||||
Super Supplements, Inc [Member] | Washington [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of e-commerce business | Business | 1 |
Acquisitions - Purchase Price o
Acquisitions - Purchase Price of Acquisition Allocated to Net Tangible and Intangible Assets Acquired (Detail) - USD ($) $ in Thousands | Jun. 06, 2014 | Feb. 14, 2013 | Dec. 26, 2015 | Dec. 27, 2014 |
Business Combination Segment Allocation [Line Items] | ||||
Consideration transferred | $ 4,041 | |||
Less: net identifiable assets acquired | ||||
Goodwill | $ 33,385 | 243,269 | $ 243,269 | |
Nutri-Force [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Consideration transferred | $ 81,538 | |||
Working capital adjustment | (487) | |||
Estimated contingent consideration | 4,041 | |||
Total consideration | 85,092 | |||
Less: net identifiable assets acquired | ||||
Current assets | 33,798 | |||
Non-current assets | 10,008 | |||
Intangible assets | 18,800 | |||
Current liabilities | (10,150) | |||
Total net identifiable assets acquired | 52,456 | |||
Goodwill | $ 32,636 | $ 32,600 | $ 32,600 | |
Super Supplements, Inc [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Consideration transferred | 50,500 | |||
Total consideration transferred | 50,542 | |||
Less: net identifiable assets acquired | ||||
Current assets | 13,876 | |||
Non-current assets | 7,027 | |||
Intangible assets | 2,400 | |||
Current liabilities | (5,350) | |||
Long-term liabilities | (796) | |||
Total net identifiable assets acquired | 17,157 | |||
Goodwill | $ 33,385 |
Acquisitions - Purchase Price46
Acquisitions - Purchase Price of Acquisition Allocated to Net Tangible and Intangible Assets Acquired (Parenthetical) (Detail) $ in Millions | 3 Months Ended |
Dec. 27, 2014USD ($) | |
Selling, General and Administrative Expenses [Member] | Nutri-Force [Member] | |
Business Combination Segment Allocation [Line Items] | |
Business combination additional contingent consideration | $ 1 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 211,879 | $ 171,896 |
Work-in-process | 6,180 | 4,592 |
Raw materials | 8,771 | 10,539 |
Inventories, Total | $ 226,830 | $ 187,027 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 | Feb. 14, 2013 |
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Intangible Assets, Goodwill, Gross Carrying Amount | $ 243,269 | $ 243,269 | |
Goodwill | 243,269 | 243,269 | $ 33,385 |
Intangible Assets, Gross Carrying Amount | 335,147 | 337,674 | |
Intangible Assets, Accumulated Amortization | 4,608 | 5,380 | |
Goodwill and Intangible Assets, Net | 330,539 | 332,294 | |
Finite-Lived Intangible Assets, Amortization Expense | 18,865 | ||
Intangible Assets, Net | 87,270 | 89,025 | |
Intangibles Related to Asset Purchase [Member] | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 2,950 | ||
Intangible Assets, Accumulated Amortization | 2,950 | ||
Intangible Assets, Net | 0 | 0 | |
Brands [Member] | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 10,000 | 10,000 | |
Intangible Assets, Accumulated Amortization | 880 | 324 | |
Finite-Lived Intangible Assets, Amortization Expense | 9,120 | 9,676 | |
Customer Relationships [Member] | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 7,500 | 7,500 | |
Intangible Assets, Accumulated Amortization | 594 | 219 | |
Finite-Lived Intangible Assets, Amortization Expense | 6,906 | 7,281 | |
Tradenames [Member] | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 4,673 | 4,250 | |
Intangible Assets, Tradenames-Indefinite-Lived, Gross Carrying Amount | 68,405 | 68,405 | |
Intangible Assets, Accumulated Amortization | 2,722 | 1,735 | |
Finite-Lived Intangible Assets, Amortization Expense | 1,951 | 2,515 | |
Software [Member] | |||
Schedule Of Goodwill And Other Intangible Assets [Line Items] | |||
Intangible Assets, Definite - Lived, Gross Carrying Amount | 1,300 | 1,300 | |
Intangible Assets, Accumulated Amortization | 412 | 152 | |
Finite-Lived Intangible Assets, Amortization Expense | $ 888 | $ 1,148 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Goodwill And Intangible Assets [Line Items] | |||
Intangible assets amortization expense | $ 2,300,000 | $ 1,700,000 | $ 900,000 |
Other impairment charges related to goodwill or other intangibles | $ 0 | $ 0 | $ 0 |
Minimum [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Useful lives of definite-lived intangible assets, years | 3 years | ||
Maximum [Member] | |||
Goodwill And Intangible Assets [Line Items] | |||
Useful lives of definite-lived intangible assets, years | 20 years |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets - Expected Amortization Expense on Definite-Lived Intangible Assets (Detail) $ in Thousands | Dec. 26, 2015USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Fiscal 2,016 | $ 1,515 |
Fiscal 2,017 | 1,415 |
Fiscal 2,018 | 1,415 |
Fiscal 2,019 | 1,260 |
Fiscal 2,020 | 1,155 |
Thereafter | 12,108 |
Finite-Lived Intangible Assets, Amortization Expense | $ 18,865 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 398,270 | $ 368,315 |
Less: accumulated depreciation and amortization | (274,222) | (238,613) |
Subtotal | 124,048 | 129,702 |
Property and equipment, net | 140,158 | 140,596 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 168,830 | 160,348 |
Furniture Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 170,391 | 155,927 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 59,049 | 52,040 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 16,110 | $ 10,894 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015USD ($)Location | Dec. 27, 2014USD ($)Location | Dec. 28, 2013USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expenses | $ 38,495 | $ 34,219 | $ 28,026 |
Impairment charges on fixed assets | $ 1,177 | $ 419 | |
Number of underperforming retail locations | Location | 5 | 3 | |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expenses | $ 36,100 | $ 32,500 | $ 27,100 |
Accrued Expenses and Other Cu53
Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 27, 2014 |
Payables and Accruals [Abstract] | ||
Accrued salaries and related expenses | $ 10,115 | $ 8,824 |
Sales tax payable and related expenses | 6,975 | 6,494 |
Accrued fixed asset additions | 5,842 | 7,290 |
Other accrued expenses | 24,844 | 30,713 |
Accrued expenses and other current liabilities | $ 47,776 | $ 53,321 |
Credit Arrangements - Additiona
Credit Arrangements - Additional Information (Detail) | 12 Months Ended | ||
Dec. 26, 2015USD ($)d$ / sharesshares | Dec. 27, 2014USD ($) | Dec. 09, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Stock, initial conversion price per share | $ / shares | $ 39.74 | ||
Convertible note hedge transactions amount paid | $ 26,400,000 | ||
Proceeds from sale of warrants | $ 12,966,000 | ||
Strike price of warrant | $ / shares | $ 52.99 | ||
Net proceeds from Convertible Notes and related transactions | $ 143,750,000 | ||
Outstanding debt | $ 8,000,000 | $ 8,000,000 | |
Convertible Senior Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, offering price | $ 143,800,000 | ||
Debt instrument, interest rate | 2.25% | ||
Debt instrument, interest payable first tranche date | Jun. 1, 2016 | ||
Debt instrument, interest payable second tranche date | Dec. 1, 2016 | ||
Debt instrument, issuance date | Dec. 9, 2015 | ||
Debt instrument, maturity date | Dec. 1, 2020 | ||
Debt instrument, convertible, terms of conversion feature | Prior to July 1, 2020, the Convertible Notes will be convertible only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2016, if the last reported sale price of the common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period in which the trading price per $1,000 principal amount of Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or (3) upon the occurrence of specified corporate events. On or after July 1, 2020 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. | ||
Debt instrument, convertible, threshold trading days | d | 20 | ||
Debt instrument, convertible, threshold consecutive trading days | 30 days | ||
Debt instrument, conversion price rate | 130.00% | ||
Debt instrument, conversion price | $ 1,000 | ||
Debt instrument, conversion threshold percentage | 98.00% | ||
Debt converted into shares of common stock | shares | 25.1625 | ||
Debt instrument, effective interest rate on debt discount | 3.80% | ||
Net proceeds from Convertible Notes and related transactions | $ 125,700,000 | ||
Commissions and offering costs | 4,600,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding debt | 8,000,000 | $ 8,000,000 | |
Revolving Credit Facility, current borrowing capacity | 90,000,000 | ||
Revolving Credit Facility, maximum borrowing capacity | $ 150,000,000 | ||
Revolving Credit Facility, maturity date | Oct. 11, 2018 | ||
Borrowings under Revolving Credit Facility | $ 28,000,000 | ||
Revolving Credit Facility, unused available line of credit | $ 79,100,000 | ||
Revolving Credit Facility, interest rate description | Borrowings under the Revolving Credit Facility accrue interest, at the Company's option, at the rate per annum based on an "alternative base rate" plus 0.25% or 0.50% or the adjusted Eurodollar rate plus 1.25% or 1.50%, in each case with the higher spread applicable in the event that the aggregate amount of the borrowings under the Revolving Credit Facility exceeds 50% of the borrowing base availability under the Revolving Credit Facility. | ||
Percentage of aggregate borrowings facility limit | 50.00% | ||
Weighted average interest rate | 1.47% | ||
Percentage of commitment fee on undrawn portion of Revolving Credit Facility | 0.25% | 0.25% | |
Minimum [Member] | Revolving Credit Facility [Member] | Alternative Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate, basis spread | 0.25% | ||
Minimum [Member] | Revolving Credit Facility [Member] | Adjusted Eurodollar Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate, basis spread | 1.25% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Alternative Base Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate, basis spread | 0.50% | ||
Maximum [Member] | Revolving Credit Facility [Member] | Adjusted Eurodollar Rate [Member] | |||
Debt Instrument [Line Items] | |||
Variable interest rate, basis spread | 1.50% |
Credit Arrangements - Component
Credit Arrangements - Components of Convertible Notes (Detail) - USD ($) $ in Thousands | Dec. 26, 2015 | Dec. 09, 2015 | Dec. 27, 2014 |
Debt Instrument [Line Items] | |||
Deferred taxes | $ 1,702 | ||
Net carrying amount | $ 115,410 | ||
Convertible Senior Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 143,800 | ||
Convertible Senior Notes Due 2020 [Member] | Liability Component [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 143,750 | ||
Conversion feature | (24,800) | ||
Liability portion of debt issuance costs | (3,800) | ||
Amortization | 260 | ||
Net carrying amount | 115,410 | ||
Convertible Senior Notes Due 2020 [Member] | Equity Component [Member] | |||
Debt Instrument [Line Items] | |||
Conversion feature | 24,800 | ||
Equity portion of debt issuance costs | (793) | ||
Deferred taxes | 941 | ||
Net carrying amount | $ 24,948 |
Credit Arrangements - Interest
Credit Arrangements - Interest Expense, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Debt Instrument [Line Items] | |||
Amortization of deferred financing fees | $ 237 | $ 164 | $ 96 |
Amortization of debt discount on convertible notes | 223 | ||
Interest income | (1) | (13) | (20) |
Interest expense, net | 1,105 | 495 | 495 |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest / fees on the revolving credit facility, convertible notes and other interest | 487 | $ 344 | $ 419 |
Convertible Senior Notes Due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest / fees on the revolving credit facility, convertible notes and other interest | 159 | ||
Amortization of debt discount on convertible notes | $ 223 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Current: | |||
Current, Federal | $ 30,696 | $ 38,432 | $ 36,070 |
Current, State | 5,385 | 6,438 | 6,636 |
Total current | 36,081 | 44,870 | 42,706 |
Deferred: | |||
Deferred, Federal | (1,283) | (3,497) | 256 |
Deferred, State | (81) | (453) | 289 |
Total deferred | (1,364) | (3,950) | 545 |
Provision for income taxes | $ 34,717 | $ 40,920 | $ 43,251 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Provision for Income Taxes (Detail) | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
State income taxes, net of Federal income tax benefit | 3.40% | 4.20% | 4.40% |
Adjustments for uncertain tax positions | (0.50%) | ||
Other | 1.10% | 0.90% | 0.50% |
Effective tax rate | 39.50% | 40.10% | 39.40% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2015 | Dec. 27, 2014 | |
Deferred tax assets: | ||
Net operating loss carryforward | $ 1,806 | $ 1,142 |
Deferred rent | 11,389 | 11,861 |
Tenant allowance | 4,215 | 3,667 |
Deferred sales | 4,011 | 4,386 |
General accrued liabilities | 6,790 | 6,165 |
Deferred wages and compensation | 569 | 711 |
Inventory | 7,205 | 4,339 |
Equity compensation expense | 3,400 | 6,304 |
Debt | 1,002 | |
Other | 3,299 | 2,062 |
Deferred tax assets | 43,686 | 40,637 |
Valuation allowance | (1,806) | (1,142) |
Deferred tax assets | 41,880 | 39,495 |
Deferred tax liabilities: | ||
Trade name and goodwill | (29,777) | (29,368) |
Accumulated depreciation | (9,488) | (9,612) |
Prepaid expenses | (2,012) | (2,217) |
Deferred tax liabilities | (41,277) | (41,197) |
Net deferred tax asset | $ 603 | |
Net deferred tax liability | $ (1,702) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Schedule Of Income Taxes [Line Items] | |||
Deferred tax assets, operating loss carryforwards | $ 1,806 | $ 1,142 | |
Unrecognized tax benefits that would impact effective tax rate | 400 | $ 400 | $ 300 |
Domestic (U.S. state) [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss | $ 1,400 | ||
Net operating loss, expiration year | 2,032 | ||
Foreign (Canada) [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss | $ 6,300 | ||
Net operating loss, expiration year | 2,034 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, beginning balance | $ 459 | $ 404 | $ 5,630 |
Additions based on tax positions related to the current year | 107 | 148 | 13 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Decreases for tax positions of prior years due to revaluation of positions | (4,627) | ||
Decreases for tax positions of prior years due to lapse of statutes | (97) | (93) | (612) |
Unrecognized tax benefits, ending balance | $ 469 | $ 459 | $ 404 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015USD ($)Planshares | Dec. 27, 2014USD ($)$ / shares | Dec. 28, 2013USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of equity incentive plans | Plan | 2 | ||
Stock option awarded become vested increments | Generally, stock options awarded shall become vested in four equal increments on each of the first, second, third and fourth anniversaries of the date on which such equity grants were awarded and generally have a maximum term of 10 years. | ||
Intrinsic value of options exercised | $ 1,000 | $ 16,000 | $ 6,100 |
Cash received from options exercised | 1,400 | 9,400 | 3,500 |
Compensation expense attributable to stock-based compensation | 5,500 | $ 6,900 | $ 8,300 |
Remaining unrecognized stock based compensation expense for non-vested stock options, restricted shares and restricted shares units to be expensed in future periods | $ 6,100 | ||
Weighted average recognition period for non-vested stock options, restricted shares and restricted shares units | 1 year 7 months 6 days | ||
Estimated value of future forfeitures for stock options, restricted shares and restricted share units | $ 600 | ||
Weighted-average grant date fair value for stock options | $ / shares | $ 18.99 | $ 23.76 | |
Treasury stock purchased in settlement of employees' tax obligations, shares | shares | 62,678 | ||
Treasury stock purchased in settlement of employees' tax obligations, value | $ 2,500 | $ 280 | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Contractual term of options, years | 10 years | ||
2006 and 2009 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares authorized | shares | 7,453,678 | ||
Shares available to grant under both plans | shares | 2,484,022 | ||
Shares held as treasury stock | shares | 120,134 | ||
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of restricted shares vested | $ 6,300 | $ 5,700 | 1,300 |
Restricted Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting term of awards | 2 years | ||
Restricted Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting term of awards | 3 years | ||
Performance Based Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting term of awards | 1 year | ||
Restricted Share Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting term of awards | 1 year | ||
Intrinsic value of restricted shares vested | $ 600 | $ 300 | $ 300 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Restricted Shares (Detail) | 12 Months Ended |
Dec. 26, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at December 27, 2014, Number of Unvested Restricted Shares | shares | 448,611 |
Granted, Number of Unvested Restricted Shares | shares | 251,603 |
Vested, Number of Unvested Restricted Shares | shares | (156,535) |
Canceled/forfeited, Number of Unvested Restricted Shares | shares | (145,117) |
Unvested at December 26, 2015, Number of Unvested Restricted Shares | shares | 398,562 |
Unvested at December 27, 2014, Weighted Average Grant Date Fair Value | $ / shares | $ 45.04 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 39.57 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 43.13 |
Canceled/forfeited, Weighted Average Grant Date Fair Value | $ / shares | 44.17 |
Unvested at December 26, 2015, Weighted Average Grant Date Fair Value | $ / shares | $ 42.65 |
Restricted Share Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at December 27, 2014, Number of Unvested Restricted Shares | shares | 9,633 |
Granted, Number of Unvested Restricted Shares | shares | 20,747 |
Vested, Number of Unvested Restricted Shares | shares | (19,100) |
Unvested at December 26, 2015, Number of Unvested Restricted Shares | shares | 11,280 |
Unvested at December 27, 2014, Weighted Average Grant Date Fair Value | $ / shares | $ 51.37 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 39.99 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 47.35 |
Unvested at December 26, 2015, Weighted Average Grant Date Fair Value | $ / shares | $ 37.25 |
Stock Based Compensation - Su64
Stock Based Compensation - Summary of Stock Options (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 26, 2015USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |
Outstanding at December 27, 2014, Number of Options | shares | 383,577 |
Granted, Number of Options | shares | 0 |
Exercised, Number of Options | shares | (56,463) |
Canceled/forfeited, Number of Options | shares | (42,276) |
Outstanding at December 26, 2015, Number of Options | shares | 284,838 |
Vested or expected to vest at December 26, 2015, Number of Options | shares | 284,588 |
Vested and exercisable at December 26, 2015, Number of Options | shares | 282,338 |
Outstanding at December 27, 2014, Weighted Average Exercise Price | $ / shares | $ 24.14 |
Granted, Weighted Average Exercise Price | $ / shares | 0 |
Exercised, Weighted Average Exercise Price | $ / shares | 23.93 |
Canceled/forfeited, Weighted Average Exercise Price | $ / shares | 34.47 |
Outstanding at December 26, 2015, Weighted Average Exercise Price | $ / shares | 22.65 |
Vested or expected to vest at December 26, 2015, Weighted Average Exercise Price | $ / shares | 22.65 |
Vested and exercisable at December 26, 2015, Weighted Average Exercise Price | $ / shares | $ 22.36 |
Outstanding at December 26, 2015, Weighted Average Remaining Contractual Life (years) | 2 years 10 months 17 days |
Vested or expected to vest at December 26, 2015, Weighted Average Remaining Contractual Life (years) | 2 years 10 months 17 days |
Vested and exercisable at December 26, 2015, Weighted Average Remaining Contractual Life (years) | 2 years 10 months 6 days |
Outstanding at December 26, 2015, Aggregate Intrinsic Value | $ | $ 3,464 |
Vested or expected to vest at December 26, 2015, Aggregate Intrinsic Value | $ | 0 |
Vested and exercisable at December 26, 2015, Aggregate Intrinsic Value | $ | $ 3,464 |
Stock Based Compensation - Su65
Stock Based Compensation - Summary of Fair Value Option Grant Using Black-Scholes Option-Pricing Model (Detail) | 12 Months Ended | |
Dec. 27, 2014 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield | 0.00% | 0.00% |
Weighted average expected volatility | 35.30% | 39.00% |
Weighted average risk-free interest rate | 1.40% | 0.60% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected holding period(s) | 4 years | 4 years |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected holding period(s) | 4 years 5 months 5 days | 4 years 11 months 5 days |
Share Repurchase Programs - Add
Share Repurchase Programs - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | 17 Months Ended | |
Dec. 26, 2015 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 26, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, period in force | 3 years | |||
Common stock shares repurchased and retired during period, shares | 1,664,800 | 1,182,990 | 201,000 | |
Common stock shares repurchased and retired during period, value | $ 146,108,000 | $ 57,815,000 | ||
Common stock shares repurchased and retired during period in open market, value | $ 44,200,000 | $ 7,800,000 | ||
Common stock shares repurchased price per share | $ 31.17 | $ 37.38 | $ 38.88 | |
Common stock shares repurchased and retired during period in privately negotiated transaction, value | $ 51,900,000 | |||
Common Stock [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock shares repurchased and retired during period, shares | 4,328,055 | 1,183,714 | 5,511,769 | |
Common stock shares repurchased and retired during period, value | $ 43,000 | $ 12,000 | ||
Additional Paid-In Capital [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock shares repurchased and retired during period, value | 146,065,000 | $ 57,803,000 | $ 203,900,000 | |
Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Purchase of common stock under share repurchase program | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |
Share Repurchase Program August 5, 2014 [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Share repurchase programs date | Aug. 4, 2017 | |||
Share Repurchase Program May 6, 2015 [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Share repurchase programs date | May 5, 2018 | |||
Share Repurchase Program November 23, 2015 [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Share repurchase programs date | Nov. 22, 2018 |
Share Repurchase Programs - Sum
Share Repurchase Programs - Summary of ASR Arrangements (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 26, 2015USD ($)$ / sharesshares | |
ASR November, 2014 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Up-front Payment | $ | $ 50 |
Initial Share Deliveries | 982,714 |
End of ASR Period | 2015-01 |
Final Shares Delivered | 88,325 |
Average Repurchase Price | $ / shares | $ 46.68 |
ASR December, 2015 [Member] | |
Equity, Class of Treasury Stock [Line Items] | |
Up-front Payment | $ | $ 50 |
Initial Share Deliveries | 1,391,940 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service period required for plan | 1 month | ||
Employee's contribution | 100.00% | ||
Vesting rate | 100.00% | ||
Recognized expenses | $ 1.9 | $ 1.6 | $ 1.5 |
Percentage of deferred compensation plan for deferment of base salary | 75.00% | ||
Deferred compensation plan, assets | 2.7 | ||
Deferred compensation plan, liability | $ 2.3 | ||
Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percentage of deferred compensation plan for eligible compensation | 100.00% | ||
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee's contribution | 1.00% | ||
Matching contribution | 100.00% | ||
Company participant compensation percentage | 3.00% | ||
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contribution | 50.00% | ||
Company participant compensation percentage | 2.00% |
Lease Commitments - Additional
Lease Commitments - Additional Information (Detail) | 12 Months Ended |
Dec. 26, 2015 | |
Long-term Purchase Commitment [Line Items] | |
Lease expiration year | 2,036 |
Minimum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Operating lease renewal period | 1 year |
Maximum [Member] | |
Long-term Purchase Commitment [Line Items] | |
Operating lease renewal period | 10 years |
Lease Commitments - Net Rent Ex
Lease Commitments - Net Rent Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Leases [Abstract] | |||
Minimum rentals | $ 117,578 | $ 107,456 | $ 97,332 |
Contingent rentals | 154 | 103 | 110 |
Rent expense total | 117,732 | 107,559 | 97,442 |
Less: Sublease rentals | (273) | (245) | (244) |
Net rental expense | $ 117,459 | $ 107,314 | $ 97,198 |
Lease Commitments - Lease Commi
Lease Commitments - Lease Commitments (Detail) $ in Thousands | Dec. 26, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 119,983 |
2,017 | 112,965 |
2,018 | 98,839 |
2,019 | 81,637 |
2,020 | 66,382 |
Thereafter | 195,019 |
Total Operating Leases | $ 674,825 |
Lease Commitments - Lease Com72
Lease Commitments - Lease Commitments (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 26, 2015USD ($) | |
Leases [Abstract] | |
Percentage of minimum lease obligation | 17.50% |
Fees associated with west coast logistics facility | $ 0.6 |
Segment and Product Data - Addi
Segment and Product Data - Additional Information (Detail) $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Dec. 27, 2014USD ($) | Dec. 26, 2015USD ($)SegmentStock_Unit | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | Feb. 14, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of business segments | Segment | 3 | ||||
Number of SKUs available for online access | Stock_Unit | 19,400 | ||||
Goodwill | $ 243,269 | $ 243,269 | $ 243,269 | $ 33,385 | |
Identifiable assets | 722,391 | 748,691 | 722,391 | ||
Capital expenditures | 39,403 | 42,957 | $ 42,782 | ||
Depreciation and amortization expenses | 38,495 | 34,219 | $ 28,026 | ||
Retail [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 165,300 | ||||
Direct [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 45,300 | ||||
Manufacturing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Goodwill | 32,600 | ||||
Identifiable assets | 96,200 | 88,400 | 96,200 | ||
Capital expenditures | 500 | 3,500 | |||
Long lived assets | 59,900 | 60,400 | $ 59,900 | ||
Manufacturing [Member] | Selling, General and Administrative Expenses [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization expenses | $ 900 | $ 1,500 | |||
Maximum [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales from international sources | 1.00% | 1.00% | 1.00% | 1.00% |
Segment and Product Data - Tabl
Segment and Product Data - Table of Key Financial Information of Company's Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $ 293,490 | $ 313,886 | $ 322,338 | $ 336,835 | $ 290,082 | $ 308,910 | $ 306,218 | $ 307,836 | $ 1,266,549 | $ 1,213,046 | $ 1,087,469 |
Income from operations | $ 11,117 | $ 23,357 | $ 23,564 | $ 30,955 | $ 19,694 | $ 20,549 | $ 28,166 | $ 34,247 | 88,993 | 102,656 | 110,292 |
Operating Segments [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 1,301,107 | 1,220,800 | 1,087,469 | ||||||||
Operating Segments [Member] | Retail [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 1,081,123 | 1,042,054 | 969,610 | ||||||||
Income from operations | 192,598 | 194,864 | 192,439 | ||||||||
Operating Segments [Member] | Direct [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 128,825 | 130,644 | 117,859 | ||||||||
Income from operations | 20,904 | 22,755 | 21,930 | ||||||||
Operating Segments [Member] | Manufacturing [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 91,159 | 48,102 | |||||||||
Income from operations | (1,977) | (1,830) | |||||||||
Elimination of Intercompany Revenues [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | (34,558) | (7,754) | |||||||||
Corporate Costs [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Income from operations | $ (122,532) | $ (113,133) | $ (104,077) |
Segment and Product Data - Ta75
Segment and Product Data - Table of Key Financial Information of Company's Business Segments (Parenthetical) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 26, 2015USD ($) | Sep. 26, 2015USD ($) | Jun. 27, 2015USD ($) | Mar. 28, 2015USD ($) | Dec. 27, 2014USD ($) | Sep. 27, 2014USD ($) | Jun. 28, 2014USD ($) | Mar. 29, 2014USD ($) | Dec. 26, 2015USD ($)Customer | Dec. 27, 2014USD ($) | Dec. 28, 2013USD ($) | |
Revenue from External Customer [Line Items] | |||||||||||
Depreciation and amortization expenses | $ 38,495 | $ 34,219 | $ 28,026 | ||||||||
Management realignment charges | $ 1,222 | $ 2,174 | |||||||||
Reinvention costs | 1,697 | $ 1,026 | |||||||||
Acquisition and integration costs | $ 482 | $ 289 | $ 2,248 | $ 1,758 | |||||||
Insurance recoveries from Superstorm Sandy | (1,079) | ||||||||||
Nutri-Force [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Acquisition and integration costs | $ 487 | $ 617 | $ 410 | $ 360 | 1,900 | 4,000 | |||||
Contingent consideration for Nutri-Force acquisition | $ 959 | ||||||||||
Corporate Costs [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Depreciation and amortization expenses | 37,004 | 32,968 | 28,026 | ||||||||
Management realignment charges | 3,396 | ||||||||||
Reinvention costs | 2,723 | ||||||||||
Acquisition and integration costs | 1,874 | 4,777 | 4,336 | ||||||||
Insurance recoveries from Superstorm Sandy | $ (1,079) | ||||||||||
Corporate Costs [Member] | Nutri-Force [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Contingent consideration for Nutri-Force acquisition | 959 | ||||||||||
Manufacturing [Member] | Operating Segments [Member] | Nutri-Force [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Inventory valuation step-up | $ 4,500 | ||||||||||
Manufacturing [Member] | Operating Segments [Member] | Accounts Receivable [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Allowance for doubtful accounts charge | $ 1,400 | ||||||||||
Number of wholesale customers | Customer | 1 |
Segment and Product Data - Net
Segment and Product Data - Net Merchandise Sales by Major Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Sales Information [Line Items] | |||||||||||
Net sales | $ 293,490 | $ 313,886 | $ 322,338 | $ 336,835 | $ 290,082 | $ 308,910 | $ 306,218 | $ 307,836 | $ 1,266,549 | $ 1,213,046 | $ 1,087,469 |
Other [Member] | |||||||||||
Sales Information [Line Items] | |||||||||||
Net sales | 222,615 | 182,352 | 109,554 | ||||||||
Total [Member] | |||||||||||
Sales Information [Line Items] | |||||||||||
Net sales | 1,264,502 | 1,209,997 | 1,084,980 | ||||||||
Delivery Revenue [Member] | |||||||||||
Sales Information [Line Items] | |||||||||||
Net sales | 2,047 | 3,049 | 2,489 | ||||||||
Operating Segments [Member] | |||||||||||
Sales Information [Line Items] | |||||||||||
Net sales | 1,301,107 | 1,220,800 | 1,087,469 | ||||||||
Operating Segments [Member] | Vitamins, Minerals, Herbs and Homeopathy [Member] | |||||||||||
Sales Information [Line Items] | |||||||||||
Net sales | 301,520 | 285,775 | 276,447 | ||||||||
Operating Segments [Member] | Sports Nutrition [Member] | |||||||||||
Sales Information [Line Items] | |||||||||||
Net sales | 432,205 | 428,845 | 393,659 | ||||||||
Operating Segments [Member] | Specialty Supplements [Member] | |||||||||||
Sales Information [Line Items] | |||||||||||
Net sales | $ 308,162 | $ 313,025 | $ 305,320 |
Segment and Product Data - Ne77
Segment and Product Data - Net Merchandise Sales by Major Product Category (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Sales Information [Line Items] | |||||||||||
Net sales | $ 293,490 | $ 313,886 | $ 322,338 | $ 336,835 | $ 290,082 | $ 308,910 | $ 306,218 | $ 307,836 | $ 1,266,549 | $ 1,213,046 | $ 1,087,469 |
Nutri-Force [Member] | |||||||||||
Sales Information [Line Items] | |||||||||||
Net sales | $ 56,600 | $ 40,300 |
Fair Value of Financial Instr78
Fair Value of Financial Instruments - Additional Information (Detail) - Fair Value, Inputs, Level 2 [Member] - Convertible Notes [Member] $ in Millions | Dec. 26, 2015USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long term debt, fair Value | $ 119.8 |
Long term debt, carrying Value | $ 115.4 |
Selected Quarterly Financial 79
Selected Quarterly Financial Information - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 293,490 | $ 313,886 | $ 322,338 | $ 336,835 | $ 290,082 | $ 308,910 | $ 306,218 | $ 307,836 | $ 1,266,549 | $ 1,213,046 | $ 1,087,469 |
Gross profit | 91,297 | 104,709 | 108,260 | 114,649 | 94,589 | 97,294 | 102,907 | 109,469 | 418,915 | 404,259 | 377,646 |
Income from operations | 11,117 | 23,357 | 23,564 | 30,955 | 19,694 | 20,549 | 28,166 | 34,247 | 88,993 | 102,656 | 110,292 |
Net income | $ 6,132 | $ 14,098 | $ 14,241 | $ 18,700 | $ 11,609 | $ 12,197 | $ 16,926 | $ 20,509 | $ 53,171 | $ 61,241 | $ 66,546 |
Net income per common share | |||||||||||
Basic | $ 0.22 | $ 0.49 | $ 0.49 | $ 0.63 | $ 0.39 | $ 0.40 | $ 0.56 | $ 0.68 | $ 1.84 | $ 2.03 | $ 2.22 |
Diluted | $ 0.22 | $ 0.48 | $ 0.48 | $ 0.63 | $ 0.38 | $ 0.40 | $ 0.55 | $ 0.67 | $ 1.82 | $ 2 | $ 2.18 |
Selected Quarterly Financial 80
Selected Quarterly Financial Information - Summary of Certain Items Impact on Quarterly Results on Pre Tax Basis (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 26, 2015 | Sep. 26, 2015 | Jun. 27, 2015 | Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 26, 2015 | Dec. 27, 2014 | Dec. 28, 2013 | |
Specified Items [Line Items] | |||||||||||
Management realignment charges | $ 1,222,000 | $ 2,174,000 | |||||||||
Accounts receivable bad debt reserve charge | 1,370,000 | ||||||||||
Reinvention costs | 1,697,000 | $ 1,026,000 | |||||||||
Super Supplements conversion costs | 1,766,000 | ||||||||||
Product write-off | 1,330,000 | $ 9,809,200 | $ 5,866,600 | $ 4,637,900 | |||||||
Canada stores closing costs | 885,000 | ||||||||||
Acquisition and integration costs | $ 482,000 | $ 289,000 | $ 2,248,000 | $ 1,758,000 | |||||||
Inventory valuation step-up recognized in cost of goods sold | 4,500,000 | $ 3,306,000 | $ 1,200,000 | 4,500,000 | |||||||
Nutri-Force [Member] | |||||||||||
Specified Items [Line Items] | |||||||||||
Acquisition and integration costs | $ 487,000 | $ 617,000 | $ 410,000 | $ 360,000 | $ 1,900,000 | $ 4,000,000 | |||||
Contingent consideration for Nutri-Force acquisition | $ 959,000 |