Oxford Industries (OXM) 10-Q 12 Sep 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 03, 2019	Aug. 30, 2019
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 3, 2019
Document Transition Report	false
Entity File Number	1-4365
Entity Registrant Name	OXFORD INDUSTRIES INC
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0831862
Entity Address, Address Line One	999 Peachtree Street, N.E.
Entity Address, Address Line Two	Suite 688
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30309
City Area Code	404
Local Phone Number	659-2424
Title of 12(b) Security	Common Stock
Trading Symbol	OXM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,034,929
Entity Central Index Key	0000075288
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 03, 2019	Feb. 02, 2019	Aug. 04, 2018
Current Assets
Cash and cash equivalents	$ 30,756	$ 8,327	$ 7,054
Receivables, net	59,176	69,037	69,724
Inventories, net	152,672	160,656	123,924
Prepaid expenses and other current assets	22,440	31,768	29,393
Total Current Assets	265,044	269,788	230,095
Property and equipment, net	189,410	192,576	195,378
Intangible assets, net	175,591	176,176	177,418
Goodwill	66,585	66,621	66,581
Operating lease assets	288,928
Other non-current assets, net	24,636	22,093	23,918
Total Assets	1,010,194	727,254	693,390
Current Liabilities
Accounts payable	48,998	81,612	51,487
Accrued compensation	19,195	24,226	21,606
Current operating lease liabilities	54,044
Other accrued expenses and liabilities	41,882	36,371	37,828
Total Current Liabilities	164,119	142,209	110,921
Long-term debt		12,993	24,936
Non-current operating lease liabilities	290,133
Other non-current liabilities	17,077	75,286	74,649
Deferred taxes	19,916	18,411	15,752
Commitments and contingencies
Shareholders' Equity
Common stock, $1.00 par value per share	17,035	16,959	16,951
Additional paid-in capital	145,123	142,976	138,613
Retained earnings	362,407	323,515	316,507
Accumulated other comprehensive loss	(5,616)	(5,095)	(4,939)
Total Shareholders' Equity	518,949	478,355	467,132
Total Liabilities and Shareholders' Equity	$ 1,010,194	$ 727,254	$ 693,390

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 03, 2019	Feb. 02, 2019	Aug. 04, 2018
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 1	$ 1	$ 1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net Sales	$ 302,000	$ 302,641	$ 583,973	$ 575,269
Cost of goods sold	122,175	123,344	238,379	231,826
Gross profit	179,825	179,297	345,594	343,443
SG&A	143,403	146,340	283,217	286,060
Royalties and other operating income	3,837	3,556	7,624	7,503
Operating income	40,259	36,513	70,001	64,886
Interest expense, net	419	602	1,090	1,383
Earnings before income taxes	39,840	35,911	68,911	63,503
Income taxes	10,004	8,727	17,418	15,752
Net earnings, basic	29,836	27,184	51,493	47,751
Net earnings, diluted	$ 29,836	$ 27,184	$ 51,493	$ 47,751
Net earnings per share:
Basic (in dollars per share)	$ 1.78	$ 1.63	$ 3.08	$ 2.87
Diluted (in dollars per share)	$ 1.76	$ 1.61	$ 3.05	$ 2.84
Weighted average shares outstanding:
Basic (in shares)	16,760	16,683	16,736	16,661
Diluted (in shares)	16,907	16,840	16,878	16,804
Dividends declared per share (in dollars per share)	$ 0.37	$ 0.34	$ 0.74	$ 0.68

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 29,836	$ 27,184	$ 51,493	$ 47,751
Other comprehensive income (loss), net of taxes:
Net foreign currency translation adjustment	(133)	(284)	(521)	(865)
Comprehensive income	$ 29,703	$ 26,900	$ 50,972	$ 46,886

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018
Cash Flows From Operating Activities:
Net earnings	$ 51,493	$ 47,751
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	19,402	20,224
Amortization of intangible assets	584	1,373
Equity compensation expense	3,791	3,598
Amortization of deferred financing costs	212	212
Deferred income taxes	1,274	330
Changes in working capital, net of acquisitions and dispositions:
Receivables, net	10,131	(2,460)
Inventories, net	7,680	19
Prepaid expenses and other current assets	3,825	8,494
Current liabilities	(31,983)	(23,366)
Other balance sheet changes	858	1,357
Cash provided by operating activities	67,267	57,532
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired		(302)
Purchases of property and equipment	(15,976)	(22,349)
Cash used in investing activities	(15,976)	(22,651)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(122,241)	(165,928)
Proceeds from revolving credit arrangements	109,248	145,055
Deferred financing costs paid	(894)
Proceeds from issuance of common stock	885	814
Repurchase of equity awards for employee tax withholding liabilities	(2,453)	(2,351)
Cash dividends declared and paid	(12,601)	(11,522)
Other financing activities	(1,033)
Cash used in financing activities	(29,089)	(33,932)
Net change in cash and cash equivalents	22,202	949
Effect of foreign currency translation on cash and cash equivalents	227	(238)
Cash and cash equivalents at the beginning of year	8,327	6,343
Cash and cash equivalents at the end of the period	30,756	7,054
Supplemental disclosure of cash flow information:
Cash paid for interest, net	971	1,211
Cash paid for income taxes	$ 8,416	$ 11,839

Basis of Presentation

Basis of Presentation	6 Months Ended
	Aug. 03, 2019
Basis of Presentation
Basis of Presentation	1. Basis of Presentation: 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 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 not expected to have a material impact on our consolidated financial statements. ​

Operating Group Information

Operating Group Information	6 Months Ended
	Aug. 03, 2019
Operating Group Information
Operating Group Information	2. Operating Group Information: 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 table below presents certain financial information (in thousands) about our operating groups, as well as Corporate and Other. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter ​ First Half ​ ​ Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 ​ Net sales ​ ​ ​ ​ Tommy Bahama ​ $ 188,870 ​ $ 192,728 ​ $ 353,600 ​ $ 359,860 ​ Lilly Pulitzer ​ 75,555 ​ 71,623 ​ 148,150 ​ 140,250 ​ Lanier Apparel ​ 20,905 ​ 23,860 ​ 47,494 ​ 43,769 ​ Southern Tide ​ 12,468 ​ 11,777 ​ 26,602 ​ 25,249 ​ Corporate and Other ​ 4,202 ​ 2,653 ​ 8,127 ​ 6,141 ​ Total net sales ​ $ 302,000 ​ $ 302,641 ​ $ 583,973 ​ $ 575,269 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ Tommy Bahama ​ $ 6,907 ​ $ 8,260 ​ $ 13,747 ​ $ 15,326 ​ Lilly Pulitzer ​ 2,381 ​ 2,624 ​ 5,064 ​ 5,103 ​ Lanier Apparel ​ 141 ​ 139 ​ 281 ​ 280 ​ Southern Tide ​ 135 ​ 136 ​ 269 ​ 261 ​ Corporate and Other ​ 285 ​ 312 ​ 625 ​ 627 ​ Total depreciation and amortization ​ $ 9,849 ​ $ 11,471 ​ $ 19,986 ​ $ 21,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ Tommy Bahama ​ $ 23,218 ​ $ 20,621 ​ $ 38,410 ​ $ 34,924 ​ Lilly Pulitzer ​ 20,449 ​ 18,421 ​ 35,701 ​ 34,247 ​ Lanier Apparel ​ 253 ​ 825 ​ 1,435 ​ 1,187 ​ Southern Tide ​ 1,834 ​ 1,420 ​ 4,351 ​ 3,907 ​ Corporate and Other ​ (5,495) ​ (4,774) ​ (9,896) ​ (9,379) ​ Total operating income ​ 40,259 ​ 36,513 ​ $ 70,001 ​ $ 64,886 ​ Interest expense, net ​ 419 ​ 602 ​ 1,090 ​ 1,383 ​ Earnings before income taxes ​ $ 39,840 ​ $ 35,911 ​ $ 68,911 ​ $ 63,503 ​ ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Fiscal 2019 ​ Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama ​ $ 188,870 50 % 23 % 11 % 16 % — % Lilly Pulitzer ​ 75,555 51 % 29 % — % 20 % — % Lanier Apparel ​ 20,905 — % 2 % — % 98 % — % Southern Tide ​ 12,468 — % 22 % — % 78 % — % Corporate and Other ​ 4,202 — % 62 % — % 29 % 9 % Total ​ $ 302,000 44 % 23 % 7 % 26 % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Fiscal 2018 ​ Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama ​ $ 192,728 50 % 21 % 11 % 18 % — % Lilly Pulitzer ​ 71,623 52 % 27 % — % 21 % — % Lanier Apparel ​ 23,860 — % — % — % 100 % — % Southern Tide ​ 11,777 — % 20 % — % 80 % — % Corporate and Other ​ 2,653 — % 51 % — % 22 % 27 % Total ​ $ 302,641 45 % 21 % 7 % 27 % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Half Fiscal 2019 ​ ​ Net Sales Retail E ‑ commerce Restaurant Wholesale Other Tommy Bahama ​ $ 353,600 49 % 19 % 13 % 19 % — % Lilly Pulitzer ​ 148,150 46 % 27 % — % 27 % — % Lanier Apparel ​ 47,494 — % 1 % — % 99 % — % Southern Tide ​ 26,602 — % 17 % — % 83 % — % Corporate and Other ​ 8,127 — % 62 % — % 29 % 9 % Total net sales ​ $ 583,973 41 % 20 % 8 % 31 % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Half Fiscal 2018 ​ ​ Net Sales Retail E ‑ commerce Restaurant Wholesale Other Tommy Bahama ​ $ 359,860 49 % 18 % 13 % 20 % — % Lilly Pulitzer ​ 140,250 48 % 26 % — % 26 % — % Lanier Apparel ​ 43,769 — % — % — % 100 % — % Southern Tide ​ 25,249 — % 16 % — % 84 % — % Corporate and Other ​ 6,141 — % 56 % — % 23 % 21 % Total net sales ​ $ 575,269 42 % 19 % 8 % 31 % — % ​

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Aug. 03, 2019
Shareholders' Equity
Shareholders' Equity	3. Shareholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Half 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 Net earnings and other comprehensive income ​ — ​ — ​ 29,836 ​ (133) ​ 29,703 Shares issued under equity plans ​ 16 ​ 447 ​ — ​ — ​ 463 Compensation expense for equity awards ​ — ​ 1,915 ​ — ​ — ​ 1,915 Repurchase of shares ​ — ​ — ​ — ​ — ​ — Cash dividends declared and paid ​ — ​ — ​ (6,304) ​ — ​ (6,304) Cumulative effect of change in accounting standards ​ — ​ — ​ — ​ — ​ — August 3, 2019 ​ $ 17,035 ​ $ 145,123 ​ $ 362,407 ​ $ (5,616) ​ $ 518,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Half 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 ​ 236 ​ — ​ — ​ 364 Compensation expense for equity awards ​ — ​ 1,718 ​ — ​ — ​ 1,718 Repurchase of shares ​ (30) ​ (2,321) ​ — ​ — ​ (2,351) Cash dividends declared and paid ​ — ​ — ​ (5,759) ​ — ​ (5,759) Cumulative effect of change in accounting standards ​ — ​ — ​ (117) ​ — ​ (117) May 5, 2018 ​ $ 16,937 ​ $ 136,297 ​ $ 295,086 ​ $ (4,655) ​ $ 443,665 Net earnings and other comprehensive income ​ — ​ — ​ 27,184 ​ (284) ​ 26,900 Shares issued under equity plans ​ 14 ​ 436 ​ — ​ — ​ 450 Compensation expense for equity awards ​ — ​ 1,880 ​ — ​ — ​ 1,880 Repurchase of shares ​ — ​ — ​ — ​ — ​ — Cash dividends declared and paid ​ — ​ — ​ (5,763) ​ — ​ (5,763) Cumulative effect of change in accounting standards ​ — ​ — ​ — ​ — ​ — August 4, 2018 ​ $ 16,951 ​ $ 138,613 ​ $ 316,507 ​ $ (4,939) ​ $ 467,132 ​ 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 investments and 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	6 Months Ended
	Aug. 03, 2019
Revenue Recognition
Revenue Recognition	4. Revenue Recognition: The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter First Half ​ ​ Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 ​ Retail ​ $ 133,250 ​ $ 134,581 ​ $ 241,256 ​ $ 242,316 ​ E-commerce ​ 70,437 ​ 63,363 ​ 118,426 ​ 107,885 ​ Restaurant ​ 20,531 ​ 21,467 ​ 44,132 ​ 46,760 ​ Wholesale ​ 77,273 ​ 82,402 ​ 179,199 ​ 176,778 ​ Other ​ 509 ​ 828 ​ 960 ​ 1,530 ​ Net sales ​ $ 302,000 ​ $ 302,641 ​ $ 583,973 ​ $ 575,269 ​ ​ 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 these 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 August 3, 2019, February 2, 2019 and August 4, 2018, reserve balances recorded as a reduction to receivables related to these items were $7 million, $7 million and $7 million, respectively. In addition to trade and other receivables, income tax receivables of $1 million, $1 million and $6 million and tenant allowances due from landlord of $2 million, $0 million and $2 million are included in receivables, net in our consolidated balance sheet as of August 3, 2019, February 2, 2019 and August 4, 2018, respectively. As of August 3, 2019, February 2, 2019 and August 4, 2018, prepaid expenses and other current assets included $2 million, $2 million and $2 million, respectively, 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 August 3, 2019, February 2, 2019 and August 4, 2018. An estimated sales return liability of $5 million, $3 million and $4 million for expected direct to consumer returns is classified in other accrued expenses and liabilities in our consolidated balance sheet as of August 3, 2019, February 2, 2019 and August 4, 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 $11 million, $12 million and $10 million as of August 3, 2019, February 2, 2019, and August 4, 2018, respectively.

Leases

Leases	6 Months Ended
	Aug. 03, 2019
Leases
Leases	5. Leases: Substantially all of our leases are classified as long-term operating leases, which have not historically been recognized as assets and liabilities in our consolidated balance sheets. When a non-cancelable long-term 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 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 any renewal or termination options that are at our discretion, 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 any renewal or termination options at our discretion in the underlying lease term as the probability of exercise is not reasonably certain. The revised lease guidance requires us to discount 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 Second Quarter of Fiscal 2019, operating lease expense was $16 million and variable lease expense was $8 million, resulting in total lease expense of $24 million. For the First Half of Fiscal 2019, operating lease expense was $33 million and variable lease expense was $17 million, resulting in total lease expense of $49 million. As of August 3, 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 Second Quarter of Fiscal 2019 and the First Half of Fiscal 2019 was $17 million and $35 million, respectively. As of August 3, 2019, the required lease liability payments for the fiscal years specified below were as follows (in thousands): ​ ​ ​ ​ ​ ​ Operating lease Remainder of 2019 ​ $ 34,369 2020 ​ 60,608 2021 ​ ​ 63,487 2022 ​ 59,825 2023 ​ 56,639 2024 ​ ​ 43,981 After 2024 ​ 86,588 Total lease payments ​ $ 405,497 Less: Difference between discounted and undiscounted lease payments ​ 61,320 Present value of lease liabilities ​ $ 344,177 ​ Disclosures related to periods prior to adoption of revised accounting guidance Total rent expense in Fiscal 2018 was $96 million, which includes minimum rents, sales taxes, real estate taxes, insurance and other operating expenses and contingent rents incurred under all leases. Payments for real estate taxes, sales taxes, insurance, other operating expenses and contingent percentage rent are included in rent expense, but are generally not included in the aggregate minimum rental commitments, as, in many cases, the amounts payable in future periods are not quantified in the lease agreement or may be dependent on future events. The total amount of such charges included in total rent expense above were $28 million in Fiscal 2018. As of February 2, 2019, the aggregate minimum base rental commitments for all non-cancelable operating leases with original terms in excess of one year were $68 million, $66 million, $62 million, $59 million, and $51 million for each of the next five years and $124 million thereafter.

Debt

Debt	6 Months Ended
	Aug. 03, 2019
Debt
Debt	6. Debt: To the extent cash flow needs exceed cash flow provided by our operations we will have access, subject to its terms, to our U.S. Revolving Credit Agreement to provide funding for operating activities, capital expenditures and acquisitions, if any. Our U.S. Revolving Credit Agreement is also used to establish collateral for certain insurance programs and leases and to finance trade letters of credit for product purchases, which reduce the amounts available under our line of credit when issued. As of August 3, 2019, $5 million of letters of credit were outstanding under our U.S. Revolving Credit Agreement. After considering these limitations and the amount of eligible assets in our borrowing base, as of August 3, 2019, we had $311 million in unused availability under the U.S. Revolving Credit Agreement, subject to certain limitations on borrowings. ​

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Aug. 03, 2019
Basis of Presentation
Basis of Presentation	Basis of Presentation:
Accounting Standards Adopted in Fiscal 2018 and Recently Issued Accounting Standards Applicable to Future Years	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 not expected to have a material impact on our consolidated financial statements. ​

Operating Group Information (Ta

Operating Group Information (Tables)	6 Months Ended
	Aug. 03, 2019
Operating Group Information
Schedule of financial information by operating group	The table below presents certain financial information (in thousands) about our operating groups, as well as Corporate and Other. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter ​ First Half ​ ​ Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 ​ Net sales ​ ​ ​ ​ Tommy Bahama ​ $ 188,870 ​ $ 192,728 ​ $ 353,600 ​ $ 359,860 ​ Lilly Pulitzer ​ 75,555 ​ 71,623 ​ 148,150 ​ 140,250 ​ Lanier Apparel ​ 20,905 ​ 23,860 ​ 47,494 ​ 43,769 ​ Southern Tide ​ 12,468 ​ 11,777 ​ 26,602 ​ 25,249 ​ Corporate and Other ​ 4,202 ​ 2,653 ​ 8,127 ​ 6,141 ​ Total net sales ​ $ 302,000 ​ $ 302,641 ​ $ 583,973 ​ $ 575,269 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ ​ ​ ​ ​ Tommy Bahama ​ $ 6,907 ​ $ 8,260 ​ $ 13,747 ​ $ 15,326 ​ Lilly Pulitzer ​ 2,381 ​ 2,624 ​ 5,064 ​ 5,103 ​ Lanier Apparel ​ 141 ​ 139 ​ 281 ​ 280 ​ Southern Tide ​ 135 ​ 136 ​ 269 ​ 261 ​ Corporate and Other ​ 285 ​ 312 ​ 625 ​ 627 ​ Total depreciation and amortization ​ $ 9,849 ​ $ 11,471 ​ $ 19,986 ​ $ 21,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating income (loss) ​ ​ ​ ​ ​ Tommy Bahama ​ $ 23,218 ​ $ 20,621 ​ $ 38,410 ​ $ 34,924 ​ Lilly Pulitzer ​ 20,449 ​ 18,421 ​ 35,701 ​ 34,247 ​ Lanier Apparel ​ 253 ​ 825 ​ 1,435 ​ 1,187 ​ Southern Tide ​ 1,834 ​ 1,420 ​ 4,351 ​ 3,907 ​ Corporate and Other ​ (5,495) ​ (4,774) ​ (9,896) ​ (9,379) ​ Total operating income ​ 40,259 ​ 36,513 ​ $ 70,001 ​ $ 64,886 ​ Interest expense, net ​ 419 ​ 602 ​ 1,090 ​ 1,383 ​ Earnings before income taxes ​ $ 39,840 ​ $ 35,911 ​ $ 68,911 ​ $ 63,503 ​ ​
Schedule of net sales by operating group	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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Fiscal 2019 ​ Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama ​ $ 188,870 50 % 23 % 11 % 16 % — % Lilly Pulitzer ​ 75,555 51 % 29 % — % 20 % — % Lanier Apparel ​ 20,905 — % 2 % — % 98 % — % Southern Tide ​ 12,468 — % 22 % — % 78 % — % Corporate and Other ​ 4,202 — % 62 % — % 29 % 9 % Total ​ $ 302,000 44 % 23 % 7 % 26 % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Fiscal 2018 ​ Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama ​ $ 192,728 50 % 21 % 11 % 18 % — % Lilly Pulitzer ​ 71,623 52 % 27 % — % 21 % — % Lanier Apparel ​ 23,860 — % — % — % 100 % — % Southern Tide ​ 11,777 — % 20 % — % 80 % — % Corporate and Other ​ 2,653 — % 51 % — % 22 % 27 % Total ​ $ 302,641 45 % 21 % 7 % 27 % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Half Fiscal 2019 ​ ​ Net Sales Retail E ‑ commerce Restaurant Wholesale Other Tommy Bahama ​ $ 353,600 49 % 19 % 13 % 19 % — % Lilly Pulitzer ​ 148,150 46 % 27 % — % 27 % — % Lanier Apparel ​ 47,494 — % 1 % — % 99 % — % Southern Tide ​ 26,602 — % 17 % — % 83 % — % Corporate and Other ​ 8,127 — % 62 % — % 29 % 9 % Total net sales ​ $ 583,973 41 % 20 % 8 % 31 % — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Half Fiscal 2018 ​ ​ Net Sales Retail E ‑ commerce Restaurant Wholesale Other Tommy Bahama ​ $ 359,860 49 % 18 % 13 % 20 % — % Lilly Pulitzer ​ 140,250 48 % 26 % — % 26 % — % Lanier Apparel ​ 43,769 — % — % — % 100 % — % Southern Tide ​ 25,249 — % 16 % — % 84 % — % Corporate and Other ​ 6,141 — % 56 % — % 23 % 21 % Total net sales ​ $ 575,269 42 % 19 % 8 % 31 % — % ​

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Aug. 03, 2019
Shareholders' Equity
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 Half 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 Net earnings and other comprehensive income ​ — ​ — ​ 29,836 ​ (133) ​ 29,703 Shares issued under equity plans ​ 16 ​ 447 ​ — ​ — ​ 463 Compensation expense for equity awards ​ — ​ 1,915 ​ — ​ — ​ 1,915 Repurchase of shares ​ — ​ — ​ — ​ — ​ — Cash dividends declared and paid ​ — ​ — ​ (6,304) ​ — ​ (6,304) Cumulative effect of change in accounting standards ​ — ​ — ​ — ​ — ​ — August 3, 2019 ​ $ 17,035 ​ $ 145,123 ​ $ 362,407 ​ $ (5,616) ​ $ 518,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Half 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 ​ 236 ​ — ​ — ​ 364 Compensation expense for equity awards ​ — ​ 1,718 ​ — ​ — ​ 1,718 Repurchase of shares ​ (30) ​ (2,321) ​ — ​ — ​ (2,351) Cash dividends declared and paid ​ — ​ — ​ (5,759) ​ — ​ (5,759) Cumulative effect of change in accounting standards ​ — ​ — ​ (117) ​ — ​ (117) May 5, 2018 ​ $ 16,937 ​ $ 136,297 ​ $ 295,086 ​ $ (4,655) ​ $ 443,665 Net earnings and other comprehensive income ​ — ​ — ​ 27,184 ​ (284) ​ 26,900 Shares issued under equity plans ​ 14 ​ 436 ​ — ​ — ​ 450 Compensation expense for equity awards ​ — ​ 1,880 ​ — ​ — ​ 1,880 Repurchase of shares ​ — ​ — ​ — ​ — ​ — Cash dividends declared and paid ​ — ​ — ​ (5,763) ​ — ​ (5,763) Cumulative effect of change in accounting standards ​ — ​ — ​ — ​ — ​ — August 4, 2018 ​ $ 16,951 ​ $ 138,613 ​ $ 316,507 ​ $ (4,939) ​ $ 467,132

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Aug. 03, 2019
Revenue Recognition
Schedule of net sales by distribution channel	The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter First Half ​ ​ Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 ​ Retail ​ $ 133,250 ​ $ 134,581 ​ $ 241,256 ​ $ 242,316 ​ E-commerce ​ 70,437 ​ 63,363 ​ 118,426 ​ 107,885 ​ Restaurant ​ 20,531 ​ 21,467 ​ 44,132 ​ 46,760 ​ Wholesale ​ 77,273 ​ 82,402 ​ 179,199 ​ 176,778 ​ Other ​ 509 ​ 828 ​ 960 ​ 1,530 ​ Net sales ​ $ 302,000 ​ $ 302,641 ​ $ 583,973 ​ $ 575,269 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Aug. 03, 2019
Leases
Schedule of lease liability payments	As of August 3, 2019, the required lease liability payments for the fiscal years specified below were as follows (in thousands): ​ ​ ​ ​ ​ ​ Operating lease Remainder of 2019 ​ $ 34,369 2020 ​ 60,608 2021 ​ ​ 63,487 2022 ​ 59,825 2023 ​ 56,639 2024 ​ ​ 43,981 After 2024 ​ 86,588 Total lease payments ​ $ 405,497 Less: Difference between discounted and undiscounted lease payments ​ 61,320 Present value of lease liabilities ​ $ 344,177

Basis of Presentation - Account

Basis of Presentation - Accounting Standards (Details)	Feb. 03, 2019
Accounting Standards Adopted
Lease, Practical Expedients, Package	true
Lease, Practical Expedient, Use of Hindsight	false
Accounting Standards Update 2016-02
Accounting Standards Adopted
Change in Accounting Principle, Accounting Standards Update, Adopted	true
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	Modified Retrospective

Operating Group Information - F

Operating Group Information - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Operating groups
Net sales	$ 302,000	$ 302,641	$ 583,973	$ 575,269
Depreciation and amortization	9,849	11,471	19,986	21,597
Operating income	40,259	36,513	70,001	64,886
Interest expense, net	419	602	1,090	1,383
Earnings before income taxes	39,840	35,911	68,911	63,503
Corporate and Other
Operating groups
Net sales	4,202	2,653	8,127	6,141
Depreciation and amortization	285	312	625	627
Operating income	(5,495)	(4,774)	(9,896)	(9,379)
Tommy Bahama | Operating Segments
Operating groups
Net sales	188,870	192,728	353,600	359,860
Depreciation and amortization	6,907	8,260	13,747	15,326
Operating income	23,218	20,621	38,410	34,924
Lilly Pulitzer | Operating Segments
Operating groups
Net sales	75,555	71,623	148,150	140,250
Depreciation and amortization	2,381	2,624	5,064	5,103
Operating income	20,449	18,421	35,701	34,247
Lanier Apparel | Operating Segments
Operating groups
Net sales	20,905	23,860	47,494	43,769
Depreciation and amortization	141	139	281	280
Operating income	253	825	1,435	1,187
Southern Tide | Operating Segments
Operating groups
Net sales	12,468	11,777	26,602	25,249
Depreciation and amortization	135	136	269	261
Operating income	$ 1,834	$ 1,420	$ 4,351	$ 3,907

Operating Group Information - S

Operating Group Information - Sales by operating group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Operating groups
Net Sales	$ 302,000	$ 302,641	$ 583,973	$ 575,269
Operating Segments | Tommy Bahama
Operating groups
Net Sales	188,870	192,728	353,600	359,860
Operating Segments | Lilly Pulitzer
Operating groups
Net Sales	75,555	71,623	148,150	140,250
Operating Segments | Lanier Apparel
Operating groups
Net Sales	20,905	23,860	47,494	43,769
Operating Segments | Southern Tide
Operating groups
Net Sales	12,468	11,777	26,602	25,249
Corporate and Other
Operating groups
Net Sales	4,202	2,653	8,127	6,141
Retail
Operating groups
Net Sales	$ 133,250	$ 134,581	$ 241,256	$ 242,316
Net Sales (as a percent)	44.00%	45.00%	41.00%	42.00%
Retail | Operating Segments | Tommy Bahama
Operating groups
Net Sales (as a percent)	50.00%	50.00%	49.00%	49.00%
Retail | Operating Segments | Lilly Pulitzer
Operating groups
Net Sales (as a percent)	51.00%	52.00%	46.00%	48.00%
E-commerce
Operating groups
Net Sales	$ 70,437	$ 63,363	$ 118,426	$ 107,885
Net Sales (as a percent)	23.00%	21.00%	20.00%	19.00%
E-commerce | Operating Segments | Tommy Bahama
Operating groups
Net Sales (as a percent)	23.00%	21.00%	19.00%	18.00%
E-commerce | Operating Segments | Lilly Pulitzer
Operating groups
Net Sales (as a percent)	29.00%	27.00%	27.00%	26.00%
E-commerce | Operating Segments | Lanier Apparel
Operating groups
Net Sales (as a percent)	2.00%		1.00%
E-commerce | Operating Segments | Southern Tide
Operating groups
Net Sales (as a percent)	22.00%	20.00%	17.00%	16.00%
E-commerce | Corporate and Other
Operating groups
Net Sales (as a percent)	62.00%	51.00%	62.00%	56.00%
Restaurant
Operating groups
Net Sales	$ 20,531	$ 21,467	$ 44,132	$ 46,760
Net Sales (as a percent)	7.00%	7.00%	8.00%	8.00%
Restaurant | Operating Segments | Tommy Bahama
Operating groups
Net Sales (as a percent)	11.00%	11.00%	13.00%	13.00%
Wholesale
Operating groups
Net Sales	$ 77,273	$ 82,402	$ 179,199	$ 176,778
Net Sales (as a percent)	26.00%	27.00%	31.00%	31.00%
Wholesale | Operating Segments | Tommy Bahama
Operating groups
Net Sales (as a percent)	16.00%	18.00%	19.00%	20.00%
Wholesale | Operating Segments | Lilly Pulitzer
Operating groups
Net Sales (as a percent)	20.00%	21.00%	27.00%	26.00%
Wholesale | Operating Segments | Lanier Apparel
Operating groups
Net Sales (as a percent)	98.00%	100.00%	99.00%	100.00%
Wholesale | Operating Segments | Southern Tide
Operating groups
Net Sales (as a percent)	78.00%	80.00%	83.00%	84.00%
Wholesale | Corporate and Other
Operating groups
Net Sales (as a percent)	29.00%	22.00%	29.00%	23.00%
Other
Operating groups
Net Sales	$ 509	$ 828	$ 960	$ 1,530
Other | Corporate and Other
Operating groups
Net Sales (as a percent)	9.00%	27.00%	9.00%	21.00%

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of changes (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Aug. 03, 2019	May 04, 2019	Aug. 04, 2018	May 05, 2018	Aug. 03, 2019	Aug. 04, 2018
Shareholders' Equity
Beginning Balance	$ 493,172	$ 478,355	$ 443,665	$ 429,824	$ 478,355	$ 429,824
Net earnings and other comprehensive income	29,703	21,269	26,900	19,986	50,972	46,886
Shares issued under equity plans	463	422	450	364
Compensation expense for equity awards	1,915	1,876	1,880	1,718
Repurchase of shares		(2,453)		(2,351)
Cash dividends declared and paid	(6,304)	(6,297)	(5,763)	(5,759)
Cumulative effect of change in accounting standard				(117)
Ending Balance	518,949	493,172	467,132	443,665	518,949	467,132
Common Stock
Shareholders' Equity
Beginning Balance	17,019	16,959	16,937	16,839	16,959	16,839
Shares issued under equity plans	16	91	14	128
Repurchase of shares		(31)		(30)
Ending Balance	17,035	17,019	16,951	16,937	17,035	16,951
Additional Paid-In Capital
Shareholders' Equity
Beginning Balance	142,761	142,976	136,297	136,664	142,976	136,664
Shares issued under equity plans	447	331	436	236
Compensation expense for equity awards	1,915	1,876	1,880	1,718
Repurchase of shares		(2,422)		(2,321)
Ending Balance	145,123	142,761	138,613	136,297	145,123	138,613
Retained Earnings
Shareholders' Equity
Beginning Balance	338,875	323,515	295,086	280,395	323,515	280,395
Net earnings and other comprehensive income	29,836	21,657	27,184	20,567
Cash dividends declared and paid	(6,304)	(6,297)	(5,763)	(5,759)
Cumulative effect of change in accounting standard				(117)
Ending Balance	362,407	338,875	316,507	295,086	362,407	316,507
Accumulated Other Comprehensive (Loss) Income
Shareholders' Equity
Beginning Balance	(5,483)	(5,095)	(4,655)	(4,074)	(5,095)	(4,074)
Net earnings and other comprehensive income	(133)	(388)	(284)	(581)
Ending Balance	$ (5,616)	$ (5,483)	$ (4,939)	$ (4,655)	$ (5,616)	$ (4,939)

Shareholders' Equity - AOCI (De

Shareholders' Equity - AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Reclassification from AOCI
Net earnings	$ 29,836	$ 27,184	$ 51,493	$ 47,751
Reclassification out of Accumulated Other Comprehensive Income
Reclassification from AOCI
Net earnings	$ 0	$ 0	$ 0	$ 0

Revenue Recognition - Net sales

Revenue Recognition - Net sales by distribution channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 03, 2019	Aug. 04, 2018	Aug. 03, 2019	Aug. 04, 2018
Revenue
Net sales	$ 302,000	$ 302,641	$ 583,973	$ 575,269
Retail
Revenue
Net sales	133,250	134,581	241,256	242,316
E-commerce
Revenue
Net sales	70,437	63,363	118,426	107,885
Restaurant
Revenue
Net sales	20,531	21,467	44,132	46,760
Wholesale
Revenue
Net sales	77,273	82,402	179,199	176,778
Other
Revenue
Net sales	$ 509	$ 828	$ 960	$ 1,530

Revenue Recognition - Additiona

Revenue Recognition - Additional information (Details) - USD ($) $ in Millions	Aug. 03, 2019	Feb. 02, 2019	Aug. 04, 2018
Revenue
Receivable reserve amount	$ 7	$ 7	$ 7
Income tax receivable	1	1	6
Tenant allowance due from landlord	2	0	2
Value of inventory for wholesale and direct to consumer sales returns	2	2	2
Contract liabilities	11	12	10
Direct to consumer
Revenue
Sales return liability	$ 5	$ 3	$ 4

Leases - Cost (Details)

Leases - Cost (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 03, 2019	Aug. 03, 2019	Feb. 02, 2019
Leases
Deferred rent			$ 61
Operating lease expense	$ 16	$ 33
Variable lease cost	8	17
Total lease cost	$ 24	$ 49
Weighted average remaining lease term	7 years	7 years
Weighted average discount rate (as a percent)	5.00%	5.00%
Cash paid for lease liabilities	$ 17	$ 35

Leases - Lease liability paymen

Leases - Lease liability payment schedule CY (Details) $ in Thousands	Aug. 03, 2019USD ($)
Leases
Remainder of 2019	$ 34,369
2020	60,608
2021	63,487
2022	59,825
2023	56,639
2024	43,981
After 2024	86,588
Total lease payments	405,497
Less: Difference between discounted and undiscounted lease payments	61,320
Present value of lease liabilities	$ 344,177

Leases - Lease liability paym_2

Leases - Lease liability payment schedule PY (Details) $ in Millions	12 Months Ended
	Feb. 02, 2019USD ($)
Leases
Total rent expense	$ 96
Charges included in rent expense	28
Fiscal 2019	68
Fiscal 2020	66
Fiscal 2021	62
Fiscal 2022	59
Fiscal 2023	51
Thereafter	$ 124

Debt (Details)

Debt (Details) - US Revolving Credit Agreement - USD ($) $ in Millions	Aug. 03, 2019	Aug. 04, 2018
Debt
Maximum borrowing capacity	$ 325
Debt outstanding	0	$ 25
Letters of credit outstanding	5
Unused availability	$ 311