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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2021
SEGMENT INFORMATION  
SEGMENT INFORMATION

18. SEGMENT INFORMATION

The Company has two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). The Company’s Chief Executive Officer, evaluates the performance of the Company’s segments based on earnings (loss) from operations. Therefore, interest income or expense, other income or expense, and income taxes are not allocated to the segments. The “other” category in the table below includes the Company’s wholesale and retail operations in Australia, South Africa, Asia Pacific and Europe, which do not meet the criteria for separate reportable segment classification.

In the wholesale segment, shoes are marketed through more than 10,000 footwear, department and specialty stores, primarily in the United States and Canada. Licensing revenues are also included in the Company’s wholesale segment. The Company has licensing agreements with third parties who sell its branded apparel, accessories and specialty footwear in the United States, as well as its footwear in Mexico and certain markets overseas. In 2021 and 2020, there was no single customer with sales of 10% or more of the Company’s total sales.

In the retail segment, the Company operated e-commerce businesses and four brick and mortar retail stores in the United States at December 31, 2021. Retail sales are made directly to consumers on the Company's websites, or by Company employees. Retail stores sell the Company’s branded footwear, primarily Florsheim, and accessories.

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies. Summarized segment data for the years ended December 31, 2021 and 2020 was as follows:

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​

​

​

​

​

​

​

​

​

​

​

​

​

    

Wholesale

    

Retail

    

Other

    

Total

​

​

(Dollars in thousands)

2021

 

​

  

 

​

  

 

​

  

 

​

  

Product sales

​

$

203,649

​

$

31,595

​

$

30,660

​

$

265,904

Licensing revenues

​

 

1,737

​

 

—

​

 

—

​

 

1,737

Net sales

​

 

205,386

​

 

31,595

​

 

30,660

​

 

267,641

Depreciation

​

 

1,995

​

 

4

​

 

491

​

 

2,490

Earnings (loss) from operations

​

 

19,455

​

 

6,651

​

 

(404)

​

 

25,702

Total assets

​

 

246,983

​

 

6,263

​

 

24,421

​

 

277,667

Capital expenditures

​

 

453

​

 

17

​

 

537

​

 

1,007

​

​

​

​

​

​

​

​

​

​

​

​

​

2020

​

 

  

​

 

  

​

 

  

​

 

  

Product sales

​

$

151,012

​

$

21,499

​

$

21,690

​

$

194,201

Licensing revenues

​

 

1,174

​

 

—

​

 

—

​

 

1,174

Net sales

​

 

152,186

​

 

21,499

​

 

21,690

​

 

195,375

Depreciation

​

 

1,973

​

 

211

​

 

717

​

 

2,901

Earnings (loss) from operations

​

 

975

​

 

(1,073)

​

 

(7,500)

​

 

(7,598)

Total assets

​

 

222,255

​

 

7,374

​

 

27,090

​

 

256,719

Capital expenditures

​

 

3,095

​

 

30

​

 

243

​

 

3,368

​

All North American corporate office assets are included in the wholesale segment. Transactions between segments primarily consist of sales between the wholesale and retail segments. Intersegment sales are valued at the cost of inventory plus an estimated cost to ship the products. Intersegment sales have been eliminated and are excluded from net sales in the above table.

Geographic Segments

Financial information relating to the Company’s business by geographic area was as follows for the years ended December 31, 2021 and 2020:

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​

​

​

​

​

​

​

    

2021

    

2020

​

​

(Dollars in thousands)

Net Sales

 

​

  

 

​

  

United States

​

$

215,754

​

$

155,955

Canada

​

 

21,227

​

 

17,730

Europe

​

 

2,309

​

 

2,600

Australia

​

 

21,218

​

 

15,252

Asia

​

 

3,198

​

 

1,969

South Africa

​

 

3,935

​

 

1,869

Total

​

$

267,641

​

$

195,375

​

​

​

​

​

​

​

Long-Lived Assets

​

 

  

​

 

  

United States

​

$

79,486

​

$

77,975

Other

​

 

9,434

​

 

9,756

​

​

$

88,920

​

$

87,731

​

Net sales attributed to geographic locations are based on the location of the assets producing the sales. Long-lived assets by geographic location consist of property, plant and equipment (net), operating lease ROU assets, goodwill, trademarks, investment in real estate and amortizable intangible assets.