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Segment Reporting | 9 Months Ended
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Oct. 31, 2022
Segment Reporting [Abstract] |
Segment Reporting | 13. Segment Reporting 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 “Nuuly.” The Company’s Retail segment consists of the Anthropologie, Bhldn, Free People, FP Movement, Terrain, Urban Outfitters and Menus & Venues brands. 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 retail locations, websites, mobile applications, catalogs and customer contact centers. The Company’s Wholesale segment consists of the Free People, FP Movement and Urban Outfitters brands. The Wholesale segment sells through department and specialty stores worldwide, digital businesses and the Retail segment. The Nuuly segment consists of the Nuuly brand, which offers customers a more sustainable way to explore fashion. Nuuly Rent is a monthly women’s apparel subscription rental service. Nuuly Thrift, which launched in October 2021, is a peer-to-peer resale marketplace where customers can buy and sell women’s, men’s and kids’ clothes, shoes and accessories. 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 Nuuly 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, 2022. 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 |  |  | Nine Months Ended |
|  | October 31, |  |  | October 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Retail operations |  | $ | 1,067,531 |  |  | $ | 1,043,905 |  |  | $ | 3,126,157 |  |  | $ | 2,990,413 |
Wholesale operations |  |  | 80,223 |  |  |  | 79,549 |  |  |  | 211,194 |  |  |  | 208,112 |
Nuuly operations |  |  | 35,279 |  |  |  | 12,688 |  |  |  | 86,904 |  |  |  | 30,447 |
Intersegment elimination |  |  | (7,684 | ) |  |  | (4,718 | ) |  |  | (13,584 | ) |  |  | (12,408 | )
Total net sales |  | $ | 1,175,349 |  |  | $ | 1,131,424 |  |  | $ | 3,410,671 |  |  | $ | 3,216,564 |
Income from operations |  |  |  |  |  |  |  |  |  |  |  |
Retail operations |  | $ | 64,427 |  |  | $ | 126,615 |  |  | $ | 216,260 |  |  | $ | 377,489 |
Wholesale operations |  |  | 12,782 |  |  |  | 10,098 |  |  |  | 30,021 |  |  |  | 33,377 |
Nuuly operations |  |  | (3,228 | ) |  |  | (4,900 | ) |  |  | (9,358 | ) |  |  | (11,800 | )
Intersegment elimination |  |  | 547 |  |  |  | 850 |  |  |  | 1,137 |  |  |  | 1,195 |
Total segment operating income |  |  | 74,528 |  |  |  | 132,663 |  |  |  | 238,060 |  |  |  | 400,261 |
General corporate expenses |  |  | (17,210 | ) |  |  | (16,761 | ) |  |  | (48,687 | ) |  |  | (45,003 | )
Total income from operations |  | $ | 57,318 |  |  | $ | 115,902 |  |  | $ | 189,373 |  |  | $ | 355,258 |
|  | October 31, |  |  | January 31, |  |  | October 31, |
|  | 2022 |  |  | 2022 |  |  | 2021 |
Inventory |  |  |  |  |  |  |  |  |
Retail operations |  | $ | 682,005 |  |  | $ | 507,510 |  |  | $ | 582,711 |
Wholesale operations |  |  | 61,574 |  |  |  | 62,189 |  |  |  | 44,392 |
Total inventory |  | $ | 743,579 |  |  | $ | 569,699 |  |  | $ | 627,103 |
Rental product, net (1) |  |  |  |  |  |  |  |  |
Nuuly operations |  | $ | 76,449 |  |  | $ | 32,075 |  |  | $ | 22,203 |
Total rental product, net |  | $ | 76,449 |  |  | $ | 32,075 |  |  | $ | 22,203 |
(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 |  | $ | 1,133,561 |  |  | $ | 1,113,294 |  |  | $ | 1,056,282 |
Wholesale operations |  |  | 1,073 |  |  |  | 1,458 |  |  |  | 1,593 |
Nuuly operations |  |  | 40,446 |  |  |  | 30,333 |  |  |  | 30,412 |
Total property and equipment, net |  | $ | 1,175,080 |  |  | $ | 1,145,085 |  |  | $ | 1,088,287 |
The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category and by segment:
|  | Three Months Ended |
|  | October 31, |
|  | 2022 |  |  | 2021 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Apparel |  | $ | 688,630 |  |  |  | 64 | % |  | $ | 679,692 |  |  |  | 65 | %
Home |  |  | 192,384 |  |  |  | 18 | % |  |  | 192,312 |  |  |  | 18 | %
Accessories |  |  | 135,784 |  |  |  | 13 | % |  |  | 128,065 |  |  |  | 13 | %
Other |  |  | 50,733 |  |  |  | 5 | % |  |  | 43,836 |  |  |  | 4 | %
Retail operations |  |  | 1,067,531 |  |  |  | 100 | % |  |  | 1,043,905 |  |  |  | 100 | %
Apparel |  |  | 65,713 |  |  |  | 91 | % |  |  | 70,097 |  |  |  | 94 | %
Accessories |  |  | 6,603 |  |  |  | 9 | % |  |  | 4,476 |  |  |  | 6 | %
Other |  |  | 223 |  |  |  | 0 | % |  |  | 258 |  |  |  | 0 | %
Wholesale operations |  |  | 72,539 |  |  |  | 100 | % |  |  | 74,831 |  |  |  | 100 | %
Nuuly operations |  |  | 35,279 |  |  |  |  |  |  | 12,688 |  |  |  |
Total net sales |  | $ | 1,175,349 |  |  |  |  |  | $ | 1,131,424 |  |  |  |
|  | Nine Months Ended |
|  | October 31, |
|  | 2022 |  |  | 2021 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Apparel |  | $ | 2,049,571 |  |  |  | 66 | % |  | $ | 1,948,748 |  |  |  | 65 | %
Home |  |  | 548,292 |  |  |  | 17 | % |  |  | 553,996 |  |  |  | 19 | %
Accessories |  |  | 383,409 |  |  |  | 12 | % |  |  | 361,516 |  |  |  | 12 | %
Other |  |  | 144,885 |  |  |  | 5 | % |  |  | 126,153 |  |  |  | 4 | %
Retail operations |  |  | 3,126,157 |  |  |  | 100 | % |  |  | 2,990,413 |  |  |  | 100 | %
Apparel |  |  | 179,440 |  |  |  | 91 | % |  |  | 186,755 |  |  |  | 96 | %
Accessories |  |  | 17,577 |  |  |  | 9 | % |  |  | 8,299 |  |  |  | 4 | %
Other |  |  | 593 |  |  |  | 0 | % |  |  | 650 |  |  |  | 0 | %
Wholesale operations |  |  | 197,610 |  |  |  | 100 | % |  |  | 195,704 |  |  |  | 100 | %
Nuuly operations |  |  | 86,904 |  |  |  |  |  |  | 30,447 |  |  |  |
Total net sales |  | $ | 3,410,671 |  |  |  |  |  | $ | 3,216,564 |  |  |  |
The Apparel category includes intimates and activewear. The Home category includes home furnishings, electronics, gifts and decorative items. The Accessories category includes footwear, jewelry and handbags. The Other category includes beauty and shipping and handling for the Retail and Wholesale segments, and additionally the Menus & Venues brand for the Retail segment. The Company historically presented the merchandise categories on a company-wide basis. The Company has updated the presentation of the above tables to include a summary of net sales and percentage of net sales by both merchandise category and by segment. Prior year amounts have been reclassified to conform to the current year presentation. 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:
|  | October 31, |  |  | January 31, |  |  | October 31, |
|  | 2022 |  |  | 2022 |  |  | 2021 |
Property and equipment, net |  |  |  |  |  |  |  |  |
Domestic operations |  | $ | 1,024,693 |  |  | $ | 965,777 |  |  | $ | 894,106 |
Foreign operations |  |  | 150,387 |  |  |  | 179,308 |  |  |  | 194,181 |
Total property and equipment, net |  | $ | 1,175,080 |  |  | $ | 1,145,085 |  |  | $ | 1,088,287 |
|  | Three Months Ended |  |  | Nine Months Ended |
|  | October 31, |  |  | October 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net Sales |  |  |  |  |  |  |  |  |  |  |  |
Domestic operations |  | $ | 1,023,420 |  |  | $ | 974,511 |  |  | $ | 2,959,302 |  |  | $ | 2,799,886 |
Foreign operations |  |  | 151,929 |  |  |  | 156,913 |  |  |  | 451,369 |  |  |  | 416,678 |
Total net sales |  | $ | 1,175,349 |  |  | $ | 1,131,424 |  |  | $ | 3,410,671 |  |  | $ | 3,216,564 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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