XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.22.1

Note 16 - Segment Information | 9 Months Ended
--- | ---
Mar. 31, 2022
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
(16) | Segment Information
Our operating segments are aligned with how the Company, including our chief operating decision maker, manages the business. As such, our reportable operating segments are the wholesale segment and the retail segment. Our wholesale and retail operating segments represent strategic business areas of our vertically integrated enterprise that operate separately and provide their own distinctive services. This vertical structure enables us to offer our complete line of home furnishings and accents more effectively while controlling quality and cost. We evaluate performance of the respective segments based upon revenues and operating income. Inter-segment transactions result, primarily, from the wholesale sale of inventory to the retail segment, including the related profit margin. We account for intersegment sales transactions between our segments consistent with independent third-party transactions, that is, at current market prices. As a result, the manufacturing profit related to sales to our retail segment is included within our wholesale segment. Operating income realized on intersegment revenue transactions is therefore generally consistent with the operating income realized on our revenue from independent third-party transactions. Segment operating income is based on profit or loss from operations before interest and other financing costs, other income (expense), net and income taxes. Sales are attributed to countries on the basis of the customer's location. As of March 31, 2022, the Company operated 141 design centers (our retail segment) and our independent retailers operated 160 design centers. Our wholesale segment net sales include sales to our retail segment, which are eliminated in consolidation, and sales to our independent retailers and other third parties. Our retail segment net sales accounted for 85.2% of our consolidated net sales during the first nine months of fiscal 2022 compared with 79.8% a year prior. Our wholesale segment net sales accounted for the remaining 14.8%. Segment information is provided below (in thousands):
|  | Three months ended |  |  | Nine months ended |
|  | March 31, |  |  | March 31, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale segment |  | $ | 121,034 |  |  | $ | 107,820 |  |  | $ | 346,403 |  |  | $ | 306,704 |
Less: intersegment sales |  |  | (90,102 | ) |  |  | (72,254 | ) |  |  | (259,620 | ) |  |  | (204,153 | )
Wholesale sales to external customers |  |  | 30,932 |  |  |  | 35,566 |  |  |  | 86,783 |  |  |  | 102,551 |
Retail segment |  |  | 166,727 |  |  |  | 141,396 |  |  |  | 501,296 |  |  |  | 404,295 |
Consolidated total |  | $ | 197,659 |  |  | $ | 176,962 |  |  | $ | 588,079 |  |  | $ | 506,846 |
Income before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale segment |  | $ | 16,536 |  |  | $ | 14,508 |  |  | $ | 39,099 |  |  | $ | 40,366 |
Retail segment |  |  | 19,330 |  |  |  | 4,962 |  |  |  | 56,310 |  |  |  | 16,854 |
Elimination of intercompany profit (a) |  |  | (3,213 | ) |  |  | (483 | ) |  |  | 896 |  |  |  | (3,997 | )
Operating income |  |  | 32,653 |  |  |  | 18,987 |  |  |  | 96,305 |  |  |  | 53,223 |
Interest and other financing costs |  |  | 51 |  |  |  | 51 |  |  |  | 147 |  |  |  | 433 |
Other income (expense), net |  |  | (10 | ) |  |  | 57 |  |  |  | (8 | ) |  |  | (378 | )
Consolidated total |  | $ | 32,592 |  |  | $ | 18,993 |  |  | $ | 96,150 |  |  | $ | 52,412 |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale segment |  | $ | 1,599 |  |  | $ | 1,744 |  |  | $ | 4,827 |  |  | $ | 5,091 |
Retail segment |  |  | 2,254 |  |  |  | 2,470 |  |  |  | 7,213 |  |  |  | 7,268 |
Consolidated total |  | $ | 3,853 |  |  | $ | 4,214 |  |  | $ | 12,040 |  |  | $ | 12,359 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wholesale segment |  | $ | 3,504 |  |  | $ | 1,491 |  |  | $ | 5,916 |  |  | $ | 4,615 |
Retail segment |  |  | 1,797 |  |  |  | 2,973 |  |  |  | 3,115 |  |  |  | 5,727 |
Consolidated total |  | $ | 5,301 |  |  | $ | 4,464 |  |  | $ | 9,031 |  |  | $ | 10,342 |
| (a) | Represents the change in wholesale profit contained in the retail segment inventory at the end of the period.
(in thousands) |  | March 31, |  |  | June 30, |
Total Assets |  | 2022 |  |  | 2021 |
Wholesale segment |  | $ | 324,104 |  |  | $ | 298,332 |
Retail segment |  |  | 417,120 |  |  |  | 412,066 |
Inventory profit elimination (a) |  |  | (26,321 | ) |  |  | (27,153 | )
Consolidated total |  | $ | 714,903 |  |  | $ | 683,245 |
| (a) | Represents the wholesale profit contained in the retail segment inventory that has not yet been realized. These profits are realized when the related inventory is sold.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration