XML 39 R26.htm IDEA: XBRL DOCUMENT v3.22.1
Segment and Geographic Information
 12 Months Ended
Feb. 28, 2022
Segment Reporting [Abstract]  
Segment and Geographic Information
Note 18 - Segment and Geographic Information

Segment Information

We currently operate in three segments consisting of Home & Outdoor, Health & Wellness and Beauty. In the fourth quarter of fiscal 2022, we changed the names of two of our segments to align with the growth in certain product offerings and brands within our portfolio. Our previously named “Housewares” segment was changed to “Home & Outdoor,” and our previously named “Health & Home” segment was changed to “Health & Wellness.” There were no changes to the products or brands included within our reportable segments as part of these name changes. The Osprey brand and products were added to the Home & Outdoor segment upon the completion of the acquisition of Osprey.

The following tables summarize segment information for the periods presented:

Fiscal Year Ended February 28, 2022
(in thousands)Home & Outdoor (1)Health & WellnessBeauty (2)Total
Sales revenue, net$865,844 $777,080 $580,431 $2,223,355 
Restructuring charges369 — 11 380 
Operating income134,925 39,217 98,408 272,550 
Capital and intangible asset expenditures67,732 7,688 2,619 78,039 
Depreciation and amortization12,112 10,691 13,026 35,829 

Fiscal Year Ended February 28, 2021
(in thousands)Home & Outdoor Health & WellnessBeauty (2)Total
Sales revenue, net$727,354 $890,191 $481,254 $2,098,799 
Asset impairment charges— — 8,452 8,452 
Restructuring charges249 (6)107 350 
Operating income122,487 94,103 64,898 281,488 
Capital and intangible asset expenditures10,369 12,854 75,445 98,668 
Depreciation and amortization9,333 15,453 12,932 37,718 

Fiscal Year Ended February 29, 2020
(in thousands)Home & OutdoorHealth & WellnessBeauty (2)Total
Sales revenue, net$640,965 $685,397 $381,070 $1,707,432 
Asset impairment charges— — 41,000 41,000 
Restructuring charges1,351 93 1,869 3,313 
Operating income (loss)123,135 68,166 (13,050)178,251 
Capital and intangible asset expenditures10,602 5,853 1,304 17,759 
Depreciation and amortization7,298 16,113 13,998 37,409 

(1)Fiscal 2022 includes approximately nine weeks of operating results from Osprey, acquired on December 29, 2021. For additional information see Note 7 to the accompanying consolidated financial statements.

(2)Fiscal 2020 includes approximately five weeks of operating results from Drybar Products, acquired on January 23, 2020, and fiscal 2022 and 2021 include a full year of operating results. For additional information see Note 7 to the accompanying consolidated financial statements.

We compute segment operating income (loss) based on net sales revenue, less cost of goods sold, SG&A, restructuring charges, and any asset impairment charges associated with the segment. The SG&A used to compute each segment’s operating income is directly associated with the segment, plus shared service and corporate overhead expenses that are allocable to the segment. We do not allocate
non-operating income and expense, including interest or income taxes, to operating segments. Our chief operating decision maker reviews balance sheet information at a consolidated level.

Geographic Information

The following table presents net sales revenue by geographic region, in U.S. Dollars:

 Fiscal Years Ended Last Day of February,
(in thousands)202220212020
U.S.$1,738,099 78.2 %$1,666,324 79.4 %$1,357,345 79.5 %
Canada101,617 4.6 %92,150 4.4 %71,417 4.2 %
EMEA214,583 9.6 %183,398 8.7 %138,858 8.1 %
Asia Pacific109,750 4.9 %118,000 5.6 %99,378 5.8 %
Latin America59,306 2.7 %38,927 1.9 %40,434 2.4 %
Total sales revenue, net$2,223,355 100.0 %$2,098,799 100.0 %$1,707,432 100.0 %

Worldwide sales to our largest customer, Amazon.com Inc., accounted for approximately 19%, 20% and 18% of our consolidated net sales revenue in fiscal 2022, 2021 and 2020, respectively. Sales to our second largest customer, Walmart, Inc., including worldwide affiliates, accounted for approximately 11%, 13% and 14% of our consolidated net sales revenue in fiscal 2022, 2021 and 2020, respectively. Sales to our third largest customer, Target Corporation, accounted for approximately 11%, 11% and 9% of our consolidated net sales revenue in fiscal 2022, 2021, and 2020, respectively. No other customers accounted for 10% or more of consolidated net sales revenue during these fiscal years. Sales to our top five customers accounted for approximately 49%, 52% and 50% of our consolidated net sales revenue in fiscal 2022, 2021 and 2020, respectively. Sales to these largest customers include sales across all of our business segments.

Our domestic and international long-lived assets were as follows:

 Fiscal Years Ended Last Day of February,
(in thousands)202220212020
U.S.$211,484 $145,798 $147,806 
International:   
Barbados22,486 18,254 11,969 
Other international9,167 5,016 4,977 
Subtotal31,653 23,270 16,946 
Total$243,137 $169,068 $164,752 
The table above classifies assets based upon the country where we hold legal title. Long-lived assets included in the table above include property and equipment and operating lease assets.