Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 31, 2020 | Dec. 04, 2020 | |
Document And Entity Information Abstract | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 0-18183 | |
Entity Registrant Name | G III APPAREL GROUP LTD /DE/ | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 41-1590959 | |
Entity Address, Address Line One | 512 Seventh Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10018 | |
City Area Code | 212 | |
Local Phone Number | 403-0500 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | GIII | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 48,358,688 | |
Entity Central Index Key | 0000821002 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Current assets | |||
Cash and cash equivalents | $ 149,745 | $ 197,372 | $ 55,801 |
Accounts receivable, net of allowance for doubtful accounts of $15.5 million, $0.9 million and $0.7 million, respectively | 720,975 | 530,137 | 899,029 |
Inventories | 461,769 | 551,918 | 650,633 |
Prepaid income taxes | 2,043 | 8,566 | 2,942 |
Prepaid expenses and other current assets | 37,274 | 80,695 | 77,328 |
Total current assets | 1,371,806 | 1,368,688 | 1,685,733 |
Investments in unconsolidated affiliates | 62,177 | 61,987 | 62,231 |
Property and equipment, net | 60,973 | 76,023 | 90,830 |
Operating lease assets | 181,187 | 270,032 | 293,819 |
Other assets, net | 36,722 | 32,629 | 34,389 |
Other intangibles, net | 35,669 | 38,363 | 39,297 |
Deferred income tax assets, net | 18,136 | 18,135 | 25,135 |
Trademarks | 441,062 | 438,658 | 437,247 |
Goodwill | 261,684 | 260,622 | 259,926 |
Total assets | 2,469,416 | 2,565,137 | 2,928,607 |
Current liabilities | |||
Current portion of notes payable | 4,083 | 673 | 655 |
Accounts payable | 157,654 | 204,786 | 215,217 |
Accrued expenses | 125,675 | 101,838 | 137,402 |
Customer refund liabilities | 120,395 | 233,418 | 260,040 |
Current operating lease liabilities | 65,554 | 63,166 | 66,850 |
Income tax payable | 8,702 | 8,468 | 32,029 |
Other current liabilities | 21 | 1,611 | 1,056 |
Total current liabilities | 482,084 | 613,960 | 713,249 |
Notes payable, net of discount and unamortized issuance costs | 504,328 | 396,794 | 674,741 |
Deferred income tax liabilities, net | 8,313 | 7,952 | 14,300 |
Noncurrent operating lease liabilities | 157,983 | 249,040 | 260,010 |
Other noncurrent liabilities | 6,441 | 6,719 | 6,005 |
Total liabilities | 1,159,149 | 1,274,465 | 1,668,305 |
Stockholders' Equity | |||
Preferred stock; 1,000 shares authorized; no shares issued | |||
Common stock - $0.01 par value; 120,000 shares authorized; 49,396, 49,395 and, 49,396 shares issued, respectively | 264 | 264 | 264 |
Additional paid-in capital | 446,662 | 452,142 | 457,278 |
Accumulated other comprehensive loss | (11,194) | (18,008) | (23,060) |
Retained earnings | 902,041 | 893,138 | 867,850 |
Common stock held in treasury, at cost - 1,037, 1,570 and 1,386 shares, respectively | (27,506) | (36,864) | (42,030) |
Total stockholders' equity | 1,310,267 | 1,290,672 | 1,260,302 |
Total liabilities and stockholders' equity | $ 2,469,416 | $ 2,565,137 | $ 2,928,607 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Millions | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Statement Of Financial Position [Abstract] | |||
Allowance for doubtful accounts | $ 15.5 | $ 0.7 | $ 0.9 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized | 120,000,000 | 120,000,000 | |
Common stock, shares issued | 49,396,000 | 49,396,000 | 49,395,000 |
Treasury stock, shares | 1,037,000 | 1,386,000 | 1,570,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 826,561 | $ 1,128,403 | $ 1,528,904 | $ 2,405,847 |
Cost of goods sold | 528,806 | 729,384 | 972,055 | 1,538,995 |
Gross profit | 297,755 | 399,019 | 556,849 | 866,852 |
Selling, general and administrative expenses | 177,625 | 246,580 | 454,347 | 644,887 |
Depreciation and amortization | 10,187 | 9,701 | 29,745 | 28,963 |
Asset impairments, net of gain on lease modifications | (117) | (124) | 17,372 | (2,346) |
Operating profit (loss) | 110,060 | 142,862 | 55,385 | 195,348 |
Other income (loss) | 225 | 677 | 112 | (722) |
Interest and financing charges, net | (18,681) | (12,518) | (38,237) | (33,623) |
Income (loss) before income taxes | 91,604 | 131,021 | 17,260 | 161,003 |
Income tax expense (benefit) | 28,430 | 35,634 | 8,357 | 42,454 |
Net income (loss) | $ 63,174 | $ 95,387 | $ 8,903 | $ 118,549 |
Basic: | ||||
Net income (loss) per common share (in dollar per shares) | $ 1.31 | $ 2 | $ 0.18 | $ 2.45 |
Weighted average number of shares outstanding (in shares) | 48,359 | 47,768 | 48,201 | 48,333 |
Diluted: | ||||
Net income (loss) per common share (in dollars per share) | $ 1.29 | $ 1.97 | $ 0.18 | $ 2.42 |
Weighted average number of shares outstanding (in shares) | 48,809 | 48,356 | 48,589 | 49,056 |
Net income (loss) | $ 63,174 | $ 95,387 | $ 8,903 | $ 118,549 |
Other comprehensive income: | ||||
Foreign currency translation adjustments | 7,066 | (6,212) | 6,814 | (7,866) |
Other comprehensive income (loss) | 7,066 | (6,212) | 6,814 | (7,866) |
Comprehensive income (loss) | $ 70,240 | $ 89,175 | $ 15,717 | $ 110,683 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Common Stock Held in Treasury | Cumulative Effect, Period of Adoption, Adjustment | Total |
Balance at beginning of period at Jan. 31, 2019 | $ 264 | $ 464,112 | $ (15,194) | $ 758,881 | $ (19,054) | $ 1,189,009 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Equity awards exercised/vested, net | (12,124) | 12,240 | 116 | |||||
Share-based compensation expense | 13,657 | 13,657 | ||||||
Taxes paid for net share settlements | (8,367) | (8,367) | ||||||
Other comprehensive loss, net | (7,866) | (7,866) | ||||||
Repurchases of common stock | (35,216) | (35,216) | ||||||
Net income (loss) | 118,549 | 118,549 | ||||||
Balance at end of period (ASC 842) at Oct. 31, 2019 | $ (9,580) | $ (9,580) | ||||||
Balance at end of period at Oct. 31, 2019 | 264 | 457,278 | (23,060) | 867,850 | (42,030) | 1,260,302 | ||
Balance at beginning of period at Jul. 31, 2019 | 264 | 456,195 | (16,848) | 772,463 | (44,254) | 1,167,820 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Equity awards exercised/vested, net | (2,224) | 2,224 | ||||||
Share-based compensation expense | 4,308 | 4,308 | ||||||
Taxes paid for net share settlements | (1,001) | (1,001) | ||||||
Other comprehensive loss, net | (6,212) | (6,212) | ||||||
Net income (loss) | 95,387 | 95,387 | ||||||
Balance at end of period (ASC 842) at Oct. 31, 2019 | $ (9,580) | $ (9,580) | ||||||
Balance at end of period at Oct. 31, 2019 | 264 | 457,278 | (23,060) | 867,850 | (42,030) | 1,260,302 | ||
Balance at beginning of period at Jan. 31, 2020 | 264 | 452,142 | (18,008) | 893,138 | (36,864) | 1,290,672 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Equity awards exercised/vested, net | (9,178) | 9,358 | 180 | |||||
Share-based compensation expense | 4,015 | 4,015 | ||||||
Taxes paid for net share settlements | (317) | (317) | ||||||
Other comprehensive loss, net | 6,814 | 6,814 | ||||||
Net income (loss) | 8,903 | 8,903 | ||||||
Balance at end of period at Oct. 31, 2020 | 264 | 446,662 | (11,194) | 902,041 | (27,506) | 1,310,267 | ||
Balance at beginning of period at Jul. 31, 2020 | 264 | 444,384 | (18,260) | 838,867 | (27,506) | 1,237,749 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Share-based compensation expense | 2,278 | 2,278 | ||||||
Other comprehensive loss, net | 7,066 | 7,066 | ||||||
Net income (loss) | 63,174 | 63,174 | ||||||
Balance at end of period at Oct. 31, 2020 | $ 264 | $ 446,662 | $ (11,194) | $ 902,041 | $ (27,506) | $ 1,310,267 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Cash flows from operating activities | ||
Net income (loss) | $ 8,903 | $ 118,549 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 29,745 | 28,963 |
Loss on disposal of fixed assets | 474 | 1,343 |
Non-cash operating lease costs | 59,643 | 55,048 |
Loss (gain) on lease terminations | (2,539) | (2,346) |
Asset impairments | 19,911 | |
Dividend received from unconsolidated affiliate | 2,695 | 1,960 |
Equity (gain) loss in unconsolidated affiliates | (340) | (2,248) |
Share-based compensation | 4,015 | 13,657 |
Deferred financing charges and debt discount amortization | 7,712 | 6,586 |
Extinguishment of deferred financing costs | 6,503 | |
Deferred income taxes | 2 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (190,838) | (396,895) |
Inventories | 90,148 | (74,250) |
Income taxes, net | 6,587 | 28,614 |
Prepaid expenses and other current assets | 42,704 | 19,278 |
Other assets, net | (342) | (382) |
Customer refund liabilities | (113,023) | 16,450 |
Operating lease liabilities | (61,822) | (61,063) |
Accounts payable, accrued expenses and other liabilities | (37,709) | 26,567 |
Net cash provided by (used in) operating activities | (127,571) | (220,169) |
Cash flows from investing activities | ||
Operating lease assets initial direct costs | (4,041) | (2,014) |
Capital expenditures | (12,392) | (31,903) |
Net cash used in investing activities | (16,433) | (33,917) |
Cash flows from financing activities | ||
Repayment of borrowings - revolving facility | (878,083) | (1,536,448) |
Proceeds from borrowings - revolving facility | 878,083 | 1,816,328 |
Repayment of borrowings - unsecured term loan | (300,262) | (338) |
Proceeds from borrowings - unsecured term loan | 7,103 | 3,380 |
Proceeds from borrowings - senior secured notes | 400,000 | |
Payment of financing costs | (13,276) | |
Proceeds from exercise of equity awards | 180 | 116 |
Purchase of treasury shares | (35,216) | |
Taxes paid for net share settlements | (317) | (8,367) |
Net cash provided by financing activities | 93,428 | 239,455 |
Foreign currency translation adjustments | 2,949 | 294 |
Net increase (decrease) in cash and cash equivalents | (47,627) | (14,337) |
Cash and cash equivalents at beginning of period | 197,372 | 70,138 |
Cash and cash equivalents at end of period | 149,745 | 55,801 |
Cash payments: | ||
Interest, net | 14,864 | 25,822 |
Income tax payments, net | $ 1,628 | $ 13,975 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation As used in these financial statements, the term “Company” or “G-III” refers to G-III Apparel Group, Ltd. and its subsidiaries. The Company designs, sources and markets an extensive range of apparel, including outerwear, dresses, sportswear, swimwear, women’s suits and women’s performance wear, as well as women’s handbags, footwear, small leather goods, cold weather accessories and luggage. The Company also operates retail stores and licenses its proprietary brands for several product categories. The Company consolidates the accounts of its wholly-owned and majority-owned subsidiaries. KL North America B.V. (“KLNA”) and Fabco Holding B.V. (“Fabco”) are Dutch joint venture limited liability companies, each of which is 49% owned by the Company. See Note 16 – Subsequent Events with respect to an increase in the ownership of Fabco by the Company. Karl Lagerfeld Holding B.V. (“KLH”) is a Dutch limited liability company that is 19% owned by the Company. These investments are accounted for using the equity method of accounting. All material intercompany balances and transactions have been eliminated. Vilebrequin International SA (“Vilebrequin”), a Swiss corporation that is wholly-owned by the Company, KLH, KLNA and Fabco report results on a calendar year basis rather than on the January 31 fiscal year basis used by the Company. Accordingly, the results of Vilebrequin, KLH, KLNA and Fabco are, and will be, included in the financial statements for the quarter ended or ending closest to the Company’s fiscal quarter end. For example, with respect to the Company’s results for the nine-month period ended October 31, 2020, the results of Vilebrequin, KLH, KLNA and Fabco are included for the nine-month period ended September 30, 2020. The Company’s retail operations segment reports on a 52/53-week fiscal year. The Company’s three and nine-month periods ended October 31, 2020 and 2019 were each 13-week and 39-week periods, respectively, for the retail operations segment. For fiscal 2021 and 2020, the three and nine-month periods for the retail operations segment ended on October 31, 2020 and November 2, 2019, respectively. The results for the three and nine months ended October 31, 2020 are not necessarily indicative of the results expected for the entire fiscal year, given the seasonal nature of the Company’s business and the significant effects of the COVID-19 pandemic on the Company’s business. The accompanying financial statements included herein are unaudited. All adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations and cash flows for the interim period presented have been reflected. The accompanying financial statements should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2020 filed with the Securities and Exchange Commission (the “SEC”). Assets and liabilities of the Company’s foreign operations, where the functional currency is not the U.S. dollar (reporting currency), are translated from foreign currency into U.S. dollars at period-end rates, while income and expenses are translated at the weighted-average exchange rates for the period. The related translation adjustments are reflected as a foreign currency translation adjustment in accumulated other comprehensive loss within stockholders’ equity. Accounting Policies On April 10, 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A to respond to frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 outbreak. Consequently, for lease concessions related to the effects of the COVID-19 outbreak, an entity will not have to analyze each lease to determine whether the enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the outbreak (e.g., deferrals of lease payments, lease payment forgiveness, cash payments made to the lessee or reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company has elected to not apply the lease modification guidance for contracts with COVID-19 related rent concessions. As of October 31, 2020, the Company has $11.0 million of deferred lease payments recorded within accounts payable on its condensed consolidated balance sheets. Liquidity and Impact of COVID-19 The Company relies on its cash flows generated from operations and the borrowing capacity under its credit facilities to meet the cash requirements of its business. The primary cash requirements of its business are the seasonal buildup in inventory, compensation paid to employees, payments to suppliers in the normal course of business, capital expenditures, maturities of debt and related interest payments and income tax payments. The rapid expansion of the COVID-19 pandemic resulted in a sharp decline in net sales in the first, second and, to a lesser extent, third quarters of fiscal 2021. It also resulted in the Company recognizing a net loss in the first and second quarters and a significant reduction in net income in the third quarter. The Company is focused on preserving its liquidity and managing its cash flow during these unprecedented conditions. The Company had taken preemptive actions to enhance its ability to meet its short-term liquidity needs, including, but not limited to, reducing payroll costs through employee furloughs, job eliminations, salary reductions, reductions in marketing and other discretionary spending, deferring certain lease payments and deferral of capital projects. During the quarter ended October 31, 2020, certain furloughed employees were reinstated and salaries that had been reduced were increased to their pre-pandemic levels. The Company has received royalty relief from certain licensors and continues to negotiate with licensors for additional relief. As of October 31, 2020, the Company had cash and cash equivalents of $149.7 million and availability under its revolving credit facility in excess of $600.0 million. The Company believes it has adequate cash flows to meet the cash requirements of its business. As of October 31, 2020, the Company was in compliance with all covenants under its senior secured notes and revolving credit facility. On August 7, 2020, the Company refinanced its term loan and revolving credit facility. See Note 9 – Notes Payable. |
Retail Restructuring
Retail Restructuring | 9 Months Ended |
Oct. 31, 2020 | |
Retail Restructuring [Abstract] | |
Retail Restructuring | Note 2 – Retail Restructuring In June 2020, the Company announced the restructuring of its retail operations segment including the closing of all Wilsons Leather and G.H. Bass stores. Additionally, the Company is also closing its Calvin Klein Performance stores. In connection with the restructuring of the retail operations segment, the Company expects to incur an aggregate charge of approximately $100 million related to store operating costs, landlord termination fees, severance costs, store liquidation and closing costs, write-offs related to right-of-use assets and legal and professional fees. The Company expects the net cash outflow from the retail restructuring to be approximately $65 million. As a result of the restructuring of the Company’s retail operations, the Company recorded an aggregate charge of $2.2 million during the nine months ended October 31, 2020. The charge consisted primarily of severance payments, benefit continuation costs and store closing costs. Restructuring charges are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of income and comprehensive income. The following is a reconciliation of the accrual for the quarter ended October 31, 2020: Severance and Benefit Costs Store Closing Costs Total (In thousands) Balance at April 30, 2020 $ — $ — $ — Amounts charged to expense 480 792 1,272 Cash payments (26) — (26) Balance at July 31, 2020 $ 454 $ 792 $ 1,246 Amounts charged to expense 892 — 892 Cash payments (328) (277) (605) Balance at October 31, 2020 $ 1,018 $ 515 $ 1,533 The Company has accounted for the remaining rent and termination payments under Accounting Standards Codification (“ASC”) 842 – Leases. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 9 Months Ended |
Oct. 31, 2020 | |
Allowance for Doubtful Accounts [Abstract] | |
Allowance for Doubtful Accounts | Note 3 – Allowance for Doubtful Accounts On February 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” which had no material impact on the Company’s financial statements. The Company’s financial instruments consist of trade receivables arising from revenue transactions in the ordinary course of business. The Company considers its trade receivables to consist of two portfolio segments: wholesale and retail trade receivables. Wholesale trade receivables result from credit the Company has extended to its wholesale customers based on pre-defined criteria and are generally due within 30 to 60 days. Retail trade receivables primarily relate to amounts due from third-party credit card processors for the settlement of debit and credit card transactions and are typically collected within 3 to 5 days. The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2020 were: October 31, 2020 Wholesale Retail Total (In thousands) Accounts receivable, gross $ 734,481 $ 1,968 $ 736,449 Allowance for doubtful accounts (15,437) (37) (15,474) Accounts receivable, net $ 719,044 $ 1,931 $ 720,975 The allowance for doubtful accounts for wholesale trade receivables is estimated based on several factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations (such as in the case of bankruptcy filings (including potential bankruptcy filings), extensive delay in payment or substantial downgrading by credit rating agencies), a specific reserve for bad debts is recorded against amounts due from that customer to reduce the net recognized receivable to the amount reasonably expected to be collected. For all other wholesale customers, an allowance for doubtful accounts is determined through analysis of the aging of accounts receivable at the end of the reporting period for financial statements, assessments of collectability based on historical trends and an evaluation of the impact of economic conditions. The Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts. The allowance for doubtful accounts for retail trade receivables is estimated at the credit card chargeback rate applied to the previous 90 days of credit card sales. In addition, the Company considers both current and forecasted future economic conditions in determining the adequacy of its allowance for doubtful accounts. During the three and nine months ended October 31, 2020, the Company recorded a $4.3 million and $14.9 million increase in its allowance for doubtful accounts primarily due to allowances recorded against the outstanding receivables of certain department store customers that have publicly announced bankruptcy filings or possible bankruptcy filings. The Company had the following activity in its allowance for credit losses for the nine months ended October 31, 2020: October 31, 2020 Wholesale Retail Total (In thousands) Balance as of January 31, 2020 $ (628) $ (82) $ (710) Provision for credit losses (14,919) 45 (14,874) Accounts written off as uncollectible 110 — 110 Balance as of October 31, 2020 $ (15,437) $ (37) $ (15,474) |
Inventories
Inventories | 9 Months Ended |
Oct. 31, 2020 | |
Inventories [Abstract] | |
Inventories | Note 4 – Inventories Wholesale inventories, which comprise a significant portion of the Company’s inventory, are stated at the lower of cost (determined by the first-in, first-out method) or net realizable value. Retail inventories are valued at the lower of cost or market as determined by the retail inventory method. Vilebrequin inventories are stated at the lower of cost (determined by the weighted average method) or net realizable value. Substantially all of the Company’s inventories consist of finished goods. The inventory return asset, which consists of the amount of goods that are anticipated to be returned by customers, represented $20.6 million, $41.9 million and $31.0 million as of October 31, 2020, October 31, 2019 and January 31, 2020, respectively. The inventory return asset is recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets. Inventory held on consignment by the Company’s customers totaled $4.8 million, $11.0 million and $9.1 million at October 31, 2020, October 31, 2019 and January 31, 2020, respectively. Consignment inventory is stored at the facilities of the Company’s customers. The Company reflects this inventory on its condensed consolidated balance sheets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Oct. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | Note 5 – Fair Value of Financial Instruments Generally Accepted Accounting Principles establish a three-level valuation hierarchy for disclosure of fair value measurements. The determination of the applicable level within the hierarchy for a particular asset or liability depends on the inputs used in its valuation as of the measurement date, notably the extent to which the inputs are market-based (observable) or internally-derived (unobservable). A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: ● Level 1 — inputs to the valuation methodology based on quoted prices (unadjusted) for identical assets or liabilities in active markets. ● Level 2 — inputs to the valuation methodology based on quoted prices for similar assets or liabilities in active markets for substantially the full term of the financial instrument; quoted prices for identical or similar instruments in markets that are not active for substantially the full term of the financial instrument; and model-derived valuations whose inputs or significant value drivers are observable. ● Level 3 — inputs to the valuation methodology based on unobservable prices or valuation techniques that are significant to the fair value measurement. The following table summarizes the carrying values and the estimated fair values of the Company’s debt instruments: Carrying Value Fair Value October 31, October 31, January 31, October 31, October 31, January 31, Financial Instrument Level 2020 2019 2020 2020 2019 2020 (In thousands) Secured notes 2 $ 400,000 $ — $ — $ 400,000 $ — $ — Term loan 2 — 300,000 300,000 — 300,000 300,000 Revolving credit facility 2 — 279,880 — — 279,880 — Note issued to LVMH 3 106,361 100,623 102,009 99,832 100,825 95,126 Unsecured loans 2 7,232 2,948 2,860 7,232 2,948 2,860 Overdraft facilities 2 2,885 — — 2,885 — — The Company’s debt instruments are recorded at their carrying values in its condensed consolidated balance sheets, which may differ from their respective fair values. The carrying amount of the Company’s variable rate debt approximates the fair value, as interest rates change with the market rates. Furthermore, the carrying value of all other financial instruments potentially subject to valuation risk (principally consisting of cash, accounts receivable and accounts payable) also approximates fair value due to the short-term nature of these accounts. On August 7, 2020, the Company refinanced its term loan and revolving credit facility. See Note 9 – Notes Payable. The 2% note in the principal amount of $125 million (the “LVMH Note”) issued to LVMH Moet Hennessy Louis Vuitton Inc. (“LVMH”) in connection with the acquisition of Donna Karan International (“DKI”) was recorded on the balance sheet at a discount of $40.0 million in accordance with ASC 820 – Fair Value Measurements The fair value of the LVMH Note was considered a Level 3 valuation in the fair value hierarchy. Non-Financial Assets and Liabilities The Company’s non-financial assets that are measured at fair value on a nonrecurring basis include long-lived assets, which consist primarily of property and equipment and operating lease assets. The Company reviews these assets for impairment whenever events or changes in circumstances indicate that their carrying value may not be fully recoverable. For impaired assets, an impairment loss is recognized equal to the difference between the carrying amount of the asset or asset group and its estimated fair value. For operating lease assets, the Company determines the fair value of the assets by discounting the estimated market rental rates over the remaining term of the lease. These fair value measurements are considered level 3 measurements in the fair value hierarchy. During the second quarter of fiscal 2021, the Company recorded a $20 million impairment charge primarily related to operating lease assets, leasehold improvements and furniture and fixtures at certain Wilsons Leather, G.H. Bass, DKNY and Vilebrequin stores as a result of the performance at these stores. During the first quarter of fiscal 2020, the Company recorded an impairment of $9.6 million, net of tax, in connection with the adoption of ASC 842 – Leases |
Leases
Leases | 9 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 6 – Leases The Company leases retail stores, warehouses, distribution centers, office space and certain equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Most leases are for a term of one one Certain of the Company’s lease agreements include rental payments based on a percentage of retail sales over contractual levels and others include rental payments adjusted periodically for inflation. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. The Company’s lease assets and liabilities as of October 31, 2020, October 31, 2019 and January 31, 2020 consist of the following: Leases Classification October 31, 2020 October 31, 2019 January 31, 2020 (In thousands) Assets Operating Operating lease assets $ 181,187 $ 293,819 $ 270,032 Total lease assets $ 181,187 $ 293,819 $ 270,032 Liabilities Current operating Current operating lease liabilities $ 65,554 $ 66,850 $ 63,166 Noncurrent operating Noncurrent operating lease liabilities 157,983 260,010 249,040 Total lease liabilities $ 223,537 $ 326,860 $ 312,206 The Company’s operating lease assets and operating lease liabilities significantly declined during fiscal 2021 due to the restructuring of the retail operations segment, partially offset by other leasing activity. As a result of this restructuring, the Company expects to close all of its Wilsons Leather, G.H. Bass and Calvin Klein Performance stores by the end of fiscal 2021. In addition, primarily due to the restructuring, in the second quarter of fiscal 2021 the Company recorded a $19.4 million impairment charge related to the operating lease assets at certain Wilsons Leather, G.H. Bass, DKNY and Vilebrequin stores as a result of the performance at these stores. The Company recorded lease costs of $18.7 million and $77.1 million during the three and nine months ended October 31, 2020, respectively. The Company recorded lease costs of $24.4 million and $74.3 million during the three and nine months ended October 31, 2019, respectively. Lease costs are recorded within selling, general and administrative expenses in the Company’s condensed consolidated statements of income and comprehensive income. The Company recorded variable lease costs and short-term lease costs of $6.2 million and $5.3 million for the three and nine months ended October 31, 2020, respectively. The Company recorded variable leases costs and short-term lease costs of $4.4 million and $11.9 million for the three and nine months ended October 31, 2019, respectively. Short-term lease costs are immaterial. As of October 31, 2020, the Company’s maturity of operating lease liabilities in the years ending up to January 31, 2025 and thereafter are as follows: Year Ending January 31, Amount (In thousands) 2021 $ 38,100 2022 55,033 2023 48,113 2024 35,856 2025 28,896 After 2025 68,838 Total lease payments $ 274,836 Less: Interest 51,299 Present value of lease liabilities $ 223,537 As of October 31, 2020, there are no material leases that are legally binding but have not yet commenced. As of October 31, 2020, the weighted average remaining lease term related to operating leases is 4.9 years. The weighted average discount rate related to operating leases is 8.2%. Cash paid for amounts included in the measurement of operating lease liabilities is $79.7 million and $75.9 million during the nine months ended October 31, 2020 and October 31, 2019, respectively. Right-of-use assets obtained in exchange for lease obligations were $41.3 million and $21.3 million as of October 31, 2020 and October 31, 2019, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Oct. 31, 2020 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 7 – Goodwill and Intangible Assets As of October 31, 2020, there is $261.7 million of goodwill and $441.1 million of indefinite-lived trademarks recorded on the Company’s condensed consolidated balance sheet. The Company reviews and tests its goodwill and intangible assets with indefinite lives for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount of such assets may be impaired. Due to the impact of the COVID-19 pandemic on the Company’s operations, the Company performed a quantitative test of its goodwill as of April 30, 2020 using an income approach through a discounted cash flow analysis methodology. The discounted cash flow approach requires that certain assumptions and estimates be made regarding industry economic factors and future profitability. The Company also performed quantitative tests of each of its indefinite-lived intangible assets using a relief from royalty method, another form of the income approach. The relief from royalty method requires assumptions regarding industry economic factors and future profitability. There were no impairments identified as of April 30, 2020 as a result of these tests. While no impairment was identified as of April 30, 2020, $370.0 million of the Company’s indefinite-lived trademarks could be deemed to have a risk of future impairment as there is limited excess fair value over the carrying value of these assets at October 31, 2020. During the third quarter of 2020, the Company conducted a review to assess whether indicators of impairment existed. As a result of this review, the Company concluded that no indicators existed that would make management believe it is more likely than not that the fair value of its goodwill or indefinite-lived trademarks is less than its carrying value. The continued impact of the COVID-19 pandemic could give rise to global and regional macroeconomic factors that could impact the Company’s assumptions relating to future net sales, discount rates, tax rates or royalty rates and may result in future impairment charges for indefinite-lived intangible assets. The fair value of the Company’s goodwill and indefinite-lived intangible assets are considered a Level 3 valuation in the fair value hierarchy. |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 9 Months Ended |
Oct. 31, 2020 | |
Net Income (Loss) per Common Share | |
Net Income (Loss) per Common Share | Note 8 – Net Income per Common Share Basic net income per common share has been computed using the weighted average number of common shares outstanding during each period. Diluted net income per share is computed using the weighted average number of common shares and potential dilutive common shares, consisting of unvested restricted stock unit awards and stock options outstanding during the period. Approximately 262,100 and 215,600 shares of common stock have been excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2020, respectively. Approximately 846,200 and 680,700 shares of common stock were excluded from the diluted net income per share calculation for the three and nine months ended October 31, 2019, respectively. All share-based payments outstanding that vest based on the achievement of performance and/or market price conditions, and for which the respective performance and/or market price conditions have not been achieved, have been excluded from the diluted per share calculation. The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share: Three Months Ended October 31, Nine Months Ended October 31, 2020 2019 2020 2019 (In thousands, except per share amounts) Net income $ 63,174 $ 95,387 $ 8,903 $ 118,549 Basic net income per share: Basic common shares 48,359 47,768 48,201 48,333 Basic net income per share $ 1.31 $ 2.00 $ 0.18 $ 2.45 Diluted net income per share: Basic common shares 48,359 47,768 48,201 48,333 Dilutive restricted stock unit awards and stock options 450 588 388 723 Diluted common shares 48,809 48,356 48,589 49,056 Diluted net income per share $ 1.29 $ 1.97 $ 0.18 $ 2.42 |
Notes Payable
Notes Payable | 9 Months Ended |
Oct. 31, 2020 | |
Notes Payable | |
NOTES PAYABLE | Note 9 – Notes Payable Long-term debt consists of the following: October 31, 2020 October 31, 2019 January 31, 2020 (In thousands) Secured Notes $ 400,000 $ — $ — Term Loan — 300,000 300,000 Revolving credit facility — 279,880 — LVMH Note 125,000 125,000 125,000 Unsecured loans 7,232 2,948 2,860 Overdraft facilities 2,885 — — Subtotal 535,117 707,828 427,860 Less: Net debt issuance costs (1) (8,067) (8,055) (7,402) Debt discount (18,639) (24,377) (22,991) Current portion of long-term debt (4,083) (655) (673) Total $ 504,328 $ 674,741 $ 396,794 (1) Does not include debt issuance costs, net of amortization, totaling $7.3 million, $5.2 million and $4.6 million as of October 31, 2020, October 31, 2019 and January 31, 2020, respectively, related to the revolving credit facility. These debt issuance costs have been deferred and are classified in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets in accordance with ASU 2015-15. Senior Secured Notes On August 7, 2020, the Company completed a private debt offering of $400 million aggregate principal amount of its 7.875% Senior Secured Notes due 2025 (the “Notes”). The terms of the Notes are governed by an indenture (the “Indenture”), among the Company, the guarantors party thereto and U.S. Bank, National Association, as trustee and collateral agent (the “Collateral Agent”). The net proceeds of the Notes have been used (i) to repay the Company’s prior term loan facility due 2022, (ii) to pay related fees and expenses and (iii) for general corporate purposes. The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021. The Notes are unconditionally guaranteed on a senior-priority secured basis by the Company’s current and future wholly-owned domestic subsidiaries that guarantee any of the Company’s credit facilities, including the Company’s ABL facility (the “ABL Facility”) pursuant to the ABL Credit Agreement, or certain future capital markets indebtedness of the Company or guarantors. The Notes and the related guarantees are secured by (i) first priority liens on the Company’s Cash Flow Priority Collateral (as defined in the Indenture), and (ii) a second-priority lien on the Company’s ABL Priority Collateral (as defined in the Indenture), in each case subject to permitted liens described in the Indenture. In connection with the issuance of the Notes and execution of the Indenture, the Company and the Guarantors entered into a pledge and security agreement (the “Pledge and Security Agreement”), among the Company, the Guarantors and the Collateral Agent. The Notes are subject to the terms of the intercreditor agreement which governs the relative rights of the secured parties in respect of the ABL Facility and the Notes (the “Intercreditor Agreement”). The Intercreditor Agreement restricts the actions permitted to be taken by the Collateral Agent with respect to the Collateral on behalf of the holders of the Notes. The Notes are also subject to the terms of the seller note subordination agreement which governs the relative rights of the secured parties in respect of the Seller Note (as defined therein), the ABL Facility and the Notes. At any time prior to August 15, 2022, the Company may redeem some or all of the Notes at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date plus a “make-whole” premium, as described in the Indenture. On or after August 15, 2022, the Company may redeem some or all of the Notes at any time and from time to time at the redemption prices set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to August 15, 2022, the Company may redeem up to 40% of the aggregate principal amount of the Notes with the proceeds of certain equity offerings at the redemption price set forth in the Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time prior to August 15, 2022, during any twelve month period, the Company may redeem up to 10% of the aggregate principal amount of the Notes at a redemption price equal to 103% of the principal amount of the Notes redeemed plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. If the Company experiences a Change of Control (as defined in the Indenture), the Company is required to offer to repurchase the Notes at 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. The Indenture contains covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur or guarantee additional indebtedness, pay dividends or make other restricted payments, make certain investments, incur restrictions on the ability of the Company’s restricted subsidiaries that are not guarantors to pay dividends or make certain other payments, create or incur certain liens, sell assets and subsidiary stock, impair the security interests, transfer all or substantially all of the Company’s assets or enter into merger or consolidation transactions, and enter into transactions with affiliates. The Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, nonpayment of principal or interest, breach of other agreements in the Indenture, failure to pay certain other indebtedness, failure of certain guarantees to be enforceable, failure to perfect certain collateral securing the Notes failure to pay certain final judgments, and certain events of bankruptcy or insolvency. The Company incurred debt issuance costs totaling $8.5 million related to the Notes that will be amortized over the term of the Notes. In accordance with ASU 2015-15, the debt issuance costs have been deferred and are presented as a contra-liability, offsetting the outstanding balance of the Notes, and are amortized using the effective interest method over the remaining life of the Notes. Term Loan The Company had previously borrowed $350.0 million under a senior secured term loan facility (the “Term Loan”) that was scheduled to mature in December 2022. The Company prepaid $50.0 million in principal amount of the Term Loan, reducing the principal balance of the Term Loan to $300.0 million. On August 7, 2020, the Company used a portion of the proceeds from the issuance of the Notes to repay the outstanding principal balance of $300.0 million under the Term Loan facility. At the date of repayment, the Company had unamortized debt issuance costs of $6.1 million associated with the Term Loan. These debt issuance costs were fully extinguished and charged to interest expense in the Company’s results of operations. Second Amended and Restated ABL Credit Agreement On August 7, 2020, the Company’s subsidiaries, G-III Leather Fashions, Inc., Riviera Sun, Inc., CK Outerwear, LLC, AM Retail Group, Inc. and The Donna Karan Company Store LLC (collectively, the “Borrowers”), entered into the second amended and restated credit agreement (the “ABL Credit Agreement”) with the Lenders named therein and with JPMorgan Chase Bank, N.A., as Administrative Agent. The ABL Credit Agreement is a five year senior secured credit facility subject to a springing maturity date if, subject to certain conditions, certain material indebtedness is not refinanced or repaid prior to the date that is 91 days prior to the date of any relevant payment thereunder. The ABL Credit Agreement provides for borrowings in the aggregate principal amount of up to $650 million. The Company and its subsidiaries, G-III Apparel Canada ULC, Gabrielle Studio, Inc., Donna Karan International Inc. and Donna Karan Studio LLC (the “Guarantors”), are Loan Guarantors under the ABL Credit Agreement The ABL Credit Agreement refinances, amends and restates the Amended Credit Agreement, dated as of December 1, 2016 (as amended, supplemented or otherwise modified from time to time prior to August 7, 2020, the “Prior Credit Agreement”), by and among the Borrowers and the Loan Guarantors (each as defined therein) party thereto, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., in its capacity as the administrative agent thereunder. The Prior Credit Agreement provided for borrowings of up to $650 million and was due to expire in December 2021. The ABL Credit Agreement extends the maturity date to August 2025, subject to a springing maturity date if, subject to certain conditions, certain material indebtedness is not refinanced or repaid prior to the date that is 91 days prior to the date of any relevant payment thereunder. Amounts available under the ABL Credit Agreement are subject to borrowing base formulas and overadvances as specified in the ABL Credit Agreement. Borrowings bear interest, at the Borrowers’ option, at LIBOR plus a margin of 1.75% to 2.25% or an alternate base rate margin of 0.75% to 1.25% (defined as the greatest of (i) the “prime rate” of JPMorgan Chase Bank, N.A. from time to time, (ii) the federal funds rate plus 0.5% and (iii) the LIBOR rate for a borrowing with an interest period of one month) plus 1.00%, with the applicable margin determined based on Borrowers’ availability under the ABL Credit Agreement. The ABL Credit Agreement is secured by specified assets of the Borrowers and the Guarantors. In addition to paying interest on any outstanding borrowings under the ABL Credit Agreement, the Company is required to pay a commitment fee to the lenders under the credit agreement with respect to the unutilized commitments. The commitment fee accrues at a tiered rate equal to 0.50% per annum on the average daily amount of the available commitments when the average usage is less than 50% of the total available commitments and decreases to 0.35% per annum on the average daily amount of the available commitments when the average usage is greater than or equal to 50% of the total available commitments. The revolving credit facility contains covenants that, among other things, restrict the Company’s ability, subject to specified exceptions, to incur additional debt; incur liens; sell or dispose of certain assets; merge with other companies; liquidate or dissolve the Company; acquire other companies; make loans, advances, or guarantees; and make certain investments. In certain circumstances, the revolving credit facility also requires the Company to maintain a fixed charge coverage ratio, as defined in the agreement, not less than 1.00 to 1.00 for each period of twelve consecutive fiscal months of the Company. As of October 31, 2020, the Company was in compliance with these covenants. As of October 31, 2020, the Company had no borrowings outstanding under the ABL Credit Agreement. As of October 31, 2020, interest under the ABL Credit Agreement was being paid at an average rate of 2.05% per annum. The ABL credit agreement also includes amounts available for letters of credit. As of October 31, 2020, there were outstanding trade and standby letters of credit amounting to $5.8 million and $3.9 million, respectively. At the date of the refinancing of the Prior Credit Agreement, the Company had $3.3 million of unamortized debt issuance costs remaining from the Prior Credit Agreement. The Company extinguished and charged to interest expense $0.4 million of the prior debt issuance costs and incurred new debt issuance costs totaling $4.8 million related to the ABL Credit Agreement. The Company has a total of $7.7 million debt issuance costs related to its ABL Credit Agreement. As permitted under ASC 2015-15, the debt issuance costs have been deferred and are presented as an asset which is to be subsequently amortized ratably over the term of the ABL Credit Agreement. LVMH Note As a portion of the consideration for the acquisition of DKI, the Company issued to LVMH a junior lien secured promissory note in the principal amount of $125.0 million that bears interest at the rate of 2% per year. $75.0 million of the principal amount of the LVMH Note is due and payable on June 1, 2023 and $50.0 million of such principal amount is due and payable on December 1, 2023. ASC 820 requires the note to be recorded at fair value at issuance. As a result, the Company recorded a $40.0 million debt discount. This discount is being amortized as interest expense using the effective interest method over the term of the LVMH Note. Unsecured Loans During fiscal 2020 and fiscal 2021, T.R.B International SA (“TRB”), a subsidiary of Vilebrequin, borrowed funds under several unsecured loans. A portion of the unsecured loans were to provide funding for operations in the normal course of business, while other unsecured loans were various European state backed loans as part of COVID-19 relief programs. In the aggregate, TRB is currently required to make quarterly installment payments of €0.2 million under these loans. Interest on the outstanding principal amount of the unsecured loans accrues at a fixed rate equal to 0% to 2.0% per annum, payable on either a quarterly or monthly basis. Certain unsecured loans will require monthly installment payments beginning in fiscal 2022. The unsecured loans have maturity dates ranging from September 15, 2024 through August 30, 2025. As of October 31, 2020, TRB had an aggregate outstanding balance of €6.2 million under these various unsecured loans. Overdraft Facilities During the second quarter of fiscal 2021, TRB entered into several overdraft facilities that allow for applicable bank accounts to be in a negative position up to a certain maximum overdraft. TRB entered into an uncommitted overdraft facility with HSBC Bank allowing for a maximum overdraft of €5 million. Interest on drawn balances accrues at a rate equal to the Euro Interbank Offered Rate plus a margin of 1.75% per annum, payable quarterly. The facility may be cancelled at any time by TRB or HSBC Bank. As part of a COVID-19 relief program, TRB and its subsidiaries have also entered into several state backed overdraft facilities with UBS Bank in Switzerland for an aggregate of CHF 4.7 million at varying interest rates of 0% to 0.5%. As of October 31, 2020, TRB had an aggregate of €2.5 million drawn under these various facilities. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Oct. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 10 – Revenue Recognition Disaggregation of Revenue In accordance with ASC 606 – Revenue from Contracts with Customers Wholesale Operations Segment. trademarks owned by the Company. As of October 31, 2020, revenues from license agreements represented an insignificant portion of wholesale revenues. Retail Operations Segment. Contract Liabilities The Company’s contract liabilities, which are recorded within accrued expenses in the accompanying condensed consolidated balance sheets, primarily consist of gift card liabilities and advance payments from licensees. In some of its retail concepts, the Company also offers a limited loyalty program where customers accumulate points redeemable for cash discount certificates that expire 90 days after issuance. Total contract liabilities were $4.1 million, $5.4 million and $5.9 million at October 31, 2020, October 31, 2019 and January 31, 2020, respectively. The Company recognized $2.1 million in revenue for the three months ended October 31, 2020 related to contract liabilities that existed at July 31, 2020. The Company recognized $4.3 million in revenue for the nine months ended October 31, 2020 related to contract liabilities that existed at January 31, 2020. There were no contract assets recorded as of October 31, 2020, October 31, 2019 and January 31, 2020. Substantially all of the advance payments from licensees as of October 31, 2020 are expected to be recognized as revenue within the next twelve months. |
Segments
Segments | 9 Months Ended |
Oct. 31, 2020 | |
Segments [Abstract] | |
SEGMENTS | Note 11 – Segments The Company’s reportable segments are business units that offer products through different channels of distribution. The Company has two reportable segments: wholesale operations and retail operations. The wholesale operations segment includes sales of products under the Company’s owned, licensed and private label brands, as well as sales related to the Vilebrequin business. Wholesale revenues also include revenues from license agreements related to our owned trademarks including DKNY, Donna Karan, Vilebrequin, G.H. Bass and Andrew Marc. The retail operations segment consists primarily of direct sales to consumers through Company-operated stores, consisting primarily of Wilsons Leather, G.H. Bass and DKNY stores, substantially all of which are operated as outlet stores. Sales through Company-owned channels, with the exception of Vilebrequin, are also included in the retail operations segment. As a result of the restructuring of the Company’s retail operations, the Company is in the process of closing all of its Wilsons Leather and G.H. Bass retail stores which is expected to be completed by the end of fiscal 2021. After completion of the restructuring, the Company’s retail operations segment will consist of DKNY and Karl Lagerfeld Paris stores, as well as the digital channels for DKNY, Donna Karan, Karl Lagerfeld Paris, Andrew Marc, Wilsons Leather and G.H. Bass. The following segment information is presented for the three and nine-month periods indicated below: Three Months Ended October 31, 2020 Wholesale Retail Elimination (1) Total (In thousands) Net sales $ 783,030 $ 57,982 $ (14,451) $ 826,561 Cost of goods sold 504,919 38,338 (14,451) 528,806 Gross profit 278,111 19,644 — 297,755 Selling, general and administrative expenses 134,050 43,575 — 177,625 Depreciation and amortization 8,472 1,715 — 10,187 Asset impairments, net of gain on lease modifications (102) (15) — (117) Operating profit (loss) $ 135,691 $ (25,631) $ — $ 110,060 Three Months Ended October 31, 2019 Wholesale Retail Elimination (1) Total (In thousands) Net sales $ 1,067,858 $ 89,671 $ (29,126) $ 1,128,403 Cost of goods sold 713,063 45,447 (29,126) 729,384 Gross profit 354,795 44,224 — 399,019 Selling, general and administrative expenses 190,166 56,414 — 246,580 Depreciation and amortization 7,748 1,953 — 9,701 Gain on lease modifications — (124) — (124) Operating profit (loss) $ 156,881 $ (14,019) $ — $ 142,862 Nine Months Ended October 31, 2020 Wholesale Retail Elimination (1) Total (In thousands) Net sales $ 1,428,711 $ 126,397 $ (26,204) $ 1,528,904 Cost of goods sold 914,900 83,359 (26,204) 972,055 Gross profit 513,811 43,038 — 556,849 Selling, general and administrative expenses 323,377 130,970 — 454,347 Depreciation and amortization 25,155 4,590 — 29,745 Asset impairments, net of gain on lease modifications 505 16,867 — 17,372 Operating profit (loss) $ 164,774 $ (109,389) $ — $ 55,385 Nine Months Ended October 31, 2019 Wholesale Retail Elimination (1) Total (In thousands) Net sales $ 2,227,404 $ 255,282 $ (76,839) $ 2,405,847 Cost of goods sold 1,480,678 135,156 (76,839) 1,538,995 Gross profit 746,726 120,126 — 866,852 Selling, general and administrative expenses 478,964 165,923 — 644,887 Depreciation and amortization 23,033 5,930 — 28,963 Gain on lease modifications — (2,346) — (2,346) Operating profit (loss) $ 244,729 $ (49,381) $ — $ 195,348 (1) Represents intersegment sales to the Company’s retail operations segment. The total assets for each of the Company’s reportable segments, as well as assets not allocated to a segment, are as follows: October 31, 2020 October 31, 2019 January 31, 2020 (In thousands) Wholesale $ 2,028,798 $ 2,342,209 $ 1,912,175 Retail 105,702 348,898 272,832 Corporate 334,916 237,500 380,130 Total assets $ 2,469,416 $ 2,928,607 $ 2,565,137 |
Stockholders' Equity.
Stockholders' Equity. | 9 Months Ended |
Oct. 31, 2020 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 12 – Stockholders’ Equity For the three months ended October 31, 2020, the Company issued no shares of common stock and utilized no shares of treasury stock in connection with the vesting of equity awards. For the three months ended October 31, 2019, the Company issued no shares of common stock and utilized 80,353 shares of treasury stock in connection with the vesting of equity awards. For the nine months ended October 31, 2020, the Company issued no shares of common stock and utilized 349,342 shares of treasury stock in connection with the vesting of equity awards. For the nine months ended October 31, 2019, the Company issued 8,851 shares of common stock and utilized 435,703 shares of treasury stock in connection with the vesting of equity awards. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 – Income Taxes The Company recorded income tax expense of $28.4 million and $8.4 million for the three and nine months ended October 31, 2020, respectively. The Company recorded income tax expense of $35.6 million and $42.5 million for the three and nine months ended October 31, 2019, respectively. The Company’s effective tax rate increased this quarter compared to the prior year’s comparable quarter primarily due to a substantial decrease in the Company’s worldwide income and an increase in the valuation allowance related to the stand-alone net operating losses of the Company’s retail operations. In addition, the effective tax rate increased due to a discrete income tax charge in connection with the vesting of equity awards. Historically, the Company calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for income for the entire year, excluding unusual or discrete items, to the reporting period. Due to the uncertainty related to the impact of the COVID-19 pandemic on the Company’s operations, the Company used a discrete effective tax rate method to calculate income taxes for the first and second quarters of fiscal 2021. However, due to the change in pre-tax income in the third quarter of fiscal 2021, the Company has an equitable projection of the full year income and returned to the historical practice of using an annual effective tax rate based on full year fiscal year income. |
Canadian Customs Duty Examinati
Canadian Customs Duty Examination | 9 Months Ended |
Oct. 31, 2020 | |
Canadian Customs Duty Examination [Abstract] | |
Canadian Customs Duty Examination | Note 14 – Canadian Customs Duty Examination In October 2017, the Canada Border Service Agency (“CBSA”) issued a final audit report to G-III Apparel Canada ULC (“G-III Canada”), a wholly-owned subsidiary of the Company. The report challenged the valuation used by G-III Canada for certain goods imported into Canada. The period covered by the examination is February 1, 2014 through October 27, 2017, the date of the final report. The CBSA has requested G-III Canada to reassess its customs entries for that period using the price paid or payable by the Canadian retail customers for certain imported goods rather than the price paid by G-III Canada to the vendor. The CBSA has also requested that G-III Canada change the valuation method used to pay duties with respect to goods imported in the future. In March 2018, G-III Canada provided a bond to guarantee payment to the CBSA for additional duties payable as a result of the reassessment required by the final audit report. The Company secured a bond in the amount of CAD$26.9 million ($20.9 million) representing customs duty and interest through December 31, 2017 that is claimed to be owed to the CBSA. In March 2018, the Company amended the duties filed for the month of January 2018 based on the new valuation method. This amount was paid to the CBSA. Beginning February 1, 2018, the Company began paying duties based on the new valuation method. There were no amounts paid and deferred for the three and nine months ended October 31, 2020, related to the higher dutiable values. Cumulative amounts paid and deferred through October 31, 2020, related to the higher dutiable values, were CAD$12.9 million ($9.7 million). Effective June 1, 2019, G-III commenced paying based on the dutiable value of G-III Canada’s imports based on the pre-audit levels. G-III continued to defer the additional duty paid through the month of May 2019 pending the final outcome of the appeal. The CBSA has issued its preliminary decision expressing its intention to deny the appeal filed by G-III Canada. G-III Canada has responded to the CBSA’s preliminary decision letter to correct facts in the letter that G-III Canada believes to be inaccurate. G-III Canada is awaiting the final decision of the CBSA and is evaluating prospects for a further appeal should the final decision remain unfavorable. G-III Canada, based on the advice of counsel, believes it has positions that support its valuations for duty as declared and therefore its ability to receive a refund of amounts claimed to be owed to the CBSA on appeal and intends to vigorously contest the findings of the CBSA. |
Recent Adopted and Issued Accou
Recent Adopted and Issued Accounting Pronouncements | 9 Months Ended |
Oct. 31, 2020 | |
Recent Adopted and Issued Accounting Pronouncements [Abstract] | |
Recent Adopted and Issued Accounting Pronouncements | Note 15 – Recent Adopted and Issued Accounting Pronouncements Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This pronouncement changed how entities account for credit impairment for trade and other receivables, as well as for certain financial assets and other instruments. ASU 2016-13 replaced the “incurred loss” model with an “expected loss” model. Under the “incurred loss” model, a loss (or allowance) was recognized only when an event had occurred (such as a payment delinquency) that caused the entity to believe that a loss was probable (i.e., that it had been “incurred”). Under the “expected loss” model, an entity recognizes a loss (or allowance) upon initial recognition of the asset that reflects all future events that may lead to a loss being realized, regardless of whether it is probable that the future event will occur. The “incurred loss” model considered past events and current conditions, while the “expected loss” model includes expectations for the future which have yet to occur. The Company adopted ASU 2016-16 as of February 1, 2020. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which made a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement among or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in ASU 2018-13 modified the disclosure requirements with respect to fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty have been applied prospectively in the initial fiscal year of adoption. All other amendments have been applied retrospectively to all periods presented in the initial year of adoption. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is A Service Contract, which addresses the accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. ASU 2018-15 aligned the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, ASU 2018-15 amended ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard is intended to provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria that reference LIBOR or another rate that is expected to be discontinued. The guidance was effective upon issuance, and may be applied prospectively through December 31, 2022. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements. Issued Accounting Guidance Being Evaluated for Adoption The Company has reviewed all recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 – Subsequent Events Fabco Fabco was 49% owned by the Company through November 30, 2020. Effective December 1, 2020, the Company acquired an additional ownership interest in Fabco for nominal consideration, resulting in an increase of its ownership interest in Fabco to 75%. Effective December 1, 2020, Fabco is a consolidated majority-owned subsidiary of the Company. Prior to December 1, 2020, the Company accounted for its investment in Fabco using the equity method of accounting. Fabco operates the Company’s DKNY business in China. |
Recent Adopted and Issued Acc_2
Recent Adopted and Issued Accounting Pronouncements (Policies) | 9 Months Ended |
Oct. 31, 2020 | |
Recent Adopted and Issued Accounting Pronouncements [Abstract] | |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This pronouncement changed how entities account for credit impairment for trade and other receivables, as well as for certain financial assets and other instruments. ASU 2016-13 replaced the “incurred loss” model with an “expected loss” model. Under the “incurred loss” model, a loss (or allowance) was recognized only when an event had occurred (such as a payment delinquency) that caused the entity to believe that a loss was probable (i.e., that it had been “incurred”). Under the “expected loss” model, an entity recognizes a loss (or allowance) upon initial recognition of the asset that reflects all future events that may lead to a loss being realized, regardless of whether it is probable that the future event will occur. The “incurred loss” model considered past events and current conditions, while the “expected loss” model includes expectations for the future which have yet to occur. The Company adopted ASU 2016-16 as of February 1, 2020. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement,” which made a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement among or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. The amendments in ASU 2018-13 modified the disclosure requirements with respect to fair value measurements based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty have been applied prospectively in the initial fiscal year of adoption. All other amendments have been applied retrospectively to all periods presented in the initial year of adoption. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Customers Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is A Service Contract, which addresses the accounting for implementation costs incurred in a cloud computing arrangement (“CCA”) that is a service contract. ASU 2018-15 aligned the accounting for costs incurred to implement a CCA that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, ASU 2018-15 amended ASC 350 to include in its scope implementation costs of a CCA that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a CCA that is considered a service contract. The Company adopted the standard effective February 1, 2020. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (“ASC 848”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard is intended to provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria that reference LIBOR or another rate that is expected to be discontinued. The guidance was effective upon issuance, and may be applied prospectively through December 31, 2022. The adoption of this standard did not result in a material change to the Company’s condensed consolidated financial statements. |
Retail Restructuring (Tables)
Retail Restructuring (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Retail Restructuring [Abstract] | |
Reconciliation of accruals | Severance and Benefit Costs Store Closing Costs Total (In thousands) Balance at April 30, 2020 $ — $ — $ — Amounts charged to expense 480 792 1,272 Cash payments (26) — (26) Balance at July 31, 2020 $ 454 $ 792 $ 1,246 Amounts charged to expense 892 — 892 Cash payments (328) (277) (605) Balance at October 31, 2020 $ 1,018 $ 515 $ 1,533 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Allowance for Doubtful Accounts [Abstract] | |
Accounts Receivable and Allowance for Doubtful Accounts | The Company’s accounts receivable and allowance for doubtful accounts as of October 31, 2020 were: October 31, 2020 Wholesale Retail Total (In thousands) Accounts receivable, gross $ 734,481 $ 1,968 $ 736,449 Allowance for doubtful accounts (15,437) (37) (15,474) Accounts receivable, net $ 719,044 $ 1,931 $ 720,975 |
Activity in Allowance for Credit Losses | October 31, 2020 Wholesale Retail Total (In thousands) Balance as of January 31, 2020 $ (628) $ (82) $ (710) Provision for credit losses (14,919) 45 (14,874) Accounts written off as uncollectible 110 — 110 Balance as of October 31, 2020 $ (15,437) $ (37) $ (15,474) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Fair Value of Financial Instruments [Abstract] | |
Schedule of carrying values and estimated fair values of debt instruments | Carrying Value Fair Value October 31, October 31, January 31, October 31, October 31, January 31, Financial Instrument Level 2020 2019 2020 2020 2019 2020 (In thousands) Secured notes 2 $ 400,000 $ — $ — $ 400,000 $ — $ — Term loan 2 — 300,000 300,000 — 300,000 300,000 Revolving credit facility 2 — 279,880 — — 279,880 — Note issued to LVMH 3 106,361 100,623 102,009 99,832 100,825 95,126 Unsecured loans 2 7,232 2,948 2,860 7,232 2,948 2,860 Overdraft facilities 2 2,885 — — 2,885 — — |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Leases [Abstract] | |
Schedule of lease assets and liabilities | Leases Classification October 31, 2020 October 31, 2019 January 31, 2020 (In thousands) Assets Operating Operating lease assets $ 181,187 $ 293,819 $ 270,032 Total lease assets $ 181,187 $ 293,819 $ 270,032 Liabilities Current operating Current operating lease liabilities $ 65,554 $ 66,850 $ 63,166 Noncurrent operating Noncurrent operating lease liabilities 157,983 260,010 249,040 Total lease liabilities $ 223,537 $ 326,860 $ 312,206 |
Schedule of maturity of operating lease liabilities | Year Ending January 31, Amount (In thousands) 2021 $ 38,100 2022 55,033 2023 48,113 2024 35,856 2025 28,896 After 2025 68,838 Total lease payments $ 274,836 Less: Interest 51,299 Present value of lease liabilities $ 223,537 |
Net Income (Loss) per Common _2
Net Income (Loss) per Common Share (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Net Income (Loss) per Common Share | |
Schedule of reconciliation between basic and diluted net income per share | The following table reconciles the numerators and denominators used in the calculation of basic and diluted net income per share: Three Months Ended October 31, Nine Months Ended October 31, 2020 2019 2020 2019 (In thousands, except per share amounts) Net income $ 63,174 $ 95,387 $ 8,903 $ 118,549 Basic net income per share: Basic common shares 48,359 47,768 48,201 48,333 Basic net income per share $ 1.31 $ 2.00 $ 0.18 $ 2.45 Diluted net income per share: Basic common shares 48,359 47,768 48,201 48,333 Dilutive restricted stock unit awards and stock options 450 588 388 723 Diluted common shares 48,809 48,356 48,589 49,056 Diluted net income per share $ 1.29 $ 1.97 $ 0.18 $ 2.42 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Notes Payable | |
Schedule of long-term debt | Long-term debt consists of the following: October 31, 2020 October 31, 2019 January 31, 2020 (In thousands) Secured Notes $ 400,000 $ — $ — Term Loan — 300,000 300,000 Revolving credit facility — 279,880 — LVMH Note 125,000 125,000 125,000 Unsecured loans 7,232 2,948 2,860 Overdraft facilities 2,885 — — Subtotal 535,117 707,828 427,860 Less: Net debt issuance costs (1) (8,067) (8,055) (7,402) Debt discount (18,639) (24,377) (22,991) Current portion of long-term debt (4,083) (655) (673) Total $ 504,328 $ 674,741 $ 396,794 (1) Does not include debt issuance costs, net of amortization, totaling $7.3 million, $5.2 million and $4.6 million as of October 31, 2020, October 31, 2019 and January 31, 2020, respectively, related to the revolving credit facility. These debt issuance costs have been deferred and are classified in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets in accordance with ASU 2015-15. |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Oct. 31, 2020 | |
Segments [Abstract] | |
Schedule of information regarding reportable segments | The following segment information is presented for the three and nine-month periods indicated below: Three Months Ended October 31, 2020 Wholesale Retail Elimination (1) Total (In thousands) Net sales $ 783,030 $ 57,982 $ (14,451) $ 826,561 Cost of goods sold 504,919 38,338 (14,451) 528,806 Gross profit 278,111 19,644 — 297,755 Selling, general and administrative expenses 134,050 43,575 — 177,625 Depreciation and amortization 8,472 1,715 — 10,187 Asset impairments, net of gain on lease modifications (102) (15) — (117) Operating profit (loss) $ 135,691 $ (25,631) $ — $ 110,060 Three Months Ended October 31, 2019 Wholesale Retail Elimination (1) Total (In thousands) Net sales $ 1,067,858 $ 89,671 $ (29,126) $ 1,128,403 Cost of goods sold 713,063 45,447 (29,126) 729,384 Gross profit 354,795 44,224 — 399,019 Selling, general and administrative expenses 190,166 56,414 — 246,580 Depreciation and amortization 7,748 1,953 — 9,701 Gain on lease modifications — (124) — (124) Operating profit (loss) $ 156,881 $ (14,019) $ — $ 142,862 Nine Months Ended October 31, 2020 Wholesale Retail Elimination (1) Total (In thousands) Net sales $ 1,428,711 $ 126,397 $ (26,204) $ 1,528,904 Cost of goods sold 914,900 83,359 (26,204) 972,055 Gross profit 513,811 43,038 — 556,849 Selling, general and administrative expenses 323,377 130,970 — 454,347 Depreciation and amortization 25,155 4,590 — 29,745 Asset impairments, net of gain on lease modifications 505 16,867 — 17,372 Operating profit (loss) $ 164,774 $ (109,389) $ — $ 55,385 Nine Months Ended October 31, 2019 Wholesale Retail Elimination (1) Total (In thousands) Net sales $ 2,227,404 $ 255,282 $ (76,839) $ 2,405,847 Cost of goods sold 1,480,678 135,156 (76,839) 1,538,995 Gross profit 746,726 120,126 — 866,852 Selling, general and administrative expenses 478,964 165,923 — 644,887 Depreciation and amortization 23,033 5,930 — 28,963 Gain on lease modifications — (2,346) — (2,346) Operating profit (loss) $ 244,729 $ (49,381) $ — $ 195,348 (1) Represents intersegment sales to the Company’s retail operations segment. |
Schedule of total assets for each reportable segments | The total assets for each of the Company’s reportable segments, as well as assets not allocated to a segment, are as follows: October 31, 2020 October 31, 2019 January 31, 2020 (In thousands) Wholesale $ 2,028,798 $ 2,342,209 $ 1,912,175 Retail 105,702 348,898 272,832 Corporate 334,916 237,500 380,130 Total assets $ 2,469,416 $ 2,928,607 $ 2,565,137 |
Basis of Presentation - Textual
Basis of Presentation - Textuals (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||
Deferred lease payments | $ 274,836 | |||
Proceeds from borrowings - revolving facility | 878,083 | $ 1,816,328 | ||
Repayment of borrowings - revolving facility | 878,083 | 1,536,448 | ||
Cash and cash equivalents | 149,745 | $ 55,801 | $ 197,372 | $ 70,138 |
Minimum | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Availability under revolving credit facility | 600,000 | |||
Accounts Payable [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Deferred lease payments | $ 11,000 |
Retail Restructuring (Narrative
Retail Restructuring (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | |
Restructuring expected costs | $ 100,000 | ||
Restructuring and related cost expected cost cash portion | 65,000 | ||
Operating lease liabilities | 223,537 | $ 312,206 | $ 326,860 |
Retail operations | |||
Restructuring Costs | 2,200 | ||
Wilsons Leather, G.H Bass, and Calvin Klein Performance Stores [Member] | |||
Operating lease liabilities | $ 28,000 |
Retail Restructuring (Details)
Retail Restructuring (Details) - Retail operations - USD ($) $ in Thousands | 3 Months Ended | |
Oct. 31, 2020 | Jul. 31, 2020 | |
Charges recorded | $ 2,200 | |
Balance at beginning of period | 1,246 | |
Amounts charged to expense | 892 | $ 1,272 |
Cash payments | (605) | (26) |
Balance at end of period | 1,533 | 1,246 |
Severance and Benefit Costs | ||
Balance at beginning of period | 454 | |
Amounts charged to expense | 892 | 480 |
Cash payments | (328) | (26) |
Balance at end of period | 1,018 | 454 |
Store Closing Costs | ||
Balance at beginning of period | 792 | |
Amounts charged to expense | 792 | |
Cash payments | (277) | |
Balance at end of period | $ 515 | $ 792 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2020 | Oct. 31, 2020 | |
Allowance for Doubtful Accounts [Abstract] | ||
Increase in allowance for doubtful accounts | $ 4,300 | $ 14,874 |
Allowance for Doubtful Accoun_4
Allowance for Doubtful Accounts (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Accounts receivable, gross | $ 736,449 | |
Allowance for doubtful accounts | (15,474) | $ (710) |
Accounts receivable, net | 720,975 | |
Wholesale | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, gross | 734,481 | |
Allowance for doubtful accounts | (15,437) | (628) |
Accounts receivable, net | 719,044 | |
Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, gross | 1,968 | |
Allowance for doubtful accounts | (37) | $ (82) |
Accounts receivable, net | $ 1,931 |
Allowance for Doubtful Accoun_5
Allowance for Doubtful Accounts (Activity in Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Oct. 31, 2020 | Oct. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Beginning balance | $ (710) | |
Provision for credit losses | $ (4,300) | (14,874) |
Accounts written off as uncollectible | 110 | |
Ending balance | (15,474) | (15,474) |
Wholesale | ||
Segment Reporting Information [Line Items] | ||
Beginning balance | (628) | |
Provision for credit losses | (14,919) | |
Accounts written off as uncollectible | 110 | |
Ending balance | (15,437) | (15,437) |
Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Beginning balance | (82) | |
Provision for credit losses | 45 | |
Ending balance | $ (37) | $ (37) |
Inventories - Textuals (Details
Inventories - Textuals (Details) - USD ($) $ in Millions | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Inventory [Line Items] | |||
Inventory held on consignment | $ 4.8 | $ 9.1 | $ 11 |
Prepaid Expenses and Other Current Assets | |||
Inventory [Line Items] | |||
Inventory return asset | $ 20.6 | $ 31 | $ 41.9 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Secured notes | |||
Debt Instrument [Line Items] | |||
Debt instruments, carrying value | $ 300,000 | ||
Level 2 | Secured notes | |||
Debt Instrument [Line Items] | |||
Debt instruments, carrying value | 400,000 | ||
Debt instruments, fair value | 400,000 | ||
Level 2 | Term Loan | |||
Debt Instrument [Line Items] | |||
Debt instruments, carrying value | $ 300,000 | $ 300,000 | |
Debt instruments, fair value | 300,000 | 300,000 | |
Level 2 | Revolving credit facility | |||
Debt Instrument [Line Items] | |||
Debt instruments, carrying value | 279,880 | ||
Debt instruments, fair value | 279,880 | ||
Level 2 | Unsecured Loan | |||
Debt Instrument [Line Items] | |||
Debt instruments, carrying value | 7,232 | 2,860 | 2,948 |
Debt instruments, fair value | 7,232 | 2,860 | 2,948 |
Level 2 | Overdraft facilities | |||
Debt Instrument [Line Items] | |||
Debt instruments, carrying value | 2,885 | ||
Debt instruments, fair value | 2,885 | ||
Level 3 | LVMH Note | |||
Debt Instrument [Line Items] | |||
Debt instruments, carrying value | 106,361 | 102,009 | 100,623 |
Debt instruments, fair value | $ 99,832 | $ 95,126 | $ 100,825 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Textuals (Details) - USD ($) $ in Millions | 3 Months Ended | |
Oct. 31, 2020 | Apr. 30, 2019 | |
Debt Instrument [Line Items] | ||
Impairment of the operating lease assets, net of tax | $ 19.4 | |
Level 3 | ||
Debt Instrument [Line Items] | ||
Impairment of the operating lease assets, net of tax | $ 20 | |
ASC 842 | ||
Debt Instrument [Line Items] | ||
Impairment of the operating lease assets, net of tax | $ 9.6 | |
LVMH Note | ||
Debt Instrument [Line Items] | ||
Debt instrument interest rate | 2.00% | |
Debt Instrument, Face Amount | $ 125 | |
Debt discount | $ 40 |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Lessee, Operating Lease, Description [Abstract] | ||||
Option to extend | true | |||
Lessee, operating lease, option to terminate | The exercise of lease renewal options is generally at the Company’s sole discretion. The exercise of lease termination options is generally by mutual agreement between the Company and the lessor. | |||
Variable lease costs and short-term lease costs including rent forgiveness | $ 6.2 | $ 5.3 | ||
Variable and short term cost | $ 4.4 | $ 11.9 | ||
Impairment charge related to the operating lease assets | $ 19.4 | |||
Minimum | ||||
Lessee, Operating Lease, Description [Abstract] | ||||
Operating lease, contract term | 1 year | 1 year | ||
Renewal term | 1 year | 1 year | ||
Maximum | ||||
Lessee, Operating Lease, Description [Abstract] | ||||
Operating lease, contract term | 10 years | 10 years | ||
Renewal term | 10 years | 10 years |
Leases - Lease assets and liabi
Leases - Lease assets and liabilities (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Assets and Liabilities, Lessee [Abstract] | |||
Operating lease assets | $ 181,187 | $ 270,032 | $ 293,819 |
Classification of operating lease assets | us-gaap:OperatingLeaseRightOfUseAsset | ||
Total lease assets | $ 181,187 | 270,032 | 293,819 |
Current operating lease liabilities | $ 65,554 | 63,166 | 66,850 |
Classification current operating lease liabilities | us-gaap:OperatingLeaseLiabilityCurrent | ||
Noncurrent operating lease liabilities | $ 157,983 | 249,040 | 260,010 |
Classification of noncurrent operating liabilities | us-gaap:OperatingLeaseLiabilityNoncurrent | ||
Total lease liabilities | $ 223,537 | $ 312,206 | $ 326,860 |
Leases - Lease cost (Details)
Leases - Lease cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Selling, general and administrative expenses | ||||
Lease, Cost [Abstract] | ||||
Lease costs | $ 18.7 | $ 24.4 | $ 77.1 | $ 74.3 |
Leases - Future minimum payment
Leases - Future minimum payments under our operating lease (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2021 | $ 38,100 | ||
2022 | 55,033 | ||
2023 | 48,113 | ||
2024 | 35,856 | ||
2025 | 28,896 | ||
After 2025 | 68,838 | ||
Total lease payments | 274,836 | ||
Less: Interest | 51,299 | ||
Present value of lease liabilities | $ 223,537 | $ 312,206 | $ 326,860 |
Leases - Other information (Det
Leases - Other information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Leases [Abstract] | ||
Weighted average remaining lease term | 4 years 10 months 24 days | |
Weighted average discount rate | 8.20% | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 79.7 | $ 75.9 |
Right-of-use assets obtained in exchange for lease obligations | $ 41.3 | $ 21.3 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets - Textuals (Details) - USD ($) | 3 Months Ended | |||
Apr. 30, 2020 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | |
Goodwill and Intangible Assets [Abstract] | ||||
Goodwill | $ 261,684,000 | $ 260,622,000 | $ 259,926,000 | |
Trademarks | 441,062,000 | $ 438,658,000 | $ 437,247,000 | |
Impairments of indefinite-lived trademarks | $ 0 | |||
Indefinite-lived intangible assets deemed to have a risk of future impairment | $ 370,000,000 |
Net Income per Common Share - R
Net Income per Common Share - Reconciliation between basic and diluted net income per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Net Income (Loss) per Common Share | ||||
Net income (loss) | $ 63,174 | $ 95,387 | $ 8,903 | $ 118,549 |
Basic net income (loss) per share: | ||||
Basic common shares | 48,359 | 47,768 | 48,201 | 48,333 |
Basic net income (loss) per share (in dollars per share) | $ 1.31 | $ 2 | $ 0.18 | $ 2.45 |
Diluted net income (loss) per share: | ||||
Basic common shares | 48,359 | 47,768 | 48,201 | 48,333 |
Diluted restricted stock awards and stock options | 450 | 588 | 388 | 723 |
Diluted common shares | 48,809 | 48,356 | 48,589 | 49,056 |
Diluted net income (loss) per share (in dollars per share) | $ 1.29 | $ 1.97 | $ 0.18 | $ 2.42 |
Net Income per Common Share - T
Net Income per Common Share - Textuals (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Net Income (Loss) per Common Share | ||||
Common stock excluded from the diluted net income per share calculation | 262,100 | 846,200 | 215,600 | 680,700 |
Notes Payable - Long-term debt
Notes Payable - Long-term debt (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Aug. 06, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Debt Instrument [Line Items] | ||||
Total | $ 504,328 | $ 396,794 | $ 674,741 | |
Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Subtotal | 535,117 | 427,860 | 707,828 | |
Less: Net debt issuance costs (1) | (8,067) | (7,402) | (8,055) | |
Debt discount | (18,639) | (22,991) | (24,377) | |
Current portion of long-term debt | (4,083) | (673) | (655) | |
Secured notes | ||||
Debt Instrument [Line Items] | ||||
Subtotal | 300,000 | |||
Debt issuance costs | 8,500 | |||
Secured notes | Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Subtotal | 400,000 | |||
Term Loan | ||||
Debt Instrument [Line Items] | ||||
Total | $ 300,000 | |||
Term Loan | Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Subtotal | 300,000 | 300,000 | ||
Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | 7,300 | 4,600 | 5,200 | |
Revolving credit facility | Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Subtotal | 279,880 | |||
LVMH Note | ||||
Debt Instrument [Line Items] | ||||
Debt discount | (40,000) | |||
LVMH Note | Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Subtotal | 125,000 | 125,000 | 125,000 | |
Unsecured Loan | Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Subtotal | 7,232 | $ 2,860 | $ 2,948 | |
Overdraft facilities | Long-term Debt | ||||
Debt Instrument [Line Items] | ||||
Subtotal | $ 2,885 |
Notes Payable - Textuals (Detai
Notes Payable - Textuals (Detail) $ in Thousands, € in Millions, SFr in Millions | Dec. 01, 2016USD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2020EUR (€) | Oct. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Oct. 31, 2020EUR (€) | Oct. 31, 2020CHF (SFr) | Aug. 07, 2020USD ($) | Jan. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||||||
Repayment of borrowings - revolving facility | $ 878,083 | $ 1,536,448 | |||||||
Overdraft facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of debt | € 5 | SFr 4.7 | |||||||
Fixed rate | 1.75% | 1.75% | 1.75% | 1.75% | |||||
Debt facility amount | € | € 2.5 | ||||||||
Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused debt amount | $ 600,000 | $ 600,000 | |||||||
Minimum | Overdraft facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate | 0.00% | 0.00% | 0.00% | 0.00% | |||||
Maximum | Overdraft facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable interest rate | 0.50% | 0.50% | 0.50% | 0.50% | |||||
Secured notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of debt | $ 350,000 | $ 350,000 | $ 400,000 | ||||||
Prepayment of principal amount | $ 50,000 | ||||||||
Debt instruments, carrying value | $ 300,000 | $ 300,000 | |||||||
Interest rate terms | The Notes bear interest at a rate of 7.875% per year payable semi-annually in arrears on February 15 and August 15 of each year, commencing on February 15, 2021. | ||||||||
Debt instrument interest rate | 7.875% | 7.875% | 7.875% | 7.875% | 7.875% | ||||
Frequency of periodic payment | semi-annually | ||||||||
Date of first payment | Feb. 15, 2021 | ||||||||
Debt issuance costs | $ 8,500 | $ 8,500 | |||||||
Secured notes | Prior to August 15, 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption percentage | 100.00% | ||||||||
Maximum percentage of aggregate principal amount of Notes which may be redeemed with equity offerings | 40.00% | 40.00% | 40.00% | 40.00% | |||||
Secured notes | Any twelve month period prior to August 15, 2022 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption percentage | 103.00% | ||||||||
Maximum percentage of aggregate principal amount of notes which may be redeemed in a 12 month period | 10.00% | ||||||||
Secured notes | If Company experiences a Change of Control [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Redemption percentage | 101.00% | ||||||||
Revolving credit facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt issuance costs | $ 7,300 | $ 7,300 | $ 5,200 | $ 4,600 | |||||
LVMH Note | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of debt | $ 125,000 | $ 125,000 | |||||||
Debt instrument interest rate | 2.00% | 2.00% | 2.00% | 2.00% | |||||
Debt discount | $ 40,000 | $ 40,000 | |||||||
LVMH Note | Notes Payable Due On June 1 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of debt | 75,000 | $ 75,000 | |||||||
Maturity date | Jun. 1, 2023 | ||||||||
LVMH Note | Notes Payable due on December 1, 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount of debt | $ 50,000 | $ 50,000 | |||||||
Maturity date | Dec. 1, 2023 | ||||||||
Unsecured Loan | T.R.B. International SA | |||||||||
Debt Instrument [Line Items] | |||||||||
Unused debt amount | € | € 6.2 | ||||||||
Installment payments | € | € 0.2 | ||||||||
Unsecured Loan | T.R.B. International SA | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate | 0.00% | 0.00% | 0.00% | 0.00% | |||||
Unsecured Loan | T.R.B. International SA | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument interest rate | 2.00% | 2.00% | 2.00% | 2.00% |
Notes Payable - Term loan and S
Notes Payable - Term loan and Senior secured credit facility (Details) - USD ($) $ in Thousands | Aug. 07, 2020 | Aug. 06, 2020 | Oct. 31, 2019 | Aug. 06, 2020 | Oct. 31, 2020 | Jan. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Outstanding amount | $ 674,741 | $ 504,328 | $ 396,794 | |||
Unamortized debt issuance costs | $ 3,300 | $ 3,300 | ||||
Interest expense | 400 | |||||
Second amended and restated credit agreement | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument commitment fee percentage | 0.50% | |||||
Second amended and restated credit agreement | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument commitment fee percentage | 0.35% | |||||
Senior secured credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs | $ 7,700 | |||||
Senior secured credit facility | One-month LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Spread interest rate | 1.00% | |||||
Senior secured credit facility | Federal funds rate | ||||||
Debt Instrument [Line Items] | ||||||
Spread interest rate | 0.50% | |||||
Senior secured credit facility | Second amended and restated credit agreement | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding amount | $ 0 | |||||
Debt issuance costs | $ 4,800 | |||||
Term of credit agreement | 5 years | |||||
Senior secured credit facility | $ 650,000 | |||||
Weighted average interest rate | 2.05% | |||||
Fixed charge coverage ratio | 1.00% | |||||
Credit covenant compliance | As of October 31, 2020, the Company was in compliance with these covenants. | |||||
Senior secured credit facility | Second amended and restated credit agreement | Base rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Spread interest rate | 1.25% | |||||
Senior secured credit facility | Second amended and restated credit agreement | Base rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Spread interest rate | 0.75% | |||||
Senior secured credit facility | Second amended and restated credit agreement | LIBOR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Spread interest rate | 2.25% | |||||
Senior secured credit facility | Second amended and restated credit agreement | LIBOR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Spread interest rate | 1.75% | |||||
Trade Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding amount | $ 5,800 | |||||
Standby Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding amount | $ 3,900 | |||||
Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from borrowings | $ 350,000 | |||||
Repayments of debt | $ 300,000 | 50,000 | ||||
Outstanding amount | $ 300,000 | $ 300,000 | ||||
Unamortized debt issuance costs | 6,100 | |||||
Term Loan | Senior secured credit facility | Second amended and restated credit agreement | ||||||
Debt Instrument [Line Items] | ||||||
Senior secured credit facility | $ 650,000 |
Revenue Recognition - Textuals
Revenue Recognition - Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | |
Revenue Recognition [Abstract] | ||||
Contract liability | $ 4,100 | $ 4,100 | $ 5,900 | $ 5,400 |
Revenue recognized related to contract liabilities | 2,100 | 4,300 | ||
Contract assets | $ 0 | $ 0 | $ 0 | $ 0 |
Segments - Information regardin
Segments - Information regarding reportable segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 826,561 | $ 1,128,403 | $ 1,528,904 | $ 2,405,847 |
Cost of goods sold | 528,806 | 729,384 | 972,055 | 1,538,995 |
Gross profit | 297,755 | 399,019 | 556,849 | 866,852 |
Selling, general and administrative expenses | 177,625 | 246,580 | 454,347 | 644,887 |
Depreciation and amortization | 10,187 | 9,701 | 29,745 | 28,963 |
Asset impairments, net of gain on lease modifications | (117) | (124) | 17,372 | (2,346) |
Operating profit (loss) | 110,060 | 142,862 | 55,385 | 195,348 |
Operating Segments | Wholesale | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 783,030 | 1,067,858 | 1,428,711 | 2,227,404 |
Cost of goods sold | 504,919 | 713,063 | 914,900 | 1,480,678 |
Gross profit | 278,111 | 354,795 | 513,811 | 746,726 |
Selling, general and administrative expenses | 134,050 | 190,166 | 323,377 | 478,964 |
Depreciation and amortization | 8,472 | 7,748 | 25,155 | 23,033 |
Asset impairments, net of gain on lease modifications | (102) | 505 | ||
Operating profit (loss) | 135,691 | 156,881 | 164,774 | 244,729 |
Operating Segments | Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 57,982 | 89,671 | 126,397 | 255,282 |
Cost of goods sold | 38,338 | 45,447 | 83,359 | 135,156 |
Gross profit | 19,644 | 44,224 | 43,038 | 120,126 |
Selling, general and administrative expenses | 43,575 | 56,414 | 130,970 | 165,923 |
Depreciation and amortization | 1,715 | 1,953 | 4,590 | 5,930 |
Asset impairments, net of gain on lease modifications | (15) | (124) | 16,867 | (2,346) |
Operating profit (loss) | (25,631) | (14,019) | (109,389) | (49,381) |
Elimination | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (14,451) | (29,126) | (26,204) | (76,839) |
Cost of goods sold | $ (14,451) | $ (29,126) | $ (26,204) | $ (76,839) |
Segments - Information of total
Segments - Information of total assets for company's reportable segments (Details) - USD ($) $ in Thousands | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Segment Reporting Information [Line Items] | |||
Total assets | $ 2,469,416 | $ 2,565,137 | $ 2,928,607 |
Corporate Segment | |||
Segment Reporting Information [Line Items] | |||
Total assets | 334,916 | 380,130 | 237,500 |
Operating Segments | Wholesale | |||
Segment Reporting Information [Line Items] | |||
Total assets | 2,028,798 | 1,912,175 | 2,342,209 |
Operating Segments | Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Total assets | $ 105,702 | $ 272,832 | $ 348,898 |
Segments - Textuals (Details)
Segments - Textuals (Details) | 9 Months Ended |
Oct. 31, 2020segment | |
Segments [Abstract] | |
Number of reportable segments | 2 |
Stockholders' Equity - Textuals
Stockholders' Equity - Textuals (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Stockholders' Equity [Abstract] | ||||
Common stock, shares issued | 0 | 0 | 0 | 8,851 |
Treasury stock, shares utilized of equity awards | 80,353 | 349,342 | 435,703 |
Income Taxes - Textuals (Detail
Income Taxes - Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense (Benefit) | $ 28,430 | $ 35,634 | $ 8,357 | $ 42,454 |
Canadian Customs Duty Examina_2
Canadian Customs Duty Examination - Textuals (Details) - CBSA $ in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2020USD ($) | |
Canadian Customs Duty Examination [Line Items] | |||||
Value of bond issued for prepayments of additional duties | $ 26.9 | $ 20.9 | |||
Taxes paid and deferred for higher dutiable values | $ 0 | $ 0 | |||
Deferred higher dutiable value | $ 12.9 | $ 9.7 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Fabco | Dec. 01, 2020 | Nov. 30, 2020 |
Subsequent Event [Line Items] | ||
Ownership percent | 49.00% | |
Subsidiary ownership percentage | 75.00% |