Segment and Geographic Information

12 Months Ended

Feb. 29, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

Note 17 - Segment and Geographic Information

Segment Information

We currently operate in two segments consisting of Home & Outdoor and Beauty & Wellness. The Curlsmith and Osprey brands and products were added to the Beauty & Wellness and Home & Outdoor segments, respectively, upon the completion of the acquisitions of Curlsmith and Osprey.

The following tables summarize segment information for the periods presented:

	Fiscal Year Ended February 29, 2024
(in thousands)	Home & Outdoor (1)		Beauty & Wellness (2)		Total
Sales revenue, net	$	916,381	$	1,088,669	$	2,005,050
Restructuring charges	5,144		13,568		18,712
Operating income	142,732		117,857		260,589
Capital and intangible asset expenditures	28,012		8,632		36,644
Depreciation and amortization	24,595		26,904		51,499

	Fiscal Year Ended February 28, 2023
(in thousands)	Home & Outdoor (1)		Beauty & Wellness (2)		Total
Sales revenue, net	$	915,685	$	1,156,982	$	2,072,667
Restructuring charges	8,689		18,673		27,362
Operating income	134,053		77,738		211,791
Capital and intangible asset expenditures	159,183		15,681		174,864
Depreciation and amortization	18,364		26,319		44,683

	Fiscal Year Ended February 28, 2022
(in thousands)	Home & Outdoor (1)		Beauty & Wellness		Total
Sales revenue, net	$	865,844	$	1,357,511	$	2,223,355
Restructuring charges	369		11		380
Operating income	134,925		137,625		272,550
Capital and intangible asset expenditures	67,732		10,307		78,039
Depreciation and amortization	12,112		23,717		35,829

(1)Fiscal 2024 and 2023 include a full year of operating results from Osprey, acquired on December 29, 2021, compared to approximately nine weeks of operating results in fiscal 2022. For additional information see Note 6.

(2)Fiscal 2024 includes a full year of operating results from Curlsmith, acquired on April 22, 2022, compared to approximately forty-five weeks of operating results in fiscal 2023. For additional information see Note 6.

We compute segment operating income based on net sales revenue, less cost of goods sold, SG&A, and restructuring charges. The SG&A used to compute each segment’s operating income is directly associated with the segment, plus shared services and corporate overhead expenses that are allocable to the segment. We do not allocate non-operating income and expense, including interest or income taxes, to operating segments. Our chief operating decision maker reviews balance sheet information at a consolidated level.

Geographic Information

The following table presents net sales revenue by geographic region, in U.S. Dollars. Net sales are attributed to countries based on the customer's location.

	Fiscal Years Ended Last Day of February,
(in thousands)	2024				2023				2022
U.S.	$	1,478,134	73.7	%	$	1,538,852	74.2	%	$	1,738,099	78.2	%
Canada	82,122		4.1	%	108,416		5.2	%	101,617		4.6	%
EMEA	284,434		14.2	%	268,153		13.0	%	214,583		9.6	%
Asia Pacific	116,157		5.8	%	115,626		5.6	%	109,750		4.9	%
Latin America	44,203		2.2	%	41,620		2.0	%	59,306		2.7	%
Total sales revenue, net	$	2,005,050	100.0	%	$	2,072,667	100.0	%	$	2,223,355	100.0	%

Worldwide sales to our largest customer, Amazon.com Inc., accounted for approximately 21%, 17% and 19% of our consolidated net sales revenue in fiscal 2024, 2023 and 2022, respectively. Sales to our second largest customer, Target Corporation, accounted for approximately 10% in both fiscal 2024 and 2023 and 11% in fiscal 2022 of our consolidated net sales revenue. Sales to our third largest customer, Walmart, Inc., including its worldwide affiliates, accounted for approximately 9%, 10% and 11% of our consolidated net sales revenue in fiscal 2024, 2023, and 2022, respectively. Sales to these largest customers include sales across both of our business segments. No other customers accounted for 10% or more of consolidated net sales revenue during these fiscal years. Sales to our top five customers accounted for approximately 47%, 43% and 49% of our consolidated net sales revenue in fiscal 2024, 2023 and 2022, respectively.

Our U.S. and international long-lived assets were as follows:

	Fiscal Years Ended Last Day of February,
(in thousands)	2024		2023		2022
U.S.	$	344,361	$	357,577	$	213,505
International	28,247		32,967		29,632
Total	$	372,608	$	390,544	$	243,137

The table above classifies assets based upon the country where they are physically located. Long-lived assets included in the table above include property and equipment and operating lease assets.