The Company offers lifestyle-oriented general merchandise and consumer products and services through a portfolio of global consumer brands. The Company operates three reportable segments – “Retail,” “Wholesale” and “Subscription.”

The Company’s Retail segment consists of the “Anthropologie,” “Bhldn,” “Free People,” “Terrain” and “Urban Outfitters” brands and the Menus & Venues division. The Company has aggregated its brands into the Retail segment based upon their shared management, customer base and economic characteristics. Reporting in this format provides management with the financial information necessary to evaluate the success of the segments and the overall business. The Company’s Retail segment omni-channel strategy enhances its customers’ brand experience by providing a seamless approach to the customer shopping experience. All available Company-owned Retail segment shopping channels are fully integrated, including stores, websites, mobile applications, catalogs and customer contact centers.

The Company’s Wholesale segment consists of the Free People, Anthropologie and Urban Outfitters brands. The Wholesale segment sells through department and specialty stores worldwide, digital businesses and the Retail segment.

The Subscription segment consists of the “Nuuly” brand, which is a monthly women’s apparel subscription rental service that launched on July 30, 2019. Prior year expenses related to the Subscription segment that were classified as “Retail operations” and “General corporate expenses” have been reclassified to the Subscription segment as a result of the establishment of the Subscription segment in the first quarter of fiscal 2020. Property and equipment related to the Subscription segment have also been reclassified from the Retail segment.

The Company evaluates the performance of each segment based on the net sales and pre-tax income from operations (excluding intercompany charges) of the segment. The Company accounts for intersegment sales and transfers as if the sales and transfers were made to third parties making similar volume purchases. Corporate expenses include expenses incurred and directed by the corporate office that are not allocated to segments. The principal identifiable assets for the Retail and Wholesale segments are inventory and property and equipment. The principal identifiable assets for the Subscription segment are rental product and property and equipment.

The accounting policies of the reportable segments are the same as the policies described in Note 2, “Summary of Significant Accounting Policies,” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020. All of the Company’s segments are highly diversified. No one customer constitutes more than 10% of the Company’s total consolidated net sales. A summary of the information about the Company’s operations by segment is as follows:

	Three Months Ended
	April 30,
	2020			2019
Net sales
Retail operations	$	561,232		$	782,563
Wholesale operations		25,712			84,365
Subscription operations		6,270			—
Intersegment elimination		(4,731	)		(2,515	)
Total net sales	$	588,483		$	864,413
(Loss) Income from operations
Retail operations	$	(135,501	)	$	34,694
Wholesale operations		(45,628	)		16,761
Subscription operations		(5,964	)		(2,101	)
Intersegment elimination		(410	)		(63	)
Total segment operating (loss) income		(187,503	)		49,291
General corporate expenses		(11,232	)		(9,271	)
Total (loss) income from operations	$	(198,735	)	$	40,020

	April 30,		January 31,		April 30,
	2020		2020		2019
Inventory
Retail operations	$	299,881	$	347,837	$	365,554
Wholesale operations		35,759		61,697		42,808
Total inventory	$	335,640	$	409,534	$	408,362
Rental product, net ⁽¹⁾
Subscription operations	$	17,380	$	16,447	$	35
Total rental product, net	$	17,380	$	16,447	$	35

(1) Rental product, net is included in "Deferred income taxes and other assets" in the Condensed Consolidated Balance Sheets.

Property and equipment, net
Retail operations	$	849,566	$	859,918	$	819,062
Wholesale operations		2,550		2,577		2,312
Subscription operations		28,237		27,537		7,698
Total property and equipment, net	$	880,353	$	890,032	$	829,072

The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category:

	Three Months Ended
	April 30,
	2020			2019
Net sales
Apparel ⁽¹⁾	$	370,347		$	588,726
Home ⁽²⁾		109,799			124,548
Accessories ⁽³⁾		70,193			100,268
Other ⁽⁴⁾		38,144			50,871
Total net sales	$	588,483		$	864,413

As a percentage of net sales
Apparel ⁽¹⁾		63	%		68	%
Home ⁽²⁾		19	%		14	%
Accessories ⁽³⁾		12	%		12	%
Other ⁽⁴⁾		6	%		6	%
Total net sales		100	%		100	%


(1) Apparel includes intimates and activewear
(2) Home includes home furnishings, electronics, gifts and decorative items
(3) Accessories includes footwear, jewelry and handbags
(4) Other includes beauty, shipping and handling, the Menus & Venues division and the Subscription segment

Apparel, Home, and Accessories are sold through both the Retail and Wholesale segments. Revenue recognized from the Other category is primarily attributable to the Retail segment.

The Company has foreign operations primarily in Europe and Canada. Revenues and long-lived assets, based upon the Company’s domestic and foreign operations, are as follows:

	April 30,		January 31,		April 30,
	2020		2020		2019
Property and equipment, net
Domestic operations	$	741,237	$	763,411	$	758,794
Foreign operations		139,116		126,621		70,278
Total property and equipment, net	$	880,353	$	890,032	$	829,072

	Three Months Ended
	April 30,
	2020		2019
Net Sales
Domestic operations	$	523,556	$	763,089
Foreign operations		64,927		101,324
Total net sales	$	588,483	$	864,413