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BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2019

BUSINESS SEGMENTS

NOTE L – BUSINESS SEGMENTS

The Company has two reportable segments, U.S. and International. Prior to October 1, 2018, the U.S. segment was reported as two separate reportable segments, U.S. Wholesale and Retail Direct. The Company changed its reporting structure as of October 1, 2018 to reflect how the Company is managing its operations as well as what the chief operating decision maker reviews to make organizational decisions about resource allocations. Prior period segment information has been recast to reflect the current reportable segment structure of the Company.

The Company has segmented its operations to reflect the manner in which management reviews and evaluates the results of its operations. The U.S. segment includes the Company’s primary domestic business that designs, markets and distributes its products to retailers, distributors and its internet websites. The International segment consists of certain business operations conducted outside the U.S. Management evaluates the performance of the U.S. and International segments based on net sales and loss from operations. Such measures give recognition to specifically identifiable operating costs such as cost of sales, distribution expenses and selling, general and administrative expenses. Certain general and administrative expenses, such as senior executive salaries and benefits, stock compensation, director fees, and accounting, legal and consulting fees, are not allocated to the specific segments and are reflected as unallocated corporate expenses.

The Company implemented its SKU Rationalization initiative to improve the productivity of its inventory and simplify its U.S. business. During the three months ended June 30, 2019, the Company recorded an $8.5 million charge to cost of sales associated with the SKU Rationalization initiative, which negatively impacted loss from operations for the U.S. segment.

		Three Months Ended June 30,								Six Months Ended June 30,
		2019				2018				2019				2018
		(in thousands)
Net sales
U.S.		$	123,092			$	128,985			$	250,130			$	224,892
International			19,444				19,666				42,332				41,928
Total net sales		$	142,536			$	148,651			$	292,462			$	266,820
Loss from operations
U.S.		$	(4,678	)		$	1,968			$	(292	)		$	(3,572	)
International			(2,868	)			(204	)			(3,915	)			(3,424	)
Unallocated corporate expenses			(4,999	)			(5,065	)			(10,625	)			(9,621	)
Loss from operations		$	(12,545	)		$	(3,301	)		$	(14,832	)		$	(16,617	)
Depreciation and amortization
U.S.		$	5,210			$	5,292			$	10,481			$	8,439
International			1,080				1,130				2,168				2,292
Total depreciation and amortization		$	6,290			$	6,422			$	12,649			$	10,731

		June 30,				December 31,
		2019				2018
		(in thousands)
Assets
U.S.		$	684,229			$	604,532
International			117,295				94,210
Unallocated corporate			21,177				9,830
Total Assets		$	822,701			$	708,572

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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

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