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Acquisition of Curlsmith (Tables)
 6 Months Ended
Aug. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of business acquisitions, by acquisition
The following table presents the estimated fair values of assets acquired and liabilities assumed at the acquisition date:
 (in thousands)
Assets: 
Receivables$4,211 
Inventory7,890 
Prepaid expenses and other current assets119 
Property and equipment212 
Goodwill117,108 
Trade names - definite21,000 
Customer relationships - definite12,000 
Deferred tax assets, net360 
Total assets162,900 
Liabilities:
Accounts payable1,401 
Accrued expenses and other current liabilities2,813 
Income taxes payable2,572 
Deferred tax liabilities, net8,187 
Total liabilities14,973 
Net assets recorded$147,927 
Business acquisition, pro forma information
The impact of the acquisition of Curlsmith on our condensed consolidated statements of income for the periods presented was as follows:

(in thousands, except earnings per share data)
Three Months Ended August 31, 2022 (1)
Six Months Ended
August 31, 2022 (1) (2)
Sales revenue, net$10,207 $13,453 
Net income1,437 1,876 
EPS:
Basic$0.06 $0.08 
Diluted$0.06 $0.08 

(1)Net income and EPS amounts include allocations for corporate expenses, interest expense and income tax expense.
(2)Represents approximately nineteen weeks of operating results from Curlsmith, acquired April 22, 2022.

The following supplemental unaudited pro forma information presents our financial results as if the acquisition of Curlsmith had occurred on March 1, 2021. This supplemental pro forma information has been prepared for comparative purposes and does not necessarily indicate what may have occurred if the acquisition had been completed on March 1, 2021, and this information is not intended to be indicative of future results.
(in thousands, except earnings per share data)Three Months Ended August 31, 2022Six Months Ended
August 31, 2022
Sales revenue, net$521,400 $1,036,570 
Net income30,672 57,180 
EPS:
Basic$1.28 $2.39 
Diluted$1.28 $2.37