|
9. Goodwill and Other Intangible Assets
Goodwill
Goodwill allocated to the Company’s reportable segments and changes in the net carrying amount of goodwill for the quarter ended April 28, 2012 are as follows (in thousands):
|
|
|
Retail |
|
Corporate
Apparel |
|
Total |
|
|
Balance at January 28, 2012 |
|
$ |
59,900 |
|
$ |
27,882 |
|
$ |
87,782 |
|
|
Translation adjustment |
|
557 |
|
891 |
|
1,448 |
|
|
Balance at April 28, 2012 |
|
$ |
60,457 |
|
$ |
28,773 |
|
$ |
89,230 |
|
Goodwill is evaluated for impairment annually as of our fiscal year end. A more frequent evaluation is performed if events or circumstances indicate that impairment could have occurred. Such events or circumstances could include, but are not limited to, new significant negative industry or economic trends, unanticipated changes in the competitive environment, decisions to significantly modify or dispose of operations and a significant sustained decline in the market price of our stock. No additional impairment evaluation was considered necessary during the first quarter of fiscal 2012.
Intangible Assets
The gross carrying amount and accumulated amortization of our identifiable intangible assets are as follows (in thousands):
|
|
|
April 28,
2012 |
|
April 30,
2011 |
|
January 28,
2012 |
|
|
|
|
|
|
|
|
|
|
|
Amortizable intangible assets: |
|
|
|
|
|
|
|
|
Carrying amount: |
|
|
|
|
|
|
|
|
Trademarks, tradenames, and other intangibles |
|
$ |
12,533 |
|
$ |
12,835 |
|
$ |
12,648 |
|
|
Customer relationships |
|
33,225 |
|
34,141 |
|
32,149 |
|
|
Total carrying amount |
|
45,758 |
|
46,976 |
|
44,797 |
|
|
Accumulated amortization: |
|
|
|
|
|
|
|
|
Trademarks, tradenames, and other intangibles |
|
(8,259 |
) |
(7,870 |
) |
(8,339 |
) |
|
Customer relationships |
|
(4,838 |
) |
(2,099 |
) |
(4,005 |
) |
|
Total accumulated amortization |
|
(13,097 |
) |
(9,969 |
) |
(12,344 |
) |
|
Total amortizable intangible assets, net |
|
32,661 |
|
37,007 |
|
32,453 |
|
|
Infinite-lived intangible assets: |
|
|
|
|
|
|
|
|
Trademarks |
|
1,300 |
|
1,336 |
|
1,258 |
|
|
Total intangible assets, net |
|
$ |
33,961 |
|
$ |
38,343 |
|
$ |
33,711 |
|
The pretax amortization expense associated with intangible assets subject to amortization totaled approximately $0.8 million and $0.9 million for the quarter ended April 28, 2012 and April 30, 2011, respectively, and approximately $3.4 million for the year ended January 28, 2012. Pretax amortization associated with intangible assets subject to amortization at April 28, 2012 is estimated to be $2.4 million for the remainder of fiscal year 2012, $3.2 million for fiscal year 2013 and $3.1 million for each of the fiscal years 2014, 2015 and 2016. |