Oxford Industries (OXM) 10-Q 8 Jun 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Apr. 30, 2016	Jun. 03, 2016
Document and Entity Information
Entity Registrant Name	OXFORD INDUSTRIES INC
Entity Central Index Key	75,288
Current Fiscal Year End Date	--01-28
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Apr. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		16,756,945
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Current Assets
Cash and cash equivalents	$ 6,974	$ 6,323	$ 8,913
Receivables, net	81,493	59,065	82,338
Inventories, net	143,641	129,136	114,376
Prepaid expenses	23,442	22,272	20,774
Assets related to discontinued operations, net	0	0	70,620
Total Current Assets	255,550	216,796	297,021
Property and equipment, net	185,971	184,094	149,279
Intangible assets, net	185,416	143,738	145,902
Goodwill	50,058	17,223	17,313
Other non-current assets, net	21,800	20,839	23,044
Total Assets	698,795	582,690	632,559
Current Liabilities
Accounts payable	62,497	68,306	50,945
Accrued compensation	14,948	30,063	22,449
Income tax payable	4,367	1,470	14,697
Other accrued expenses and liabilities	27,558	26,666	29,170
Liabilities related to discontinued operations	0	2,394	18,208
Total Current Liabilities	109,370	128,899	135,469
Long-term debt	152,905	43,975	130,572
Other non-current liabilities	67,551	67,188	56,154
Deferred taxes	12,323	3,657	4,365
Liabilities related to discontinued operations	$ 4,278	$ 4,571	$ 0
Commitments and contingencies
Shareholders’ Equity
Common stock, $1.00 par value per share	$ 16,757	$ 16,601	$ 16,583
Additional paid-in capital	125,662	125,477	120,393
Retained earnings	214,798	199,151	198,333
Accumulated other comprehensive loss	(4,849)	(6,829)	(29,310)
Total Shareholders’ Equity	352,368	334,400	305,999
Total Liabilities and Shareholders’ Equity	$ 698,795	$ 582,690	$ 632,559

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
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
	Apr. 30, 2016	May. 02, 2015
Income Statement [Abstract]
Net sales	$ 256,235	$ 260,394
Cost of goods sold	104,103	106,002
Gross profit	152,132	154,392
SG&A	124,166	122,680
Royalties and other operating income	4,040	3,770
Operating income	32,006	35,482
Interest expense, net	614	773
Earnings from continuing operations before income taxes	31,392	34,709
Income taxes	11,215	13,385
Net earnings from continuing operations	20,177	21,324
Loss from discontinued operations, net of taxes	0	(4,068)
Net earnings	$ 20,177	$ 17,256
Net earnings from continuing operations per share:
Basic (in dollars per share)	$ 1.22	$ 1.30
Diluted (in dollars per share)	1.21	1.29
Loss from discontinued operations, net of taxes, per share:
Basic (in dollars per share)	0	(0.25)
Diluted (in dollars per share)	0	(0.25)
Net earnings per share:
Basic (in dollars per share)	1.22	1.05
Diluted (in dollars per share)	$ 1.21	$ 1.04
Weighted average shares outstanding:
Basic (in shares)	16,503	16,445
Diluted (in shares)	16,617	16,525
Dividends declared per common share (in dollars per share)	$ 0.27	$ 0.25

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Statement of Comprehensive Income [Abstract]
Net earnings	$ 20,177	$ 17,256
Other comprehensive income, net of taxes:
Foreign currency translation gain	1,980	1,236
Net unrealized loss on cash flow hedges	0	(392)
Total other comprehensive income, net of taxes	1,980	844
Comprehensive income	$ 22,157	$ 18,100

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Cash Flows From Operating Activities:
Net earnings	$ 20,177	$ 17,256
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	9,464	8,906
Amortization of intangible assets	490	522
Equity compensation expense	1,575	1,182
Amortization of deferred financing costs	96	96
Deferred income taxes	4,688	(823)
Changes in working capital, net of acquisitions and dispositions:
Receivables, net	(16,562)	(12,512)
Inventories, net	2,767	12,637
Prepaid expenses	(375)	(2,820)
Current liabilities	(20,081)	(18,822)
Other non-current assets, net	(515)	(420)
Other non-current liabilities	(27)	(131)
Net cash provided by operating activities	1,697	5,071
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired	(91,871)	0
Purchases of property and equipment	(10,582)	(11,907)
Working capital settlement related to sale of discontinued operations	(2,030)	0
Net cash used in investing activities	(104,483)	(11,907)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(60,642)	(81,697)
Proceeds from revolving credit arrangements	169,572	108,492
Payment of contingent consideration amounts earned	0	(12,500)
Proceeds from issuance of common stock, net of equity awards withheld for taxes	(1,234)	263
Cash dividends declared and paid	(4,531)	(4,153)
Net cash provided by financing activities	103,165	10,405
Net change in cash and cash equivalents	379	3,569
Effect of foreign currency translation on cash and cash equivalents	272	63
Cash and cash equivalents at the beginning of year	6,323	5,281
Cash and cash equivalents at the end of the period	6,974	8,913
Supplemental disclosure of cash flow information:
Cash paid for interest, net	416	716
Cash paid for income taxes	$ 3,438	$ 4,340

Basis of Presentation_

Basis of Presentation:	3 Months Ended
	Apr. 30, 2016
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 2015 . 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 5. In March 2016, the FASB issued an update to their accounting guidance on stock compensation that intends to simplify and improve several aspects related to how equity-based payments are accounted for and presented in the financial statements, including the accounting for forfeitures and tax-effects related to equity-based payments at settlement and the classification of excess tax benefits and equity awards surrendered for tax withholdings in the statement of cash flows. The new guidance is effective for us in Fiscal 2017 with early adoption permitted. We early adopted this guidance as of the beginning of the First Quarter of Fiscal 2016 with no material impact on our consolidated financial statements.

Operating Group Information_

Operating Group Information:	3 Months Ended
	Apr. 30, 2016
Segment Reporting [Abstract]
Operating Group Information:	Operating Group Information: Our business is primarily operated through our Tommy Bahama, Lilly Pulitzer, Lanier Apparel and Southern Tide operating groups. 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. Tommy Bahama, Lilly Pulitzer and Southern Tide each design, source, market and distribute apparel and related products bearing their respective trademarks and also license their trademarks for other product categories, while Lanier Apparel designs, sources, and distributes branded and private label men's tailored clothing and sportswear products. Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, elimination of inter-segment sales, LIFO inventory accounting adjustments, other costs that are not allocated to the operating groups and operations of our other businesses which are not included in our operating groups, including our Lyons, Georgia distribution center operations. For a more extensive description of our Tommy Bahama, Lilly Pulitzer and Lanier Apparel operating groups, see Part I, Item 1. Business included in our Annual Report on Form 10-K. For a more extensive description of our Southern Tide operating group, which was acquired in Fiscal 2016, see Note 4 to these unaudited condensed consolidated financial statements. The tables below present certain information (in thousands) about our operating groups, as well as Corporate and Other. 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. First Quarter Fiscal 2016 First Quarter Fiscal 2015 Net sales Tommy Bahama $ 162,719 $ 172,669 Lilly Pulitzer 64,734 58,978 Lanier Apparel 26,611 28,023 Southern Tide 1,425 — Corporate and Other 746 724 Total net sales $ 256,235 $ 260,394 Depreciation and amortization Tommy Bahama $ 7,705 $ 6,921 Lilly Pulitzer 1,728 1,281 Lanier Apparel 94 116 Southern Tide 57 — Corporate and Other 370 444 Total depreciation and amortization $ 9,954 $ 8,762 Operating income (loss) Tommy Bahama $ 13,318 $ 20,775 Lilly Pulitzer 20,794 17,742 Lanier Apparel 2,865 1,844 Southern Tide 48 — Corporate and Other (5,019 ) (4,879 ) Total operating income $ 32,006 $ 35,482 Interest expense, net 614 773 Earnings from continuing operations before income taxes $ 31,392 $ 34,709

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss:	3 Months Ended
	Apr. 30, 2016
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: First Quarter Fiscal 2016 Foreign currency translation gain (loss) Net unrealized gain (loss) on cash flow hedges Accumulated other comprehensive income (loss) Beginning balance $ (6,829 ) $ — $ (6,829 ) Total other comprehensive income, net of taxes 1,980 — 1,980 Ending balance $ (4,849 ) $ — $ (4,849 ) First Quarter Fiscal 2015 Foreign Net unrealized Accumulated Beginning balance $ (30,900 ) $ 746 $ (30,154 ) Total other comprehensive income (loss), net of taxes 1,236 (392 ) 844 Ending balance $ (29,664 ) $ 354 $ (29,310 ) Substantially all the change in accumulated other comprehensive loss from the end of the First Quarter 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 in our consolidated statement of operations during the Second Quarter of Fiscal 2015 at the time of the Ben Sherman sale. No amounts of accumulated other comprehensive loss were reclassified from accumulated other comprehensive loss into our consolidated statements of operations during the First Quarter of Fiscal 2016 .

Business Combination_

Business Combination:	3 Months Ended
	Apr. 30, 2016
Business Combinations [Abstract]
Business Combination:	Business Combinations: On April 19, 2016, we acquired Southern Tide, LLC, which owns the Southern Tide lifestyle apparel brand. Southern Tide carries an extensive selection of men’s shirts, pants, shorts, outerwear, ties, swimwear, footwear and accessories, as well as a women’s collection. The brand’s products are sold through its wholesale operations to specialty stores and department stores as well as through its direct to consumer operations on the Southern Tide website. The purchase price for the acquisition of Southern Tide was $85 million in cash, subject to adjustment based on net working capital as of the closing date of the acquisition. After giving effect to a preliminary working capital adjustment, the purchase price paid was $91.9 million , net of acquired cash of $2.4 million . We used borrowings under our revolving credit facility to finance the transaction. Transaction costs related to this acquisition totaled $0.8 million and are included in SG&A in Corporate and Other in the First Quarter of Fiscal 2016 . Our allocation of the purchase price to the estimated fair values of the acquired assets and liabilities is preliminary. The allocation will be revised during the one year allocation period, as appropriate, as we obtain new information about the fair values of these assets and liabilities and finalize valuation estimates. Changes in future periods to the amounts allocated to the various assets could be material to the consolidated balance sheet. The following table summarizes our preliminary allocation of the purchase price for the Southern Tide acquisition (in thousands): Southern Tide acquisition Cash and cash equivalents $ 2,423 Receivables 6,042 Inventories (1) 16,656 Prepaid expenses 740 Property and equipment 239 Intangible assets 41,700 Goodwill 33,435 Other non-current assets 344 Accounts payable, accrued expenses and other liabilities (3,307 ) Deferred Taxes (3,978 ) Purchase price $ 94,294 (1) Includes a step-up of acquired inventory from cost to fair value of $3.0 million pursuant to the purchase method of accounting. This amount will be recognized in cost of goods sold as the acquired inventory is sold. Goodwill represents the amount by which the cost to acquire Southern Tide exceeds the fair value of individual acquired assets less liabilities of the business at acquisition. Intangible assets allocated in connection with our preliminary purchase price allocation consisted of the following (in thousands): Useful life Southern Tide acquisition Finite lived intangible assets acquired, primarily consisting of customer relationships 0 - 15 years $ 7,400 Trade names and trademarks Indefinite 34,300 $ 41,700 Pro Forma Information The consolidated pro forma information presented below (in thousands, except per share data) gives effect to the April 19, 2016 acquisition of Southern Tide as if the acquisition had occurred as of the beginning of Fiscal 2015. The information presented below is for illustrative purposes only and is not indicative of results that would have been achieved if the acquisition had occurred as of the beginning of Fiscal 2015 and is not intended to be a projection of future results of operations. The pro forma statements of operations have been prepared from our and Southern Tide's historical statements of operations for the periods presented, including without limitation, purchase accounting adjustments as indicated below, but excluding any seller specific management/advisory or similar expenses and any synergies or operating cost reductions that may be achieved from the combined operations in the future. First Quarter of Fiscal 2016 First Quarter of Fiscal 2015 Net sales $ 268,015 $ 271,935 Earnings from continuing operations before income taxes $ 34,364 $ 34,085 Earnings from continuing operations $ 22,005 $ 20,940 Earnings from continuing operations per shares: Basic 1.33 1.27 Diluted 1.32 1.27 The First Quarter of Fiscal 2016 pro forma information includes $0.2 million of amortization of acquired intangible assets, but excludes the $0.8 million of transaction expenses associated with the transaction and $0.2 million of incremental cost of goods sold associated with the step-up of inventory at acquisition that were recognized by us in our First Quarter of Fiscal 2016 consolidated statement of operations. The First Quarter of Fiscal 2015 pro forma information includes: (1) $0.2 million of amortization of acquired intangible assets, (2) transaction costs of $0.8 million associated with the transaction and (3) $1.2 million of incremental cost of goods sold associated with the step-up of inventory at acquisition. Additionally, the pro forma adjustments for each period reflect an estimate of incremental interest expense associated with additional borrowings and income tax expense that would have been incurred subsequent to the acquisition. We believe that the acquisition of Southern Tide further advances our strategic goal of owning a diversified portfolio of lifestyle brands. The acquisition will provide strategic benefits through growth opportunities and further diversification of our business over product categories and target consumers.

Discontinued Operations_

Discontinued Operations:	3 Months Ended
	Apr. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations:	Discontinued Operations: On July 17, 2015, 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 was 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 was finalized and paid during the First Quarter of Fiscal 2016. We do not anticipate significant operations or earnings related to the discontinued operations in future periods, with cash flow attributable to discontinued operations in future periods primarily limited to amounts associated with certain retained lease obligations. The estimated lease liability of $4.3 million as of April 30, 2016 represents our best estimate of the future net loss anticipated with respect to the retained lease obligations; however, the ultimate loss remains uncertain as the amount of any sub-lease income is dependent upon negotiated terms of any sub-lease agreements entered into for the spaces in the future. The following table 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): April 30, 2016 January 30, 2016 May 2, 2015 Receivables, net $ — $ — $ 9,158 Inventories, net — — 21,535 Other current assets, net — — 8,058 Property and equipment, net — — 8,946 Intangible assets, net — — 21,910 Other non-current assets, net — — 1,013 Total assets $ — $ — $ 70,620 Accounts payable and other accrued expenses $ — $ 2,394 $ 7,310 Short-term debt — — 5,259 Non-current liabilities 4,278 4,571 1,848 Deferred income taxes — — 3,791 Total liabilities $ 4,278 $ 6,965 $ 18,208 Net (liabilities) assets $ (4,278 ) $ (6,965 ) $ 52,412 Operating results of the discontinued operations are shown below (in thousands): First Quarter Fiscal 2016 First Quarter Fiscal 2015 Net sales $ — $ 14,976 Cost of goods sold — 8,590 Gross profit $ — $ 6,386 SG&A — 11,736 Royalties and other operating income — 1,130 Operating loss $ — $ (4,220 ) Interest expense, net — 72 Loss from discontinued operations before income taxes $ — $ (4,292 ) Income taxes — (224 ) Loss from discontinued operations, net of taxes $ — $ (4,068 ) During the First Quarter of Fiscal 2016 , we did not incur any depreciation, amortization or capital expenditures related to our discontinued operations, while in the First Quarter of Fiscal 2015 , we recognized $0.7 million of depreciation and amortization and $0.4 million of capital expenditures. Depreciation, amortization and capital expenditures, if any, related to our discontinued operations are included in the respective line items in our consolidated statements of cash flows.

Subsequent Event_ Subsequent Ev

Subsequent Event: Subsequent Event:	3 Months Ended
	Apr. 30, 2016
Subsequent Events [Abstract]
Subsequent Event:	Subsequent Event: On May 24, 2016, we entered into a Fourth Amended and Restated Credit Agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a revolving credit facility of up to $325 million , which may be used to refinance existing debt, to fund working capital, to fund future acquisitions and for general corporate purposes. The Revolving Credit Agreement amended and restated our Third Amended and Restated Credit Agreement, dated June 14, 2012 (as amended on November 21, 2013, the “Prior Credit Agreement”). The Revolving Credit Agreement (i) increased the borrowing capacity of the facility, (ii) extended the maturity from November 2018 to May 2021 and (iii) modified certain other provisions and restrictions from the Prior Revolving Credit Agreement. We expect that this amendment and restatement will result in a write off of unamortized deferred financing costs of $0.3 million in the Second Quarter of Fiscal 2016. The Revolving Credit Agreement generally (i) is limited to a borrowing base consisting of specified percentages of eligible categories of assets, (ii) accrues variable-rate interest, unused line fees and letter of credit fees based upon average unused availability and/or utilization, (iii) requires periodic interest payments with principal due at maturity (May 2021) and (iv) is secured by a first priority security interest in substantially all of the assets of Oxford Industries, Inc. and substantially all of its domestic subsidiaries including accounts receivable, books and records, chattel paper, deposit accounts, equipment, certain general intangibles, inventory, investment property (including the equity interests of certain subsidiaries), negotiable collateral, life insurance policies, supporting obligations, commercial tort claims, cash and cash equivalents, eligible trademarks, proceeds and other personal property. The Revolving Credit Agreement is subject to a number of affirmative covenants regarding the delivery of financial information, compliance with law, maintenance of property, insurance requirements and conduct of business. Also, our Revolving Credit Agreement is subject to certain negative covenants or other restrictions including, among other things, limitations on our ability to (i) incur debt, (ii) guaranty certain obligations, (iii) incur liens, (iv) pay dividends to shareholders, (v) repurchase shares of our common stock, (vi) make investments, (vii) sell assets or stock of subsidiaries, (viii) acquire assets or businesses, (ix) merge or consolidate with other companies or (x) prepay, retire, repurchase or redeem debt. Further, the Revolving Credit Agreement contains a financial covenant that applies if excess availability under the agreement for three consecutive days is less than the greater of (i) $23.5 million or (ii) 10% of availability. In such case, our fixed charge coverage ratio, as defined in the Revolving Credit Agreement, must not be less than 1.0 to 1.0 for the immediately preceding 12 fiscal months for which financial statements have been delivered. This financial covenant continues to apply until we have maintained excess availability under the Revolving Credit Agreement of more than the greater of (i) $23.5 million or (ii) 10% of availability for 30 consecutive days.

Operating Group Information_ (T

Operating Group Information: (Tables)	3 Months Ended
	Apr. 30, 2016
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. 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. First Quarter Fiscal 2016 First Quarter Fiscal 2015 Net sales Tommy Bahama $ 162,719 $ 172,669 Lilly Pulitzer 64,734 58,978 Lanier Apparel 26,611 28,023 Southern Tide 1,425 — Corporate and Other 746 724 Total net sales $ 256,235 $ 260,394 Depreciation and amortization Tommy Bahama $ 7,705 $ 6,921 Lilly Pulitzer 1,728 1,281 Lanier Apparel 94 116 Southern Tide 57 — Corporate and Other 370 444 Total depreciation and amortization $ 9,954 $ 8,762 Operating income (loss) Tommy Bahama $ 13,318 $ 20,775 Lilly Pulitzer 20,794 17,742 Lanier Apparel 2,865 1,844 Southern Tide 48 — Corporate and Other (5,019 ) (4,879 ) Total operating income $ 32,006 $ 35,482 Interest expense, net 614 773 Earnings from continuing operations before income taxes $ 31,392 $ 34,709

Accumulated Other Comprehensi14

Accumulated Other Comprehensive Loss: (Tables)	3 Months Ended
	Apr. 30, 2016
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: First Quarter Fiscal 2016 Foreign currency translation gain (loss) Net unrealized gain (loss) on cash flow hedges Accumulated other comprehensive income (loss) Beginning balance $ (6,829 ) $ — $ (6,829 ) Total other comprehensive income, net of taxes 1,980 — 1,980 Ending balance $ (4,849 ) $ — $ (4,849 ) First Quarter Fiscal 2015 Foreign Net unrealized Accumulated Beginning balance $ (30,900 ) $ 746 $ (30,154 ) Total other comprehensive income (loss), net of taxes 1,236 (392 ) 844 Ending balance $ (29,664 ) $ 354 $ (29,310 )

Business Combination_ Business

Business Combination: Business Combination: (Tables)	3 Months Ended
	Apr. 30, 2016
Business Combinations [Abstract]
Schedule of Business Acquisitions, by Acquisition	The following table summarizes our preliminary allocation of the purchase price for the Southern Tide acquisition (in thousands): Southern Tide acquisition Cash and cash equivalents $ 2,423 Receivables 6,042 Inventories (1) 16,656 Prepaid expenses 740 Property and equipment 239 Intangible assets 41,700 Goodwill 33,435 Other non-current assets 344 Accounts payable, accrued expenses and other liabilities (3,307 ) Deferred Taxes (3,978 ) Purchase price $ 94,294 (1) Includes a step-up of acquired inventory from cost to fair value of $3.0 million pursuant to the purchase method of accounting. This amount will be recognized in cost of goods sold as the acquired inventory is sold.
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	Intangible assets allocated in connection with our preliminary purchase price allocation consisted of the following (in thousands): Useful life Southern Tide acquisition Finite lived intangible assets acquired, primarily consisting of customer relationships 0 - 15 years $ 7,400 Trade names and trademarks Indefinite 34,300 $ 41,700
Business Acquisition, Pro Forma Information	First Quarter of Fiscal 2016 First Quarter of Fiscal 2015 Net sales $ 268,015 $ 271,935 Earnings from continuing operations before income taxes $ 34,364 $ 34,085 Earnings from continuing operations $ 22,005 $ 20,940 Earnings from continuing operations per shares: Basic 1.33 1.27 Diluted 1.32 1.27

Discontinued Operations_ (Table

Discontinued Operations: (Tables)	3 Months Ended
	Apr. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of discontinued operations	April 30, 2016 January 30, 2016 May 2, 2015 Receivables, net $ — $ — $ 9,158 Inventories, net — — 21,535 Other current assets, net — — 8,058 Property and equipment, net — — 8,946 Intangible assets, net — — 21,910 Other non-current assets, net — — 1,013 Total assets $ — $ — $ 70,620 Accounts payable and other accrued expenses $ — $ 2,394 $ 7,310 Short-term debt — — 5,259 Non-current liabilities 4,278 4,571 1,848 Deferred income taxes — — 3,791 Total liabilities $ 4,278 $ 6,965 $ 18,208 Net (liabilities) assets $ (4,278 ) $ (6,965 ) $ 52,412 Operating results of the discontinued operations are shown below (in thousands): First Quarter Fiscal 2016 First Quarter Fiscal 2015 Net sales $ — $ 14,976 Cost of goods sold — 8,590 Gross profit $ — $ 6,386 SG&A — 11,736 Royalties and other operating income — 1,130 Operating loss $ — $ (4,220 ) Interest expense, net — 72 Loss from discontinued operations before income taxes $ — $ (4,292 ) Income taxes — (224 ) Loss from discontinued operations, net of taxes $ — $ (4,068 ) During the First Quarter of Fiscal 2016 , we did not incur any depreciation, amortization or capital expenditures related to our discontinued operations, while in the First Quarter of Fiscal 2015 , we recognized $0.7 million of depreciation and amortization and $0.4 million of capital expenditures. Depreciation, amortization and capital expenditures, if any, related to our discontinued operations are included in the respective line items in our consolidated statements of cash flows.

Operating Group Information_ (D

Operating Group Information: (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Operating group information
Net sales	$ 256,235	$ 260,394
Depreciation and amortization	9,954	8,762
Operating income (loss)	32,006	35,482
Interest expense, net	614	773
Earnings from continuing operations before income taxes	31,392	34,709
Corporate and Other
Operating group information
Net sales	746	724
Depreciation and amortization	370	444
Operating income (loss)	(5,019)	(4,879)
Tommy Bahama | Operating Groups
Operating group information
Net sales	162,719	172,669
Depreciation and amortization	7,705	6,921
Operating income (loss)	13,318	20,775
Lilly Pulitzer | Operating Groups
Operating group information
Net sales	64,734	58,978
Depreciation and amortization	1,728	1,281
Operating income (loss)	20,794	17,742
Lanier Apparel | Operating Groups
Operating group information
Net sales	26,611	28,023
Depreciation and amortization	94	116
Operating income (loss)	2,865	1,844
Southern Tide | Operating Groups
Operating group information
Net sales	1,425	0
Depreciation and amortization	57	0
Operating income (loss)	$ 48	$ 0

Accumulated Other Comprehensi18

Accumulated Other Comprehensive Loss: (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes
Beginning balance	$ (6,829)	$ (30,154)
Total other comprehensive income, net of taxes	1,980	844
Ending balance	(4,849)	(29,310)
Foreign currency translation gain (loss)
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes
Beginning balance	(6,829)	(30,900)
Total other comprehensive income, net of taxes	1,980	1,236
Ending balance	(4,849)	(29,664)
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	0	746
Total other comprehensive income, net of taxes	0	(392)
Ending balance	$ 0	$ 354

Business Combination_ (Narrativ

Business Combination: (Narrative) (Details) - USD ($) $ in Thousands	Apr. 19, 2016	Apr. 30, 2016	May. 02, 2015
Business Acquisition [Line Items]
Acquisitions, net of cash acquired		$ 91,871	$ 0
Amortization expense		200	200
Cost of goods sold adjustment expense		200	1,200
Transaction costs		800	$ 800
Southern Tide
Business Acquisition [Line Items]
Purchase price	$ 85,000
Acquisitions, net of cash acquired		$ 91,900
Cash acquired	2,423
Selling, General and Administrative Expenses | Southern Tide
Business Acquisition [Line Items]
Transaction costs	$ 800

Business Combination_ Busines20

Business Combination: Business Combination: (Summary of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Apr. 19, 2016	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Business Acquisition [Line Items]
Goodwill		$ 50,058	$ 17,223	$ 17,313
Southern Tide
Business Acquisition [Line Items]
Cash and cash equivalents	$ 2,423
Receivables	6,042
Inventories	16,656
Prepaid expenses	740
Property and equipment	239
Intangible assets	41,700
Goodwill	33,435
Other non-current assets	344
Accounts payable, accrued expenses and other liabilities	(3,307)
Deferred Taxes	(3,978)
Purchase price	94,294
Inventory adjustment	$ 3,000

Business Combination_ Busines21

Business Combination: Business Combination: (Intangible Assets Acquired) (Details) - Southern Tide - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	Apr. 19, 2016
Business Acquisition [Line Items]
Finite lived intangible assets acquired, primarily consisting of customer relationships		$ 7,400
Trade names and trademarks		34,300
Intangible assets		$ 41,700
Minimum
Business Acquisition [Line Items]
Useful life	0 years
Maximum
Business Acquisition [Line Items]
Useful life	15 years

Business Combination_ Busines22

Business Combination: Business Combinations: (Pro Forma Information) (Details) - Southern Tide - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Business Acquisition [Line Items]
Net sales	$ 268,015	$ 271,935
Earnings from continuing operations before income taxes	34,364	34,085
Earnings from continuing operations	$ 22,005	$ 20,940
Basic (in usd per share)	$ 1.33	$ 1.27
Diluted (in usd per share)	$ 1.32	$ 1.27

Discontinued Operations_ (Detai

Discontinued Operations: (Details) - Disposed of by Sale - Ben Sherman $ in Thousands, £ in Millions	Jul. 17, 2015GBP (£)	Apr. 30, 2016USD ($)	Jan. 30, 2016USD ($)	May. 02, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated lease liability | $		$ 4,278	$ 4,571	$ 1,848
Ben Sherman UK Acquisition Limited
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest sold	100.00%
Sale price | £	£ 40.8

Discontinued Operations_ Major

Discontinued Operations: Major Classes of Assets and Liabilities (Details) - Disposed of by Sale - Ben Sherman - USD ($) $ in Thousands	Apr. 30, 2016	Jan. 30, 2016	May. 02, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Receivables, net	$ 0	$ 0	$ 9,158
Inventories, net	0	0	21,535
Other current assets, net	0	0	8,058
Property and equipment, net	0	0	8,946
Intangible assets, net	0	0	21,910
Other non-current assets, net	0	0	1,013
Total assets	0	0	70,620
Accounts payable and other accrued expenses	0	2,394	7,310
Short-term debt	0	0	5,259
Non-current liabilities	4,278	4,571	1,848
Deferred income taxes	0	0	3,791
Total liabilities	4,278	6,965	18,208
Net (liabilities) assets	$ (4,278)	$ (6,965)	$ 52,412

Discontinued Operations_ Operat

Discontinued Operations: Operating Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss from discontinued operations, net of taxes	$ 0	$ (4,068)
Disposed of by Sale | Ben Sherman
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	14,976
Cost of goods sold	0	8,590
Gross profit	0	6,386
SG&A	0	11,736
Royalties and other operating income	0	1,130
Operating loss	0	(4,220)
Interest expense, net	0	72
Loss from discontinued operations before income taxes	0	(4,292)
Income taxes	0	(224)
Loss from discontinued operations, net of taxes	$ 0	$ (4,068)

Discontinued Operations_ Additi

Discontinued Operations: Additional Disclosures (Details) - USD ($)	3 Months Ended
	Apr. 30, 2016	May. 02, 2015
Discontinued Operations and Disposal Groups [Abstract]
Depreciation	$ 0	$ 1,000,000
Capital expenditures	$ 0	$ 400,000

Subsequent Event_ (Details)

Subsequent Event: (Details) - Revolving Credit Facility - Fourth Amended and Restated Credit Agreement - Subsequent Event	May. 24, 2016USD ($)
Subsequent Event [Line Items]
Maximum borrowing capacity	$ 325,000,000
Anticipated write-off of deferred costs	300,000
Amount of availability subject to threshold	$ 23,500,000
Percent of availability subject to threshold	10.00%
Fixed charge coverage ratio	1