GO — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-13

• We operate on a fiscal year that ends on the Saturday closest to December 31st each year. The fiscal years ending January 2, 2027 (“fiscal 2026”) and ended January 3, 2026 ("fiscal 2025") consist of 52 weeks and 53 weeks, respectively. References to the first quarter of fiscal 2026 and the first qua…

• In the first quarter of fiscal 2026, the Supreme Court of the U.S. issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). The ultimate availability, timing, and amount of any potential refunds of such tariffs remain uncertain…

• Opportunistic Product. We are working to increase opportunistic product levels to what we believe is necessary to improve the perception of our value leadership and drive sales. As part of these efforts we have invested and plan to continue to invest in additional promotional activity in the near te…

• Optimization Plan. To strengthen long-term profitability and cash flow generation, improve operational execution, optimize our existing store footprint and align with our disciplined new store growth strategy, in the first quarter of fiscal 2026 we conducted a strategic, financial and operational an…

• Following the Board adoption of the Optimization Plan, during the first quarter of fiscal 2026, we closed 27 stores and initiated the closure process at the remaining 9 stores associated with the Lease Exits. In the second quarter of fiscal 2026, we completed the closure of the remaining 9 stores. D…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• We operate on a fiscal year that ends on the Saturday closest to December 31st each year. The fiscal years ended January 3, 2026 (“fiscal 2025”) and December 28, 2024 ("fiscal 2024") consist of 53 weeks and 52 weeks, respectively. References to the third quarter of fiscal 2025 and the third quarter …

• On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law. We expect the OBBBA to have favorable impacts on our current year cash taxes payable and immaterial impacts to our effective tax rate.

• On October 1, 2025, the U.S. Government entered a shutdown, which is ongoing as of this filing. This shutdown has adversely impacted the disbursement of benefits from federally-funded assistance programs that many of our customers depend on, including the Supplemental Nutrition Assistance Program (“…

• Restructuring Plan. We initiated a restructuring plan during the fourth quarter of fiscal 2024, with continued implementation in fiscal 2025, intended to improve long-term profitability, cash flow generation and return on invested capital, optimize the footprint of new store growth and lower our cos…

• See Note 11 to the condensed consolidated financial statements for additional information regarding the Restructuring Plan, including the costs incurred and restructuring liability activity.

Text added vs the prior filing · source: 10-Q · 2026-05-13

• Based on that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded our disclosure controls and procedures were effective at a reasonable assurance level as of April 4, 2026.

• During the fiscal quarter ended April 4, 2026, there was no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d) and 15d-15(d) of the Exchange Act that has materially affected, or is reasonably likely to materially affect, ou…

Text removed vs the prior filing · source: 10-Q · 2025-11-05

• Based on that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded our disclosure controls and procedures were not effective as of September 27, 2025 due to the ongoing remediation of our material weakness in our internal control over financial reporting identif…

• Previously Identified Material Weakness and Ongoing Remediation Plan

• The previously identified material weakness in internal control over financial reporting relates to deficiencies in the design and operating effectiveness of certain information technology general computer controls ("ITGC's"). In particular, the replacement of components of our enterprise resource p…

• As of December 28, 2024, management's assessment concluded that the controls required to remediate the material weakness were designed and implemented appropriately, however, certain controls were not consistently operating effectively for a sufficient period of time to conclude the material weaknes…

• The previously identified material weakness will be considered fully remediated once management has concluded, through continued testing, that these specific controls have operated effectively for a sufficient period of time. This ongoing remediation effort is expected to be fully completed during f…