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Acquisition of rag & bone (Tables)

3 Months Ended

May 04, 2024

Business Combination and Asset Acquisition [Abstract]

Purchase price allocation

The purchase price consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows (in thousands):

			Apr 2, 2024
Cash and cash equivalents			$	2,083
Accounts receivable			23,177
Inventory			52,218
Other current assets			10,993
Total current assets			88,471
Property and equipment			12,605
Operating lease right-of-use assets			38,084
Other assets			61,886
Total assets acquired			$	201,046
Accounts payable			$	23,752
Accrued expenses			12,301
Current portion of operating lease liabilities			16,588
Total current liabilities			52,641
Long-term operating lease liabilities			44,496
Total liabilities assumed			$	97,137
Fair value of net assets acquired			$	103,909
Cash			$	57,064
Earnout consideration			2,040
Vendor consideration			44,805
Fair value of acquisition consideration			$	103,909

Pro forma financial information

The following financial information presents the Company’s consolidated net revenues as if the acquisition had occurred on January 29, 2023 (in thousands):

			Three Months Ended
			May 4, 2024						Apr 29, 2023
Pro-forma net revenue			$	625,185					$	624,741

Summary financial information for equity method investment

Summarized financial information related to the Company’s equity method investment in the Joint Venture is reflected below (in thousands):

			Three Months Ended
			May 4, 2024
Revenue			$	1,442
Gross profit			1,442
Operating expenses			903
Earnings before income tax expense			539
Net earnings			453
Earnings attributable to the equity method investment			$	227

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479328/805-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-SubTopic 10
-Topic 805
-Publisher FASB
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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

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-Topic 805
-SubTopic 20
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
-Publisher FASB
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