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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
SEGMENT INFORMATION |
SEGMENT INFORMATION | 18. SEGMENT INFORMATION We have two reportable segments: North American wholesale operations (“Wholesale”) and North American retail operations (“Retail”). The “other” category in the table below included our wholesale and retail operations in Australia, South Africa, and Asia Pacific, which do not meet the criteria for separate reportable segment classification. We ceased operations in the Asia Pacific region in 2023 and completed the wind down of that business in 2024. The accounting policies of the segments are the same as those described in Note 2, Summary of Significant Accounting Policies. 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 our Wholesale segment. We have licensing agreements with third parties who sell our branded apparel, accessories, and specialty footwear in the United States, as well as our footwear in Mexico and certain markets overseas. In 2024 and 2023, there was no single customer that accounted for or exceeded 10% of our total sales. In the Retail segment, we operate e-commerce businesses and four brick and mortar retail stores in the United States. Retail sales are made directly to consumers on our websites, or by our employees. Retail stores sell our branded footwear, primarily Florsheim, and accessories. Our chief operating decision maker is Thomas W. Florsheim, Jr., Chief Executive Officer. Mr. Florsheim, Jr. regularly reviews and evaluates segment-level net sales, gross margins, and operating earnings to assess segment performance and to allocate capital and personnel resources to the segments. The following is a summary of certain key financial measures for the respective fiscal periods indicated. The significant expense categories and amounts align with the segment-level information that is regularly provided to Mr. Florsheim, Jr. Total assets and capital expenditures are not presented because Mr. Florsheim, Jr. does not review or allocate resources based on such information.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Wholesale |  | Retail |  | Other |  | Total
​ | ​ | (Dollars in thousands)
2024 |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Product sales | ​ | $ | 225,907 | ​ | $ | 38,701 | ​ | $ | 23,649 | ​ | $ | 288,257
Licensing revenues | ​ |  | 2,033 | ​ |  | — | ​ |  | — | ​ |  | 2,033
Net sales | ​ |  | 227,940 | ​ |  | 38,701 | ​ |  | 23,649 | ​ |  | 290,290
Cost of sales | ​ | ​ | 136,354 | ​ | ​ | 13,184 | ​ | ​ | 9,227 | ​ | ​ | 158,765
Selling and administrative expenses | ​ | ​ | 60,072 | ​ | ​ | 20,210 | ​ | ​ | 14,629 | ​ | ​ | 94,911
Earnings (loss) from operations | ​ | $ | 31,514 | ​ | $ | 5,307 | ​ | $ | (207) | ​ | $ | 36,614
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3,681
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (15)
Other expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (444)
Earnings before provision for income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 39,836
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | $ | 1,802 | ​ | $ | 7 | ​ | $ | 674 | ​ | $ | 2,483
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | ​
Product sales | ​ | $ | 247,896 | ​ | $ | 38,012 | ​ | $ | 29,636 | ​ | $ | 315,544
Licensing revenues | ​ |  | 2,504 | ​ |  | — | ​ |  | — | ​ |  | 2,504
Net sales | ​ |  | 250,400 | ​ |  | 38,012 | ​ |  | 29,636 | ​ |  | 318,048
Cost of sales | ​ | ​ | 151,077 | ​ | ​ | 12,964 | ​ | ​ | 11,124 | ​ | ​ | 175,165
Selling and administrative expenses | ​ | ​ | 66,035 | ​ | ​ | 18,296 | ​ | ​ | 17,528 | ​ | ​ | 101,859
Earnings from operations | ​ | $ | 33,288 | ​ | $ | 6,752 | ​ | $ | 984 | ​ | $ | 41,024
Interest income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,107
Interest expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (529)
Other expense, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (738)
Earnings before provision for income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 40,864
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | $ | 1,942 | ​ | $ | 7 | ​ | $ | 630 | ​ | $ | 2,579
​ 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 our business by geographic area was as follows for the years ended December 31, 2024 and 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023
​ | ​ | (Dollars in thousands)
Net Sales |  | ​ |  |  | ​ |
United States | ​ | $ | 248,577 | ​ | $ | 266,515
Canada | ​ |  | 18,064 | ​ |  | 21,897
Australia | ​ |  | 20,826 | ​ |  | 23,012
Asia | ​ |  | 438 | ​ |  | 4,143
South Africa | ​ |  | 2,385 | ​ |  | 2,481
Total | ​ | $ | 290,290 | ​ | $ | 318,048
​ | ​ | ​ | ​ | ​ | ​ | ​
Long-Lived Assets | ​ |  |  | ​ |  |
United States | ​ | $ | 73,980 | ​ | $ | 75,274
Other | ​ |  | 11,867 | ​ |  | 14,650
​ | ​ | $ | 85,847 | ​ | $ | 89,924
​ 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.

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