Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 02, 2019 | Nov. 30, 2019 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Nov. 2, 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 | 17,040,004 | |
Entity Central Index Key | 0000075288 | |
Current Fiscal Year End Date | --02-01 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Current Assets | |||
Cash and cash equivalents | $ 21,568 | $ 8,327 | $ 7,413 |
Receivables, net | 64,593 | 69,037 | 69,400 |
Inventories, net | 154,229 | 160,656 | 138,150 |
Prepaid expenses and other current assets | 28,438 | 31,768 | 36,937 |
Total Current Assets | 268,828 | 269,788 | 251,900 |
Property and equipment, net | 190,537 | 192,576 | 194,228 |
Intangible assets, net | 175,298 | 176,176 | 176,735 |
Goodwill | 66,594 | 66,621 | 66,618 |
Operating lease assets | 287,977 | ||
Other non-current assets, net | 23,850 | 22,093 | 23,272 |
Total Assets | 1,013,084 | 727,254 | 712,753 |
Current Liabilities | |||
Accounts payable | 60,708 | 81,612 | 64,429 |
Accrued compensation | 21,560 | 24,226 | 25,426 |
Current operating lease liabilities | 49,901 | ||
Other accrued expenses and liabilities | 31,949 | 36,371 | 34,984 |
Total Current Liabilities | 164,118 | 142,209 | 124,839 |
Long-term debt | 12,993 | 32,211 | |
Non-current operating lease liabilities | 293,775 | ||
Other non-current liabilities | 17,365 | 75,286 | 73,434 |
Deferred taxes | 21,010 | 18,411 | 16,922 |
Commitments and contingencies | |||
Shareholders' Equity | |||
Common stock, $1.00 par value per share | 17,040 | 16,959 | 16,956 |
Additional paid-in capital | 147,448 | 142,976 | 140,876 |
Retained earnings | 357,768 | 323,515 | 312,604 |
Accumulated other comprehensive loss | (5,440) | (5,095) | (5,089) |
Total Shareholders' Equity | 516,816 | 478,355 | 465,347 |
Total Liabilities and Shareholders' Equity | $ 1,013,084 | $ 727,254 | $ 712,753 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 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 | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
Net sales | $ 241,221 | $ 233,662 | $ 825,194 | $ 808,931 |
Cost of goods sold | 108,241 | 104,383 | 346,620 | 336,209 |
Gross profit | 132,980 | 129,279 | 478,574 | 472,722 |
SG&A | 134,231 | 128,687 | 417,448 | 414,747 |
Royalties and other operating income | 3,845 | 3,113 | 11,469 | 10,616 |
Operating income | 2,594 | 3,705 | 72,595 | 68,591 |
Interest expense, net | 81 | 489 | 1,171 | 1,872 |
Earnings before income taxes | 2,513 | 3,216 | 71,424 | 66,719 |
Income taxes | 845 | 1,355 | 18,263 | 17,107 |
Net earnings, basic | 1,668 | 1,861 | 53,161 | 49,612 |
Net earnings, diluted | $ 1,668 | $ 1,861 | $ 53,161 | $ 49,612 |
Net earnings per share: | ||||
Basic (in dollars per share) | $ 0.10 | $ 0.11 | $ 3.17 | $ 2.98 |
Diluted (in dollars per share) | $ 0.10 | $ 0.11 | $ 3.15 | $ 2.95 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 16,773 | 16,694 | 16,748 | 16,672 |
Diluted (in shares) | 16,934 | 16,870 | 16,896 | 16,826 |
Dividends declared per share (in dollars per share) | $ 0.37 | $ 0.34 | $ 1.11 | $ 1.02 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net earnings | $ 1,668 | $ 1,861 | $ 53,161 | $ 49,612 |
Other comprehensive income (loss), net of taxes: | ||||
Net foreign currency translation adjustment | 176 | (150) | (345) | (1,015) |
Comprehensive income | $ 1,844 | $ 1,711 | $ 52,816 | $ 48,597 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Nov. 02, 2019 | Nov. 03, 2018 | |
Cash Flows From Operating Activities: | ||
Net earnings | $ 53,161 | $ 49,612 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation | 29,301 | 29,878 |
Amortization of intangible assets | 878 | 2,055 |
Equity compensation expense | 5,698 | 5,510 |
Amortization of deferred financing costs | 298 | 318 |
Deferred income taxes | 2,370 | 1,501 |
Changes in working capital, net of acquisitions and dispositions: | ||
Receivables, net | 4,559 | (2,286) |
Inventories, net | 6,203 | (14,346) |
Prepaid expenses and other current assets | (2,348) | 943 |
Current liabilities | (27,479) | (9,244) |
Other balance sheet changes | 2,565 | 677 |
Cash provided by operating activities | 75,206 | 64,618 |
Cash Flows From Investing Activities: | ||
Acquisitions, net of cash acquired | (354) | |
Purchases of property and equipment | (26,877) | (30,914) |
Cash used in investing activities | (26,877) | (31,268) |
Cash Flows From Financing Activities: | ||
Repayment of revolving credit arrangements | (122,241) | (221,750) |
Proceeds from revolving credit arrangements | 109,248 | 208,152 |
Deferred financing costs paid | (952) | |
Proceeds from issuance of common stock | 1,307 | 1,170 |
Repurchase of equity awards for employee tax withholding liabilities | (2,453) | (2,351) |
Cash dividends declared and paid | (18,908) | (17,286) |
Other financing activities | (1,033) | |
Cash used in financing activities | (35,032) | (32,065) |
Net change in cash and cash equivalents | 13,297 | 1,285 |
Effect of foreign currency translation on cash and cash equivalents | (56) | (215) |
Cash and cash equivalents at the beginning of year | 8,327 | 6,343 |
Cash and cash equivalents at the end of the period | 21,568 | 7,413 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest, net | 1,162 | 1,598 |
Cash paid for income taxes | $ 13,496 | $ 16,133 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Nov. 02, 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. We elected the transition relief package practical expedients by applying previous accounting conclusions to all leases that existed prior to the adoption date. Therefore, we have not reassessed (1) whether existing 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 | 9 Months Ended |
Nov. 02, 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. Third Quarter First Nine Months Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 Net sales Tommy Bahama $ 127,023 $ 123,130 $ 480,623 $ 482,990 Lilly Pulitzer 71,659 68,213 219,809 208,463 Lanier Apparel 29,377 29,037 76,871 72,806 Southern Tide 9,102 9,496 35,704 34,745 Corporate and Other 4,060 3,786 12,187 9,927 Total net sales $ 241,221 $ 233,662 $ 825,194 $ 808,931 Depreciation and amortization Tommy Bahama $ 7,073 $ 7,131 $ 20,820 $ 22,457 Lilly Pulitzer 2,554 2,624 7,618 7,727 Lanier Apparel 146 144 427 424 Southern Tide 135 133 404 394 Corporate and Other 285 304 910 931 Total depreciation and amortization $ 10,193 $ 10,336 $ 30,179 $ 31,933 Operating income (loss) Tommy Bahama $ (7,739) $ (5,141) $ 30,671 $ 29,783 Lilly Pulitzer 10,988 9,576 46,689 43,823 Lanier Apparel 1,952 2,261 3,387 3,448 Southern Tide 526 492 4,877 4,399 Corporate and Other (3,133) (3,483) (13,029) (12,862) Total operating income 2,594 3,705 $ 72,595 $ 68,591 Interest expense, net 81 489 1,171 1,872 Earnings before income taxes $ 2,513 $ 3,216 $ 71,424 $ 66,719 The tables below quantify, for each operating group and in total, the amount of net sales (in thousands) and net sales by distribution channel as a percentage of net sales for each period presented. Third Quarter Fiscal 2019 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 127,023 46 % 14 % 14 % 26 % — % Lilly Pulitzer 71,659 35 % 55 % — % 10 % — % Lanier Apparel 29,377 — % 1 % — % 99 % — % Southern Tide 9,102 — % 19 % — % 81 % — % Corporate and Other 4,060 — % 57 % — % 36 % 7 % Total $ 241,221 35 % 26 % 7 % 32 % — % Third Quarter Fiscal 2018 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 123,130 46 % 14 % 13 % 27 % — % Lilly Pulitzer 68,213 35 % 53 % — % 12 % — % Lanier Apparel 29,037 — % — % — % 100 % — % Southern Tide 9,496 — % 16 % — % 84 % — % Corporate and Other 3,786 — % 50 % — % 34 % 16 % Total $ 233,662 35 % 24 % 7 % 34 % — % First Nine Months Fiscal 2019 Net Sales Retail E ‑ commerce Restaurant Wholesale Other Tommy Bahama $ 480,623 48 % 18 % 13 % 21 % — % Lilly Pulitzer 219,809 43 % 36 % — % 21 % — % Lanier Apparel 76,871 — % 1 % — % 99 % — % Southern Tide 35,704 — % 18 % — % 82 % — % Corporate and Other 12,187 — % 60 % — % 32 % 8 % Total net sales $ 825,194 39 % 22 % 8 % 31 % — % First Nine Months Fiscal 2018 Net Sales Retail E ‑ commerce Restaurant Wholesale Other Tommy Bahama $ 482,990 48 % 17 % 13 % 22 % — % Lilly Pulitzer 208,463 44 % 35 % — % 21 % — % Lanier Apparel 72,806 — % — % — % 100 % — % Southern Tide 34,745 — % 16 % — % 84 % — % Corporate and Other 9,927 — % 54 % — % 27 % 19 % Total net sales $ 808,931 40 % 20 % 8 % 32 % — % |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Nov. 02, 2019 | |
Shareholders' Equity | |
Shareholders' Equity | 3. Shareholders’ Equity: First Nine Months 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 Net earnings and other comprehensive income — — 1,668 176 1,844 Shares issued under equity plans 5 418 — — 423 Compensation expense for equity awards — 1,907 — — 1,907 Repurchase of shares — — — — Cash dividends declared and paid — — (6,307) — (6,307) Cumulative effect of change in accounting standards — — — — — November 2, 2019 $ 17,040 $ 147,448 $ 357,768 $ (5,440) $ 516,816 First Nine Months 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 Net earnings and other comprehensive income — — 1,861 (150) 1,711 Shares issued under equity plans 5 351 — — 356 Compensation expense for equity awards — 1,912 — — 1,912 Repurchase of shares — — — — — Cash dividends declared and paid — — (5,764) — (5,764) Cumulative effect of change in accounting standards — — — — — November 3, 2018 $ 16,956 $ 140,876 $ 312,604 $ (5,089) $ 465,347 Net earnings and other comprehensive income — — 16,679 (6) 16,673 Shares issued under equity plans 3 283 — — 286 Compensation expense for equity awards — 1,817 — — 1,817 Repurchase of shares — — — — — Cash dividends declared and paid — — (5,768) — (5,768) Cumulative effect of change in accounting standards — — — — — February 2, 2019 $ 16,959 $ 142,976 $ 323,515 $ (5,095) $ 478,355 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 | 9 Months Ended |
Nov. 02, 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. Third Quarter First Nine Months Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 Retail $ 83,636 $ 80,624 $ 324,892 $ 322,940 E-commerce 62,310 56,392 180,736 164,277 Restaurant 17,325 16,329 61,457 63,089 Wholesale 77,595 79,654 256,794 256,432 Other 355 663 1,315 2,193 Net sales $ 241,221 $ 233,662 $ 825,194 $ 808,931 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 November 2, 2019, February 2, 2019 and November 3, 2018, reserve balances recorded as a reduction to receivables related to these items were $9 million, $7 million and $8 million, respectively. In addition to trade and other receivables, income tax receivables of $1 million, $1 million and $4 million and tenant allowances due from landlord of $2 million, $0 million and $0 million are included in receivables, net in our consolidated balance sheet as of November 2, 2019, February 2, 2019 and November 3, 2018, respectively. As of November 2, 2019, February 2, 2019 and November 3, 2018, prepaid expenses and other current assets included $4 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 November 2, 2019, February 2, 2019 and November 3, 2018. An estimated sales return liability of $3 million, $3 million and $2 million for expected direct to consumer returns is classified in other accrued expenses and liabilities in our consolidated balance sheet as of November 2, 2019, February 2, 2019 and November 3, 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 November 2, 2019, February 2, 2019, and November 3, 2018, respectively. |
Leases
Leases | 9 Months Ended |
Nov. 02, 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 Third 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 Nine Months of Fiscal 2019, operating lease expense was $49 million and variable lease expense was $25 million, resulting in total lease expense of $74 million. As of November 2, 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 Third Quarter of Fiscal 2019 and the First Nine Months of Fiscal 2019 was $18 million and $53 million, respectively. As of November 2, 2019, the required lease liability payments for the fiscal years specified below were as follows (in thousands): Operating lease Remainder of 2019 $ 17,066 2020 62,622 2021 65,589 2022 61,399 2023 58,279 2024 45,664 After 2024 92,256 Total lease payments $ 402,875 Less: Difference between discounted and undiscounted lease payments 59,199 Present value of lease liabilities $ 343,676 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 | 9 Months Ended |
Nov. 02, 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 November 2, 2019, $3 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 November 2, 2019, we had $313 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) | 9 Months Ended |
Nov. 02, 2019 | |
Basis of Presentation | |
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 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. We elected the transition relief package practical expedients by applying previous accounting conclusions to all leases that existed prior to the adoption date. Therefore, we have not reassessed (1) whether existing 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) | 9 Months Ended |
Nov. 02, 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. Third Quarter First Nine Months Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 Net sales Tommy Bahama $ 127,023 $ 123,130 $ 480,623 $ 482,990 Lilly Pulitzer 71,659 68,213 219,809 208,463 Lanier Apparel 29,377 29,037 76,871 72,806 Southern Tide 9,102 9,496 35,704 34,745 Corporate and Other 4,060 3,786 12,187 9,927 Total net sales $ 241,221 $ 233,662 $ 825,194 $ 808,931 Depreciation and amortization Tommy Bahama $ 7,073 $ 7,131 $ 20,820 $ 22,457 Lilly Pulitzer 2,554 2,624 7,618 7,727 Lanier Apparel 146 144 427 424 Southern Tide 135 133 404 394 Corporate and Other 285 304 910 931 Total depreciation and amortization $ 10,193 $ 10,336 $ 30,179 $ 31,933 Operating income (loss) Tommy Bahama $ (7,739) $ (5,141) $ 30,671 $ 29,783 Lilly Pulitzer 10,988 9,576 46,689 43,823 Lanier Apparel 1,952 2,261 3,387 3,448 Southern Tide 526 492 4,877 4,399 Corporate and Other (3,133) (3,483) (13,029) (12,862) Total operating income 2,594 3,705 $ 72,595 $ 68,591 Interest expense, net 81 489 1,171 1,872 Earnings before income taxes $ 2,513 $ 3,216 $ 71,424 $ 66,719 |
Schedule of net sales by operating group | The tables below quantify, for each operating group and in total, the amount of net sales (in thousands) and net sales by distribution channel as a percentage of net sales for each period presented. Third Quarter Fiscal 2019 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 127,023 46 % 14 % 14 % 26 % — % Lilly Pulitzer 71,659 35 % 55 % — % 10 % — % Lanier Apparel 29,377 — % 1 % — % 99 % — % Southern Tide 9,102 — % 19 % — % 81 % — % Corporate and Other 4,060 — % 57 % — % 36 % 7 % Total $ 241,221 35 % 26 % 7 % 32 % — % Third Quarter Fiscal 2018 Net Sales Retail E-commerce Restaurant Wholesale Other Tommy Bahama $ 123,130 46 % 14 % 13 % 27 % — % Lilly Pulitzer 68,213 35 % 53 % — % 12 % — % Lanier Apparel 29,037 — % — % — % 100 % — % Southern Tide 9,496 — % 16 % — % 84 % — % Corporate and Other 3,786 — % 50 % — % 34 % 16 % Total $ 233,662 35 % 24 % 7 % 34 % — % First Nine Months Fiscal 2019 Net Sales Retail E ‑ commerce Restaurant Wholesale Other Tommy Bahama $ 480,623 48 % 18 % 13 % 21 % — % Lilly Pulitzer 219,809 43 % 36 % — % 21 % — % Lanier Apparel 76,871 — % 1 % — % 99 % — % Southern Tide 35,704 — % 18 % — % 82 % — % Corporate and Other 12,187 — % 60 % — % 32 % 8 % Total net sales $ 825,194 39 % 22 % 8 % 31 % — % First Nine Months Fiscal 2018 Net Sales Retail E ‑ commerce Restaurant Wholesale Other Tommy Bahama $ 482,990 48 % 17 % 13 % 22 % — % Lilly Pulitzer 208,463 44 % 35 % — % 21 % — % Lanier Apparel 72,806 — % — % — % 100 % — % Southern Tide 34,745 — % 16 % — % 84 % — % Corporate and Other 9,927 — % 54 % — % 27 % 19 % Total net sales $ 808,931 40 % 20 % 8 % 32 % — % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Nov. 02, 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 Nine Months 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 Net earnings and other comprehensive income — — 1,668 176 1,844 Shares issued under equity plans 5 418 — — 423 Compensation expense for equity awards — 1,907 — — 1,907 Repurchase of shares — — — — Cash dividends declared and paid — — (6,307) — (6,307) Cumulative effect of change in accounting standards — — — — — November 2, 2019 $ 17,040 $ 147,448 $ 357,768 $ (5,440) $ 516,816 First Nine Months 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 Net earnings and other comprehensive income — — 1,861 (150) 1,711 Shares issued under equity plans 5 351 — — 356 Compensation expense for equity awards — 1,912 — — 1,912 Repurchase of shares — — — — — Cash dividends declared and paid — — (5,764) — (5,764) Cumulative effect of change in accounting standards — — — — — November 3, 2018 $ 16,956 $ 140,876 $ 312,604 $ (5,089) $ 465,347 Net earnings and other comprehensive income — — 16,679 (6) 16,673 Shares issued under equity plans 3 283 — — 286 Compensation expense for equity awards — 1,817 — — 1,817 Repurchase of shares — — — — — Cash dividends declared and paid — — (5,768) — (5,768) Cumulative effect of change in accounting standards — — — — — February 2, 2019 $ 16,959 $ 142,976 $ 323,515 $ (5,095) $ 478,355 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Nov. 02, 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. Third Quarter First Nine Months Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018 Retail $ 83,636 $ 80,624 $ 324,892 $ 322,940 E-commerce 62,310 56,392 180,736 164,277 Restaurant 17,325 16,329 61,457 63,089 Wholesale 77,595 79,654 256,794 256,432 Other 355 663 1,315 2,193 Net sales $ 241,221 $ 233,662 $ 825,194 $ 808,931 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Nov. 02, 2019 | |
Leases | |
Schedule of lease liability payments | As of November 2, 2019, the required lease liability payments for the fiscal years specified below were as follows (in thousands): Operating lease Remainder of 2019 $ 17,066 2020 62,622 2021 65,589 2022 61,399 2023 58,279 2024 45,664 After 2024 92,256 Total lease payments $ 402,875 Less: Difference between discounted and undiscounted lease payments 59,199 Present value of lease liabilities $ 343,676 |
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 | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Operating groups | ||||
Net sales | $ 241,221 | $ 233,662 | $ 825,194 | $ 808,931 |
Depreciation and amortization | 10,193 | 10,336 | 30,179 | 31,933 |
Operating income | 2,594 | 3,705 | 72,595 | 68,591 |
Interest expense, net | 81 | 489 | 1,171 | 1,872 |
Earnings before income taxes | 2,513 | 3,216 | 71,424 | 66,719 |
Corporate and Other | ||||
Operating groups | ||||
Net sales | 4,060 | 3,786 | 12,187 | 9,927 |
Depreciation and amortization | 285 | 304 | 910 | 931 |
Operating income | (3,133) | (3,483) | (13,029) | (12,862) |
Tommy Bahama | Operating Segments | ||||
Operating groups | ||||
Net sales | 127,023 | 123,130 | 480,623 | 482,990 |
Depreciation and amortization | 7,073 | 7,131 | 20,820 | 22,457 |
Operating income | (7,739) | (5,141) | 30,671 | 29,783 |
Lilly Pulitzer | Operating Segments | ||||
Operating groups | ||||
Net sales | 71,659 | 68,213 | 219,809 | 208,463 |
Depreciation and amortization | 2,554 | 2,624 | 7,618 | 7,727 |
Operating income | 10,988 | 9,576 | 46,689 | 43,823 |
Lanier Apparel | Operating Segments | ||||
Operating groups | ||||
Net sales | 29,377 | 29,037 | 76,871 | 72,806 |
Depreciation and amortization | 146 | 144 | 427 | 424 |
Operating income | 1,952 | 2,261 | 3,387 | 3,448 |
Southern Tide | Operating Segments | ||||
Operating groups | ||||
Net sales | 9,102 | 9,496 | 35,704 | 34,745 |
Depreciation and amortization | 135 | 133 | 404 | 394 |
Operating income | $ 526 | $ 492 | $ 4,877 | $ 4,399 |
Operating Group Information - S
Operating Group Information - Sales by operating group (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Operating groups | ||||
Net sales | $ 241,221 | $ 233,662 | $ 825,194 | $ 808,931 |
Operating Segments | Tommy Bahama | ||||
Operating groups | ||||
Net sales | 127,023 | 123,130 | 480,623 | 482,990 |
Operating Segments | Lilly Pulitzer | ||||
Operating groups | ||||
Net sales | 71,659 | 68,213 | 219,809 | 208,463 |
Operating Segments | Lanier Apparel | ||||
Operating groups | ||||
Net sales | 29,377 | 29,037 | 76,871 | 72,806 |
Operating Segments | Southern Tide | ||||
Operating groups | ||||
Net sales | 9,102 | 9,496 | 35,704 | 34,745 |
Corporate and Other | ||||
Operating groups | ||||
Net sales | 4,060 | 3,786 | 12,187 | 9,927 |
Retail | ||||
Operating groups | ||||
Net sales | $ 83,636 | $ 80,624 | $ 324,892 | $ 322,940 |
Net Sales (as a percent) | 35.00% | 35.00% | 39.00% | 40.00% |
Retail | Operating Segments | Tommy Bahama | ||||
Operating groups | ||||
Net Sales (as a percent) | 46.00% | 46.00% | 48.00% | 48.00% |
Retail | Operating Segments | Lilly Pulitzer | ||||
Operating groups | ||||
Net Sales (as a percent) | 35.00% | 35.00% | 43.00% | 44.00% |
E-commerce | ||||
Operating groups | ||||
Net sales | $ 62,310 | $ 56,392 | $ 180,736 | $ 164,277 |
Net Sales (as a percent) | 26.00% | 24.00% | 22.00% | 20.00% |
E-commerce | Operating Segments | Tommy Bahama | ||||
Operating groups | ||||
Net Sales (as a percent) | 14.00% | 14.00% | 18.00% | 17.00% |
E-commerce | Operating Segments | Lilly Pulitzer | ||||
Operating groups | ||||
Net Sales (as a percent) | 55.00% | 53.00% | 36.00% | 35.00% |
E-commerce | Operating Segments | Lanier Apparel | ||||
Operating groups | ||||
Net Sales (as a percent) | 1.00% | 1.00% | ||
E-commerce | Operating Segments | Southern Tide | ||||
Operating groups | ||||
Net Sales (as a percent) | 19.00% | 16.00% | 18.00% | 16.00% |
E-commerce | Corporate and Other | ||||
Operating groups | ||||
Net Sales (as a percent) | 57.00% | 50.00% | 60.00% | 54.00% |
Restaurant | ||||
Operating groups | ||||
Net sales | $ 17,325 | $ 16,329 | $ 61,457 | $ 63,089 |
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) | 14.00% | 13.00% | 13.00% | 13.00% |
Wholesale | ||||
Operating groups | ||||
Net sales | $ 77,595 | $ 79,654 | $ 256,794 | $ 256,432 |
Net Sales (as a percent) | 32.00% | 34.00% | 31.00% | 32.00% |
Wholesale | Operating Segments | Tommy Bahama | ||||
Operating groups | ||||
Net Sales (as a percent) | 26.00% | 27.00% | 21.00% | 22.00% |
Wholesale | Operating Segments | Lilly Pulitzer | ||||
Operating groups | ||||
Net Sales (as a percent) | 10.00% | 12.00% | 21.00% | 21.00% |
Wholesale | Operating Segments | Lanier Apparel | ||||
Operating groups | ||||
Net Sales (as a percent) | 99.00% | 100.00% | 99.00% | 100.00% |
Wholesale | Operating Segments | Southern Tide | ||||
Operating groups | ||||
Net Sales (as a percent) | 81.00% | 84.00% | 82.00% | 84.00% |
Wholesale | Corporate and Other | ||||
Operating groups | ||||
Net Sales (as a percent) | 36.00% | 34.00% | 32.00% | 27.00% |
Other | ||||
Operating groups | ||||
Net sales | $ 355 | $ 663 | $ 1,315 | $ 2,193 |
Other | Corporate and Other | ||||
Operating groups | ||||
Net Sales (as a percent) | 7.00% | 16.00% | 8.00% | 19.00% |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of changes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Nov. 02, 2019 | Aug. 03, 2019 | May 04, 2019 | Feb. 02, 2019 | Nov. 03, 2018 | Aug. 04, 2018 | May 05, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Shareholders' Equity | |||||||||
Beginning Balance | $ 518,949 | $ 493,172 | $ 478,355 | $ 465,347 | $ 467,132 | $ 443,665 | $ 429,824 | $ 478,355 | $ 429,824 |
Net earnings and other comprehensive income | 1,844 | 29,703 | 21,269 | 16,673 | 1,711 | 26,900 | 19,986 | 52,816 | 48,597 |
Shares issued under equity plans | 423 | 463 | 422 | 286 | 356 | 450 | 364 | ||
Compensation expense for equity awards | 1,907 | 1,915 | 1,876 | 1,817 | 1,912 | 1,880 | 1,718 | ||
Repurchase of shares | (2,453) | (2,351) | |||||||
Cash dividends declared and paid | (6,307) | (6,304) | (6,297) | (5,768) | (5,764) | (5,763) | (5,759) | ||
Cumulative effect of change in accounting standard | (117) | ||||||||
Ending Balance | 516,816 | 518,949 | 493,172 | 478,355 | 465,347 | 467,132 | 443,665 | 516,816 | 465,347 |
Common Stock | |||||||||
Shareholders' Equity | |||||||||
Beginning Balance | 17,035 | 17,019 | 16,959 | 16,956 | 16,951 | 16,937 | 16,839 | 16,959 | 16,839 |
Shares issued under equity plans | 5 | 16 | 91 | 3 | 5 | 14 | 128 | ||
Repurchase of shares | (31) | (30) | |||||||
Ending Balance | 17,040 | 17,035 | 17,019 | 16,959 | 16,956 | 16,951 | 16,937 | 17,040 | 16,956 |
Additional Paid-In Capital | |||||||||
Shareholders' Equity | |||||||||
Beginning Balance | 145,123 | 142,761 | 142,976 | 140,876 | 138,613 | 136,297 | 136,664 | 142,976 | 136,664 |
Shares issued under equity plans | 418 | 447 | 331 | 283 | 351 | 436 | 236 | ||
Compensation expense for equity awards | 1,907 | 1,915 | 1,876 | 1,817 | 1,912 | 1,880 | 1,718 | ||
Repurchase of shares | (2,422) | (2,321) | |||||||
Ending Balance | 147,448 | 145,123 | 142,761 | 142,976 | 140,876 | 138,613 | 136,297 | 147,448 | 140,876 |
Retained Earnings | |||||||||
Shareholders' Equity | |||||||||
Beginning Balance | 362,407 | 338,875 | 323,515 | 312,604 | 316,507 | 295,086 | 280,395 | 323,515 | 280,395 |
Net earnings and other comprehensive income | 1,668 | 29,836 | 21,657 | 16,679 | 1,861 | 27,184 | 20,567 | ||
Cash dividends declared and paid | (6,307) | (6,304) | (6,297) | (5,768) | (5,764) | (5,763) | (5,759) | ||
Cumulative effect of change in accounting standard | (117) | ||||||||
Ending Balance | 357,768 | 362,407 | 338,875 | 323,515 | 312,604 | 316,507 | 295,086 | 357,768 | 312,604 |
Accumulated Other Comprehensive (Loss) Income | |||||||||
Shareholders' Equity | |||||||||
Beginning Balance | (5,616) | (5,483) | (5,095) | (5,089) | (4,939) | (4,655) | (4,074) | (5,095) | (4,074) |
Net earnings and other comprehensive income | 176 | (133) | (388) | (6) | (150) | (284) | (581) | ||
Ending Balance | $ (5,440) | $ (5,616) | $ (5,483) | $ (5,095) | $ (5,089) | $ (4,939) | $ (4,655) | $ (5,440) | $ (5,089) |
Shareholders' Equity - AOCI (De
Shareholders' Equity - AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Reclassification from AOCI | ||||
Net earnings | $ 1,668 | $ 1,861 | $ 53,161 | $ 49,612 |
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 | 9 Months Ended | ||
Nov. 02, 2019 | Nov. 03, 2018 | Nov. 02, 2019 | Nov. 03, 2018 | |
Revenue | ||||
Net sales | $ 241,221 | $ 233,662 | $ 825,194 | $ 808,931 |
Retail | ||||
Revenue | ||||
Net sales | 83,636 | 80,624 | 324,892 | 322,940 |
E-commerce | ||||
Revenue | ||||
Net sales | 62,310 | 56,392 | 180,736 | 164,277 |
Restaurant | ||||
Revenue | ||||
Net sales | 17,325 | 16,329 | 61,457 | 63,089 |
Wholesale | ||||
Revenue | ||||
Net sales | 77,595 | 79,654 | 256,794 | 256,432 |
Other | ||||
Revenue | ||||
Net sales | $ 355 | $ 663 | $ 1,315 | $ 2,193 |
Revenue Recognition - Additiona
Revenue Recognition - Additional information (Details) - USD ($) $ in Millions | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Revenue | |||
Receivable reserve amount | $ 9 | $ 7 | $ 8 |
Income tax receivable | 1 | 1 | 4 |
Tenant allowance due from landlord | 2 | 0 | 0 |
Value of inventory for wholesale and direct to consumer sales returns | 4 | 2 | 2 |
Contract liabilities | 11 | 12 | 10 |
Direct to consumer | |||
Revenue | |||
Sales return liability | $ 3 | $ 3 | $ 2 |
Leases - Cost (Details)
Leases - Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Nov. 02, 2019 | Nov. 02, 2019 | Feb. 02, 2019 | |
Leases | |||
Deferred rent | $ 61 | ||
Operating lease expense | $ 16 | $ 49 | |
Variable lease cost | 8 | 25 | |
Total lease cost | $ 24 | $ 74 | |
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 | $ 18 | $ 53 |
Leases - Lease liability paymen
Leases - Lease liability payment schedule CY (Details) $ in Thousands | Nov. 02, 2019USD ($) |
Leases | |
Remainder of 2019 | $ 17,066 |
2020 | 62,622 |
2021 | 65,589 |
2022 | 61,399 |
2023 | 58,279 |
2024 | 45,664 |
After 2024 | 92,256 |
Total lease payments | 402,875 |
Less: Difference between discounted and undiscounted lease payments | 59,199 |
Present value of lease liabilities | $ 343,676 |
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 | Nov. 02, 2019 | Feb. 02, 2019 | Nov. 03, 2018 |
Debt | |||
Maximum borrowing capacity | $ 325 | ||
Debt outstanding | 0 | $ 13 | $ 32 |
Letters of credit outstanding | 3 | ||
Unused availability | $ 313 |