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Shares Repurchased and Dividends | 6 Months Ended
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Mar. 01, 2025
Equity [Abstract] |
Shares Repurchased and Dividends | 17. Shares Repurchased and Dividends The Company has two classes of common stock: Common Stock and Class B Common Stock. Each share of Common Stock is entitled to one vote, is freely transferable, and is entitled to a cash dividend equal to 125% of any cash dividend paid on each share of Class B Common Stock. Each share of Class B Common Stock is entitled to ten votes and can be converted to Common Stock on a share-for-share basis. However, until converted to Common Stock, shares of Class B Common Stock are not freely transferable. During the first quarter of fiscal 2025, 31,860 shares of Class B Common Stock were converted to Common Stock. No such conversions occurred during fiscal 2024. On October 29, 2024, the Company’s Board of Directors declared increased quarterly cash dividends of $0.350 per share of Common Stock and $0.280 per share of Class B Common Stock, up from $0.33 and $0.264 per share, respectively. The amount and timing of any future dividend payment is subject to the approval of the Company’s Board of Directors each quarter. On October 24, 2023, the Company’s Board of Directors authorized a new share repurchase program to repurchase from time to time up to $100.0 million of the Company’s outstanding shares of Common Stock, inclusive of the amount which remained available under the existing share repurchase program approved in 2021. Repurchases from time to time under the new program, if any, will be made in either the open market or in privately negotiated transactions. The timing, manner, price and amount of any repurchases will depend on a variety of factors, including economic and market conditions, the Company stock price, corporate liquidity requirements and priorities, applicable legal requirements and other factors. The share repurchase program has been funded to date with the Company’s available cash and will be funded in the future using the Company’s available cash or capacity under its Credit Agreement and may be suspended or discontinued at any time. On April 8, 2025, the Company’s Board of Directors authorized a new share repurchase program to repurchase from time to time up to $100.0 million of its outstanding shares of Common Stock, inclusive of the amount which remained available under the existing share repurchase program approved in 2023. During the thirteen and twenty-six weeks ended March 1, 2025, the Company repurchased 33,000 and 66,605 shares, respectively, for an average price per share of $186.51 and $188.09, respectively, under the share repurchase program. During the thirteen and twenty-six weeks ended February 24, 2024, the Company repurchased 45,250 and 46,750 shares, respectively, for an average price of $173.79 and $173.67, respectively, under the share repurchase program. As of March 1, 2025, the Company had $63.7 million remaining to repurchase shares under the share repurchase program.

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