Filed 13 Jun 19

Document and Entity Information

Document and Entity Information - shares3 Months Ended
May 04, 2019May 31, 2019
Document and Entity Information
Entity Registrant NameOXFORD INDUSTRIES INC
Entity Central Index Key0000075288
Current Fiscal Year End Date--02-01
Entity Filer CategoryLarge Accelerated Filer
Document Type10-Q
Document Period End DateMay 4,
2019
Document Fiscal Year Focus2019
Document Fiscal Period FocusQ1
Amendment Flagfalse
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Common Stock, Shares Outstanding17,019,117
Entity Current Reporting StatusYes
Entity Shell Companyfalse

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in ThousandsMay 04, 2019Feb. 02, 2019May 05, 2018
Current Assets
Cash and cash equivalents $ 5,501 $ 8,327 $ 4,662
Receivables, net85,857 69,037 81,274
Inventories, net157,221 160,656 132,342
Prepaid expenses and other current assets24,588 31,768 31,994
Total Current Assets273,167 269,788 250,272
Property and equipment, net191,104 192,576 196,734
Intangible assets, net175,883 176,176 178,111
Goodwill66,597 66,621 66,577
Right of use lease assets294,131
Other non-current assets, net23,543 22,093 25,037
Total Assets1,024,425 727,254 716,731
Current Liabilities
Accounts payable52,121 81,612 51,615
Accrued compensation19,719 24,226 19,153
Current lease liabilities53,683
Other accrued expenses and liabilities40,778 36,371 40,421
Total Current Liabilities166,301 142,209 111,189
Long-term debt33,182 12,993 72,244
Long-term lease liabilities295,399
Other non-current liabilities16,707 75,286 73,588
Deferred taxes19,664 18,411 16,045
Commitments and contingencies
Shareholders’ Equity
Common stock, $1.00 par value per share17,019 16,959 16,937
Additional paid-in capital142,761 142,976 136,297
Retained earnings338,875 323,515 295,086
Accumulated other comprehensive loss(5,483)(5,095)(4,655)
Total Shareholders’ Equity493,172 478,355 443,665
Total Liabilities and Shareholders’ Equity $ 1,024,425 $ 727,254 $ 716,731

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / sharesMay 04, 2019Feb. 02, 2019May 05, 2018
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share) $ 1 $ 1 $ 1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands3 Months Ended
May 04, 2019May 05, 2018
Income Statement [Abstract]
Net sales $ 281,973 $ 272,628
Cost of goods sold116,204 108,482
Gross profit165,769 164,146
SG&A139,814 139,720
Royalties and other operating income3,787 3,947
Operating income29,742 28,373
Interest expense, net671 781
Earnings before income taxes29,071 27,592
Income taxes7,414 7,025
Net earnings $ 21,657 $ 20,567
Net earnings per share:
Basic (in dollars per share) $ 1.30 $ 1.24
Diluted (in dollars per share) $ 1.29 $ 1.23
Weighted average shares outstanding:
Basic (in shares)16,713 16,639
Diluted (in shares)16,848 16,769
Dividends declared per share (in dollars per share) $ 0.37 $ 0.34

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands3 Months Ended
May 04, 2019May 05, 2018
Statement of Comprehensive Income [Abstract]
Net earnings $ 21,657 $ 20,567
Other comprehensive income (loss), net of taxes:
Net foreign currency translation adjustment(388)(581)
Comprehensive income $ 21,269 $ 19,986

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands3 Months Ended
May 04, 2019May 05, 2018
Cash Flows From Operating Activities:
Net earnings $ 21,657 $ 20,567
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation9,845 9,435
Amortization of intangible assets292 691
Equity compensation expense1,876 1,718
Amortization of deferred financing costs106 106
Deferred income taxes1,019 660
Changes in working capital, net of acquisitions and dispositions:
Receivables, net(17,088)(13,795)
Inventories, net3,208 (5,763)
Prepaid expenses and other current assets1,811 3,402
Current liabilities(29,170)(23,429)
Other balance sheet changes356 (736)
Cash used in operating activities(6,088)(7,144)
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired0 (302)
Purchases of property and equipment(8,282)(12,838)
Cash used in investing activities(8,282)(13,140)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements(77,323)(64,266)
Proceeds from revolving credit arrangements97,512 90,700
Proceeds from issuance of common stock422 385
Repurchase of equity awards for employee tax withholding liabilities(2,453)(2,372)
Cash dividends declared and paid(6,297)(5,758)
Other financing activities(282)0
Cash provided by financing activities11,579 18,689
Net change in cash and cash equivalents(2,791)(1,595)
Effect of foreign currency translation on cash and cash equivalents(35)(86)
Cash and cash equivalents at the beginning of year8,327 6,343
Cash and cash equivalents at the end of the period5,501 4,662
Supplemental disclosure of cash flow information:
Cash paid for interest, net514 635
Cash paid for income taxes $ 534 $ 334

Basis of Presentation_

Basis of Presentation:3 Months Ended
May 04, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation:Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe the accompanying unaudited condensed consolidated financial statements reflect all normal, recurring adjustments that are necessary for a fair presentation of our financial position and results of operations as of the dates and for the periods presented. The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Results of operations for the interim periods presented are not necessarily indicative of results to be expected for our full fiscal year. The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Annual Report on Form 10-K for Fiscal 2018 , except for the adoption of the new lease accounting guidance in the First Quarter of Fiscal 2019 as discussed below and in Note 5. Accounting Standards Adopted in Fiscal 2019 In February 2016, the FASB issued revised lease accounting guidance. The guidance requires companies to record substantially all leases, including operating leases, as assets and liabilities on the balance sheet. For these leases, we are required to recognize (1) an operating lease asset which will represent our right to use, or control the use of, a specified asset for a lease term and (2) a lease liability equal to our obligation to make lease payments arising from a lease, measured on a discounted basis. The guidance was adopted on the first day of the First Quarter of Fiscal 2019 using a modified retrospective approach. The modified retrospective approach allows us to apply the standard and related disclosures to the financial statements for the period of adoption and apply the previous guidance in the prior year comparative periods. The adoption of the new guidance had a material impact on our condensed consolidated balance sheet as a result of the non-cash recognition of operating lease assets and operating lease liabilities, but did not have a material impact on our consolidated statements of operations or cash flows. At adoption of the revised lease accounting guidance, we elected to adopt the package of transition practical expedients and, therefore, have not reassessed (1) whether exiting or expired contracts contain a lease, (2) lease classification for existing or expired leases, or (3) the accounting for initial direct costs that were previously capitalized. We did not elect the practical expedient to use hindsight for leases existing at the adoption date. Refer to Note 5 for additional disclosures and information about accounting for leases. Recently Issued Accounting Standards Applicable to Future Periods In June 2016, the FASB issued guidance, as amended, on the measurement of credit losses on financial instruments. This guidance amends the impairment model by requiring that companies use a forward-looking approach based on expected losses to estimate credit losses on certain financial instruments, including trade receivables. This guidance will be effective in Fiscal 2020 with early adoption permitted. We are currently assessing the impact that adopting this guidance will have on our consolidated financial statements. Recent accounting pronouncements pending adoption not discussed above are either not applicable or will not have or are not expected to have a material impact on our consolidated financial statements.

Operating Group Information_

Operating Group Information:3 Months Ended
May 04, 2019
Segment Reporting [Abstract]
Operating Group Information:Operating Group Information: We identify our operating groups based on the way our management organizes the components of our business for purposes of allocating resources and assessing performance. Our operating group structure reflects a brand-focused management approach, emphasizing operational coordination and resource allocation across each brand's direct to consumer, wholesale and licensing operations, as applicable. Our business is primarily operated through our Tommy Bahama, Lilly Pulitzer, Lanier Apparel and Southern Tide operating groups. Tommy Bahama, Lilly Pulitzer and Southern Tide each design, source, market and distribute apparel and related products bearing their respective trademarks and license their trademarks for other product categories, while Lanier Apparel designs, sources and distributes branded and private label men's tailored clothing, sportswear and other products. Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, the elimination of inter-segment sales and any other items that are not allocated to the operating groups including LIFO accounting adjustments. Because our LIFO inventory pool does not correspond to our operating group definitions, LIFO inventory accounting adjustments are not allocated to the operating groups. Corporate and Other also includes the operations of other businesses which are not included in our operating groups, including the operations of TBBC and our Lyons, Georgia distribution center. For a more extensive description of our operating groups, see Part I, Item 1. Business included in our Annual Report on Form 10-K for Fiscal 2018 . The tables below present certain financial information (in thousands) about our operating groups, as well as Corporate and Other. First Quarter Fiscal 2019 First Quarter Fiscal 2018 Net sales Tommy Bahama $ 164,730 $ 167,132 Lilly Pulitzer 72,595 68,627 Lanier Apparel 26,589 19,909 Southern Tide 14,134 13,472 Corporate and Other 3,925 3,488 Total net sales $ 281,973 $ 272,628 Depreciation and amortization Tommy Bahama $ 6,840 $ 7,066 Lilly Pulitzer 2,683 2,479 Lanier Apparel 140 141 Southern Tide 134 125 Corporate and Other 340 315 Total depreciation and amortization $ 10,137 $ 10,126 Operating income (loss) Tommy Bahama $ 15,192 $ 14,303 Lilly Pulitzer 15,252 15,826 Lanier Apparel 1,182 362 Southern Tide 2,517 2,487 Corporate and Other (4,401 ) (4,605 ) Total operating income $ 29,742 $ 28,373 Interest expense, net 671 781 Earnings before income taxes $ 29,071 $ 27,592 The tables below quantify, for each operating group and in total, the amount of net sales by distribution channel (in thousands) and as a percentage of net sales for each period presented. First Quarter of Fiscal 2019 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 164,730 47% 15% 14% 24% —% Lilly Pulitzer 72,595 42% 25% —% 33% —% Lanier Apparel 26,589 —% 1% —% 99% —% Southern Tide 14,134 —% 13% —% 87% —% Corporate and Other 3,925 —% 61% —% 30% 9% Total $ 281,973 38% 17% 9% 36% —% First Quarter of Fiscal 2018 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 167,132 46% 15% 15% 24% —% Lilly Pulitzer 68,627 44% 24% —% 32% —% Lanier Apparel 19,909 —% —% —% 100% —% Southern Tide 13,472 —% 12% —% 88% —% Corporate and Other 3,488 —% 60% —% 23% 17% Total $ 272,628 40% 16% 9% 35% —%

Shareholders' Equity Shareholde

Shareholders' Equity Shareholders' Equity3 Months Ended
May 04, 2019
Equity [Abstract]
Shareholders' EquityShareholders' Equity: The following tables detail the changes (in thousands) in our common stock, additional paid-in capital ("APIC"), retained earnings and accumulated other comprehensive (loss) income ("AOCI"), for each period presented. First Quarter Fiscal 2019 Common Stock APIC Retained Earnings AOCI Total February 2, 2019 $ 16,959 $ 142,976 $ 323,515 $ (5,095 ) $ 478,355 Net earnings and other comprehensive income — — 21,657 (388 ) 21,269 Shares issued under equity plans 91 331 — — 422 Compensation expense for equity awards — 1,876 — — 1,876 Repurchase of shares (31 ) (2,422 ) — — (2,453 ) Cash dividends declared and paid — — (6,297 ) — (6,297 ) Cumulative effect of change in accounting standards — — — — — May 4, 2019 $ 17,019 $ 142,761 $ 338,875 $ (5,483 ) $ 493,172 First Quarter Fiscal 2018 Common Stock APIC Retained Earnings AOCI Total February 3, 2018 $ 16,839 $ 136,664 $ 280,395 $ (4,074 ) $ 429,824 Net earnings and other comprehensive income — — 20,567 (581 ) 19,986 Shares issued under equity plans 128 257 — — 385 Compensation expense for equity awards — 1,718 — — 1,718 Repurchase of shares (30 ) (2,342 ) — — (2,372 ) Cash dividends declared and paid — — (5,758 ) — (5,758 ) Cumulative effect of change in accounting standards — — (118 ) — (118 ) May 5, 2018 $ 16,937 $ 136,297 $ 295,086 $ (4,655 ) $ 443,665 Substantially all amounts included in AOCI in our consolidated balance sheets, as well as any related changes, for each period presented, reflect the net foreign currency translation adjustment related to our Tommy Bahama operations in Canada, Australia and Japan. No amounts were reclassified from AOCI to our consolidated statements of operations for any period presented.

Revenue Recognition_

Revenue Recognition:3 Months Ended
May 04, 2019
Revenue from Contract with Customer [Abstract]
Revenue RecognitionRevenue Recognition: Our revenue consists of direct to consumer sales, including our retail store, e-commerce and restaurant operations, and wholesale sales, which are included in net sales in our consolidated statements of operations, as well as royalty income, which represents substantially all amounts included in royalties and other income in our consolidated statements of operations. We recognize revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our accounting policies related to revenue recognition for each type of contract with customers, including a description of the related performance obligations, return rights, allowances, discounts, credit terms and other information, is described in the significant accounting policies described in our Annual Report on Form 10-K for Fiscal 2018 . The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented. First Quarter of Fiscal 2019 First Quarter of Fiscal 2018 Retail $ 108,006 $ 107,735 E-commerce 47,989 44,522 Restaurant 23,601 25,293 Wholesale 101,926 94,376 Other 451 702 Net sales $ 281,973 $ 272,628 Substantially all amounts recognized in receivables, net represent receivables related to contracts with customers. In the ordinary course of our wholesale operations, we offer discounts, allowances and cooperative advertising support to some of our wholesale customers for certain products. We record the discounts, returns and allowances as a reduction to net sales in our consolidated statements of operations and as a reduction to receivables, net in our consolidated balance sheets. As of May 4, 2019 , February 2, 2019 and May 5, 2018 , reserve balances recorded as a reduction to receivables related to these items were $8 million , $7 million and $6 million , respectively In addition to trade and other receivables, income tax receivables of $1 million , $1 million and $5 million and tenant allowances due from landlord of $1 million , $0 million and $1 million are included in receivables, net in our consolidated balance sheet as of May 4, 2019 , February 2, 2019 and May 5, 2018 , respectively. As of May 4, 2019 , February 2, 2019 and May 5, 2018 , prepaid expenses and other current assets included $3 million , $2 million and $3 million representing the estimated value of inventory for wholesale and direct to consumer sales returns. We did not have any significant contract assets related to contracts with customers, other than receivables and the value of inventory associated with reserves for expected sales returns, as of May 4, 2019 , February 2, 2019 and May 5, 2018 . An estimated sales return liability of $5 million , $3 million and $5 million for expected direct to consumer returns is classified in other accrued expenses and liabilities in our consolidated balance sheet as of May 4, 2019 , February 2, 2019 and May 5, 2018 , respectively. Contract liabilities for gift cards purchased by consumers and merchandise credits received by customers but not yet redeemed, less any breakage income recognized to date, is included in other accrued expenses and liabilities in our consolidated balance sheets and totaled $12 million , $12 million and $10 million as of May 4, 2019 , February 2, 2019 , and May 5, 2018 , respectively.

Leases Leases

Leases Leases3 Months Ended
May 04, 2019
Leases [Abstract]
LeasesLeases: We enter into real estate lease agreements for retail, food and beverage, office and warehouse/distribution space, as well as leases for certain equipment. Our leases have varying terms and expirations and frequently have provisions to extend, renew or terminate the lease agreement at our discretion, among other terms and conditions. Our retail and restaurant leases typically provide for contingent rent based on sales if certain sales thresholds are achieved. Most of our leases provide for payments of real estate taxes, insurance and other operating expenses applicable to the property, and certain of our leases require payment of sales taxes on rental payments. Payments for real estate taxes, sales taxes, insurance and other operating expenses are not included in lease expense. Our lease agreements do not include any material residual value guarantees or material restrictive financial covenants. Substantially all of our leases are classified as operating leases, which have not historically been recognized as assets and liabilities in our consolidated balance sheets. When a non-cancelable operating lease includes fixed escalation clauses or lease incentives for rent holidays, rent expense is generally recognized on a straight-line basis over the initial term of the lease from the date that we take possession of the space and assumes that any termination options included in the lease will not be exercised. Contingent rents, including those based on a percentage of retail sales over stated levels, and rental payment increases based on a contingent future event have been recognized as the expense is incurred. The difference between the rents payable under the lease and the amount recognized on a straight-line basis has historically been recorded in other non-current liabilities in our consolidated balance sheets, with the exception of the amounts recognized in current lease liabilities. Also, any tenant improvement allowance amounts received from the landlord have historically been deferred as a liability in our consolidated balance sheets and then recognized in our consolidated statements of operations as a reduction to rent expense over the term of the lease agreement on a straight-line basis. Deferred rent in our consolidated balance sheets, including tenant improvement allowances and all amounts in non-current and current liabilities, as of February 2, 2019 was $61 million . Pursuant to the revised lease accounting guidance adopted in the First Quarter of Fiscal 2019 , we determine if an arrangement is a lease at contract inception. Operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The significant judgments in calculating the present value of lease obligations include determining the lease term and lease payment amounts, which are dependent upon our assessment of the likelihood of exercising renewal or termination options, as well as the discount rate applied to the unpaid lease payments. Operating leases are included in operating lease assets, current operating lease liabilities and non-current operating lease liabilities in our consolidated balance sheet. The operating lease asset at commencement reflects the operating lease liability reduced for any lease incentives, including tenant improvement allowances. Lease expense for operating leases is recognized on a straight-line basis over the lease term, which is consistent with the previous guidance. Variable rental payments based on a percentage of retail sales over contractual levels and variable incremental rental payments adjusted periodically for inflation are both recognized as incurred. We account for the underlying operating lease asset at the individual lease level. Typically, we do not include renewal or termination options in the underlying lease term as the probability of exercise is not reasonably certain. The revised lease guidance requires us to discount our unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, our incremental borrowing rate. As our leases typically do not provide an implicit rate, we use an estimated incremental borrowing rate based on information available at commencement date, or as of February 3, 2019 for any leases in place at adoption of the revised guidance. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Finance leases are not material to our consolidated financial statements. Substantially all lease expense is included in SG&A in our consolidated statements of operations. For the First Quarter of Fiscal 2019 operating lease expense was $16 million and variable lease expense was $5 million resulting in total lease expense of $21 million . As of May 4, 2019 , the weighted-average remaining operating lease term was seven years and the weighted-average discount rate for operating leases was 5% . Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Quarter of Fiscal 2019 was $17 million . As of May 4, 2019 , the required lease liability payments for the fiscal years specified below were as follows (in 000s): Operating lease Remainder of 2019 $ 50,835 2020 59,664 2021 62,349 2022 58,682 2023 55,150 2024 42,122 After 2024 80,852 Total lease payments $ 409,654 Less: Difference between discounted and undiscounted lease payments 60,572 Present value of lease liabilities $ 349,082

Basis of Presentation_ (Policie

Basis of Presentation: (Policies)3 Months Ended
May 04, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Issued Accounting StandardsRecently Issued Accounting Standards Applicable to Future Periods In June 2016, the FASB issued guidance, as amended, on the measurement of credit losses on financial instruments. This guidance amends the impairment model by requiring that companies use a forward-looking approach based on expected losses to estimate credit losses on certain financial instruments, including trade receivables. This guidance will be effective in Fiscal 2020 with early adoption permitted. We are currently assessing the impact that adopting this guidance will have on our consolidated financial statements. Recent accounting pronouncements pending adoption not discussed above are either not applicable or will not have or are not expected to have a material impact on our consolidated financial statements.

Operating Group Information_ (T

Operating Group Information: (Tables)3 Months Ended
May 04, 2019
Segment Reporting [Abstract]
Schedule of information pertaining to the operating groupsThe tables below present certain financial information (in thousands) about our operating groups, as well as Corporate and Other. First Quarter Fiscal 2019 First Quarter Fiscal 2018 Net sales Tommy Bahama $ 164,730 $ 167,132 Lilly Pulitzer 72,595 68,627 Lanier Apparel 26,589 19,909 Southern Tide 14,134 13,472 Corporate and Other 3,925 3,488 Total net sales $ 281,973 $ 272,628 Depreciation and amortization Tommy Bahama $ 6,840 $ 7,066 Lilly Pulitzer 2,683 2,479 Lanier Apparel 140 141 Southern Tide 134 125 Corporate and Other 340 315 Total depreciation and amortization $ 10,137 $ 10,126 Operating income (loss) Tommy Bahama $ 15,192 $ 14,303 Lilly Pulitzer 15,252 15,826 Lanier Apparel 1,182 362 Southern Tide 2,517 2,487 Corporate and Other (4,401 ) (4,605 ) Total operating income $ 29,742 $ 28,373 Interest expense, net 671 781 Earnings before income taxes $ 29,071 $ 27,592
Schedule of net sales by distribution channelThe tables below quantify, for each operating group and in total, the amount of net sales by distribution channel (in thousands) and as a percentage of net sales for each period presented. First Quarter of Fiscal 2019 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 164,730 47% 15% 14% 24% —% Lilly Pulitzer 72,595 42% 25% —% 33% —% Lanier Apparel 26,589 —% 1% —% 99% —% Southern Tide 14,134 —% 13% —% 87% —% Corporate and Other 3,925 —% 61% —% 30% 9% Total $ 281,973 38% 17% 9% 36% —% First Quarter of Fiscal 2018 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 167,132 46% 15% 15% 24% —% Lilly Pulitzer 68,627 44% 24% —% 32% —% Lanier Apparel 19,909 —% —% —% 100% —% Southern Tide 13,472 —% 12% —% 88% —% Corporate and Other 3,488 —% 60% —% 23% 17% Total $ 272,628 40% 16% 9% 35% —% The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented. First Quarter of Fiscal 2019 First Quarter of Fiscal 2018 Retail $ 108,006 $ 107,735 E-commerce 47,989 44,522 Restaurant 23,601 25,293 Wholesale 101,926 94,376 Other 451 702 Net sales $ 281,973 $ 272,628

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)3 Months Ended
May 04, 2019
Equity [Abstract]
Schedule of Stockholders EquityThe following tables detail the changes (in thousands) in our common stock, additional paid-in capital ("APIC"), retained earnings and accumulated other comprehensive (loss) income ("AOCI"), for each period presented. First Quarter Fiscal 2019 Common Stock APIC Retained Earnings AOCI Total February 2, 2019 $ 16,959 $ 142,976 $ 323,515 $ (5,095 ) $ 478,355 Net earnings and other comprehensive income — — 21,657 (388 ) 21,269 Shares issued under equity plans 91 331 — — 422 Compensation expense for equity awards — 1,876 — — 1,876 Repurchase of shares (31 ) (2,422 ) — — (2,453 ) Cash dividends declared and paid — — (6,297 ) — (6,297 ) Cumulative effect of change in accounting standards — — — — — May 4, 2019 $ 17,019 $ 142,761 $ 338,875 $ (5,483 ) $ 493,172 First Quarter Fiscal 2018 Common Stock APIC Retained Earnings AOCI Total February 3, 2018 $ 16,839 $ 136,664 $ 280,395 $ (4,074 ) $ 429,824 Net earnings and other comprehensive income — — 20,567 (581 ) 19,986 Shares issued under equity plans 128 257 — — 385 Compensation expense for equity awards — 1,718 — — 1,718 Repurchase of shares (30 ) (2,342 ) — — (2,372 ) Cash dividends declared and paid — — (5,758 ) — (5,758 ) Cumulative effect of change in accounting standards — — (118 ) — (118 ) May 5, 2018 $ 16,937 $ 136,297 $ 295,086 $ (4,655 ) $ 443,665

Revenue Recognition_ (Tables)

Revenue Recognition: (Tables)3 Months Ended
May 04, 2019
Revenue from Contract with Customer [Abstract]
Schedule of net sales by distribution channelThe tables below quantify, for each operating group and in total, the amount of net sales by distribution channel (in thousands) and as a percentage of net sales for each period presented. First Quarter of Fiscal 2019 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 164,730 47% 15% 14% 24% —% Lilly Pulitzer 72,595 42% 25% —% 33% —% Lanier Apparel 26,589 —% 1% —% 99% —% Southern Tide 14,134 —% 13% —% 87% —% Corporate and Other 3,925 —% 61% —% 30% 9% Total $ 281,973 38% 17% 9% 36% —% First Quarter of Fiscal 2018 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 167,132 46% 15% 15% 24% —% Lilly Pulitzer 68,627 44% 24% —% 32% —% Lanier Apparel 19,909 —% —% —% 100% —% Southern Tide 13,472 —% 12% —% 88% —% Corporate and Other 3,488 —% 60% —% 23% 17% Total $ 272,628 40% 16% 9% 35% —% The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented. First Quarter of Fiscal 2019 First Quarter of Fiscal 2018 Retail $ 108,006 $ 107,735 E-commerce 47,989 44,522 Restaurant 23,601 25,293 Wholesale 101,926 94,376 Other 451 702 Net sales $ 281,973 $ 272,628

Leases (Tables)

Leases (Tables)3 Months Ended
May 04, 2019
Leases [Abstract]
Lease Liability MaturityAs of May 4, 2019 , the required lease liability payments for the fiscal years specified below were as follows (in 000s): Operating lease Remainder of 2019 $ 50,835 2020 59,664 2021 62,349 2022 58,682 2023 55,150 2024 42,122 After 2024 80,852 Total lease payments $ 409,654 Less: Difference between discounted and undiscounted lease payments 60,572 Present value of lease liabilities $ 349,082

Operating Group Information_ (D

Operating Group Information: (Details) - USD ($) $ in Thousands3 Months Ended
May 04, 2019May 05, 2018
Operating group information
Net sales $ 281,973 $ 272,628
Depreciation and amortization10,137 10,126
Operating income29,742 28,373
Interest expense, net671 781
Earnings before income taxes29,071 27,592
Corporate and Other
Operating group information
Net sales3,925 3,488
Depreciation and amortization340 315
Operating income(4,401)(4,605)
Tommy Bahama | Operating Groups
Operating group information
Net sales164,730 167,132
Depreciation and amortization6,840 7,066
Operating income15,192 14,303
Lilly Pulitzer | Operating Groups
Operating group information
Net sales72,595 68,627
Depreciation and amortization2,683 2,479
Operating income15,252 15,826
Lanier Apparel | Operating Groups
Operating group information
Net sales26,589 19,909
Depreciation and amortization140 141
Operating income1,182 362
Southern Tide | Operating Groups
Operating group information
Net sales14,134 13,472
Depreciation and amortization134 125
Operating income $ 2,517 $ 2,487

Operating Group Information (De

Operating Group Information (Details 2) - USD ($) $ in Thousands3 Months Ended
May 04, 2019May 05, 2018
Operating group information
Net sales $ 281,973 $ 272,628
Operating Groups | Tommy Bahama
Operating group information
Net sales164,730 167,132
Operating Groups | Lilly Pulitzer
Operating group information
Net sales72,595 68,627
Operating Groups | Lanier Apparel
Operating group information
Net sales26,589 19,909
Operating Groups | Southern Tide
Operating group information
Net sales14,134 13,472
Corporate and Other
Operating group information
Net sales3,925 3,488
Retail
Operating group information
Net sales $ 108,006 $ 107,735
Revenue, net, percentage38.00%40.00%
Retail | Operating Groups | Tommy Bahama
Operating group information
Revenue, net, percentage47.00%46.00%
Retail | Operating Groups | Lilly Pulitzer
Operating group information
Revenue, net, percentage42.00%44.00%
Retail | Operating Groups | Lanier Apparel
Operating group information
Revenue, net, percentage0.00%0.00%
Retail | Operating Groups | Southern Tide
Operating group information
Revenue, net, percentage0.00%0.00%
Retail | Corporate and Other
Operating group information
Revenue, net, percentage0.00%0.00%
E-commerce
Operating group information
Net sales $ 47,989 $ 44,522
Revenue, net, percentage17.00%16.00%
E-commerce | Operating Groups | Tommy Bahama
Operating group information
Revenue, net, percentage15.00%15.00%
E-commerce | Operating Groups | Lilly Pulitzer
Operating group information
Revenue, net, percentage25.00%24.00%
E-commerce | Operating Groups | Lanier Apparel
Operating group information
Revenue, net, percentage1.00%0.00%
E-commerce | Operating Groups | Southern Tide
Operating group information
Revenue, net, percentage13.00%12.00%
E-commerce | Corporate and Other
Operating group information
Revenue, net, percentage61.00%60.00%
Restaurant
Operating group information
Net sales $ 23,601 $ 25,293
Revenue, net, percentage9.00%9.00%
Restaurant | Operating Groups | Tommy Bahama
Operating group information
Revenue, net, percentage14.00%15.00%
Restaurant | Operating Groups | Lilly Pulitzer
Operating group information
Revenue, net, percentage0.00%0.00%
Restaurant | Operating Groups | Lanier Apparel
Operating group information
Revenue, net, percentage0.00%0.00%
Restaurant | Operating Groups | Southern Tide
Operating group information
Revenue, net, percentage0.00%0.00%
Restaurant | Corporate and Other
Operating group information
Revenue, net, percentage0.00%0.00%
Wholesale
Operating group information
Net sales $ 101,926 $ 94,376
Revenue, net, percentage36.00%35.00%
Wholesale | Operating Groups | Tommy Bahama
Operating group information
Revenue, net, percentage24.00%24.00%
Wholesale | Operating Groups | Lilly Pulitzer
Operating group information
Revenue, net, percentage33.00%32.00%
Wholesale | Operating Groups | Lanier Apparel
Operating group information
Revenue, net, percentage99.00%100.00%
Wholesale | Operating Groups | Southern Tide
Operating group information
Revenue, net, percentage87.00%88.00%
Wholesale | Corporate and Other
Operating group information
Revenue, net, percentage30.00%23.00%
Other
Operating group information
Net sales $ 451 $ 702
Revenue, net, percentage0.00%0.00%
Other | Operating Groups | Tommy Bahama
Operating group information
Revenue, net, percentage0.00%0.00%
Other | Operating Groups | Lilly Pulitzer
Operating group information
Revenue, net, percentage0.00%0.00%
Other | Operating Groups | Lanier Apparel
Operating group information
Revenue, net, percentage0.00%0.00%
Other | Operating Groups | Southern Tide
Operating group information
Revenue, net, percentage0.00%0.00%
Other | Corporate and Other
Operating group information
Revenue, net, percentage9.00%17.00%

Shareholders' Equity Sharehol_2

Shareholders' Equity Shareholders' Equity (Details) - USD ($) $ in Thousands3 Months Ended
May 04, 2019May 05, 2018Feb. 03, 2019Feb. 04, 2018
Class of Stock [Line Items]
Beginning Balance $ 478,355 $ 429,824
Net earnings and other comprehensive income21,269 19,986
Shares issued under equity plans422 385
Compensation expense for equity awards1,876 1,718
Repurchase of shares(2,453)(2,372)
Cash dividends declared and paid(6,297)(5,758)
Cumulative effect of change in accounting standards $ 0 $ (118)
Ending Balance493,172 443,665
Common Stock
Class of Stock [Line Items]
Beginning Balance16,959 16,839
Net earnings and other comprehensive income0 0
Shares issued under equity plans91 128
Compensation expense for equity awards0 0
Repurchase of shares(31)(30)
Cash dividends declared and paid0 0
Cumulative effect of change in accounting standards0 0
Ending Balance17,019 16,937
APIC
Class of Stock [Line Items]
Beginning Balance142,976 136,664
Net earnings and other comprehensive income0 0
Shares issued under equity plans331 257
Compensation expense for equity awards1,876 1,718
Repurchase of shares(2,422)(2,342)
Cash dividends declared and paid0 0
Cumulative effect of change in accounting standards0 0
Ending Balance142,761 136,297
Retained Earnings
Class of Stock [Line Items]
Beginning Balance323,515 280,395
Net earnings and other comprehensive income21,657 20,567
Shares issued under equity plans0 0
Compensation expense for equity awards0 0
Repurchase of shares0 0
Cash dividends declared and paid(6,297)(5,758)
Cumulative effect of change in accounting standards0 (118)
Ending Balance338,875 295,086
AOCI
Class of Stock [Line Items]
Beginning Balance(5,095)(4,074)
Net earnings and other comprehensive income(388)(581)
Shares issued under equity plans0 0
Compensation expense for equity awards0 0
Repurchase of shares0 0
Cash dividends declared and paid0 0
Cumulative effect of change in accounting standards $ 0 $ 0
Ending Balance $ (5,483) $ (4,655)

Revenue Recognition_ (Details 1

Revenue Recognition: (Details 1) - USD ($) $ in Thousands3 Months Ended
May 04, 2019May 05, 2018
Disaggregation of Revenue [Line Items]
Net sales $ 281,973 $ 272,628
Retail
Disaggregation of Revenue [Line Items]
Net sales108,006 107,735
E-commerce
Disaggregation of Revenue [Line Items]
Net sales47,989 44,522
Restaurant
Disaggregation of Revenue [Line Items]
Net sales23,601 25,293
Wholesale
Disaggregation of Revenue [Line Items]
Net sales101,926 94,376
Other
Disaggregation of Revenue [Line Items]
Net sales $ 451 $ 702

Revenue Recognition_ (Details 2

Revenue Recognition: (Details 2) - USD ($) $ in MillionsMay 04, 2019Feb. 02, 2019May 05, 2018
Disaggregation of Revenue [Line Items]
Reserve balances recorded as a reduction to receivables $ 8 $ 7 $ 6
Income tax receivable1 1 5
Payments for (Proceeds from) Tenant Allowance1 0 1
Value of inventory for wholesale and direct to consumer sales returns included in prepaid expenses and other current assets3 2 3
Contract liabilities for gift cards and merchandise credits, less any breakage income recognized to date, included in other accrued expenses and liabilities12 12 10
Direct to consumer
Disaggregation of Revenue [Line Items]
Estimated sales returns $ 5 $ 3 $ 5

Leases (Details 1)

Leases (Details 1) - USD ($) $ in Millions3 Months Ended12 Months Ended
May 04, 2019Feb. 02, 2019
Leases [Abstract]
Deferred rent $ 61
Operating lease cost $ 16 $ 28
Variable lease cost5
Total lease cost $ 21
Weighted average remaining lease term7 years
Weighted average discount rate5.00%
Cash paid for lease liabilities $ 17

Leases (Details 2)

Leases (Details 2) $ in ThousandsMay 04, 2019USD ($)
Leases [Abstract]
Remainder of 2019 $ 50,835
202059,664
202162,349
202258,682
202355,150
202442,122
After 202480,852
Total lease payments409,654
Discount60,572
Present value of lease liabilities $ 349,082

Leases (Details 3)

Leases (Details 3) - USD ($) $ in Millions3 Months Ended12 Months Ended
May 04, 2019Feb. 02, 2019
Leases [Abstract]
Total rent expense, excluding the reduction in rent expense associated with the write-off of deferred rent amounts upon the exit or decision to exit retail stores $ 96
Real estate taxes, insurance, other operating expenses and contingent percentage rent included in rent expense $ 16 28
Fiscal 201968
Fiscal 202066
Fiscal 202162
Fiscal 202259
Fiscal 202351
Thereafter $ 124