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Note 7 - Business Segment Information

9 Months Ended

Nov. 02, 2019

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

Note 7

Business Segment Information

During the first quarter of 2019, the Company changed its segment presentation to disclose net sales of the Brand Portfolio segment inclusive of both external and intersegment sales, with the elimination of intersegment sales and profit from Brand Portfolio to Famous Footwear reflected within the Eliminations and Other category. This presentation reflects the independent business models of both Brand Portfolio and Famous Footwear, as well as growth in intersegment activity driven by recent acquisitions. Following is a summary of certain key financial measures for the Company’s business segments for the periods ended November 2, 2019 and November 3, 2018:

($ thousands)		Famous Footwear				Brand Portfolio				Eliminations and Other				Total
Thirteen Weeks Ended November 2, 2019
Net sales		$	446,583			$	359,863			$	(14,071	)		$	792,375
Intersegment sales ⁽¹⁾			—				14,071				—				14,071
Operating earnings (loss)			27,681				19,398				(3,608	)			43,471
Segment assets			973,272				1,360,445				137,493				2,471,210

Thirteen Weeks Ended November 3, 2018
Net sales		$	448,765			$	343,032			$	(15,968	)		$	775,829
Intersegment sales ⁽¹⁾			—				15,968				—				15,968
Operating earnings (loss)			24,414				25,114				(9,780	)			39,748
Segment assets			548,609				1,272,576				187,217				2,008,402

Thirty-Nine Weeks Ended November 2, 2019
Net sales		$	1,218,589			$	1,060,488			$	(56,463	)		$	2,222,614
Intersegment sales ⁽¹⁾			—				56,463				—				56,463
Operating earnings (loss)			70,036				46,225				(18,117	)			98,144

Thirty-Nine Weeks Ended November 3, 2018
Net sales		$	1,241,648			$	931,550			$	(58,615	)		$	2,114,583
Intersegment sales ⁽¹⁾			—				58,615				—				58,615
Operating earnings (loss)			79,511				52,650				(37,323	)			94,838

⁽¹⁾ Included in net sales in the Brand Portfolio segment and eliminated in the Eliminations and Other category

The Eliminations and Other category includes corporate assets, administrative expenses and other costs and recoveries, which are not allocated to the operating segments, as well as the elimination of intersegment sales and profit.

Following is a reconciliation of operating earnings to earnings before income taxes:

		Thirteen Weeks Ended								Thirty-Nine Weeks Ended
($ thousands)		November 2, 2019				November 3, 2018				November 2, 2019				November 3, 2018
Operating earnings		$	43,471			$	39,748			$	98,144			$	94,838
Interest expense, net			(10,559	)			(4,210	)			(25,288	)			(11,495	)
Other income, net			2,633				3,085				7,902				9,254
Earnings before income taxes		$	35,545			$	38,623			$	80,758			$	92,597