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Note 15 - Segment Information | 12 Months Ended
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Feb. 01, 2025
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
(15) | Segment Information
The Company’s operations are conducted through three operating segments consisting of DTC, commercial and international franchising. The DTC segment includes the operating activities of corporately-managed locations and other retail delivery operations in the U.S., Canada, the Republic of Ireland and the U.K., including the Company’s e-commerce sites and temporary stores. The commercial segment includes the Company’s transactions with other businesses, mainly comprised of wholesale activities, licensing the Company’s intellectual properties for third party use, and entertainment activities. The international franchising segment includes the licensing activities of the Company’s franchise agreements with store locations in select countries in Asia, Australia, the Middle East, Africa, and South America. The operating segments have discrete sources of revenue, different capital structures and different cost structures. These operating segments represent the basis on which the Company’s Chief Executive Officer, who is also the Chief Operating Decision Maker ("CODM"), regularly evaluates the business in assessing performance, determining the allocation of resources and the pursuit of future growth opportunities. The CODM uses contribution margin to allocate resources across the reportable segments as part of the Company's long-range and annual planning processes, and to evaluate planned versus actual results when assessing segment operating performance. Accordingly, the Company has determined that each of its operating segments represent a reportable segment. The three reportable segments follow the same accounting policies used for the Company’s consolidated financial statements. Following is a summary of the financial information for the Company’s reporting segments (in thousands):
|  | Direct-to- |  |  |  |  |  |  | International |  |  |  |  |
|  | Consumer |  |  | Commercial |  |  | Franchising |  |  | Total |
Fifty-two weeks ended February 1, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenue |  | $ | 460,325 |  |  | $ | 31,387 |  |  | $ | 4,692 |  |  | $ | 496,404 |
Cost of Goods Sold |  |  | 207,200 |  |  |  | 13,439 |  |  |  | 3,247 |  |  |  | 223,886 |
Gross Profit |  |  | 253,125 |  |  |  | 17,948 |  |  |  | 1,445 |  |  |  | 272,518 |
Selling, General & Administrative |  |  | 134,076 |  |  |  | 1,166 |  |  |  | - |  |  |  | 135,242 |
Contribution Margin |  |  | 119,049 |  |  |  | 16,782 |  |  |  | 1,445 |  |  |  | 137,276 |
Overhead Expenses(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 70,996 |
Interest Expense (Income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (861 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 67,141 |
Fifty-three weeks ended February 3, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenue |  | $ | 456,163 |  |  | $ | 25,413 |  |  | $ | 4,538 |  |  | $ | 486,114 |
Cost of Goods Sold |  |  | 206,815 |  |  |  | 12,091 |  |  |  | 2,816 |  |  |  | 221,722 |
Gross Margin |  |  | 249,348 |  |  |  | 13,322 |  |  |  | 1,722 |  |  |  | 264,392 |
Selling, General & Administrative |  |  | 127,722 |  |  |  | 4,102 |  |  |  | - |  |  |  | 131,824 |
Contribution Margin |  |  | 121,626 |  |  |  | 9,220 |  |  |  | 1,722 |  |  |  | 132,568 |
Overhead Expenses(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67,168 |
Interest Expense (Income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (929 | )
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 66,329 |
Fifty-two weeks ended January 28, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Revenue |  | $ | 446,181 |  |  | $ | 18,523 |  |  | $ | 3,233 |  |  | $ | 467,937 |
Cost of Goods Sold |  |  | 211,489 |  |  |  | 8,591 |  |  |  | 1,985 |  |  |  | 222,065 |
Gross Profit |  |  | 234,692 |  |  |  | 9,932 |  |  |  | 1,248 |  |  |  | 245,872 |
Selling, General & Administrative |  |  | 118,550 |  |  |  | 44 |  |  |  | - |  |  |  | 118,594 |
Contribution Margin |  |  | 116,142 |  |  |  | 9,888 |  |  |  | 1,248 |  |  |  | 127,278 |
Overhead Expenses(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 65,335 |
Interest Expense (Income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 19 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 61,924 |
(1) | Overhead expenses contain selling, general and administrative expenses not attributable to a segment.
Total assets, depreciation and amortization, and capital expenditures for the Company's segments, as well as for Corporate and support, are as follows:
|  |  | Direct-to- |  |  |  |  |  |  | International |  |  |  |  |  |  |  |  |
|  |  | Consumer |  |  | Commercial |  |  | Franchising |  |  | Corporate |  |  | Total |
Fifty-two weeks ended February 1, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 170,132 |  |  | $ | 11,712 |  |  | $ | 2,571 |  |  | $ | 105,541 |  |  | $ | 289,956 |
| Depreciation and amortization |  |  | 10,551 |  |  |  | 204 |  |  |  | - |  |  |  | 4,017 |  |  |  | 14,772 |
| Capital Expenditures |  |  | 11,414 |  |  |  | - |  |  |  | - |  |  |  | 7,903 |  |  |  | 19,317 |
Fifty-three weeks ended February 3, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 195,373 |  |  | $ | 8,801 |  |  | $ | 1,225 |  |  | $ | 66,926 |  |  | $ | 272,325 |
| Depreciation and amortization |  |  | 9,517 |  |  |  | 393 |  |  |  | - |  |  |  | 3,747 |  |  |  | 13,657 |
| Capital Expenditures |  |  | 6,733 |  |  |  | - |  |  |  | - |  |  |  | 11,562 |  |  |  | 18,295 |
Fifty-two weeks ended January 28, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total Assets |  | $ | 84,233 |  |  | $ | 7,466 |  |  | $ | 1,107 |  |  | $ | 187,988 |  |  | $ | 280,794 |
| Depreciation and amortization |  |  | 8,501 |  |  |  | 510 |  |  |  | - |  |  |  | 3,471 |  |  |  | 12,482 |
| Capital Expenditures |  |  | 3,922 |  |  |  | - |  |  |  | - |  |  |  | 9,712 |  |  |  | 13,634 |
The Company’s reportable segments are primarily determined by the types of products and services that they offer. Each reportable segment may operate in many geographic areas. Revenues are recognized in the geographic areas based on the location of the customer or franchisee. The following schedule is a summary of the Company’s sales to external customers (in thousands):
|  | North |  |  |  |  |  |  |  |  |  |  |  |  |
|  | America (1) |  |  | Europe (2) |  |  | Other (3) |  |  | Total |
Fifty-two weeks ended February 1, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 425,139 |  |  | $ | 65,233 |  |  | $ | 6,032 |  |  | $ | 496,404 |
Fifty-three weeks ended February 3, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 426,244 |  |  | $ | 56,141 |  |  | $ | 3,729 |  |  | $ | 486,114 |
Fifty-two weeks ended January 28, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales to external customers |  | $ | 408,881 |  |  | $ | 55,854 |  |  | $ | 3,202 |  |  | $ | 467,937 |
For purposes of this table only:
(1) | North America includes corporately-managed stores in the United States and Canada.
(2) | Europe includes corporately-managed stores in the U.K. and Ireland.
(3) | Other includes franchise businesses outside of North America and Europe.
(a)(2) Financial Statement Schedules

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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 -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 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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