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REVENUES
 12 Months Ended
Mar. 31, 2026
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:
 Year Ended March 31,
202620252024
Net revenues by product category:
Apparel$3,395,053 $3,451,414 $3,789,016 
Footwear1,076,383 1,206,202 1,383,610 
Accessories414,466 410,860 405,715 
Net Sales4,885,902 5,068,476 5,578,341 
License revenues107,353 94,590 111,241 
Corporate Other(26,885)1,244 12,297 
    Total net revenues$4,966,370 $5,164,310 $5,701,879 

Net revenues by distribution channel:
Wholesale$2,831,787 $2,978,869 $3,243,187 
Direct-to-consumer2,054,115 2,089,607 2,335,154 
Net Sales4,885,902 5,068,476 5,578,341 
License revenues107,353 94,590 111,241 
Corporate Other(26,885)1,244 12,297 
    Total net revenues$4,966,370 $5,164,310 $5,701,879 

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.
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 Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:
March 31, 2026March 31, 2025
Customer refund liability$126,097 $146,021 
Inventory associated with reserves for sales returns$28,537 $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
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 Consolidated Balance Sheets.
The following table summarizes the change in the contract liabilities balance during the periods presented, 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, 2024$26,322 
Revenues deferred69,176 
Revenues recognized (1)(3)
(58,971)
Foreign exchange and other(2,185)
Balance as of March 31, 2025$34,342 
Revenues deferred77,450 
Revenues recognized (2)(3)
(82,114)
Foreign exchange and other(930)
Balance as of March 31, 2026$28,748 
(1) Includes approximately $8.3 million of revenue from gift cards, including breakage, and subscription revenues that were previously included in contract liabilities as of March 31, 2024.
(2) Includes approximately $13.4 million of revenue from gift cards, including breakage, that were previously included in contract liabilities as of March 31, 2025.
(3) 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.