3 unchanged sentences
We are exposed to market risk from changes in interest rates on our debt, which bears interest, at SOFR plus a margin between 1.25% and 2.25%.
−Removed: As of April 1, 2026, we had outstanding borrowings of $44.0 million under our 2022 Revolver, $10.3 million of letters of credit in support of our insurance programs, and the applicable margin on outstanding borrowings under 2022 Revolver was 1.25%.
+Added: As of July 1, 2026, we had outstanding borrowings of $30.0 million under our 2022 Revolver, $10.3 million of letters of credit in support of our insurance programs, and the applicable margin on outstanding borrowings under 2022 Revolver was 1.25%.
A 1.0% increase in the effective interest rate applied to our 2022 Revolver borrowings would result in a pre-tax interest expense increase of $0.3 million on an annualized basis.
−Removed: During the thirteen weeks ended April 1, 2026, we did not make any borrowings and paid down $7.0 million on our 2022 Revolver, and the outstanding balance as of April 1, 2026 was $44.0 million.
+Added: During the thirteen and twenty-six weeks ended July 1, 2026, we borrowed $5.0 million and paid down $19.0 million and $26.0 million, respectively, on our 2022 Revolver, and the outstanding balance as of July 1, 2026 was $30.0 million.
Borrowings under the 2022 Credit Agreement (other than any swingline loans) bear interest, at the borrowers’ option, at rates based upon either SOFR or a base rate, plus, for each rate, a margin determined in accordance with a lease-adjusted consolidated leverage ratio-based pricing grid.
3 unchanged sentences
We may not be able to offset cost increases in the future.
−Removed: In addition, we have a substantial number of hourly employees who are paid wage rates at or based on the applicable federal, state, or local minimum wage, and increases in the minimum wage will increase our labor costs.
+Added: In addition, we have
+Added: a substantial number of hourly employees who are paid wage rates at or based on the applicable federal, state, or local minimum wage, and increases in the minimum wage will increase our labor costs.
Commodity Price Risk
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.