Quarterly report pursuant to Section 13 or 15(d)

SEGMENTS AND GEOGRAPHIC INFORMATION

v3.19.1
SEGMENTS AND GEOGRAPHIC INFORMATION
3 Months Ended
May 04, 2019
SEGMENTS AND GEOGRAPHIC INFORMATION  
SEGMENTS AND GEOGRAPHIC INFORMATION

9. SEGMENTS AND GEOGRAPHIC INFORMATION

 

We consider Michaels-U.S., Michaels-Canada, Pat Catan’s and Darice to be our operating segments for purposes of determining reportable segments based on the criteria of ASC 280, Segment Reporting (“ASC 280”). We determined that Michaels-U.S., Michaels-Canada and Pat Catan’s have similar economic characteristics and meet the aggregation criteria set forth in ASC 280. Therefore, we combine these operating segments into one reporting segment. Darice does not meet the materiality criteria in ASC 280 and, therefore, is not disclosed separately as a reportable segment. Our chief operating decision makers evaluate historical operating performance and forecast future periods’ operating performance based on operating income.

 

Our net sales by country are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

13 Weeks Ended

 

 

May 4,

 

May 5,

 

 

2019

 

2018

United States(1)

 

$

994,101

 

$

1,048,001

Canada

 

 

99,619

 

 

107,510

Total

 

$

1,093,720

 

$

1,155,511


(1)

In the first quarter of fiscal 2018 we closed substantially all of our Aaron Brothers stores and in the fourth quarter of fiscal 2018 we closed all of our Pat Catan’s stores. In the first quarter of fiscal 2018, Pat Catan’s and Aaron Brothers sales totaled approximately $25.8 million and $12.9 million, respectively.