Segments

6 Months Ended

Jul. 31, 2011

Segments [Abstract]

Segments

Note 5 — Segments

The Company’s reportable segments are business units that offer products through different channels of distribution and are managed separately. The Company operates in three segments: wholesale licensed products, wholesale non-licensed products and retail operations. There is substantial intersegment cooperation, cost allocations and sharing of assets. As a result, the Company does not represent that these segments, if operated independently, would report the operating results set forth in the table below. The following information, in thousands, is presented for the three and six month periods indicated below:

	Three Months Ended July 31,
	2011							2010
			Wholesale							Wholesale
	Wholesale		Non-					Wholesale		Non-
	Licensed		Licensed		Retail			Licensed		Licensed		Retail
Net sales (1)	$	158,080	$	50,738	$	28,281		$	129,656	$	40,732	$	23,833
Cost of goods sold (1)		117,775		38,215		15,538			90,288		29,951		13,228
Gross profit		40,305		12,523		12,743			39,368		10,781		10,605
Selling, general and administrative		34,467		9,394		15,965			30,775		9,235		13,834
Depreciation and amortization		405		1,007		440			172		768		337
Operating profit (loss)	$	5,433	$	2,122	$	(3,662	)	$	8,421	$	778	$	(3,566	)

	Six Months Ended July 31,
	2011							2010
			Wholesale							Wholesale
	Wholesale		Non-					Wholesale		Non-
	Licensed		Licensed		Retail			Licensed		Licensed		Retail
Net sales (2)	$	285,815	$	97,518	$	60,841		$	222,087	$	80,998	$	53,838
Cost of goods sold (2)		212,547		73,119		33,482			158,559		58,538		30,036
Gross profit		73,268		24,399		27,359			63,528		22,460		23,802
Selling, general and administrative		67,155		18,706		31,890			57,440		18,313		27,772
Depreciation and amortization		572		1,949		855			326		1,584		647
Operating profit (loss)	$	5,541	$	3,744	$	(5,386	)	$	5,762	$	2,563	$	(4,617	)

(1)	Net sales and cost of goods sold for the wholesale licensed and wholesale non-licensed segments include an aggregate of $7.1 million and $5.3 million of intersegment sales to the Company’s retail operations for the three months ended July 31, 2011 and 2010, respectively.
(2)	Net sales and cost of goods sold for the wholesale licensed and wholesale non-licensed segments include an aggregate of $17.3 million and $13.7 million of intersegment sales to the Company’s retail operations for the six months ended July 31, 2011 and 2010, respectively.

Included in finished goods inventory at July 31, 2011 are approximately $224.7 million, $51.4 million and $36.0 million of inventories for wholesale licensed, wholesale non-licensed and retail operations, respectively. Included in finished goods inventory at July 31, 2010 are approximately $157.7 million, $30.1 million and $27.6 million of inventories for wholesale licensed, wholesale non-licensed and retail operations, respectively. Substantially all of the Company’s other assets are commingled.