Sprouts Farmers Market (SFM) 10-Q 31 Oct 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Oct. 01, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 01, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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		101,560,802
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	Oct. 01, 2023	Jan. 01, 2023
Current assets:
Cash and cash equivalents	$ 251,780	$ 293,233
Accounts receivable, net	16,203	16,108
Inventories	323,662	310,545
Prepaid expenses and other current assets	28,906	53,918
Total current assets	620,551	673,804
Property and equipment, net of accumulated depreciation	773,072	722,241
Operating lease assets, net	1,294,270	1,106,524
Intangible assets	208,060	184,960
Goodwill	381,741	368,878
Other assets	12,814	13,973
Total assets	3,290,508	3,070,380
Current liabilities:
Accounts payable	190,133	172,904
Accrued liabilities	175,769	151,306
Accrued salaries and benefits	66,380	61,574
Current portion of operating lease liabilities	108,225	135,584
Current portion of finance lease liabilities	1,038	1,012
Total current liabilities	541,545	522,380
Long-term operating lease liabilities	1,382,937	1,145,173
Long-term debt and finance lease liabilities	158,936	258,902
Other long-term liabilities	38,009	36,340
Deferred income tax liability	54,072	61,123
Total liabilities	2,175,499	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 101,623,482 shares issued and outstanding, October 1, 2023;105,072,756 shares issued and outstanding, January 1, 2023	101	105
Additional paid-in capital	768,057	726,345
Retained earnings	346,851	320,012
Total stockholders’ equity	1,115,009	1,046,462
Total liabilities and stockholders’ equity	$ 3,290,508	$ 3,070,380

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 01, 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	101,623,482	105,072,756
Common stock, shares outstanding	101,623,482	105,072,756

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Income Statement [Abstract]
Net sales	$ 1,713,282	$ 1,591,026	$ 5,138,839	$ 4,827,669
Cost of sales	1,087,848	1,007,376	3,237,371	3,051,914
Gross profit	625,434	583,650	1,901,468	1,775,755
Selling, general and administrative expenses	502,801	460,834	1,486,961	1,382,854
Depreciation and amortization (exclusive of depreciation included in cost of sales)	31,802	30,313	99,834	93,377
Store closure and other costs, net	3,176	2,164	33,880	3,034
Income from operations	87,655	90,339	280,793	296,490
Interest expense, net	1,698	1,951	6,058	7,648
Income before income taxes	85,957	88,388	274,735	288,842
Income tax provision	20,644	22,648	65,928	72,798
Net income	$ 65,313	$ 65,740	$ 208,807	$ 216,044
Net income per share:
Basic	$ 0.64	$ 0.61	$ 2.03	$ 1.98
Diluted	$ 0.64	$ 0.61	$ 2.01	$ 1.97
Weighted average shares outstanding:
Basic	101,881	107,229	102,844	109,066
Diluted	102,703	108,095	103,758	109,888

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 65,313	$ 65,740	$ 208,807	$ 216,044
Other comprehensive income (loss), net of tax
Unrealized gains on cash flow hedging activities, net of income tax of $149 and $2,167 during the thirteen and thirty-nine weeks ended October 2, 2022	0	432	0	6,266
Reclassification of net losses on cash flow hedges to net income, net of income tax of ($44) and ($695) during the thirteen and thirty-nine weeks ended October 2, 2022	0	(127)	0	(2,010)
Total other comprehensive income	0	305	0	4,256
Comprehensive income	$ 65,313	$ 66,045	$ 208,807	$ 220,300

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 02, 2022	Oct. 02, 2022
Statement of Comprehensive Income [Abstract]
Income tax expenses (Benefit) on cash flow hedging activities	$ 149	$ 2,167
Income tax expenses (Benefit) for reclassification of net gains (losses) on cash flow hedges	$ (44)	$ (695)

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 (Loss)	216,044			216,044
Other comprehensive income (loss)	4,256				4,256
Issuance of shares under stock plans	4,074
Issuance of shares under stock plans, Shares		814,002
Repurchase and retirement of common stock	$ (155,094)	$ (5)		(155,089)
Repurchase and retirement of common stock, Shares	(5,437,054)	(5,437,054)
Share-based compensation	$ 11,672		11,672
Issuance of shares for acquisition	0		4,074
Ending Balance at Oct. 02, 2022	1,040,828	$ 106	720,447	319,777	498
Ending Balance, Shares at Oct. 02, 2022		106,491,322
Beginning Balance at Jul. 03, 2022	1,013,690	$ 108	715,331	298,058	193
Beginning Balance, Shares at Jul. 03, 2022		107,967,677
Net Income (Loss)	65,740			65,740
Other comprehensive income (loss)	305				305
Issuance of shares under stock plans	1,364	$ 81,841	1,364
Repurchase and retirement of common stock	$ (44,023)	$ (2)		(44,021)
Repurchase and retirement of common stock, Shares	(1,558,196)	(1,558,196)
Share-based compensation	$ 3,752		3,752
Ending Balance at Oct. 02, 2022	1,040,828	$ 106	720,447	319,777	$ 498
Ending Balance, Shares at Oct. 02, 2022		106,491,322
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 (Loss)	208,807			208,807
Other comprehensive income (loss)	0
Issuance of shares under stock plans	8,844	$ 1	8,843
Issuance of shares under stock plans, Shares		1,304,127
Repurchase and retirement of common stock	$ (181,974)	$ (6)		(181,968)
Repurchase and retirement of common stock, Shares	(5,307,759)	(5,307,759)
Share-based compensation	$ 14,731		14,731
Issuance of shares for acquisition, Shares		554,358
Issuance of shares for acquisition	18,139	$ 1	18,138
Ending Balance at Oct. 01, 2023	1,115,009	$ 101	768,057	346,851
Ending Balance, Shares at Oct. 01, 2023		101,623,482
Beginning Balance at Jul. 02, 2023	1,075,153	$ 102	761,181	313,870
Beginning Balance, Shares at Jul. 02, 2023		102,183,083
Net Income (Loss)	65,313			65,313
Other comprehensive income (loss)	0
Issuance of shares under stock plans	1,606	$ 0	1,606
Issuance of shares under stock plans, Shares		271,815
Repurchase and retirement of common stock	$ (32,333)	$ (1)		(32,332)
Repurchase and retirement of common stock, Shares	(831,416)	(831,416)
Share-based compensation	$ 5,270		5,270
Ending Balance at Oct. 01, 2023	$ 1,115,009	$ 101	$ 768,057	$ 346,851
Ending Balance, Shares at Oct. 01, 2023		101,623,482

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Operating activities
Net income	$ 208,807	$ 216,044
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	103,668	96,057
Operating lease asset amortization	94,403	87,316
Impairment of assets	27,845	171
Share-based compensation	14,731	11,672
Deferred income taxes	(13,225)	1,025
Other non-cash items	596	404
Changes in operating assets and liabilities, net of effects from acquisition:
Accounts receivable	10,070	16,491
Inventories	(11,322)	(36,280)
Prepaid expenses and other current assets	21,093	(7,880)
Other assets	3,870	1,678
Accounts payable	27,446	23,121
Accrued liabilities	19,027	2,482
Accrued salaries and benefits	4,509	(4,868)
Operating lease liabilities	(103,787)	(99,055)
Other long-term liabilities	1,294	(1,588)
Cash flows from operating activities	409,025	306,790
Investing activities
Purchases of property and equipment	(165,016)	(80,749)
Payments for acquisition, net of cash acquired	(13,032)	0
Cash flows used in investing activities	(178,048)	(80,749)
Financing activities
Proceeds from revolving credit facilities	0	62,500
Payments on revolving credit facilities	(100,000)	(62,500)
Payments on finance lease liabilities	(749)	(600)
Payments of deferred financing costs	0	(3,373)
Repurchase of common stock	(180,415)	(155,094)
Proceeds from exercise of stock options	8,844	4,074
Cash flows used in financing activities	(272,320)	(154,993)
(Decrease)/Increase in cash, cash equivalents, and restricted cash	(41,343)	71,048
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	253,849	318,052
Supplemental disclosure of cash flow information
Cash paid for interest	10,519	8,415
Cash paid for income taxes	64,569	65,671
Supplemental disclosure of non-cash activities
Property and equipment in accounts payable and accrued liabilities	28,500	17,834
Issuance of shares for acquisition	18,139	0
Leased assets obtained in exchange for new operating lease liabilities	301,452	96,956
Leased assets obtained in exchange for new finance lease liabilities	$ 809	$ 0

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 65,313	$ 65,740	$ 208,807	$ 216,044

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Oct. 01, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 11, 2023 , Lawrence Molloy , our Chief Financial Officer , adopted a written plan for the sale of our common stock that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act (a “ Rule 10b5-1 Trading Plan ”). The Rule 10b5-1 Trading Plan provides for the sale of up to 108,568 shares of the Company's common stock beginning November 10, 2023 through August 11, 2024. During the third quarter of 2023, except as described above, none of our other directors or executive officers adopted or terminated a Rule 10b5-1 Trading Plan, or a “ non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Lawrence Molloy [Member]
Trading Arrangements, by Individual
Name	Lawrence Molloy
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 11, 2023
Aggregate Available	108,568

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 01, 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 October 1, 2023 , the Company operated 401 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 thirty-nine weeks ended October 2, 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	9 Months Ended
	Oct. 01, 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: Thirty-nine weeks ended October 1, 2023 October 2, 2022 Beginning Balance $ 10,906 $ 12,586 Gift cards issued during the period but not redeemed (1) 1,926 1,911 Revenue recognized from beginning liability ( 4,139 ) ( 5,350 ) Ending Balance $ 8,693 $ 9,147 (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 October 1, 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 $ 2.1 million and $ 2.0 million as of October 1, 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 October 1, 2023 had, or are expected to have, a material impact on the Company’s consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 01, 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 October 1, 2023 and January 1, 2023: October 1, 2023 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 150,000 $ — $ 150,000 Total financial liabilities $ — $ 150,000 $ — $ 150,000 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 October 1, 2023 and January 1, 2023 .

Long-Term Debt and Finance Leas

Long-Term Debt and Finance Lease Liabilities	9 Months Ended
	Oct. 01, 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 October 1, 2023 January 1, 2023 Senior secured debt $ 700.0 million Credit Agreement March 25, 2027 Variable $ 150,000 $ 250,000 Finance lease liabilities Various n/a 8,936 8,902 Long-term debt and finance lease liabilities $ 158,936 $ 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, were recorded to prepaid expenses and other current assets and other assets in the consolidated balance sheets and 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 $ 21.5 million have been issued as of October 1, 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 October 1, 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 0.95 % per annum. As of October 1, 2023, outstanding letters of credit issued under the Credit Agreement were subject to a participation fee of 0.95 % 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 and thirty-nine weeks ended October 1, 2023 , the Company made no additional borrowings and made principal payments of $ 25.0 million and $ 100.0 million, respectively, resulting in total outstanding debt under the Credit Agreement of $ 150.0 million as of October 1, 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. 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 October 1, 2023 .

Income Taxes

Income Taxes	9 Months Ended
	Oct. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The Company’s effective tax rate decreased to 24.0 % for the thirteen weeks ended October 1, 2023 , compared to 25.6 % for the thirteen weeks ended October 2, 2022 . The decrease in the effective tax rate was primarily due to an increase in excess tax benefits associated with share-based payment awards. The income tax effect resulting from excess tax benefits of share-based payment awards was $ 1.1 million for the thirteen weeks ended October 1, 2023 and was immaterial for the thirteen weeks ended October 2, 2022. The Company's effective tax rate decreased to 24.0 % for the thirty-nine weeks ended October 1, 2023 compared to 25.2 % for the thirty-nine weeks ended October 2, 2022 . The decrease in the effective tax rate was primarily due to an increase in excess tax benefits associated with share-based payment awards. The income tax effect resulting from excess tax benefits of share-based payment awards was $ 4.2 million and $ 1.6 million for the thirty-nine weeks ended October 1, 2023 and October 2, 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	9 Months Ended
	Oct. 01, 2023
Related Party Transactions [Abstract]
Related Party Transactions	6. Related Party Transactions During the thirteen and thirty-nine weeks ended October 1, 2023 , the Company did no t have any material 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. The cost of sales recognized from this supplier during the thirteen weeks ended October 2, 2022 was $ 1.2 million and was $ 2.5 million from the beginning of the second quarter of 2022 through October 2, 2022 .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Oct. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. 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, concluding the matter.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Oct. 01, 2023
Equity [Abstract]
Stockholders' Equity	8. 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 program authorized by the Company’s board of directors and the related repurchase activity and available authorization as of October 1, 2023. Effective date Expiration date Amount Cost of Authorization March 2, 2022 December 31, 2024 $ 600,000 $ 368,538 $ 231,462 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 Thirty-nine weeks ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Number of common shares acquired 831,416 1,558,196 5,307,759 5,437,054 Average price per common share acquired $ 38.89 $ 28.25 $ 34.28 $ 28.53 Total cost of common shares acquired $ 32,333 $ 44,023 $ 181,974 $ 155,094 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 and thirty-nine weeks ended October 1, 2023 included the 1 % excise tax imposed as part of the Inflation Reduction Act of 2022. Subsequent to October 1, 2023 and through the date of this filing, the Company repurchased an additional 0.1 million shares of common stock for $ 2.8 million.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Oct. 01, 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 Thirty-nine weeks ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Basic net income per share: Net income $ 65,313 $ 65,740 $ 208,807 $ 216,044 Weighted average shares outstanding - basic 101,881 107,229 102,844 109,066 Basic net income per share $ 0.64 $ 0.61 $ 2.03 $ 1.98 Diluted net income per share: Net income $ 65,313 $ 65,740 $ 208,807 $ 216,044 Weighted average shares outstanding - 101,881 107,229 102,844 109,066 Dilutive effect of share-based awards: Assumed exercise of options to purchase shares 317 314 345 318 RSUs 505 266 511 371 PSAs — 286 58 133 Weighted average shares and 102,703 108,095 103,758 109,888 Diluted net income per share $ 0.64 $ 0.61 $ 2.01 $ 1.97 For the thirteen weeks ended October 1, 2023 , the Company had 0.2 million options 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 October 2, 2022 , the Company had 0.3 million options and 0.3 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 thirty-nine weeks ended October 1, 2023 , the Company had 0.4 million options 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 thirty-nine weeks ended October 2, 2022 , the Company had 0.5 million options, 0.1 million RSUs, and 0.3 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	9 Months Ended
	Oct. 01, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	10. Derivative Financial Instruments The Company did no t have any outstanding interest rate swap agreements as of October 1, 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 Thirty-nine weeks ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Consolidated Statements of Interest expense, net $ — $ 171 $ — $ 2,705

Comprehensive Income

Comprehensive Income	9 Months Ended
	Oct. 01, 2023
Equity [Abstract]
Comprehensive Income	11. Comprehensive Income The following table presents the changes in accumulated other comprehensive income (loss) for the thirty-nine weeks ended October 2, 2022. Cash Flow Balance at January 2, 2022 $ ( 3,758 ) Other comprehensive income, net of tax Unrealized gains on cash flow hedging activities, net of income tax of $ 2,167 6,266 Reclassification of net losses on cash flow hedges to net income, net of income 695 ) ( 2,010 ) Total other comprehensive income 4,256 Balance at October 2, 2022 $ 498 Amounts reclassified from accumulated other comprehensive income (loss) were included within interest expense, net on the consolidated statements of income.

Segments

Segments	9 Months Ended
	Oct. 01, 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 and thirty-nine weeks ended October 1, 2023 and October 2, 2022. Thirteen weeks ended October 1, 2023 October 2, 2022 Perishables $ 985,760 57.5 % $ 928,908 58.4 % Non-Perishables 727,522 42.5 % 662,118 41.6 % Net Sales $ 1,713,282 100.0 % $ 1,591,026 100.0 % Thirty-nine weeks ended October 1, 2023 October 2, 2022 Perishables $ 2,956,584 57.5 % $ 2,817,268 58.4 % Non-Perishables 2,182,255 42.5 % 2,010,401 41.6 % Net Sales $ 5,138,839 100.0 % $ 4,827,669 100.0 % 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	9 Months Ended
	Oct. 01, 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 thirty-nine weeks ended October 1, 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 May 1, 2023 2,931 — — June 7, 2023 1,271 — — September 5, 2023 6,408 — — September 11, 2023 10,204 — — Total 512,543 172,059 221,085 Weighted-average grant date fair value $ 33.18 $ 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 October 1, 2023 , there were 912,037 stock awards outstanding and 5,774,130 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 earnings before interest and taxes ("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 October 1, 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 thirty-nine weeks ended October 1, 2023 , 268,699 of the 2020 PSAs vested. There were no outstanding 2020 PSAs as of October 1, 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 Thirty-nine weeks ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Share-based compensation expense $ 5,270 $ 3,752 $ 14,731 $ 11,672 The following share-based awards were outstanding as of October 1, 2023 and October 2, 2022: As of October 1, 2023 October 2, 2022 (in thousands) Options Vested 567 313 Unvested 469 1,047 RSUs 897 974 PSAs 471 460 As of October 1, 2023, total unrecognized compensation expense and remaining weighted average recognition period related to outstanding share-based awards were as follows: Unrecognized Remaining Options $ 3,773 1.7 RSUs 19,842 1.7 PSAs 5,805 1.5 Total unrecognized compensation expense at October 1, 2023 $ 29,420 During the thirty-nine weeks ended October 1, 2023 and October 2, 2022 , the Company received $ 8.8 million and $ 4.1 million, respectively, in cash proceeds from the exercise of options.

Goodwill

Goodwill	9 Months Ended
	Oct. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	14. Goodwill The Company’s goodwill balance was $ 381.7 million and $ 368.9 million as of October 1, 2023 and January 1, 2023, respectively. As of October 1, 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 October 1, 2023 Goodwill $ 368,878 $ 12,863 $ 381,741

Store Closures

Store Closures	9 Months Ended
	Oct. 01, 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, all of which were closed during the thirty-nine weeks ended October 1, 2023 . These stores, on average, were approximately 30 % larger than the Company's current prototype format and were underperforming financially. The closure of these stores resulted in a charge of $ 27.8 million during the thirty-nine weeks ended October 1, 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 represented the excess of the carrying value over the estimated fair value of each store's asset group. Accelerated depreciation on the closed stores' assets during the thirty-nine weeks ended October 1, 2023 was $ 5.9 million, and is reflected in Depreciation and amortization on the consolidated statements of income. Severance expense was immaterial during the thirty-nine weeks ended October 1, 2023 , and no further severance expense is expected to be incurred.

Business Combination

Business Combination	9 Months Ended
	Oct. 01, 2023
Business Combination, Description [Abstract]
Business Combination	16. 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 and thirty-nine weeks ended October 1, 2023. 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. There have been no material changes to the purchase price allocation originally recorded in the first quarter of 2023. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Oct. 01, 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: Thirty-nine weeks ended October 1, 2023 October 2, 2022 Beginning Balance $ 10,906 $ 12,586 Gift cards issued during the period but not redeemed (1) 1,926 1,911 Revenue recognized from beginning liability ( 4,139 ) ( 5,350 ) Ending Balance $ 8,693 $ 9,147 (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 October 1, 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 $ 2.1 million and $ 2.0 million as of October 1, 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 October 1, 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)	9 Months Ended
	Oct. 01, 2023
Schedule of Estimated Breakage Revenue Recognized	A summary of the activity and balances in the gift card liability, net is as follows: Thirty-nine weeks ended October 1, 2023 October 2, 2022 Beginning Balance $ 10,906 $ 12,586 Gift cards issued during the period but not redeemed (1) 1,926 1,911 Revenue recognized from beginning liability ( 4,139 ) ( 5,350 ) Ending Balance $ 8,693 $ 9,147 (1) net of estimated breakage

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 01, 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 October 1, 2023 and January 1, 2023: October 1, 2023 Level 1 Level 2 Level 3 Total Long-term debt $ — $ 150,000 $ — $ 150,000 Total financial liabilities $ — $ 150,000 $ — $ 150,000 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)	9 Months Ended
	Oct. 01, 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 October 1, 2023 January 1, 2023 Senior secured debt $ 700.0 million Credit Agreement March 25, 2027 Variable $ 150,000 $ 250,000 Finance lease liabilities Various n/a 8,936 8,902 Long-term debt and finance lease liabilities $ 158,936 $ 258,902

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Oct. 01, 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 program authorized by the Company’s board of directors and the related repurchase activity and available authorization as of October 1, 2023. Effective date Expiration date Amount Cost of Authorization March 2, 2022 December 31, 2024 $ 600,000 $ 368,538 $ 231,462
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 Thirty-nine weeks ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Number of common shares acquired 831,416 1,558,196 5,307,759 5,437,054 Average price per common share acquired $ 38.89 $ 28.25 $ 34.28 $ 28.53 Total cost of common shares acquired $ 32,333 $ 44,023 $ 181,974 $ 155,094

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Oct. 01, 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 Thirty-nine weeks ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Basic net income per share: Net income $ 65,313 $ 65,740 $ 208,807 $ 216,044 Weighted average shares outstanding - basic 101,881 107,229 102,844 109,066 Basic net income per share $ 0.64 $ 0.61 $ 2.03 $ 1.98 Diluted net income per share: Net income $ 65,313 $ 65,740 $ 208,807 $ 216,044 Weighted average shares outstanding - 101,881 107,229 102,844 109,066 Dilutive effect of share-based awards: Assumed exercise of options to purchase shares 317 314 345 318 RSUs 505 266 511 371 PSAs — 286 58 133 Weighted average shares and 102,703 108,095 103,758 109,888 Diluted net income per share $ 0.64 $ 0.61 $ 2.01 $ 1.97

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Oct. 01, 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 Thirty-nine weeks ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Consolidated Statements of Interest expense, net $ — $ 171 $ — $ 2,705

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
	Oct. 01, 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 thirty-nine weeks ended October 2, 2022. Cash Flow Balance at January 2, 2022 $ ( 3,758 ) Other comprehensive income, net of tax Unrealized gains on cash flow hedging activities, net of income tax of $ 2,167 6,266 Reclassification of net losses on cash flow hedges to net income, net of income 695 ) ( 2,010 ) Total other comprehensive income 4,256 Balance at October 2, 2022 $ 498

Segments (Tables)

Segments (Tables)	9 Months Ended
	Oct. 01, 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 and thirty-nine weeks ended October 1, 2023 and October 2, 2022. Thirteen weeks ended October 1, 2023 October 2, 2022 Perishables $ 985,760 57.5 % $ 928,908 58.4 % Non-Perishables 727,522 42.5 % 662,118 41.6 % Net Sales $ 1,713,282 100.0 % $ 1,591,026 100.0 % Thirty-nine weeks ended October 1, 2023 October 2, 2022 Perishables $ 2,956,584 57.5 % $ 2,817,268 58.4 % Non-Perishables 2,182,255 42.5 % 2,010,401 41.6 % Net Sales $ 5,138,839 100.0 % $ 4,827,669 100.0 %

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Oct. 01, 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 Thirty-nine weeks ended October 1, 2023 October 2, 2022 October 1, 2023 October 2, 2022 Share-based compensation expense $ 5,270 $ 3,752 $ 14,731 $ 11,672
Summary of Outstanding Share-Based Awards	The following share-based awards were outstanding as of October 1, 2023 and October 2, 2022: As of October 1, 2023 October 2, 2022 (in thousands) Options Vested 567 313 Unvested 469 1,047 RSUs 897 974 PSAs 471 460
Summary of Total Unrecognized Compensation Expense and Remaining Weighted Average Recognition Period Related to Outstanding Share-Based Awards	As of October 1, 2023, total unrecognized compensation expense and remaining weighted average recognition period related to outstanding share-based awards were as follows: Unrecognized Remaining Options $ 3,773 1.7 RSUs 19,842 1.7 PSAs 5,805 1.5 Total unrecognized compensation expense at October 1, 2023 $ 29,420
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 thirty-nine weeks ended October 1, 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 May 1, 2023 2,931 — — June 7, 2023 1,271 — — September 5, 2023 6,408 — — September 11, 2023 10,204 — — Total 512,543 172,059 221,085 Weighted-average grant date fair value $ 33.18 $ 32.95 $ 12.63 Weighted-average exercise price $ — $ — $ 32.95

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Oct. 01, 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 October 1, 2023 Goodwill $ 368,878 $ 12,863 $ 381,741

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) $ in Thousands	9 Months Ended
	Oct. 01, 2023 USD ($) State Store	Oct. 02, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating stores | Store	401
Number of states entity operates | State	23
Proceeds from revolving credit facilities	$ 0	$ 62,500
Payments on revolving credit facilities	$ (100,000)	$ (62,500)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Estimated Breakage Revenue Recognized (Detail) - USD ($) $ in Thousands		9 Months Ended
		Oct. 01, 2023	Oct. 02, 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]	1,926	1,911
Revenue recognized from beginning liability		(4,139)	(5,350)
Net gift card liability ending balance		$ 8,693	$ 9,147
[1] net of estimated breakage

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	Oct. 01, 2023	Jan. 01, 2023
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	$ 2.1	$ 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	Oct. 01, 2023	Jan. 01, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	$ 150,000	$ 250,000
Total financial liabilities	150,000	250,000
Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-term debt	150,000	250,000
Total financial liabilities	$ 150,000	$ 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	9 Months Ended
	Oct. 01, 2023	Jan. 01, 2023
Long Term Debt And Finance Lease Liabilities [Line Items]
Finance lease liabilities	$ 8,936	$ 8,902
Long-term debt and finance lease liabilities	158,936	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	$ 150,000	$ 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	Oct. 01, 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	9 Months Ended		12 Months Ended
	Oct. 01, 2023	Oct. 01, 2023	Oct. 02, 2022	Jan. 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		0.95%
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	100,000
Borrowings under credit facilities	150,000	$ 150,000		$ 250,000
Credit Agreement [Member] | Minimum [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Net leverage ratio		100%
Interest coverage ratio		1%
Credit Agreement [Member] | Maximum [Member]
Long Term Debt And Finance Lease Liabilities [Line Items]
Net leverage ratio		375%
Interest coverage ratio		3%
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	$ 70,000
Letters of credit issued	21,500	$ 21,500
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	$ 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		0.95%
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	$ 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		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	24%	25.60%	24%	25.20%
Excess tax benefits of equity-based compensation	$ 1.1		$ 4.2	$ 1.6

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Related Party Transaction [Line Items]
Cost Of Sales Recognized from supplier		$ 1,200		$ 2,500
Related Party Transactions	$ 0		$ 0

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	9 Months Ended
	Oct. 01, 2023	Mar. 02, 2022
Equity Class Of Treasury Stock [Line Items]
Common stock repurchased during the period, shares	100,000
Common stock repurchased during the period, value	$ 2,800
Excise tax	1%
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	$ 231,462

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	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Equity Class Of Treasury Stock [Line Items]
Cost of repurchases	$ 180,415	$ 155,094
March 2, 2022 [Member]
Equity Class Of Treasury Stock [Line Items]
Effective date	Mar. 02, 2022
Expiration date	Dec. 31, 2024
Amount authorized	$ 600,000
Cost of repurchases	368,538
Authorization available	$ 231,462

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		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Equity [Abstract]
Number of common shares acquired	831,416	1,558,196	5,307,759	5,437,054
Average price per common share acquired	$ 38.89	$ 28.25	$ 34.28	$ 28.53
Total cost of common shares acquired	$ 32,333	$ 44,023	$ 181,974	$ 155,094

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		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Basic net income per share:
Basic net income per share	$ 0.64	$ 0.61	$ 2.03	$ 1.98
Diluted net income per share:
Net Income (Loss)	$ 65,313	$ 65,740	$ 208,807	$ 216,044
Weighted average shares outstanding - basic	101,881	107,229	102,844	109,066
Dilutive effect of share-based awards:
Assumed exercise of options to purchase shares	317	314	345	318
Weighted average shares and equivalent shares outstanding - diluted	102,703	108,095	103,758	109,888
Diluted net income per share	$ 0.64	$ 0.61	$ 2.01	$ 1.97
RSUs [Member]
Dilutive effect of share-based awards:
Dilutive effect	505	266	511	371
PSAs [Member]
Dilutive effect of share-based awards:
Dilutive effect	0	286	58	133

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.2	0.3	0.4	0.5
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities				0.1
PSAs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.5	0.3	0.5	0.3

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Detail) - Forward Contract [Member] $ in Millions	1 Months Ended
	Dec. 31, 2017 USD ($) Hedge	Oct. 01, 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 Losses of Derivative Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 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	$ 0	$ 171	$ 0	$ 2,705

Comprehensive Income - Changes

Comprehensive Income - Changes In Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 1,075,153	$ 1,013,690	$ 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	432	0	6,266
Reclassification of net gains (losses) on cash flow hedges to net income, net of income tax of ($377)	0	(127)	0	(2,010)
Total other comprehensive income	0	305	0	4,256
Ending Balance	$ 1,115,009	1,040,828	$ 1,115,009	1,040,828
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				6,266
Reclassification of net gains (losses) on cash flow hedges to net income, net of income tax of ($377)				(2,010)
Total other comprehensive income				4,256
Ending Balance		$ 498		$ 498

Comprehensive Income - Change_2

Comprehensive Income - Changes In Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 02, 2022	Oct. 02, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Income tax expenses (Benefit) on cash flow hedging activities	$ 149	$ 2,167
Income tax expenses (Benefit) for reclassification of net gains (losses) on cash flow hedges	$ (44)	(695)
Cash Flow Hedges [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Income tax expenses (Benefit) on cash flow hedging activities		2,167
Income tax expenses (Benefit) for reclassification of net gains (losses) on cash flow hedges		$ (695)

Segments - Additional Informati

Segments - Additional Information (Detail)	9 Months Ended
	Oct. 01, 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		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 1,713,282	$ 1,591,026	$ 5,138,839	$ 4,827,669
Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	100%	100%	100%	100%
Perishables [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 985,760	$ 928,908	$ 2,956,584	$ 2,817,268
Perishables [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	57.50%	58.40%	57.50%	58.40%
Non-Perishables [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, amount	$ 727,522	$ 662,118	$ 2,182,255	$ 2,010,401
Non-Perishables [Member] | Sales Revenue, Goods, Net [Member] | Product Concentration Risk [Member]
Disaggregation Of Revenue [Line Items]
Net Sales, percentage	42.50%	41.60%	42.50%	41.60%

Share-Based Compensation - Summ

Share-Based Compensation - Summary of Stock-Based Compensation Awards Granted (Detail) - Awards Granted under the 2022 Incentive Plan [Member]	9 Months Ended
	Oct. 01, 2023 $ / shares shares
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	512,543
Weighted-average grant date fair value | $ / shares	$ 33.18
Weighted-average exercise price | $ / shares	$ 0
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	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	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	491,729
March 14, 2023 Member | PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	172,059
March 14, 2023 Member | Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	221,085
May 1, 2023 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	2,931
June 7, 2023 [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	1,271
September 5, 2023 | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	6,408
September 11, 2023 | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock	10,204

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of stock options	$ 8,844	$ 4,074
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of stock options	$ 8,800	$ 4,100
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, outstanding	897,000	974,000
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	460,000
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	912,037
Remaining shares available for issuance	5,774,130

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		9 Months Ended
	Oct. 01, 2023	Oct. 02, 2022	Oct. 01, 2023	Oct. 02, 2022
Share-Based Payment Arrangement [Abstract]
Share-based compensation expense	$ 5,270	$ 3,752	$ 14,731	$ 11,672

Share-Based Compensation - Su_3

Share-Based Compensation - Summary of Outstanding Share-Based Awards (Detail) - shares shares in Thousands	Oct. 01, 2023	Oct. 02, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested options, outstanding	567	313
Unvested options, outstanding	469	1,047
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards other than options, outstanding	897	974
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based awards other than options, outstanding	471	460

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	9 Months Ended
	Oct. 01, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 2, 2023	$ 29,420
Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 2, 2023	$ 3,773
Remaining weighted average recognition period	1 year 8 months 12 days
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 2, 2023	$ 19,842
Remaining weighted average recognition period	1 year 8 months 12 days
PSAs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense at April 2, 2023	$ 5,805
Remaining weighted average recognition period	1 year 6 months

Goodwill (Additional Informatio

Goodwill (Additional Information) (Details) - USD ($) $ in Thousands	Oct. 01, 2023	Jan. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 381,741	$ 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	9 Months Ended
	Oct. 01, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Beginning Balance	$ 368,878
Additions	12,863
Goodwill, Ending Balance	$ 381,741

Store Closures (Additional Info

Store Closures (Additional Information) (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Feb. 28, 2023	Oct. 01, 2023 USD ($) Store
Store Closures [Line Items]
Number of Closing Stores | Store		11
Store performance capacity rate	30%
Store closing charges		$ 27,800
Depreciation and amortization		5,900
Severance expense		$ 0

Business Combination (Additiona

Business Combination (Additional Information) (Details) - USD ($) $ in Thousands, shares in Millions	Mar. 20, 2023	Oct. 01, 2023	Jan. 01, 2023
Business Acquisition [Line Items]
Goodwill		$ 381,741	$ 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