Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 04, 2024 | Jun. 10, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 04, 2024 | |
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 | 15,676,410 | |
Entity Central Index Key | 0000075288 | |
Current Fiscal Year End Date | --02-01 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Current Assets | |||
Cash and cash equivalents | $ 7,657 | $ 7,604 | $ 9,712 |
Receivables, net | 87,918 | 63,362 | 81,483 |
Inventories, net | 144,373 | 159,565 | 179,608 |
Income tax receivable | 19,437 | 19,549 | 19,442 |
Prepaid expenses and other current assets | 38,978 | 43,035 | 37,459 |
Total Current Assets | 298,363 | 293,115 | 327,704 |
Property and equipment, net | 193,702 | 195,137 | 181,601 |
Intangible assets, net | 259,147 | 262,101 | 280,785 |
Goodwill | 27,185 | 27,190 | 122,056 |
Operating lease assets | 319,308 | 263,934 | 245,099 |
Other assets, net | 41,183 | 32,188 | 33,637 |
Deferred income taxes | 18,088 | 24,179 | 3,348 |
Total Assets | 1,156,976 | 1,097,844 | 1,194,230 |
Current Liabilities | |||
Accounts payable | 73,755 | 85,545 | 69,609 |
Accrued compensation | 19,340 | 23,660 | 24,318 |
Current portion of operating lease liabilities | 65,366 | 64,576 | 67,265 |
Accrued expenses and other liabilities | 67,124 | 66,863 | 80,854 |
Total Current Liabilities | 225,585 | 240,644 | 242,046 |
Long-term debt | 18,630 | 29,304 | 94,306 |
Non-current portion of operating lease liabilities | 296,080 | 243,703 | 223,167 |
Other non-current liabilities | 23,806 | 23,279 | 19,561 |
Deferred income taxes | 7,725 | ||
Shareholders' Equity | |||
Common stock, $1.00 par value per share | 15,634 | 15,629 | 15,780 |
Additional paid-in capital | 183,126 | 178,567 | 176,030 |
Retained earnings | 396,933 | 369,453 | 418,043 |
Accumulated other comprehensive loss | (2,818) | (2,735) | (2,428) |
Total Shareholders' Equity | 592,875 | 560,914 | 607,425 |
Total Liabilities and Shareholders' Equity | $ 1,156,976 | $ 1,097,844 | $ 1,194,230 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
CONDENSED 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 | |
May 04, 2024 | Apr. 29, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Net sales | $ 398,184 | $ 420,097 |
Cost of goods sold | 139,823 | 144,968 |
Gross profit | 258,361 | 275,129 |
SG&A | 213,103 | 203,149 |
Royalties and other operating income | 7,193 | 8,321 |
Operating income | 52,451 | 80,301 |
Interest expense, net | 874 | 2,342 |
Earnings before income taxes | 51,577 | 77,959 |
Income tax expense | 13,204 | 19,421 |
Net earnings | $ 38,373 | $ 58,538 |
Net earnings per share: | ||
Basic (in dollars per share) | $ 2.46 | $ 3.75 |
Diluted (in dollars per share) | $ 2.42 | $ 3.64 |
Weighted average shares outstanding: | ||
Basic (in shares) | 15,597 | 15,629 |
Diluted (in shares) | 15,844 | 16,071 |
Dividends declared per share (in dollars per share) | $ 0.67 | $ 0.65 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net earnings | $ 38,373 | $ 58,538 |
Other comprehensive income (loss), net of taxes: | ||
Net foreign currency translation adjustment | (83) | (604) |
Comprehensive income | $ 38,290 | $ 57,934 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Cash Flows From Operating Activities: | ||
Net earnings | $ 38,373 | $ 58,538 |
Adjustments to reconcile net earnings to cash flows from operating activities: | ||
Depreciation | 13,586 | 11,512 |
Amortization of intangible assets | 2,955 | 3,660 |
Equity compensation expense | 4,051 | 3,259 |
Gain on sale of property and equipment | (1,756) | |
Amortization and write-off of deferred financing costs | 96 | 272 |
Deferred income taxes | 6,059 | 4,657 |
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||
Receivables, net | (24,571) | (37,542) |
Inventories, net | 15,151 | 39,987 |
Income tax receivable | 112 | (2) |
Prepaid expenses and other current assets | 4,051 | 634 |
Current liabilities | (15,365) | (27,671) |
Other balance sheet changes | (11,575) | (2,991) |
Cash provided by operating activities | 32,923 | 52,557 |
Cash Flows From Investing Activities: | ||
Acquisitions, net of cash acquired | (240) | (997) |
Purchases of property and equipment | (11,894) | (16,662) |
Proceeds from the sale of property, plant and equipment | 2,125 | |
Cash used in investing activities | (12,134) | (15,534) |
Cash Flows From Financing Activities: | ||
Repayment of revolving credit arrangements | (136,216) | (137,755) |
Proceeds from revolving credit arrangements | 125,542 | 113,051 |
Deferred financing costs paid | (1,661) | |
Proceeds from issuance of common stock | 513 | 602 |
Cash dividends paid | (10,549) | (10,351) |
Cash used in financing activities | (20,710) | (36,114) |
Net change in cash and cash equivalents | 79 | 909 |
Effect of foreign currency translation on cash and cash equivalents | (26) | (23) |
Cash and cash equivalents at the beginning of year | 7,604 | 8,826 |
Cash and cash equivalents at the end of period | $ 7,657 | $ 9,712 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Common Stock | APIC | Retained Earnings | AOCI | Total |
Beginning Balance at Jan. 28, 2023 | $ 15,774 | $ 172,175 | $ 370,145 | $ (1,824) | $ 556,270 |
Increase (Decrease) in Stockholders' Equity | |||||
Comprehensive income | 58,538 | (604) | 57,934 | ||
Shares issued under equity plans | 6 | 596 | 602 | ||
Compensation expense for equity awards | 3,259 | 3,259 | |||
Dividends declared | (10,640) | (10,640) | |||
Ending Balance at Apr. 29, 2023 | 15,780 | 176,030 | 418,043 | (2,428) | 607,425 |
Beginning Balance at Feb. 03, 2024 | 15,629 | 178,567 | 369,453 | (2,735) | 560,914 |
Increase (Decrease) in Stockholders' Equity | |||||
Comprehensive income | 38,373 | (83) | 38,290 | ||
Shares issued under equity plans | 5 | 508 | 513 | ||
Compensation expense for equity awards | 4,051 | 4,051 | |||
Dividends declared | (10,893) | (10,893) | |||
Ending Balance at May. 04, 2024 | $ 15,634 | $ 183,126 | $ 396,933 | $ (2,818) | $ 592,875 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
May 04, 2024 | |
Basis of Presentation | |
Basis of Presentation | 1. Basis of Presentation: The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Fiscal 2023 Form 10-K. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2023 Form 10-K. Recently Issued Accounting Standards Applicable to Future Years Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements. I In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating how the expanded disclosure requirements of ASU 2023-09 will affect our presentation, and we will include the incremental disclosures upon the effective date. |
Operating Groups
Operating Groups | 3 Months Ended |
May 04, 2024 | |
Operating Groups | |
Operating Groups | 2. Operating Group Information: Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, the elimination of any sales between operating groups, any other items that are not allocated to the operating groups, including LIFO inventory accounting adjustments. The accounting policies of the reportable operating segments are the same as those described in our Fiscal 2023 Form 10-K. The table below presents certain financial information (in thousands) about our operating groups, as well as Corporate and Other. First Quarter Fiscal 2024 Fiscal 2023 Net sales Tommy Bahama $ 225,617 $ 239,435 Lilly Pulitzer 88,421 97,450 Johnny Was 51,212 49,491 Emerging Brands 33,001 33,991 Corporate and Other (67) (270) Consolidated net sales $ 398,184 $ 420,097 Depreciation and amortization Tommy Bahama $ 7,193 $ 5,984 Lilly Pulitzer 4,594 3,392 Johnny Was 4,006 5,192 Emerging Brands 614 425 Corporate and Other 134 179 Consolidated depreciation and amortization $ 16,541 $ 15,172 Operating income (loss) Tommy Bahama $ 42,639 $ 55,521 Lilly Pulitzer 15,544 24,516 Johnny Was 333 2,484 Emerging Brands 3,798 3,913 Corporate and Other (9,863) (6,133) Consolidated operating income $ 52,451 $ 80,301 Interest expense, net 874 2,342 Earnings before income taxes $ 51,577 $ 77,959 May 4, 2024 February 3, 2024 April 29, 2023 Assets Tommy Bahama (1) $ 607,069 $ 556,431 $ 576,867 Lilly Pulitzer (2) 208,182 194,871 215,842 Johnny Was (3) 246,229 251,429 330,321 Emerging Brands (4) 103,995 98,816 92,959 Corporate and Other (5) (8,499) (3,703) (21,759) Consolidated Total Assets $ 1,156,976 $ 1,097,844 $ 1,194,230 (1) Increase in Tommy Bahama total assets from April 29, 2023, includes increases in operating lease assets and property and equipment partially offset by decreases in inventories and receivables. (2) Decrease in Lilly Pulitzer total assets from April 29, 2023, includes a decrease in inventories. (3) Decrease in Johnny Was total assets from April 29, 2023, relates primarily to the impairment charges for goodwill and intangible assets recorded in the Fourth Quarter of Fiscal 2023. (4) Increase in Emerging Brands total assets from April 29, 2023, includes increases in operating lease assets and property and equipment from the opening of new retail store locations. Goodwill and intangible assets also increased related to the acquisition of Jack Rogers and three former Southern Tide Signature Stores in the Fourth Quarter of Fiscal 2023. These increases were partially offset by reductions in inventories. (5) Increase in Corporate and Other total assets from April 29, 2023, relates primarily due to the impact of LIFO accounting. The tables below quantify net sales, for each operating group and in total (in thousands), and the percentage of net sales by distribution channel for each operating group and in total, for each period presented. We have calculated all percentages below based on actual data, and percentages may not add to 100 due to rounding. First Quarter Fiscal 2024 Net Sales Retail E-commerce Food & Beverage Wholesale Other Tommy Bahama $ 225,617 45 % 21 % 15 % 19 % — % Lilly Pulitzer 88,421 35 % 46 % — % 19 % — % Johnny Was 51,212 37 % 40 % — % 23 % — % Emerging Brands 33,001 15 % 36 % — % 49 % — % Corporate and Other (67) — % — % — % — % NM % Total $ 398,184 39 % 30 % 9 % 22 % — % First Quarter Fiscal 2023 Net Sales Retail E-commerce Food & Beverage Wholesale Other Tommy Bahama $ 239,435 44 % 21 % 13 % 22 % — % Lilly Pulitzer 97,450 34 % 47 % — % 19 % — % Johnny Was 49,491 36 % 38 % — 26 % — % Emerging Brands 33,991 7 % 36 % — % 57 % — % Corporate and Other (270) — % — % — % — % NM % Total $ 420,097 37 % 30 % 8 % 25 % — % |
Revenue Recognition and Receiva
Revenue Recognition and Receivables | 3 Months Ended |
May 04, 2024 | |
Revenue Recognition and Receivables | |
Revenue Recognition and Receivables | 3. Revenue Recognition and Receivables: The table below quantifies net sales by distribution channel (in thousands) for each period presented. First Quarter Fiscal 2024 Fiscal 2023 Retail $ 155,755 $ 157,605 E-commerce 119,716 125,764 Food & Beverage 34,717 32,032 Wholesale 88,063 104,829 Other (67) (133) Net sales $ 398,184 $ 420,097 An estimated sales return liability of $14 million, $13 million and $16 million for expected direct to consumer returns is classified in accrued expenses and other liabilities in our consolidated balance sheet as of May 4, 2024, February 3, 2024, and April 29, 2023, respectively. As of May 4, 2024, February 3, 2024, and April 29, 2023, prepaid expenses and other current assets included $4 million, $4 million and $5 million, respectively, relating to the estimated value of inventory for expected direct to consumer and wholesale sales returns. Substantially all amounts recognized in receivables, net represent trade receivables related to contracts with customers. In the ordinary course of our wholesale operations, we offer discounts, allowances and cooperative advertising support to and accept returns from certain of our wholesale customers for certain products. As of May 4, 2024, February 3, 2024, and April 29, 2023, reserve balances recorded as a reduction to receivables related to these items were $3 million, $3 million and $4 million, respectively. As of May 4, 2024, February 3, 2024, and April 29, 2023, our provision for credit losses related to receivables included in our consolidated balance sheets was $1 million, $1 million and $1 million, 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 accrued expenses and other liabilities in our consolidated balance sheet and totaled $20 million, $20 million and $18 million as of May 4, 2024, February 3, 2024, and April 29, 2023, respectively. |
Leases and Other Commitments
Leases and Other Commitments | 3 Months Ended |
May 04, 2024 | |
Leases and Other Commitments | |
Leases and Other Commitments | 4. Leases: Operating lease Remainder of 2024 $ 62,510 2025 71,153 2026 68,663 2027 54,538 2028 49,632 2029 35,765 After 2029 101,054 Total lease payments $ 443,315 Less: Difference between discounted and undiscounted lease payments 81,870 Present value of lease liabilities $ 361,445 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
May 04, 2024 | |
Shareholders' Equity | |
Shareholders' Equity and Share-based Payments [Text Block] | 5. Shareholders’ Equity: During the First Quarter of Fiscal 2024 and the First Quarter of Fiscal 2023, there were no repurchases. As of May 4, 2024, we have $30 million remaining under our existing Board of Directors’ authorization. We also repurchase shares from our employees to cover employee tax liabilities related to the vesting of shares of our common stock. During the First Quarter of Fiscal 2024 and the First Quarter of Fiscal 2023, no shares vested that resulted in a repurchase from our employees. Long-Term Stock Incentive Plan and Equity Compensation Expense In recent years, we have granted a combination of service-based restricted share awards and awards based on relative total shareholder return ("TSR") to certain select employees. Service-Based Restricted Share Awards The table below summarizes the service-based restricted share awards, including both restricted shares and restricted share units, activity for the First Quarter of Fiscal 2024: Fiscal 2024 Weighted- Number of average Shares or grant date Units fair value Awards outstanding at beginning of year 158,794 $ 99 Awards granted 66,188 $ 111 Awards vested, including awards repurchased from employees for employees’ tax liability — $ — Awards forfeited — $ — Awards outstanding on May 4, 2024 224,982 $ 102 TSR-based Restricted Share Units The table below summarizes the TSR-based restricted share unit activity at target for the First Quarter of Fiscal 2024: Fiscal 2024 Weighted- average Number of grant date Share Units fair value TSR-based awards outstanding at beginning of year 192,163 $ 129 TSR-based awards granted 80,245 $ 140 TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability — $ — TSR-based awards forfeited — $ — TSR-based awards outstanding on May 4, 2024 272,408 $ 132 As disclosed in Note 1 to our consolidated financial statements contained in our Fiscal 2023 Form 10-K, the fair value of TSR-based awards are not tied to the price of our common stock at any fixed point in time; rather, the fair value of TSR-based awards is determined using a Monte Carlo simulation model, which models multiple TSR paths for our common stock as well as the comparator group, as applicable, to evaluate and determine the estimated fair value of the award. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
May 04, 2024 | |
Basis of Presentation | |
Basis of Presentation | 1. Basis of Presentation: The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Fiscal 2023 Form 10-K. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2023 Form 10-K. |
Recently Issued Accounting Standards Applicable to Future Periods | Recently Issued Accounting Standards Applicable to Future Years Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements. I In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating how the expanded disclosure requirements of ASU 2023-09 will affect our presentation, and we will include the incremental disclosures upon the effective date. |
Operating Groups (Tables)
Operating Groups (Tables) | 3 Months Ended |
May 04, 2024 | |
Operating Groups | |
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. First Quarter Fiscal 2024 Fiscal 2023 Net sales Tommy Bahama $ 225,617 $ 239,435 Lilly Pulitzer 88,421 97,450 Johnny Was 51,212 49,491 Emerging Brands 33,001 33,991 Corporate and Other (67) (270) Consolidated net sales $ 398,184 $ 420,097 Depreciation and amortization Tommy Bahama $ 7,193 $ 5,984 Lilly Pulitzer 4,594 3,392 Johnny Was 4,006 5,192 Emerging Brands 614 425 Corporate and Other 134 179 Consolidated depreciation and amortization $ 16,541 $ 15,172 Operating income (loss) Tommy Bahama $ 42,639 $ 55,521 Lilly Pulitzer 15,544 24,516 Johnny Was 333 2,484 Emerging Brands 3,798 3,913 Corporate and Other (9,863) (6,133) Consolidated operating income $ 52,451 $ 80,301 Interest expense, net 874 2,342 Earnings before income taxes $ 51,577 $ 77,959 May 4, 2024 February 3, 2024 April 29, 2023 Assets Tommy Bahama (1) $ 607,069 $ 556,431 $ 576,867 Lilly Pulitzer (2) 208,182 194,871 215,842 Johnny Was (3) 246,229 251,429 330,321 Emerging Brands (4) 103,995 98,816 92,959 Corporate and Other (5) (8,499) (3,703) (21,759) Consolidated Total Assets $ 1,156,976 $ 1,097,844 $ 1,194,230 (1) Increase in Tommy Bahama total assets from April 29, 2023, includes increases in operating lease assets and property and equipment partially offset by decreases in inventories and receivables. (2) Decrease in Lilly Pulitzer total assets from April 29, 2023, includes a decrease in inventories. (3) Decrease in Johnny Was total assets from April 29, 2023, relates primarily to the impairment charges for goodwill and intangible assets recorded in the Fourth Quarter of Fiscal 2023. (4) Increase in Emerging Brands total assets from April 29, 2023, includes increases in operating lease assets and property and equipment from the opening of new retail store locations. Goodwill and intangible assets also increased related to the acquisition of Jack Rogers and three former Southern Tide Signature Stores in the Fourth Quarter of Fiscal 2023. These increases were partially offset by reductions in inventories. (5) Increase in Corporate and Other total assets from April 29, 2023, relates primarily due to the impact of LIFO accounting. |
Schedule of net sales by operating group | The tables below quantify net sales, for each operating group and in total (in thousands), and the percentage of net sales by distribution channel for each operating group and in total, for each period presented. We have calculated all percentages below based on actual data, and percentages may not add to 100 due to rounding. First Quarter Fiscal 2024 Net Sales Retail E-commerce Food & Beverage Wholesale Other Tommy Bahama $ 225,617 45 % 21 % 15 % 19 % — % Lilly Pulitzer 88,421 35 % 46 % — % 19 % — % Johnny Was 51,212 37 % 40 % — % 23 % — % Emerging Brands 33,001 15 % 36 % — % 49 % — % Corporate and Other (67) — % — % — % — % NM % Total $ 398,184 39 % 30 % 9 % 22 % — % First Quarter Fiscal 2023 Net Sales Retail E-commerce Food & Beverage Wholesale Other Tommy Bahama $ 239,435 44 % 21 % 13 % 22 % — % Lilly Pulitzer 97,450 34 % 47 % — % 19 % — % Johnny Was 49,491 36 % 38 % — 26 % — % Emerging Brands 33,991 7 % 36 % — % 57 % — % Corporate and Other (270) — % — % — % — % NM % Total $ 420,097 37 % 30 % 8 % 25 % — % |
Revenue Recognition and Recei_2
Revenue Recognition and Receivables (Tables) | 3 Months Ended |
May 04, 2024 | |
Revenue Recognition and Receivables | |
Schedule of net sales by distribution channel | The table below quantifies net sales by distribution channel (in thousands) for each period presented. First Quarter Fiscal 2024 Fiscal 2023 Retail $ 155,755 $ 157,605 E-commerce 119,716 125,764 Food & Beverage 34,717 32,032 Wholesale 88,063 104,829 Other (67) (133) Net sales $ 398,184 $ 420,097 |
Leases and Other Commitments (T
Leases and Other Commitments (Tables) | 3 Months Ended |
May 04, 2024 | |
Leases and Other Commitments | |
Schedule of lease liability payments | Operating lease Remainder of 2024 $ 62,510 2025 71,153 2026 68,663 2027 54,538 2028 49,632 2029 35,765 After 2029 101,054 Total lease payments $ 443,315 Less: Difference between discounted and undiscounted lease payments 81,870 Present value of lease liabilities $ 361,445 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
May 04, 2024 | |
Restricted shares and restricted share units, excluding TSR-based restricted share units | |
Equity Compensation | |
Summary of award activity | Fiscal 2024 Weighted- Number of average Shares or grant date Units fair value Awards outstanding at beginning of year 158,794 $ 99 Awards granted 66,188 $ 111 Awards vested, including awards repurchased from employees for employees’ tax liability — $ — Awards forfeited — $ — Awards outstanding on May 4, 2024 224,982 $ 102 |
TSR-based restricted share units | |
Equity Compensation | |
Summary of award activity | Fiscal 2024 Weighted- average Number of grant date Share Units fair value TSR-based awards outstanding at beginning of year 192,163 $ 129 TSR-based awards granted 80,245 $ 140 TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability — $ — TSR-based awards forfeited — $ — TSR-based awards outstanding on May 4, 2024 272,408 $ 132 |
Operating Groups - Financial in
Operating Groups - Financial information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Operating groups | ||
Net sales | $ 398,184 | $ 420,097 |
Depreciation and amortization | 16,541 | 15,172 |
Operating income | 52,451 | 80,301 |
Interest expense, net | 874 | 2,342 |
Earnings before income taxes | 51,577 | 77,959 |
Corporate and Other | ||
Operating groups | ||
Net sales | (67) | (270) |
Depreciation and amortization | 134 | 179 |
Operating income | (9,863) | (6,133) |
Tommy Bahama | Operating Segments | ||
Operating groups | ||
Net sales | 225,617 | 239,435 |
Depreciation and amortization | 7,193 | 5,984 |
Operating income | 42,639 | 55,521 |
Lilly Pulitzer | Operating Segments | ||
Operating groups | ||
Net sales | 88,421 | 97,450 |
Depreciation and amortization | 4,594 | 3,392 |
Operating income | 15,544 | 24,516 |
Johnny Was | Operating Segments | ||
Operating groups | ||
Net sales | 51,212 | 49,491 |
Depreciation and amortization | 4,006 | 5,192 |
Operating income | 333 | 2,484 |
Emerging Brands | Operating Segments | ||
Operating groups | ||
Net sales | 33,001 | 33,991 |
Depreciation and amortization | 614 | 425 |
Operating income | $ 3,798 | $ 3,913 |
Operating Groups - Assets (Deta
Operating Groups - Assets (Details) $ in Thousands | 3 Months Ended | ||
Feb. 03, 2024 USD ($) store | May 04, 2024 USD ($) | Apr. 29, 2023 USD ($) | |
Operating groups | |||
Assets | $ 1,097,844 | $ 1,156,976 | $ 1,194,230 |
Corporate and Other | |||
Operating groups | |||
Assets | (3,703) | (8,499) | (21,759) |
Tommy Bahama | Operating Segments | |||
Operating groups | |||
Assets | 556,431 | 607,069 | 576,867 |
Lilly Pulitzer | Operating Segments | |||
Operating groups | |||
Assets | 194,871 | 208,182 | 215,842 |
Johnny Was | Operating Segments | |||
Operating groups | |||
Assets | $ 251,429 | 246,229 | 330,321 |
Emerging Brands | Southern Tide | |||
Operating groups | |||
Number of stores acquired | store | 3 | ||
Emerging Brands | Operating Segments | |||
Operating groups | |||
Assets | $ 98,816 | $ 103,995 | $ 92,959 |
Operating Groups - Sales by ope
Operating Groups - Sales by operating group (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Operating groups | ||
Net sales | $ 398,184 | $ 420,097 |
Operating Segments | Tommy Bahama | ||
Operating groups | ||
Net sales | 225,617 | 239,435 |
Operating Segments | Lilly Pulitzer | ||
Operating groups | ||
Net sales | 88,421 | 97,450 |
Operating Segments | Johnny Was | ||
Operating groups | ||
Net sales | 51,212 | 49,491 |
Operating Segments | Emerging Brands | ||
Operating groups | ||
Net sales | 33,001 | 33,991 |
Corporate and Other | ||
Operating groups | ||
Net sales | (67) | (270) |
Retail | ||
Operating groups | ||
Net sales | $ 155,755 | $ 157,605 |
Net sales (as a percent) | 39% | 37% |
Retail | Operating Segments | Tommy Bahama | ||
Operating groups | ||
Net sales (as a percent) | 45% | 44% |
Retail | Operating Segments | Lilly Pulitzer | ||
Operating groups | ||
Net sales (as a percent) | 35% | 34% |
Retail | Operating Segments | Johnny Was | ||
Operating groups | ||
Net sales (as a percent) | 37% | 36% |
Retail | Operating Segments | Emerging Brands | ||
Operating groups | ||
Net sales (as a percent) | 15% | 7% |
E-commerce | ||
Operating groups | ||
Net sales | $ 119,716 | $ 125,764 |
Net sales (as a percent) | 30% | 30% |
E-commerce | Operating Segments | Tommy Bahama | ||
Operating groups | ||
Net sales (as a percent) | 21% | 21% |
E-commerce | Operating Segments | Lilly Pulitzer | ||
Operating groups | ||
Net sales (as a percent) | 46% | 47% |
E-commerce | Operating Segments | Johnny Was | ||
Operating groups | ||
Net sales (as a percent) | 40% | 38% |
E-commerce | Operating Segments | Emerging Brands | ||
Operating groups | ||
Net sales (as a percent) | 36% | 36% |
Food & Beverage | ||
Operating groups | ||
Net sales | $ 34,717 | $ 32,032 |
Net sales (as a percent) | 9% | 8% |
Food & Beverage | Operating Segments | Tommy Bahama | ||
Operating groups | ||
Net sales (as a percent) | 15% | 13% |
Wholesale | ||
Operating groups | ||
Net sales | $ 88,063 | $ 104,829 |
Net sales (as a percent) | 22% | 25% |
Wholesale | Operating Segments | Tommy Bahama | ||
Operating groups | ||
Net sales (as a percent) | 19% | 22% |
Wholesale | Operating Segments | Lilly Pulitzer | ||
Operating groups | ||
Net sales (as a percent) | 19% | 19% |
Wholesale | Operating Segments | Johnny Was | ||
Operating groups | ||
Net sales (as a percent) | 23% | 26% |
Wholesale | Operating Segments | Emerging Brands | ||
Operating groups | ||
Net sales (as a percent) | 49% | 57% |
Other | ||
Operating groups | ||
Net sales | $ (67) | $ (133) |
Revenue Recognition and Recei_3
Revenue Recognition and Receivables - Net sales by distribution channel (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Revenue | ||
Net sales | $ 398,184 | $ 420,097 |
Retail | ||
Revenue | ||
Net sales | 155,755 | 157,605 |
E-commerce | ||
Revenue | ||
Net sales | 119,716 | 125,764 |
Food & Beverage | ||
Revenue | ||
Net sales | 34,717 | 32,032 |
Wholesale | ||
Revenue | ||
Net sales | 88,063 | 104,829 |
Other | ||
Revenue | ||
Net sales | $ (67) | $ (133) |
Revenue Recognition and Recei_4
Revenue Recognition and Receivables - Credit losses and receivables (Details) - USD ($) $ in Millions | May 04, 2024 | Feb. 03, 2024 | Apr. 29, 2023 |
Revenue Recognition and Receivables | |||
Sales return liability | $ 14 | $ 13 | $ 16 |
Value of inventory for direct to consumer and wholesale sales returns | 4 | 4 | 5 |
Receivable reserve | 3 | 3 | 4 |
Credit loss reserve | 1 | 1 | 1 |
Contract liabilities | $ 20 | $ 20 | $ 18 |
Leases and Other Commitments -
Leases and Other Commitments - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Leases and Other Commitments | ||
Operating lease expense | $ 19 | |
Variable lease expense | 13 | |
Total lease expense | 32 | $ 28 |
Cash paid for lease liabilities | $ 22 | $ 21 |
Leases and Other Commitments _2
Leases and Other Commitments - Lease liability payment schedule (Details) $ in Thousands | May 04, 2024 USD ($) |
Required lease liability payments due | |
Remainder of 2024 | $ 62,510 |
2025 | 71,153 |
2026 | 68,663 |
2027 | 54,538 |
2028 | 49,632 |
2029 | 35,765 |
After 2029 | 101,054 |
Total lease payments | 443,315 |
Less: Difference between discounted and undiscounted lease payments | 81,870 |
Present value of lease liabilities | $ 361,445 |
Operating Lease, Liability, Statement of Financial Position | Current portion of operating lease liabilities, Non-current portion of operating lease liabilities |
Shareholders' Equity - Share Re
Shareholders' Equity - Share Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Shareholders' Equity | ||
Repurchase of shares (in dollars) | $ 0 | $ 0 |
Amount remaining available for repurchase (in dollars) | 30 | |
Purchase of shares from employees to cover employee tax liabilities of vesting of shares (in dollars) | $ 0 | $ 0 |
Shareholders' Equity - Service-
Shareholders' Equity - Service-Based Restricted Share Awards (Details) - Restricted shares and restricted share units, excluding TSR-based restricted share units | 3 Months Ended |
May 04, 2024 $ / shares shares | |
Number of Shares | |
Awards outstanding at beginning of year (in shares) | shares | 158,794 |
Awards granted (in shares) | shares | 66,188 |
Awards outstanding at end of period (in shares) | shares | 224,982 |
Weighted-average grant date fair value | |
Awards outstanding at beginning of year (in dollars per share) | $ / shares | $ 99 |
Awards granted (in dollars per share) | $ / shares | 111 |
Awards outstanding at end of period (in dollars per share) | $ / shares | $ 102 |
Shareholders' Equity - TSR-base
Shareholders' Equity - TSR-based Restricted Share Units (Details) - TSR-based restricted share units | 3 Months Ended |
May 04, 2024 $ / shares shares | |
Number of Shares | |
Awards outstanding at beginning of year (in shares) | shares | 192,163 |
Awards granted (in shares) | shares | 80,245 |
Awards outstanding at end of period (in shares) | shares | 272,408 |
Weighted-average grant date fair value | |
Awards outstanding at beginning of year (in dollars per share) | $ / shares | $ 129 |
Awards granted (in dollars per share) | $ / shares | 140 |
Awards outstanding at end of period (in dollars per share) | $ / shares | $ 132 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
May 04, 2024 | Apr. 29, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 38,373 | $ 58,538 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
May 04, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |