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Operating Segments | 12 Months Ended
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Jan. 31, 2021
Operating Segments |
Operating Segments |
14 | Operating Segments
Segment information Identification of reportable operating segments The consolidated entities’ Director examined the group’s performance from both sales channel and geographical perspective and identified three reportable segments being Retail, Wholesale and e-commerce. Retail This segment covers retail and outlet stores located in Australia and New Zealand. Wholesale This segment covers wholesale intimates apparel to customers in New Zealand, Australia, Europe and USA. E-commerce This segment covers the group’s online retail activities. E-commerce revenue includes revenue from a US brand called Fredericks of Hollywood (FOH) for which the Group currently has a licence agreement. These operating segments are based on the internal reports that are reviewed and used by the Chief Executive Officer (who is identified as the Chief Operating Decision Maker (‘CODM’)) in assessing performance and in determining the allocation of resources. The CODM reviews segment EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements. EBITDA is a financial measure which is not prescribed by IFRS and represents the profit adjusted for specific non-cash and significant items. The directors consider EBITDA to reflect the core earnings of the consolidated entity. The information reported to the CODM is on a monthly basis. Other Costs and Business Activities Certain costs are not allocated to our reporting segment results, such as costs associated with the following: - Corporate overheads, which is responsible for centralized functions such as information technology, facilities, legal, finance, human resources, business development, and procurement. These costs also include compensation costs and other miscellaneous operating expenses not charged to our operating segments, as well as interest and tax income and expense. These costs are included with in “unallocated” segment in our segment performance. Other assets and liabilities Assets and liabilities are managed on a Group basis, not by segment. CODM does not regularly review any asset or liability information by segment and its preparation is impracticable. Accordingly, we do not report asset and liability information by segment.
| (a) | Reconciliations
Reconciliation of segment revenue to consolidated statements of profit or loss and other comprehensive income:
|  | For the Year Ended 31 January 2021 NZ$000’s |  |  | For the Year Ended 31 January 2020 NZ$000’s |  |  | For the Year Ended 31 January 2019 NZ$000’s |
Total segment revenue |  |  | 89,590 |  |  |  | 104,153 |  |  |  | 136,842 |
Intersegment eliminations |  |  | (9,551 | ) |  |  | (14,088 | ) |  |  | (24,922 | )
Total revenue |  |  | 80,039 |  |  |  | 90,065 |  |  |  | 111,920 |
Reconciliation of segment EBITDA to the consolidated statements of profit or loss and other comprehensive income: The Board meets on a monthly basis to assess the performance of each segment, net operating profit does not include non-operating revenue and expenses such as dividends, fair value gains and losses.
|  | For the Year Ended 31 January 2021 NZ$000’s |  |  | For the Year Ended 31 January 2020 NZ$000’s |  |  | For the Year Ended 31 January 2019 NZ$000’s |
Segment EBITDA |  |  | 690 |  |  |  | (16,167 | ) |  |  | (25,602 | )
Any other reconciling items |  |  | (68,902 | ) |  |  | (37,356 | ) |  |  | (24,892 | )
Income tax (expense)/benefit |  |  | (134 | ) |  |  | (782 | ) |  |  | 1,274 |
Total net loss after tax |  |  | (68,346 | ) |  |  | (54,305 | ) |  |  | (49,220 | )
Any other reconciling items includes brand transition, finance expenses, impairment expense, depreciation and amortisation, fair value gain/loss on foreign exchange contracts, and unrealised foreign exchange gain/loss that cannot be allocated to segments.
| (b) | Geographical information
In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers whereas segment assets are based on the location of the assets.
|  | For the Year Ended 31 January 2021 NZ$000’s |  |  | For the Year Ended 31 January 2020 NZ$000’s |  |  | For the Year Ended 31 January 2019 NZ$000’s |
New Zealand |  |  | 34,131 |  |  |  | 33,786 |  |  |  | 40,703 |
Australia |  |  | 21,011 |  |  |  | 24,365 |  |  |  | 32,065 |
United States |  |  | 24,432 |  |  |  | 30,863 |  |  |  | 34,156 |
Europe |  |  | 465 |  |  |  | 1,051 |  |  |  | 4,996 |
|  |  | 80,039 |  |  |  | 90,065 |  |  |  | 111,920 |
The revenues resulting from the Naked business combination in the June 2018 are included in the United States segment shown above.
| (c) | Segment performance
|  | Retail NZ$000’s |  |  | Wholesale NZ$000’s |  |  | e-commerce NZ$000’s |  |  | Unallocated NZ$000’s |  |  | Total NZ$000’s |
For the year ended 31 January 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  | 40,492 |  |  |  | 7,496 |  |  |  | 32,051 |  |  |  | - |  |  |  | 80,039 |
|  |  | 40,492 |  |  |  | 7,496 |  |  |  | 32,051 |  |  |  | - |  |  |  | 80,039 |
Cost of goods sold |  |  | (19,188 | ) |  |  | (4,636 | ) |  |  | (21,604 | ) |  |  | (719 | ) |  |  | (46,147 | )
Gross profit |  |  | 21,304 |  |  |  | 2,860 |  |  |  | 10,447 |  |  |  | (719 | ) |  |  | 33,892 |
Other segment expenses* |  |  | (17,359 | ) |  |  | (1,425 | ) |  |  | (10,096 | ) |  |  | - |  |  |  | (28,880 | )
Unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (856 | ) |  |  | (856 | )
Corporate expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (9,350 | ) |  |  | (9,350 | )
Other income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,223 |  |  |  | 4,223 |
Other foreign exchange gain |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,661 |  |  |  | 1,661 |
EBITDA |  |  | 3,945 |  |  |  | 1,435 |  |  |  | 351 |  |  |  | (5,041 | ) |  |  | 690 |
Brand transition, restructure and transaction expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (22,527 | ) |  |  | (22,527 | )
Finance expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,214 | ) |  |  | (8,214 | )
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 5 |
Impairment expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,895 | ) |  |  | (4,895 | )
Depreciation and amortisation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,700 | ) |  |  | (8,700 | )
Fair value gain on foreign exchange contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Unrealised foreign exchange gain |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,981 |  |  |  | 1,981 |
Fair value loss on Convertible Notes derivative |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (26,552 | ) |  |  | (26,552 | )
Income/(loss) before income tax expense |  |  | 3,945 |  |  |  | 1,435 |  |  |  | 351 |  |  |  | (73,943 | ) |  |  | (68,212 | )
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (134 | ) |  |  | (134 | )
Income/(loss) after income tax expense |  |  | 3,945 |  |  |  | 1,435 |  |  |  | 351 |  |  |  | (74,077 | ) |  |  | (68,346 | )
* Other segment expenses relate to brand management expenses.
|  | Retail NZ$000’s |  |  | Wholesale NZ$000’s |  |  | e-commerce NZ$000’s |  |  | Unallocated NZ$000’s |  |  | Total NZ$000’s |
For the year ended 31 January 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  | 42,576 |  |  |  | 15,554 |  |  |  | 31,935 |  |  |  | - |  |  |  | 90,065 |
|  |  | 42,576 |  |  |  | 15,554 |  |  |  | 31,935 |  |  |  | - |  |  |  | 90,065 |
Cost of goods sold |  |  | (19,582 | ) |  |  | (11,342 | ) |  |  | (20,916 | ) |  |  | (4,407 | ) |  |  | (56,247 | )
Gross profit |  |  | 22,994 |  |  |  | 4,211 |  |  |  | 11,020 |  |  |  | (4,407 | ) |  |  | 33,818 |
Other segment expenses* |  |  | (18,784 | ) |  |  | (3,112 | ) |  |  | (13,659 | ) |  |  | - |  |  |  | (35,555 | )
Unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,234 | ) |  |  | (1,234 | )
Corporate expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (12,772 | ) |  |  | (12,772 | )
Other foreign exchange loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (424 | ) |  |  | (424 | )
EBITDA |  |  | 4,210 |  |  |  | 1,099 |  |  |  | (2,639 | ) |  |  | (18,837 | ) |  |  | (16,167 | )
Brand transition, restructure and transaction expenses** |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (13,687 | ) |  |  | (13,687 | )
Finance expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (5,213 | ) |  |  | (5,213 | )
Interest income |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 12 |  |  |  | 12 |
Impairment expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,904 | ) |  |  | (8,904 | )
Depreciation and amortisation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (10,603 | ) |  |  | (10,603 | )
Fair value gain on foreign exchange contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 729 |  |  |  | 729 |
Unrealised foreign exchange gain |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 310 |  |  |  | 310 |
Fair value gain/(loss) on Convertible Notes derivative |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Income/(loss) before income tax expense |  |  | 4,210 |  |  |  | 1,099 |  |  |  | (2,639 | ) |  |  | (56,193 | ) |  |  | (53,523 | )
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (782 | ) |  |  | (782 | )
Income/(loss) after income tax expense |  |  | 4,210 |  |  |  | 1,099 |  |  |  | (2,639 | ) |  |  | (56,975 | ) |  |  | (54,305 | )
* Other segment expenses relate to brand management expenses. ** Brand transition, restructure and transaction expenses are shown net of proceeds from the sale of Naked brand and trademarks.
|  | Retail NZ$000’s |  |  | Wholesale NZ$000’s |  |  | e-commerce NZ$000’s |  |  | Unallocated NZ$000’s |  |  | Total NZ$000’s |
For the year ended 31 January 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue |  |  | 50,348 |  |  |  | 29,439 |  |  |  | 32,133 |  |  |  | - |  |  |  | 111,920 |
|  |  | 50,348 |  |  |  | 29,439 |  |  |  | 32,133 |  |  |  | - |  |  |  | 111,920 |
Cost of goods sold |  |  | (24,616 | ) |  |  | (24,582 | ) |  |  | (21,248 | ) |  |  | (4,034 | ) |  |  | (74,480 | )
Gross profit |  |  | 25,732 |  |  |  | 4,857 |  |  |  | 10,885 |  |  |  | (4,034 | ) |  |  | 37,440 |
Other segment expenses* |  |  | (24,540 | ) |  |  | (9,667 | ) |  |  | (11,247 | ) |  |  | — |  |  |  | (45,454 | )
Unallocated expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administrative expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,050 | ) |  |  | (1,050 | )
Corporate expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (17,947 | ) |  |  | (17,947 | )
Other foreign exchange gain |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,409 |  |  |  | 1,409 |
EBITDA |  |  | 1,192 |  |  |  | (4,810 | ) |  |  | (362 | ) |  |  | (21,622 | ) |  |  | (25,602 | )
Brand transition, restructure and transaction expenses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (10,075 | ) |  |  | (10,075 | )
Finance expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (4,041 | ) |  |  | (4,041 | )
Impairment expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (8,173 | ) |  |  | (8,173 | )
Depreciation and amortisation |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (2,382 | ) |  |  | (2,382 | )
Fair value loss on foreign exchange contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (1,704 | ) |  |  | (1,704 | )
Unrealised foreign exchange gain |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,258 |  |  |  | 2,258 |
Fair value loss on Convertible Notes derivative |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (775 | ) |  |  | (775 | )
Income/(loss) before income tax expense |  |  | 1,192 |  |  |  | (4,810 | ) |  |  | (362 | ) |  |  | (46,514 | ) |  |  | (50,494 | )
Income tax benefit |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,274 |  |  |  | 1,274 |
Income/(loss) after income tax expense |  |  | 1,192 |  |  |  | (4,810 | ) |  |  | (362 | ) |  |  | (45,240 | ) |  |  | (49,220 | )
* Other segment expenses relate to brand management expenses and some corporate expenses.

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