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Segments

3 Months Ended

Apr. 30, 2020

Note 10 – Segments

The Company’s reportable segments are business units that offer products through different channels of distribution. The Company has two reportable segments: wholesale operations and retail operations. The wholesale operations segment includes sales of products under the Company’s owned, licensed and private label brands, as well as sales related to the Vilebrequin business. Wholesale revenues also include revenues from license agreements related to our owned trademarks including DKNY, Donna Karan, Vilebrequin, G.H. Bass and Andrew Marc. The retail operations segment consists primarily of direct sales to consumers through Company-operated stores, consisting primarily of Wilsons Leather, G.H. Bass and DKNY stores, substantially all of which are operated as outlet stores. Sales through Company-owned websites, with the exception of Vilebrequin, are also included in the retail operations segment.

The following segment information is presented for the three-month periods indicated below:


	Three Months Ended April 30, 2020
	Wholesale		Retail		Elimination ⁽¹⁾		Total
	(In thousands)
Net sales	$	378,871	$	33,908	$	(7,648)	$	405,131
Cost of goods sold		266,639		21,739		(7,648)		280,730
Gross profit		112,232		12,169		—		124,401
Selling, general and administrative expenses		112,600		42,020		—		154,620
Depreciation and amortization		8,292		1,575		—		9,867
(Gain) loss on lease terminations		(5)		3,192		—		3,187
Operating profit (loss)	$	(8,655)	$	(34,618)	$	—	$	(43,273)


	Three Months Ended April 30, 2019
	Wholesale		Retail		Elimination ⁽¹⁾		Total
	(In thousands)
Net sales	$	570,639	$	81,904	$	(18,991)	$	633,552
Cost of goods sold		371,580		44,899		(18,991)		397,488
Gross profit		199,059		37,005		—		236,064
Selling, general and administrative expenses		147,258		54,601		—		201,859
Depreciation and amortization		7,522		1,951		—		9,473
Gain on lease terminations		—		(829)		—		(829)
Operating profit (loss)	$	44,279	$	(18,718)	$	—	$	25,561

(1)Represents intersegment sales to the Company’s retail operations segment.

The total assets for each of the Company’s reportable segments, as well as assets not allocated to a segment, are as follows:


	April 30, 2020		April 30, 2019		January 31, 2020
	(In thousands)
Wholesale	$	1,754,052	$	1,813,238	$	1,912,175
Retail		232,626		376,619		272,832
Corporate		812,283		256,687		380,130
Total assets	$	2,798,961	$	2,446,544	$	2,565,137