v3.20.4

Segment Information (Tables)

3 Months Ended

Oct. 31, 2020

Segment Reporting [Abstract]

Segment Reporting Disclosure

For a more detailed description of each brand’s products and markets in which they served, see Part I, Item 1 “Business” in our Annual Report on Form 10-K for the fiscal year ended August 1, 2020 (the “Fiscal 2020 10-K”). The Company’s brands had the following store counts as of October 31, 2020:

Ann Taylor						LOFT												Lane Bryant						Justice						Total
239						589												480						108						1,416

Net sales, operating (loss) income and depreciation and amortization expense for each reportable operating segment are as follows:

			Three Months Ended
			October 31, 2020						November 2, 2019
			(millions)
Net sales:
Premium Fashion			$	306.5					$	585.0
Plus Fashion			170.2						220.7
Kids Fashion			96.3						254.8
Total net sales			$	573.0					$	1,060.5
Operating (loss) income (a):
Premium Fashion			$	(155.2)					$	27.0
Plus Fashion			1.8						(8.6)
Kids Fashion			(21.8)						(8.1)
Unallocated restructuring and other related charges (b)			(1.3)						(3.8)
Total operating (loss) income			$	(176.5)					$	6.5
Depreciation and amortization expense:
Premium Fashion			$	29.6					$	32.7
Plus Fashion			13.1						14.5
Kids Fashion			4.5						19.1
Total depreciation and amortization expense			$	47.2					$	66.3

(a) For the three months ended October 31, 2020 and November 2, 2019, respectively, the Dressbarn and Catherines businesses were classified as discontinued operations within the condensed consolidated financial statements. As a result, shared expenses of $26.5 million for the three months ended November 2, 2019, which were previously allocated to Dressbarn and Catherines have been reallocated to the remaining operating units.

(b) Restructuring and other related charges are as follows:

			Three Months Ended
			October 31, 2020						November 2, 2019
			(millions)
Cash related charges (i):
Severance and benefit costs:
Premium Fashion			$	(0.9)					$	(0.4)
Plus Fashion			0.2						(0.3)
Kids Fashion			2.0						(0.1)
Corporate			(0.1)						4.6
Total severance and benefit costs			1.2						3.8
Professional fees and other related charges:
Corporate			0.1						—
Total professional fees and other related charges			0.1						—
Total cash related charges			1.3						3.8
Total restructuring and other related charges			$	1.3					$	3.8

(i) The charges incurred under the Company’s cost reduction initiatives are more fully described in Note 8.

Restructuring and Other Related Charges

Charges related to the Catherines and Dressbarn wind downs are included in discontinued operations.

			Three Months Ended
			October 31, 2020						November 2, 2019
			(millions)
Cash restructuring charges:
Severance and benefit costs (a)			$	1.2					$	3.8
Other related charges			0.1						—
Total cash charges			1.3						3.8
Total restructuring and other related charges			$	1.3					$	3.8

_______

(a) Severance and benefit costs reflect additional severance accruals associated with previously announced initiatives, as well as adjustments to true up estimates of previously accrued severance-related costs to reflect amounts actually paid.

Restructuring and other related charges are as follows:

			Three Months Ended
			October 31, 2020						November 2, 2019
			(millions)
Cash related charges (i):
Severance and benefit costs:
Premium Fashion			$	(0.9)					$	(0.4)
Plus Fashion			0.2						(0.3)
Kids Fashion			2.0						(0.1)
Corporate			(0.1)						4.6
Total severance and benefit costs			1.2						3.8
Professional fees and other related charges:
Corporate			0.1						—
Total professional fees and other related charges			0.1						—
Total cash related charges			1.3						3.8
Total restructuring and other related charges			$	1.3					$	3.8

(i) The charges incurred under the Company’s cost reduction initiatives are more fully described in Note 8.

X

- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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