OXFORD INDUSTRIES, INC.
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 31, 2008 (March 31, 2008)
OXFORD INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)
         
Georgia
(State or other jurisdiction
of incorporation)
  001-04365
(Commission
File Number)
  58-0831862
(IRS Employer
Identification No.)
222 Piedmont Avenue, NE, Atlanta, GA 30308
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (404) 659-2424
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

ITEM 2.02   RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On March 31, 2008, Oxford Industries, Inc. (the “Company”) issued a press release announcing, among other things, its financial results for the two months and eight months ended February 2, 2008. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise be subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
ITEM 9.01.   FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.

 


 

     
EXHIBIT    
NUMBER    
99.1
  Press Release of Oxford Industries, Inc., dated March 31, 2008.

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  OXFORD INDUSTRIES, INC.
 
 
March 31, 2008  By:   /s/ Thomas Caldecot Chubb III    
    Thomas Caldecot Chubb III   
    Executive Vice President   
 

 

EX-99.1 PRESS RELEASE
 

Exhibit 99.1
Oxford Industries, Inc. Press Release
222 Piedmont Avenue, N.E.   Atlanta, Georgia 30308
     
Contact:
  Anne M. Shoemaker
Telephone:
  (404) 653-1455
Fax:
  (404) 653-1545
E-mail:
  ashoemaker@oxfordinc.com
     
 
  FOR IMMEDIATE RELEASE
 
   
 
  March 31, 2008
Oxford Industries Announces Results for the Two Month and Eight Month
Periods Ended February 2, 2008
-Declares Cash Dividend of $0.18 Per Common Share-
ATLANTA, GA. — Oxford Industries, Inc. (NYSE:OXM) today announced financial results for the two month stub period and the eight month transition period ended February 2, 2008.
Consolidated net sales for the two month stub period ended February 2, 2008 were $163.4 million compared to $164.4 million in the two month period ended February 2, 2007. Diluted net earnings from continuing operations per common share were $0.03 in the two month stub period compared to $0.16 in the two month period ended February 2, 2007.
For the eight month transition period ended February 2, 2008, consolidated net sales were $695.8 million compared to $739.5 million in the prior year’s eight month period which ended February 2, 2007. Operating income for the eight month transition period was $41.0 million compared to $56.2 million in the prior year’s eight month period. Diluted net earnings from continuing operations per common share for the eight month transition period were $1.11 compared to $1.47 in the prior year’s eight month period. Diluted net earnings per common share for the eight month transition period include an additional $0.08 per share benefit to our previously reported first quarter, resulting from a change in the enacted UK tax rate.
J. Hicks Lanier, Chairman and CEO of Oxford Industries, Inc., commented, “We are pleased to have completed our transition to a new fiscal calendar and to be on a reporting schedule that better coincides with our industry and the market. Beginning with the second half of calendar 2007, which represented a majority of our transition year, retail

 


 

conditions have been very challenging, but both net sales and earnings for the stub period were consistent with our previously issued guidance.”
Mr. Lanier continued, “This environment, however, hasn’t altered or threatened the position of our brands or changed our opportunities for growth and development of those brands. We plan to continue to invest in our lifestyle brands and pursue other strategic opportunities.”
Tommy Bahama reported net sales of $284.6 million in the eight month transition period, slightly lower than the $286.8 million in the prior year’s eight month period. The Company noted that it ended the eight month transition period with 72 Tommy Bahama retail stores versus the year-ago total of 66 Tommy Bahama stores. Operating income for the eight month transition period was $38.0 million compared to $43.7 million in the prior year’s eight month period. The Company noted that the current difficult macro-economic environment negatively impacted the results of Tommy Bahama’s wholesale operations and resulted in lower productivity than has been historically realized in the Group’s retail sector.
Ben Sherman reported a modest net sales increase of 2.1% to $101.6 million in the eight month transition period compared to $99.5 million in the prior year’s eight month period. Operating income in the eight month transition period was $4.1 million, flat to the prior year’s eight month period of $4.0 million. The growth in company-owned retail sales and international sales was partially offset by lower sales in the U.K. wholesale business due to the planned exit of the brand from certain lower-tier customers that are not consistent with the brand’s position in the global market.
Lanier Clothes reported a net sales decline of 4.0% to $107.5 million in the eight month transition period compared to $111.9 million in the prior year’s eight month period. Lanier Clothes posted an operating income of $0.3 million compared to operating income of $4.7 million in the prior year’s eight month period. The Company attributed the decline in net sales and operating income to sluggish demand for moderate tailored clothing.
Oxford Apparel reported net sales in the eight month transition period of $201.3 million compared to $239.9 million in the prior year’s eight month period. Operating income for Oxford Apparel was $12.0 million compared to $14.1 million in the prior year’s eight month period. The Company attributed the net sales decline to planned sales reductions as underperforming businesses were rationalized. Operating income was also impacted by a $1.3 million charge for the closing of the Group’s last owned manufacturing facility. The Company noted that operating margins improved as expected.
The Corporate and Other expenses increased to $13.5 million in the eight month transition period compared to $10.4 million in the prior year’s eight month period. The Company noted the increase was due primarily to the impact of LIFO accounting adjustments, the discontinuation of transition services fees received following the

 


 

disposition of the Company’s Womenswear business and the closure of the Company’s internal trucking operation, partially offset by reduced incentive compensation expense.
Consolidated gross margins for the eight month transition period increased to 39.6% compared to 38.6% in the prior year’s eight month period. The improvement in gross margins was driven primarily by a higher proportion of Tommy Bahama and Ben Sherman sales, which generally have higher margins than Lanier Clothes and Oxford Apparel sales.
Consolidated selling, general and administrative expenses, or SG&A, for the eight month transition period increased to $244.0 million, or 35.1% of net sales, compared to $235.0 million or 31.8% of net sales in the prior year’s eight month period. The increase in dollars comes primarily from growth in store count partially offset by the rationalization of expenses in the Oxford Apparel segment and reduced incentive compensation. The increase in SG&A as a percentage of sales is a result of the increased proportion of retail to wholesale in the Company’s total sales mix and the productivity drop in owned retail stores.
Intangible asset amortization expense declined to $3.2 million in the eight month transition period compared to $4.2 million in the prior year’s eight month period. The amortization of intangible assets acquired in the Tommy Bahama and Ben Sherman transactions, which took place during the Company’s fiscal 2004 and fiscal 2005 periods, respectively, was greater in the periods immediately following the acquisitions than in more recent periods.
Royalties and other operating income for the eight month period increased to $12.5 million compared to $9.6 million in the prior year’s eight month period. The increase in royalties and other operating income was primarily due to increases in both Tommy Bahama and Ben Sherman royalty income.
The Company’s effective tax rate was 25.2% in the eight month period ended February 2, 2008 and 36.3% in the prior year’s eight month period. The decrease in the effective tax rate was a result of the impact on deferred tax balances as a result of a change in the enacted tax rate in the United Kingdom, the change in assertions regarding the initial investment in a foreign subsidiary in the fourth quarter of fiscal 2007 and the impact of the short fiscal year on estimated taxable income. A more typical annual tax rate is 34.0%.
Accounts receivable declined to $105.6 million at February 2, 2008 period compared to $106.6 million at February 2, 2007. Total inventories decreased to $158.9 million at February 2, 2008 compared to $166.2 million at February 2, 2007.
As previously announced, the Company entered into a $60 million accelerated share repurchase agreement on November 8, 2007 to purchase shares of its common stock. The share repurchase was funded through borrowings under the Company’s revolving credit facility. As of the end of the eight month transition period, approximately 1.9 million

 


 

shares had been delivered to the Company. The Company may receive additional shares upon completion of the term of the agreement. Due to the timing of receipt of shares and the interest expense incurred by the Company, the share repurchase program did not have a material impact on the Company’s diluted earnings per common share for the eight month transition period.
The Company noted that for the first quarter and fiscal year 2008, it expects net sales to be in line with previously issued guidance of $265 to $270 million and $1.01 to $1.06 billion, respectively. The Company also noted that it expects earnings per share to be at the lower end of the previously issued guidance ranges of $0.55 to $0.60 for the quarter and $2.35 to $2.50 for the year.
The Company also announced that its Board of Directors has approved a cash dividend of $0.18 per share of common stock payable May 30, 2008 to shareholders of record as of the close of business on May 15, 2008. This will be the 192nd consecutive quarterly cash dividend since the Company became publicly owned in 1960.
The Company will hold a conference call with senior management to discuss its financial results at 4:30 PM ET today. A live web cast of the conference call will be available on the Company’s website at www.oxfordinc.com. Please visit the website at least 15 minutes before the call to register for the teleconference web cast and download any necessary software. A replay of the call will be available through April 14, 2008. To access the telephone replay, participants should dial (719) 457-0820. The access code for the replay is 6896646. A replay of the web cast will also be available following the teleconference on the Company’s website at www.oxfordinc.com.
About Oxford:
Oxford Industries, Inc. is a producer and marketer of branded and private label apparel for men, women and children. Oxford provides retailers and consumers with a wide variety of apparel products and services to suit their individual needs. Oxford’s brands include Tommy Bahama®, Ben Sherman®, Arnold Brant®, Ely & Walker® and Oxford Golf®. The Company also holds exclusive licenses to produce and sell certain product categories under the Tommy Hilfiger®, Nautica®, Geoffrey Beene®, Dockers®, Kenneth Cole® and O Oscar™ labels. Oxford’s wholesale customers are found in every major channel of distribution, including national chains, specialty catalogs, mass merchants, department stores, specialty stores and Internet retailers. The Company also operates retail stores, restaurants and Internet websites for some of its brands.
Oxford’s stock has traded on the NYSE since 1964 under the symbol OXM. For more information, please visit our website at www.oxfordinc.com.

 


 

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Various statements in this press release, in future filings by us with the Securities and Exchange Commission and in oral statements made by or with the approval of our management include forward-looking statements about future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all such forward-looking statements contained herein, the entire contents of our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Important assumptions relating to these forward-looking statements include, among others, assumptions regarding general and regional economic conditions, including those that affect consumer demand and spending, demand for our products, timing of shipments to our wholesale customers, expected pricing levels, competitive conditions, the timing and cost of planned capital expenditures, expected synergies in connection with acquisitions and joint ventures, the results of the ongoing share repurchase transaction, and disciplined execution by key management. Forward-looking statements reflect our current expectations, based on currently available information, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. You are encouraged to review the information in our Form 10-K for the fiscal year ended June 1, 2007 under the heading “Risk Factors” (and those described from time to time in our future reports filed with the Securities and Exchange Commission), which contains additional important factors that may cause our actual results to differ materially from those projected in any forward-looking statements. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 


 

OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(In thousands, except per share amounts)
                                 
                    Eight Month    
            Two Months Ended   Transition Period   Eight Months Ended
    Two Months Ended   February 2,   Ended February 2,   February 2,
    February 2, 2008   2007   2008   2007
     
Net sales
  $ 163,365     $ 164,424     $ 695,798     $ 739,489  
Cost of goods sold
    99,976       98,640       420,038       453,794  
     
Gross profit
    63,389       65,784       275,760       285,695  
 
                               
Selling, general and administrative expenses
    60,466       59,381       244,033       234,951  
Amortization of intangible assets
    792       1,101       3,184       4,198  
     
 
    61,258       60,482       247,217       239,149  
 
                               
Royalties and other operating income
    3,192       2,851       12,451       9,637  
     
Operating income
    5,323       8,153       40,994       56,183  
Interest expense, net
    4,376       3,726       15,302       15,169  
     
Earnings before income taxes
    947       4,427       25,692       41,014  
Income taxes
    438       1,605       6,477 (1)     14,892  
     
Net earnings from continuing operations
    509       2,822       19,215       26,122  
Earnings (loss) from discontinued operations, net of taxes
          14             (183 )
     
Net earnings
  $ 509     $ 2,836     $ 19,215     $ 25,939  
     
 
                               
Net earnings from continuing operations per common share:
                               
Basic
  $ 0.03     $ 0.16     $ 1.12     $ 1.48  
Diluted
  $ 0.03     $ 0.16     $ 1.11     $ 1.47  
 
                               
Earnings (loss) from discontinued operations per common share:
                               
Basic
  $ 0.00     $ 0.00     $ 0.00     $ (0.01 )
Diluted
  $ 0.00     $ 0.00     $ 0.00     $ (0.01 )
 
                               
Net earnings per common share:
                               
Basic
  $ 0.03     $ 0.16     $ 1.12     $ 1.47  
Diluted
  $ 0.03     $ 0.16     $ 1.11     $ 1.46  
 
                               
Weighted average common shares outstanding:
                               
Basic
    15,969       17,683       17,227       17,639  
Dilutive impact of options and restricted shares
    81       202       131       172  
     
Diluted
    16,050       17,885       17,358       17,811  
     
 
                               
Dividends per common share
  $ 0.18     $ 0.18     $ 0.54     $ 0.48  
(1) Reflects a $1.3 million adjustment to the first quarter of the eight month transition period as previously reported. The adjustment recognizes an additional tax benefit related to a change in the enacted UK tax rate in that quarter.

 


 

OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(In thousands, except par amounts)
                 
    February 2, 2008     February 2, 2007  
     
Assets
               
 
               
Current Assets:
               
Cash and cash equivalents
  $ 14,912     $ 30,462  
Receivables, net
    105,561       106,574  
Inventories
    158,925       166,213  
Prepaid expenses
    18,701       22,662  
     
Total current assets
    298,099       325,911  
Property, plant and equipment, net
    92,502       81,495  
Goodwill, net
    257,921       201,793  
Intangible assets, net
    230,933       235,803  
Other non-current assets, net
    30,817       30,103  
     
Total Assets
  $ 910,272     $ 875,105  
     
 
               
Liabilities and Shareholders’ Equity
               
 
               
Current Liabilities:
               
Trade accounts payable and other accrued expenses
  $ 101,123     $ 107,224  
Accrued compensation
    14,485       19,934  
Dividends payable
    2,889       3,205  
Income taxes payable
    20       2,123  
Short-term debt and current maturities of long-term debt
    37,900       406  
Current liabilities related to discontinued operations
          662  
     
Total current liabilities
    156,417       133,554  
Long-term debt, less current maturities
    234,414       199,236  
Other non-current liabilities
    50,909       36,290  
Non-current deferred income taxes
    60,984       80,730  
Commitments and contingencies
               
Shareholders’ Equity:
               
Preferred stock, $1.00 par value; 30,000 authorized and none issued and outstanding at February 2, 2008 and February 2, 2007
           
Common stock, $1.00 par value; 60,000 authorized and
16,049 issued and outstanding at February 2, 2008 and
17,804 issued and outstanding at February 2, 2007
    16,049       17,804  
Additional paid-in capital
    85,224       79,688  
Retained earnings
    293,212       318,379  
Accumulated other comprehensive income
    13,063       9,424  
     
Total shareholders’ equity
    407,548       425,295  
     
Total Liabilities and Shareholders’ Equity
  $ 910,272     $ 875,105  
     

 


 

OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(In thousands)
                 
     
    Eight Month   Eight Months
    Transition Period   Ended
    Ended February 2,   February 2,
    2008   2007
     
Cash Flows From Operating Activities:
               
Net earnings from continuing operations
  $ 19,215     $ 26,122  
Adjustments to reconcile net earnings from continuing operations to net cash provided by (used in) operating activities:
               
Depreciation
    12,839       10,612  
Amortization of intangible assets
    3,184       4,198  
Amortization of deferred financing costs and bond discount
    1,710       1,659  
Stock compensation expense
    1,176       2,256  
Loss on the sale of property, plant and equipment
    592       469  
Equity loss (income) from unconsolidated entities
    (1,050 )     (1,088 )
Deferred income taxes
    (4,933 )     785  
Changes in working capital:
               
Receivables
    33,649       39,165  
Inventories
    (21,696 )     (41,662 )
Prepaid expenses
    1,180       (3,197 )
Current liabilities
    (6,494 )     (7,660 )
Other non-current assets
    (616 )     (928 )
Other non-current liabilities
    5,381       6,276  
     
Net cash provided by operating activities
    44,137       37,007  
Cash Flows From Investing Activities:
               
Acquisitions, net of cash acquired
    (55,628 )     (13,260 )
Investment in unconsolidated entities
    (568 )     (9,090 )
Purchases of property, plant and equipment
    (21,097 )     (18,735 )
Proceeds from sale of property, plant and equipment
    2,475       36  
     
Net cash used in investing activities
    (74,818 )     (41,049 )
Cash Flows From Financing Activities:
               
Repayment of financing arrangements
    (147,661 )     (158,458 )
Proceeds from financing arrangements
    220,554       157,431  
Repurchase of common stock
    (60,058 )      
Proceeds from issuance of common stock
    2,581       2,777  
Dividends on common stock
    (6,454 )     (7,970 )
     
Net cash provided by (used in) financing activities
    8,962       (6,220 )
Cash Flows From Discontinued Operations:
               
Net operating cash flows provided by discontinued operations
          29,539  
     
Net cash provided by discontinued operations
          29,539  
     
Net change in cash and cash equivalents
    (21,719 )     19,277  
Effect of foreign currency translation on cash and cash equivalents
    (251 )     706  
Cash and cash equivalents at the beginning of period
    36,882       10,479  
     
Cash and cash equivalents at the end of period
  $ 14,912     $ 30,462  
     

 


 

OXFORD INDUSTRIES, INC.
OPERATING GROUP INFORMATION
(UNAUDITED)
(In thousands)
                                 
     
                    Eight Month    
            Two Months Ended   Transition Period   Eight Months Ended
    Two Months Ended   February 2,   Ended February 2,   February 2,
    February 2, 2008   2007   2008   2007
     
Net Sales
                               
Tommy Bahama
  $ 75,116     $ 74,882     $ 284,611     $ 286,837  
Ben Sherman
    18,445       16,552       101,578       99,469  
Lanier Clothes
    20,687       20,107       107,457       111,910  
Oxford Apparel
    48,875       52,704       201,301       239,862  
Corporate and Other
    242       179       851       1,411  
     
Total Net Sales
  $ 163,365     $ 164,424     $ 695,798     $ 739,489  
     
 
                               
Operating Income
                               
Tommy Bahama
  $ 10,670     $ 12,978     $ 38,041     $ 43,740  
Ben Sherman
    (2,396 )     (2,635 )     4,147       4,026  
Lanier Clothes
    (1,947 )     (1,534 )     315       4,683  
Oxford Apparel
    1,112       2,713       12,001       14,136  
Corporate and Other
    (2,116 )     (3,369 )     (13,510 )     (10,402 )
     
Total Operating Income
    5,323       8,153       40,994       56,183  
Interest expense, net
    4,376       3,726       15,302       15,169  
     
Earnings before income taxes
  $ 947     $ 4,427     $ 25,692     $ 41,014  
     

 


 

OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(In thousands, except per share amounts)
                                         
    Twelve Months Ended February 2, 2008  
    First Quarter     Second Quarter     Third Quarter     Fourth Quarter     Total  
Net sales
  $ 292,397     $ 244,610     $ 286,325     $ 261,929     $ 1,085,261  
Cost of goods sold
    171,871       141,565       174,078       159,901       647,415  
 
                             
Gross profit
    120,526       103,045       112,247       102,028       437,846  
Selling, general and administrative
    93,059       88,959       92,843       91,171       366,032  
Amortization of intangible assets
    1,695       1,318       1,227       1,194       5,434  
Royalties and other operating income
    5,169       3,829       4,999       5,283       19,280  
 
                             
Operating income
    30,941       16,597       23,176       14,946       85,660  
Interest expense, net
    5,398       5,078       5,521       6,354       22,351  
 
                             
Earnings before income taxes
    25,543       11,519       17,655       8,592       63,309  
Income taxes
    8,450       2,781       3,984       2,684       17,899  
 
                             
Net earnings from continuing operations
  $ 17,093     $ 8,738     $ 13,671     $ 5,908     $ 45,410  
 
                             
Basic net earnings per common share from continuing operations
  $ 0.96     $ 0.49     $ 0.77     $ 0.36     $ 2.61  
 
                             
Diluted net earnings per common share from continuing operations
  $ 0.95     $ 0.49     $ 0.76     $ 0.36     $ 2.59  
 
                             
Weighted average common shares outstanding:
                                       
Basic
    17,739       17,772       17,820       16,273       17,395  
Dilution
    181       163       125       82       158  
 
                             
Diluted
    17,920       17,935       17,945       16,355       17,553  
 
                             
The sum of the quarterly per common share amounts for the twelve months ended February 2, 2008 do not equal the totals for the year then ended due to the impact of the timing of the accelerated share repurchase program and rounding differences.

 


 

OXFORD INDUSTRIES, INC.
OPERATING GROUP INFORMATION
(UNAUDITED)
(In thousands)
                                         
    Twelve Months Ended February 2, 2008  
    First Quarter     Second Quarter     Third Quarter     Fourth Quarter     Total  
Net Sales
                                       
Tommy Bahama
  $ 131,765     $ 114,361     $ 102,960     $ 113,809     $ 462,895  
Ben Sherman
    39,257       36,493       46,668       36,509       158,927  
Lanier Clothes
    42,660       31,558       52,861       33,626       160,705  
Oxford Apparel
    78,406       61,047       83,348       77,946       300,747  
Corporate and Other
    309       1,151       488       39       1,987  
 
                             
Total
  $ 292,397     $ 244,610     $ 286,325     $ 261,929     $ 1,085,261  
 
                             
                                         
    Twelve Months Ended February 2, 2008  
    First Quarter     Second Quarter     Third Quarter     Fourth Quarter     Total  
Operating Income
                                       
Tommy Bahama
  $ 26,495     $ 20,945     $ 11,309     $ 17,085     $ 75,834  
Ben Sherman
    1,682       (1,452 )     5,595       2,670       8,495  
Lanier Clothes
    1,437       (2,190 )     2,618       (1,995 )     (130 )
Oxford Apparel
    7,262       3,072       7,377       2,903       20,614  
Corporate and Other
    (5,935 )     (3,778 )     (3,723 )     (5,717 )     (19,153 )
 
                             
Total
  $ 30,941     $ 16,597     $ 23,176     $ 14,946     $ 85,660  
 
                             
                         
    Twelve Months Ended February 2, 2008  
    Depreciation     Amortization     Capital  
    Expense     Expense     Expenditure  
Tommy Bahama
  $ 13,795     $ 2,437     $ 29,577  
Ben Sherman
    2,666       2,710       3,370  
Lanier Clothes
    827       120       276  
Oxford Apparel
    1,272       167       197  
Corporate and Other
    390             257  
 
                 
Total
  $ 18,950     $ 5,434     $ 33,677