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Acquisition of Drybar Products (Tables)

12 Months Ended

Feb. 28, 2021

Business Combinations [Abstract]

Schedule of net assets recorded upon acquisition

The following table presents the net assets recorded upon acquisition of Drybar Products at January 23, 2020:

(in thousands)
Assets:
Receivables			$	7,710
Inventory			16,603
Prepaid expenses and other current assets			190
Property and equipment			1,472
Goodwill			172,933
Trade names - definite			30,000
Other intangible assets - definite			33,000
Subtotal - assets			261,908
Liabilities:
Accounts payable			1,948
Accrued expenses			4,099
Subtotal - liabilities			6,047
Net assets recorded			$	255,861

Schedule of supplemental pro forma impact on consolidated condensed statements of income

The impact of the acquisition of Drybar Products on our consolidated statements of income for fiscal 2020 is as follows:

January 23, 2020 (acquisition date) through February 29, 2020 (in thousands, except earnings per share data)			Fiscal Year Ended February 29, 2020
Sales revenue, net			$	6,039
Income from continuing operations			1,483
EPS from continuing operations:
Basic			$	0.06
Diluted			$	0.06

The following supplemental unaudited pro forma information presents our financial results as if the acquisition of Drybar Products had occurred on March 1, 2018. This supplemental pro forma information has been prepared for comparative purposes and would not necessarily indicate what may have occurred as if the acquisition had been completed on March 1, 2018, and this information is not intended to be indicative of future results:

			Fiscal Years Ended the Last Day of February,
(in thousands, except earnings per share data)			2020						2019
Sales revenue, net			$	1,773,592					$	1,621,117
Income from continuing operations			162,114						179,550
EPS from continuing operations:
Basic			$	6.45					$	6.89
Diluted			$	6.40					$	6.83

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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X

- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472

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