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Segment and Geographic Information | 3 Months Ended
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May 31, 2025
Segment Reporting [Abstract] |
Segment and Geographic Information | Note 14 - Segment and Geographic Information Segment Information We operate through two strategic business divisions, each comprised of operating segments organized by our brands and product lines. Operating segments with similar economic and qualitative characteristics are aggregated into our two reportable segments, which align with our strategic business divisions. Our two reportable segments consist of Home & Outdoor and Beauty & Wellness. For additional information on our segments refer to Note 1. Segment financial information is prepared in accordance with GAAP and our significant accounting policies described in Note 1 of our Form 10-K. Resources are allocated and performance is assessed using segment operating income by our Chief Executive Officer, whom we have determined to be our Chief Operating Decision Maker (“CODM”). Our CODM utilizes segment operating income when making decisions about allocating capital and personnel to the segments, predominantly in the annual budget and quarterly forecasting processes. In addition, our CODM uses operating income, including comparison of actual results to budget and forecast, in assessing the performance of each segment and in evaluating product pricing, distribution strategies and marketing investments. Our CODM reviews balance sheet information at a consolidated level. We compute segment operating income based on net sales revenue, less cost of goods sold, SG&A, asset impairment charges and restructuring charges. The SG&A used to compute each segment’s operating income is directly associated with the segment, plus shared services 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. The following tables summarize reportable segment information with a reconciliation to our condensed consolidated results for the periods presented:
| Three Months Ended May 31, 2025
(in thousands) | Home & Outdoor |  | Beauty & Wellness (1) |  | Total
Sales revenue, net | $ | 177,983 |  |  | $ | 193,672 |  |  | $ | 371,655 |
Less: (2) |  |  |  |  |
Cost of goods sold | 89,893 |  |  | 106,751 |  |  | 196,644 |
Operating expense (3) | 301,883 |  |  | 280,166 |  |  | 582,049 |
Operating loss | $ | (213,793) |  |  | $ | (193,245) |  |  | $ | (407,038) |
Non-operating income, net |  |  |  |  | 308 |
Interest expense |  |  |  |  | 13,808 |
Loss before income tax |  |  |  |  | $ | (420,538) |
| Three Months Ended May 31, 2024
(in thousands) | Home & Outdoor |  | Beauty & Wellness |  | Total
Sales revenue, net | $ | 198,459 |  |  | $ | 218,388 |  |  | $ | 416,847 |
Less: (2) |  |  |  |  |
Cost of goods sold | 94,226 |  |  | 119,542 |  |  | 213,768 |
Operating expense (3) | 88,383 |  |  | 83,933 |  |  | 172,316 |
Operating income | $ | 15,850 |  |  | $ | 14,913 |  |  | $ | 30,763 |
Non-operating income, net |  |  |  |  | 100 |
Interest expense |  |  |  |  | 12,543 |
Income before income tax |  |  |  |  | $ | 18,320 |
(1)Fiscal 2026 includes a full quarter of operating results from Olive & June, acquired on December 16, 2024. For additional information see Note 4. (2)These significant expense categories and amounts align with the reportable segment information that is regularly provided to the CODM. (3)Operating expense for both reportable segments includes SG&A expense. Fiscal 2026 operating expense also includes asset impairment charges of $414.4 million, of which $219.1 million and $195.3 million was recognized in our Home & Outdoor and Beauty & Wellness segments, respectively. Fiscal 2025 operating expense also includes restructuring charges. See Note 5 for further information on the asset impairment charges and Note 8 for further information on our global restructuring plan. The following tables summarize reportable segment information for the periods presented:
| Three Months Ended May 31, 2025
(in thousands) | Home & Outdoor |  | Beauty & Wellness (1) |  | Total
Capital and intangible asset expenditures | $ | 6,983 |  |  | $ | 6,379 |  |  | $ | 13,362 |
Depreciation and amortization | 6,559 |  |  | 7,525 |  |  | 14,084 |
Non-cash share-based compensation | 34 |  |  | 262 |  |  | 296 |
Asset impairment charges | 219,095 |  |  | 195,290 |  |  | 414,385 |
| Three Months Ended May 31, 2024
(in thousands) | Home & Outdoor |  | Beauty & Wellness |  | Total
Capital and intangible asset expenditures | $ | 5,745 |  |  | $ | 3,397 |  |  | $ | 9,142 |
Depreciation and amortization | 6,647 |  |  | 7,189 |  |  | 13,836 |
Non-cash share-based compensation | 3,013 |  |  | 2,820 |  |  | 5,833 |
(1)Fiscal 2026 includes a full quarter of operating results from Olive & June, acquired on December 16, 2024. For additional information see Note 4. Geographic Information The following table presents net sales revenue by geographic region, in U.S. Dollars:
| Three Months Ended May 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Domestic sales revenue, net (1) | $ | 277,960 |  |  | 74.8 | % |  | $ | 300,680 |  |  | 72.1 | % |  |  |  |  |  |  |  |
International sales revenue, net | 93,695 |  |  | 25.2 | % |  | 116,167 |  |  | 27.9 | % |  |  |  |  |  |  |  |
Total sales revenue, net | $ | 371,655 |  |  | 100.0 | % |  | $ | 416,847 |  |  | 100.0 | % |  |  |  |  |  |  |  |
(1)Domestic net sales revenue includes net sales revenue from the U.S. and Canada.

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- Definition The entire disclosure for reporting segments including data and tables. 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