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BUSINESS SEGMENT INFORMATION | 12 Months Ended
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Feb. 01, 2025
BUSINESS SEGMENT INFORMATION |
BUSINESS SEGMENT INFORMATION | 7. BUSINESS SEGMENT INFORMATION ​ The Company’s reportable segments are Famous Footwear and Brand Portfolio. The Famous Footwear segment is comprised of Famous Footwear, famousfootwear.com and famousfootwear.ca. Famous Footwear operated 846 stores at the end of 2024, selling primarily branded footwear for the entire family. The Brand Portfolio segment is comprised of wholesale operations selling the Company’s branded footwear, and the retail stores and e-commerce sites associated with those brands. This segment sources, manufactures and markets branded, licensed and private-label footwear primarily to online retailers, national chains, department stores, independent retailers and mass merchandisers as well as Company-owned Famous Footwear, Sam Edelman, Naturalizer and Allen Edmonds stores and e-commerce businesses. The Brand Portfolio segment included 60 branded retail stores in the United States and 54 branded retail stores in East Asia at the end of 2024. The accounting policies of the reportable segments are the same as those described in Note 1 to the consolidated financial statements. The Company’s Famous Footwear and Brand Portfolio reportable segments are operating units that are managed separately. These reportable segments reflect the level at which the chief operating decision maker (CODM), the Company’s President and Chief Executive Officer, evaluates financial performance and allocates resources. The CODM uses segment operating earnings (loss), which represents gross profit, less selling and administrative expenses and restructuring and other special charges, net, to allocate resources. Intersegment sales are generally recorded at a profit, and intersegment earnings related to inventory on hand at the purchasing segment are eliminated against the earnings. Corporate assets, administrative expenses and other costs and recoveries that are not allocated to the operating units, as well as the elimination of intersegment sales and profit, are reported in the Eliminations and Other category. Following is a summary of certain key financial measures for the respective periods: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2024
​ | ​ | Famous | ​ | Brand | ​ | Eliminations | ​ | ​ | ​
($ thousands) |  | Footwear |  | Portfolio |  | and Other |  | Total
​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Net sales (1) | ​ | $ | 1,556,456 | ​ | $ | 1,225,963 | ​ | $ | (59,736) | ​ | $ | 2,722,683
Cost of goods sold | ​ | ​ | 869,829 | ​ |  | 689,668 | ​ |  | (58,856) | ​ |  | 1,500,641
Gross profit | ​ | ​ | 686,627 | ​ | ​ | 536,295 | ​ | ​ | (880) | ​ | ​ | 1,222,042
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail stores (2) | ​ | ​ | 366,144 | ​ | ​ | 31,108 | ​ | ​ | — | ​ | ​ | 397,252
Information technology | ​ | ​ | 30,843 | ​ | ​ | 27,631 | ​ | ​ | 7,881 | ​ | ​ | 66,355
Warehousing and distribution | ​ | ​ | 50,905 | ​ | ​ | 70,368 | ​ | ​ | 3,580 | ​ | ​ | 124,853
Advertising and marketing | ​ | ​ | 50,370 | ​ | ​ | 78,275 | ​ | ​ | 3,459 | ​ | ​ | 132,104
Restructuring and other special charges, net | ​ |  | 639 | ​ | ​ | 6,343 | ​ | ​ | 185 | ​ |  | 7,167
Other expenses (3) | ​ | ​ | 100,650 | ​ | ​ | 200,448 | ​ | ​ | 43,357 | ​ | ​ | 344,455
Operating earnings (loss) | ​ | $ | 87,076 | ​ | $ | 122,122 | ​ | $ | (59,342) | ​ | $ | 149,856
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment assets | ​ | $ | 817,469 | ​ | $ | 893,460 | ​ | $ | 183,825 | ​ | $ | 1,894,754
Purchases of property and equipment | ​ | $ | 36,694 | ​ | $ | 10,335 | ​ | $ | 2,118 | ​ | $ | 49,147
Capitalized software | ​ | $ | 618 | ​ | $ | 44 | ​ | $ | 1,877 | ​ | $ | 2,539
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2023
​ | ​ | Famous | ​ | Brand | ​ | Eliminations | ​ | ​
($ thousands) |  | Footwear |  | Portfolio |  | and Other |  | Total
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net sales (1) | ​ | $ | 1,609,396 | ​ | $ | 1,270,853 | ​ | $ | (62,955) | ​ | $ | 2,817,294
Cost of goods sold | ​ | ​ | 889,847 | ​ |  | 724,848 | ​ |  | (60,358) | ​ |  | 1,554,337
Gross profit | ​ | ​ | 719,549 | ​ | ​ | 546,005 | ​ | ​ | (2,597) | ​ | ​ | 1,262,957
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail stores (2) | ​ | ​ | 360,102 | ​ | ​ | 28,793 | ​ | ​ | — | ​ | ​ | 388,895
Information technology | ​ | ​ | 31,286 | ​ | ​ | 28,180 | ​ | ​ | 1,459 | ​ | ​ | 60,925
Warehousing and distribution | ​ | ​ | 52,874 | ​ | ​ | 59,045 | ​ | ​ | 4,439 | ​ | ​ | 116,358
Advertising and marketing | ​ | ​ | 52,771 | ​ | ​ | 70,761 | ​ | ​ | 3,102 | ​ | ​ | 126,634
Restructuring and other special charges, net | ​ |  | 1,366 | ​ | ​ | 2,608 | ​ | ​ | 2,129 | ​ |  | 6,103
Other expenses (3) | ​ | ​ | 97,312 | ​ | ​ | 211,159 | ​ | ​ | 61,116 | ​ | ​ | 369,587
Operating earnings (loss) | ​ | $ | 123,838 | ​ | $ | 145,459 | ​ | $ | (74,842) | ​ | $ | 194,455
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment assets | ​ | $ | 770,848 | ​ | $ | 862,404 | ​ | $ | 171,494 | ​ | $ | 1,804,746
Purchases of property and equipment | ​ | $ | 31,743 | ​ | $ | 10,515 | ​ | $ | 2,326 | ​ | $ | 44,584
Capitalized software | ​ | $ | 743 | ​ | $ | — | ​ | $ | 4,291 | ​ | $ | 5,034
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2022
​ | ​ | Famous | ​ | Brand | ​ | Eliminations | ​ | ​ | ​
($ thousands) |  | Footwear |  | Portfolio |  | and Other |  | Total
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Net sales (1) | ​ | $ | 1,705,093 | ​ | $ | 1,322,772 | ​ | $ | (59,727) | ​ | $ | 2,968,138
Cost of goods sold | ​ | ​ | 916,089 | ​ |  | 825,507 | ​ |  | (58,331) | ​ |  | 1,683,265
Gross Profit | ​ | ​ | 789,004 | ​ | ​ | 497,265 | ​ | ​ | (1,396) | ​ | ​ | 1,284,873
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Retail stores (2) | ​ | ​ | 352,088 | ​ | ​ | 27,699 | ​ | ​ | — | ​ | ​ | 379,787
Information technology | ​ | ​ | 28,100 | ​ | ​ | 26,331 | ​ | ​ | 1,781 | ​ | ​ | 56,212
Warehousing and distribution | ​ | ​ | 54,056 | ​ | ​ | 57,337 | ​ | ​ | 5,192 | ​ | ​ | 116,585
Advertising and marketing | ​ | ​ | 56,762 | ​ | ​ | 65,339 | ​ | ​ | 3,463 | ​ | ​ | 125,564
Restructuring and other special charges, net | ​ |  | — | ​ | ​ | — | ​ | ​ | 2,910 | ​ | ​ | 2,910
Other expenses (3) | ​ | ​ | 102,161 | ​ | ​ | 208,214 | ​ | ​ | 79,113 | ​ | ​ | 389,488
Operating earnings (loss) | ​ | $ | 195,837 | ​ | $ | 112,345 | ​ | $ | (93,855) | ​ | $ | 214,327
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment assets | ​ | $ | 767,575 | ​ | $ | 921,110 | ​ | $ | 147,787 | ​ | $ | 1,836,472
Purchases of property and equipment | ​ | $ | 41,755 | ​ | $ | 4,170 | ​ | $ | 9,988 | ​ | $ | 55,913
Capitalized software | ​ | $ | — | ​ | $ | 42 | ​ | $ | 8,082 | ​ | $ | 8,124
(1) | Net sales includes intersegment sales from Brand Portfolio to Famous Footwear of $59.7 million, $63.0 million and $59.7 million in 2024, 2023 and 2022, respectively.
(2) | Includes compensation and facilities costs associated with the Company’s North America retail stores.
(3) | Primarily includes compensation costs associated with non-retail store operations, depreciation and amortization, and other overhead expenses.
​ Products purchased for the Famous Footwear segment from three key third-party suppliers (Nike, Skechers and adidas) represented approximately 24% of consolidated net sales for 2024, 2023, and 2022. ​ Following is a reconciliation of operating earnings to earnings before income taxes: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
($ thousands) |  | 2024 |  | 2023 |  | 2022
Operating earnings | ​ | $ | 149,856 | ​ | $ | 194,455 | ​ | $ | 214,327
Interest expense, net | ​ |  | (13,957) | ​ |  | (19,343) | ​ |  | (14,264)
Other income, net | ​ |  | (741) | ​ |  | 6,210 | ​ |  | 12,971
Earnings before income taxes | ​ | $ | 135,158 | ​ | $ | 181,322 | ​ | $ | 213,034
​ For geographic purposes, the domestic operations include the Company’s domestic retail operations, the wholesale distribution of licensed, branded and private-label footwear to a variety of retail customers, including the Famous Footwear and Brand Portfolio stores, as well as the Company’s e-commerce businesses. The Company’s international operations consist of wholesale and retail operations primarily in East Asia, Canada and Europe. The East Asia operations primarily include first-cost transactions, where footwear is sold at international ports to customers who then import the footwear into the United States and other countries. A summary of the Company’s net sales and long-lived assets, including lease right-of-use assets and property and equipment, by geographic area were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
($ thousands) |  | 2024 |  | 2023 |  | 2022
Net Sales |  | ​ |  |  | ​ |  |  | ​ |
United States | ​ | $ | 2,532,717 | ​ | $ | 2,624,474 | ​ | $ | 2,763,896
East Asia | ​ |  | 111,670 | ​ |  | 130,423 | ​ |  | 146,700
Canada | ​ |  | 58,140 | ​ |  | 48,220 | ​ |  | 44,484
Other | ​ |  | 20,156 | ​ |  | 14,177 | ​ |  | 13,058
Total net sales | ​ | $ | 2,722,683 | ​ | $ | 2,817,294 | ​ | $ | 2,968,138
​ | ​ |  |  | ​ |  |  | ​ |  |
Long-Lived Assets | ​ |  |  | ​ |  |  | ​ |  |
United States | ​ | $ | 8,855,001 | ​ | $ | 676,937 | ​ | $ | 656,840
East Asia | ​ |  | 140,929 | ​ |  | 11,805 | ​ |  | 11,614
Canada | ​ |  | 113,060 | ​ |  | 6,601 | ​ |  | 10,441
Other | ​ |  | 2,401 | ​ |  | 269 | ​ |  | 184
Total long-lived assets | ​ | $ | 9,111,391 | ​ | $ | 695,612 | ​ | $ | 679,079
​

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