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Note 11 - Segment Information
 9 Months Ended
Nov. 01, 2025
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

11. 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 licensing the Company’s intellectual properties for third-party use and wholesale sales to our partner-operated locations. 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 operating decision maker regularly evaluates the business in assessing performance, determining the allocation of resources and the pursuit of future growth opportunities. 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.

 

The following is a summary of the financial information for the Company’s reportable segments (in thousands):

 

  

Direct-to-

      

International

     
  

Consumer

  

Commercial

  

Franchising

  

Total

 

Thirteen weeks ended November 1, 2025

                

Total Revenue

 $112,268  $8,942  $1,469  $122,679 

Cost of Goods Sold

  51,778   4,111   968   56,857 

Gross Profit

  60,490   4,831   501   65,822 

Selling, General & Administrative

  36,080   103   -   36,183 

Contribution Margin

  24,410   4,728   501   29,639 

Overhead Expenses(1)

              19,131 

Interest Income

              (221)

Income before income taxes

             $10,729 

Thirteen weeks ended November 2, 2024

                

Total Revenue

 $109,503  $8,580  $1,347  $119,430 

Cost of Goods Sold

  50,116   3,669   1,005   54,790 

Gross Profit

  59,387   4,911   342   64,640 

Selling, General & Administrative

  32,002   197   -   32,199 

Contribution Margin

  27,385   4,714   342   32,441 

Overhead Expenses(1)

              19,469 

Interest Income

              (109)

Income before income taxes

             $13,081 
                 

Thirty-nine weeks ended November 1, 2025

                

Total Revenue

 $346,492  $25,192  $3,637  $375,321 

Cost of Goods Sold

  151,901   10,544   2,557   165,002 

Gross Profit

  194,591   14,648   1,080   210,319 

Selling, General & Administrative

  104,615   296   -   104,911 

Contribution Margin

  89,976   14,352   1,080   105,408 

Overhead Expenses(1)

           60,357 

Interest Income

           (627)

Income before income taxes

          $45,678 

Thirty-nine weeks ended November 2, 2024

                

Total Revenue

 $320,826  $21,858  $3,274  $345,958 

Cost of Goods Sold

  147,138   9,210   2,236   158,584 

Gross Profit

  173,688   12,648   1,038   187,374 

Selling, General & Administrative

  94,491   648   -   95,139 

Contribution Margin

  79,197   12,000   1,038   92,235 

Overhead Expenses(1)

           53,303 

Interest Income

           (723)

Income before income taxes

          $39,655 
                 

 

 (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

 

Thirteen weeks ended November 1, 2025

                    

Depreciation and amortization

  2,632   32   -   1,035   3,699 

Capital Expenditures

  5,191      -   1,353   6,544 

Thirteen weeks ended November 2, 2024

                    

Depreciation and amortization

  2,637   55   -   996   3,688 

Capital Expenditures

  2,618   -   -   1,253   3,871 
                     

Thirty-nine weeks ended November 1, 2025

                    

Total Assets

  221,198   14,364   1,976   88,961  $326,499 

Depreciation and amortization

  8,057   106   -   2,904   11,067 

Capital Expenditures

  9,211   -   -   3,660   12,871 

Thirty-nine weeks ended November 2, 2024

                    

Total Assets

 $197,080  $11,405  $2,767  $74,611  $285,862 

Depreciation and amortization

  7,844   161   -   2,978   10,983 

Capital Expenditures

  6,708   -   -   2,863   9,571 

 

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 and long-lived assets by geographic area (in thousands):

 

  

North

             
  

America (1)

  

Europe (2)

  

Other (3)

  

Total

 

Thirteen weeks ended November 1, 2025

                

Net sales to external customers

 $102,690  $18,143  $1,846  $122,679 

Thirteen weeks ended November 2, 2024

                

Net sales to external customers

 $100,835  $16,080  $2,515  $119,430 
                 

Thirty-nine weeks ended November 1, 2025

                

Net sales to external customers

 $321,029  $49,545  $4,747  $375,321 

Property and equipment, net

  57,587   4,700      62,287 

Thirty-nine weeks ended November 2, 2024

                

Net sales to external customers

 $297,052  $44,541  $4,365  $345,958 

Property and equipment, net

  50,585   3,913      54,498 

 

For purposes of this table only:

(1)  North America includes corporately-managed locations and sales to wholesale customers in the United States and Canada.

(2)  Europe includes corporately-managed locations in the U.K. and the Republic of Ireland and sales to wholesale customers in Europe.

(3)  Other includes wholesale and franchise businesses outside of North America and Europe.