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Segment Information (Tables) | 3 Months Ended
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May 03, 2025
Segment Reporting [Abstract] |
Schedule of Summarized Segment Information | Segment information is summarized as follows (in thousands):
| Three Months Ended May 3, 2025
| Europe |  | Americas Retail |  | Americas Wholesale |  | Asia |  | Licensing |  |  |  |  |  | Total
Product sales 1 | $ | 306,072 |  |  | $ | 157,198 |  |  | $ | 101,431 |  |  | $ | 58,105 |  |  | $ | — |  |  |  |  |  |  | $ | 622,806 |
Net royalties | — |  |  | — |  |  | — |  |  | — |  |  | 24,995 |  |  |  |  |  |  | 24,995 |
Net revenue | 306,072 |  |  | 157,198 |  |  | 101,431 |  |  | 58,105 |  |  | 24,995 |  |  |  |  |  |  | 647,801 |
Less 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales 3 | 126,574 |  |  | 58,749 |  |  | 62,560 |  |  | 26,205 |  |  | — |  |  |  |  |  |  | 274,088 |
Store occupancy expense | 46,179 |  |  | 39,629 |  |  | 7 |  |  | 12,029 |  |  | — |  |  |  |  |  |  | 97,844 |
Advertising expense 4 | 11,054 |  |  | 5,335 |  |  | 1,011 |  |  | 1,325 |  |  | 1,468 |  |  |  |  |  |  | 20,193 |
Selling and merchandise expense | 33,796 |  |  | 9,557 |  |  | 4,916 |  |  | 5,278 |  |  | — |  |  |  |  |  |  | 53,547 |
Store selling expense | 40,621 |  |  | 38,534 |  |  | 84 |  |  | 6,353 |  |  | — |  |  |  |  |  |  | 85,592 |
General and administrative expense | 29,303 |  |  | 12,509 |  |  | 8,683 |  |  | 4,681 |  |  | 134 |  |  |  |  |  |  | 55,310 |
Distribution expense | 14,272 |  |  | 1,369 |  |  | 2,923 |  |  | 1,295 |  |  | — |  |  |  |  |  |  | 19,859 |
Other segment items 5 | 13,162 |  |  | 8,024 |  |  | 1,096 |  |  | 2,732 |  |  | 374 |  |  |  |  |  |  | 25,388 |
Total segment earnings (loss) from operations | (8,889) |  |  | (16,508) |  |  | 20,151 |  |  | (1,793) |  |  | 23,019 |  |  |  |  |  |  | 15,980 |
Reconciliation of segment earnings (loss) from operations to loss before income tax benefit: |  |  |  |  |  |
Asset impairment charges |  |  |  |  | (6,089) |
Net gains on lease modifications |  |  |  |  | 236 |
Interest expense |  |  |  |  | (7,838) |
Interest income |  |  |  |  | 2,027 |
Other income, net |  |  |  |  | 1,364 |
Unallocated corporate overhead expense 4 |  |  |  |  | (43,435) |
Loss before income tax benefit |  |  |  |  | $ | (37,755) |
| Three Months Ended May 4, 2024
| Europe |  | Americas Retail |  | Americas Wholesale |  | Asia |  | Licensing |  |  |  |  |  | Total
Product sales 1 | $ | 283,873 |  |  | $ | 144,196 |  |  | $ | 62,128 |  |  | $ | 72,756 |  |  | $ | — |  |  |  |  |  |  | $ | 562,953 |
Net royalties | — |  |  | — |  |  | — |  |  | — |  |  | 28,990 |  |  |  |  |  |  | 28,990 |
Net revenue | 283,873 |  |  | 144,196 |  |  | 62,128 |  |  | 72,756 |  |  | 28,990 |  |  |  |  |  |  | 591,943 |
Less 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales 3 | 115,881 |  |  | 53,932 |  |  | 35,944 |  |  | 30,282 |  |  | — |  |  |  |  |  |  | 236,039 |
Store occupancy expense | 42,442 |  |  | 35,357 |  |  | — |  |  | 12,999 |  |  | — |  |  |  |  |  |  | 90,798 |
Advertising expense 4 | 7,734 |  |  | 2,780 |  |  | 586 |  |  | 1,703 |  |  | 2,127 |  |  |  |  |  |  | 14,930 |
Selling and merchandise expense | 31,316 |  |  | 7,452 |  |  | 3,107 |  |  | 8,268 |  |  | — |  |  |  |  |  |  | 50,143 |
Store selling expense | 36,310 |  |  | 33,831 |  |  | — |  |  | 7,386 |  |  | — |  |  |  |  |  |  | 77,527 |
General and administrative expense | 24,200 |  |  | 11,611 |  |  | 5,359 |  |  | 4,233 |  |  | — |  |  |  |  |  |  | 45,403 |
Distribution expense | 14,098 |  |  | 1,536 |  |  | 2,074 |  |  | 1,349 |  |  | — |  |  |  |  |  |  | 19,057 |
Other segment items 5 | 12,331 |  |  | 8,088 |  |  | 931 |  |  | 2,795 |  |  | 185 |  |  |  |  |  |  | 24,330 |
Total segment earnings (loss) from operations | (439) |  |  | (10,391) |  |  | 14,127 |  |  | 3,741 |  |  | 26,678 |  |  |  |  |  |  | 33,716 |
Reconciliation of segment earnings (loss) from operations to earnings before income tax benefit: |  |  |  |  |  |
Asset impairment charges |  |  |  |  | (1,141) |
Interest expense |  |  |  |  | (6,374) |
Interest income |  |  |  |  | 3,648 |
Loss on extinguishment of debt |  |  |  |  | (1,952) |
Other income, net |  |  |  |  | 35,767 |
Unallocated corporate overhead expense 4 |  |  |  |  | (52,463) |
Earnings before income tax benefit |  |  |  |  | $ | 11,201 |
______________________________________________________________________ Notes: 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 During the three months ended May 3, 2025, the Company incurred a total of $25.3 million in advertising expenses, with $20.2 million allocated within the Company’s segments and $5.1 million included in unallocated corporate overhead expense. During the three months ended May 4, 2024, the Company incurred a total of $19.9 million in advertising expenses, with $14.9 million allocated within the Company’s segments and $5.0 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, gain (loss) on equity method investment and stock compensation. Depreciation and amortization by segment are summarized as follows (in thousands):
| Three Months Ended
| May 3, 2025 |  | May 4, 2024 |  |
Europe | $ | 8,978 |  |  | $ | 8,662 |  |  |
Americas Retail | 5,325 |  |  | 3,820 |  |  |
Americas Wholesale | 653 |  |  | 988 |  |  |
Asia | 1,102 |  |  | 1,080 |  |  |
Corporate overhead | 1,768 |  |  | 1,829 |  |  |
Total depreciation and amortization | $ | 17,826 |  |  | $ | 16,379 |  |  |
Capital expenditures by segment are summarized as follows (in thousands):
| Three Months Ended
| May 3, 2025 |  | May 4, 2024 |  |
Europe | $ | 10,242 |  |  | $ | 6,482 |  |  |
Americas Retail | 3,102 |  |  | 8,788 |  |  |
Americas Wholesale | 6,166 |  |  | 3,739 |  |  |
Asia | 541 |  |  | 1,257 |  |  |
Corporate overhead | 1,856 |  |  | 834 |  |  |
Total capital expenditures | $ | 21,907 |  |  | $ | 21,100 |  |  |
Schedule of Net Revenue by Country | 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):
| Three Months Ended |  |
| May 3, 2025 |  | May 4, 2024 |  |  |  |
Net Product Sales: |  |  |  |  |  |  |
U.S. | $ | 193,183 |  |  | $ | 142,852 |  |  |  |  |
Italy | 53,788 |  |  | 57,542 |  |  |  |  |
Germany | 38,196 |  |  | 33,228 |  |  |  |  |
South Korea | 35,718 |  |  | 48,868 |  |  |  |  |
Spain | 32,267 |  |  | 30,232 |  |  |  |  |
Canada | 26,047 |  |  | 29,303 |  |  |  |  |
Other countries | 243,607 |  |  | 220,928 |  |  |  |  |
Total product sales | 622,806 |  |  | 562,953 |  |  |  |  |
Net royalties | 24,995 |  |  | 28,990 |  |  |  |  |
Net revenue | $ | 647,801 |  |  | $ | 591,943 |  |  |  |  |

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