Sprouts Farmers Market (SFM) 10-Q 4 May 22 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 03, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 3, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	SFM
Entity Registrant Name	Sprouts Farmers Market, Inc.
Entity Central Index Key	0001575515
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--01-01
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		109,622,826
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity File Number	001-36029
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0331600
Entity Address, Address Line One	5455 East High Street
Entity Address, Address Line Two	Suite 111
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85054
City Area Code	480
Local Phone Number	814-8016
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 03, 2022	Jan. 02, 2022
Current assets:
Cash and cash equivalents	$ 324,301	$ 245,287
Accounts receivable, net	13,675	21,574
Inventories	272,178	265,387
Prepaid expenses and other current assets	30,556	35,468
Total current assets	640,710	567,716
Property and equipment, net of accumulated depreciation	701,102	716,029
Operating lease assets, net	1,086,008	1,072,019
Intangible assets, net of accumulated amortization	184,960	184,960
Goodwill	368,878	368,878
Other assets	16,096	13,513
Total assets	2,997,754	2,923,115
Current liabilities:
Accounts payable	165,703	145,901
Accrued liabilities	143,462	155,996
Accrued salaries and benefits	44,637	58,743
Accrued income tax	15,275	0
Current portion of operating lease liabilities	153,500	151,755
Current portion of finance lease liabilities	1,116	1,078
Total current liabilities	523,693	513,473
Long-term operating lease liabilities	1,106,716	1,095,909
Long-term debt and finance lease liabilities	259,442	259,656
Other long-term liabilities	35,743	36,306
Deferred income tax liability	60,186	57,895
Total liabilities	1,985,780	1,963,239
Commitments and contingencies (Note 6)
Stockholders’ equity:
Undesignated preferred stock; $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value; 200,000,000 shares authorized, 110,243,288 shares issued and outstanding, April 3, 2022; 111,114,374 shares issued and outstanding, January 2, 2022	110	111
Additional paid-in capital	711,712	704,701
Accumulated other comprehensive loss	(1,263)	(3,758)
Retained earnings	301,415	258,822
Total stockholders’ equity	1,011,974	959,876
Total liabilities and stockholders’ equity	$ 2,997,754	$ 2,923,115

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 03, 2022	Jan. 02, 2022
Statement of Financial Position [Abstract]
Undesignated preferred stock, par value	$ 0.001	$ 0.001
Undesignated preferred stock, shares authorized	10,000,000	10,000,000
Undesignated preferred stock, shares issued	0	0
Undesignated preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	110,243,288	111,114,374
Common stock, shares outstanding	110,243,288	111,114,374

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Income Statement [Abstract]
Net sales	$ 1,641,161	$ 1,575,447
Cost of sales	1,029,413	989,273
Gross profit	611,748	586,174
Selling, general and administrative expenses	459,910	439,662
Depreciation and amortization (exclusive of depreciation included in cost of sales)	31,820	31,229
Store closure and other costs, net	377	2,048
Income from operations	119,641	113,235
Interest expense, net	3,039	2,991
Income before income taxes	116,602	110,244
Income tax provision	28,295	27,196
Net income	$ 88,307	$ 83,048
Net income per share:
Basic	$ 0.80	$ 0.70
Diluted	$ 0.79	$ 0.70
Weighted average shares outstanding:
Basic	110,903	118,044
Diluted	111,833	118,607

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 88,307	$ 83,048
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on cash flow hedging activities, net of income tax of $1,240 and $800	3,586	2,314
Reclassification of net gains (losses) on cash flow hedges to net income, net of income tax of ($377) and ($370)	(1,091)	(1,070)
Total other comprehensive income (loss)	2,495	1,244
Comprehensive income	$ 90,802	$ 84,292

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Statement of Comprehensive Income [Abstract]
Income tax expenses (Benefit) on cash flow hedging activities	$ 1,240	$ 800
Income tax expenses (Benefit) for reclassification of net gains (losses) on cash flow hedges	$ (377)	$ (370)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Beginning Balance at Jan. 03, 2021	$ 881,293	$ 118	$ 686,648	$ 203,001	$ (8,474)
Beginning Balance, Shares at Jan. 03, 2021		117,953,435
Net income	83,048			83,048
Other comprehensive income (loss)	1,244				1,244
Issuance of shares under stock plans	881		881
Issuance of shares under stock plans, Shares		371,109
Repurchase and retirement of common stock	(3,209)			(3,209)
Repurchase and retirement of common stock, Shares		(129,968)
Share-based compensation	3,613		3,613
Ending Balance at Apr. 04, 2021	966,870	$ 118	691,142	282,840	(7,230)
Ending Balance, Shares at Apr. 04, 2021		118,194,576
Beginning Balance at Jan. 02, 2022	959,876	$ 111	704,701	258,822	(3,758)
Beginning Balance, Shares at Jan. 02, 2022		111,114,374
Net income	88,307			88,307
Other comprehensive income (loss)	2,495				2,495
Issuance of shares under stock plans	2,555		2,555
Issuance of shares under stock plans, Shares		610,101
Repurchase and retirement of common stock	(45,715)	$ (1)	(45,714)
Repurchase and retirement of common stock, Shares		(1,481,187)
Share-based compensation	4,456		4,456
Ending Balance at Apr. 03, 2022	$ 1,011,974	$ 110	$ 711,712	$ 301,415	$ (1,263)
Ending Balance, Shares at Apr. 03, 2022		110,243,288

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Operating activities
Net income	$ 88,307	$ 83,048
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	32,720	31,841
Operating lease asset amortization	28,043	25,816
Store closure and other costs, net	171	0
Share-based compensation	4,456	3,613
Deferred income taxes	2,291	2,757
Other non-cash items	313	207
Changes in operating assets and liabilities:
Accounts receivable	9,770	8,795
Inventories	(6,790)	(16,733)
Prepaid expenses and other current assets	3,613	(7,747)
Other assets	1,757	(1,078)
Accounts payable	27,645	27,004
Accrued liabilities	(6,857)	(10,568)
Accrued salaries and benefits	(14,106)	(32,959)
Accrued income tax	15,275	16,251
Operating lease liabilities	(32,180)	(28,719)
Other long-term liabilities	(1,399)	3,910
Cash flows from operating activities	153,029	105,438
Investing activities
Purchases of property and equipment	(27,227)	(16,605)
Cash flows used in investing activities	(27,227)	(16,605)
Financing activities
Payments on finance lease liabilities	(176)	(163)
Payments of deferred financing costs	(3,373)	0
Repurchase of common stock	(45,715)	(3,209)
Proceeds from exercise of stock options	2,555	881
Cash flows used in financing activities	(46,709)	(2,491)
Increase in cash, cash equivalents, and restricted cash	79,093	86,342
Cash, cash equivalents, and restricted cash at beginning of the period	247,004	171,441
Cash, cash equivalents, and restricted cash at the end of the period	326,097	257,783
Supplemental disclosure of cash flow information
Cash paid for interest	3,044	2,974
Cash refunded for income taxes	(46)	(226)
Leased assets obtained in exchange for new operating lease liabilities	42,176	23,863
Supplemental disclosure of non-cash investing and financing activities
Property and equipment in accounts payable and accrued liabilities	$ 15,666	$ 6,532

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 03, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Sprouts Farmers Market, Inc., a Delaware corporation, through its subsidiaries, operates as a healthy grocery store that offers a unique grocery experience featuring an open layout with fresh produce at the heart of the store. The Company continues to bring the latest in wholesome, innovative products made with lifestyle-friendly ingredients such as organic, plant-based and gluten-free. As of April 3, 2022 , the Company operated 379 stores in 23 states. The “Company” is used to refer collectively to Sprouts Farmers Market, Inc. and unless the context otherwise requires, its subsidiaries. The accompanying unaudited consolidated financial statements include the accounts of the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and are in the form prescribed by the Securities and Exchange Commission in instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the accompanying consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company's financial position, results of operations and cash flows for the periods indicated. All material intercompany accounts and transactions have been eliminated in consolidation. Interim results are not necessarily indicative of results for any other interim period or for a full fiscal year. The information included in these consolidated financial statements and notes thereto should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations included herein and Management’s Discussion and Analysis of Financial Condition and Results of Operations and the consolidated financial statements and notes thereto for the fiscal year ended January 2, 2022 (“fiscal year 2021”) included in the Company’s Annual Report on Form 10-K, filed on February 24, 2022. The year-end balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. The Company reports its results of operations on a 52- or 53-week fiscal calendar ending on the Sunday closest to December 31. The fiscal year ending January 1, 2023 (“fiscal year 2022”) and fiscal year 2021 are 52-week years. The Company reports its results of operations on a 13-week quarter, except for 53-week fiscal years (in which the fourth quarter has 14 weeks). All dollar amounts are in thousands, unless otherwise noted.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 03, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Revenue Recognition The Company’s performance obligations are satisfied upon the transfer of goods to the customer, which occurs at the point of sale, and payment from customers is also due at the time of sale. Proceeds from the sale of gift cards are recorded as a liability at the time of sale and recognized as sales when they are redeemed by the customer and the performance obligation is satisfied by the Company. The Company’s gift cards do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards will never be redeemed, referred to as "breakage." Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions and was not material in any period presented. Balance at Gift Cards Issued During (1) Revenue Recognized from Balance at Gift card liability, net $ 12,586 $ 1,192 $ ( 3,276 ) $ 10,502 (1) net of estimated breakage The Company does not have any material contract assets or receivables from contracts with customers, any revenue recognized in the current period from performance obligations satisfied in previous periods, or any remaining performance obligations as of April 3, 2022 . Restricted Cash Restricted cash relates to defined benefit plan forfeitures as well as healthcare, general liability and workers’ compensation restricted funds of approximately $ 1.8 million and $ 1.7 million as of April 3, 2022 and January 2, 2022 , respectively. These balances are included in prepaid expenses and other current assets in the consolidated balance sheets. Recently Adopted Accounting Pronouncements Reference Rate Reform In March 2020 and January 2021, the FASB issued ASU no. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2021-01, “Reference Rate Reform (Topic 848): Scope,” respectively. The amendments in these updates provide optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for contracts, hedging relationships, and other transactions affected by reference rate reform. In the thirteen weeks ended April 3, 2022, the Company adopted certain optional expedients provided under Topic 848 that permit its hedging relationships to continue without de-designation upon changes due to reference rate reform. The adoption of this guidance resulted in no material impact to the Company’s consolidated financial statements. See Note 9, “Derivative Financial Instruments” for more information on our hedging activities. The optional expedients and accounting relief in Topic 848 remain effective through December 31, 2022. Recently Issued Accounting Pronouncements Not Yet Adopted No other new accounting pronouncements issued or effective during the thirteen weeks ended April 3, 2022 had, or are expected to have, a material impact on the Company’s consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 03, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The Company records its financial assets and liabilities in accordance with the framework for measuring fair value in accordance with GAAP. This framework establishes a fair value hierarchy that prioritizes the inputs used to measure fair value: Level 1: Quoted prices for identical instruments in active markets. Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3: Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Fair value measurements of nonfinancial assets and nonfinancial liabilities are primarily used in the valuation of derivative instruments, impairment analysis of goodwill, intangible assets and long-lived assets. The following tables present the fair value hierarchy for the Company’s financial liabilities measured at fair value on a recurring basis as of April 3, 2022 and January 2, 2022: April 3, 2022 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 250,000 $ — $ 250,000 Interest rate swap liability — 1,771 — 1,771 Total financial liabilities $ — $ 251,771 $ — $ 251,771 January 2, 2022 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 250,000 $ — $ 250,000 Interest rate swap liability — 5,107 — 5,107 Total financial liabilities $ — $ 255,107 $ — $ 255,107 The Company’s interest rate swaps are considered Level 2 in the hierarchy and are valued using an income approach. Expected future cash flows are converted to a present value amount based on market expectations of the yield curve on floating interest rates, which is readily available on public markets. The determination of fair values of certain tangible and intangible assets for purposes of the Company’s goodwill impairment evaluation as described above is based upon Level 3 inputs. The weighted average cost of capital is estimated using information from comparable companies and management’s judgment related to the risk associated with the operations of the stores. Cash, cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued liabilities, and accrued salaries and benefits approximate fair value because of the short maturity of those instruments. Based on comparable open market transactions, the fair value of the long-term debt approximated carrying value as of April 3, 2022 and January 2, 2022 .

Long-Term Debt and Finance Leas

Long-Term Debt and Finance Lease Liabilities	3 Months Ended
	Apr. 03, 2022
Long Term Debt And Finance Lease Liabilities [Abstract]
Long-Term Debt and Finance Lease Liabilities	4. Long-Term Debt and Finance Lease Liabilities A summary of long-term debt and finance lease liabilities is as follows: As of Facility Maturity Interest Rate April 3, 2022 January 2, 2022 Senior secured debt $ 700.0 million Credit Agreement March 25, 2027 Variable $ 250,000 $ — Former Credit Facility March 27, 2023 Variable — 250,000 Finance lease liabilities Various n/a 9,442 9,656 Long-term debt and finance lease liabilities $ 259,442 $ 259,656 New Credit Agreement The Company’s subsidiary, Sprouts Farmers Markets Holdings, LLC (“Intermediate Holdings”), is the borrower under a credit agreement entered into on March 25, 2022 (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility (the "Revolving Credit Facility") with an initial aggregate commitment of $ 700.0 million. Amounts outstanding under the Credit Agreement may be increased from time to time in accordance with an expansion feature set forth in the Credit Agreement. The Company capitalized debt issuance costs of $ 3.4 million related to the Credit Agreement, which, combined with the remaining $ 0.5 million debt issuance costs in respect of that certain amended and restated credit agreement entered into on March 27, 2018, by and among the Company, Intermediate Holdings, certain lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (the “Former Credit Facility”), which remained outstanding as of the time of Intermediate Holdings’ entry into the Credit Agreement, are being amortized on a straight-line basis to interest expense over the five-year term of the Credit Agreement. The Credit Agreement provides for a $ 70.0 million letter of credit sub-facility (the "Letter of Credit Sub-Facility") and a $ 50.0 million swingline facility. Letters of credit issued under the Credit Agreement reduce the capacity of Intermediate Holdings to borrow under the Revolving Credit Facility. Letters of credit totaling $ 24.8 million have been issued under the Letter of Credit Sub-Facility, primarily to support the Company’s insurance programs. Guarantees Obligations under the Credit Agreement are guaranteed by the Company and substantially all of its existing and future wholly-owned material domestic subsidiaries, and are secured by first-priority security interests in substantially all of the assets of the Company, Intermediate Holdings, and the subsidiary guarantors, including, without limitation, a pledge by the Company of its equity interest in Intermediate Holdings. Interest and Fees Loans under the Credit Agreement will initially bear interest, at the Company's option, either at the Term SOFR (with a floor of 0.00%) plus a 0.10 % SOFR adjustment and 1.00 % per annum or base rate (with a floor of 0.00%) plus 0.00 % per annum. The interest rate margins are subject to upward adjustments pursuant to a pricing grid based on the Company’s total net leverage ratio as set forth in the Credit Agreement and to upward or downward adjustments of up to 0.05 % based upon the achievement of certain diversity and sustainability-linked metric thresholds, as set forth in the Credit Agreement. Under the terms of the Credit Agreement, the Company is obligated to pay a commitment fee on the available unused amount of the commitments, which commitment fee ranges between 0.10 % to 0.225 % per annum, pursuant to a pricing grid based on the Company’s total net leverage ratio. The commitment fees are subject to upward or downward adjustments of up to 0.01 % based upon the achievement of certain diversity and sustainability-linked metric thresholds, as set forth in the Credit Agreement. As of April 3, 2022 , loans outstanding under the Credit Agreement bore interest at Term SOFR (as defined in the Credit Agreement) plus a 0.10 % SOFR adjustment and 1.00 % per annum or prime plus 0.00 %. The effective interest rate on 100 % of outstanding debt under the Credit Agreement is fixed, reflecting the effects of floating to fixed interest rate swaps (see Note 9, “Derivative Financial Instruments”). As of April 3, 2022, outstanding letters of credit issued under the Credit Agreement were subject to a participation fee of 1.00 % per annum and an issuance fee of 0.125 % per annum. Payments and Borrowings The Credit Agreement is scheduled to mature, and the commitments thereunder will terminate on March 25, 2027 , subject to extensions as set forth therein. The Company may prepay loans and permanently reduce commitments under the Credit Agreement at any time in agreed-upon minimum principal amounts, without premium or penalty (except SOFR breakage costs, if applicable). In connection with the execution of the Credit Agreement, the obligations as borrower under the Former Credit Facility were prepaid and terminated. During the thirteen weeks ended April 3, 2022, the Company made no additional borrowings or principal payments, resulting in total outstanding debt under the Credit Agreement of $ 250.0 million as of April 3, 2022. Covenants The Credit Agreement contains financial, affirmative and negative covenants. The negative covenants include, among other things, limitations on the Company’s ability to: • incur additional indebtedness; • grant additional liens; • enter into sale-leaseback transactions; • make loans or investments; • merge, consolidate or enter into acquisitions; • pay dividends or distributions; • enter into transactions with affiliates; • enter into new lines of business; • modify the terms of certain debt or other material agreements; and • change its fiscal year. Each of these covenants is subject to customary and other agreed-upon exceptions. In addition, the Credit Agreement requires that the Company and its subsidiaries maintain a maximum total net leverage ratio not to exceed 3.75 to 1.00, which ratio may be increased from time to time in connection with certain permitted acquisitions pursuant to conditions as set forth in the Credit Agreement, and a minimum interest coverage ratio not to be less than 3.00 to 1.00. Each of these covenants is tested as of the last day of each fiscal quarter. The Company was in compliance with all applicable covenants under the Credit Agreement as of April 3, 2022 .

Income Taxes

Income Taxes	3 Months Ended
	Apr. 03, 2022
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company’s effective tax rate decreased to 24.3 % for the thirteen weeks ended April 3, 2022 , compared to 24.7 % for the thirteen weeks ended April 4, 2021 .The decrease in the effective tax rate is primarily due to an increase in benefit from share-based payment awards in the current period, partially offset by a decrease in enhanced charitable contributions due to the expiration of CARES Act benefits. The income tax effect resulting from excess tax benefits of share-based payment awards were $ 1.5 million and $ 0.1 million for the thirteen weeks ended April 3, 2022 and April 4, 2021, respectively. The Company files income tax returns for federal purposes and in many states. The Company’s tax filings remain subject to examination by applicable tax authorities for a certain length of time, generally three years, following the tax year to which those filings relate. The Company’s U.S. federal income tax returns for the fiscal years ended December 31, 2017 and January 1, 2017, are currently under examination by the Internal Revenue Service.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 03, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies The Company is exposed to claims and litigation matters arising in the ordinary course of business and uses various methods to resolve these matters that are believed to best serve the interests of the Company’s stakeholders. The Company’s primary contingencies are associated with self-insurance obligations and litigation matters. Self-insurance liabilities require significant judgment and actual claim settlements and associated expenses may differ from the Company’s current provisions for loss. Proposition 65 Coffee Action On April 13, 2010, an organization named Council for Education and Research on Toxics (“CERT”) filed a lawsuit in the Superior Court of the State of California, County of Los Angeles, against nearly 80 defendants who manufacture, package, distribute or sell brewed coffee, including the Company. CERT alleged that the defendants failed to provide warnings for their coffee products of exposure to the chemical acrylamide as required under California Health and Safety Code section 25249.5, the California Safe Drinking Water and Toxic Enforcement Act of 1986, better known as Proposition 65. CER T seeks equitable relief, i ncluding providing warnings to consumers of coffee products, as well as civil penalties. The Company, as part of a joint defense group, asserted multiple defenses against the lawsuit. On May 7, 2018, the trial court issued a ruling adverse to defendants on these defenses to liability. On October 1, 2019, before the court tried damages, remedies and attorneys' fees, California’s Office of Environmental Health Hazard Assessment adopted a regulation that exempted “Exposures to listed chemicals in coffee created by and inherent in the processes of roasting coffee beans or brewing coffee” from Proposition 65’s warning requirement. On August 25, 2020, the court granted the defense motion for summary judgment based on the regulation, and the case was dismissed. On November 20, 2020, CERT filed a notice of appeal to appeal the ruling on the defense motion for summary judgment. The case is currently being briefed, with a decision expected in 2022. At this stage of the proceedings, the Company is unable to predict or reasonably estimate any potential loss or effect on the Company or its operations. Accordingly, no loss contingency was recorded for this matter.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Apr. 03, 2022
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Share Repurchases On March 2, 2022, the Company's board of directors authorized a new $ 600 million share repurchase program for its common stock. The new authorization replaced the Company's then-existing share repurchase authorization of $ 300 million that was due to expire on March 3, 2024, of which $ 99.8 million remained available upon its replacement. No further shares may be repurchased under the $300 million authorization. The following table outlines the common stock share repurchase programs authorized by the Company’s board of directors and the related repurchase activity and available authorization as of April 3, 2022. Effective date Expiration date Amount Cost of Authorization March 3, 2021 March 2, 2022 $ 300,000 $ 200,200 $ — March 2, 2022 December 31, 2024 $ 600,000 $ 33,858 $ 566,142 The shares under the Company’s repurchase programs may be purchased on a discretionary basis from time to time through the applicable expiration date, subject to general business and market conditions and other investment opportunities, through open market purchases, privately negotiated transactions, or other means, including through Rule 10b5-1 trading plans. The board’s authorization of the share repurchase programs does not obligate the Company to acquire any particular amount of common stock, and the repurchase programs may be commenced, suspended, or discontinued at any time. Share repurchase activity under the Company’s repurchase programs for the periods indicated was as follows (total cost in thousands): Thirteen weeks ended April 3, 2022 April 4, 2021 Number of common shares acquired 1,481,187 129,968 Average price per common share acquired $ 30.86 $ 24.69 Total cost of common shares acquired $ 45,715 $ 3,209 Shares purchased under the Company’s repurchase programs were subsequently retired and the excess of the repurchase price over par value was charged to retained earnings. Subsequent to April 3, 2022 and through May 2, 2022, we repurchased an additional 0.6 million shares of common stock for $ 20.0 million.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 03, 2022
Earnings Per Share [Abstract]
Net Income Per Share	8. Net Income Per Share The computation of basic net income per share is based on the number of weighted average shares outstanding during the period. The computation of diluted net income per share includes the dilutive effect of share equivalents consisting of incremental shares deemed outstanding from the assumed exercise of options, assumed vesting of restricted stock units (“RSUs”) and assumed vesting of performance stock awards (“PSAs”). PSAs are included in the computation of diluted net income per share only to the extent that the underlying performance conditions are satisfied prior to the end of the reporting period or would be satisfied if the end of the reporting period were the end of the related performance period, and if the effect would be dilutive . A reconciliation of the numerators and denominators of the basic and diluted net income per share calculations is as follows (in thousands, except per share amounts): Thirteen weeks ended April 3, 2022 April 4, 2021 Basic net income per share: Net income $ 88,307 $ 83,048 Weighted average shares outstanding 110,903 118,044 Basic net income per share $ 0.80 $ 0.70 Diluted net income per share: Net income $ 88,307 $ 83,048 Weighted average shares outstanding - 110,903 118,044 Dilutive effect of share-based awards: Assumed exercise of options to purchase 347 139 RSUs 470 404 PSAs 113 20 Weighted average shares and 111,833 118,607 Diluted net income per share $ 0.79 $ 0.70 For the thirteen weeks ended April 3, 2022 , the Company had 0.2 million options, 0.5 million RSUs, and 0.5 million PSAs outstanding which were excluded from the computation of diluted net income per share as those awards would have been antidilutive or were performance awards with performance conditions not yet deemed met. For the thirteen weeks ended April 4, 2021 , the Company had 0.6 million options, 0.4 million RSUs, and 0.5 million PSAs outstanding which were excluded from the computation of diluted net income per share as those awards would have been antidilutive or were performance awards with performance conditions not yet deemed met.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Apr. 03, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	9. Derivative Financial Instruments The Company entered into an interest rate swap agreement in December 2017 to manage its cash flow associated with variable interest rates. This forward contract has been designated and qualifies as a cash flow hedge, and its change in fair value is recorded as a component of other comprehensive income and reclassified into earnings in the same period or periods in which the forecasted transaction occurs. The forward contract initially consisted of five cash flow hedges, of which one was outstanding at April 3, 2022. To qualify as a hedge, the Company needs to formally document, designate and assess the effectiveness of the transactions that receive hedge accounting. The notional dollar amount of the one outstanding swap was $ 250.0 million at April 3, 2022 and January 2, 2022 , under which the Company pays a fixed rate and receives a variable rate of interest (cash flow swap). The cash flow swap hedges the change in interest rates on debt related to fluctuations in interest rates and has a length of one year , maturing in 2022 . This interest rate swap has been designated and qualifies as a cash flow hedge and has met the requirements to assume zero ineffectiveness. The Company reviews the effectiveness of its hedging instruments on a quarterly basis. During the thirteen weeks ended April 3, 2022, the Company elected to apply certain hedge accounting optional expedients allowed under Topic 848. The expedients allow the Company to continue the method of assessing effectiveness as documented in the original hedge documentation and allows the reference rate on the hypothetical derivative to match the reference rate on the hedging instrument . The counterparties to these derivative financial instruments are major financial institutions. The Company evaluates the credit ratings of the financial institutions and believes that credit risk is at an acceptable level. The following table summarizes the fair value of the Company’s derivative instruments designated as hedging instruments: As of As of Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Accrued liabilities $ 1,771 Accrued liabilities $ 5,107 The gain or loss on these derivative instruments is recognized in other comprehensive income, net of tax, with the portion related to current period interest payments reclassified to interest expense, net on the consolidated statements of income. The following table summarizes these losses classified on the consolidated statements of income: Thirteen weeks ended April 3, 2022 April 4, 2021 Consolidated Statements of Interest expense, net $ 1,468 $ 1,440

Comprehensive Income

Comprehensive Income	3 Months Ended
	Apr. 03, 2022
Equity [Abstract]
Comprehensive Income	10. Comprehensive Income The following table presents the changes in accumulated other comprehensive income (loss) for the thirteen weeks ended April 4, 2021 and April 3, 2022. Cash Flow Balance at January 3, 2021 $ ( 8,474 ) Other comprehensive income (loss), net of tax Unrealized gains on cash flow hedging activities, net of income tax of $ 800 2,314 Reclassification of net losses on cash flow hedges to net income, net of income 370 ) ( 1,070 ) Total other comprehensive income (loss) 1,244 Balance at April 4, 2021 $ ( 7,230 ) Balance at January 2, 2022 $ ( 3,758 ) Other comprehensive income (loss), net of tax Unrealized gains on cash flow hedging activities, net of income tax of $ 1,240 3,586 Reclassification of net losses on cash flow hedges to net income, net of income 377 ) ( 1,091 ) Total other comprehensive income (loss) 2,495 Balance at April 3, 2022 $ ( 1,263 ) Amounts reclassified from accumulated other comprehensive income (loss) are included within interest expense, net on the consolidated statements of income.

Segments

Segments	3 Months Ended
	Apr. 03, 2022
Segment Reporting [Abstract]
Segments	11. Segments The Company has one reportable and one operating segment, healthy grocery stores. In accordance with ASC 606, the following table represents a disaggregation of revenue for the thirteen weeks ended April 3, 2022 and April 4, 2021. Thirteen weeks ended April 3, 2022 April 4, 2021 Perishables $ 952,087 58.0 % $ 910,968 57.8 % Non-Perishables 689,074 42.0 % 664,479 42.2 % Net Sales $ 1,641,161 100.0 % $ 1,575,447 100.0 % The Company categorizes the varieties of products it sells as perishable and non-perishable. Perishable product categories include produce, meat and meat alternatives, seafood, deli, bakery, floral and dairy and dairy alternatives. Non-perishable product categories include grocery, vitamins and supplements, bulk items, frozen foods, beer and wine, and natural health and body care.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Apr. 03, 2022
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	12. Share-Based Compensation 2013 Incentive Plan The Company’s board of directors adopted, and its equity holders approved, the Sprouts Farmers Market, Inc. 2013 Incentive Plan (the “2013 Incentive Plan”). The 2013 Incentive Plan became effective July 31, 2013 in connection with the Company’s initial public offering. The 2013 Incentive Plan serves as the umbrella plan for the Company’s share-based and cash-based incentive compensation programs for its directors, officers and other team members. Awards granted under these plans include stock options, RSUs, PSAs, and RSAs. On May 1, 2015, the Company’s stockholders approved the material terms of the performance goals under the 2013 Incentive Plan for purposes of Section 162(m) of the Internal Revenue Code as then in effect. Awards Granted During the thirteen weeks ended April 3, 2022, the Company granted the following share-based compensation awards under the 2013 Incentive Plan: Grant Date RSUs PSAs Options March 15, 2022 370,177 147,846 211,352 March 21, 2022 104,913 14,260 20,270 Total 475,090 162,106 231,622 Weighted-average grant date fair value $ 31.60 $ 31.52 $ 10.58 Weighted-average exercise price — — $ 31.52 The aggregate number of shares of common stock that may be issued to team members and directors under the 2013 Incentive Plan may not exceed 10,089,072 . Shares subject to awards granted under the 2013 Incentive Plan which are subsequently forfeited, expire unexercised or are otherwise not issued will not be treated as having been issued for purposes of the share limitation. As of April 3, 2022 , there were 3,037,733 stock awards outstanding and 2,756,557 shares remaining available for issuance under the 2013 Incentive Plan. Stock Options The Company uses the Black-Scholes option pricing model to estimate the fair value of options at grant date. Options vest in accordance with the terms set forth in the grant letter. Time-based options vest annually over a period of three years . RSUs The fair value of RSUs is based on the closing price of the Company’s common stock on the grant date. RSUs generally vest annually over a period of two or three years from the grant date. PSAs PSAs granted in 2018 were subject to the Company achieving certain earnings before interest and taxes (“EBIT”) performance targets for the 2020 fiscal year. The criteria was based on a range of performance targets in which grantees may earn 0 % to 200 % of the base number of awards granted. The performance conditions with respect to fiscal year 2020 EBIT were deemed to have been met, and the PSAs vested at the maximum pay out level on the third anniversary of the grant date (March 2021). There were no outstanding 2018 PSAs as of April 3, 2022. PSAs granted in 2019 are subject to the Company achieving certain EBIT performance targets for the 2021 fiscal year. The criteria is based on a range of performance targets in which grantees may earn 0 % to 200 % of the base number of awards granted. The performance conditions with respect to fiscal year 2021 EBIT were deemed to have been met, and the PSAs vested at the maximum pay out level on the third anniversary of the grant date (March 2022). During the thirteen weeks ended April 3, 2022 , 208,172 of the 2019 PSAs vested. There were no outstanding 2019 PSAs as of April 3, 2022. PSAs granted in 2020 are subject to the Company achieving certain earnings before taxes (“EBT”) performance targets for the 2022 fiscal year. The criteria is based on a range of performance targets in which grantees may earn 0 % to 200 % of the base number of awards granted. If performance conditions are met, the applicable number of performance shares will vest on the third anniversary of the grant date (March 2023). PSAs granted in 2021 are subject to the Company achieving certain EBIT performance targets for the 2023 fiscal year. The criteria is based on a range of performance targets in which grantees may earn 0 % to 200 % of the base number of awards granted. If performance conditions are met, the applicable number of performance shares will vest on the third anniversary of the grant date (March 2024). PSAs granted in 2022 are subject to the Company achieving certain EBIT performance targets for the 2024 fiscal year. The criteria is based on a range of performance targets in which grantees may earn 0 % to 200 % of the base number of awards granted. If performance conditions are met, the applicable number of performance shares will vest on the third anniversary of the grant date (March 2025). Share-based Compensation Expense The Company presents share-based compensation expense in selling, general and administrative expenses on the Company’s consolidated statements of income. The amount recognized was as follows: Thirteen weeks ended April 3, 2022 April 4, 2021 Share-based compensation expense $ 4,456 $ 3,613 The following share-based awards were outstanding as of April 3, 2022 and April 4, 2021: As of April 3, 2022 April 4, 2021 (in thousands) Options Vested 376 314 Unvested 1,088 1,304 RSUs 1,083 944 PSAs 491 478 As of April 3, 2022, total unrecognized compensation expense and remaining weighted average recognition period related to outstanding share-based awards was as follows: Unrecognized Remaining Options $ 5,566 1.6 RSUs 24,828 2.0 PSAs 9,018 1.9 Total unrecognized compensation expense at April 3, 2022 $ 39,412 During the thirteen weeks ended April 3, 2022 and April 4, 2021 , the Company received $ 2.6 million and $ 0.9 million, respectively, in cash proceeds from the exercise of options.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 03, 2022
Accounting Policies [Abstract]
Fiscal Years	The Company reports its results of operations on a 52- or 53-week fiscal calendar ending on the Sunday closest to December 31. The fiscal year ending January 1, 2023 (“fiscal year 2022”) and fiscal year 2021 are 52-week years. The Company reports its results of operations on a 13-week quarter, except for 53-week fiscal years (in which the fourth quarter has 14 weeks).
Revenue Recognition	Revenue Recognition The Company’s performance obligations are satisfied upon the transfer of goods to the customer, which occurs at the point of sale, and payment from customers is also due at the time of sale. Proceeds from the sale of gift cards are recorded as a liability at the time of sale and recognized as sales when they are redeemed by the customer and the performance obligation is satisfied by the Company. The Company’s gift cards do not expire. Based on historical redemption rates, a small and relatively stable percentage of gift cards will never be redeemed, referred to as "breakage." Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions and was not material in any period presented. Balance at Gift Cards Issued During (1) Revenue Recognized from Balance at Gift card liability, net $ 12,586 $ 1,192 $ ( 3,276 ) $ 10,502 (1) net of estimated breakage The Company does not have any material contract assets or receivables from contracts with customers, any revenue recognized in the current period from performance obligations satisfied in previous periods, or any remaining performance obligations as of April 3, 2022 .
Restricted Cash	Restricted Cash Restricted cash relates to defined benefit plan forfeitures as well as healthcare, general liability and workers’ compensation restricted funds of approximately $ 1.8 million and $ 1.7 million as of April 3, 2022 and January 2, 2022 , respectively. These balances are included in prepaid expenses and other current assets in the consolidated balance sheets.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Reference Rate Reform In March 2020 and January 2021, the FASB issued ASU no. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting” and ASU 2021-01, “Reference Rate Reform (Topic 848): Scope,” respectively. The amendments in these updates provide optional expedients and exceptions for a limited period of time to ease the potential burden in accounting for contracts, hedging relationships, and other transactions affected by reference rate reform. In the thirteen weeks ended April 3, 2022, the Company adopted certain optional expedients provided under Topic 848 that permit its hedging relationships to continue without de-designation upon changes due to reference rate reform. The adoption of this guidance resulted in no material impact to the Company’s consolidated financial statements. See Note 9, “Derivative Financial Instruments” for more information on our hedging activities. The optional expedients and accounting relief in Topic 848 remain effective through December 31, 2022.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted No other new accounting pronouncements issued or effective during the thirteen weeks ended April 3, 2022 had, or are expected to have, a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Apr. 03, 2022
Schedule of Estimated Breakage Revenue Recognized	Estimated breakage revenue is recognized over time in proportion to actual gift card redemptions and was not material in any period presented. Balance at Gift Cards Issued During (1) Revenue Recognized from Balance at Gift card liability, net $ 12,586 $ 1,192 $ ( 3,276 ) $ 10,502 (1) net of estimated breakage

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 03, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis	The following tables present the fair value hierarchy for the Company’s financial liabilities measured at fair value on a recurring basis as of April 3, 2022 and January 2, 2022: April 3, 2022 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 250,000 $ — $ 250,000 Interest rate swap liability — 1,771 — 1,771 Total financial liabilities $ — $ 251,771 $ — $ 251,771 January 2, 2022 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 250,000 $ — $ 250,000 Interest rate swap liability — 5,107 — 5,107 Total financial liabilities $ — $ 255,107 $ — $ 255,107

Long-Term Debt and Finance Le_2

Long-Term Debt and Finance Lease Liabilities (Tables)	3 Months Ended
	Apr. 03, 2022
Long Term Debt And Finance Lease Liabilities [Abstract]
Summary of Long-Term Debt and Finance Lease Liabilities	A summary of long-term debt and finance lease liabilities is as follows: As of Facility Maturity Interest Rate April 3, 2022 January 2, 2022 Senior secured debt $ 700.0 million Credit Agreement March 25, 2027 Variable $ 250,000 $ — Former Credit Facility March 27, 2023 Variable — 250,000 Finance lease liabilities Various n/a 9,442 9,656 Long-term debt and finance lease liabilities $ 259,442 $ 259,656

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Apr. 03, 2022
Equity [Abstract]
Schedule of Common Stock Share Repurchase Programs Authorized by Board of Directors from Time to Time and Related Repurchase Activity and Available Authorized	The following table outlines the common stock share repurchase programs authorized by the Company’s board of directors and the related repurchase activity and available authorization as of April 3, 2022. Effective date Expiration date Amount Cost of Authorization March 3, 2021 March 2, 2022 $ 300,000 $ 200,200 $ — March 2, 2022 December 31, 2024 $ 600,000 $ 33,858 $ 566,142
Schedule of Share Repurchase Activity Under Share Repurchase Programs	Share repurchase activity under the Company’s repurchase programs for the periods indicated was as follows (total cost in thousands): Thirteen weeks ended April 3, 2022 April 4, 2021 Number of common shares acquired 1,481,187 129,968 Average price per common share acquired $ 30.86 $ 24.69 Total cost of common shares acquired $ 45,715 $ 3,209

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Apr. 03, 2022
Earnings Per Share [Abstract]
Summary of Reconciliation of Numerators and Denominators of Basic and Diluted Net Income Per Share	A reconciliation of the numerators and denominators of the basic and diluted net income per share calculations is as follows (in thousands, except per share amounts): Thirteen weeks ended April 3, 2022 April 4, 2021 Basic net income per share: Net income $ 88,307 $ 83,048 Weighted average shares outstanding 110,903 118,044 Basic net income per share $ 0.80 $ 0.70 Diluted net income per share: Net income $ 88,307 $ 83,048 Weighted average shares outstanding - 110,903 118,044 Dilutive effect of share-based awards: Assumed exercise of options to purchase 347 139 RSUs 470 404 PSAs 113 20 Weighted average shares and 111,833 118,607 Diluted net income per share $ 0.79 $ 0.70

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Apr. 03, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Fair Value of Derivative Instruments	The following table summarizes the fair value of the Company’s derivative instruments designated as hedging instruments: As of As of Balance Sheet Location Fair Value Balance Sheet Location Fair Value Interest rate swaps Accrued liabilities $ 1,771 Accrued liabilities $ 5,107
Summary of Losses of Derivative Instruments	The following table summarizes these losses classified on the consolidated statements of income: Thirteen weeks ended April 3, 2022 April 4, 2021 Consolidated Statements of Interest expense, net $ 1,468 $ 1,440

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Apr. 03, 2022
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The following table presents the changes in accumulated other comprehensive income (loss) for the thirteen weeks ended April 4, 2021 and April 3, 2022. Cash Flow Balance at January 3, 2021 $ ( 8,474 ) Other comprehensive income (loss), net of tax Unrealized gains on cash flow hedging activities, net of income tax of $ 800 2,314 Reclassification of net losses on cash flow hedges to net income, net of income 370 ) ( 1,070 ) Total other comprehensive income (loss) 1,244 Balance at April 4, 2021 $ ( 7,230 ) Balance at January 2, 2022 $ ( 3,758 ) Other comprehensive income (loss), net of tax Unrealized gains on cash flow hedging activities, net of income tax of $ 1,240 3,586 Reclassification of net losses on cash flow hedges to net income, net of income 377 ) ( 1,091 ) Total other comprehensive income (loss) 2,495 Balance at April 3, 2022 $ ( 1,263 )

Segments (Tables)

Segments (Tables)	3 Months Ended
	Apr. 03, 2022
Segment Reporting [Abstract]
Summary of Disaggregation of Revenue	In accordance with ASC 606, the following table represents a disaggregation of revenue for the thirteen weeks ended April 3, 2022 and April 4, 2021. Thirteen weeks ended April 3, 2022 April 4, 2021 Perishables $ 952,087 58.0 % $ 910,968 57.8 % Non-Perishables 689,074 42.0 % 664,479 42.2 % Net Sales $ 1,641,161 100.0 % $ 1,575,447 100.0 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Apr. 03, 2022
Share-based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Awards Granted	During the thirteen weeks ended April 3, 2022, the Company granted the following share-based compensation awards under the 2013 Incentive Plan: Grant Date RSUs PSAs Options March 15, 2022 370,177 147,846 211,352 March 21, 2022 104,913 14,260 20,270 Total 475,090 162,106 231,622 Weighted-average grant date fair value $ 31.60 $ 31.52 $ 10.58 Weighted-average exercise price — — $ 31.52
Summary of Share-Based Compensation Expense in Selling, General and Administrative Expenses	The Company presents share-based compensation expense in selling, general and administrative expenses on the Company’s consolidated statements of income. The amount recognized was as follows: Thirteen weeks ended April 3, 2022 April 4, 2021 Share-based compensation expense $ 4,456 $ 3,613
Summary of Outstanding Share-Based Awards	The following share-based awards were outstanding as of April 3, 2022 and April 4, 2021: As of April 3, 2022 April 4, 2021 (in thousands) Options Vested 376 314 Unvested 1,088 1,304 RSUs 1,083 944 PSAs 491 478
Summary of Total Unrecognized Compensation Expense and Remaining Weighted Average Recognition Period Related to Outstanding Share-Based Awards	As of April 3, 2022, total unrecognized compensation expense and remaining weighted average recognition period related to outstanding share-based awards was as follows: Unrecognized Remaining Options $ 5,566 1.6 RSUs 24,828 2.0 PSAs 9,018 1.9 Total unrecognized compensation expense at April 3, 2022 $ 39,412

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	Apr. 03, 2022StateStore
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating stores | Store	379
Number of states entity operates | State	23

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Estimated Breakage Revenue Recognized (Detail) - Gift Card Revenue [Member] $ in Thousands	3 Months Ended
	Apr. 03, 2022USD ($)
Disaggregation Of Revenue [Line Items]
Net gift card liability beginning balance	$ 12,586
Gift cards issued during current period but not redeemed	1,192	[1]
Revenue recognized from beginning liability	(3,276)
Net gift card liability ending balance	$ 10,502
[1]	net of estimated breakage

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Apr. 03, 2022	Jan. 02, 2022
ASU no. 2021-01 [Member]
Summary Of Significant Accounting Policy [Line Items]
Change in accounting principle, ASU, adopted	true
Prepaid Expenses and Other Current Assets [Member]
Summary Of Significant Accounting Policy [Line Items]
Restricted cash related to defined benefit plan forfeitures and healthcare, general liability and workers’ compensation plan benefits	$ 1.8	$ 1.7

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - Recurring [Member] - USD ($) $ in Thousands	Apr. 03, 2022	Jan. 02, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 250,000	$ 250,000
Interest rate swap liability	1,771	5,107
Total financial liabilities	251,771	255,107
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	250,000	250,000
Interest rate swap liability	1,771	5,107
Total financial liabilities	$ 251,771	$ 255,107

Long-Term Debt and Finance Le_3

Long-Term Debt and Finance Lease Liabilities - Summary of Long-Term Debt and Finance Lease Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Jan. 02, 2022
Long Term Debt And Finance Lease Liabilities [Line Items]
Long-term finance lease liabilities	$ 9,442	$ 9,656
Long-term debt and finance lease liabilities	259,442	259,656
Senior Lien [Member] | Secured Debt [Member] | $700.0 million Credit Agreement [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Long-term debt	$ 250,000
Debt instrument maturity	Mar. 25, 2027
Debt instrument, Interest Rate	Variable
Senior Lien [Member] | Secured Debt [Member] | Former Credit Facility [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Long-term debt		$ 250,000
Debt instrument maturity	Mar. 27, 2023
Debt instrument, Interest Rate	Variable

Long-Term Debt and Finance Le_4

Long-Term Debt and Finance Lease Liabilities - Summary of Long-Term Debt and Finance Lease Liabilities (Parenthetical) (Detail) $ in Millions	Apr. 03, 2022USD ($)
Senior Lien [Member] | Secured Debt [Member] | $700.0 million Credit Agreement [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Debt instrument face amount	$ 700

Long-Term Debt and Finance Le_5

Long-Term Debt and Finance Lease Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 03, 2022	Mar. 27, 2018
Credit Agreement [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Fixed portion of outstanding debt percentage	100.00%
Participation fee	1.00%
Issuance fee	0.125%
Credit facility termination date	Mar. 25, 2027
Borrowings during the period	$ 0
Principal payments on the Credit Facility	0
Borrowings under credit facilities	$ 250,000,000
Net leverage ratio	375.00%
Interest coverage ratio	3.00%
Secured Debt [Member] | Credit Agreement [Member] | SOFR [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Interest rate spread on base rate	1.00%
Fixed portion of outstanding debt percentage	0.10%
Senior Lien [Member] | Secured Debt [Member] | Credit Agreement [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Debt instrument face amount	$ 70,000,000
Letters of credit issued	$ 24,800,000
Interest rate spread on base rate	0.05%
Credit facility commitment fee percentage subject to upward or downward adjustments	0.01%
Senior Lien [Member] | Secured Debt [Member] | Credit Agreement [Member] | SOFR [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Line of credit interest rate terms	at the Company's option, either at the Term SOFR (with a floor of 0.00%) plus a 0.10% SOFR adjustment and 1.00% per annum or base rate (with a floor of 0.00%) plus 0.00% per annum.
Interest rate spread on base rate	0.10%
Senior Lien [Member] | Secured Debt [Member] | Credit Agreement [Member] | Prime Plus [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Interest rate spread on base rate	0.00%
Senior Lien [Member] | Secured Debt [Member] | Credit Agreement [Member] | Minimum [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Credit facility unused commitment fee percentage	0.10%
Senior Lien [Member] | Secured Debt [Member] | Credit Agreement [Member] | Maximum [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Credit facility unused commitment fee percentage	0.225%
Senior Lien [Member] | Secured Debt [Member] | Credit Agreement [Member] | Swingline Loan Sub-facility [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Debt instrument face amount	$ 50,000,000
Senior Lien [Member] | Secured Debt [Member] | Former Credit Facility [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Capitalized debt issuance costs		$ 500,000
Senior Lien [Member] | Secured Debt [Member] | Former Credit Facility [Member] | SOFR [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Interest rate spread on base rate	1.00%
Senior Lien [Member] | Secured Debt [Member] | $700.0 million Credit Facility [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Debt instrument face amount	$ 700,000,000
Senior Lien [Member] | Secured Debt [Member] | $700.0 million Credit Facility [Member] | Credit Agreement [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Credit facility maximum borrowing capacity		$ 700,000,000
Capitalized debt issuance costs	$ 3,400,000

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	24.30%	24.70%
Excess tax benefits of equity-based compensation	$ 1.5	$ 0.1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Apr. 13, 2010Defendant
Superior Court of State of California and County of Los Angeles [Member]
Other Commitments [Line Items]
Number of defendants	80

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) shares in Millions	1 Months Ended
	May 02, 2022	Apr. 03, 2022	Mar. 02, 2022
Subsequent Event [Member]
Equity Class Of Treasury Stock [Line Items]
Common stock repurchased during the period, shares	0.6
Common stock repurchased during the period, value	$ 20,000,000
March 3, 2021 Share Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Shares authorized to be repurchased		$ 300,000,000	$ 300,000,000
Authorization available		0	99,800
March 2, 2022 [Member]
Equity Class Of Treasury Stock [Line Items]
Shares authorized to be repurchased		600,000,000	$ 600,000,000
Authorization available		$ 566,142,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Share Repurchase Programs Authorized by Board of Directors from Time to Time and Related Repurchase Activity and Available Authorized (Detail) - USD ($)	Dec. 31, 2024	Apr. 03, 2022	Apr. 04, 2021	Mar. 02, 2022
Equity Class Of Treasury Stock [Line Items]
Cost of repurchases		$ 45,715,000	$ 3,209,000
March 3, 2021 [Member]
Equity Class Of Treasury Stock [Line Items]
Effective date		Mar. 3, 2021
Expiration date		Mar. 2, 2022
Amount authorized		$ 300,000,000		$ 300,000,000
Cost of repurchases		200,200,000
Authorization available		$ 0		99,800
March 2, 2022 [Member]
Equity Class Of Treasury Stock [Line Items]
Effective date		Mar. 2, 2022
Expiration date	Dec. 31, 2024
Amount authorized		$ 600,000,000		$ 600,000,000
Cost of repurchases		33,858,000
Authorization available		$ 566,142,000

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Share Repurchase Activity under Share Repurchase Programs (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Equity [Abstract]
Number of common shares acquired	1,481,187	129,968
Average price per common share acquired	$ 30.86	$ 24.69
Total cost of common shares acquired	$ 45,715	$ 3,209

Net Income Per Share - Summary

Net Income Per Share - Summary of Reconciliation of Numerators and Denominators of Basic and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Basic net income per share:
Basic net income per share	$ 0.80	$ 0.70
Diluted net income per share:
Net income	$ 88,307	$ 83,048
Weighted average shares outstanding - basic	110,903	118,044
Dilutive effect of share-based awards:
Assumed exercise of options to purchase shares	347	139
Weighted average shares and equivalent shares outstanding	111,833	118,607
Diluted net income per share	$ 0.79	$ 0.70
RSUs [Member]
Dilutive effect of share-based awards:
Dilutive effect	470	404
PSAs [Member]
Dilutive effect of share-based awards:
Dilutive effect	113	20

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Stock option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.2	0.6
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.5	0.4
PSAs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.5	0.5

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended
	Apr. 03, 2022USD ($)Swap	Jan. 02, 2022USD ($)	Dec. 31, 2017Hedge
Derivative [Line Items]
Derivative, cash flow swaps length period	1 year
Cash flow swaps mature annually, ending year	2022
Cash Flow Hedges [Member]
Derivative [Line Items]
Interest rate swaps hedge ineffectiveness	0.00%
Swaps [Member]
Derivative [Line Items]
Derivative, notional amount of outstanding swaps | $	$ 250	$ 250
Forward Contract [Member]
Derivative [Line Items]
Derivative, number of cash flow hedges | Hedge			5
Number of outstanding swaps | Swap	1

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	Apr. 03, 2022	Jan. 02, 2022
Designated as Hedging Instrument [Member] | Swaps [Member] | Accrued Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives, Fair Value	$ 1,771	$ 5,107

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Losses of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Interest Expense, Net [Member]
Derivative Instruments Gain Loss [Line Items]
Loss / (Gain) on Derivative Instruments,net of tax	$ 1,468	$ 1,440

Comprehensive Income - Changes

Comprehensive Income - Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 959,876	$ 881,293
Other comprehensive income (loss), net of tax
Unrealized gains on cash flow hedging activities, net of income tax	3,586	2,314
Reclassification of net gains (losses) on cash flow hedges to net income, net of income tax	1,091	1,070
Total other comprehensive income (loss)	2,495	1,244
Ending Balance	1,011,974	966,870
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(3,758)	(8,474)
Other comprehensive income (loss), net of tax
Unrealized gains on cash flow hedging activities, net of income tax	3,586	2,314
Reclassification of net gains (losses) on cash flow hedges to net income, net of income tax	(1,091)	(1,070)
Total other comprehensive income (loss)	2,495	1,244
Ending Balance	$ (1,263)	$ (7,230)

Comprehensive Income - Change_2

Comprehensive Income - Changes In Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Accumulated Other Comprehensive Income Loss [Line Items]
Income tax expenses (Benefit) on cash flow hedging activities	$ 1,240	$ 800
Income tax expenses (Benefit) for reclassification of net gains (losses) on cash flow hedges	(377)	(370)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Income tax expenses (Benefit) on cash flow hedging activities	1,240	800
Income tax expenses (Benefit) for reclassification of net gains (losses) on cash flow hedges	$ (377)	$ (370)

Segments - Additional Informati

Segments - Additional Information (Detail)	3 Months Ended
	Apr. 03, 2022Segment
Segment Reporting [Abstract]
Number of reportable segment	1
Number of operating segment	1

Segments - Summary of Disaggreg

Segments - Summary of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 1,641,161	$ 1,575,447
Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	100.00%	100.00%
Perishables [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 952,087	$ 910,968
Perishables [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	58.00%	57.80%
Non-Perishables [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 689,074	$ 664,479
Non-Perishables [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	42.00%	42.20%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock-Based Compensation Awards Granted (Detail) - 2013 Incentive Plan [Member]	3 Months Ended
	Apr. 03, 2022$ / sharesshares
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	475,090
Weighted-average grant date fair value | $ / shares	$ 31.60
Weighted-average exercise price | $ / shares	$ 0
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	162,106
Weighted-average grant date fair value | $ / shares	$ 31.52
Weighted-average exercise price | $ / shares	$ 0
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	231,622
Weighted-average grant date fair value | $ / shares	$ 10.58
Weighted-average exercise price | $ / shares	$ 31.52
March 15, 2022 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	370,177
March 15, 2022 [Member] | PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	147,846
March 15, 2022 [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	211,352
March 21, 2022 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	104,913
March 21, 2022 [Member] | PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	14,260
March 21, 2022 [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	20,270

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Apr. 03, 2022	Apr. 04, 2021	Jan. 03, 2021	Dec. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of stock options		$ 2,555	$ 881
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of stock options		$ 2,600	$ 900
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, outstanding		1,083,000	944,000
RSUs [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
RSUs [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, outstanding		491,000	478,000
PSAs [Member] | March 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards description		The criteria was based on a range of performance targets in which grantees may earn 0% to 200% of the base number of awards granted.
Number of shares, outstanding		0
PSAs [Member] | 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards description		The criteria is based on a range of performance targets in which grantees may earn 0% to 200% of the base number of awards granted.
Awards vested		208,172
Number of shares, outstanding		0
PSAs [Member] | 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards description		The criteria is based on a range of performance targets in which grantees may earn 0% to 200% of the base number of awards granted.
PSAs [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards description		The criteria is based on a range of performance targets in which grantees may earn 0% to 200% of the base number of awards granted.
PSAs [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards description		The criteria is based on a range of performance targets in which grantees may earn 0% to 200% of the base number of awards granted.
PSAs [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	0.00%	0.00%		0.00%	0.00%
PSAs [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	200.00%	200.00%		200.00%	200.00%
Third Anniversary [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
2013 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance under plan		10,089,072
Stock awards outstanding		3,037,733
Remaining shares available for issuance		2,756,557

Share-Based Compensation - Su_2

Share-Based Compensation - Summary of Share-Based Compensation Expense in Selling, General and Administrative Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2022	Apr. 04, 2021
Share-based Payment Arrangement [Abstract]
Share-based compensation expense	$ 4,456	$ 3,613

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Outstanding Share-Based Awards (Detail) - shares shares in Thousands	Apr. 03, 2022	Apr. 04, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested options, outstanding	376	314
Unvested options, outstanding	1,088	1,304
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards other than options, outstanding	1,083	944
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards other than options, outstanding	491	478

Share-Based Compensation - Su_4

Share-Based Compensation - Summary of Total Unrecognized Compensation Expense and Remaining Weighted Average Recognition Period Related to Outstanding Share-Based Awards (Detail) $ in Thousands	3 Months Ended
	Apr. 03, 2022USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 3, 2022	$ 39,412
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to outstanding options	$ 5,566
Remaining weighted average recognition period	1 year 7 months 6 days
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to outstanding equity-based awards other than options	$ 24,828
Remaining weighted average recognition period	2 years
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to outstanding equity-based awards other than options	$ 9,018
Remaining weighted average recognition period	1 year 10 months 24 days