Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 04, 2019 | May 31, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | OXFORD INDUSTRIES INC | |
Entity Central Index Key | 0000075288 | |
Current Fiscal Year End Date | --02-01 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | May 4, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 17,019,117 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Current Assets | |||
Cash and cash equivalents | $ 5,501 | $ 8,327 | $ 4,662 |
Receivables, net | 85,857 | 69,037 | 81,274 |
Inventories, net | 157,221 | 160,656 | 132,342 |
Prepaid expenses and other current assets | 24,588 | 31,768 | 31,994 |
Total Current Assets | 273,167 | 269,788 | 250,272 |
Property and equipment, net | 191,104 | 192,576 | 196,734 |
Intangible assets, net | 175,883 | 176,176 | 178,111 |
Goodwill | 66,597 | 66,621 | 66,577 |
Right of use lease assets | 294,131 | ||
Other non-current assets, net | 23,543 | 22,093 | 25,037 |
Total Assets | 1,024,425 | 727,254 | 716,731 |
Current Liabilities | |||
Accounts payable | 52,121 | 81,612 | 51,615 |
Accrued compensation | 19,719 | 24,226 | 19,153 |
Current lease liabilities | 53,683 | ||
Other accrued expenses and liabilities | 40,778 | 36,371 | 40,421 |
Total Current Liabilities | 166,301 | 142,209 | 111,189 |
Long-term debt | 33,182 | 12,993 | 72,244 |
Long-term lease liabilities | 295,399 | ||
Other non-current liabilities | 16,707 | 75,286 | 73,588 |
Deferred taxes | 19,664 | 18,411 | 16,045 |
Commitments and contingencies | |||
Shareholders’ Equity | |||
Common stock, $1.00 par value per share | 17,019 | 16,959 | 16,937 |
Additional paid-in capital | 142,761 | 142,976 | 136,297 |
Retained earnings | 338,875 | 323,515 | 295,086 |
Accumulated other comprehensive loss | (5,483) | (5,095) | (4,655) |
Total Shareholders’ Equity | 493,172 | 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) - $ / shares | May 04, 2019 | Feb. 02, 2019 | May 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 Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 281,973 | $ 272,628 |
Cost of goods sold | 116,204 | 108,482 |
Gross profit | 165,769 | 164,146 |
SG&A | 139,814 | 139,720 |
Royalties and other operating income | 3,787 | 3,947 |
Operating income | 29,742 | 28,373 |
Interest expense, net | 671 | 781 |
Earnings before income taxes | 29,071 | 27,592 |
Income taxes | 7,414 | 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 Thousands | 3 Months Ended | |
May 04, 2019 | May 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 Thousands | 3 Months Ended | |
May 04, 2019 | May 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: | ||
Depreciation | 9,845 | 9,435 |
Amortization of intangible assets | 292 | 691 |
Equity compensation expense | 1,876 | 1,718 |
Amortization of deferred financing costs | 106 | 106 |
Deferred income taxes | 1,019 | 660 |
Changes in working capital, net of acquisitions and dispositions: | ||
Receivables, net | (17,088) | (13,795) |
Inventories, net | 3,208 | (5,763) |
Prepaid expenses and other current assets | 1,811 | 3,402 |
Current liabilities | (29,170) | (23,429) |
Other balance sheet changes | 356 | (736) |
Cash used in operating activities | (6,088) | (7,144) |
Cash Flows From Investing Activities: | ||
Acquisitions, net of cash acquired | 0 | (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 arrangements | 97,512 | 90,700 |
Proceeds from issuance of common stock | 422 | 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 activities | 11,579 | 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 year | 8,327 | 6,343 |
Cash and cash equivalents at the end of the period | 5,501 | 4,662 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, net | 514 | 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' Equity | 3 Months Ended |
May 04, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' 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 Recognition | Revenue 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 Leases | 3 Months Ended |
May 04, 2019 | |
Leases [Abstract] | |
Leases | Leases: 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 Standards | 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_ (T
Operating Group Information: (Tables) | 3 Months Ended |
May 04, 2019 | |
Segment Reporting [Abstract] | |
Schedule of information pertaining to the operating groups | 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 |
Schedule of net sales by distribution channel | 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% —% 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 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 |
Revenue Recognition_ (Tables)
Revenue Recognition: (Tables) | 3 Months Ended |
May 04, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of net sales by distribution channel | 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% —% 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 Maturity | 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 |
Operating Group Information_ (D
Operating Group Information: (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Operating group information | ||
Net sales | $ 281,973 | $ 272,628 |
Depreciation and amortization | 10,137 | 10,126 |
Operating income | 29,742 | 28,373 |
Interest expense, net | 671 | 781 |
Earnings before income taxes | 29,071 | 27,592 |
Corporate and Other | ||
Operating group information | ||
Net sales | 3,925 | 3,488 |
Depreciation and amortization | 340 | 315 |
Operating income | (4,401) | (4,605) |
Tommy Bahama | Operating Groups | ||
Operating group information | ||
Net sales | 164,730 | 167,132 |
Depreciation and amortization | 6,840 | 7,066 |
Operating income | 15,192 | 14,303 |
Lilly Pulitzer | Operating Groups | ||
Operating group information | ||
Net sales | 72,595 | 68,627 |
Depreciation and amortization | 2,683 | 2,479 |
Operating income | 15,252 | 15,826 |
Lanier Apparel | Operating Groups | ||
Operating group information | ||
Net sales | 26,589 | 19,909 |
Depreciation and amortization | 140 | 141 |
Operating income | 1,182 | 362 |
Southern Tide | Operating Groups | ||
Operating group information | ||
Net sales | 14,134 | 13,472 |
Depreciation and amortization | 134 | 125 |
Operating income | $ 2,517 | $ 2,487 |
Operating Group Information (De
Operating Group Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Operating group information | ||
Net sales | $ 281,973 | $ 272,628 |
Operating Groups | Tommy Bahama | ||
Operating group information | ||
Net sales | 164,730 | 167,132 |
Operating Groups | Lilly Pulitzer | ||
Operating group information | ||
Net sales | 72,595 | 68,627 |
Operating Groups | Lanier Apparel | ||
Operating group information | ||
Net sales | 26,589 | 19,909 |
Operating Groups | Southern Tide | ||
Operating group information | ||
Net sales | 14,134 | 13,472 |
Corporate and Other | ||
Operating group information | ||
Net sales | 3,925 | 3,488 |
Retail | ||
Operating group information | ||
Net sales | $ 108,006 | $ 107,735 |
Revenue, net, percentage | 38.00% | 40.00% |
Retail | Operating Groups | Tommy Bahama | ||
Operating group information | ||
Revenue, net, percentage | 47.00% | 46.00% |
Retail | Operating Groups | Lilly Pulitzer | ||
Operating group information | ||
Revenue, net, percentage | 42.00% | 44.00% |
Retail | Operating Groups | Lanier Apparel | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Retail | Operating Groups | Southern Tide | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Retail | Corporate and Other | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
E-commerce | ||
Operating group information | ||
Net sales | $ 47,989 | $ 44,522 |
Revenue, net, percentage | 17.00% | 16.00% |
E-commerce | Operating Groups | Tommy Bahama | ||
Operating group information | ||
Revenue, net, percentage | 15.00% | 15.00% |
E-commerce | Operating Groups | Lilly Pulitzer | ||
Operating group information | ||
Revenue, net, percentage | 25.00% | 24.00% |
E-commerce | Operating Groups | Lanier Apparel | ||
Operating group information | ||
Revenue, net, percentage | 1.00% | 0.00% |
E-commerce | Operating Groups | Southern Tide | ||
Operating group information | ||
Revenue, net, percentage | 13.00% | 12.00% |
E-commerce | Corporate and Other | ||
Operating group information | ||
Revenue, net, percentage | 61.00% | 60.00% |
Restaurant | ||
Operating group information | ||
Net sales | $ 23,601 | $ 25,293 |
Revenue, net, percentage | 9.00% | 9.00% |
Restaurant | Operating Groups | Tommy Bahama | ||
Operating group information | ||
Revenue, net, percentage | 14.00% | 15.00% |
Restaurant | Operating Groups | Lilly Pulitzer | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Restaurant | Operating Groups | Lanier Apparel | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Restaurant | Operating Groups | Southern Tide | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Restaurant | Corporate and Other | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Wholesale | ||
Operating group information | ||
Net sales | $ 101,926 | $ 94,376 |
Revenue, net, percentage | 36.00% | 35.00% |
Wholesale | Operating Groups | Tommy Bahama | ||
Operating group information | ||
Revenue, net, percentage | 24.00% | 24.00% |
Wholesale | Operating Groups | Lilly Pulitzer | ||
Operating group information | ||
Revenue, net, percentage | 33.00% | 32.00% |
Wholesale | Operating Groups | Lanier Apparel | ||
Operating group information | ||
Revenue, net, percentage | 99.00% | 100.00% |
Wholesale | Operating Groups | Southern Tide | ||
Operating group information | ||
Revenue, net, percentage | 87.00% | 88.00% |
Wholesale | Corporate and Other | ||
Operating group information | ||
Revenue, net, percentage | 30.00% | 23.00% |
Other | ||
Operating group information | ||
Net sales | $ 451 | $ 702 |
Revenue, net, percentage | 0.00% | 0.00% |
Other | Operating Groups | Tommy Bahama | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Other | Operating Groups | Lilly Pulitzer | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Other | Operating Groups | Lanier Apparel | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Other | Operating Groups | Southern Tide | ||
Operating group information | ||
Revenue, net, percentage | 0.00% | 0.00% |
Other | Corporate and Other | ||
Operating group information | ||
Revenue, net, percentage | 9.00% | 17.00% |
Shareholders' Equity Sharehol_2
Shareholders' Equity Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
May 04, 2019 | May 05, 2018 | Feb. 03, 2019 | Feb. 04, 2018 | |
Class of Stock [Line Items] | ||||
Beginning Balance | $ 478,355 | $ 429,824 | ||
Net earnings and other comprehensive income | 21,269 | 19,986 | ||
Shares issued under equity plans | 422 | 385 | ||
Compensation expense for equity awards | 1,876 | 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 Balance | 493,172 | 443,665 | ||
Common Stock | ||||
Class of Stock [Line Items] | ||||
Beginning Balance | 16,959 | 16,839 | ||
Net earnings and other comprehensive income | 0 | 0 | ||
Shares issued under equity plans | 91 | 128 | ||
Compensation expense for equity awards | 0 | 0 | ||
Repurchase of shares | (31) | (30) | ||
Cash dividends declared and paid | 0 | 0 | ||
Cumulative effect of change in accounting standards | 0 | 0 | ||
Ending Balance | 17,019 | 16,937 | ||
APIC | ||||
Class of Stock [Line Items] | ||||
Beginning Balance | 142,976 | 136,664 | ||
Net earnings and other comprehensive income | 0 | 0 | ||
Shares issued under equity plans | 331 | 257 | ||
Compensation expense for equity awards | 1,876 | 1,718 | ||
Repurchase of shares | (2,422) | (2,342) | ||
Cash dividends declared and paid | 0 | 0 | ||
Cumulative effect of change in accounting standards | 0 | 0 | ||
Ending Balance | 142,761 | 136,297 | ||
Retained Earnings | ||||
Class of Stock [Line Items] | ||||
Beginning Balance | 323,515 | 280,395 | ||
Net earnings and other comprehensive income | 21,657 | 20,567 | ||
Shares issued under equity plans | 0 | 0 | ||
Compensation expense for equity awards | 0 | 0 | ||
Repurchase of shares | 0 | 0 | ||
Cash dividends declared and paid | (6,297) | (5,758) | ||
Cumulative effect of change in accounting standards | 0 | (118) | ||
Ending Balance | 338,875 | 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 plans | 0 | 0 | ||
Compensation expense for equity awards | 0 | 0 | ||
Repurchase of shares | 0 | 0 | ||
Cash dividends declared and paid | 0 | 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 Thousands | 3 Months Ended | |
May 04, 2019 | May 05, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 281,973 | $ 272,628 |
Retail | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 108,006 | 107,735 |
E-commerce | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 47,989 | 44,522 |
Restaurant | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 23,601 | 25,293 |
Wholesale | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 101,926 | 94,376 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 451 | $ 702 |
Revenue Recognition_ (Details 2
Revenue Recognition: (Details 2) - USD ($) $ in Millions | May 04, 2019 | Feb. 02, 2019 | May 05, 2018 |
Disaggregation of Revenue [Line Items] | |||
Reserve balances recorded as a reduction to receivables | $ 8 | $ 7 | $ 6 |
Income tax receivable | 1 | 1 | 5 |
Payments for (Proceeds from) Tenant Allowance | 1 | 0 | 1 |
Value of inventory for wholesale and direct to consumer sales returns included in prepaid expenses and other current assets | 3 | 2 | 3 |
Contract liabilities for gift cards and merchandise credits, less any breakage income recognized to date, included in other accrued expenses and liabilities | 12 | 12 | 10 |
Direct to consumer | |||
Disaggregation of Revenue [Line Items] | |||
Estimated sales returns | $ 5 | $ 3 | $ 5 |
Leases (Details 1)
Leases (Details 1) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
May 04, 2019 | Feb. 02, 2019 | |
Leases [Abstract] | ||
Deferred rent | $ 61 | |
Operating lease cost | $ 16 | $ 28 |
Variable lease cost | 5 | |
Total lease cost | $ 21 | |
Weighted average remaining lease term | 7 years | |
Weighted average discount rate | 5.00% | |
Cash paid for lease liabilities | $ 17 |
Leases (Details 2)
Leases (Details 2) $ in Thousands | May 04, 2019USD ($) |
Leases [Abstract] | |
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 |
Discount | 60,572 |
Present value of lease liabilities | $ 349,082 |
Leases (Details 3)
Leases (Details 3) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
May 04, 2019 | Feb. 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 2019 | 68 | |
Fiscal 2020 | 66 | |
Fiscal 2021 | 62 | |
Fiscal 2022 | 59 | |
Fiscal 2023 | 51 | |
Thereafter | $ 124 |