XML 24 R10.htm IDEA: XBRL DOCUMENT
v3.23.1

Acquisition of Shoe Station | 12 Months Ended
--- | ---
Jan. 28, 2023
Business Combination and Asset Acquisition [Abstract] |
Acquisition of Shoe Station | Note 3 – Acquisition of Shoe Station On December 3, 2021, we acquired the physical s tores and substantially all of the other assets of Shoe Station for total consideration of $70.3 million, net of $77,000 of cash acquired. The purchase price paid was funded with available cash on hand. As of our Fiscal 2022 year end, we operated 24 stores across five states in the Southeast under the Shoe Station banner, inclusive of the 21 stores acquired and three additional stores opened since the acquisition. The addition of a new brand and new retail locations to the Shoe Carnival portfolio has created a complementary retail platform for us to serve a broader base of family footwear customers in both urban and suburban demographics. The results of Shoe Station are included in our consolidated financial statements since the acquisition date. Net Sales attributed to the Shoe Station banner were $99.9 million in Fiscal 2022 and $16.6 million from the acquisition date through January 29, 2022. Acquisition-related costs o f $3.2 million were expensed as incurred and are included in Selling, General and Administrative Expenses in our Consolidated Statements of Income in Fiscal 2021. The following table summarizes the final allocation of the purchase price to the fair value of the assets acquired and liabilities assumed and reflects minor adjustments to the preliminary purchase price allocation as of January 29, 2022. The excess purchase price over the fair value of net assets acquired was allocated to Goodwill. The purchase price allocation was considered complete as of December 3, 2022.
(In thousands) |  |  |
Fair value of identifiable assets and liabilities: |  |  |
Merchandise inventories |  | $ | 27,708 |
Other assets |  |  | 3,404 |
Property and equipment, net |  |  | 6,045 |
Operating lease ROU assets |  |  | 14,620 |
Shoe Station trade names |  |  | 32,600 |
Goodwill |  |  | 12,023 |
Total assets |  | $ | 96,400 |
Accounts payable |  |  | 6,104 |
Operating lease liabilities |  |  | 18,235 |
Accrued and other liabilities |  |  | 1,761 |
Total liabilities |  | $ | 26,100 |
Purchase Price: |  |  |
Total consideration, net of cash acquired |  | $ | 70,300 |
We are treating Shoe Station trade names as indefinite-lived Intangible Assets; therefore, Goodwill and the Shoe Station trade names are charged to expense only if impa ired. Goodwill and the indefinite-lived Intangible Assets are expected to be fully deductible for tax purposes over 15 years.

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI https://asc.fasb.org/topic&trid=2303972 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 5 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4946-128472 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration