BJs RESTAURANTS INC

Previous wording

Certain information included in this Form 10-Q and other filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers may contain “forward-looking” statements about our current and expected performance trends, growth plans, business goals and other matters. Words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should,” and similar expressions are intended to identify “forward-looking” statements. These statements, and any other statements that are not historical facts, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended from time to time. The cautionary statements made in this Form 10-Q should be read as being applicable to all related “forward-looking” statements wherever they appear in this Form 10-Q. These forward-looking statements are based on information available to us as of the date any such statements are made, and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the risk factors described in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 30, 2025, as updated in our Form 10-Q for the twenty-six weeks ended June 30, 2026, and in other reports filed subsequently with the SEC.

Current wording

Certain information included in this Form 10-Q and other filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers may contain “forward-looking” statements about our current and expected performance trends, growth plans, business goals and other matters. Words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should,” and similar expressions are intended to identify “forward-looking” statements. These statements, and any other statements that are not historical facts, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended from time to time. The cautionary statements made in this Form 10-Q should be read as being applicable to all related “forward-looking” statements wherever they appear in this Form 10-Q. These forward-looking statements are based on information available to us as of the date any such statements are made, and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the risk factors described in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 30, 2025, as updated from time to time in our subsequent Quarterly Report on Form 10-Q, including Part II, Item 1A of this report, and in other reports filed with the SEC.

Previous wording

The following table provides, for the periods indicated, our unaudited Consolidated Statements of Income expressed as percentages of total revenues. The results of operations for the thirteen and twenty-six weeks ended June 30, 2026 and July 1, 2025, are not necessarily indicative of the results to be expected for the full fiscal year. Percentages below may not reconcile due to rounding.

Current wording

The following table provides, for the periods indicated, our unaudited Consolidated Statements of Income expressed as percentages of total revenues. The results of operations for the thirteen and thirty-nine weeks ended September 29, 2026 and September 30, 2025, are not necessarily indicative of the results to be expected for the full fiscal year. Percentages below may not reconcile due to rounding.

Previous wording

Thirteen and Twenty-Six Weeks Ended June 30, 2026 Compared to Thirteen and Twenty-Six Weeks Ended July 1, 2025

Current wording

Thirteen and Thirty-Nine Weeks Ended September 29, 2026 Compared to Thirteen and Thirty-Nine Weeks Ended September 30, 2025

Previous wording

Revenues. Total revenues increased by $23.3 million, or 6.4%, to $388.9 million during the thirteen weeks ended June 30, 2026, from $365.6 million during the comparable thirteen-week period of 2025. The change in revenues primarily consisted of an increase of 6.5%, or $23.5 million, related to sales from restaurants in our comparable restaurant sales base, offset by decreases in non-comparable restaurant sales. The increase in comparable restaurant sales was due to an increase in guest traffic of approximately 8.3%, offset by a decrease in average check of approximately 1.8%, resulting from changes in product mix, partially offset by menu price increases.

Current wording

Revenues. Total revenues increased by $28.5 million, or 8.6%, to $358.6 million during the thirteen weeks ended September 29, 2026, from $330.2 million during the comparable thirteen-week period of 2025. The change in revenues primarily consisted of an increase of 8.1%, or $26.7 million, related to sales from restaurants in our comparable restaurant sales base, and increases in non-comparable restaurant sales of $1.7 million. The increase in comparable restaurant sales was due to an increase in guest traffic of approximately 8.3%, offset by a decrease in average check of approximately 0.2%, resulting from changes in product mix, partially offset by menu price increases.

Previous wording

Total revenues increased by $33.4 million, or 4.7%, to $747.0 million during the twenty-six weeks ended June 30, 2026, from $713.6 million during the comparable twenty-six-week period of 2025. The change in revenues primarily consisted of an increase of 4.5%, or $31.5 million, related to sales from restaurants in our comparable restaurant sales base, and $1.3 million related to sales from new restaurants. The increase in comparable restaurant sales was due to an increase in guest traffic of approximately 5.3%, offset by a decrease in average check of approximately 0.8%, resulting from changes in product mix, partially offset by menu price increases.

Current wording

$58.1 million, related to sales from restaurants in our comparable restaurant sales base, and $3.7 million related to non-comparable restaurant sales. The increase in comparable restaurant sales was due to an increase in guest traffic of approximately 6.3%, offset by a decrease in average check of approximately 0.7%, resulting from changes in product mix, partially offset by menu price increases.

Previous wording

Cost of Sales. Cost of sales increased by $8.3 million, or 9.1%, to $99.1 million during the thirteen weeks ended June 30, 2026, from $90.8 million during the comparable thirteen-week period of 2025. As a percentage of revenues, cost of sales increased to 25.5% for the current thirteen-week period from 24.8% for the prior year comparable period. The increase was primarily due to approximately 5% inflation in our commodity basket costs led by beef inflation, partially offset by menu price increases and the effectiveness of improved operations.

Current wording

Cost of Sales. Cost of sales increased by $5.8 million, or 6.9%, to $90.7 million during the thirteen weeks ended September 29, 2026, from $84.9 million during the comparable thirteen-week period of 2025. As a percentage of revenues, cost of sales decreased to 25.3% for the current thirteen-week period from 25.7% for the prior year comparable period. This decrease, as a percentage of revenues, was primarily led by a 0.8% reduction due to menu price increases and a 0.1% reduction resulting from our menu renovation work, partially offset by a 0.5% increase due to inflation in our commodity basket.

Previous wording

Cost of sales increased by $11.4 million, or 6.4%, to $189.0 million during the twenty-six weeks ended June 30, 2026, from $177.6 million during the comparable twenty-six-week period of 2025. As a percentage of revenues, cost of sales increased to 25.3% for the current twenty-six-week period from 24.9% for the prior year comparable period. The increase was primarily due to approximately 3% inflation in our commodity basket led by beef inflation, partially offset by menu price increases and the effectiveness of improved operations.

Current wording

Cost of sales increased by $17.2 million, or 6.6%, to $279.7 million during the thirty-nine weeks ended September 29, 2026, from $262.5 million during the comparable thirty-nine-week period of 2025. As a percentage of revenues, cost of sales increased to 25.3% for the current thirty-nine-week period from 25.2% for the prior year comparable period. This increase as a percentage of revenues was primarily due to a 0.7% increase from inflation in our commodity basket, coupled with a 0.3% change in mix, partially offset by a 0.8% reduction from menu price increases, and a 0.1% decrease due to operational efficiencies and benefits from our menu renovation work.

Previous wording

Labor and Benefits. Labor and benefit costs for our restaurants increased by $5.0 million, or 3.8%, to $134.3 million during the thirteen weeks ended June 30, 2026, from $129.4 million during the comparable thirteen-week period of 2025. As percentage of revenues, labor and benefit costs decreased to 34.5% for the current thirteen-week period from 35.4% for the prior year comparable period. The change was primarily driven by a 1.6% reduction due to leveraging our fixed costs over a higher revenue base, partially offset by a 0.7% increase due to wage inflation.

Current wording

Labor and Benefits. Labor and benefit costs increased by $7.5 million, or 6.1%, to $129.8 million during the thirteen weeks ended September 29, 2026, from $122.3 million during the comparable thirteen-week period of 2025. As a percentage of revenues, labor and benefits decreased to 36.2% for the current thirteen-week period from 37.1% for the prior year comparable period. This decrease, as a percentage of revenues, was led by a 1.7% reduction from leveraging our fixed costs over a higher revenue base, partially offset by a 0.6% increase due to wage inflation, a 0.1% increase in workers' compensation expense, and a 0.1% increase in incentive compensation resulting from improved financial performance.

Previous wording

Labor and benefit costs for our restaurants increased by $9.2 million, or 3.6%, to $264.2 million during the twenty-six weeks ended June 30, 2026, from $255.0 million during the comparable twenty-six-week period of 2025. As a percentage of revenues, labor and benefit costs decreased to 35.4% for the current twenty-six-week period from 35.7% for the prior year comparable period. The change was primarily driven by a 1.3% reduction due to leveraging our fixed costs over a higher revenue base, partially offset by a 0.6% increase due to wage inflation, 0.2% increase in taxes and benefit costs, and 0.1% increase in workers' compensation costs.

Current wording

Labor and benefit costs increased by $16.7 million, or 4.4%, to $394.0 million during the thirty-nine weeks ended September 29, 2026, from $377.4 million during the comparable thirty-nine-week period of 2025. As a percentage of revenues, labor and benefits decreased to 35.6% for the current thirty-nine-week period from 36.2% for the prior year comparable period. This decrease, as a percentage of revenues, was led by a 1.3% reduction from leveraging our fixed costs over a higher revenue base, partially offset by a 0.6% increase due to wage inflation and a 0.1% increase in workers' compensation expense.

Previous wording

Occupancy and Operating. Occupancy and operating expenses increased by $5.3 million, or 6.4%, to $88.6 million during the thirteen weeks ended June 30, 2026, from $83.3 million during the comparable thirteen-week period of 2025. As a percentage of revenues, occupancy and operating expenses are unchanged at 22.8% for the current thirteen-week period and the prior year comparable period. This resulted from a 0.2% increased investment in marketing, offset by a decrease of 0.2% in rent and related costs due to our ability to leverage our fixed costs over a higher revenue base.

Current wording

Occupancy and Operating. Occupancy and Operating expenses increased by $3.6 million, or 4.4%, to $85.2 million during the thirteen weeks ended September 29, 2026, from $81.6 million during the comparable thirteen-week period of 2025. As a percentage of revenues, occupancy and operating decreased to 23.8% for the current thirteen-week period from 24.7% for the prior year comparable period. This decrease, as a percentage of revenues, was primarily due to a 1.0% reduction resulting from our ability to leverage our fixed costs over a higher revenue base, partially offset by a 0.1% increase in marketing.

Previous wording

General and Administrative. General and administrative expenses increased by $4.6 million, or 21.1%, to $26.3 million during the thirteen weeks ended June 30, 2026, from $21.8 million during the comparable thirteen-week period of 2025. The change was led by $1.4 million of legal and leadership transition expenses, $1.2 million related to higher stock-based compensation led by forfeitures in 2025 that reduced the expense, and $1.0 million related to our non-cash deferred compensation liability. As a percentage of revenues, general and administrative expenses increased to 6.8% for the current thirteen-week period from 5.9% for the prior year comparable period. This increase was primarily due to the increase in the aforementioned expenses.

Current wording

General and Administrative. General and administrative expenses increased by $1.2 million, or 5.6%, to $23.7 million during the thirteen weeks ended September 29, 2026, from $22.4 million during the comparable thirteen-week period of 2025. The increase was primarily driven by a $2.3 million increase in incentive compensation expense, reflecting an additional $1.7 million accrual due to a higher estimated level of financial performance and incentive compensation achievement for fiscal 2026, compared with a $0.6 million reduction in the estimated accrual in 2025. These costs were offset by a decrease of $1.2 million related to our non-cash deferred compensation liability. As a percentage of revenues, general and administrative expenses decreased to 6.6% for the current thirteen-week period from 6.8% for the prior year comparable period. This decrease was primarily due to leveraging the total expenses over a higher revenue base.

Previous wording

General and administrative expenses increased by $4.8 million, or 11.0%, to $48.3 million during the twenty-six weeks ended June 30, 2026, from $43.5 million during the comparable twenty-six-week period of 2025. The change was led by $1.4 million of legal and leadership transition expenses, $1.3 million related to stock-based compensation led by forfeitures in fiscal 2025 that reduced the expense, $0.6 million related to our non-cash deferred compensation liability, and $1.2 million in subscription costs as we focus on laying the foundation for our technology infrastructures. As a percentage of revenues, general and administrative expenses increased to 6.5% for the current twenty-six-week period from 6.1% for the prior year comparable period. This increase was primarily due to the increase in the aforementioned expenses.

Current wording

General and administrative expenses increased by $6.0 million, or 9.2%, to $72.0 million during the thirty-nine weeks ended September 29, 2026, from $65.9 million during the comparable thirty-nine-week period of 2025. This increase was primarily due to $1.5 million of legal and leadership transition expenses, $1.4 million related to stock-based compensation led by forfeitures in fiscal 2025 that reduced the expense, $1.3 million in incentive compensation due to increased financial performance, and $1.7 million in technology resource costs as we focus on laying the foundation for our technology infrastructures. As a percentage of revenues, general and administrative expenses increased to 6.5% for the current thirty-nine-week period from 6.3% for the prior year comparable period. This increase was primarily due to the increase in the aforementioned expenses.

Previous wording

Depreciation and Amortization. Depreciation and amortization increased by $2.2 million, or 11.8%, to $21.0 million during the thirteen weeks ended June 30, 2026, compared to $18.7 million during the comparable thirteen-week period of 2025. This increase is primarily due to increased capital expenditures related to our restaurant maintenance and remodel programs. As a percentage of revenues, depreciation and amortization increased to 5.4% for the current thirteen-week period from 5.1% for the prior year comparable period.

Current wording

Depreciation and Amortization. Depreciation and amortization increased by $1.8 million, or 9.2%, to $21.1 million during the thirteen weeks ended September 29, 2026, compared to $19.3 million during the comparable thirteen-week period of 2025. As a percentage of revenues, depreciation and amortization increased to 5.9% for the current thirteen-week period from 5.8% for the prior year comparable period. This increase is primarily due to increased capital expenditures related to our restaurant maintenance and remodel programs.

Previous wording

Depreciation and amortization increased by $6.8 million, or 18.2%, to $43.8 million during the twenty-six weeks ended June 30, 2026, compared to $37.0 million during the comparable twenty-six-week period of 2025. The increase included a $2.7 million catch-up adjustment to depreciation expense recorded in the first quarter of 2026. As a percentage of revenues, depreciation and amortization increased to 5.9% for the current twenty-six-week period from 5.2% for the prior year comparable period.

Current wording

Depreciation and amortization increased by $8.5 million, or 15.1%, to $64.9 million during the thirty-nine weeks ended September 29, 2026, compared to $56.3 million during the comparable thirty-nine-week period of 2025. As a percentage of revenues, depreciation and amortization increased to 5.9% for the current thirty-nine-week period from 5.4% for the prior year comparable period. This increase is primarily due to increased capital expenditures related to our restaurant maintenance and remodel programs, in addition to a $2.7 million catch-up adjustment recorded in the first quarter of 2026.

Previous wording

Restaurant Opening. Restaurant opening expenses decreased by $0.1 million to $0.1 million during the thirteen weeks ended June 30, 2026, compared to $0.2 million during the comparable thirteen-week period of 2025.

Current wording

Restaurant Opening. Restaurant opening expenses increased by $0.1 million to $0.1 million during the thirteen weeks ended September 29, 2026, compared to zero during the comparable thirteen-week period of 2025.

Previous wording

Restaurant opening expenses decreased by $0.6 million to $0.1 million during the twenty-six weeks ended June 30, 2026, compared to $0.7 million during the comparable twenty-six-week period of 2025.

Current wording

Restaurant opening expenses decreased by $0.4 million to $0.2 million during the thirty-nine weeks ended September 29, 2026, compared to $0.7 million during the comparable thirty-nine-week period of 2025.

Previous wording

For both periods, this decrease in restaurant openings was primarily due to the timing of openings.

Current wording

For both periods, the change in restaurant openings was primarily due to the timing of openings.

Previous wording

Loss on Disposal and Impairment of Assets, Net. Loss on disposal and impairment of assets, net, was $1.0 million during the thirteen weeks ended June 30, 2026, compared to $0.2 million during the comparable thirteen-week period of 2025.

Current wording

Loss on Disposal and Impairment of Assets, Net. Loss on disposal and impairment of assets, net, was $2.8 million during the thirteen weeks ended September 29, 2026, compared to $0.6 million during the comparable thirteen-week period of 2025. These costs primarily related to the impairment and reduction in the carrying value of long-lived assets, including right of use assets, coupled with the disposals of assets in conjunction with initiatives to keep our restaurants up-to-date and costs incurred for previously closed locations.

Previous wording

Interest Expense, Net. Interest expense, net, was $0.8 million during the thirteen weeks ended June 30, 2026, compared to $1.3 million during the comparable thirteen-week period of 2025.

Current wording

Interest Expense, Net. Interest expense, net, was $0.4 million during the thirteen weeks ended September 29, 2026, compared to $1.2 million during the comparable thirteen-week period of 2025.

Previous wording

Other income, net, was $0.9 million during the twenty-six weeks ended June 30, 2026, compared to $3.7 million during the comparable twenty-six-week period of 2025.

Current wording

Interest expense, net, was $2.3 million during the thirty-nine weeks ended September 29, 2026, compared to $3.7 million during the comparable thirty-nine-week period of 2025.

Previous wording

For both periods, this decrease in interest expense, net, was primarily due to a lower outstanding debt balance.

Current wording

For both periods, the decrease in interest expense, net, was primarily due to a lower outstanding debt balance.

Previous wording

For both periods, this decrease in other income, net, was primarily related to a payroll tax credit in the prior year, offset by increases in the cash surrender value of certain life insurance policies.

Current wording

For both periods, the decrease in other income, net, was primarily due to a payroll tax credit in the prior year, coupled with decreases in the cash surrender value of certain life insurance policies related to our deferred compensation program.

Previous wording

Income Tax Expense. Our effective income tax expense rate for the thirteen weeks ended June 30, 2026, was 1.3% compared to 6.3% for the comparable thirteen-week period of 2025.

Current wording

Income Tax (Benefit) Expense. Our effective income tax benefit rate for the thirteen weeks ended September 29, 2026, was 13.9% compared to 146.5% for the comparable thirteen-week period of 2025.

Previous wording

Our effective income tax expense rate for the twenty-six weeks ended June 30, 2026, was 1.0% compared to 4.4% for the comparable twenty-six-week period of 2025.

Current wording

Our effective income tax benefit rate for the thirty-nine weeks ended September 29, 2026, was 1.1% compared to an effective income tax expense rate of 0.5% for the comparable thirty-nine-week period of 2025.

Previous wording

The effective tax rate expense for the thirteen and twenty-six weeks ended June 30, 2026 and July 1, 2025, was different than the statutory rate primarily due to FICA tax tip credits.

Current wording

For both periods, the effective tax rate was different than the statutory rate primarily due to FICA tax tip credits.

Previous wording

Similar to many restaurant chains, we typically utilize operating lease arrangements (principally ground leases) for our restaurant locations. We believe our operating lease arrangements provide appropriate leverage for our capital structure in a financially efficient manner. However, we are not limited to the use of lease arrangements as our only method of opening new restaurants and from time to time have purchased the underlying land for new restaurants. We typically lease our restaurant locations for periods of 10 to 20 years under operating lease arrangements. Our rent structures vary from lease to lease but generally provide for the payment of both minimum and contingent (percentage) rent based on sales, as well as other expenses related to the leases (for example, our pro-rata share of common area maintenance, property tax and insurance expenses). Many of our lease arrangements include the opportunity to secure tenant improvement allowances to partially offset the cost of developing and opening the related restaurants. Generally, landlords recover the cost of such allowances from increased minimum rents. There can be no assurance that such allowances will be available to us on each project. From time to time, we may also decide to purchase the underlying land for a new restaurant if that is the only way to secure a highly desirable site. Currently, we own the underlying land for our Texas brewpub locations. We also own parcels of land adjacent to two of our restaurants. It is not our current strategy to own a large number of land parcels that underlie our restaurants. Therefore, in many cases we have subsequently entered into sale-leaseback arrangements for land parcels that we previously purchased. We disburse cash for certain site-related work, buildings, leasehold improvements, furnishings, fixtures and equipment to build our leased and owned premises. We own substantially all of the equipment, furniture and trade fixtures in our restaurants and currently plan to do so in the future.

Current wording

Similar to many restaurant chains, we typically utilize operating lease arrangements (principally ground leases) for our restaurant locations. We believe our operating lease arrangements provide appropriate leverage for our capital structure in a financially efficient manner. However, we are not limited to the use of lease arrangements as our only method of opening new restaurants and from time to time have purchased the underlying land for new restaurants. We typically lease our restaurant locations for periods of 10 to 20 years under operating lease arrangements. Our rent structures vary from lease to lease but generally provide for the payment of both minimum and contingent (percentage) rent based on sales, as well as other expenses related to the leases (for example, our pro-rata share of common area maintenance, property tax and insurance expenses). Many of our lease arrangements include the opportunity to secure tenant improvement allowances to partially offset the cost of developing and opening the related restaurants. Generally, landlords recover the cost of such allowances from increased minimum rents. There can be no assurance that such allowances will be available to us on each project. From time to time, we may also decide to purchase the underlying land for a new restaurant if that is the only way to secure a highly desirable site. Currently, we own the underlying land for our Texas brewpub locations. We also own parcels of land adjacent to two of our restaurants, one of which was sold in the fourth quarter of fiscal 2026. See Note 13 of Notes to Unaudited Consolidated Financial Statements in Part I, Item 1 of this report for additional details. It is not our current strategy to own a large number of land parcels that underlie our restaurants. Therefore, in many cases we have subsequently entered into sale-leaseback arrangements for land parcels that we previously purchased. We disburse cash for certain site-related work, buildings, leasehold improvements, furnishings, fixtures and equipment to build our leased and owned premises. We own substantially all of the equipment, furniture and trade fixtures in our restaurants and currently plan to do so in the future.

Previous wording

Net cash provided by operating activities was $74.0 million during the twenty-six weeks ended June 30, 2026, representing a $7.1 million increase from the $66.9 million provided during the twenty-six weeks ended July 1, 2025. The increase over prior year is led by increased profitability after non-cash items.

Current wording

Net cash provided by operating activities was $115.8 million during the thirty-nine weeks ended September 29, 2026, representing a $23.8 million increase from the $92.0 million provided during the thirty-nine weeks ended September 30, 2025. The increase versus prior year is primarily due to increased profitability after non-cash items and favorable working capital fluctuations led by the timing of accounts payable and accrued expenses.

Previous wording

Net cash used in investing activities was $40.4 million during the twenty-six weeks ended June 30, 2026, representing a $3.4 million increase from the $37.0 million used during the twenty-six weeks ended July 1, 2025. The increase versus prior year is primarily due to restaurant maintenance and remodels.

Current wording

Net cash used in investing activities was $60.9 million during the thirty-nine weeks ended September 29, 2026, representing a $2.4 million increase from the $58.5 million used during the thirty-nine weeks ended September 30, 2025. The increase versus prior year is primarily due to investments in internally developed software.

Previous wording

The following table provides, for the periods indicated, the components of capital expenditures (in thousands):

Current wording

The following table provides, for the periods indicated, the components of purchases of property and equipment (in thousands):

Previous wording

Net cash used in financing activities was $43.0 million during the twenty-six weeks ended June 30, 2026, representing a $12.9 million increase from the $30.0 million used in financing activities during the twenty-six weeks ended July 1, 2025. The increase in cash used is primarily due to higher repayments of borrowings, offset by lower share repurchases.

Current wording

Net cash used in financing activities was $65.7 million during the thirty-nine weeks ended September 29, 2026, representing a $31.6 million increase from the $34.2 million used in financing activities during the thirty-nine weeks ended September 30, 2025. The increase in net cash used is primarily due to repayment of debt in 2026 versus net borrowing in 2025, offset by lower share repurchases.

Previous wording

A summary of our other critical accounting policies is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 30, 2025. During the twenty-six weeks ended June 30, 2026, there were no significant changes in our critical accounting policies.

Current wording

A summary of our other critical accounting policies is included in Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the fiscal year ended December 30, 2025. During the thirty-nine weeks ended September 29, 2026, there were no significant changes in our critical accounting policies.