XML 43 R26.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Major Customer, Segment and Geographic Information | 12 Months Ended
--- | ---
Dec. 28, 2024
Segment Reporting [Abstract] |
Major Customer, Segment and Geographic Information | Major Customer, Segment and Geographic Information Major Customer Wholesale customers of the Company consist principally of major department stores and specialty retail stores located throughout the world. No individual customer accounts for 10% or more of the Company's net sales. Segment Information The Company reports segment information based on the "management approach". The management approach designates the internal reporting used by management, specifically its chief operating decision maker ("CODM") for making decisions and assessing performance as the source of the Company's reportable segments. The Company's CODM is its Chief Executive Officer. The Company manages its business primarily on a geographic basis. The Company's reportable operating segments are comprised of (i) Americas, (ii) Europe and (iii) Asia. Each reportable operating segment includes sales to wholesale and distributor customers, and sales through Company-owned retail stores and e-commerce activities based on the location of the selling entity. The Americas segment primarily includes sales to customers based in Canada, Latin America and the United States. The Europe segment primarily includes sales to customers based in European countries, the Middle East and Africa. The Asia segment primarily includes sales to customers based in Australia, China (including Hong Kong SAR, Macau SAR and Taiwan), India, Indonesia, Japan, Malaysia, New Zealand, Singapore, South Korea and Thailand. Each reportable operating segment provides similar products and services. The Company evaluates the performance of its reportable segments based on net sales and operating income (loss). Net sales for geographic segments are based on the location of the selling entity. Operating income (loss) for each segment includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segment. Corporate includes peripheral revenue generating activities from factories and intellectual property and general corporate expenses, including certain administrative, legal, accounting, technology support costs, equity compensation costs, payroll costs attributable to executive management, brand management, product development, art, creative/product design, marketing, strategy, compliance and back office supply chain expenses that are not allocated to the various segments because they are managed at the corporate level internally. The Company does not include intercompany transfers between segments for management reporting purposes. The CODM uses net sales and operating income for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis for both profit measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment gross profit for evaluating pricing strategy and segment operating income to assess the performance of each segment by comparing the results of each segment with one another. The CODM does not review disaggregated assets by segment, therefore it is not presented below. Summary information by operating segment was as follows (in thousands):
| Fiscal Year 2024
| Americas | Europe | Asia | Corporate | Total
Net sales | $ | 515,152 |  | $ | 357,607 |  | $ | 270,075 |  | $ | 2,156 |  | $ | 1,144,990 |
Cost of sales | 252,735 | 146,212 | 119,338 | 29,554 | 547,839
Gross profit | $ | 262,417 |  | $ | 211,395 |  | $ | 150,737 |  | $ | (27,398) |  | $ | 597,151 |
Compensation and benefits | 67,930 |  | 72,888 |  | 35,319 |  | 121,042 |  | 297,179 |
Marketing | 52,737 |  | 29,748 |  | 26,104 |  | 14,466 |  | 123,055 |
Depreciation and amortization | 3,791 |  | 3,377 |  | 2,347 |  | 6,221 |  | 15,736 |
Other segment items (1) | 60,917 |  | 40,642 |  | 46,998 |  | 116,571 |  | 265,128 |
Operating income | $ | 77,042 |  | $ | 64,740 |  | $ | 39,969 |  | $ | (285,698) |  | $ | (103,947) |
| Fiscal Year 2023
| Americas | Europe | Asia | Corporate | Total
Net sales | $ | 640,779 |  | $ | 437,358 |  | $ | 328,198 |  | $ | 6,049 |  | $ | 1,412,384 |
Cost of sales | 342,124 | 206,887 | 151,871 | 31,921 | 732,803
Gross profit | $ | 298,655 |  | $ | 230,471 |  | $ | 176,327 |  | $ | (25,872) |  | $ | 679,581 |
Compensation and benefits | 81,682 |  | 89,558 |  | 45,995 |  | 145,052 |  | 362,287 |
Marketing | 66,024 |  | 43,836 |  | 30,784 |  | 16,665 |  | 157,309 |
Depreciation and amortization | 3,734 |  | 4,907 |  | 2,508 |  | 13,279 |  | 24,428 |
Other segment items (1) | 64,469 |  | 51,208 |  | 58,878 |  | 104,026 |  | 278,581 |
Operating income | $ | 82,746 |  | $ | 40,962 |  | $ | 38,162 |  | $ | (304,894) |  | $ | (143,024) |
| Fiscal Year 2022
| Americas | Europe | Asia | Corporate | Total
Net sales | $ | 744,027 |  | $ | 541,343 |  | $ | 377,600 |  | $ | 19,469 |  | $ | 1,682,439 |
Cost of sales | 414,982 | 252,048 | 165,911 | 18,819 | 851,760
Gross profit | $ | 329,045 |  | $ | 289,295 |  | $ | 211,689 |  | $ | 650 |  | $ | 830,679 |
Compensation and benefits | 80,273 |  | 92,235 |  | 47,035 |  | 140,277 |  | 359,820 |
Marketing | 57,146 |  | 46,498 |  | 37,024 |  | 13,883 |  | 154,551 |
Depreciation and amortization | 4,834 |  | 5,856 |  | 3,071 |  | 8,870 |  | 22,631 |
Other segment items (1) | 70,391 |  | 53,619 |  | 72,469 |  | 98,671 |  | 295,150 |
Operating income | $ | 116,401 |  | $ | 91,087 |  | $ | 52,090 |  | $ | (261,051) |  | $ | (1,473) |
_______________________________________________________________________________ (1) Other segment items for each reportable segment include long-lived asset impairments, restructuring charges, facility costs, overhead expenses and other operating costs. The following table shows revenue for each class of similar products for fiscal years 2024, 2023 and 2022 (in thousands):
| Fiscal Year 2024 |  | Fiscal Year 2023 |  | Fiscal Year 2022
| Net Sales |  | Percentage of Total |  | Net Sales |  | Percentage of Total |  | Net Sales |  | Percentage of Total
Watches: |  |  |  |  |  |  |  |  |  |  |
Traditional watches | $ | 872,645 |  |  | 76.2 | % |  | $ | 1,015,077 |  |  | 71.9 | % |  | $ | 1,158,889 |  |  | 68.9 | %
Smartwatches | 24,880 |  |  | 2.2 |  |  | 80,949 |  |  | 5.7 |  |  | 151,602 |  |  | 9.0 |
Total watches | $ | 897,525 |  |  | 78.4 | % |  | $ | 1,096,026 |  |  | 77.6 | % |  | $ | 1,310,491 |  |  | 77.9 | %
Leathers | 111,124 |  |  | 9.7 |  |  | 158,427 |  |  | 11.2 |  |  | 178,542 |  |  | 10.6 |
Jewelry | 114,450 |  |  | 10.0 |  |  | 131,410 |  |  | 9.3 |  |  | 154,105 |  |  | 9.2 |
Other | 21,891 |  |  | 1.9 |  |  | 26,521 |  |  | 1.9 |  |  | 39,301 |  |  | 2.3 |
Total | $ | 1,144,990 |  |  | 100.0 | % |  | $ | 1,412,384 |  |  | 100.0 | % |  | $ | 1,682,439 |  |  | 100.0 | %
Geographic Information Net sales and long-term assets related to the Company's operations in the U.S., Europe, Asia and all other international markets were as follows (in thousands):
| Fiscal Year 2024
| Net Sales (1) |  | Long-term Assets
United States | $ | 399,989 |  |  | $ | 80,516 |
Europe | 358,278 |  | (2) | 68,587 |
Asia | 270,504 |  | (3) | 44,410 |
All other international | 116,219 |  |  | 15,539 |
Consolidated | $ | 1,144,990 |  |  | $ | 209,052 |
| Fiscal Year 2023
| Net Sales (1) |  | Long-term Assets
United States | $ | 514,666 |  |  | $ | 107,085 |
Europe | 438,148 |  | (2) | 85,575 |
Asia | 330,869 |  | (3) | 64,211 |
All other international | 128,701 |  |  | 10,469 |
Consolidated | $ | 1,412,384 |  |  | $ | 267,340 |
| Fiscal Year 2022
| Net Sales (1) |  | Long-term Assets
United States | $ | 619,981 |  |  | $ | 133,100 |
Europe | 543,585 |  | (2) | 96,365 |
Asia | 381,845 |  | (3) | 53,050 |
All other international | 137,028 |  |  | 10,313 |
Consolidated | $ | 1,682,439 |  |  | $ | 292,828 |
_______________________________________________________________________________ (1) Net sales are based on the location of the selling entity (including exports). (2) Net sales from Germany (including exports) accounted for more than 10% of the Company's consolidated net sales and were approximately $137.9 million, $173.3 million and $194.1 million in fiscal years 2024, 2023 and 2022, respectively. (3) Net sales from China (including Hong Kong SAR, Macau SAR and Taiwan and exports) accounted for more than 7% of the Company's consolidated net sales and were approximately $83.6 million, $140.4 million and $174.2 million in fiscal years 2024, 2023 and 2022, respectively.

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

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration