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Acquisition of Olive & June (Tables) | 12 Months Ended
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Feb. 28, 2026
Business Combination [Abstract] |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed in Acquisition | The following table presents the estimated fair values of assets acquired and liabilities assumed at the acquisition date:
(in thousands) |
Assets: |
Receivables | $ | 13,182 |
Inventory | 15,121 |
Prepaid expenses and other current assets | 3,920 |
Property and equipment | 1,490 |
Goodwill | 150,726 |
Trade names - definite | 51,000 |
Customer relationships - definite | 8,000 |
Other intangible assets - definite | 1,600 |
Other assets | 275 |
Total assets | 245,314 |
Liabilities: |
Accounts payable | 5,614 |
Accrued expenses and other current liabilities | 12,731 |
Other liabilities, non-current | 2,300 |
Total liabilities | 20,645 |
Net assets recorded | $ | 224,669 |
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 was as follows:
December 16, 2024 (acquisition date) through February 28, 2025 (in thousands, except loss per share data) | Fiscal Year Ended February 28, 2025 (1)
Sales revenue, net | $ | 23,010 |
Net loss | (1,755) |
Loss per share: |
Basic | $ | (0.08) |
Diluted | (0.08) |
(1)Represents approximately eleven weeks of operating results from Olive & June, acquired December 16, 2024. Net loss and loss per share 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 |
Earnings per share: |  |  |
Basic | $ | 5.38 |  |  | $ | 7.41 |
Diluted | 5.37 |  |  | 7.38 |
(1)Pro forma net income and earnings per share 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.

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