0001060822-24-000113 | 10-Q | XBRL Viewer

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023
Statement of Financial Position [Abstract]
Allowance for credit losses	$ 5,159	$ 4,754	$ 7,425
Inventory reserves	11,018	8,990	18,076
Accumulated depreciation of property, plant, and equipment	$ 628,627	$ 615,907	$ 577,183
Preferred stock par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	100,000	100,000	100,000
Preferred stock shares issued (in shares)	0	0	0
Preferred stock shares outstanding (in shares)	0	0	0
Common stock par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	150,000,000	150,000,000	150,000,000
Common stock shares issued (in shares)	36,600,032	36,551,221	37,799,251
Common stock shares outstanding (in shares)	36,600,032	36,551,221	37,799,251

COMMON STOCK

3 Months Ended

Mar. 30, 2024

Equity [Abstract]

COMMON STOCK

Open Market Share Repurchases

The Company repurchased and retired shares in open market transactions in the following amounts for the fiscal periods indicated:


	Fiscal quarter ended
	March 30, 2024		April 1, 2023
Number of shares repurchased(1)	107,795		135,873
Aggregate cost of shares repurchased (dollars in thousands)(2)	$	8,999	$	9,586
Average price per share(2)	$	83.48	$	70.55

(1)Share repurchases were made in compliance with all applicable rules and regulations and in accordance with the share repurchase authorizations.

(2)The aggregate cost of share repurchases and average price paid per share excludes excise tax on share repurchases.

The total aggregate remaining capacity under outstanding repurchase authorizations as of March 30, 2024, was approximately $640.5 million, based on settled repurchase transactions. The share repurchase authorizations have no expiration date.

Future repurchases may occur from time to time in the open market, in privately negotiated transactions, or otherwise. The timing and amount of any repurchases will be at the discretion of the Company subject to restrictions under the Company’s revolving credit facility, market conditions, stock price, other investment priorities, and other factors.

Dividends

In the first quarter of fiscal 2024 and fiscal 2023, the Board of Directors declared, and the Company paid cash dividends of $0.80 and $0.75 per common share, respectively. The Board of Directors will evaluate future dividend declarations based on a

number of factors, including restrictions under the Company’s revolving credit facility, business conditions, the Company’s financial performance, and other considerations.

Provisions in the Company’s secured revolving credit facility could have the effect of restricting the Company’s ability to pay cash dividends on, or make future repurchases of, its common stock, as further described in Note 5, Long-term Debt, to the condensed consolidated financial statements.

BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUNCEMENTS, AND OTHER (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Supply chain finance revolving capacity	$ 70,000
Payment term	60 days
Accounts payable	$ 191,406	$ 242,149	$ 180,181
Supply Chain Financing Program
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Accounts payable	$ 20,500	$ 14,800	$ 7,800

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As of March 30, 2024, the Company had gross unrecognized income tax benefits of approximately $8.2 million, of which $5.8 million, if ultimately recognized, may affect the Company’s effective income tax rate in the periods settled. The Company has recorded tax positions for which the ultimate deductibility is more likely than not, but for which there is uncertainty about the timing of such deductions. Included in the reserves for unrecognized tax benefits at March 30, 2024 is approximately $1.3 million of reserves for which the statute of limitations is expected to expire within the next 12 months. If these tax benefits are ultimately recognized, such recognition, net of federal income taxes, may affect the annual effective income tax rate for fiscal 2024 along with the effective income tax rate in the quarter in which the benefits are recognized. The Company recognizes interest related to unrecognized tax benefits as a component of interest expense and recognizes penalties related to unrecognized income tax benefits as a component of income tax expense. Interest expense recorded on uncertain tax positions was not material for the first fiscal quarters ended March 30, 2024 and April 1, 2023. The Company had approximately $1.7 million, $1.5 million, and $1.6 million of interest accrued on uncertain tax positions as of March 30, 2024, December 30, 2023, and April 1, 2023, respectively.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Net sales	$ 661,492	$ 695,880
Cost of goods sold	346,302	386,413
Gross profit	315,190	309,467
Royalty income, net	5,216	6,519
Selling, general, and administrative expenses	265,371	259,632
Operating income	55,035	56,354
Interest expense	7,905	9,644
Interest income	(3,089)	(700)
Other expense (income), net	274	(258)
Income before income taxes	49,945	47,668
Income tax provision	11,912	11,672
Net income	$ 38,033	$ 35,996
Basic net income per common share (in USD per share)	$ 1.04	$ 0.95
Diluted net income per common share (in USD per share)	1.04	0.95
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.75

COMMON STOCK - Dividends (Details) - $ / shares	3 Months Ended
COMMON STOCK - Dividends (Details) - $ / shares	Mar. 30, 2024	Apr. 01, 2023
Equity [Abstract]
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.75

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023
Accrued Liabilities, Current [Abstract]
Unredeemed gift cards	$ 24,405	$ 25,162	$ 22,601
Income taxes payable	13,475	12,697	12,132
Accrued taxes	12,037	12,909	10,904
Accrued employee benefits	11,308	17,928	12,604
Accrued salaries and wages	5,078	12,458	4,163
Accrued bonuses and incentive compensation	4,205	20,817	3,851
Other	23,853	32,373	24,849
Other current liabilities	$ 94,361	$ 134,344	$ 91,104

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Stockholders' Equity [Abstract]
Dividend declared and paid per common share (in USD per share)	$ 0.80	$ 0.75

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Weighted-average number of common and common equivalent shares outstanding:
Basic number of common shares outstanding (in shares)	35,860,740	37,104,527
Dilutive effect of equity awards (in shares)	3,843	8,063
Diluted number of common and common equivalent shares outstanding (in shares)	35,864,583	37,112,590
Earnings per share:
Net income	$ 38,033	$ 35,996
Income allocated to participating securities	(691)	(576)
Net income available to common shareholders	$ 37,342	$ 35,420
Basic net income per common share (in USD per share)	$ 1.04	$ 0.95
Diluted net income per common share:
Net income	$ 38,033	$ 35,996
Income allocated to participating securities	(691)	(576)
Net income available to common shareholders	$ 37,342	$ 35,420
Diluted net income per common share (in USD per share)	$ 1.04	$ 0.95
Anti-dilutive awards excluded from dilutive earnings per share computation (in shares)	448,870	505,070

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023
Pay vs Performance Disclosure
Net income	$ 38,033	$ 35,996

THE COMPANY	3 Months Ended
THE COMPANY	Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE COMPANY	THE COMPANY Carter’s, Inc. and its wholly owned subsidiaries (collectively, the “Company”) design, source, and market branded childrenswear under the Carter’s, OshKosh B’gosh (or “OshKosh”), Skip Hop, Child of Mine, Just One You, Simple Joys, Little Planet, and other brands. The Company’s products are sourced through contractual arrangements with manufacturers worldwide for wholesale distribution to leading department stores, national chains, and specialty retailers domestically and internationally and for sale in the Company’s retail stores and eCommerce sites that market its brand name merchandise and other licensed products manufactured by other companies. Our trademarks that are referred to in this Quarterly Report on Form 10-Q, including Carter’s, OshKosh B’gosh, OshKosh, Child of Mine, Just One You, Simple Joys, Little Planet and other brands, many of which are registered in the United States and in over 100 other countries and territories, are each the property of one or more subsidiaries of Carter’s, Inc.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 30, 2024
Trading Arrangements, by Individual
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

LONG-TERM DEBT - Schedule of Long-term Debt (Details) - USD ($)	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023
Debt Instrument [Line Items]
Less unamortized issuance-related costs for senior notes	$ (2,457,000)	$ (2,646,000)	$ (3,197,000)
Long-term debt, net	497,543,000	497,354,000	576,803,000
Total Senior Notes
Debt Instrument [Line Items]
Notional and carrying value of senior notes	500,000,000
Senior notes, net	497,543,000	497,354,000	496,803,000
Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit facility	0	0	80,000,000
5.625% senior notes due 2027 \| Senior Notes
Debt Instrument [Line Items]
Notional and carrying value of senior notes	$ 500,000,000	$ 500,000,000	$ 500,000,000
Interest rate	5.625%

INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 8.2
Unrecognized tax benefits, impact on effective tax rate	5.8
Reserves that statue of limitations is expected to expire	1.3
Interest accrued on uncertain tax positions	$ 1.7	$ 1.5	$ 1.6

BASIS OF PRESENTATION, RECENT ACCOUNTING PRONOUNCEMENTS, AND OTHER (Policies)	3 Months Ended
	Mar. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Segment Reporting - Improvements to Reportable Segment Disclosures (ASU 2023-07) In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures. This new guidance is designed to improve the disclosures about a public entity’s reportable segments and address requests from investors for more detailed information about a reportable segment’s expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Public entities must adopt the changes to the segment reporting guidance on a retrospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements but does not expect the effect of the adoption of ASU 2023-07 to be material. Income Taxes - Improvements to Income Tax Disclosures (ASU 2023-09) In December 2023, the FASB issued ASU No. 2023-09, Income Taxes - Improvements to Income Tax Disclosures. This new guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and greater disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on its consolidated financial statements but does not expect the effect of the adoption of ASU 2023-09 to be material.

COMMITMENT AND CONTINGENCIES	3 Months Ended
COMMITMENT AND CONTINGENCIES	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENT AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to various claims and pending or threatened lawsuits in the normal course of business. The Company is not currently a party to any legal proceedings that it believes would have a material adverse impact on its financial position, results of operations, or cash flows. The Company’s contractual obligations and commitments include obligations associated with leases, the secured revolving credit agreement, senior notes, and employee benefit plans.

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 28, 2024	Mar. 30, 2024	Apr. 01, 2023
Performance-based awards
Stock-based compensation expense		$ 5,170	$ 4,343
Time-based awards
Performance-based awards
Stock-based compensation expense		$ 4,761	4,362
Time-based awards issued (in shares)	194,464
Grant-date fair value of shares issued (in USD per share)	$ 81.95
Time-based awards vested (in shares)		218,945
Performance-based awards
Performance-based awards
Stock-based compensation expense		$ 330	(19)
Reversal of previously recognized stock compensation expense			400
Time-based awards issued (in shares)	55,089
Grant-date fair value of shares issued (in USD per share)	$ 81.95
Time-based awards vested (in shares)		0
Market-based awards
Performance-based awards
Stock-based compensation expense		$ 79	$ 0
Time-based awards issued (in shares)	28,375
Grant-date fair value of shares issued (in USD per share)	$ 117.28

THE COMPANY (Details)	Mar. 30, 2024 countryAndTerritory
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trademarks countries and territories	100

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Cash flows from operating activities:
Net income	$ 38,033	$ 35,996
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation of property, plant, and equipment	13,905	14,799
Amortization of intangible assets	929	939
Provision for (recoveries of) excess and obsolete inventory, net	2,026	(1,256)
Gain on partial termination of corporate lease	0	(4,366)
Other asset impairments and loss on disposal of property, plant and equipment, net of recoveries	(1)	2,632
Amortization of debt issuance costs	403	393
Stock-based compensation expense	5,170	4,343
Unrealized foreign currency exchange loss (gain), net	9	(240)
Provisions for doubtful accounts receivable from customers	561	235
Unrealized gain on investments	(618)	(433)
Deferred income taxes	6,811	5,031
Effect of changes in operating assets and liabilities:
Accounts receivable	(40,746)	(24,944)
Finished goods inventories	61,039	134,147
Prepaid expenses and other assets	(22,386)	(12,678)
Accounts payable and other liabilities	(90,686)	(112,401)
Net cash (used in) provided by operating activities	(25,551)	42,197
Cash flows from investing activities:
Capital expenditures	(12,017)	(13,827)
Net cash used in investing activities	(12,017)	(13,827)
Cash flows from financing activities:
Payments on secured revolving credit facility	0	(40,000)
Repurchases of common stock	(8,999)	(9,586)
Dividends paid	(29,338)	(28,483)
Withholdings from vesting of restricted stock	(7,378)	(4,776)
Proceeds from exercises of stock options	367	83
Net cash used in financing activities	(45,348)	(82,762)
Net effect of exchange rate changes on cash and cash equivalents	(722)	329
Net decrease in cash and cash equivalents	(83,638)	(54,063)
Cash and cash equivalents, beginning of period	351,213	211,748
Cash and cash equivalents, end of period	$ 267,575	$ 157,685

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings
Balance at beginning of period (in shares) at Dec. 31, 2022		37,692,132
Balance at beginning of period at Dec. 31, 2022	$ 796,409	$ 377	$ 0	$ (34,338)	$ 830,370
Exercise of stock options (in shares)		1,400
Exercise of stock options	83	$ 0	83	0	0
Withholdings from vesting of restricted stock (in shares)		(61,423)
Withholdings from vesting of restricted stock	(4,776)	$ (1)	(4,404)	0	(371)
Restricted stock activity (in shares)		303,015
Restricted stock activity	0	$ 3	(3)	0	0
Stock-based compensation expense	4,343	$ 0	4,343	0	0
Repurchase of common stock (in shares)		(135,873)
Repurchase of common stock	(9,586)	$ (1)	0	0	(9,585)
Cash dividends declared and paid	(28,483)	0	0	0	(28,483)
Comprehensive income	39,922	0	0	3,926
Net income	35,996				35,996
Other	$ (19)	$ 0	(19)	0	0
Balance at end of period (in shares) at Apr. 01, 2023	37,799,251	37,799,251
Balance at end of period at Apr. 01, 2023	$ 797,893	$ 378	0	(30,412)	827,927
Balance at beginning of period (in shares) at Dec. 30, 2023	36,551,221	36,551,221
Balance at beginning of period at Dec. 30, 2023	$ 845,250	$ 366	0	(23,915)	868,799
Exercise of stock options (in shares)		4,408
Exercise of stock options	367	$ 0	367	0	0
Withholdings from vesting of restricted stock (in shares)		(90,922)
Withholdings from vesting of restricted stock	(7,378)	$ (1)	(5,535)	0	(1,842)
Restricted stock activity (in shares)		243,120
Restricted stock activity	0	$ 2	(2)	0	0
Stock-based compensation expense	5,170	$ 0	5,170	0	0
Repurchase of common stock (in shares)		(107,795)
Repurchase of common stock	(8,999)	$ (1)		0	(8,998)
Cash dividends declared and paid	(29,338)	0	0	0	(29,338)
Comprehensive income	36,281	$ 0	0	(1,752)
Net income	$ 38,033				38,033
Balance at end of period (in shares) at Mar. 30, 2024	36,600,032	36,600,032
Balance at end of period at Mar. 30, 2024	$ 841,353	$ 366	$ 0	$ (25,667)	$ 866,654

LONG-TERM DEBT - Narrative (Details) - USD ($)	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023
Debt Instrument [Line Items]
Outstanding letters of credit	$ 5,300,000
Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate	1.125%
United States Dollar Credit Facility - Amendment No.4 \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Borrowing rate	6.55%
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings	$ 0	$ 0	$ 80,000,000
Remaining borrowing capacity	844,700,000
Revolving credit facility borrowing capacity	$ 850,000,000
Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Interest rate	0.125%
Revolving Credit Facility \| United States Dollar Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing capacity	$ 750,000,000
Revolving Credit Facility \| Multicurrency Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing capacity	$ 100,000,000

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 38,033	$ 35,996
Other comprehensive income:
Foreign currency translation adjustments	(1,752)	3,926
Comprehensive income	$ 36,281	$ 39,922

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Investments The Company invests in marketable securities, principally equity-based mutual funds, to approximate the participant’s investment return on employee deferrals of compensation. All of the marketable securities are included in Other assets on the accompanying condensed consolidated balance sheets, and their aggregate fair values were approximately $17.9 million, $17.3 million, and $15.5 million at March 30, 2024, December 30, 2023, and April 1, 2023, respectively. These investments are classified as Level 1 within the fair value hierarchy. The change in the aggregate fair values of marketable securities is due to the net activity of gains and losses and any contributions and distributions during the period. Gains on the investments in marketable securities were $0.6 million and $0.4 million for the first fiscal quarters ended March 30, 2024 and April 1, 2023, respectively. These amounts are included in Other expense (income), net on the Company’s condensed consolidated statement of operations. Borrowings As of March 30, 2024, the Company had no outstanding borrowings under its secured revolving credit facility. The fair value of the Company’s senior notes at March 30, 2024, was approximately $496.3 million. The fair value of these senior notes with a notional value and carrying value (gross of debt issuance costs) of $500.0 million was estimated using a quoted price as provided in the secondary market, which considers the Company’s credit risk and market related conditions, and is therefore within Level 2 of the fair value hierarchy. Goodwill, Intangible, and Long-Lived Tangible Assets Some assets are not measured at fair value on a recurring basis but are subject to fair value adjustments only in certain circumstances. These assets can include goodwill, indefinite-lived intangible assets, and long-lived assets that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
DOCUMENT AND ENTITY INFORMATION - shares	Mar. 30, 2024	Apr. 19, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
Document Transition Report	false
Entity File Number	001-31829
Entity Registrant Name	CARTER’S, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3912933
Entity Address, Address Line One	Phipps Tower
Entity Address, Address Line Two	3438 Peachtree Road NE
Entity Address, Address Line Three	Suite 1800
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30326
City Area Code	678
Local Phone Number	791-1000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	CRI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		36,498,558
Entity Central Index Key	0001060822
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023
Segment Reporting Information [Line Items]
Net sales	$ 661,492	$ 695,880
% of consolidated net sales	100.00%	100.00%
Operating income	$ 55,035	$ 56,354
Corporate expenses	$ (24,773)	$ (25,801)
% of segment net sales	8.30%	8.10%
U.S. Retail
Segment Reporting Information [Line Items]
Net sales	$ 307,642	$ 323,721
U.S. Wholesale
Segment Reporting Information [Line Items]
Net sales	264,131	279,990
International
Segment Reporting Information [Line Items]
Net sales	89,719	92,169
Operating Segments
Segment Reporting Information [Line Items]
Organizational restructuring		2,400
Operating Segments \| U.S. Retail
Segment Reporting Information [Line Items]
Net sales	$ 307,642	$ 323,721
% of consolidated net sales	46.50%	46.50%
Operating income	$ 14,294	$ 26,939
% of segment net sales	4.60%	8.30%
Gain on Organizational Restructuring		$ (800)
Operating Segments \| U.S. Wholesale
Segment Reporting Information [Line Items]
Net sales	$ 264,131	$ 279,990
% of consolidated net sales	39.90%	40.30%
Operating income	$ 63,328	$ 52,092
% of segment net sales	24.00%	18.60%
Gain on Organizational Restructuring		$ (500)
Operating Segments \| International
Segment Reporting Information [Line Items]
Net sales	$ 89,719	$ 92,169
% of consolidated net sales	13.60%	13.20%
Operating income	$ 2,186	$ 3,124
% of segment net sales	2.40%	3.40%
Gain on Organizational Restructuring		$ (100)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023
Current assets:
Cash and cash equivalents	$ 267,575	$ 351,213	$ 157,685
Accounts receivable, net of allowance for credit lossses	224,075	183,774	223,939
Finished goods inventories, net of inventory reserves	473,362	537,125	613,921
Prepaid expenses and other current assets	51,775	29,131	47,173
Total current assets	1,016,787	1,101,243	1,042,718
Property, plant and equipment, net of accumulated depreciation	182,513	183,111	180,383
Operating lease assets	522,192	528,407	494,969
Tradenames, net	298,141	298,186	298,331
Goodwill	209,733	210,537	209,601
Customer relationships, net	26,383	27,238	29,801
Other assets	29,769	29,891	27,524
Total assets	2,285,518	2,378,613	2,283,327
Current liabilities:
Accounts payable	191,406	242,149	180,181
Current operating lease liabilities	133,190	135,369	139,350
Other current liabilities	94,361	134,344	91,104
Total current liabilities	418,957	511,862	410,635
Long-term debt, net	497,543	497,354	576,803
Deferred income taxes	48,090	41,470	46,090
Long-term operating lease liabilities	444,375	448,810	417,012
Other long-term liabilities	35,200	33,867	34,894
Total liabilities	1,444,165	1,533,363	1,485,434
Commitments and contingencies - Note 13
Shareholders’ equity:
Preferred stock; par value $0.01 per share;100,000 shares authorized; none issued or outstanding	0	0	0
Common stock, voting; par value $0.01 per share; 150,000,000 shares authorized; 36,600,032, 36,551,221, and 37,799,251 shares issued and outstanding, respectively	366	366	378
Additional paid-in capital	0	0	0
Accumulated other comprehensive loss	(25,667)	(23,915)	(30,412)
Retained earnings	866,654	868,799	827,927
Total shareholders’ equity	841,353	845,250	797,893
Total liabilities and shareholders’ equity	$ 2,285,518	$ 2,378,613	$ 2,283,327