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Segment Information | 12 Months Ended
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Feb. 01, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s reportable business segments and respective accounting policies of the segments are the same as those described in Note 1 - Description of the Business and Summary of Significant Accounting Policies and Practices. The Company’s Chief Executive Officer is the CODM. The CODM evaluates segment performance based primarily on net revenue and earnings (loss) from operations before corporate performance-based compensation costs, asset impairment charges, net gains (losses) on lease modifications, separation charges, transaction costs, restructuring charges, gain on sale of assets, and certain non-recurring credits (charges), if any. All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. Corporate overhead, asset impairment charges, net gains from lease modifications, interest income, interest expense and other income (expense) are evaluated on a consolidated basis and not allocated to the Company’s business segments. The CODM does not evaluate performance or allocate resources based on segment asset data, and therefore total segment assets are not presented. The CODM does not review any information regarding total assets on a reportable segment basis. On April 2, 2024, the Company completed the rag & bone acquisition and has integrated rag & bone into its existing segments. Segment information is summarized as follows (in thousands):
| Year Ended Feb 1, 2025
| Europe |  | Americas Retail |  | Americas Wholesale |  | Asia |  | Licensing |  |  |  |  |  | Total
Product sales 1 | $ | 1,529,380 |  |  | $ | 753,052 |  |  | $ | 325,998 |  |  | $ | 262,465 |  |  | $ | — |  |  |  |  |  |  | $ | 2,870,895 |
Net royalties | — |  |  | — |  |  | — |  |  | — |  |  | 124,378 |  |  |  |  |  |  | 124,378 |
Net revenue | 1,529,380 |  |  | 753,052 |  |  | 325,998 |  |  | 262,465 |  |  | 124,378 |  |  |  |  |  |  | 2,995,273 |
Less 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales 3 | 636,053 |  |  | 286,913 |  |  | 201,488 |  |  | 113,475 |  |  | — |  |  |  |  |  |  | 1,237,929 |
Store occupancy expense | 179,267 |  |  | 153,206 |  |  | — |  |  | 52,109 |  |  | — |  |  |  |  |  |  | 384,582 |
Advertising expense 4 | 33,182 |  |  | 23,530 |  |  | 2,882 |  |  | 5,257 |  |  | 5,899 |  |  |  |  |  |  | 70,750 |
Selling and merchandise expense | 152,475 |  |  | 35,704 |  |  | 13,550 |  |  | 27,909 |  |  | — |  |  |  |  |  |  | 229,638 |
Store selling expense | 152,710 |  |  | 152,891 |  |  | — |  |  | 27,411 |  |  | — |  |  |  |  |  |  | 333,012 |
General and administrative expense | 106,746 |  |  | 50,565 |  |  | 26,600 |  |  | 18,563 |  |  | 520 |  |  |  |  |  |  | 202,994 |
Distribution expense | 71,861 |  |  | 7,283 |  |  | 11,264 |  |  | 5,590 |  |  | — |  |  |  |  |  |  | 95,998 |
Other segment items 5 | 51,521 |  |  | 35,525 |  |  | 4,415 |  |  | 10,007 |  |  | 2,303 |  |  |  |  |  |  | 103,771 |
Total segment earnings from operations | 145,565 |  |  | 7,435 |  |  | 65,799 |  |  | 2,144 |  |  | 115,656 |  |  |  |  |  |  | 336,599 |
Reconciliation of segment earnings: |  |  |  |  |  |  |  |  |  |  |  |
Separation charges 6 |  |  |  |  | (7,075) |
Asset impairment charges |  |  |  |  | (6,624) |
Net gains on lease modifications |  |  |  |  | 718 |
Gain on sale of assets |  |  |  |  | 13,781 |
Interest expense |  |  |  |  | (30,067) |
Interest income |  |  |  |  | 12,038 |
Loss on extinguishment of debt |  |  |  |  | (1,952) |
Other expense, net |  |  |  |  | (73,359) |
Unallocated corporate overhead expense 4 |  |  |  |  | (163,586) |
Earnings before income tax expense |  |  |  |  | $ | 80,473 |
| Year Ended Feb 3, 2024
| Europe |  | Americas Retail |  | Americas Wholesale |  | Asia |  | Licensing |  |  |  |  |  | Total
Product sales 1 | $ | 1,475,604 |  |  | $ | 710,908 |  |  | $ | 199,903 |  |  | $ | 276,867 |  |  | $ | — |  |  |  |  |  |  | $ | 2,663,282 |
Net royalties | — |  |  | — |  |  | — |  |  | — |  |  | 113,248 |  |  |  |  |  |  | 113,248 |
Net revenue | 1,475,604 |  |  | 710,908 |  |  | 199,903 |  |  | 276,867 |  |  | 113,248 |  |  |  |  |  |  | 2,776,530 |
Less 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales 3 | 625,032 |  |  | 273,096 |  |  | 115,602 |  |  | 118,656 |  |  | — |  |  |  |  |  |  | 1,132,386 |
Store occupancy expense | 169,841 |  |  | 127,693 |  |  | — |  |  | 53,857 |  |  | — |  |  |  |  |  |  | 351,391 |
Advertising expense 4 | 19,455 |  |  | 8,615 |  |  | 987 |  |  | 7,088 |  |  | 5,416 |  |  |  |  |  |  | 41,561 |
Selling and merchandise expense | 139,162 |  |  | 25,189 |  |  | 8,263 |  |  | 24,251 |  |  | — |  |  |  |  |  |  | 196,865 |
Store selling expense | 137,024 |  |  | 142,416 |  |  | — |  |  | 31,158 |  |  | — |  |  |  |  |  |  | 310,598 |
General and administrative expense | 97,473 |  |  | 38,605 |  |  | 13,615 |  |  | 18,816 |  |  | — |  |  |  |  |  |  | 168,509 |
Distribution expense | 65,801 |  |  | 7,625 |  |  | 5,402 |  |  | 4,964 |  |  | — |  |  |  |  |  |  | 83,792 |
Other segment items 5 | 50,090 |  |  | 30,840 |  |  | 1,631 |  |  | 10,180 |  |  | 2,183 |  |  |  |  |  |  | 94,924 |
Total segment earnings from operations | 171,726 |  |  | 56,829 |  |  | 54,403 |  |  | 7,897 |  |  | 105,649 |  |  |  |  |  |  | 396,504 |
Reconciliation of segment earnings: |  |  |  |  |  |  |  |  |  |  |  |
Asset impairment charges |  |  |  |  | (6,887) |
Net gains on lease modifications |  |  |  |  | 1,662 |
Interest expense |  |  |  |  | (21,816) |
Interest income |  |  |  |  | 12,100 |
Loss on extinguishment of debt |  |  |  |  | (12,351) |
Other expense, net |  |  |  |  | (5,075) |
Unallocated corporate overhead expense 4 |  |  |  |  | (128,002) |
Earnings before income tax expense |  |  |  |  | $ | 236,135 |
| Year Ended Jan 28, 2023
| Europe |  | Americas Retail |  | Americas Wholesale |  | Asia |  | Licensing |  |  |  | Total
Product sales 1 | $ | 1,380,790 |  |  | $ | 758,100 |  |  | $ | 206,208 |  |  | $ | 238,815 |  |  | $ | — |  |  |  |  | $ | 2,583,913 |
Net royalties | — |  |  | — |  |  | — |  |  | — |  |  | 103,437 |  |  |  |  | 103,437 |
Net revenue | 1,380,790 |  |  | 758,100 |  |  | 206,208 |  |  | 238,815 |  |  | 103,437 |  |  |  |  | 2,687,350 |
Less 2: |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales 3 | 608,527 |  |  | 289,875 |  |  | 134,238 |  |  | 102,880 |  |  | — |  |  |  |  | 1,135,520 |
Store occupancy expense | 156,633 |  |  | 124,732 |  |  | — |  |  | 54,846 |  |  | — |  |  |  |  | 336,211 |
Advertising expense 4 | 18,422 |  |  | 10,486 |  |  | 934 |  |  | 6,256 |  |  | 8,212 |  |  |  |  | 44,310 |
Selling and merchandise expense | 127,966 |  |  | 24,505 |  |  | 6,094 |  |  | 19,146 |  |  | — |  |  |  |  | 177,711 |
Store selling expense | 117,916 |  |  | 143,230 |  |  | — |  |  | 28,446 |  |  | — |  |  |  |  | 289,592 |
General and administrative expense | 79,979 |  |  | 39,751 |  |  | 9,270 |  |  | 17,857 |  |  | 692 |  |  |  |  | 147,549 |
Distribution expense | 65,329 |  |  | 8,494 |  |  | 7,646 |  |  | 4,742 |  |  | — |  |  |  |  | 86,211 |
Other segment items 5 | 46,389 |  |  | 29,843 |  |  | 1,760 |  |  | 9,453 |  |  | 2,416 |  |  |  |  | 89,861 |
Total segment earnings (loss) from operations | 159,629 |  |  | 87,184 |  |  | 46,266 |  |  | (4,811) |  |  | 92,117 |  |  |  |  | 380,385 |
Reconciliation of segment earnings (loss): |  |  |  |  |  |  |  |  |  |
Asset impairment charges | (9,544) |
Net gains on lease modifications | 2,267 |
Interest expense | (13,190) |
Interest income | 2,885 |
Other expense, net | (39,822) |
Unallocated corporate overhead expense 4 | (124,935) |
Earnings before income tax expense | $ | 198,046 |
______________________________________________________________________ 1 All intercompany revenues are eliminated in consolidation and are not reviewed when evaluating segment performance. 2 The significant expense categories and amounts align with the segment-level information that is regularly provided to the Company's CODM. All intercompany expenses are eliminated in consolidation and are not reviewed when evaluating segment performance. 3 Cost of sales represents the cost of product sales excluding store occupancy expense, buying department expense, and retail occupancy distribution expense. 4 In fiscal 2025, the Company incurred a total of $96.9 million in advertising expenses, with $70.8 million allocated within the Company's segments and $26.1 million included in unallocated corporate overhead expense. In fiscal 2024, the Company incurred a total of $49.9 million in advertising expenses, with $41.6 million allocated within the Company's segments and $8.3 million included in unallocated corporate overhead expense. In fiscal 2023, the Company incurred a total of $51.5 million in advertising expenses, with $44.3 million allocated within the Company's segments and $7.2 million included in unallocated corporate overhead expense. 5 Other segment items for each reportable segment include: buying department expense, retail occupancy distribution expense, design expense, loss on equity method investment and stock compensation. 6 Separation charges related to the transition of the operation of our U.S. distribution center, which was formerly owner-operated, to a third-party logistics provider. Depreciation and amortization by segment are summarized as follows (in thousands):
| Year Ended
| Feb 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Europe | $ | 34,511 |  |  | $ | 34,670 |  |  | $ | 32,023 |
Americas Retail | 18,677 |  |  | 14,964 |  |  | 17,267 |
Americas Wholesale | 3,705 |  |  | 1,004 |  |  | 1,211 |
Asia | 4,383 |  |  | 4,365 |  |  | 4,529 |
Corporate overhead | 6,918 |  |  | 6,346 |  |  | 6,437 |
Total depreciation and amortization | $ | 68,194 |  |  | $ | 61,349 |  |  | $ | 61,467 |
Capital expenditures by segment is summarized as follows (in thousands):
| Year Ended
| Feb 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Europe | $ | 43,584 |  |  | $ | 38,153 |  |  | $ | 51,265 |
Americas Retail | 23,600 |  |  | 20,429 |  |  | 23,149 |
Americas Wholesale | 9,740 |  |  | 600 |  |  | 4,039 |
Asia | 4,760 |  |  | 4,616 |  |  | 3,932 |
Corporate overhead | 4,405 |  |  | 10,409 |  |  | 7,118 |
Total capital expenditures | $ | 86,089 |  |  | $ | 74,207 |  |  | $ | 89,503 |
The below presents information regarding geographic areas in which the Company operated. Net revenue is classified primarily based on the country where the Company’s customer is located (in thousands):
| Year Ended
| Feb 1, 2025 |  | Feb 3, 2024 |  | Jan 28, 2023
Net Product Sales: |  |  |  |  |
U.S. | $ | 793,461 |  |  | $ | 617,009 |  |  | $ | 673,868 |
Italy | 311,507 |  |  | 312,908 |  |  | 289,170 |
Germany | 209,059 |  |  | 198,664 |  |  | 187,888 |
Spain | 165,247 |  |  | 161,377 |  |  | 150,045 |
South Korea | 153,406 |  |  | 171,819 |  |  | 140,449 |
Canada | 137,072 |  |  | 158,521 |  |  | 175,485 |
Other foreign countries | 1,101,143 |  |  | 1,042,984 |  |  | 967,008 |
Total product sales | 2,870,895 |  |  | 2,663,282 |  |  | 2,583,913 |
Net royalties | 124,378 |  |  | 113,248 |  |  | 103,437 |
Net revenue | $ | 2,995,273 |  |  | $ | 2,776,530 |  |  | $ | 2,687,350 |
The Company’s long-lived assets by geographic location are as follows (in thousands):
| Feb 1, 2025 |  | Feb 3, 2024
U.S. | $ | 368,533 |  |  | $ | 259,055 |
Italy | 137,153 |  |  | 138,572 |
Germany | 72,876 |  |  | 46,562 |
Spain | 92,852 |  |  | 104,552 |
South Korea | 11,093 |  |  | 14,998 |
Canada | 29,730 |  |  | 28,606 |
Other foreign countries | 433,761 |  |  | 380,452 |
Total long-lived assets | $ | 1,145,998 |  |  | $ | 972,797 |

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