Segments

3 Months Ended

Apr. 30, 2013

Segments

Note 6 – Segments

The Company’s reportable segments are business units that offer products through different channels of distribution and are managed separately. The Company aggregates its operating divisions into three reportable segments; licensed products, non-licensed products and retail operations. The Vilebrequin business acquired in August 2012, including the retail operations conducted by Vilebrequin, is part of the non-licensed segment. There is substantial intersegment cooperation, cost allocations and sharing of assets. As a result, the Company does not represent that these segments, if operated independently, would report the operating results set forth in the table below. The following information, in thousands, is presented for the three month periods indicated below:

	Three Months Ended April 30, 2013
	Licensed		Non-Licensed			Retail		Elimination (1)			Total
Net sales	$	180,507	$	60,689		$	45,250	$	(13,831	)	$	272,615
Cost of goods sold		130,302		41,495			22,211		(13,785	)		180,223
Gross profit		50,205		19,194			23,039		(46	)		92,392
Selling, general and administrative		46,257		19,298			20,335		(62	)		85,828
Depreciation and amortization		485		1,940			696		—			3,121
Operating profit (loss)	$	3,463	$	(2,044	)	$	2,008	$	16		$	3,443

	Three Months Ended April 30, 2012
	Licensed		Non-Licensed		Retail			Elimination (1)			Total
Net sales	$	156,955	$	47,337	$	36,135		$	(10,978	)	$	229,449
Cost of goods sold		116,663		35,683		19,391			(10,978	)		160,759
Gross profit		40,292		11,654		16,744			—			68,690
Selling, general and administrative		39,513		10,097		17,004			—			66,614
Depreciation and amortization		502		982		569			—			2,053
Operating profit (loss)	$	277	$	575	$	(829	)	$	—		$	23

(1) Represents intersegment sales to the Company’s retail operations.

Included in finished goods inventory at April 30, 2013 are approximately $145.4 million, $45.2 million and $38.7 million of inventories for licensed products, non-licensed products and retail operations, respectively. Included in finished goods inventory at April 30, 2012 are approximately $135.2 million, $27.8 million and $35.6 million of inventories for licensed products, non-licensed products and retail operations, respectively. Substantially all other assets are commingled.