XML 31 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Financial Information
 6 Months Ended
Jul. 31, 2021
Segment Reporting [Abstract]  
Segment Financial Information

Note 11. Segment Financial Information

The Company has identified three reportable segments, as further described below. Management considered both similar and dissimilar economic characteristics, internal reporting and management structures, as well as products, customers, and supply chain logistics to identify the following reportable segments:

 

•

Vince Wholesale segment—consists of the Company’s operations to distribute Vince brand products to major department stores and specialty stores in the United States and select international markets;

 

•

Vince Direct-to-consumer segment—consists of the Company’s operations to distribute Vince brand products directly to the consumer through its Vince branded full-price specialty retail stores, outlet stores, e-commerce platform and its subscription business Vince Unfold; and

 

•

Rebecca Taylor and Parker segment—consists of the Company’s operations to distribute Rebecca Taylor and Parker brand products to high-end department and specialty stores in the U.S. and select international markets, directly to the consumer through their own branded e-commerce platforms and Rebecca Taylor retail and outlet stores, and through its subscription business Rebecca Taylor RNTD.

The accounting policies of the Company’s reportable segments are consistent with those described in Note 1 to the audited consolidated financial statements of VHC for the fiscal year ended January 30, 2021 included in the 2020 Annual Report on Form 10-K. Unallocated corporate expenses are related to the Vince brand and are comprised of selling, general, and administrative expenses attributable to corporate and administrative activities (such as marketing, design, finance, information technology, legal and human resource departments), and other charges that are not directly attributable to the Company’s Vince Wholesale and Vince Direct-to-consumer reportable segments. Unallocated corporate assets are related to the Vince brand and are comprised of the carrying values of the Company’s goodwill and tradename, deferred tax assets, and other assets that will be utilized to generate revenue for the Company’s Vince Wholesale and Vince Direct-to-consumer reportable segments.

 

Summary information for the Company’s reportable segments is presented below.

 

(in thousands)

 

Vince Wholesale

 

 

Vince Direct-to-consumer

 

 

Rebecca Taylor and Parker

 

 

Unallocated Corporate

 

 

Total

 

Three Months Ended July 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (1)

 

$

35,170

 

 

$

31,982

 

 

$

11,521

 

 

$

—

 

 

$

78,673

 

Income (loss) before income taxes

 

 

9,441

 

 

 

6,126

 

 

 

(1,571

)

 

 

(13,288

)

 

 

708

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended August 1, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (2)

 

$

17,159

 

 

$

15,051

 

 

$

4,812

 

 

$

—

 

 

$

37,022

 

Income (loss) before income taxes

 

 

4,404

 

 

 

(5,525

)

 

 

(3,063

)

 

 

(10,850

)

 

 

(15,034

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended July 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (1)

 

$

61,969

 

 

$

55,914

 

 

$

18,323

 

 

$

—

 

 

$

136,206

 

Income (loss) before income taxes

 

 

16,938

 

 

 

5,799

 

 

 

(4,834

)

 

 

(26,174

)

 

 

(8,271

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended August 1, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (2)

 

$

27,852

 

 

$

33,136

 

 

$

15,052

 

 

$

—

 

 

$

76,040

 

Income (loss) before income taxes (3) (4) (5)

 

 

3,813

 

 

 

(22,384

)

 

 

(9,215

)

 

 

(35,384

)

 

 

(63,170

)

 

 

(in thousands)

 

Vince Wholesale

 

 

Vince Direct-to-consumer

 

 

Rebecca Taylor and Parker

 

 

Unallocated Corporate

 

 

Total

 

July 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

69,737

 

 

$

104,974

 

 

$

38,150

 

 

$

118,331

 

 

$

331,192

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

66,816

 

 

$

104,784

 

 

$

39,514

 

 

$

121,830

 

 

$

332,944

 

(1) Net sales for the Rebecca Taylor and Parker reportable segment for the three and six months ended July 31, 2021 consisted of $7,609 and $12,144 through wholesale distribution channels and $3,911 and $6,178 through direct-to-consumer distribution channels, respectively.

(2) Net sales for the Rebecca Taylor and Parker reportable segment for the three and six months ended August 1, 2020 consisted of $2,565 and $9,723 through wholesale distribution channels and $2,247 and $5,329 through direct-to-consumer distribution channels, respectively.

(3)  Vince Direct-to-consumer reportable segment includes a non-cash impairment charge of $11,725 related to property and equipment and ROU assets for the six months ended August 1, 2020.

(4) Rebecca Taylor and Parker reportable segment includes non-cash impairment charges of $1,687, of which $386 is related to the Rebecca Taylor tradename and $1,301 is related to property and equipment and ROU assets for the six months ended August 1, 2020.

(5) Unallocated Corporate includes a benefit from the re-measurement of the liability related to the Tax Receivable Agreement of $2,320 and non-cash impairment charges of $13,462, of which $9,462 is related to goodwill and $4,000 is related to the Vince tradename for the six months ended August 1, 2020.