Business Combinations (Tables)

6 Months Ended

Jul. 29, 2023

Business Combinations

Summary of our preliminary allocation of the purchase price

The provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, are as follows (in thousands):

	Provisional Amounts at January 28, 2023		Measurement Period Adjustments		Provisional Amounts at July 29, 2023
Cash and cash equivalents	$	7,296	$	—	$	7,296
Receivables		8,777		—		8,777
Inventories		23,434		—		23,434
Prepaid expenses and other assets		6,353		—		6,353
Property and equipment		21,108		—		21,108
Intangible assets		134,640		—		134,640
Goodwill		96,637		1,403		98,040
Operating lease assets		54,859		—		54,859
Accounts payable, accrued expenses and other liabilities		(34,777)		920		(33,857)
Non-current portion of operating lease liabilities		(47,009)		—		(47,009)
Purchase price	$	271,318	$	2,323	$	273,641

Summary of Intangible assets allocated in connection with our preliminary purchase price allocation

Intangible assets allocated in connection with our preliminary purchase price allocation consisted of the following (in thousands):

		Johnny Was
	Useful life	acquisition
Finite lived intangible assets acquired, primarily consisting of customer relationships	8 - 13 years	$	56,740
Trade names and trademarks	Indefinite		77,900
		$	134,640

Schedule of pro forma statements of operations

The following unaudited pro forma information presented below (in thousands, except per share data) shows the results of our operations for the Second Quarter of Fiscal 2022 and First Half of 2022 as if the acquisition of Johnny Was had occurred at the beginning of Fiscal 2021.

	Second Quarter Fiscal 2022				First Half Fiscal 2022
	Actual		Pro Forma		Actual		Pro Forma
Net sales	$	363,430	$	413,657	$	716,011	$	819,831
Earnings before income taxes	$	75,097	$	80,513	$	150,833	$	162,256
Net earnings	$	56,612	$	60,674	$	114,020	$	122,588
Earnings per share:
Basic	$	3.56	$	3.81	$	7.07	$	7.61
Diluted	$	3.49	$	3.74	$	6.94	$	7.46