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Reportable Segment Information
 3 Months Ended
Apr. 29, 2023
Reportable Segment Information [Abstract]  
Reportable Segment Information
NOTE 5 – REPORTABLE SEGMENT INFORMATION:
The
 
Company
 
has
 
determined
 
that
 
it
 
has
 
four
 
operating
 
segments,
 
as
 
defined
 
under
 
ASC
 
280
 
–
Segment
Reporting
, 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
 
to
 
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.
 
The products
 
sold in each
 
retail operating
 
segment are
 
similar in
 
nature, 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
 
operates
 
its
 
women’s
 
fashion
 
specialty
 
retail
 
stores
 
in
32
 
states
 
as
 
of
 
April
 
29,
 
2023,
principally in
 
the southeastern
 
United States. 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):
Three Months Ended
April 29, 2023
Retail
Credit
Total
Revenues
$191,434
$616
$192,050
Depreciation
2,357
-
2,357
Interest and other income
(897)
-
(897)
Income before taxes
6,382
187
6,569
Capital expenditures
6,170
-
6,170
Three Months Ended
April 30, 2022
Retail
Credit
Total
Revenues
$206,208
$513
$206,721
Depreciation
2,743
-
2,743
Interest and other income
(403)
-
(403)
Income before taxes
11,613
84
11,697
Capital expenditures
4,440
-
4,440
Retail
Credit
Total
Total assets as of April 29, 2023
$495,730
$38,906
$534,636
Total assets as of January 28, 2023
514,609
38,531
553,140
The following schedule
 
summarizes the direct
 
expenses of the
 
credit segment which
 
are reflected in
 
Selling,
general and administrative expenses (in
 
thousands):
The
 
Company
 
evaluates
 
segment
 
performance
 
based
 
on
 
income
 
before
 
taxes.
 
The
 
Company
 
does
 
not
allocate certain corporate expenses or
 
income taxes to the credit segment.
Three Months Ended
April 29, 2023
April 30, 2022
Payroll
$
134
$
137
Postage
101
93
Other expenses
194
199
Total expenses
$
429
$
429