Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 01, 2015 | Aug. 28, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | OXFORD INDUSTRIES INC | |
Entity Central Index Key | 75,288 | |
Current Fiscal Year End Date | --01-30 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Aug. 1, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 16,584,243 | |
Entity Current Reporting Status | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Current Assets: | |||
Cash and cash equivalents | $ 13,661 | $ 5,281 | $ 6,416 |
Receivables, net | 57,108 | 64,587 | 46,912 |
Inventories, net | 104,786 | 120,613 | 107,866 |
Prepaid expenses, net | 22,163 | 19,941 | 18,226 |
Deferred tax assets | 27,248 | 24,424 | 21,995 |
Assets related to discontinued operations, net | 49 | 48,123 | 48,923 |
Total current assets | 225,015 | 282,969 | 250,338 |
Property and equipment, net | 170,283 | 146,039 | 136,186 |
Intangible assets, net | 145,010 | 146,135 | 148,264 |
Goodwill | 17,254 | 17,295 | 17,444 |
Other non-current assets, net | 22,753 | 22,529 | 23,535 |
Assets related to discontinued operations, net | 0 | 31,747 | 33,312 |
Total Assets | 580,315 | 646,714 | 609,079 |
Current Liabilities: | |||
Accounts payable | 48,337 | 72,785 | 52,447 |
Accrued compensation | 30,538 | 27,075 | 23,656 |
Income tax payable | 5,016 | 5,282 | 4,787 |
Other accrued expenses and liabilities | 26,780 | 24,921 | 23,545 |
Contingent consideration | 0 | 12,500 | 12,363 |
Liabilities related to discontinued operations | 6,868 | 17,379 | 14,886 |
Total current liabilities | 117,539 | 159,942 | 131,684 |
Long-term debt | 45,000 | 104,842 | 106,516 |
Other non-current liabilities | 63,420 | 56,287 | 50,221 |
Non-current deferred income taxes | 29,700 | 29,467 | 29,309 |
Liabilities related to discontinued operations | $ 0 | $ 5,571 | $ 5,862 |
Commitments and contingencies | |||
Shareholders’ Equity: | |||
Common stock, $1.00 par value per share | $ 16,584 | $ 16,478 | $ 16,469 |
Additional paid-in capital | 122,063 | 119,052 | 116,266 |
Retained earnings | 192,153 | 185,229 | 176,453 |
Accumulated other comprehensive loss | (6,144) | (30,154) | (23,701) |
Total shareholders’ equity | 324,656 | 290,605 | 285,487 |
Total Liabilities and Shareholders’ Equity | $ 580,315 | $ 646,714 | $ 609,079 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
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 | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 250,689 | $ 227,550 | $ 511,084 | $ 470,116 |
Cost of goods sold | 99,603 | 91,279 | 205,605 | 193,473 |
Gross profit | 151,086 | 136,271 | 305,479 | 276,643 |
SG&A | 119,963 | 109,943 | 242,643 | 220,783 |
Change in fair value of contingent consideration | 0 | 68 | 0 | 137 |
Royalties and other operating income | 3,623 | 3,299 | 7,393 | 6,569 |
Operating income | 34,746 | 29,559 | 70,229 | 62,292 |
Interest expense, net | 737 | 888 | 1,512 | 1,858 |
Earnings from continuing operations before income taxes | 34,009 | 28,671 | 68,717 | 60,434 |
Income taxes | 12,959 | 11,382 | 26,344 | 24,087 |
Net earnings from continuing operations | 21,050 | 17,289 | 42,373 | 36,347 |
Net loss, including loss on sale, of discontinued operations, net of taxes | (23,070) | (2,220) | (27,138) | (6,309) |
Net (loss) earnings | $ (2,020) | $ 15,069 | $ 15,235 | $ 30,038 |
Net earnings from continuing operations per share: | ||||
Basic (in dollars per share) | $ 1.28 | $ 1.05 | $ 2.58 | $ 2.21 |
Diluted (in dollars per share) | 1.27 | 1.05 | 2.56 | 2.21 |
Net loss, including loss on sale, of discontinued operations, net of taxes, per share: | ||||
Basic (in dollars per share) | (1.40) | (0.14) | (1.65) | (0.38) |
Diluted (in dollars per share) | (1.39) | (0.13) | (1.64) | (0.38) |
Net (loss) earnings per share: | ||||
Basic (in dollars per share) | (0.12) | 0.92 | 0.93 | 1.83 |
Diluted (in dollars per share) | $ (0.12) | $ 0.92 | $ 0.92 | $ 1.83 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 16,451 | 16,425 | 16,448 | 16,421 |
Diluted (in shares) | 16,547 | 16,460 | 16,536 | 16,455 |
Dividends declared per common share (in dollars per share) | $ 0.25 | $ 0.21 | $ 0.50 | $ 0.42 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ (2,020) | $ 15,069 | $ 15,235 | $ 30,038 |
Other comprehensive income, net of taxes: | ||||
Foreign currency translation gain | 23,520 | 15 | 24,756 | 109 |
Net unrealized (loss) income on cash flow hedges | (354) | 149 | (746) | (192) |
Total other comprehensive income (loss), net of taxes | 23,166 | 164 | 24,010 | (83) |
Comprehensive income | $ 21,146 | $ 15,233 | $ 39,245 | $ 29,955 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Aug. 01, 2015 | Aug. 02, 2014 | |
Cash Flows From Operating Activities: | ||
Net earnings | $ 15,235 | $ 30,038 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 16,818 | 17,180 |
Amortization of intangible assets | 1,013 | 1,260 |
Change in fair value of contingent consideration | 0 | 137 |
Amortization of deferred financing costs | 192 | 192 |
Loss on sale of discontinued operations | 20,437 | 0 |
Equity compensation expense | 2,458 | 1,737 |
Deferred income taxes | (1,413) | (967) |
Changes in working capital, net of acquisitions and dispositions: | ||
Receivables, net | 13,505 | 18,452 |
Inventories, net | 16,638 | 2,839 |
Prepaid expenses, net | (2,533) | (347) |
Current liabilities | (15,733) | (10,248) |
Other non-current assets, net | (790) | (568) |
Other non-current liabilities | 6,904 | 209 |
Net cash provided by operating activities | 72,731 | 59,914 |
Cash Flows From Investing Activities: | ||
Purchases of property and equipment | (41,425) | (19,576) |
Proceeds from sale of discontinued operations | 59,336 | 0 |
Net cash provided by (used in) investing activities | 17,911 | (19,576) |
Cash Flows From Financing Activities: | ||
Repayment of revolving credit arrangements | (216,336) | (191,056) |
Proceeds from revolving credit arrangements | 153,690 | 157,867 |
Payment of contingent consideration | (12,500) | (2,500) |
Proceeds from issuance of common stock, including excess tax benefits | 658 | 564 |
Dividends paid | (8,313) | (6,931) |
Net cash used in financing activities | (82,801) | (42,056) |
Net change in cash and cash equivalents | 7,841 | (1,718) |
Effect of foreign currency translation on cash and cash equivalents | 539 | (349) |
Cash and cash equivalents at the beginning of year | 5,281 | 8,483 |
Cash and cash equivalents at the end of the period | 13,661 | 6,416 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, net | 1,399 | 1,821 |
Cash paid for income taxes | $ 22,797 | $ 25,873 |
Basis of Presentation_
Basis of Presentation: | 6 Months Ended |
Aug. 01, 2015 | |
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. 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 2014 . Unless otherwise indicated, all references to assets, liabilities, revenues and expenses in these financial statements reflect continuing operations and exclude any amounts related to our former Ben Sherman operating group, which is classified as discontinued operations, as discussed in Note 4. |
Operating Group Information_
Operating Group Information: | 6 Months Ended |
Aug. 01, 2015 | |
Segment Reporting [Abstract] | |
Operating Group Information: | Operating Group Information: Our business is primarily operated through our Tommy Bahama, Lilly Pulitzer, and Lanier Clothes operating groups, each of which is described in our Annual Report on Form 10-K for Fiscal 2014 . 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. The tables below present certain information (in thousands) about our operating groups, as well as Corporate and Other, which is a reconciling category for reporting purposes. Beginning with the First Quarter of Fiscal 2015, amounts associated with our Ben Sherman operations, which were sold in the Second Quarter of Fiscal 2015, are classified as discontinued operations and therefore are excluded from the tables below. Second Quarter Fiscal 2015 Second Quarter Fiscal 2014 First Half Fiscal 2015 First Half Fiscal 2014 Net sales Tommy Bahama $ 165,842 $ 157,789 $ 338,511 $ 316,148 Lilly Pulitzer 64,676 46,568 123,654 96,939 Lanier Clothes 18,306 21,318 44,478 50,064 Corporate and Other 1,865 1,875 4,441 6,965 Total net sales $ 250,689 $ 227,550 $ 511,084 $ 470,116 Depreciation and amortization Tommy Bahama $ 6,546 $ 6,764 $ 13,467 $ 13,422 Lilly Pulitzer 1,353 1,096 2,634 2,150 Lanier Clothes 111 67 221 134 Corporate and Other 392 627 842 1,258 Total depreciation and amortization $ 8,402 $ 8,554 $ 17,164 $ 16,964 Operating income (loss) Tommy Bahama $ 20,142 $ 21,758 $ 40,916 $ 41,620 Lilly Pulitzer 19,515 11,177 37,258 25,977 Lanier Clothes 1,483 1,537 3,624 4,275 Corporate and Other (6,394 ) (4,913 ) (11,569 ) (9,580 ) Total operating income $ 34,746 $ 29,559 $ 70,229 $ 62,292 Interest expense, net 737 888 1,512 1,858 Earnings from continuing operations before income taxes $ 34,009 $ 28,671 $ 68,717 $ 60,434 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss: | 6 Months Ended |
Aug. 01, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss: | Accumulated Other Comprehensive Loss: The following tables detail the changes in our accumulated other comprehensive loss by component (in thousands), net of related income taxes, for the periods specified: Second Quarter Fiscal 2015 Foreign currency translation gain (loss) Net unrealized gain (loss) on cash flow hedges Accumulated other comprehensive income (loss) Beginning balance $ (29,664 ) $ 354 $ (29,310 ) Total other comprehensive income (loss), net of taxes 23,520 (354 ) 23,166 Ending balance $ (6,144 ) $ — $ (6,144 ) Second Quarter Fiscal 2014 Foreign Net unrealized Accumulated Beginning balance $ (23,189 ) $ (676 ) $ (23,865 ) Total other comprehensive income, net of taxes 15 149 164 Ending balance $ (23,174 ) $ (527 ) $ (23,701 ) First Half Fiscal 2015 Foreign Net unrealized Accumulated Beginning balance $ (30,900 ) $ 746 $ (30,154 ) Total other comprehensive income (loss), net of taxes 24,756 (746 ) 24,010 Ending balance $ (6,144 ) $ — $ (6,144 ) First Half Fiscal 2014 Foreign Net unrealized Accumulated Beginning balance $ (23,283 ) $ (335 ) $ (23,618 ) Total other comprehensive income (loss), net of taxes 109 (192 ) (83 ) Ending balance $ (23,174 ) $ (527 ) $ (23,701 ) The change in accumulated other comprehensive loss during the Second Quarter of Fiscal 2015 and the First Half of Fiscal 2015 resulted from the sale of our discontinued operations as the related amounts previously classified in accumulated other comprehensive loss were recognized in net loss from discontinued operations, net of taxes in our consolidated statement of operations. No material amounts of accumulated other comprehensive loss were reclassified from accumulated other comprehensive loss into our consolidated statements of operations during either the Second Quarter of Fiscal 2014 or the First Half of Fiscal 2014. |
Discontinued Operations_
Discontinued Operations: | 6 Months Ended |
Aug. 01, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations: | Discontinued Operations: On July 17, 2015, we entered into a sale and purchase agreement with an unrelated party, Ben Sherman UK Acquisition Limited, pursuant to which we sold 100% of the equity interests of our Ben Sherman business, consisting of Ben Sherman Limited and its subsidiaries and Ben Sherman Clothing LLC, for £ 40.8 million . The final purchase price received by us is subject to adjustment based on, among other things, the actual debt and net working capital of the Ben Sherman business on the closing date, which is expected to be finalized during the Third Quarter of Fiscal 2015. The loss on our sale of the Ben Sherman business was estimated for purposes of our August 1, 2015 consolidated financial statements. We do not anticipate significant operations or earnings related to the discontinued operations subsequent to the Second Quarter of Fiscal 2015, with cash flow attributable to discontinued operations in future periods primarily limited to the post-closing purchase price adjustments and amounts associated with a lease obligation of the Ben Sherman business which we retained in connection with the transaction. Changes to the estimates included in our loss on sale of discontinued operations and liabilities related to discontinued operations as of August 1, 2015, including actual amounts payable in connection with the retained lease obligation, the estimated post-closing purchase price adjustment or accrued expenses related to the transaction, may result in an adjustment to our loss on the sale transaction. In connection with the Ben Sherman disposal transaction we, among other things, entered into a transitional services agreement with the purchaser pursuant to which we and our subsidiaries are providing, in exchange for various fees, certain transitional support services (primarily in the United States) to the purchaser in connection with its operation of the Ben Sherman business following the transaction. The duration of the transitional services vary but may continue for a period of up to 12 months following the date of the transaction. We have not classified as discontinued operations any corporate or shared service expenses historically charged to Ben Sherman which we determined may not be eliminated as a result of its disposal. Recognizing these expenses as continuing operations in Corporate and Other reflects the uncertainty of whether there will be a reduction in such corporate or shared service expenses in the future as a result of the sale of Ben Sherman. Interest expense under our prior U.K. revolving credit agreement, which was satisfied in connection with the transaction, is the only interest expense included in discontinued operations in our consolidated financial statements as this represents the interest expense directly attributable to the discontinued operations. The following represents major classes of assets and liabilities related to the discontinued operations included in our consolidated balance sheets as of the following dates (in thousands): August 1, 2015 January 31, 2015 August 2, 2014 Receivables, net $ — $ 14,517 $ 11,334 Inventories, net — 27,602 33,469 Other current assets, net 49 6,004 4,110 Property and equipment, net — 9,037 7,788 Intangible assets, net — 21,635 24,311 Other non-current assets, net — 1,075 1,213 Total assets $ 49 $ 79,870 $ 82,225 Accounts payable and other accrued expenses $ 6,868 $ 13,253 $ 12,923 Short-term debt — 4,126 1,963 Non-current liabilities — 1,826 1,610 Deferred income taxes — 3,745 4,252 Total liabilities $ 6,868 $ 22,950 $ 20,748 Net (liabilities) assets $ (6,819 ) $ 56,920 $ 61,477 Operating results of the discontinued operations are shown below (in thousands): Second Quarter Fiscal 2015 Second Quarter Fiscal 2014 First Half Fiscal 2015 First Half Fiscal 2014 Net sales $ 13,105 $ 18,696 $ 28,081 $ 33,779 Cost of goods sold 8,824 9,552 17,414 17,679 Gross profit 4,281 9,144 10,667 16,100 SG&A 8,370 12,454 20,106 24,845 Royalties and other operating income 789 576 1,919 1,747 Operating loss (3,300 ) (2,734 ) (7,520 ) (6,998 ) Interest expense, net (27 ) 33 45 136 Loss from discontinued operations before income taxes (3,273 ) (2,767 ) (7,565 ) (7,134 ) Income taxes (640 ) (547 ) (864 ) (825 ) Loss from discontinued operations, net of taxes (2,633 ) (2,220 ) (6,701 ) (6,309 ) Loss on sale of discontinued operations, net of taxes (20,437 ) — (20,437 ) — Net loss from discontinued operations, net of taxes $ (23,070 ) $ (2,220 ) $ (27,138 ) $ (6,309 ) Certain information pertaining to depreciation and amortization as well as capital expenditures associated with our discontinued operations has been included below (in thousands): Second Quarter Fiscal 2015 Second Quarter Fiscal 2014 First Half Fiscal 2015 First Half Fiscal 2014 Depreciation and amortization (1) $ — $ 750 $ 667 $ 1,476 Capital expenditures $ 233 $ 438 $ 660 $ 796 (1) For Fiscal 2015, amounts reflect expense recognized prior to classification as held for sale, which occurred on March 24, 2015. No expense for depreciation or amortization was recognized in our consolidated statements of operations subsequent to qualifying as held for sale. |
Operating Group Information_ (T
Operating Group Information: (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Segment Reporting [Abstract] | |
Schedule of information pertaining to the operating groups | The tables below present certain information (in thousands) about our operating groups, as well as Corporate and Other, which is a reconciling category for reporting purposes. Beginning with the First Quarter of Fiscal 2015, amounts associated with our Ben Sherman operations, which were sold in the Second Quarter of Fiscal 2015, are classified as discontinued operations and therefore are excluded from the tables below. Second Quarter Fiscal 2015 Second Quarter Fiscal 2014 First Half Fiscal 2015 First Half Fiscal 2014 Net sales Tommy Bahama $ 165,842 $ 157,789 $ 338,511 $ 316,148 Lilly Pulitzer 64,676 46,568 123,654 96,939 Lanier Clothes 18,306 21,318 44,478 50,064 Corporate and Other 1,865 1,875 4,441 6,965 Total net sales $ 250,689 $ 227,550 $ 511,084 $ 470,116 Depreciation and amortization Tommy Bahama $ 6,546 $ 6,764 $ 13,467 $ 13,422 Lilly Pulitzer 1,353 1,096 2,634 2,150 Lanier Clothes 111 67 221 134 Corporate and Other 392 627 842 1,258 Total depreciation and amortization $ 8,402 $ 8,554 $ 17,164 $ 16,964 Operating income (loss) Tommy Bahama $ 20,142 $ 21,758 $ 40,916 $ 41,620 Lilly Pulitzer 19,515 11,177 37,258 25,977 Lanier Clothes 1,483 1,537 3,624 4,275 Corporate and Other (6,394 ) (4,913 ) (11,569 ) (9,580 ) Total operating income $ 34,746 $ 29,559 $ 70,229 $ 62,292 Interest expense, net 737 888 1,512 1,858 Earnings from continuing operations before income taxes $ 34,009 $ 28,671 $ 68,717 $ 60,434 |
Accumulated Other Comprehensi12
Accumulated Other Comprehensive Loss: (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of changes in the entity's accumulated other comprehensive loss by component, net of related income taxes | The following tables detail the changes in our accumulated other comprehensive loss by component (in thousands), net of related income taxes, for the periods specified: Second Quarter Fiscal 2015 Foreign currency translation gain (loss) Net unrealized gain (loss) on cash flow hedges Accumulated other comprehensive income (loss) Beginning balance $ (29,664 ) $ 354 $ (29,310 ) Total other comprehensive income (loss), net of taxes 23,520 (354 ) 23,166 Ending balance $ (6,144 ) $ — $ (6,144 ) Second Quarter Fiscal 2014 Foreign Net unrealized Accumulated Beginning balance $ (23,189 ) $ (676 ) $ (23,865 ) Total other comprehensive income, net of taxes 15 149 164 Ending balance $ (23,174 ) $ (527 ) $ (23,701 ) First Half Fiscal 2015 Foreign Net unrealized Accumulated Beginning balance $ (30,900 ) $ 746 $ (30,154 ) Total other comprehensive income (loss), net of taxes 24,756 (746 ) 24,010 Ending balance $ (6,144 ) $ — $ (6,144 ) First Half Fiscal 2014 Foreign Net unrealized Accumulated Beginning balance $ (23,283 ) $ (335 ) $ (23,618 ) Total other comprehensive income (loss), net of taxes 109 (192 ) (83 ) Ending balance $ (23,174 ) $ (527 ) $ (23,701 ) |
Discontinued Operations_ (Table
Discontinued Operations: (Tables) | 6 Months Ended |
Aug. 01, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | The following represents major classes of assets and liabilities related to the discontinued operations included in our consolidated balance sheets as of the following dates (in thousands): August 1, 2015 January 31, 2015 August 2, 2014 Receivables, net $ — $ 14,517 $ 11,334 Inventories, net — 27,602 33,469 Other current assets, net 49 6,004 4,110 Property and equipment, net — 9,037 7,788 Intangible assets, net — 21,635 24,311 Other non-current assets, net — 1,075 1,213 Total assets $ 49 $ 79,870 $ 82,225 Accounts payable and other accrued expenses $ 6,868 $ 13,253 $ 12,923 Short-term debt — 4,126 1,963 Non-current liabilities — 1,826 1,610 Deferred income taxes — 3,745 4,252 Total liabilities $ 6,868 $ 22,950 $ 20,748 Net (liabilities) assets $ (6,819 ) $ 56,920 $ 61,477 Operating results of the discontinued operations are shown below (in thousands): Second Quarter Fiscal 2015 Second Quarter Fiscal 2014 First Half Fiscal 2015 First Half Fiscal 2014 Net sales $ 13,105 $ 18,696 $ 28,081 $ 33,779 Cost of goods sold 8,824 9,552 17,414 17,679 Gross profit 4,281 9,144 10,667 16,100 SG&A 8,370 12,454 20,106 24,845 Royalties and other operating income 789 576 1,919 1,747 Operating loss (3,300 ) (2,734 ) (7,520 ) (6,998 ) Interest expense, net (27 ) 33 45 136 Loss from discontinued operations before income taxes (3,273 ) (2,767 ) (7,565 ) (7,134 ) Income taxes (640 ) (547 ) (864 ) (825 ) Loss from discontinued operations, net of taxes (2,633 ) (2,220 ) (6,701 ) (6,309 ) Loss on sale of discontinued operations, net of taxes (20,437 ) — (20,437 ) — Net loss from discontinued operations, net of taxes $ (23,070 ) $ (2,220 ) $ (27,138 ) $ (6,309 ) Certain information pertaining to depreciation and amortization as well as capital expenditures associated with our discontinued operations has been included below (in thousands): Second Quarter Fiscal 2015 Second Quarter Fiscal 2014 First Half Fiscal 2015 First Half Fiscal 2014 Depreciation and amortization (1) $ — $ 750 $ 667 $ 1,476 Capital expenditures $ 233 $ 438 $ 660 $ 796 (1) For Fiscal 2015, amounts reflect expense recognized prior to classification as held for sale, which occurred on March 24, 2015. No expense for depreciation or amortization was recognized in our consolidated statements of operations subsequent to qualifying as held for sale. |
Operating Group Information_ (D
Operating Group Information: (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Operating group information | ||||
Net sales | $ 250,689 | $ 227,550 | $ 511,084 | $ 470,116 |
Depreciation and amortization | 8,402 | 8,554 | 17,164 | 16,964 |
Operating income (loss) | 34,746 | 29,559 | 70,229 | 62,292 |
Interest expense, net | 737 | 888 | 1,512 | 1,858 |
Earnings from continuing operations before income taxes | 34,009 | 28,671 | 68,717 | 60,434 |
Corporate and Other | ||||
Operating group information | ||||
Net sales | 1,865 | 1,875 | 4,441 | 6,965 |
Depreciation and amortization | 392 | 627 | 842 | 1,258 |
Operating income (loss) | (6,394) | (4,913) | (11,569) | (9,580) |
Tommy Bahama | Operating Groups | ||||
Operating group information | ||||
Net sales | 165,842 | 157,789 | 338,511 | 316,148 |
Depreciation and amortization | 6,546 | 6,764 | 13,467 | 13,422 |
Operating income (loss) | 20,142 | 21,758 | 40,916 | 41,620 |
Lilly Pulitzer | Operating Groups | ||||
Operating group information | ||||
Net sales | 64,676 | 46,568 | 123,654 | 96,939 |
Depreciation and amortization | 1,353 | 1,096 | 2,634 | 2,150 |
Operating income (loss) | 19,515 | 11,177 | 37,258 | 25,977 |
Lanier Clothes | Operating Groups | ||||
Operating group information | ||||
Net sales | 18,306 | 21,318 | 44,478 | 50,064 |
Depreciation and amortization | 111 | 67 | 221 | 134 |
Operating income (loss) | $ 1,483 | $ 1,537 | $ 3,624 | $ 4,275 |
Accumulated Other Comprehensi15
Accumulated Other Comprehensive Loss: (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes | ||||
Beginning balance | $ (29,310) | $ (23,865) | $ (30,154) | $ (23,618) |
Total other comprehensive income (loss), net of taxes | 23,166 | 164 | 24,010 | (83) |
Ending balance | (6,144) | (23,701) | (6,144) | (23,701) |
Foreign currency translation gain (loss) | ||||
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes | ||||
Beginning balance | (29,664) | (23,189) | (30,900) | (23,283) |
Total other comprehensive income (loss), net of taxes | 23,520 | 15 | 24,756 | 109 |
Ending balance | (6,144) | (23,174) | (6,144) | (23,174) |
Net unrealized gain (loss) on cash flow hedges | ||||
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes | ||||
Beginning balance | 354 | (676) | 746 | (335) |
Total other comprehensive income (loss), net of taxes | (354) | 149 | (746) | (192) |
Ending balance | $ 0 | $ (527) | $ 0 | $ (527) |
Discontinued Operations_ (Detai
Discontinued Operations: (Details) - Jul. 17, 2015 - Disposed of by Sale - Ben Sherman UK Acquisition Limited - Ben Sherman - GBP (£) £ in Millions | Total |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Sale price | £ 40.8 |
Transitional services period, up to | 12 months |
Discontinued Operations_ Major
Discontinued Operations: Major Classes of Assets and Liabilities (Details) - Disposed of by Sale - Ben Sherman - USD ($) $ in Thousands | Aug. 01, 2015 | Jan. 31, 2015 | Aug. 02, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Receivables, net | $ 0 | $ 14,517 | $ 11,334 |
Inventories, net | 0 | 27,602 | 33,469 |
Other current assets, net | 49 | 6,004 | 4,110 |
Property and equipment, net | 0 | 9,037 | 7,788 |
Intangible assets, net | 0 | 21,635 | 24,311 |
Other non-current assets, net | 0 | 1,075 | 1,213 |
Total assets | 49 | 79,870 | 82,225 |
Accounts payable and other accrued expenses | 6,868 | 13,253 | 12,923 |
Short-term debt | 0 | 4,126 | 1,963 |
Non-current liabilities | 0 | 1,826 | 1,610 |
Deferred income taxes | 0 | 3,745 | 4,252 |
Total liabilities | 6,868 | 22,950 | 20,748 |
Net (liabilities) assets | $ (6,819) | $ 56,920 | $ 61,477 |
Discontinued Operations_ Operat
Discontinued Operations: Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 02, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Loss from discontinued operations, net of taxes | $ (23,070) | $ (2,220) | $ (27,138) | $ (6,309) |
Loss on sale of discontinued operations, net of taxes | (20,437) | 0 | ||
Disposed of by Sale | Ben Sherman | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 13,105 | 18,696 | 28,081 | 33,779 |
Cost of goods sold | 8,824 | 9,552 | 17,414 | 17,679 |
Gross profit | 4,281 | 9,144 | 10,667 | 16,100 |
SG&A | 8,370 | 12,454 | 20,106 | 24,845 |
Royalties and other operating income | 789 | 576 | 1,919 | 1,747 |
Operating loss | (3,300) | (2,734) | (7,520) | (6,998) |
Interest expense, net | (27) | 33 | 45 | 136 |
Loss from discontinued operations before income taxes | (3,273) | (2,767) | (7,565) | (7,134) |
Income taxes | (640) | (547) | (864) | (825) |
Loss from discontinued operations, net of taxes | (2,633) | (2,220) | (6,701) | (6,309) |
Loss on sale of discontinued operations, net of taxes | (20,437) | 0 | (20,437) | 0 |
Net loss from discontinued operations, net of taxes | $ (23,070) | $ (2,220) | $ (27,138) | $ (6,309) |
Discontinued Operations_ Additi
Discontinued Operations: Additional Disclosures (Details) - Disposed of by Sale - Ben Sherman - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | ||
Aug. 01, 2015 | Aug. 02, 2014 | Aug. 01, 2015 | Aug. 01, 2015 | Aug. 02, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Depreciation | $ 0 | $ 750,000 | $ 667,000 | $ 1,476,000 | |
Capital expenditures | $ 233,000 | $ 438,000 | $ 660,000 | $ 796,000 | |
Depreciation and amortization expense recognized subsequent to qualifying as held for sale | $ 0 |