Goodwill and Other Intangible Assets

6 Months Ended

Jul. 30, 2011

Goodwill and Other Intangible Assets [Abstract]

10. Goodwill and Other Intangible Assets

Goodwill

Goodwill allocated to the Company’s reportable segments and changes in the net carrying amount of goodwill for the six months ended July 30, 2011 are as follows (in thousands):


	Retail		Corporate Apparel		Total
Balance at January 29, 2011	$	59,889	$	28,105	$	87,994
Translation adjustment		1,324		933		2,257

Balance at July 30, 2011	$	61,213	$	29,038	$	90,251

Goodwill is evaluated for impairment annually as of our fiscal year end. A more frequent evaluation is performed if events or circumstances indicate that impairment could have occurred. Such events or circumstances could include, but are not limited to, new significant negative industry or economic trends, unanticipated changes in the competitive environment, decisions to significantly modify or dispose of operations and a significant sustained decline in the market price of our stock. No additional impairment evaluation was considered necessary during the first six months of 2011.

Intangible Assets

The gross carrying amount and accumulated amortization of our identifiable intangible assets are as follows (in thousands):


	July 30,			July 31,			January 29,
	2011			2010			2011
Amortizable intangible assets:
Carrying amount:
Trademarks, tradenames, and other intangibles	$	12,779		$	13,932		$	16,094
Customer relationships		33,546			—			32,417

Total carrying amount		46,325			13,932			48,511

Accumulated amortization:
Trademarks, tradenames, and other intangibles		(8,031	)		(11,428	)		(11,121	)
Customer relationships		(2,768	)		—			(1,311	)

Total accumulated amortization		(10,799	)		(11,428	)		(12,432	)



Total amortizable intangible assets, net		35,526			2,504			36,079

Infinite-lived intangible assets:
Trademarks		1,313			—			1,269

Total intangible assets, net	$	36,839		$	2,504		$	37,348

The increases in amortizable and infinite-lived assets at July 30, 2011 as compared to July 31, 2010 relate to intangible assets acquired in our acquisitions of Dimensions and Alexandra on August 6, 2010 as discussed in Note 2.

The pretax amortization expense associated with intangible assets subject to amortization totaled approximately $1.7 million and $0.6 million for the six months ended July 30, 2011 and July 31, 2010, respectively, and approximately $2.4 million for the year ended January 29, 2011. Pretax amortization associated with intangible assets subject to amortization at July 30, 2011 is estimated to be $1.7 million for the remainder of fiscal year 2011, $3.3 million for fiscal year 2012 and $3.2 million for each of the fiscal years 2013, 2014 and 2015.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details