BASIS OF PRESENTATION |
3 Months Ended |
|---|---|
Jun. 28, 2025 | |
| Accounting Policies [Abstract] | 听 |
| BASIS OF PRESENTATION | BASIS OF PRESENTATION Fiscal Year
大象传媒 Corporation (together with its subsidiaries, collectively known as 鈥湸笙蟠解 or the 鈥淐ompany鈥) uses a 52/53 week fiscal year ending on the Saturday closest to March听31 of each year. The Company's current fiscal year runs from March 30, 2025 through March听28, 2026 (鈥淔iscal 2026鈥). Accordingly, this Form 10-Q presents our first quarter of Fiscal 2026. For presentation purposes herein, all references to periods ended June 2025 and June 2024 relate to the fiscal periods ended on June听28, 2025 and June听29, 2024, respectively. References to March 2025 relate to information as of March听29, 2025.
Basis of Presentation
In the first quarter of Fiscal 2026, 大象传媒 realigned its reportable segments to reflect a change in how the Timberland庐 brand is managed and the chief operating decision maker's ("CODM") key areas of focus. 大象传媒 began managing its Timberland庐 and Timberland PRO庐 brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face庐 brand in the Outdoor reportable segment and the Vans庐, Kipling庐, Eastpak庐 and Jansport庐 brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an "All Other" category. This group includes the Dickies庐, Altra庐, Smartwool庐, Napapijri庐 and Icebreaker庐 brands.
Reportable segment results for all prior periods presented within these notes to the interim consolidated financial statements have been recast to reflect the change in reportable segments. These changes had no impact on previously reported consolidated results of operations. Refer to Note 14 for additional information on 大象传媒's reportable segments.
On July 16, 2024, 大象传媒 entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with EssilorLuxottica S.A. to sell the Supreme庐 brand business ("Supreme"). On October 1, 2024, 大象传媒 completed the sale of Supreme. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, 大象传媒 has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale. These changes have been applied to all periods presented.
Unless otherwise noted, discussion within these notes to the interim consolidated financial statements relates to continuing operations. Refer to Note 4 for additional information on discontinued operations.
Certain prior year amounts have been reclassified to conform to
the Fiscal 2026 presentation.
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X and do not include all of the information and notes required by generally accepted accounting principles in the United States of America (鈥淕AAP鈥) for complete financial statements. Similarly, the March 2025 consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to fairly state the consolidated financial position, results of operations and cash flows of 大象传媒 for the interim periods presented. Operating results for the three months ended June 2025 are not necessarily indicative of results that may be expected for any other interim period or for Fiscal 2026. For further information, refer to the consolidated financial statements and notes included in 大象传媒鈥檚 Annual Report on Form 10-K for the year ended March听29, 2025 (鈥淔iscal 2025 Form 10-K鈥).
Use of Estimates
In preparing the interim consolidated financial statements, management makes estimates and assumptions that affect amounts reported in the interim consolidated financial statements and accompanying notes. Actual results may differ from those estimates due to risks and uncertainties, including the impact of the recently imposed reciprocal tariffs on foreign imports by the U.S. government. The high level of uncertainty regarding these tariffs may result in estimates and assumptions that have the potential for more variability and are more subjective, including those applied in the Company's forecasted results of operations and cash flows, which are used in the determination of fair value for goodwill and indefinite-lived intangible asset impairment testing. While estimates and assumptions made by management are based upon currently available information, actual results could materially differ given the uncertainty of these factors and may require future changes to such estimates and assumptions.
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