XML 28 R21.htm IDEA: XBRL DOCUMENT
v3.24.1.1.u2

Segment Reporting | 3 Months Ended
--- | ---
Apr. 30, 2024
Segment Reporting [Abstract] |
Segment Reporting | 12. 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 includes Anthropologie (which includes the Anthropologie and Terrain brands), Free People (which includes the Free People and FP Movement brands), Urban Outfitters and Menus & Venues. 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 Company-owned Retail segment shopping channels are closely integrated, including retail locations, websites, mobile applications, catalogs and customer contact centers. The Company’s Wholesale segment includes 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 includes the Nuuly brand, which offers customers a more sustainable way to explore fashion through a monthly women’s apparel subscription rental service. The Company evaluates the performance of each segment based on the net sales and 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, 2024. 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, |
|  | 2024 |  |  | 2023 |
Net sales |  |  |  |  |  |
Retail operations |  | $ | 1,062,685 |  |  | $ | 1,004,101 |
Wholesale operations |  |  | 63,252 |  |  |  | 63,415 |
Nuuly operations |  |  | 77,942 |  |  |  | 51,470 |
Intersegment elimination |  |  | (3,147 | ) |  |  | (5,312 | )
Total net sales |  | $ | 1,200,732 |  |  | $ | 1,113,674 |
Income from operations |  |  |  |  |  |
Retail operations |  | $ | 87,887 |  |  | $ | 83,230 |
Wholesale operations |  |  | 11,308 |  |  |  | 6,659 |
Nuuly operations |  |  | (1,226 | ) |  |  | (271 | )
Intersegment elimination |  |  | (52 | ) |  |  | (346 | )
Total segment operating income |  |  | 97,917 |  |  |  | 89,272 |
General corporate expenses |  |  | (23,293 | ) |  |  | (17,889 | )
Total income from operations |  | $ | 74,624 |  |  | $ | 71,383 |
|  | April 30, |  |  | January 31, |  |  | April 30, |
|  | 2024 |  |  | 2024 |  |  | 2023 |
Inventory |  |  |  |  |  |  |  |  |
Retail operations |  | $ | 531,653 |  |  | $ | 505,271 |  |  | $ | 543,968 |
Wholesale operations |  |  | 47,337 |  |  |  | 44,971 |  |  |  | 46,358 |
Total inventory |  | $ | 578,990 |  |  | $ | 550,242 |  |  | $ | 590,326 |
Rental product, net (1) |  |  |  |  |  |  |  |  |
Nuuly operations |  | $ | 184,311 |  |  | $ | 163,119 |  |  | $ | 100,642 |
Total rental product, net |  | $ | 184,311 |  |  | $ | 163,119 |  |  | $ | 100,642 |
(1) Rental product, net is included in "Other assets" in the Condensed Consolidated Balance Sheets.
Property and equipment, net |  |  |  |  |  |  |  |  |
Retail operations |  | $ | 1,179,050 |  |  | $ | 1,182,084 |  |  | $ | 1,145,834 |
Wholesale operations |  |  | 2,413 |  |  |  | 2,355 |  |  |  | 888 |
Nuuly operations |  |  | 123,085 |  |  |  | 102,102 |  |  |  | 54,784 |
Total property and equipment, net |  | $ | 1,304,548 |  |  | $ | 1,286,541 |  |  | $ | 1,201,506 |
The following tables summarize net sales and percentage of net sales from contracts with customers by merchandise category and by segment:
|  | Three Months Ended |
|  | April 30, |
|  | 2024 |  |  | 2023 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Apparel |  | $ | 742,955 |  |  |  | 70 | % |  | $ | 685,085 |  |  |  | 68 | %
Home |  |  | 142,099 |  |  |  | 13 | % |  |  | 150,224 |  |  |  | 15 | %
Accessories |  |  | 129,264 |  |  |  | 12 | % |  |  | 121,711 |  |  |  | 12 | %
Other |  |  | 48,367 |  |  |  | 5 | % |  |  | 47,081 |  |  |  | 5 | %
Retail operations |  |  | 1,062,685 |  |  |  | 100 | % |  |  | 1,004,101 |  |  |  | 100 | %
Apparel |  |  | 56,541 |  |  |  | 94 | % |  |  | 52,621 |  |  |  | 91 | %
Accessories |  |  | 3,348 |  |  |  | 6 | % |  |  | 5,321 |  |  |  | 9 | %
Other |  |  | 216 |  |  |  | 0 | % |  |  | 161 |  |  |  | 0 | %
Wholesale operations (1) |  |  | 60,105 |  |  |  | 100 | % |  |  | 58,103 |  |  |  | 100 | %
Nuuly operations |  |  | 77,942 |  |  |  |  |  |  | 51,470 |  |  |  |
Total net sales |  | $ | 1,200,732 |  |  |  |  |  | $ | 1,113,674 |  |  |  |
(1) Net of intersegment elimination. 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. 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, |
|  | 2024 |  |  | 2024 |  |  | 2023 |
Property and equipment, net |  |  |  |  |  |  |  |  |
Domestic operations |  | $ | 1,153,245 |  |  | $ | 1,130,332 |  |  | $ | 1,045,656 |
Foreign operations |  |  | 151,303 |  |  |  | 156,209 |  |  |  | 155,850 |
Total property and equipment, net |  | $ | 1,304,548 |  |  | $ | 1,286,541 |  |  | $ | 1,201,506 |
|  | Three Months Ended |
|  | April 30, |
|  | 2024 |  |  | 2023 |
Net Sales |  |  |  |  |  |
Domestic operations |  | $ | 1,058,923 |  |  | $ | 979,606 |
Foreign operations |  |  | 141,809 |  |  |  | 134,068 |
Total net sales |  | $ | 1,200,732 |  |  | $ | 1,113,674 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration