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SEGMENT INFORMATION | 3 Months Ended
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Apr. 05, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 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, greater China (including mainland China, Hong Kong, Macau 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):
| For the 14 Weeks Ended April 5, 2025
| Americas | Europe | Asia | Corporate | Total
Net sales | $ | 97,729 |  | $ | 77,333 |  | $ | 57,345 |  | $ | 886 |  | $ | 233,293 |
Cost of sales | 41,019 |  | 29,202 |  | 19,909 |  | 171 |  | 90,301 |
Gross profit | $ | 56,710 |  | $ | 48,131 |  | $ | 37,436 |  | $ | 715 |  | $ | 142,992 |
Marketing | 4,046 |  | 3,750 |  | 4,042 |  | 1,408 |  | 13,246 |
Compensation and benefits | 15,552 |  | 17,875 |  | 8,724 |  | 31,541 |  | 73,692 |
Depreciation and amortization | 729 |  | 817 |  | 615 |  | 1,207 |  | 3,368 |
Other segment items (1) | 12,153 |  | 8,935 |  | 8,797 |  | 29,548 |  | 59,433 |
Operating income | $ | 24,230 |  | $ | 16,754 |  | $ | 15,258 |  | $ | (62,989) |  | $ | (6,747) |
| For the 13 Weeks Ended March 30, 2024
| Americas | Europe | Asia | Corporate | Total
Net sales | $ | 110,017 |  | $ | 78,720 |  | $ | 65,538 |  | $ | 609 |  | $ | 254,884 |
Cost of sales | 57,901 |  | 32,203 |  | 31,260 |  | 28 |  | 121,392 |
Gross profit | $ | 52,116 |  | $ | 46,517 |  | $ | 34,278 |  | $ | 581 |  | $ | 133,492 |
Marketing | 9,001 |  | 4,319 |  | 7,045 |  | 857 |  | 21,222 |
Compensation and benefits | 17,230 |  | 21,920 |  | 9,552 |  | 29,625 |  | 78,327 |
Depreciation and amortization | 1,226 |  | 1,055 |  | 525 |  | 1,609 |  | 4,415 |
Other segment items (1) | 15,904 |  | 11,830 |  | 11,354 |  | 19,646 |  | 58,734 |
Operating income | $ | 8,755 |  | $ | 7,393 |  | $ | 5,802 |  | $ | (51,156) |  | $ | (29,206) |
______________________________________________________________________________ (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 reflects net sales for each class of similar products in the periods presented (in thousands, except percentage data):
| For the 14 Weeks Ended April 5, 2025 |  | For the 13 Weeks Ended March 30, 2024
| Net Sales |  | Percentage of Total |  | Net Sales |  | Percentage of Total
Watches: |  |  |  |  |  |  |
Traditional watches | $ | 184,631 |  |  | 79.1 | % |  | $ | 186,561 |  |  | 73.2 | %
Smartwatches | 4,046 |  |  | 1.7 |  |  | 8,877 |  |  | 3.5 |
Total watches | $ | 188,677 |  |  | 80.8 | % |  | $ | 195,438 |  |  | 76.7 | %
Leathers | 17,180 |  |  | 7.4 |  |  | 27,584 |  |  | 10.8 |
Jewelry | 22,260 |  |  | 9.5 |  |  | 26,263 |  |  | 10.3 |
Other | 5,176 |  |  | 2.3 |  |  | 5,599 |  |  | 2.2 |
Total | $ | 233,293 |  |  | 100.0 | % |  | $ | 254,884 |  |  | 100.0 | %

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- 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 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