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Segment Reporting
 6 Months Ended
Jul. 31, 2020
Segment Reporting [Abstract]  
Segment Reporting Disclosure Segment Information Operating segments are defined as components of an enterprise that engage in business activities and for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker to make decisions about how to allocate resources and assess performance. We are a leading specialty retailer and offer a broad selection of quality, branded durable consumer goods and related services in addition to a proprietary credit solution for our core credit-constrained consumers. We have two operating segments: (i) retail and (ii) credit. Our operating segments complement one another. The retail segment operates primarily through our stores and website. Our retail segment product offerings include furniture and mattresses, home appliances, consumer electronics and home office products from leading global brands across a wide range of price points. Our credit segment offers affordable financing solutions to a large, under-served population of credit-constrained consumers who typically have limited credit alternatives. Our operating segments provide customers the opportunity to comparison shop across brands with confidence in our competitive prices as well as affordable monthly payment options, next day delivery and installation in the majority of our markets, and product repair service. The operating segments follow the same accounting policies used in our Condensed Consolidated Financial Statements.
We evaluate a segment’s performance based upon operating income before taxes. Selling, general and administrative expenses (“SG&A”) includes the direct expenses of the retail and credit operations, allocated overhead expenses, and a charge to the credit segment to reimburse the retail segment for expenses it incurs related to occupancy, personnel, advertising and other direct costs of the retail segment, which benefit the credit operations by sourcing credit customers and collecting payments. The reimbursement received by the retail segment from the credit segment is calculated using an annual rate of 2.5% times the average outstanding portfolio balance for each applicable period.
As of July 31, 2020, we operated retail stores in 14 states with no operations outside of the United States. No single customer accounts for more than 10% of our total revenues.
Financial information by segment is presented in the following tables:
 Three Months Ended July 31, 2020Three Months Ended July 31, 2019
(in thousands)RetailCreditTotalRetailCreditTotal
Revenues:
Furniture and mattress$80,984 $— $80,984 $99,455 $— $99,455 
Home appliance107,682 — 107,682 99,356 — 99,356 
Consumer electronics47,384 — 47,384 53,692 — 53,692 
Home office14,979 — 14,979 17,883 — 17,883 
Other5,113 — 5,113 4,192 — 4,192 
Product sales256,142 — 256,142 274,578 — 274,578 
Repair service agreement commissions20,164 — 20,164 27,647 — 27,647 
Service revenues3,430 — 3,430 3,837 — 3,837 
Total net sales279,736 — 279,736 306,062 — 306,062 
Finance charges and other revenues196 86,984 87,180 203 94,794 94,997 
Total revenues279,932 86,984 366,916 306,265 94,794 401,059 
Costs and expenses:
Cost of goods sold176,623 — 176,623 182,065 — 182,065 
Selling, general and administrative expense (1)
78,584 36,694 115,278 88,147 39,337 127,484 
Provision for bad debts182 31,863 32,045 (19)49,755 49,736 
Charges and credits1,355 179 1,534 — — — 
Total costs and expenses256,744 68,736 325,480 270,193 89,092 359,285 
Operating income23,188 18,248 41,436 36,072 5,702 41,774 
Interest expense— 13,222 13,222 — 14,396 14,396 
Income (loss) before income taxes$23,188 $5,026 $28,214 $36,072 $(8,694)$27,378 
Six Months Ended July 31, 2020Six Months Ended July 31, 2019
(in thousands)RetailCreditTotalRetailCreditTotal
Revenues:
Furniture and mattress$149,877 $— $149,877 $187,819 $— $187,819 
Home appliance188,967 — 188,967 176,646 — 176,646 
Consumer electronics83,160 — 83,160 103,341 — 103,341 
Home office32,345 — 32,345 33,589 — 33,589 
Other8,991 — 8,991 7,628 — 7,628 
Product sales463,340 — 463,340 509,023 — 509,023 
Repair service agreement commissions40,265 — 40,265 51,671 — 51,671 
Service revenues6,461 — 6,461 7,347 — 7,347 
Total net sales510,066 — 510,066 568,041 — 568,041 
Finance charges and other revenues431 173,579 174,010 405 186,125 186,530 
Total revenues510,497 173,579 684,076 568,446 186,125 754,571 
Costs and expenses:
Cost of goods sold323,637 — 323,637 339,293 — 339,293 
Selling, general and administrative expense (1)
156,758 71,527 228,285 167,769 77,629 245,398 
Provision for bad debts350 149,021 149,371 110 89,672 89,782 
Charges and credits1,355 2,234 3,589 (695)— (695)
Total costs and expenses482,100 222,782 704,882 506,477 167,301 673,778 
Operating income (loss)28,397 (49,203)(20,806)61,969 18,824 80,793 
Interest expense— 28,215 28,215 — 28,893 28,893 
Income (loss) before income taxes$28,397 $(77,418)$(49,021)$61,969 $(10,069)$51,900 
July 31, 2020July 31, 2019
(in thousands)RetailCreditTotalRetailCreditTotal
Total assets
$726,304 $1,115,396 $1,841,700 $699,382 $1,446,843 $2,146,225 

(1)For the three months ended July 31, 2020 and 2019, the amount of corporate overhead allocated to each segment reflected in SG&A was $8.5 million and $9.7 million, respectively. For the three months ended July 31, 2020 and 2019, the amount of reimbursement made to the retail segment by the credit segment was $8.9 million and $9.7 million, respectively. For the six months ended July 31, 2020 and 2019, the amount of corporate overhead allocated to each segment reflected in SG&A was $15.7 million and $17.6 million, respectively. For the six months ended July 31, 2020 and 2019, the amount of reimbursement made to the retail segment by the credit segment was $18.7 million and $19.4 million, respectively.