The Company sells its products directly to consumers and the Company earns royalties under its credit card agreement. The following table presents disaggregated revenues by source (in thousands):

	For the Thirteen Weeks Ended				For the Twenty-Six Weeks Ended
	August 3, 2019		August 4, 2018		August 3, 2019		August 4, 2018
Retail	$	103,666	$	106,210	$	206,260	$	214,241
Direct		77,078		73,503		150,936		147,013
Net revenues	$	180,744	$	179,713	$	357,196	$	361,254

The Company recognizes a contract liability when it has received consideration from the customer and has a future obligation to the customer. Total contract liabilities consisted of the following (in thousands):

	August 3, 2019		February 2, 2019
Contract liabilities:
Signing bonus	$	576	$	647
Unredeemed gift cards		5,302		7,081
Total contract liabilities⁽¹⁾	$	5,878	$	7,728

⁽¹⁾Included in accrued expenses and other current liabilities on the Company's consolidated balance sheet. The short term portion of the signing bonus is included in accrued expenses on the Company’s consolidated balance sheet.

For the thirteen and twenty-six weeks ended August 3, 2019, the Company recognized approximately $3.1 million and $6.5 million of revenue related to gift card redemptions and breakage, respectively. For the thirteen and twenty-six weeks ended August 4, 2018, the Company recognized approximately $2.8 million and $6.1 million of revenue related to gift card redemptions and breakage, respectively. Revenue recognized consists of gift cards that were part of the unredeemed gift card balance at the beginning of the period as well as gift cards that were issued during the period.

The Company has a remaining performance obligation of $0.6 million for a signing bonus related to the private label credit card agreement. The Company will recognize revenue over the remaining life of the contract as follows (in thousands):

	Fiscal Year 2019				Fiscal Year 2020				Thereafter
Signing bonus	$	71			$	141			$	365

This disclosure does not include revenue related to performance obligations from unredeemed gift cards, as substantially all gift cards are redeemed in the first year of issuance.