Goodwill and Intangible Assets

3 Months Ended

May 02, 2026

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Note 9    Goodwill and Intangible Assets

Goodwill and intangible assets were as follows:

($ thousands)	May 2, 2026		May 3, 2025		January 31, 2026
Intangible Assets
Famous Footwear	$	2,800	$	2,800	$	2,800
Brand Portfolio (1)		354,883		342,083		354,883
Total intangible assets		357,683		344,883		357,683
Accumulated amortization		(171,793)		(160,324)		(168,922)
Total intangible assets, net		185,890		184,559		188,761
Goodwill
Brand Portfolio (2)		15,994		4,956		15,386
Total goodwill		15,994		4,956		15,386
Goodwill and intangible assets, net	$	201,884	$	189,515	$	204,147

(1) The carrying amount of intangible assets as of May 2, 2026, May 3, 2025 and January 31, 2026 is presented net of accumulated impairment charges of $106.2 million.

(2) The carrying amount of goodwill as of May 2, 2026, May 3, 2025 and January 31, 2026 is presented net of accumulated impairment charges of $415.7 million.

As further described in Note 3 of the condensed consolidated financial statements, the Company acquired Stuart Weitzman on August 4, 2025.  The allocation of the purchase price resulted in trademark intangible assets of $12.8 million and incremental goodwill of $11.0 million.  The trademark is being amortized on a straight-line basis over its useful life of 20 years.  

The Company’s intangible assets as of May 2, 2026, May 3, 2025 and January 31, 2026 were as follows:

($ thousands)	May 2, 2026
	Estimated Useful Lives			Accumulated		Accumulated
	(In Years)	Cost Basis		Amortization		Impairment		Net Carrying Value
Trade names	2 - 40	$	312,288	$	(151,790)	$	(10,200)	$	150,298
Trade names	Indefinite		107,400		—		(92,000)		15,400
Customer relationships	15 - 16		44,200		(20,003)		(4,005)		20,192
		$	463,888	$	(171,793)	$	(106,205)	$	185,890
($ thousands)	May 3, 2025
	Estimated Useful Lives			Accumulated		Accumulated
	(In Years)	Cost Basis		Amortization		Impairment		Net Carrying Value
Trade names	2 - 40	$	299,488	$	(142,610)	$	(10,200)	$	146,678
Trade names	Indefinite		107,400		—		(92,000)		15,400
Customer relationships	15 - 16		44,200		(17,714)		(4,005)		22,481
		$	451,088	$	(160,324)	$	(106,205)	$	184,559
($ thousands)	January 31, 2026
	Estimated Useful Lives			Accumulated		Accumulated
	(In Years)	Cost Basis		Amortization		Impairment		Net Carrying Value
Trade names	2 - 40	$	312,288	$	(149,492)	$	(10,200)	$	152,596
Trade names	Indefinite		107,400		—		(92,000)		15,400
Customer relationships	15 - 16		44,200		(19,430)		(4,005)		20,765
		$	463,888	$	(168,922)	$	(106,205)	$	188,761

Amortization expense related to intangible assets was $2.9 million and $2.8 million for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.  The Company estimates that amortization expense related to intangible assets will be approximately $11.7 million in 2026, $11.5 million in 2027, and $11.3 million in 2028, 2029, 2030 and 2031.

Goodwill is tested for impairment as of the first day of the fourth quarter of each fiscal year, or more frequently if events or circumstances indicate it might be impaired, using either the qualitative assessment or a quantitative fair value-based test.  The Company recorded no goodwill impairment charges during the thirteen weeks ended May 2, 2026 or May 3, 2025.

Indefinite-lived intangible assets are tested for impairment as of the first day of the fourth quarter of each fiscal year unless events or circumstances indicate an interim test is required.  The Company recorded no impairment charges for indefinite-lived intangible assets during the thirteen weeks ended May 2, 2026 or May 3, 2025.