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DFZ > SEC Filings for DFZ > Form 10-Q on 6-Nov-2013All Recent SEC Filings

Show all filings for BARRY R G CORP /OH/

Form 10-Q for BARRY R G CORP /OH/


Quarterly Report

ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results
of Operations
Our Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to provide investors and others with information we believe is necessary to understand the Company's financial condition, changes in financial condition, results of operations and cash flows. Our MD&A should be read in conjunction with the Company's Condensed Consolidated Financial Statements and related Notes to Condensed Consolidated Financial Statements and other information included in this Quarterly Report on Form 10-Q. This Quarterly Report on Form 10-Q should also be read in conjunction with our 2013 Form 10-K. Unless the context otherwise requires, references in this MD&A to "our", "us", "we" or the "Company" refer to R.G. Barry Corporation and its consolidated subsidiaries.
Our Company and our principal subsidiaries, Foot Petals, Inc. and Baggallini, Inc., are engaged in designing, sourcing, marketing and distributing footwear; foot and shoe care products; and handbags, tote bags and other travel accessories. We operate with three operating segments, two of which are aggregated into a single reportable segment. The two reportable segments include: (1) Footwear that encompasses primarily slippers, sandals, hybrid and fashion footwear; and (2) Accessories with products including foot and shoe care products, handbags, tote bags and other travel accessories. Our products are sold predominantly in North America through the accessory sections of department stores, national chain stores, warehouse clubs, specialty and independent stores, television shopping networks, e-tailing/internet based retailers, discount stores and mass merchandising channels of distribution.
The Company operates with a reporting structure which has a separate Business Unit President for each operating unit, with each Business Unit President reporting to the Chief Executive Officer (CEO) of R.G. Barry Corporation. Each Business Unit President has financial performance responsibility for the operating unit.
Under this reporting structure, the operating profit or loss measure for an operating unit includes sales, cost of sales, and direct and allocated SGA expenses from certain shared corporate support areas for which expenses incurred are allocated to each operating unit based on estimated usage of Company services. Other corporate expenses are deemed applicable to the Company as a whole and are not allocated to any specific business segment. Such expenses include costs associated with the Company's corporate and governance functions, including the CEO, the Chief Financial Officer and the Board of Directors, as well as expense areas including pension, professional fees and similar corporate expenses.
Segment operating profit for the first quarter of fiscal 2013 has been revised from the prior years' disclosures to conform to the fiscal 2014 presentation of including annual accrued incentive bonus and incentive stock compensation as a part of the operating units' SGA expenses.
Our Footwear and Accessories segment results reported below for the first quarter of fiscal 2014 and the first quarter of fiscal 2013 have been presented based on this reporting approach.
All disclosures made herein relative to period-over-period comparisons refer to results reported for the first quarter of fiscal 2014 as compared to the first quarter of fiscal 2013.

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