Sprouts Farmers Market (SFM) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 03, 2016	May. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Apr. 3, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	SFM
Entity Registrant Name	SPROUTS FARMERS MARKET, INC.
Entity Central Index Key	1,575,515
Current Fiscal Year End Date	--01-03
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		150,742,588

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Apr. 03, 2016	Jan. 03, 2016
Current assets:
Cash and cash equivalents	$ 145,650	$ 136,069
Accounts receivable, net	14,953	20,424
Inventories	172,552	165,434
Prepaid expenses and other current assets	18,741	23,288
Total current assets	351,896	345,215
Property and equipment, net of accumulated depreciation	507,398	494,067
Intangible assets, net of accumulated amortization	198,300	198,601
Goodwill	368,078	368,078
Other assets	23,764	19,003
Deferred income tax asset		1,400
Total assets	1,449,436	1,426,364
Current liabilities:
Accounts payable	157,000	134,480
Accrued salaries and benefits	25,650	30,717
Other accrued liabilities	44,298	50,253
Income tax payable	11,222
Current portion of capital and financing lease obligations	7,072	14,972
Total current liabilities	245,242	230,422
Long-term capital and financing lease obligations	113,942	115,500
Long-term debt	160,000	160,000
Other long-term liabilities	106,199	97,450
Deferred income tax liability	6,010
Total liabilities	$ 631,393	$ 603,372
Commitments and contingencies (Note 10)
Stockholders’ equity:
Undesignated preferred stock; $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.001 par value; 200,000,000 shares authorized, 150,731,088 and 152,577,884 shares issued and outstanding, April 3, 2016 and January 3, 2016, respectively	$ 151	$ 153
Additional paid-in capital	585,545	577,393
Retained earnings	232,347	245,446
Total stockholders’ equity	818,043	822,992
Total liabilities and stockholders’ equity	$ 1,449,436	$ 1,426,364

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 03, 2016	Jan. 03, 2016
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	150,731,088	152,577,884
Common stock, shares outstanding	150,731,088	152,577,884

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 03, 2016	Mar. 29, 2015
Income Statement [Abstract]
Net sales	$ 993,241	$ 857,506
Cost of sales, buying and occupancy	686,728	599,713
Gross profit	306,513	257,793
Direct store expenses	193,778	163,190
Selling, general and administrative expenses	30,896	24,027
Store pre-opening costs	3,966	2,773
Store closure and exit costs	37	1,229
Income from operations	77,836	66,574
Interest expense	(3,601)	(5,868)
Other income	101	62
Income before income taxes	74,336	60,768
Income tax provision	(28,129)	(23,301)
Net income	$ 46,207	$ 37,467
Net income per share:
Basic	$ 0.31	$ 0.25
Diluted	$ 0.30	$ 0.24
Weighted average shares outstanding:
Basic	150,723	152,235
Diluted	153,144	155,482

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]
Beginning Balance at Dec. 28, 2014	$ 685,389	$ 152	$ 543,048	$ 142,189
Beginning Balance, Shares at Dec. 28, 2014		151,833,334
Net income	128,991			128,991
Issuance of shares under option plans	6,320	$ 2	6,318
Issuance of shares under option plans, Shares		1,812,829
Repurchase and retirement of common stock	(25,735)	$ (1)		(25,734)
Repurchase and retirement of common stock, Shares		(1,068,279)
Excess tax benefit for exercise of options	20,009		20,009
Equity-based compensation	8,018		8,018
Ending Balance at Jan. 03, 2016	822,992	$ 153	577,393	245,446
Ending Balance, Shares at Jan. 03, 2016		152,577,884
Net income	46,207			46,207
Issuance of shares under option plans	1,933		1,933
Issuance of shares under option plans, Shares		584,925
Repurchase and retirement of common stock	$ (59,308)	$ (2)		(59,306)
Repurchase and retirement of common stock, Shares	(2,431,721)	(2,431,721)
Excess tax benefit for exercise of options	$ 3,563		3,563
Equity-based compensation	2,656		2,656
Ending Balance at Apr. 03, 2016	$ 818,043	$ 151	$ 585,545	$ 232,347
Ending Balance, Shares at Apr. 03, 2016		150,731,088

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2016	Mar. 29, 2015
Cash flows from operating activities
Net income	$ 46,207	$ 37,467
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	18,832	15,853
Accretion of asset retirement obligation and closed facility reserve	80	79
Amortization of financing fees and debt issuance costs	116	339
(Gain)/Loss on disposal of property and equipment	(117)	272
Equity-based compensation	2,656	1,142
Deferred income taxes	7,410	1,657
Changes in operating assets and liabilities:
Accounts receivable	5,638	(11,895)
Inventories	(7,119)	(5,960)
Prepaid expenses and other current assets	4,547	(4,098)
Other assets	(4,876)	(6,307)
Accounts payable	15,578	29,474
Accrued salaries and benefits	(5,068)	(5,055)
Other accrued liabilities and income taxes payable	5,105	1,962
Other long-term liabilities	8,958	13,154
Net cash provided by operating activities	97,947	68,084
Cash flows from investing activities
Purchases of property and equipment	(34,000)	(33,755)
Proceeds from sale of property and equipment	662
Purchase of leasehold interests	(138)
Net cash used in investing activities	(33,476)	(33,755)
Cash flows from financing activities
Payments on term loan		(1,750)
Payments on capital lease obligations	(173)	(161)
Payments on financing lease obligations	(905)	(836)
Repurchase of common stock	(59,308)
Excess tax benefit for exercise of stock options	3,563	12,199
Proceeds from the exercise of stock options	1,933	3,425
Net cash (used in) provided by financing activities	(54,890)	12,877
Net increase in cash and cash equivalents	9,581	47,206
Cash and cash equivalents at beginning of the period	136,069	130,513
Cash and cash equivalents at the end of the period	145,650	177,719
Supplemental disclosure of cash flow information
Cash paid for interest	3,716	5,564
Cash paid for income taxes		249
Supplemental disclosure of non-cash investing and financing activities
Property and equipment in accounts payable	23,137	$ 21,147
Property acquired through capital and financing lease obligations	$ 1,744

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 03, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation Sprouts Farmers Market, Inc., a Delaware corporation, through its subsidiaries, operates as a healthy grocery store that offers fresh, natural and organic food that includes fresh produce, bulk foods, vitamins and supplements, grocery, meat and seafood, bakery, deli, dairy, frozen foods, body care and natural household items catering to consumers’ growing interest in eating and living healthier. 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 3, 2016 included in the Company’s Annual Report on Form 10-K, filed on February 25, 2016. 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. Fiscal year 2016 is a 52-week year, and fiscal year 2015 was a 53- The Company has one reportable and one operating segment. The Company’s business is subject to modest seasonality. Average weekly sales fluctuate throughout the year and are typically highest in the first half of the fiscal year. Produce, which contributed 25% of the Company’s net sales for the thirteen weeks ended April 3, 2016, is generally more available in the first six months of the fiscal year due to the timing of peak growing seasons. All dollar amounts are in thousands, unless otherwise noted.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Apr. 03, 2016
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recently Issued Accounting Pronouncements	2. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” ASU No. 2014-09 provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, and estimating the amount of variable consideration to include in the transaction price attributable to each separate performance obligation. This guidance will be effective for the Company for its fiscal year 2018, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2015-03 requires an entity to present debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. This guidance is effective for the Company for its fiscal year 2016. The new guidance has been applied retrospectively to each prior period presented, and the adoption did not have a material effect on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, “Customer's Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for a cloud computing arrangement as a service contract. This guidance is effective for the Company for its fiscal year 2016. The Company adopted this amendment prospectively and the adoption did not have a material effect on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” ASU No. 2015-11 changes the measurement In February 2016, the FASB issued ASU No. 2016-02, “Leases (ASC 842)”. ASU No. 2016-02 requires lessees to recognize a right-of-use asset and corresponding lease liability for all leases with terms greater than twelve months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The new guidance also require certain additional quantitative and qualitative disclosures. This guidance will be effective for the Company for its fiscal year 2019, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. In March 2016, the FASB issued ASU No. 2016-04, “Liabilities-Extinguishments of Liabilities (Subtopic 405-20): Recognition of breakage for certain prepaid stored-value products”. ASU No. 2016-04 provides a narrow scope exception to the guidance in Subtopic 405-20 to require that stored-value breakage be accounted for consistently with the breakage guidance in Topic 606. The amendments in this update contain specific guidance for derecognition of prepaid stored-value product liabilities, thereby eliminating the current and potential future diversity. This guidance will be effective for the Company for its fiscal year 2019, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718).” This update involves several aspects of the accounting for share-based transactions, including the income tax consequences, classification of awards as ether equity or liabilities, how to account for forfeitures, and classification on the statement of cash flows. The amendments in this Update are effective for the Company for its fiscal year 2017, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. No other new accounting pronouncements issued or effective during the thirteen weeks ended April 3, 2016 had, or are expected to have, a material impact on the Company’s consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 03, 2016
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, indefinite-lived intangible assets and long-lived assets and in the valuation of store closure and exit costs. The determination of fair values of certain tangible and intangible assets for purposes of the Company’s goodwill impairment evaluation as described above was based upon a step zero assessment. Closed facility reserves are recorded at net present value to approximate fair value which is classified as Level 3 in the hierarchy. The estimated fair value of the closed facility reserve is calculated based on the present value of the remaining lease payments and other charges using a weighted average cost of capital, reduced by estimated sublease rentals. The weighted average cost of capital was estimated using information from comparable companies and management’s judgment related to the risk associated with the operations of the stores. Cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued salaries and benefits and other accrued liabilities approximate fair value because of the short maturity of those instruments. Based on open market transactions comparable to the Credit Facility (as defined in Note 6, “Long-Term Debt”), the fair value of the long-term debt approximates carrying value as of April 3, 2016 and January 3, 2016. The Company’s estimates of the fair value of long-term debt were classified as Level 2 in the fair value hierarchy.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Apr. 03, 2016
Receivables [Abstract]
Accounts Receivable	4. Accounts Receivable A summary of accounts receivable is as follows: As of April 3, 2016 January 3, 2016 Vendor $ 9,783 $ 11,649 Receivables from landlords 1,552 4,143 Other 3,618 4,632 Total $ 14,953 $ 20,424 The Company had recorded allowances for certain vendor receivables of $0.1 million and $0.1 million at April 3, 2016 and January 3, 2016, respectively.

Accrued Salaries and Benefits

Accrued Salaries and Benefits	3 Months Ended
	Apr. 03, 2016
Payables And Accruals [Abstract]
Accrued Salaries and Benefits	5. Accrued Salaries and Benefits A summary of accrued salaries and benefits is as follows: As of April 3, 2016 January 3, 2016 Accrued payroll $ 10,470 $ 10,988 Vacation 10,153 8,916 Bonus 4,574 9,728 Other 453 1,085 Total $ 25,650 $ 30,717

Long-Term Debt

Long-Term Debt	3 Months Ended
	Apr. 03, 2016
Debt Disclosure [Abstract]
Long-Term Debt	6. Long-Term Debt A summary of long-term debt is as follows: As of Facility Maturity Interest Rate April 2016 January 3, 2016 Senior secured debt $450.0 million Credit Facility April 17, 2020 Variable $ 160,000 $ 160,000 Total debt 160,000 160,000 Long-term debt $ 160,000 $ 160,000 Senior Secured Revolving Credit Facility April 2015 Refinancing On April 17, 2015, the Company’s subsidiary, Sprouts Farmers Markets Holdings, LLC (“Intermediate Holdings”), as borrower, entered into a credit agreement (the “Credit Agreement”) to replace the Company’s former credit facility and term loan. The Credit Agreement provides for a revolving credit facility with an initial aggregate commitment of $450.0 million (the “Credit Facility”), which may be increased from time to time pursuant to an expansion feature set forth in the Credit Agreement. Concurrently with the closing of the Credit Agreement, the Company borrowed $260.0 million to pay off its existing $257.8 million former term loan (the “April 2015 Refinancing”), and to terminate all commitments under its existing senior secured revolving credit facility, dated April 23, 2013 and to pay transaction costs related to the April 2015 Refinancing. Such repayment resulted in a $5.5 million loss on extinguishment of debt due to the write-off of deferred financing costs and original issue discount. The remaining proceeds of loans made under the Credit Facility were used for general corporate purposes. The Company capitalized debt issuance costs of $2.3 million related to the Credit Facility, which are being amortized on a straight-line basis to interest expense over the five-year term of the Credit Facility. The Credit Agreement also provides for a letter of credit subfacility and a $15.0 million swingline facility. Letters of credit issued under the Credit Agreement reduce the borrowing capacity of the Credit Facility. Letters of credit totaling $1.7 million have been issued as of April 3, 2016, primarily to support the Company’s insurance programs. Guarantees Obligations under the Credit Facility are guaranteed by the Company and all of its current and future wholly-owned material domestic subsidiaries, and are secured by first-priority security interests in substantially all of the assets of the Company and its subsidiary guarantors, including, without limitation, a pledge by the Company of its equity interest in Intermediate Holdings. Interest and Fees Loans under the Credit Facility bear interest, at the Company’s option, either at adjusted LIBOR plus 1.25% per annum, or a base rate plus 0.25% per annum. The interest rate margins are subject to adjustment pursuant to a pricing grid based on the Company’s total gross leverage ratio, as defined 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 Credit Facility commitments equal to 0.15% per annum. Outstanding letters of credit under the Credit Facility are subject to a participation fee of 1.25% per annum and an issuance fee of 0.125% per annum. Payments and Prepayments The Credit Facility is scheduled to mature, and the commitments thereunder will terminate on April 17, 2020, subject to extensions as set forth in the Credit Agreement. The Company may repay loans and reduce commitments under the Credit Agreement at any time in agreed-upon minimum principal amounts, without premium or penalty (except LIBOR breakage costs, if applicable). Following the closing of the Credit Facility and the initial borrowing of $260.0 million during 2015, the Company made a total of $100.0 million of principal payments on the Credit Facility, which reduced the Company’s total outstanding debt to $160.0 million at April 3, 2016. 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 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 3.00 to 1.00 and minimum interest coverage ratio not to be less than 1.75 to 1.00. Each of these covenants is tested on the last day of each fiscal quarter. The Company was in compliance with all applicable covenants under the Credit Agreement as of April 3, 2016.

Closed Facility Reserves

Closed Facility Reserves	3 Months Ended
	Apr. 03, 2016
Restructuring And Related Activities [Abstract]
Closed Facility Reserves	7. Closed Facility Reserves The following is a summary of closed facility reserve activity during the thirteen weeks ended April 3, 2016 and fiscal year ended January 3, 2016: April 3, 2016 January 3, 2016 Beginning balance $ 2,017 $ 1,785 Additions — 1,144 Usage (319 ) (1,332 ) Adjustments (24 ) 420 Ending balance $ 1,674 $ 2,017 Usage during 2016 relates to lease payments made during the period for closed stores. Additions made during 2015 include remaining lease payments for the corporate support office relocation, and usage during 2015 primarily related to lease payments made during the year for closed stores.

Income Taxes

Income Taxes	3 Months Ended
	Apr. 03, 2016
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The Company’s effective tax rate for the thirteen weeks ended April 3, 2016 and March 29, 2015 was 37.8% and 38.3%, respectively. The primary reasons for the decrease in the effective tax rate were an increase in the enhanced deduction for charitable donations of food inventory and a decrease in the effective state income tax rate. Excess tax benefits associated with stock option exercises and vested restricted stock units are credited to stockholders’ equity. The Company uses the tax law ordering approach of intraperiod allocation to allocate the benefit of windfall tax benefits based on provisions in the tax law that identify the sequence in which those amounts are utilized for tax purposes. The income tax benefits resulting from stock awards that were credited to stockholders’ equity were $3.6 million for the thirteen weeks ended April 3, 2016. The excess tax benefits are not credited to stockholders’ equity until the deduction reduces income taxes payable.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Apr. 03, 2016
Related Party Transactions [Abstract]
Related-Party Transactions	9. Related-Party Transactions A member of the Company’s board of directors is an investor in a company that is a supplier of coffee to the Company. During the thirteen weeks ended April 3, 2016 and March 29, 2015, purchases from this supplier were $2.5 million and $2.3 million, respectively. At April 3, 2016 and March 29, 2015, the Company had recorded accounts payable due to this supplier of $0.8 million and $0.7 million, respectively. Another member of the Company’s board of directors purchased stock in a technology supplier to the Company in January 2015 and provided a loan to this company in May 2015. During the thirteen weeks ended April 3, 2016 and March 29, 2015, purchases from this supplier were $1.2 million and $1.3 million, respectively. At both April 3, 2016 and March 29, 2015, the Company had recorded accounts payable due to this supplier of $0.2 million. This board member also provided a convertible loan to a technology supplier to the Company in September 2015. During the thirteen weeks ended April 3, 2016 and March 29, 2015, purchases from this supplier were $0.1 million and $0.1 million, respectively. At both April 3, 2016 and March 29, 2015, the Company had recorded accounts payable due to this supplier of $0.1 million.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Apr. 03, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. 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. Self-insurance liabilities require significant judgment and actual claim settlements and associated expenses may differ from the Company’s current provisions for loss. Shareholder Class Action On March 4, 2016, a complaint was filed in the Superior Court for the State of Arizona on behalf of a purported class of purchasers of shares of the Company’s common stock in the Company’s underwritten secondary public offering which closed on March 10, 2015 (the “March 2015 Offering”). The complaint purports to state claims under Sections 11, 12 and 15 of the Securities Act of 1933, as amended, based on an alleged failure by the Company to disclose adequate information about produce price deflation in the March 2015 Offering documents. The complaint seeks damages on behalf of the purported class in an unspecified amount, rescission, and an award of reasonable costs and attorneys’ fees. On March 24, 2016, the Company removed the action to federal court in the District of Arizona. The Company intends to defend this case vigorously, but it is not possible at this time to reasonably estimate the outcome of, or any potential liability from, the case.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Apr. 03, 2016
Equity [Abstract]
Stockholders' Equity	11. Stockholders’ Equity Share Repurchase On November 4, 2015, the Company’s board of directors authorized a $150 million common stock share repurchase program. The shares may be purchased from time to time over a two-year period, 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 program does not obligate the Company to acquire any particular amount of common stock, and the repurchase program may be commenced, suspended or discontinued at any time. During the thirteen weeks ended April 3, 2016, the Company repurchased 2,431,721 shares of common stock for $59.3 million and subsequently retired such shares. The Company did not repurchase any shares during the thirteen weeks ended March 29, 2015. As of April 3, 2016, there is $65 million available under the $150 million common stock share repurchase program.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Apr. 03, 2016
Earnings Per Share [Abstract]
Net Income Per Share	12. Net Income Per Share The computation of net income per share is based on the number of weighted average shares outstanding during the period. The computation of diluted net income per share includes the dilutive effect of share equivalents consisting of incremental shares deemed outstanding from the assumed exercise of options, assumed vesting of restricted stock units (“RSUs”) and assumed vesting of performance stock awards (“PSAs”). A reconciliation of the numerators and denominators of the basic and diluted net income per share calculations is as follows (in thousands, except per share amounts): Thirteen Weeks Ended April 3, 2016 March 29, 2015 Basic net income per share: Net income $ 46,207 $ 37,467 Weighted average shares outstanding 150,723 152,235 Basic net income per share $ 0.31 $ 0.25 Diluted net income per share: Net income $ 46,207 $ 37,467 Weighted average shares outstanding 150,723 152,235 Dilutive effect of equity-based awards: Assumed exercise of options to purchase shares 2,350 3,216 RSUs 49 31 PSAs 22 — Weighted average shares and equivalent shares outstanding 153,144 155,482 Diluted net income per share $ 0.30 $ 0.24 For the thirteen weeks ended April 3, 2016, the computation of diluted net income per share does not include 0.9 million options, 0.2 million RSUs, and 0.1 million PSAs as those awards would have been antidilutive or were unvested performance awards. For the thirteen weeks ended March 29, 2015, the computation of diluted net income per share does not include 0.8 million options, as those options would have been antidilutive or were unvested performance-based options and 0.1 million PSAs.

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Apr. 03, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	13. Equity-Based Compensation 2013 Incentive Plan The Company’s board of directors adopted, and its equity holders approved, the Sprouts Farmers Market, Inc. 2013 Incentive Plan (the “2013 Incentive Plan”). The 2013 Incentive Plan became effective July 31, 2013 in connection with the Company’s initial public offering and replaced the Sprouts Farmers Markets, LLC Option Plan (the “2011 Option Plan”) (except with respect to outstanding options to acquire shares under the 2011 Option Plan).The 2013 Incentive Plan serves as the umbrella plan for the Company’s stock-based and cash-based incentive compensation programs for its directors, officers and other team members. On May 1, 2015, the Company’s stockholders approved the material terms of the performance goals under the 2013 Incentive Plan for purposes of Section 162(m) of the Internal Revenue Code. The aggregate number of shares of common stock that may be issued to team members and directors under the 2013 Incentive Plan may not exceed 10,089,072. Shares subject to awards granted under the 2013 Incentive Plan which are subsequently forfeited, expire unexercised or are otherwise not issued will not be treated as having been issued for purposes of the share limitation. At April 3, 2016, there were 3,760,969 stock awards outstanding under the 2013 Incentive Plan. 2011 Option Plan In May 2011, the Company adopted the 2011 Option Plan to provide team members or directors of the Company with options to acquire shares of the Company. The Company had authorized 12,100,000 shares for issuance under the 2011 Option Plan. Options may no longer be issued under the 2011 Option Plan. At April 3, 2016, there were 3,917,644 options outstanding under the 2011 Option Plan. Awards Granted During the thirteen weeks ended April 3, 2016, the Company granted the following stock-based compensation awards: Grant Date Stock Options RSUs PSAs March 4, 2016 318,156 213,767 92,942 Weighted-average grant date fair value $ 8.59 $ 28.21 $ 28.21 Weighted-average exercise price $ 28.21 — — 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 and vary depending on if they are time-based or performance-based. Time-based options granted prior to 2016 generally vest ratably over a period of 12 quarters (three years), and time-based options granted in 2016 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 2015 are restricted shares that were subject to the Company achieving certain earnings per share performance targets, as well as additional time-vesting conditions. The fair value of PSAs is based on the closing price of the Company’s common stock on the grant date. During the thirteen weeks ended April 3, 2016, the performance conditions with respect to 2015 earnings per share were deemed to have been met, and the PSAs will vest 50 percent at each of the second and third anniversary of the grant date. PSAs granted in 2016 are restricted shares that are subject to the Company achieving certain earnings before interest and taxes (“EBIT”) performance targets on an annual and cumulative basis over a three-year performance period, as well as additional time-vesting conditions. The fair value of these PSAs is based on the closing price of the Company’s common stock on the grant date. The EBIT target resets annually for each of the three years during the performance period based on a percentage increase over the previous year’s actual EBIT, with each annual performance tranche independent of the previous and next tranche. Cumulative performance is based on the aggregate annual performance targets. Payout of the performance shares will either be 0% or range from 50% to 150% of the target number of shares granted. If the performance conditions are met, PSAs cliff vest on the third anniversary of the grant date. Equity-based Compensation Expense Equity-based compensation expense was reflected in the consolidated statements of operations as follows: Thirteen Weeks Ended April 2016 March 29, 2015 Cost of sales, buying and occupancy $ 218 $ 101 Direct store expenses 317 183 Selling, general and administrative expenses 2,121 858 Equity-based compensation expense before income taxes 2,656 1,142 Income tax benefit (1,009 ) (446 ) Net equity-based compensation expense $ 1,647 $ 696 As of April 3, 2016 and January 3, 2016, there were approximately 7.2 million and 7.4 million options outstanding, of which 2.2 million and 2.1 million were unvested options, respectively. As of April 3, 2016 and January 3, 2016, there were approximately 0.3 million and 0.1 million unvested RSUs outstanding, respectively. As of April 3, 2016 and January 3, 2016, there were approximately 0.2 million and 0.1 million unvested PSAs outstanding, respectively. As of April 3, 2016 total unrecognized compensation expense related to outstanding options was $14.2 million which, if the applicable service conditions are fully met, is expected to be recognized over the next 2.2 years on a weighted-average basis. As of April 3, 2016, total unrecognized compensation expense related to outstanding RSUs was $7.9 million which, if the service conditions are fully met, is expected to be recognized over the next 2.2 years on a weighted-average basis. As of April 3, 2016, total unrecognized compensation expense related to outstanding PSAs for which the performance criteria has been achieved was $1.4 million, which is expected to be recognized over the next 1.4 years on a weighted-average basis. As of April 3, 2016, total unrecognized compensation expense related to outstanding PSAs for which the performance period is in progress was $2.6 million which, if the performance conditions are fully met, is expected to be recognized over the next 2.9 years on a weighted-average basis. If performance conditions are not met, no expense will be recorded. During the thirteen weeks ended April 3, 2016 and March 29, 2015, the Company received $1.9 million and $3.4 million, respectively, in cash proceeds from the exercise of options.

Recently Issued Accounting Pr20

Recently Issued Accounting Pronouncements (Policies)	3 Months Ended
	Apr. 03, 2016
Accounting Policies [Abstract]
Recently Issued Accounting Pronouncements	2. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” ASU No. 2014-09 provides guidance for revenue recognition. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance. These may include identifying performance obligations in the contract, and estimating the amount of variable consideration to include in the transaction price attributable to each separate performance obligation. This guidance will be effective for the Company for its fiscal year 2018, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” ASU No. 2015-03 requires an entity to present debt issuance costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. This guidance is effective for the Company for its fiscal year 2016. The new guidance has been applied retrospectively to each prior period presented, and the adoption did not have a material effect on the Company’s consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, “Customer's Accounting for Fees Paid in a Cloud Computing Arrangement.” ASU No. 2015-05 provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for a cloud computing arrangement as a service contract. This guidance is effective for the Company for its fiscal year 2016. The Company adopted this amendment prospectively and the adoption did not have a material effect on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” ASU No. 2015-11 changes the measurement In February 2016, the FASB issued ASU No. 2016-02, “Leases (ASC 842)”. ASU No. 2016-02 requires lessees to recognize a right-of-use asset and corresponding lease liability for all leases with terms greater than twelve months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The new guidance also require certain additional quantitative and qualitative disclosures. This guidance will be effective for the Company for its fiscal year 2019, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. In March 2016, the FASB issued ASU No. 2016-04, “Liabilities-Extinguishments of Liabilities (Subtopic 405-20): Recognition of breakage for certain prepaid stored-value products”. ASU No. 2016-04 provides a narrow scope exception to the guidance in Subtopic 405-20 to require that stored-value breakage be accounted for consistently with the breakage guidance in Topic 606. The amendments in this update contain specific guidance for derecognition of prepaid stored-value product liabilities, thereby eliminating the current and potential future diversity. This guidance will be effective for the Company for its fiscal year 2019, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. In March 2016, the FASB issued ASU No. 2016-09, “Compensation – Stock Compensation (Topic 718).” This update involves several aspects of the accounting for share-based transactions, including the income tax consequences, classification of awards as ether equity or liabilities, how to account for forfeitures, and classification on the statement of cash flows. The amendments in this Update are effective for the Company for its fiscal year 2017, with early adoption permitted. The Company is currently evaluating the potential impact of this guidance. No other new accounting pronouncements issued or effective during the thirteen weeks ended April 3, 2016 had, or are expected to have, a material impact on the Company’s consolidated financial statements.
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, indefinite-lived intangible assets and long-lived assets and in the valuation of store closure and exit costs. The determination of fair values of certain tangible and intangible assets for purposes of the Company’s goodwill impairment evaluation as described above was based upon a step zero assessment. Closed facility reserves are recorded at net present value to approximate fair value which is classified as Level 3 in the hierarchy. The estimated fair value of the closed facility reserve is calculated based on the present value of the remaining lease payments and other charges using a weighted average cost of capital, reduced by estimated sublease rentals. The weighted average cost of capital was estimated using information from comparable companies and management’s judgment related to the risk associated with the operations of the stores. Cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued salaries and benefits and other accrued liabilities approximate fair value because of the short maturity of those instruments. Based on open market transactions comparable to the Credit Facility (as defined in Note 6, “Long-Term Debt”), the fair value of the long-term debt approximates carrying value as of April 3, 2016 and January 3, 2016. The Company’s estimates of the fair value of long-term debt were classified as Level 2 in the fair value hierarchy.

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Apr. 03, 2016
Receivables [Abstract]
Summary of Accounts Receivable	A summary of accounts receivable is as follows: As of April 3, 2016 January 3, 2016 Vendor $ 9,783 $ 11,649 Receivables from landlords 1,552 4,143 Other 3,618 4,632 Total $ 14,953 $ 20,424

Accrued Salaries and Benefits (

Accrued Salaries and Benefits (Tables)	3 Months Ended
	Apr. 03, 2016
Payables And Accruals [Abstract]
Summary of Accrued Salaries and Benefits	A summary of accrued salaries and benefits is as follows: As of April 3, 2016 January 3, 2016 Accrued payroll $ 10,470 $ 10,988 Vacation 10,153 8,916 Bonus 4,574 9,728 Other 453 1,085 Total $ 25,650 $ 30,717

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Apr. 03, 2016
Debt Disclosure [Abstract]
Summary of Long-Term Debt	A summary of long-term debt is as follows: As of Facility Maturity Interest Rate April 2016 January 3, 2016 Senior secured debt $450.0 million Credit Facility April 17, 2020 Variable $ 160,000 $ 160,000 Total debt 160,000 160,000 Long-term debt $ 160,000 $ 160,000

Closed Facility Reserves (Table

Closed Facility Reserves (Tables)	3 Months Ended
	Apr. 03, 2016
Restructuring And Related Activities [Abstract]
Summary of Closed Facility Reserve Activity	The following is a summary of closed facility reserve activity during the thirteen weeks ended April 3, 2016 and fiscal year ended January 3, 2016: April 3, 2016 January 3, 2016 Beginning balance $ 2,017 $ 1,785 Additions — 1,144 Usage (319 ) (1,332 ) Adjustments (24 ) 420 Ending balance $ 1,674 $ 2,017

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Apr. 03, 2016
Earnings Per Share [Abstract]
Summary of Reconciliation of Numerators and Denominators of Basic and Diluted Net Income Per Share	A reconciliation of the numerators and denominators of the basic and diluted net income per share calculations is as follows (in thousands, except per share amounts): Thirteen Weeks Ended April 3, 2016 March 29, 2015 Basic net income per share: Net income $ 46,207 $ 37,467 Weighted average shares outstanding 150,723 152,235 Basic net income per share $ 0.31 $ 0.25 Diluted net income per share: Net income $ 46,207 $ 37,467 Weighted average shares outstanding 150,723 152,235 Dilutive effect of equity-based awards: Assumed exercise of options to purchase shares 2,350 3,216 RSUs 49 31 PSAs 22 — Weighted average shares and equivalent shares outstanding 153,144 155,482 Diluted net income per share $ 0.30 $ 0.24

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Apr. 03, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock-Based Compensation Awards Granted	During the thirteen weeks ended April 3, 2016, the Company granted the following stock-based compensation awards: Grant Date Stock Options RSUs PSAs March 4, 2016 318,156 213,767 92,942 Weighted-average grant date fair value $ 8.59 $ 28.21 $ 28.21 Weighted-average exercise price $ 28.21 — —
Summary of Equity-Based Compensation Expense	Equity-based compensation expense was reflected in the consolidated statements of operations as follows: Thirteen Weeks Ended April 2016 March 29, 2015 Cost of sales, buying and occupancy $ 218 $ 101 Direct store expenses 317 183 Selling, general and administrative expenses 2,121 858 Equity-based compensation expense before income taxes 2,656 1,142 Income tax benefit (1,009 ) (446 ) Net equity-based compensation expense $ 1,647 $ 696

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Apr. 03, 2016Segment
Organization And Description Of Business [Line Items]
Number of reportable segment	1
Number of operating segment	1
Produce [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Organization And Description Of Business [Line Items]
Approximate net sales from produce in the first half of the fiscal year	25.00%

Accounts Receivable - Summary o

Accounts Receivable - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	Apr. 03, 2016	Jan. 03, 2016
Receivables [Abstract]
Vendor	$ 9,783	$ 11,649
Receivables from landlords	1,552	4,143
Other	3,618	4,632
Total	$ 14,953	$ 20,424

Accounts Receivable - Additiona

Accounts Receivable - Additional Information (Detail) - USD ($) $ in Millions	Apr. 03, 2016	Jan. 03, 2016
Vendor [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for receivables	$ 0.1	$ 0.1

Accrued Salaries and Benefits -

Accrued Salaries and Benefits - Summary of Accrued Salaries and Benefits (Detail) - USD ($) $ in Thousands	Apr. 03, 2016	Jan. 03, 2016
Payables And Accruals [Abstract]
Accrued payroll	$ 10,470	$ 10,988
Vacation	10,153	8,916
Bonus	4,574	9,728
Other	453	1,085
Total	$ 25,650	$ 30,717

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2016	Jan. 03, 2016
Debt Instrument [Line Items]
Total debt	$ 160,000	$ 160,000
Long-term debt	160,000	160,000
Senior secured debt [Member] | $450.0 million Credit Facility [Member]
Debt Instrument [Line Items]
Total debt	$ 160,000	$ 160,000
Debt instrument maturity	Apr. 17, 2020
Debt instrument, Interest Rate	Variable

Long-Term Debt - Summary of L32

Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) - Senior secured debt [Member]	Apr. 03, 2016USD ($)
Debt Instrument [Line Items]
Debt instrument face amount	$ 260,000,000
$450.0 million Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 450,000,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 03, 2016	Mar. 29, 2015	Jan. 03, 2016	Apr. 17, 2015
Debt Instrument [Line Items]
Repayment of Term Loan		$ 1,750,000
Participation fee	1.25%
Issuance fee	0.125%
Credit facility termination date	Apr. 17, 2020
Borrowings under credit facilities	$ 160,000,000
Principal payments on the Credit Facility			$ 100,000,000
Maximum [Member]
Debt Instrument [Line Items]
Net leverage ratio	300.00%
Minimum [Member]
Debt Instrument [Line Items]
Interest coverage ratio	175.00%
Senior secured debt [Member]
Debt Instrument [Line Items]
Debt instrument face amount	$ 260,000,000
Loss on extinguishment of debt	(5,500,000)
Letters of credit issued	$ 1,700,000
Line of credit interest rate terms	Either at adjusted LIBOR plus 1.75% per annum, or a base rate plus 0.75% per annum. The interest rate margins are subject to adjustment pursuant to a pricing grid based on the Company's total gross leverage ratio, as defined in the Credit Agreement.
Credit facility unused commitment fee percentage	0.15%
Senior secured debt [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Interest rate spread on base rate	1.25%
Senior secured debt [Member] | Alternate Base Rate [Member]
Debt Instrument [Line Items]
Interest rate spread on base rate	0.25%
Senior secured debt [Member] | Former term loan [Member]
Debt Instrument [Line Items]
Repayment of Term Loan	$ 257,800,000
Senior secured debt [Member] | Swingline Loan Subfacility [Member]
Debt Instrument [Line Items]
Debt instrument face amount	15,000,000
Senior secured debt [Member] | $450.0 million Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity				$ 450,000,000
Debt instrument face amount	450,000,000
Capitalized total debt issuance costs	$ 2,300,000

Closed Facility Reserves - Summ

Closed Facility Reserves - Summary of Closed Facility Reserve Activity (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 03, 2016	Jan. 03, 2016
Restructuring And Related Activities [Abstract]
Beginning balance	$ 2,017	$ 1,785
Additions		1,144
Usage	(319)	(1,332)
Adjustments	(24)	420
Ending balance	$ 1,674	$ 2,017

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2016	Mar. 29, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	37.80%	38.30%
Excess tax benefits resulting from stock awards credited to stockholders' equity	$ 3.6

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Apr. 03, 2016	Mar. 29, 2015
Coffee Supplier
Related Party Transaction [Line Items]
Purchases from board member	$ 2.5	$ 2.3
Accounts payable to supplier	0.8	0.7
Technology Supplier [Member]
Related Party Transaction [Line Items]
Purchases from board member	1.2	1.3
Accounts payable to supplier	0.2	0.2
Technology Supplier [Member] | Convertible Loan [Member]
Related Party Transaction [Line Items]
Purchases from board member	0.1	0.1
Accounts payable to supplier	$ 0.1	$ 0.1

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 03, 2016	Mar. 29, 2015	Nov. 04, 2015
Equity [Abstract]
Number of shares authorized to be repurchased			150,000,000
Stock repurchase program, purchase period	2 years
Common stock shares repurchased and retired	2,431,721	0
Repurchase of common stock	$ 59,308,000
Amount available for number of shares authorized to be repurchased	$ 65,000,000

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		12 Months Ended
	Apr. 03, 2016	Mar. 29, 2015	Jan. 03, 2016
Basic net income per share:
Net income	$ 46,207	$ 37,467	$ 128,991
Weighted average shares outstanding	150,723	152,235
Basic net income per share	$ 0.31	$ 0.25
Diluted net income per share:
Net income	$ 46,207	$ 37,467	$ 128,991
Weighted average shares outstanding	150,723	152,235
Dilutive effect of equity-based awards:
Assumed exercise of options to purchase shares	2,350	3,216
Weighted average shares and equivalent shares outstanding	153,144	155,482
Diluted net income per share	$ 0.30	$ 0.24
RSUs [Member]
Dilutive effect of equity-based awards:
Dilutive effect	49	31
Performance Stock Awards [Member]
Dilutive effect of equity-based awards:
Dilutive effect	22

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Apr. 03, 2016	Mar. 29, 2015
Stock option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.9	0.8
RSUs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.2
Performance Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	0.1	0.1

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Apr. 03, 2016	Mar. 29, 2015	Jan. 03, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding	7,200,000		7,400,000
Unvested stock outstanding	2,200,000		2,100,000
Unrecognized compensation expense related to outstanding options	$ 14,200,000
Weighted-average period expected to be recognized	2 years 2 months 12 days
Recognized compensation expense	$ 2,656,000	$ 1,142,000
Proceeds from the exercise of stock options	$ 1,933,000	$ 3,425,000
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested stock outstanding	300,000		100,000
Unrecognized compensation expense related to outstanding options	$ 7,900,000
Weighted-average period expected to be recognized	2 years 2 months 12 days
RSUs [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	2 years
RSUs [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards vesting description	During the thirteen weeks ended April 3, 2016, the performance conditions with respect to 2015 earnings per share were deemed to have been met, and the PSAs will vest 50 percent at each of the second and third anniversary of the grant date.
Performance stock awards description	Payout of the performance shares will either be 0% or range from 50% to 150% of the target number of shares granted.
Unvested stock outstanding	200,000		100,000
Second Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
Second Anniversary [Member] | Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards vesting percentage	50.00%
Third Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period	3 years
Third Anniversary [Member] | Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards vesting percentage	50.00%
Option One [Member] | Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	0.00%
Option Two [Member] | Performance Stock Awards [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	50.00%
Option Two [Member] | Performance Stock Awards [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance stock awards payout percentage of shares granted	150.00%
Performance Criteria Achieved [Member] | Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to outstanding options	$ 1,400,000
Weighted-average period expected to be recognized	1 year 4 months 24 days
Performance Period In Progress [Member] | Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to outstanding options	$ 2,600,000
Weighted-average period expected to be recognized	2 years 10 months 24 days
Recognized compensation expense	$ 0
2013 Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance under plan	10,089,072
Options outstanding	3,760,969
2011 Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance under plan	12,100,000
Options outstanding	3,917,644

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Stock-Based Compensation Awards Granted (Detail)	3 Months Ended
	Apr. 03, 2016$ / sharesshares
Stock option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Granted | shares	318,156
Weighted-average grant date fair value	$ 8.59
Weighted-average exercise price	$ 28.21
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Granted | shares	213,767
Weighted-average grant date fair value	$ 28.21
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Granted | shares	92,942
Weighted-average grant date fair value	$ 28.21

Equity-Based Compensation - S42

Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 03, 2016	Mar. 29, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense before income taxes	$ 2,656	$ 1,142
Income tax benefit	(1,009)	(446)
Net equity-based compensation expense	1,647	696
Cost of Sales, Buying and Occupancy [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense before income taxes	218	101
Direct Store Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense before income taxes	317	183
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation expense before income taxes	$ 2,121	$ 858