v3.25.4
REVENUES
 9 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 10. REVENUES
The following tables summarize the Company's net revenues, disaggregated by product category and distribution channels:
 Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Net revenues by product category:
Apparel$934,015 $966,068 $2,617,090 $2,671,048 
Footwear265,135 301,208 794,616 924,357 
Accessories107,660 110,432 320,815 319,358 
Net Sales1,306,810 1,377,708 3,732,521 3,914,763 
License revenues27,155 23,904 80,501 70,371 
Corporate Other(6,204)(573)(17,813)(1,407)
    Total net revenues$1,327,761 $1,401,039 $3,795,209 $3,983,727 

Net revenues by distribution channel:
Wholesale$659,965 $704,760 $2,084,065 $2,211,266 
Direct-to-consumer646,845 672,948 1,648,456 1,703,497 
Net Sales1,306,810 1,377,708 3,732,521 3,914,763 
License revenues27,155 23,904 80,501 70,371 
Corporate Other(6,204)(573)(17,813)(1,407)
    Total net revenues$1,327,761 $1,401,039 $3,795,209 $3,983,727 

In accordance with ASC Topic 606 "Revenue from Contracts with Customers", the Company recognizes revenue when it satisfies its performance obligations by transferring control of promised products or services to its customers, which occurs either at a point in time or over time, depending on when the customer obtains the ability to direct the use of and obtain substantially all of the remaining benefits from the products or services. In certain circumstances, the Company may recognize revenue before delivery to the customer has occurred (commonly referred to as bill and hold arrangement). During the three months ended December 31, 2025, the Company entered into a contract in EMEA that met the criteria of bill and hold arrangement under ASC Topic 606 and recognized approximately $4.0 million of revenue.
The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. These reserves are included within customer refund liability and the value of the inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:
December 31, 2025March 31, 2025
Customer refund liability$143,423 $146,021 
Inventory associated with reserves for sales returns$33,553 $33,609 
Contract Liabilities
Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer, and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's contract liabilities primarily consist of (i) gift cards, which are included in accrued expenses on the Company's Condensed Consolidated Balance Sheets, and (ii) points associated with the loyalty programs and payments received in advance of revenue recognition for royalty arrangements, which are included in other current liabilities on the Company's Condensed Consolidated Balance Sheets.
The following table summarizes the change in the contract liabilities balance during the nine months ended December 31, 2025, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.
Total Contract Liabilities
Balance as of March 31, 2025$34,342 
Revenues deferred61,456 
Revenues recognized (1)
(63,076)
Foreign exchange and other(647)
Balance as of December 31, 2025$32,075 
(1) Includes approximately $12.4 million of revenue from gift cards, including breakage, and subscription revenues that were previously included in contract liabilities as of March 31, 2025. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.