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Acquisitions (Tables) | 12 Months Ended
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Feb. 28, 2025
Business Combinations [Abstract] |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed in Acquisition | The following table presents the preliminary estimated fair values of assets acquired and liabilities assumed at the acquisition date:
(in thousands) |
Assets: |
Receivables | $ | 13,059 |
Inventory | 16,021 |
Prepaid expenses and other current assets | 4,798 |
Property and equipment | 1,490 |
Goodwill | 154,839 |
Trade names - definite | 51,000 |
Customer relationships - definite | 8,000 |
Other intangible assets - definite | 1,600 |
Other assets | 275 |
Total assets | 251,082 |
Liabilities: |
Accounts payable | 6,514 |
Accrued expenses and other current liabilities | 12,840 |
Other liabilities, non-current | 2,300 |
Total liabilities | 21,654 |
Net assets recorded | $ | 229,428 |
The following table presents the estimated fair values of assets acquired and liabilities assumed at the acquisition date:
(in thousands) |
Assets: |
Receivables | $ | 4,211 |
Inventory | 7,890 |
Prepaid expenses and other current assets | 119 |
Property and equipment | 212 |
Goodwill | 117,108 |
Trade names - definite | 21,000 |
Customer relationships - definite | 12,000 |
Deferred tax assets, net | 360 |
Total assets | 162,900 |
Liabilities: |
Accounts payable | 1,401 |
Accrued expenses and other current liabilities | 2,813 |
Income taxes payable | 2,572 |
Deferred tax liabilities, net | 8,187 |
Total liabilities | 14,973 |
Net assets recorded | $ | 147,927 |
Schedule of Supplemental Pro Forma Impact on Consolidated Condensed Statements of Income | The impact of the acquisition of Olive & June on our consolidated statement of income for fiscal 2025 is as follows:
December 16, 2024 (acquisition date) through February 28, 2025 (in thousands, except earnings per share data) | Fiscal Year Ended February 28, 2025 (1)
Sales revenue, net | $ | 23,010 |
Net loss | (1,755) |
EPS: |
Basic | $ | (0.08) |
Diluted | (0.08) |
(1)Represents approximately eleven weeks of operating results from Olive & June, acquired December 16, 2024. Net loss and EPS amounts include acquisition-related expenses, share-based compensation expense, amortization expense, interest expense and income tax expense. The following supplemental unaudited pro forma information presents our financial results as if the acquisition of Olive & June had occurred on March 1, 2023. 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, 2023, 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) | 2025 (1) |  | 2024
Sales revenue, net | $ | 1,980,423 |  |  | $ | 2,080,566 |
Net income | 123,883 |  |  | 176,893 |
EPS: |  |  |
Basic | $ | 5.38 |  |  | $ | 7.41 |
Diluted | 5.37 |  |  | 7.38 |
(1)Pro forma net income and EPS amounts for fiscal 2025 include acquisition-related expenses incurred by Olive & June and the Company of $8.9 million and $3.0 million, respectively, amortization expense of $4.7 million, and interest expense of $2.4 million. The impact of the acquisition of Curlsmith on our consolidated statement of income for fiscal 2023 was as follows:
April 22, 2022 (acquisition date) through February 28, 2023 (in thousands, except earnings per share data) | Fiscal Year Ended February 28, 2023 (1)
Sales revenue, net | $ | 35,530 |
Net income | 2,906 |
EPS: |
Basic | $ | 0.12 |
Diluted | 0.12 |
(1)Represents approximately forty-five weeks of operating results from Curlsmith, acquired April 22, 2022. Net income and EPS amounts include allocations for corporate expenses, interest expense and income tax expense. 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) | Fiscal Year Ended February 28, 2023 |  |
Sales revenue, net | $ | 2,079,759 |  |  |
Net income | 145,186 |  |  |
EPS: |  |  |
Basic | $ | 6.06 |  |  |
Diluted | 6.03 |  |  |

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