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Reportable Segment Information - Notes to Financial Statements

12 Months Ended

Feb. 02, 2019

Reportable Segment Information [Abstract]

Reportable Segment Information

14. Reportable Segment Information

The Company has determined that it has four operating segments, as defined under ASC 280-10, including Cato, It’s Fashion, Versona and Credit.  As outlined in ASC 280-10, the Company has two reportable segments: Retail and Credit.  The Company has aggregated its three retail operating segments, including e-commerce, based on the aggregation criteria outlined in ASC 280-10, which states that two or more operating segments may be aggregated into a single reportable segment if aggregation is consistent with the objective and basic principles of ASC 280-10, which require the segments have similar economic characteristics, products, production processes, clients and methods of distribution.

The Company’s retail operating segments have similar economic characteristics and similar operating, financial and competitive risks.  They are similar in terms of product offered, as they all offer women’s apparel, shoes and accessories.  Merchandise inventory of the Company’s retail operating segments is sourced from the same countries and some of the same vendors, using similar production processes.  Merchandise for the Company’s retail operating segments is distributed to retail stores in a similar manner through the Company’s single distribution center and is subsequently distributed to clients in a similar manner.

The Company offers its own credit card to its customers and all credit authorizations, payment processing, and collection efforts are performed by a separate subsidiary of the Company.

The following schedule summarizes certain segment information (in thousands):

	Fiscal 2018			Retail			Credit			Total
	Revenues		$	825,850		$	3,814		$	829,664
	Depreciation			16,441			22			16,463
	Interest and other income			4,991			-			4,991
	Income before taxes			31,149			1,902			33,051
	Capital expenditures			4,315			39			4,354
	Fiscal 2017			Retail			Credit			Total
	Revenues		$	845,759		$	4,222		$	849,981
	Depreciation			19,604			39			19,643
	Interest and other income			5,111			-			5,111
	Income before taxes			14,762			1,211			15,973
	Capital expenditures			11,047			49			11,096
	Fiscal 2016			Retail			Credit			Total
	Revenues		$	951,663		$	4,906		$	956,569
	Depreciation			22,667			49			22,716
	Interest and other income			7,041			-			7,041
	Income before taxes			47,447			1,667			49,114
	Capital expenditures			27,248			49			27,297
				Retail			Credit			Total
	Total assets as of February 2, 2019		$	454,143		$	43,763		$	497,906
	Total assets as of February 3, 2018			469,652			46,424			516,076

The accounting policies of the segments are the same as those described in the Summary of Significant Accounting Policies in Note 1. The Company evaluates performance based on profit or loss from operations before income taxes. The Company does not allocate certain corporate expenses to the credit segment.

The following schedule summarizes the direct expenses of the credit segment which are reflected in Selling, general and administrative expenses (in thousands):

		February 2, 2019		February 3, 2018		January 28, 2017
Bad debt expense	$	-	$	690	$	832
Payroll		749		861		865
Postage		506		546		635
Other expenses		635		875		858
Total expenses	$	1,890	$	2,972	$	3,190

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- References

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

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