Sprouts Farmers Market (SFM) 10-Q 1 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 02, 2023	Apr. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 02, 2023
Document Fiscal Year Focus	2023
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	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		103,048,290
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. 02, 2023	Jan. 01, 2023	Apr. 03, 2022
Current assets:
Cash and cash equivalents	$ 294,905	$ 293,233
Accounts receivable, net	12,404	16,108
Inventories	306,940	310,545
Prepaid expenses and other current assets	41,699	53,918
Total current assets	655,948	673,804
Property and equipment, net of accumulated depreciation	715,342	722,241
Operating lease assets, net	1,195,187	1,106,524
Intangible assets	208,060	184,960
Goodwill	381,751	368,878
Other assets	13,106	13,973
Total assets	3,169,394	3,070,380
Current liabilities:
Accounts payable	187,948	172,904
Accrued liabilities	148,865	151,306
Accrued salaries and benefits	48,160	61,574
Accrued income tax	5,456	0
Current portion of operating lease liabilities	123,726	135,584
Current portion of finance lease liabilities	976	1,012
Total current liabilities	515,131	522,380
Long-term operating lease liabilities	1,266,282	1,145,173
Long-term debt and finance lease liabilities	233,720	258,902
Other long-term liabilities	36,421	36,340
Deferred income tax liability	66,910	61,123
Total liabilities	2,118,464	2,023,918
Commitments and contingencies (Note 7)
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,103,470,717 shares issued and outstanding, April 2, 2023; 105,072,756 shares issued and outstanding, January 1, 2023	104	105
Additional paid-in capital	753,822	726,345
Retained earnings	297,004	320,012
Total stockholders’ equity	1,050,930	1,046,462	$ 1,011,974
Total liabilities and stockholders’ equity	$ 3,169,394	$ 3,070,380

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 02, 2023	Jan. 01, 2023
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	103,470,717	105,072,756
Common stock, shares outstanding	103,470,717	105,072,756

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Income Statement [Abstract]
Net sales	$ 1,733,310	$ 1,641,161
Cost of sales	1,083,248	1,029,413
Gross profit	650,062	611,748
Selling, general and administrative expenses	486,195	459,910
Depreciation and amortization (exclusive of depreciation included in cost of sales)	34,068	31,820
Store closure and other costs, net	28,277	377
Income from operations	101,522	119,641
Interest expense, net	2,220	3,039
Income before income taxes	99,302	116,602
Income tax provision	23,142	28,295
Net income	$ 76,160	$ 88,307
Net income per share:
Basic	$ 0.73	$ 0.80
Diluted	$ 0.73	$ 0.79
Weighted average shares outstanding:
Basic	103,827	110,903
Diluted	104,876	111,833

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 76,160	$ 88,307
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on cash flow hedging activities, net of income tax of $1,240 during the thirteen weeks ended April 3, 2022	0	3,586
Reclassification of net gains (losses) on cash flow hedges to net income, net of income tax of ($377) during the thirteen weeks ended April 3, 2022	0	(1,091)
Total other comprehensive income (loss)	0	2,495
Comprehensive income	$ 76,160	$ 90,802

Consolidated Statements of Co_2

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

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. 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)	(1,481,187)
Share-based compensation	$ 4,456		4,456
Issuance of shares for acquisition	0
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
Beginning Balance at Jan. 01, 2023	1,046,462	$ 105	726,345	320,012
Beginning Balance, Shares at Jan. 01, 2023		105,072,756
Net income	76,160			76,160
Other comprehensive income (loss)	0
Issuance of shares under stock plans	5,488	$ 1	5,487
Issuance of shares under stock plans, Shares		882,014
Repurchase and retirement of common stock	$ (99,171)	$ (3)		99,168
Repurchase and retirement of common stock, Shares	(3,038,411)	(3,038,411)
Share-based compensation	$ 3,852		3,852
Issuance of shares for acquisition, Shares		554,358
Issuance of shares for acquisition	18,139	$ 1	18,138
Ending Balance at Apr. 02, 2023	$ 1,050,930	$ 104	$ 753,822	$ 297,004
Ending Balance, Shares at Apr. 02, 2023		103,470,717

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Operating activities
Net income	$ 76,160	$ 88,307
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	34,912	32,720
Operating lease asset amortization	30,696	28,043
Impairment of assets	27,845	171
Share-based compensation	3,852	4,456
Deferred income taxes	(386)	2,291
Other non-cash items	14	313
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable	6,241	9,770
Inventories	5,400	(6,790)
Prepaid expenses and other current assets	9,528	3,613
Other assets	2,609	1,757
Accounts payable	27,006	27,645
Accrued liabilities	(2,024)	(6,857)
Accrued salaries and benefits	(13,712)	(14,106)
Accrued income tax	5,456	15,275
Operating lease liabilities	(33,956)	(32,180)
Other long-term liabilities	179	(1,399)
Cash flows from operating activities	179,820	153,029
Investing activities
Purchases of property and equipment	(47,044)	(27,227)
Payments for acquisition, net of cash acquired	(13,042)	0
Cash flows used in investing activities	(60,086)	(27,227)
Financing activities
Proceeds from revolving credit facilities	0	62,500
Payments on revolving credit facilities	(25,000)	(62,500)
Payments on finance lease liabilities	(219)	(176)
Payments of deferred financing costs	0	(3,373)
Repurchase of common stock	(98,349)	(45,715)
Proceeds from exercise of stock options	5,488	2,555
Cash flows used in financing activities	(118,080)	(46,709)
Increase in cash, cash equivalents, and restricted cash	1,654	79,093
Cash, cash equivalents, and restricted cash at beginning of the period	295,192	247,004
Cash, cash equivalents, and restricted cash at the end of the period	296,846	326,097
Supplemental disclosure of cash flow information
Cash paid for interest	3,641	3,044
Cash refunded for income taxes	54	46
Leased assets obtained in exchange for new operating lease liabilities	138,662	42,176
Supplemental disclosure of non-cash investing and financing activities
Property and equipment in accounts payable and accrued liabilities	20,924	15,666
Issuance of shares for acquisition	$ 18,139	$ 0

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 02, 2023
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, offers a unique food specialty retail 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 2, 2023 , the Company operated 395 stores in 23 states. For convenience, 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 1, 2023 (“fiscal year 2022”) included in the Company’s Annual Report on Form 10-K, filed on March 2, 2023. 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 December 31, 2023 (“fiscal year 2023”) and fiscal year 2022 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. Revision of previously issued financial statements T he Company identified an error in the financing activities section of its consolidated statements of cash flows for the thirteen weeks ended April 3, 2022, related to the presentation of proceeds from and repayments of borrowings associated with a modification of the Company's revolving credit facility on March 25, 2022. The correction of the error did not have any impact on the previously reported consolidated balance sheets, statements of income, or statements of comprehensive income, nor did it have any impact on total cash flows from operating activities or used in investing or financing activities. Although the Company has determined that the error did not have a material impact on its previously issued consolidated financial statements, the Company revised the presentation of cash flows from financing activities to reflect the proceeds from borrowings under the revolving credit facility of $ 62.5 million as a cash inflow from financing activities, and the repayments of borrowings under the revolving credit facility of $ 62.5 million as a cash outflow from financing activities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 02, 2023
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. A summary of the activity and balances in the gift card liability, net is as follows: Thirteen weeks ended April 2, 2023 April 3, 2022 Balance, beginning of year $ 10,906 $ 12,586 Gift cards issued during the period but not redeemed (1) 1,222 1,192 Revenue recognized from beginning liability ( 2,582 ) ( 3,276 ) Balance, end of year $ 9,546 $ 10,502 (1) net of estimated breakage The nature of goods the Company transfers to customers at the point of sale are inventories, consisting of merchandise purchased for resale. 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, any contract performance obligations, or any material costs to obtain or fulfill a contract as of April 2, 2023 . Restricted Cash Restricted cash relates to the Company's defined benefit plan forfeitures and the Company's healthcare, general liability and workers’ compensation plan benefits of approximately $ 1.9 million and $ 2.0 million as of April 2, 2023 and January 1, 2023 , respectively. These balances are included in prepaid expenses and other current assets in the consolidated balance sheets. Recently Issued Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued or effective during the thirteen weeks ended April 2, 2023 had, or are expected to have, a material impact on the Company’s consolidated financial statements.

Goodwill

Goodwill	3 Months Ended
	Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The Company’s goodwill balance was $ 381.8 million and $ 368.9 million as of April 2, 2023 and January 1, 2023, respectively. As of April 2, 2023 and January 1, 2023 , the Company had no accumulated goodwill impairment losses. The goodwill was related to the acquisitions of Sunflower Farmers Market, Henry’s Farmers Market and Ronald Cohn, Inc. For further details, see Note 16, "Business Combination". A summary of the activity and balances in goodwill is as follows: Balance at January 1, 2023 Additions Balance at April 2, 2023 Goodwill $ 368,878 $ 12,873 $ 381,751

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 02, 2023
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 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 2, 2023 and January 1, 2023: April 2, 2023 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 225,000 $ — $ 225,000 Total financial liabilities $ — $ 225,000 $ — $ 225,000 January 1, 2023 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 250,000 $ — $ 250,000 Total financial liabilities $ — $ 250,000 $ — $ 250,000 The determination of fair values of certain tangible and intangible assets for purposes of the Company’s goodwill or long-lived asset impairment evaluation is based upon Level 3 inputs. When necessary, the Company uses third party market data and market participant assumptions to derive the fair value of its asset groupings, which primarily include right-of-use lease assets and property and equipment. 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 2, 2023 and January 1, 2023 .

Long-Term Debt and Finance Leas

Long-Term Debt and Finance Lease Liabilities	3 Months Ended
	Apr. 02, 2023
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 2, 2023 January 1, 2023 Senior secured debt $ 700.0 million Credit Agreement March 25, 2027 Variable $ 225,000 $ 250,000 Finance lease liabilities Various n/a 8,720 8,902 Long-term debt and finance lease liabilities $ 233,720 $ 258,902 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 $ 21.6 million have been issued as of April 2, 2023 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 2, 2023, 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. As of April 2, 2023, 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 Company's obligations under the Former Credit Facility were prepaid and terminated. During the thirteen weeks ended April 2, 2023 , the Company made no additional borrowings and made principal payments of $ 25.0 million, resulting in total outstanding debt under the Credit Agreement of $ 225.0 million as of April 2, 2023 . During 2022, the Company made no additional borrowings or principal payments, other than the net change of $ 62.5 million in the composition of the lending syndicate associated with a modification of the Company's revolving credit facility on March 25, 2022, resulting in total outstanding debt under the Credit Agreement of $ 250.0 million as of January 1, 2023. Subsequent to April 2, 2023 , the Company made a $ 25.0 million principal payment, resulting in total outstanding debt under the Credit Agreement of $ 200.0 million as of May 1, 2023. 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 2, 2023 .

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2023
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company’s effective tax rate decreased to 23.3 % for the thirteen weeks ended April 2, 2023 , compared to 24.3 % for the thirteen weeks ended April 3, 2022 . The decrease in the effective tax rate is primarily due to an increase in excess tax benefits associated with share-based payment awards, partially offset by an increase of non-deductible executive compensation. The income tax effect resulting from excess tax benefits of share-based payment awards were $ 2.6 million and $ 1.5 million for the thirteen weeks ended April 2, 2023 and April 3, 2022, 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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Apr. 02, 2023
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions On May 24, 2022, the Company appointed a new member to its board of directors who served as an executive officer of a company that is a supplier of nutrition bars and related products to the Company for resale. The director departed employment from this supplier on February 28, 2023, and the cost of sales recognized from this supplier during the thirteen weeks ended April 2, 2023 was immaterial.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 02, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	. 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. On October 26, 2022, the appellate court affirmed the trial court’s decision. In December 2022, CERT appealed this ruling to the Supreme Court of the State of California, which denied the petition for review in February 2023. Until the case is dismissed by the trial court, 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. 02, 2023
Equity [Abstract]
Stockholders' Equity	. 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 2, 2023. Effective date Expiration date Amount Cost of Authorization March 2, 2022 December 31, 2023 $ 600,000 $ 286,472 $ 313,528 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 2, 2023 April 3, 2022 Number of common shares acquired 3,038,411 1,481,187 Average price per common share acquired $ 32.64 $ 30.86 Total cost of common shares acquired $ 99,171 $ 45,715 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. The cost of common shares repurchased during the thirteen weeks ended April 2, 2023 included the 1 % excise tax imposed as part of the Inflation Reduction Act of 2022. Subsequent to April 2, 2023 and through the date of this filing, the Company repurchased an additional 0.5 million shares of common stock for $ 16.0 million.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 02, 2023
Earnings Per Share [Abstract]
Net Income Per Share	9. 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 and unvested restricted stock units ("RSUs"). Performance share awards ("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 2, 2023 April 3, 2022 Basic net income per share: Net income $ 76,160 $ 88,307 Weighted average shares outstanding 103,827 110,903 Basic net income per share $ 0.73 $ 0.80 Diluted net income per share: Net income $ 76,160 $ 88,307 Weighted average shares outstanding - 103,827 110,903 Dilutive effect of share-based awards: Assumed exercise of options to purchase shares 395 347 RSUs 481 470 PSAs 173 113 Weighted average shares and 104,876 111,833 Diluted net income per share $ 0.73 $ 0.79 For the thirteen weeks ended April 2, 2023 , the Company had 0.4 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. 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.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Apr. 02, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	. Derivative Financial Instruments The Company did no t have any outstanding interest rate swap agreements as of April 2, 2023 and January 1, 2023. In December 2017, the Company entered into an interest rate swap agreement to manage its cash flow associated with variable interest rates. This forward contract was designated and qualified as a cash flow hedge, and its change in fair value was recorded as a component of other comprehensive income and reclassified into earnings in the same period or periods in which the forecasted transaction occurred. The forward contract consisted of five cash flow hedges with a notional dollar amount of $ 250.0 million, and each had a length of one year and matured annually from 2018 to 2022 . The gain or loss on these derivative instruments was 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 2, 2023 April 3, 2022 Consolidated Statements of Interest expense, net $ — $ 1,468

Comprehensive Income

Comprehensive Income	3 Months Ended
	Apr. 02, 2023
Equity [Abstract]
Comprehensive Income	11. Comprehensive Income The following table presents the changes in accumulated other comprehensive income (loss) for the thirteen weeks ended April 3, 2022. Cash Flow 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) were included within interest expense, net on the consolidated statements of income.

Business Combination

Business Combination	3 Months Ended
	Apr. 02, 2023
Business Combination, Description [Abstract]
Business Combination	Business Combination On March 20, 2023 , the Company completed its acquisition of Ronald Cohn, Inc ., a corporation that owned two stores located in California operating under the ‘Sprouts Farmers Market’ name pursuant to a legacy trademark license arrangement. The aggregate consideration paid in the transaction consisted of 0.6 million of the Company’s common shares valued at $ 18.1 million using the closing price of the Company's common stock on March 20, 2023 and cash consideration of $ 13.0 million, subject to customary post-closing adjustments. The Company accounted for this transaction as a business combination in accordance with the acquisition method of accounting, which requires that the purchase price be allocated to the assets and liabilities acquired based on their estimated fair values as of the acquisition date. Acquisition-related costs were immaterial and were expensed as incurred. The financial results of the acquired stores have been included in the Company’s consolidated financial statements from the date of acquisition. The acquired stores' results of operations were not material to the Company's consolidated results during the thirteen weeks ended April 2, 2023. As of May 1, 2023, the initial accounting for this acquisition was incomplete pending determination of working capital adjustments and the fair value of certain assets acquired and liabilities assumed. The net purchase price was initially allocated to the net tangible assets of ($ 4.9 ) million and a reacquired right intangible asset of $ 23.1 million based on their preliminary fair values on the acquisition date. The remaining unallocated net purchase price of $ 12.9 million was recorded as goodwill. Goodwill represents the future economic benefits to the Company from the acquisition, which include the Company's ability to fully control the Sprouts Farmers Market brand by termination of the legacy trademark license agreement and allowing further expansion opportunities in Southern California. The goodwill is not expected to be deductible for tax purposes. The provisional fair value estimates are subject to adjustment as additional information is obtained within the measurement period, which may not exceed twelve months from the acquisition date.

Segments

Segments	3 Months Ended
	Apr. 02, 2023
Segment Reporting [Abstract]
Segments	12. Segments The Company has one reportable and one operating segment. In accordance with ASC 606, the following table represents a disaggregation of revenue for the thirteen weeks ended April 2, 2023 and April 3, 2022. Thirteen weeks ended April 2, 2023 April 3, 2022 Perishables $ 999,575 57.7 % $ 952,087 58.0 % Non-Perishables 733,735 42.3 % 689,074 42.0 % Net Sales $ 1,733,310 100.0 % $ 1,641,161 100.0 % 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. 02, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	13. Share-Based Compensation 2022 Incentive Plan In March 2022, the Company’s board of directors adopted the Sprouts Farmers Market, Inc. 2022 Omnibus Incentive Compensation Plan (the “2022 Incentive Plan”), which became effective May 25, 2022, upon approval by the Company’s stockholders. The 2022 Incentive Plan provides team members of the Company, certain consultants and advisors who perform services for the Company, and non-employee members of the Company's board of directors with the opportunity to receive grants of equity awards, including stock options, RSUs, PSAs, and other stock-based awards. The 2022 Incentive Plan replaced the 2013 Incentive Plan (as described below). Awards Granted under the 2022 Incentive Plan During the thirteen weeks ended April 2, 2023, the Company granted the following share-based compensation awards under the 2022 Incentive Plan: Grant Date RSUs PSAs Options March 14, 2023 491,729 172,059 221,085 Total 491,729 172,059 221,085 Weighted-average grant date fair value $ 32.95 $ 32.95 $ 12.63 Weighted-average exercise price $ — $ — $ 32.95 The aggregate number of shares of common stock that may be issued to team members and directors under the 2022 Incentive Plan may not exceed 6,600,000 , subject to the following adjustments. If any awards granted under the 2022 Incentive Plan, terminate, expire, or are cancelled, forfeited, exchanged, or surrendered without having been exercised, vested or paid in shares, the shares will again be available for purposes of the 2022 Incentive Plan. In addition, the number of shares subject to outstanding awards under the Sprouts Farmers Market, Inc. 2013 Incentive Plan (the “2013 Incentive Plan”) that terminate, expire, are paid in cash, or are cancelled, forfeited, exchanged, or surrendered without having been exercised, vested, or paid in shares under the 2013 Incentive Plan after the effective date of the 2022 Incentive Plan will be available for issuance under the 2022 Incentive Plan. As of April 2, 2023 , there were 971,034 stock awards outstanding and 5,749,809 shares remaining available for issuance under the 2022 Incentive Plan. 2013 Incentive Plan Prior to the adoption of the 2022 Incentive Plan, the 2013 Incentive Plan served as the umbrella plan for the Company’s share-based and cash-based incentive compensation programs for its directors, officers and other team members. Upon stockholder approval of the 2022 Incentive Plan on May 25, 2022, no further awards will be granted under the 2013 Incentive Plan, but awards outstanding under the 2013 Incentive Plan will remain outstanding in accordance with their terms and the terms of 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 2019 were subject to the Company achieving certain EBIT performance targets for the 2021 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 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). There were no outstanding 2019 PSAs as of April 2, 2023. PSAs granted in 2020 were subject to the Company achieving certain earnings before taxes (“EBT”) performance targets for the 2022 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 2022 EBT 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 2023). During the thirteen weeks ended April 2, 2023 , 268,699 of the 2020 PSAs vested. There were no outstanding 2020 PSAs as of April 2, 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). PSAs granted in 2023 are subject to the Company achieving certain EBIT performance targets for the 2025 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 2026). 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 2, 2023 April 3, 2022 Share-based compensation expense $ 3,852 $ 4,456 The following share-based awards were outstanding as of April 2, 2023 and April 3, 2022: As of April 2, 2023 April 3, 2022 (in thousands) Options Vested 740 376 Unvested 481 1,088 RSUs 1,156 1,083 PSAs 471 491 As of April 2, 2023, total unrecognized compensation expense and remaining weighted average recognition period related to outstanding share-based awards were as follows: Unrecognized Remaining Options $ 5,062 2.2 RSUs 28,583 1.8 PSAs 7,149 2.0 Total unrecognized compensation expense at April 2, 2023 $ 40,794 During the thirteen weeks ended April 2, 2023 and April 3, 2022 , the Company received $ 5.5 million and $ 2.6 million, respectively, in cash proceeds from the exercise of options.

Store Closures

Store Closures	3 Months Ended
	Apr. 02, 2023
Store Closures [Abstract]
Store Closure	15. Store Closures In February 2023, the Company's board of directors approved the closing of 11 stores during 2023. These stores, on average, are approximately 30 % larger than the Company's current prototype format and were underperforming financially. The closure of these stores resulted in a charge of $ 27.8 million during the thirteen weeks ended April 2, 2023 related to the impairment of leasehold improvements and right-of-use assets and is reflected in Store closure and other costs, net on the consolidated statements of income. The impairment charge represents the excess of the carrying value over the estimated fair value of each store's asset group. Accelerated depreciation on the closed stores' assets is expected to be approximately $ 6.0 million, of which $ 4.0 million was incurred during the thirteen weeks ended April 2, 2023 and is reflected in Depreciation and amortization on the consolidated statements of income. Severance expense was immaterial during the thirteen weeks ended April 2, 2023 , and no further severance expense is expected to be incurred.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 02, 2023
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 December 31, 2023 (“fiscal year 2023”) and fiscal year 2022 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. A summary of the activity and balances in the gift card liability, net is as follows: Thirteen weeks ended April 2, 2023 April 3, 2022 Balance, beginning of year $ 10,906 $ 12,586 Gift cards issued during the period but not redeemed (1) 1,222 1,192 Revenue recognized from beginning liability ( 2,582 ) ( 3,276 ) Balance, end of year $ 9,546 $ 10,502 (1) net of estimated breakage The nature of goods the Company transfers to customers at the point of sale are inventories, consisting of merchandise purchased for resale. 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, any contract performance obligations, or any material costs to obtain or fulfill a contract as of April 2, 2023 .
Restricted Cash	Restricted Cash Restricted cash relates to the Company's defined benefit plan forfeitures and the Company's healthcare, general liability and workers’ compensation plan benefits of approximately $ 1.9 million and $ 2.0 million as of April 2, 2023 and January 1, 2023 , respectively. These balances are included in prepaid expenses and other current assets in the consolidated balance sheets.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted No new accounting pronouncements issued or effective during the thirteen weeks ended April 2, 2023 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. 02, 2023
Schedule of Estimated Breakage Revenue Recognized	A summary of the activity and balances in the gift card liability, net is as follows: Thirteen weeks ended April 2, 2023 April 3, 2022 Balance, beginning of year $ 10,906 $ 12,586 Gift cards issued during the period but not redeemed (1) 1,222 1,192 Revenue recognized from beginning liability ( 2,582 ) ( 3,276 ) Balance, end of year $ 9,546 $ 10,502 (1) net of estimated breakage

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 02, 2023
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 2, 2023 and January 1, 2023: April 2, 2023 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 225,000 $ — $ 225,000 Total financial liabilities $ — $ 225,000 $ — $ 225,000 January 1, 2023 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 250,000 $ — $ 250,000 Total financial liabilities $ — $ 250,000 $ — $ 250,000

Long-Term Debt and Finance Le_2

Long-Term Debt and Finance Lease Liabilities (Tables)	3 Months Ended
	Apr. 02, 2023
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 2, 2023 January 1, 2023 Senior secured debt $ 700.0 million Credit Agreement March 25, 2027 Variable $ 225,000 $ 250,000 Finance lease liabilities Various n/a 8,720 8,902 Long-term debt and finance lease liabilities $ 233,720 $ 258,902

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Apr. 02, 2023
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 2, 2023. Effective date Expiration date Amount Cost of Authorization March 2, 2022 December 31, 2023 $ 600,000 $ 286,472 $ 313,528
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 2, 2023 April 3, 2022 Number of common shares acquired 3,038,411 1,481,187 Average price per common share acquired $ 32.64 $ 30.86 Total cost of common shares acquired $ 99,171 $ 45,715

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Apr. 02, 2023
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 2, 2023 April 3, 2022 Basic net income per share: Net income $ 76,160 $ 88,307 Weighted average shares outstanding 103,827 110,903 Basic net income per share $ 0.73 $ 0.80 Diluted net income per share: Net income $ 76,160 $ 88,307 Weighted average shares outstanding - 103,827 110,903 Dilutive effect of share-based awards: Assumed exercise of options to purchase shares 395 347 RSUs 481 470 PSAs 173 113 Weighted average shares and 104,876 111,833 Diluted net income per share $ 0.73 $ 0.79

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Apr. 02, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Losses of Derivative Instruments	The following table summarizes these losses classified on the consolidated statements of income: Thirteen weeks ended April 2, 2023 April 3, 2022 Consolidated Statements of Interest expense, net $ — $ 1,468

Comprehensive Income (Tables)

Comprehensive Income (Tables)	3 Months Ended
	Apr. 02, 2023
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 3, 2022. Cash Flow 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. 02, 2023
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 2, 2023 and April 3, 2022. Thirteen weeks ended April 2, 2023 April 3, 2022 Perishables $ 999,575 57.7 % $ 952,087 58.0 % Non-Perishables 733,735 42.3 % 689,074 42.0 % Net Sales $ 1,733,310 100.0 % $ 1,641,161 100.0 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Apr. 02, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
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 2, 2023 April 3, 2022 Share-based compensation expense $ 3,852 $ 4,456
Summary of Outstanding Share-Based Awards	The following share-based awards were outstanding as of April 2, 2023 and April 3, 2022: As of April 2, 2023 April 3, 2022 (in thousands) Options Vested 740 376 Unvested 481 1,088 RSUs 1,156 1,083 PSAs 471 491
Summary of Total Unrecognized Compensation Expense and Remaining Weighted Average Recognition Period Related to Outstanding Share-Based Awards	As of April 2, 2023, total unrecognized compensation expense and remaining weighted average recognition period related to outstanding share-based awards were as follows: Unrecognized Remaining Options $ 5,062 2.2 RSUs 28,583 1.8 PSAs 7,149 2.0 Total unrecognized compensation expense at April 2, 2023 $ 40,794
Awards Granted under the 2022 Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Summary of Share-Based Compensation Awards Granted	During the thirteen weeks ended April 2, 2023, the Company granted the following share-based compensation awards under the 2022 Incentive Plan: Grant Date RSUs PSAs Options March 14, 2023 491,729 172,059 221,085 Total 491,729 172,059 221,085 Weighted-average grant date fair value $ 32.95 $ 32.95 $ 12.63 Weighted-average exercise price $ — $ — $ 32.95

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	A summary of the activity and balances in goodwill is as follows: Balance at January 1, 2023 Additions Balance at April 2, 2023 Goodwill $ 368,878 $ 12,873 $ 381,751

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Thousands	3 Months Ended
	Apr. 02, 2023 USD ($) State Store	Apr. 03, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating stores | Store	395
Number of states entity operates | State	23
Proceeds from revolving credit facilities	$ 0	$ 62,500
Payments on revolving credit facilities	$ (25,000)	$ (62,500)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Estimated Breakage Revenue Recognized (Detail) - USD ($) $ in Thousands		3 Months Ended
		Apr. 02, 2023	Apr. 03, 2022
Disaggregation Of Revenue [Line Items]
Net gift card liability beginning balance		$ 10,906	$ 12,586
Gift cards issued during current period but not redeemed	[1]	1,222	1,192
Revenue recognized from beginning liability		(2,582)	(3,276)
Net gift card liability ending balance		$ 9,546	$ 10,502
[1] net of estimated breakage

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Apr. 02, 2023	Jan. 01, 2023	Oct. 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	$ 1.9	$ 2

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. 02, 2023	Jan. 01, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 225,000	$ 250,000
Total financial liabilities	225,000	250,000
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	225,000	250,000
Total financial liabilities	$ 225,000	$ 250,000

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. 02, 2023	Jan. 01, 2023
Long Term Debt And Finance Lease Liabilities [Line Items]
Finance lease liabilities	$ 8,720	$ 8,902
Long-term debt and finance lease liabilities	233,720	258,902
Senior Lien [Member] | Secured Debt [Member] | $700.0 million Credit Agreement [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Long-term debt	$ 225,000	$ 250,000
Debt instrument maturity	Mar. 25, 2027
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. 02, 2023 USD ($)
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 ($) $ in Thousands		3 Months Ended		12 Months Ended
	Apr. 28, 2023	Apr. 02, 2023	Apr. 03, 2022	Jan. 01, 2023	Jan. 01, 2023	May 01, 2023	Mar. 25, 2022	Mar. 27, 2018
Long Term Debt And Finance Lease Liabilities [Line Items]
Borrowings during the period		$ 0	$ 62,500
Change in line of credit during period					$ 62,500
Credit Agreement [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Participation fee		1%
Issuance fee		0.125%
Credit facility termination date		Mar. 25, 2027
Borrowings during the period		$ 0			0
Principal payments on the Credit Facility		25,000		$ 0
Borrowings under credit facilities		$ 225,000		$ 250,000	$ 250,000
Net leverage ratio		375%
Interest coverage ratio		3%
Credit Agreement [Member] | Subsequent Event [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Principal payments on the Credit Facility	$ 25,000
Borrowings under credit facilities						$ 200,000
Secured Debt [Member] | Credit Agreement [Member] | SOFR [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Interest rate spread on base rate		0.10%
Secured Debt [Member] | Current Credit Facility Agreement [Member] | SOFR [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Interest rate spread on base rate		1%
Senior Lien [Member] | Secured Debt [Member] | Credit Agreement [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Debt instrument face amount		$ 70,000
Letters of credit issued		$ 21,600
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.
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%
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
Senior Lien [Member] | Secured Debt [Member] | Current Credit Facility Agreement [Member] | SOFR [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Interest rate spread on base rate		0.10%
Senior Lien [Member] | Secured Debt [Member] | Current Credit Facility Agreement [Member] | Secured Overnight Financing Rate [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Interest rate spread on base rate		1%
Senior Lien [Member] | Secured Debt [Member] | Former Credit Facility [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Capitalized debt issuance costs								$ 500
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
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
Capitalized debt issuance costs							$ 3,400

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	23.30%	24.30%
Excess tax benefits of equity-based compensation	$ 2.6	$ 1.5

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Apr. 13, 2010 Defendant
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 ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 01, 2023	Apr. 02, 2023	Mar. 02, 2022
Equity Class Of Treasury Stock [Line Items]
Common stock repurchased during the period, value	$ 16,000
Excise tax		1%
Subsequent Event [Member]
Equity Class Of Treasury Stock [Line Items]
Common stock repurchased during the period, shares	0.5
March 3, 2021 Share Repurchase Program [Member]
Equity Class Of Treasury Stock [Line Items]
Shares authorized to be repurchased		$ 300,000
Authorization available			$ 99,800
March 2, 2022 [Member]
Equity Class Of Treasury Stock [Line Items]
Shares authorized to be repurchased		600,000
Authorization available		$ 313,528

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 ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022	Mar. 02, 2022
Equity Class Of Treasury Stock [Line Items]
Cost of repurchases	$ 98,349	$ 45,715
March 3, 2021 [Member]
Equity Class Of Treasury Stock [Line Items]
Amount authorized	$ 300,000
Authorization available			$ 99,800
March 2, 2022 [Member]
Equity Class Of Treasury Stock [Line Items]
Effective date	Mar. 02, 2022
Expiration date	Dec. 31, 2023
Amount authorized	$ 600,000
Cost of repurchases	286,472
Authorization available	$ 313,528

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. 02, 2023	Apr. 03, 2022
Equity [Abstract]
Number of common shares acquired	3,038,411	1,481,187
Average price per common share acquired	$ 32.64	$ 30.86
Total cost of common shares acquired	$ 99,171	$ 45,715

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. 02, 2023	Apr. 03, 2022
Basic net income per share:
Basic net income per share	$ 0.73	$ 0.80
Diluted net income per share:
Net income	$ 76,160	$ 88,307
Weighted average shares outstanding - basic	103,827	110,903
Dilutive effect of share-based awards:
Assumed exercise of options to purchase shares	395	347
Weighted average shares and equivalent shares outstanding	104,876	111,833
Diluted net income per share	$ 0.73	$ 0.79
RSUs [Member]
Dilutive effect of share-based awards:
Dilutive effect	481	470
PSAs [Member]
Dilutive effect of share-based awards:
Dilutive effect	173	113

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Stock option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.4	0.2
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.4	0.5
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) - Forward Contract [Member] $ in Millions	1 Months Ended
	Dec. 31, 2017 USD ($) Hedge	Apr. 02, 2023 Swap	Jan. 01, 2023 Swap
Derivative [Line Items]
Derivative, number of cash flow hedges | Hedge	5
Number of outstanding swaps | Swap		0	0
Cash Flow Hedges [Member]
Derivative [Line Items]
Derivative, notional amount of outstanding swaps | $	$ 250
Derivative, cash flow swaps length period	1 year
Cash flow swaps mature annually, starting year	2018
Cash flow swaps mature annually, ending year	2022

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Derivatives Fair Value [Line Items]
Interest expense, net		$ 1,468

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Losses of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Derivative Instruments Gain Loss [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net
Interest expense, net		$ 1,468

Comprehensive Income - Changes

Comprehensive Income - Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 1,046,462	$ 959,876
Other comprehensive income (loss), net of tax
Unrealized gains on cash flow hedging activities, net of income tax of $1,240	0	3,586
Reclassification of net gains (losses) on cash flow hedges to net income, net of income tax of ($377)	0	(1,091)
Total other comprehensive income (loss)	0	2,495
Ending Balance	$ 1,050,930	1,011,974
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance		(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 gains (losses) on cash flow hedges to net income, net of income tax of ($377)		1,091
Total other comprehensive income (loss)		2,495
Ending Balance		$ (1,263)

Comprehensive Income - Change_2

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

Segments - Additional Informati

Segments - Additional Information (Detail)	3 Months Ended
	Apr. 02, 2023 Segment
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. 02, 2023	Apr. 03, 2022
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 1,733,310	$ 1,641,161
Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	100%	100%
Perishables [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 999,575	$ 952,087
Perishables [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	57.70%	58%
Non-Perishables [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 733,735	$ 689,074
Non-Perishables [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	42.30%	42%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock-Based Compensation Awards Granted (Detail) - Awards Granted under the 2022 Incentive Plan [Member]	3 Months Ended
	Apr. 02, 2023 $ / shares shares
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock | shares	491,729
Weighted-average grant date fair value | $ / shares	$ 32.95
Weighted-average exercise price | $ / shares	$ 0
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock | shares	172,059
Weighted-average grant date fair value | $ / shares	$ 32.95
Weighted-average exercise price | $ / shares	$ 0
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock | shares	221,085
Weighted-average grant date fair value | $ / shares	$ 12.63
Weighted-average exercise price | $ / shares	$ 32.95
March 14, 2023 Member | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock | shares	491,729
March 14, 2023 Member | PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock | shares	172,059
March 14, 2023 Member | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock | shares	221,085

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2023	Apr. 03, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of stock options	$ 5,488	$ 2,555
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of stock options	$ 5,500	$ 2,600
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, outstanding	1,156,000	1,083,000
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	471,000	491,000
PSAs [Member] | 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Of Share Outstanding	0
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.
PSAs [Member] | 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number Of Share Outstanding	0
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.
Awards vested	268,699
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] | 2023 [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] | 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	0%
PSAs [Member] | Minimum [Member] | 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	0%
PSAs [Member] | Minimum [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	0%
PSAs [Member] | Minimum [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	0%
PSAs [Member] | Minimum [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	0%
PSAs [Member] | Maximum [Member] | 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	200%
PSAs [Member] | Maximum [Member] | 2020 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	200%
PSAs [Member] | Maximum [Member] | 2021 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	200%
PSAs [Member] | Maximum [Member] | 2022 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	200%
PSAs [Member] | Maximum [Member] | 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	200%
Third Anniversary [Member] | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Awards Granted under the 2022 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance under plan	6,600,000
Number Of Share Outstanding	971,034
Remaining shares available for issuance	5,749,809

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. 02, 2023	Apr. 03, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 3,852	$ 4,456

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Outstanding Share-Based Awards (Detail) - shares shares in Thousands	Apr. 02, 2023	Apr. 03, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested options, outstanding	740	376
Unvested options, outstanding	481	1,088
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards other than options, outstanding	1,156	1,083
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards other than options, outstanding	471	491

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. 02, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 2, 2023	$ 40,794
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 2, 2023	$ 5,062
Remaining weighted average recognition period	2 years 2 months 12 days
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 2, 2023	$ 28,583
Remaining weighted average recognition period	1 year 9 months 18 days
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 2, 2023	$ 7,149
Remaining weighted average recognition period	2 years

Goodwill (Additional Informatio

Goodwill (Additional Information) (Details) - USD ($) $ in Thousands	Apr. 02, 2023	Jan. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 381,751	$ 368,878
Goodwill, Impaired, Accumulated Impairment Loss	$ 0	$ 0

Goodwill - summary of the activ

Goodwill - summary of the activity and balances in goodwill (Details) $ in Thousands	3 Months Ended
	Apr. 02, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 368,878
Additions	12,873
Goodwill, Ending Balance	$ 381,751

Business Combination (Additiona

Business Combination (Additional Information) (Details) - USD ($) $ in Thousands, shares in Millions	Mar. 20, 2023	Apr. 02, 2023	Jan. 01, 2023
Business Acquisition [Line Items]
Goodwill		$ 381,751	$ 368,878
Ronald Cohn, Inc.
Business Acquisition [Line Items]
Date of Acquisition	Mar. 20, 2023
Business combination, Common shares, Value	$ 18,100
Business Acquisition, Name of Acquired Entity	Ronald Cohn, Inc
Cash consideration	$ 13,000
Goodwill	12,900
Reacquired right of intangible asset	23,100
AllocationToNetTangibleAssets	$ (4,900)
Ronald Cohn, Inc. | Common Stock [Member]
Business Acquisition [Line Items]
Business acquisition, Common shares, Aggregate consideration paid	0.6

Store Closures (Additional Info

Store Closures (Additional Information) (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2023 Store	Apr. 02, 2023 USD ($)
Store Closures [Line Items]
Number of Closing Stores | Store	11
Store performance capacity rate	30%
Store closing charges		$ 27,800
Depreciation and amortization		4,000
Accelerated depreciation		6,000
Severance expense		$ 0