Business Segment Information (Tables)

6 Months Ended

May 30, 2021

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

Business segment information for the Company is as follows:


	Three Months Ended				Six Months Ended
	May 30, 2021		May 24, 2020(1)(2)		May 30, 2021		May 24, 2020(1)(2)

	(Dollars in thousands)
Net revenues:
Americas	$	715,085	$	282,728	$	1,356,357	$	1,028,308
Europe	365,352		129,023		794,378		641,966
Asia	195,534		85,791		430,838		333,394
Total net revenues	$	1,275,971	$	497,542	$	2,581,573	$	2,003,668
Operating income (loss):
Americas	$	152,573	$	(37,748)	$	283,269	$	86,291
Europe	57,713		(67,757)		168,834		64,679
Asia	6,997		(28,499)		36,296		4,169
Regional operating income (loss)	217,283		(134,004)		488,399		155,139
Corporate:
Restructuring	15,515		67,371		14,738		67,371
Other corporate staff costs and expenses	95,313		246,869		190,083		357,230
Corporate expenses	110,828		314,240		204,821		424,601
Total operating income (loss)	106,455		(448,244)		283,578		(269,462)
Interest expense	(19,933)		(11,246)		(43,243)		(27,900)

Loss on early extinguishment of debt	(30,108)		—		(30,338)		—
Other (expense) income, net	(715)		1,305		373		4,005
Income (loss) before income taxes	$	55,699	$	(458,185)	$	210,370	$	(293,357)

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(1)For the three months and six month periods ended May 24, 2020, net revenues were adversely impacted by the COVID-19 pandemic, as most company-operated and wholesale customer doors were temporarily closed throughout the second quarter. See Note 1 for more information.

(2)Corporate staff costs and expenses for the three-month and six-month periods ended May 24, 2020 includes incremental COVID-19 related charges that management does not attribute to any of the regional segments in order to provide increased transparency and comparability of regional performance. The Company recognized $49.9 million of incremental inventory reserves, of which $28.8 million, $13.5 million and $7.6 million were related to the Americas, Europe and Asia regional segments, respectively. Incremental allowance for doubtful accounts of $15.1 million was recognized, of which $6.3 million, $8.5 million and $0.3 million, were related to the Americas, Europe and Asia regional segments, respectively. Additionally, we recognized $54.1 million in impairment of long-lived assets related to certain retail locations, of which $48.6 million, $3.7 million and $1.8 million, were related to the Americas, Europe and Asia regional segments, respectively. Refer to Note 1 for additional information.