0000075288-21-000004 | 10-K | XBRL Viewer

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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Jan. 30, 2021	Mar. 19, 2021	Jul. 31, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jan. 30, 2021
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, $1 par value
Trading Symbol	OXM
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 510,615,213
Entity Common Stock, Shares Outstanding		16,930,735
Entity Central Index Key	0000075288
Current Fiscal Year End Date	--01-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Current Assets
Cash and cash equivalents	$ 66,013	$ 52,460
Receivables, net	30,418	57,862
Inventories, net	123,543	152,229
Income tax receivables	17,975	862
Prepaid expenses and other current assets	20,367	25,413
Total Current Assets	258,316	288,826
Property and equipment, net	159,732	191,517
Intangible assets, net	156,187	175,005
Goodwill	23,910	66,578
Operating lease assets	233,775	287,181
Other assets, net	33,714	24,262
Total Assets	865,634	1,033,369
Current Liabilities
Accounts payable	71,148	65,491
Accrued compensation	18,897	19,363
Current portion of operating lease liabilities	60,886	50,198
Accrued expenses and other liabilities	45,321	42,727
Total Current Liabilities	196,252	177,779
Non-current portion of operating lease liabilities	239,963	291,886
Other non-current liabilities	23,691	18,566
Deferred income taxes		16,540
Shareholders' Equity
Common stock, $1.00 par value per share	16,889	17,040
Additional paid-in capital	156,508	149,426
Retained earnings	235,995	366,793
Accumulated other comprehensive loss	(3,664)	(4,661)
Total Shareholders' Equity	405,728	528,598
Total Liabilities and Shareholders' Equity	$ 865,634	$ 1,033,369

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 30, 2021	Feb. 01, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 748,833	$ 1,122,790	$ 1,107,466
Cost of goods sold	333,626	477,823	470,342
Gross profit	415,207	644,967	637,124
SG&A	492,628	566,149	560,508
Impairment of goodwill and intangible assets	60,452
Royalties and other operating income	14,024	14,857	13,976
Operating (loss) income	(123,849)	93,675	90,592
Interest expense, net	2,028	1,245	2,283
(Loss) earnings before income taxes	(125,877)	92,430	88,309
Income tax (benefit) provision	(30,185)	23,937	22,018
Net (loss) earnings, basic	(95,692)	68,493	66,291
Net (loss) earnings, diluted	$ (95,692)	$ 68,493	$ 66,291
Net (loss) earnings per share:
Basic (in dollars per share)	$ (5.77)	$ 4.09	$ 3.97
Diluted (in dollars per share)	$ (5.77)	$ 4.05	$ 3.94
Weighted average shares outstanding:
Basic (in shares)	16,576	16,756	16,678
Diluted (in shares)	16,576	16,914	16,842
Dividends declared per share (in dollars per share)	$ 1.00	$ 1.48	$ 1.36

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net (loss) earnings	$ (95,692)	$ 68,493	$ 66,291
Other comprehensive income (loss), net of taxes:
Net foreign currency translation adjustment	997	434	(1,021)
Comprehensive (loss) income	$ (94,695)	$ 68,927	$ 65,270

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Cumulative Effect, Period of Adoption, Adjustment	Total
Beginning Balance at Feb. 03, 2018	$ 16,839	$ 136,664	$ (117)	$ 280,395	$ (4,074)	$ (117)	$ 429,824
Increase (Decrease) in Stockholders' Equity
Net earnings and other comprehensive income				66,291	(1,021)		65,270
Shares issued under equity plans	150	1,306					1,456
Compensation expense for equity awards		7,327					7,327
Repurchase of shares	(30)	(2,321)					(2,351)
Cash dividends declared and paid				(23,054)			(23,054)
Ending Balance at Feb. 02, 2019	16,959	142,976		323,515	(5,095)		478,355
Increase (Decrease) in Stockholders' Equity
Net earnings and other comprehensive income				68,493	434		68,927
Shares issued under equity plans	116	1,523					1,639
Compensation expense for equity awards		7,620					7,620
Repurchase of shares	(35)	(2,693)					(2,728)
Cash dividends declared and paid				(25,215)			(25,215)
Ending Balance at Feb. 01, 2020	17,040	149,426	$ (499)	366,793	(4,661)	$ (499)	528,598
Increase (Decrease) in Stockholders' Equity
Net earnings and other comprehensive income				(95,692)	997		(94,695)
Shares issued under equity plans	227	1,151					1,378
Compensation expense for equity awards		7,755					7,755
Repurchase of shares	(378)	(1,824)		(17,721)			(19,923)
Cash dividends declared and paid				(16,886)			(16,886)
Ending Balance at Jan. 30, 2021	$ 16,889	$ 156,508		$ 235,995	$ (3,664)		$ 405,728

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Cash Flows From Operating Activities:
Net (loss) earnings	$ (95,692)	$ 68,493	$ 66,291
Adjustments to reconcile net earnings (loss) to cash flows from operating activities:
Depreciation	38,975	38,026	38,560
Amortization of intangible assets	1,111	1,171	2,610
Impairment of goodwill and intangible assets	60,452
Impairment of property and equipment	19,828	1,090	1,320
Equity compensation expense	7,755	7,620	7,327
Amortization of deferred financing costs	344	384	424
Change in fair value of contingent consideration	593	431	970
Deferred income taxes (benefit) expense	(18,332)	(1,973)	2,927
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net	28,429	10,252	(6,018)
Inventories, net	29,355	8,187	(36,518)
Income tax receivable	(17,113)	19	4,458
Prepaid expenses and other current assets	5,064	606	5,848
Current liabilities	17,611	(14,282)	5,081
Other non-current assets, net	53,819	(283,335)	2,286
Other non-current liabilities	(48,349)	285,237	811
Cash provided by operating activities	83,850	121,926	96,377
Cash Flows From Investing Activities:
Purchases of property and equipment	(28,924)	(37,421)	(37,043)
Other investing activities	(5,727)		(354)
Cash used in investing activities	(34,651)	(37,421)	(37,397)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(280,963)	(122,241)	(290,526)
Proceeds from revolving credit arrangements	280,963	109,248	257,710
Deferred financing costs paid		(952)
Repurchase of common stock	(18,053)
Proceeds from issuance of common stock	1,378	1,639	1,456
Repurchase of equity awards for employee tax withholding liabilities	(1,870)	(2,728)	(2,351)
Cash dividends declared and paid	(16,844)	(25,215)	(23,054)
Other financing activities	(459)	(1,049)
Cash used in financing activities	(35,848)	(41,298)	(56,765)
Net change in cash and cash equivalents	13,351	43,207	2,215
Effect of foreign currency translation on cash and cash equivalents	202	926	(231)
Cash and cash equivalents at the beginning of year	52,460	8,327	6,343
Cash and cash equivalents at the end of year	$ 66,013	$ 52,460	$ 8,327

Business and Summary of Significant Accounting Policies

12 Months Ended

Jan. 30, 2021

Business and Summary of Significant Accounting Policies

Business and Summary of Significant Accounting Policies

Note 1. Business and Summary of Significant Accounting Policies

Description of Business

We are a leading apparel company that designs, sources, markets and distributes products bearing the trademarks of our Tommy Bahama®, Lilly Pulitzer® and Southern Tide® lifestyle brands and other owned and licensed brands. We distribute our lifestyle branded products through our direct to consumer channel, consisting of retail stores and e-commerce sites, and our wholesale distribution channel, which includes better department stores, specialty stores, multi-branded e-commerce retailers, off-price retailers and other retailers. Additionally, we operate Tommy Bahama food and beverage locations, including Marlin Bars and full-service restaurants, generally adjacent to a Tommy Bahama retail store location.

In Fiscal 2020, we made the decision to exit our Lanier Apparel business, which is expected to be completed during the second half of Fiscal 2021. This decision is in line with our stated business strategy of developing and marketing compelling lifestyle brands and takes into consideration the increased challenges faced by the Lanier Apparel business, which has primarily sold tailored clothing products, many of which were magnified by the COVID-19 pandemic.

COVID-19 Pandemic

The COVID-19 pandemic had a significant effect on overall economic conditions, consumer traffic, tourism, consumer spending on discretionary items and our operations, resulting in disruption and a significant negative impact on our financial statements in Fiscal 2020. While our mission remains the enhancement of long-term shareholder value, our focus during this crisis has been (1) the health and well-being of our employees, customers and communities, (2) protecting the reputation, value and image of our brands and (3) preserving liquidity, including numerous initiatives to manage and reduce our inventory purchases, ongoing operating expenses, capital expenditures and other cash requirements.

Due to the COVID-19 pandemic, we temporarily closed all our North America retail and restaurant locations in March 2020 and began reopening our stores and restaurants in a phased approach in May 2020. Certain stores and restaurants were required to close again for certain periods after reopening, or operate pursuant to other mandated limitations, after local jurisdictions reinstated some closure requirements. There can be no assurance that additional closures will not occur as a result of any resurgence of COVID-19 cases and/or additional government mandates or recommendations. The COVID-19 pandemic is expected to continue to have a material adverse impact on our business, financial condition, results of operations and cash flows in the near-term due to decreased consumer traffic in stores and restaurants; uncertainty as to the continued strength of our brands’ e-commerce businesses during the pendency of the pandemic; overall changes in consumer confidence and consumer spending habits; reduced demand from our wholesale customers, several of which filed for bankruptcy or are undergoing restructurings and closures; any potential disruptions to our supply chain; and a slowdown in the U.S. and global economies.

During Fiscal 2020, we incurred certain charges related to adjustments to the carrying value of goodwill, intangible assets, long-lived assets, inventories and receivables, each as discussed in these notes. We could experience other potential adverse impacts in the future as a result of the COVID-19 pandemic, including additional charges related to these assets or other items if the duration or severity of the COVID-19 pandemic is worse than our current expectations.

For many reasons, including those identified above, the full magnitude of the COVID-19 pandemic continues to be difficult to predict at this time, and its ultimate duration and severity will depend on future developments. Additionally, consumer shopping and spending preferences and behavior likely have been changed permanently as a result of COVID-19; however, the ultimate impact of those changes is uncertain.

Fiscal Year

We operate and report on a 52/53-week fiscal year. Our fiscal year ends on the Saturday closest to January 31 and is designated by the calendar year in which the fiscal year commences. As used in our consolidated financial statements, the terms Fiscal 2018, Fiscal 2019, Fiscal 2020 and Fiscal 2021 reflect the 52 weeks ended February 2, 2019; 52 weeks ended February 1, 2020; 52 weeks ended January 30, 2021 and 52 weeks ending January 29, 2022, respectively.

Principles of Consolidation

Our consolidated financial statements include the accounts of Oxford Industries, Inc. and any other entities in which we have a controlling financial interest, including our wholly-owned domestic and foreign subsidiaries, or variable interest entities for which we are the primary beneficiary, if any. Generally, we consolidate businesses in which we have a controlling financial interest which may be evidenced through ownership of a majority voting interest or other rights which might indicate we are the primary beneficiary of the entity. The primary beneficiary has both the power to direct the activities of the entity that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. All significant intercompany accounts and transactions are eliminated in consolidation.

Business Combinations

The cost of each acquired business is allocated to the individual tangible and intangible assets acquired and liabilities assumed or incurred as a result of an acquisition based on their estimated fair values. The assessment of the estimated fair values of assets and liabilities acquired requires us to make certain assumptions regarding the use of the acquired assets, anticipated cash flows, probabilities of cash flows, discount rates and other factors. Additionally, the definition of fair value of inventories acquired generally will equal the expected sales price less certain costs associated with selling the inventory, which may exceed the actual cost of the acquired inventories resulting in an inventory step-up to fair value at acquisition, which would be recognized in our consolidated statements of operations as the acquired inventory is sold. The purchase price allocation may be revised during an allocation period as necessary when, and if, information becomes available to revise the fair values of the assets acquired and the liabilities assumed. The allocation period will not exceed one year from the date of the acquisition. Should information become available after the allocation period indicating that an adjustment to the purchase price allocation is appropriate, that adjustment will be included in our consolidated statements of operations. The results of operations of acquired businesses are included in our consolidated statements of operations from the respective dates of the acquisitions. Transaction costs related to business combinations are included in SG&A in our consolidated statements of operations as incurred.

Revenue Recognition and Receivables

Revenue is recognized at an amount that reflects the consideration expected to be received for those goods and services pursuant to a five-step approach: (1) identify the contracts with the customer; (2) identify the separate performance obligations in the contracts; (3) determine the transaction price; (4) allocate the transaction price to separate performance obligations; and (5) recognize revenue when, or as, each performance obligation is satisfied.

Our revenue consists of direct to consumer sales, including our retail store, e-commerce and restaurant operations, and wholesale sales, as well as royalty income, which is included in royalties and other income in our

consolidated statements of operations. The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented.


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Retail	$	202,071	$	440,803	$	439,556
E-commerce		323,900		262,283		239,034
Restaurant		48,428		83,836		84,530
Wholesale		173,209		333,986		341,615
Other		1,225		1,882		2,731
Net sales	$	748,833	$	1,122,790	$	1,107,466

We recognize revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our performance obligations generally consist of delivering our products to our direct to consumer and wholesale customers. Control of the product is generally transferred upon providing the product to consumers in our bricks and mortar retail stores and restaurants, upon physical delivery of the products to consumers in our e-commerce operations and upon shipment from our distribution center to customers in our wholesale operations. Once control is transferred to the customer, we have completed our performance obligations related to the contract and have an unconditional right to consideration for the products sold as outlined in the contract. Our receivables resulting from contracts with customers in our direct to consumer operations are generally collected within a few days, upon settlement of the credit card transaction, while our receivables resulting from contracts with our customers in our wholesale operations are generally due within one quarter, in accordance with established credit terms. All of our performance obligations under the terms of our contracts with customers in our direct to consumer and wholesale operations have an expected original duration of one year or less. Our revenue, including any freight income, is recognized net of applicable taxes in our consolidated statements of operations.

In our direct to consumer operations, consumers have certain rights to return product within a specified period and are eligible for certain point of sale discounts; thus retail store, e-commerce and restaurant revenues are recorded net of estimated returns and discounts, as applicable. The sales return allowance is based on historical direct to consumer return rates and current trends and is recognized on a gross basis as a return liability for the amount of sales estimated to be returned and a return asset for the right to recover the product estimated to be returned by the customer. The value of inventory associated with a right to recover the goods returned in our direct to consumer operations are included in prepaid expenses and other current assets in our consolidated balance sheets. The changes in the return liability are recognized in net sales and the changes in the return asset are recognized in cost of goods sold in our consolidated statements of operations.

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. Some of these arrangements are written agreements, while others may be implied by customary practices or expectations in the industry. As certain allowances, other deductions and returns are not finalized until the end of a season, program or other event which may not have occurred yet, we estimate such discounts, allowances and returns on an ongoing basis to estimate the consideration from the customer that we expect to ultimately receive. We only recognize revenue to the extent that it is probable that we will not have a significant reversal of revenue in a future period. Significant considerations in determining our estimates for discounts, allowances, operational chargebacks and returns for wholesale customers may include historical and current trends, agreements with customers, projected seasonal or program results, an evaluation of current economic conditions, specific program or product expectations and retailer performance. We record the discounts, returns, allowances and operational chargebacks as a reduction to net sales in our consolidated statements of operations and as a reduction to receivables, net in our consolidated balance sheets, with the estimated value of inventory expected to be returned in prepaid expenses and other current assets in our consolidated balance sheets. As of January 30, 2021 and February 1, 2020, reserve balances recorded as a reduction to wholesale receivables related to these items were $6 million and $9 million, respectively.

We extend credit to certain wholesale customers based on an evaluation of the customer’s financial capacity and condition, usually without requiring collateral. In circumstances where we become aware of a specific wholesale customer’s inability to meet its financial obligations, a specific provision for credit losses is taken as a reduction to accounts receivable to reduce the net recognized receivable to the amount reasonably expected to be collected. Such amounts are ultimately written off at the time that the amounts are not considered collectible. For all other wholesale customer receivable amounts, we recognize estimated provisions for credit losses based on our historical collection experience, the financial condition of our customers, an evaluation of current economic conditions, anticipated trends and the risk characteristics of the receivables, each of which is subjective and requires certain assumptions. During Fiscal 2020, we estimated these losses using the current expected loss approach including consideration of the expected impact of the ongoing COVID-19 pandemic on our receivables, whereas in Fiscal 2019, we estimated these losses using the incurred loss model under the previous guidance. We include such charges for credit losses and write-offs in SG&A in our consolidated statements of operations and as a reduction to receivables, net in our consolidated balance sheets. Provisions for credit loss expense, which is included in SG&A in our consolidated statements of operations, for Fiscal 2020, Fiscal 2019 and Fiscal 2018 were $4 million, $0 million and $0 million, respectively, while write-offs of credit losses for Fiscal 2020, Fiscal 2019 and Fiscal 2018 were $2 million, $0 million and $1 million. The increase in write-offs was due to bankruptcies of various wholesale customers during Fiscal 2020. As of January 30, 2021 and February 1, 2020, our provision for credit losses related to receivables was $3 million and $1 million, respectively.

In addition to trade receivables, tenant allowances due from landlord of $2 million and $1 million are included in receivables, net in our consolidated balance sheet, as of January 30, 2021 and February 1, 2020, respectively. Substantially all other amounts recognized in receivables, net represent trade receivables related to contracts with customers, including receivables from wholesale customers, credit card receivables related to our direct to consumer operations, and receivables from licensing partners. As of January 30, 2021 and February 1, 2020, prepaid expenses and other current assets included $4 million and $3 million, respectively, representing the estimated value of inventory for expected wholesale and direct to consumer sales returns in the aggregate. An estimated sales return liability of $7 million and $3 million for expected direct to consumer returns is classified in accrued expenses and other liabilities in our consolidated balance sheet as of January 30, 2021 and February 1, 2020, respectively. We did not have any significant contract assets related to contracts with customers, other than trade receivables and the value of inventory associated with expected sales returns, as of January 30, 2021 and February 1, 2020.

In addition to our estimated expected return amounts, contract liabilities related to contracts with our customers include gift cards and merchandise credits issued by us. Gift cards and merchandise credits issued by us are redeemable on demand by the holder and do not have an expiration date or incur administrative fees. Historically, substantially all gift cards and merchandise credits are redeemed within one year of issuance. Gift cards and merchandise credits are recorded as a liability until our performance obligation is satisfied, which occurs when redeemed by the consumer, at which point revenue is recognized. However, we recognize estimated breakage income for certain gift cards and merchandise credits using the redemption recognition method, subject to applicable laws in certain states. 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 sheets and totaled $13 million and $12 million as of January 30, 2021 and February 1, 2020, respectively. Gift card breakage income, which is included in net sales in our consolidated statements of operations, was $1 million, $2 million and $0 million in Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.

Royalties from the license of our owned brands are recognized over the time that licensees are provided access to our trademarks (i.e. symbolic intellectual property) and benefit from such access through their sales of licensed products. Payments are generally due quarterly, and depending on time of receipt, may be recorded as a liability until recognized as revenue. Royalty income is based upon the contractually guaranteed minimum royalty obligations and adjusted as sales data, or estimates thereof, is received from licensees, when the related royalties based on a percentage of the licensee’s sales exceed the contractually determined minimum royalty amount. Royalty income, which is included in royalties and other operating income in our consolidated statements of operations, were $14 million, $15 million and $14 million during Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.

Cost of Goods Sold

We include in cost of goods sold all sourcing, procurement and other costs incurred prior to or in association with the receipt of finished goods at our distribution facilities, as well as freight from our warehouse to our own retail stores, wholesale customers and e-commerce consumers. The costs prior to receipt at our distribution facilities include product cost, inbound freight charges, import costs, purchasing costs, internal transfer costs, direct labor, manufacturing overhead, insurance, duties, brokers’ fees, consolidators’ fees and depreciation expense associated with our manufacturing, sourcing and procurement operations. We generally classify amounts billed to customers for freight in net sales, and classify freight costs for shipments to customers in cost of goods sold in our consolidated statements of operations. Our gross profit and gross margin may not be directly comparable to those of our competitors, as statement of operations classifications of certain expenses may vary by company.

SG&A

We include in SG&A costs incurred subsequent to the receipt of finished goods at our distribution facilities, such as the cost of inspection, stocking, warehousing, picking and packing, and costs associated with the operations of our retail stores, e-commerce sites, restaurants and concessions, such as labor, occupancy costs, store and restaurant pre-opening costs (including rent, marketing, store set-up costs and training expenses), depreciation and other fees. SG&A also includes product design costs, selling costs, royalty expense, provision for credit losses, advertising, promotion and marketing expenses, professional fees, other general and administrative expenses, our corporate overhead costs and amortization of intangible assets.

Distribution network costs, including costs associated with preparing goods to ship to customers and our costs to operate our distribution facilities, are included as a component of SG&A. We consider distribution network costs to be the costs associated with operating our distribution centers, as well as the costs paid to third parties who perform those services for us. In Fiscal 2020, Fiscal 2019 and Fiscal 2018, distribution network costs included in SG&A totaled $26 million, $30 million and $28 million, respectively.

All costs associated with advertising, promotion and marketing of our products are expensed in SG&A during the period when the advertisement is first shown. Costs associated with cooperative advertising programs under which we agree to make general contributions to our wholesale customers’ advertising and promotional funds are generally recorded as a reduction to net sales as recognized. Advertising, promotion and marketing expenses, excluding employment costs for our advertising and marketing employees, for Fiscal 2020, Fiscal 2019 and Fiscal 2018 were $50 million, $56 million and $60 million, respectively. Prepaid advertising, promotion and marketing expenses included in prepaid expenses in our consolidated balance sheets as of January 30, 2021 and February 1, 2020 and were $2 million and $5 million, respectively.

Royalty expense related to our license of third party brands, which are generally based on the greater of a percentage of our actual net sales for the brand or a contractually determined minimum royalty amount, are recorded based upon the guaranteed minimum levels and adjusted based on our net sales of the licensed products, as appropriate. Royalty expenses recognized as SG&A in Fiscal 2020, Fiscal 2019 and Fiscal 2018 were $6 million, $7 million and $6 million, respectively. Substantially all of these royalty expense amounts are included in Lanier Apparel for each period presented.

Cash and Cash Equivalents

We consider cash equivalents to be short-term investments with original maturities of three months or less for purposes of our consolidated statements of cash flows. As of January 30, 2021 and February 1, 2020, our cash and cash equivalents included $59 million and $45 million, respectively, of amounts invested in money market funds.

Supplemental Cash Flow Information

During Fiscal 2020, Fiscal 2019 and Fiscal 2018, cash paid for income taxes was $6 million, $17 million and $14 million, respectively. During Fiscal 2020, Fiscal 2019 and Fiscal 2018, cash paid for interest, net of interest income was $2 million, $1 million and $2 million, respectively. Non-cash investing activities included capital expenditures incurred but not yet paid, which were included in accounts payable in our consolidated balances sheets, of $1 million, $3 million and $2 million as of Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively. Additionally, during Fiscal 2020 and Fiscal 2019, we recorded a non-cash net increase in operating lease assets and corresponding operating lease liability amounts of $2 million and $40 million, respectively, related to the net impact of new, modified and terminated operating lease amounts.

Inventories, net

Substantially all of our inventories are finished goods inventories of apparel, accessories and other related products. Inventories are valued at the lower of cost or market.

For operating group reporting, inventory is carried at the lower of FIFO cost or market. We evaluate the composition of our inventories for identification of distressed inventory at least quarterly. In performing this evaluation, we consider slow-turning products, an indication of lack of consumer acceptance of particular products, prior-seasons’ fashion products, broken assortments, discontinued products and current levels of replenishment program products as compared to expected sales. We estimate the amount of goods that we will not be able to sell in the normal course of business and write down the value of these goods as necessary. As the amount to be ultimately realized for the goods is not necessarily known at period end, we must use certain assumptions considering historical experience, inventory quantity, quality, age and mix, historical sales trends, future sales projections, consumer and retailer preferences, market trends, general economic conditions, the levels of end of season product in market and the prices being offered by off-price retailers and our anticipated plans and costs to sell the inventory. Also, we provide an allowance for shrinkage, as appropriate, for the period between the last physical inventory count and each balance sheet date.

For consolidated financial reporting, as of January 30, 2021 and February 1, 2020, $116 million, or 94%, and $145 million, or 95%, of our inventories were valued at the lower of LIFO cost or market after deducting our LIFO reserve. The remaining $8 million and $7 million of our inventories were valued at the lower of FIFO cost or market as of January 30, 2021 and February 1, 2020, respectively. Generally, inventories of our domestic operations are valued at the lower of LIFO cost or market, and our inventories of our international operations are valued at the lower of FIFO cost or market. Our LIFO reserves are based on the estimated Producer Price Index as published by the United States Department of Labor. We write down inventories valued at the lower of LIFO cost or market when LIFO cost exceeds market value. We deem LIFO accounting adjustments to not only include changes in the LIFO reserve, but also changes in markdown reserves which are considered in LIFO accounting. As our LIFO inventory pool does not correspond to our operating group definitions, LIFO inventory accounting adjustments are not allocated to our operating groups. Thus, the impact of accounting for inventories on the LIFO method is reflected in Corporate and Other for operating group reporting purposes included in Note 2.

There were no LIFO inventory layer liquidations that had a material impact on our net earnings in Fiscal 2020, Fiscal 2019 or Fiscal 2018. As of January 30, 2021 and February 1, 2020, the LIFO reserve included in our consolidated balance sheets were $62 million and $63 million, respectively.

Property and Equipment, net

Property and equipment, including leasehold improvements that are reimbursed by landlords as a tenant improvement allowance and assets under capital leases, if any, is carried at cost less accumulated depreciation. Additions are capitalized while repair and maintenance costs are charged to our consolidated statements of operations as incurred.

Depreciation is calculated using both straight-line and accelerated methods generally over the estimated useful lives of the assets as follows:


Leasehold improvements		Lesser of remaining life of the asset or lease term
Furniture, fixtures, equipment and technology		2 – 15 years
Buildings and improvements		7 – 40 years

Property and equipment is reviewed periodically for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable, as discussed in Impairment of Long-Lived Assets, other than Goodwill and Intangible Assets with Indefinite Lives below.

Substantially all of our depreciation expense is included in SG&A in our consolidated statements of operations. Cost of goods sold includes the depreciation associated with our manufacturing, sourcing and procurement processes. Depreciation expense as disclosed in Note 2 includes the property and equipment impairment charges.

Intangible Assets

At acquisition, we estimate and record the fair value of purchased intangible assets, which primarily consist of trademarks, reacquired rights and customer relationships. The fair values and useful lives of these intangible assets are estimated based on our assessment as well as independent third party appraisals in some cases. Such valuations, which are dependent upon a number of uncertain factors, may include a discounted cash flow analysis of anticipated revenues and expenses or cost savings resulting from the acquired intangible asset using an estimate of a risk-adjusted market-based cost of capital as the discount rate. Significant assumptions and estimates included in determining the fair value of intangible assets may include estimates of net sales, royalty income, operating income, growth rates, royalty rates, discount rates and income tax rates, among other factors. Additionally, at acquisition we must determine whether the intangible asset has an indefinite or finite life and account for it accordingly.

Intangible assets with indefinite lives, which are detailed by operating group in Note 4, are not amortized but instead evaluated for impairment annually or more frequently if events or circumstances indicate that the intangible asset might be impaired. The evaluation of the recoverability of trademarks with indefinite lives includes valuations based on a discounted cash flow analysis utilizing the relief from royalty method, among other considerations. Like the initial valuation, the evaluation of recoverability is dependent upon a number of uncertain factors which require assumptions to be made by us, including estimates of net sales, royalty income, operating income, growth rates, royalty rates, discount rates and income tax rates, among other factors.

We have the option to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test. We also have the option to bypass the qualitative assessment for any indefinite-lived intangible asset in any period and proceed directly to performing the quantitative impairment test. Bypassing the qualitative assessment in any period does not prohibit us from performing the qualitative assessment in any subsequent period. We test, either quantitatively or qualitatively, intangible assets with indefinite lives for impairment as of the first day of the fourth quarter of our fiscal year, or at an interim date if indicators of impairment exist at that date. If an annual or interim analysis indicates an impairment of a trademark with an indefinite useful life, the amount of the impairment is recognized in our consolidated financial statements based on the amount that the carrying value exceeds the estimated fair value of the asset.

As discussed in Note 4, an impairment charge related to our Southern Tide intangible assets with an indefinite life totaling $18 million was recognized in the First Quarter of Fiscal 2020, with no additional impairment charges related to intangible assets with indefinite lives in the other quarters of Fiscal 2020. No impairment of intangible assets with indefinite lives was recognized during Fiscal 2019 or Fiscal 2018.

Intangible assets with finite lives, which primarily consist of owned trademarks of TBBC and Duck Head, reacquired rights and customer relationships, are amortized over the estimated useful life of the asset using the straight line method or a method of amortization that reflects the pattern in which the economic benefits of the intangible asset are consumed or otherwise realized. Certain of our intangible assets with finite lives may be amortized over periods of up to 20 years. The determination of an appropriate useful life for amortization considers our plans for the intangible assets, the remaining contractual period of the reacquired right, and factors that may be outside of our control, including expected customer attrition. Amortization of intangible assets is included in SG&A in our consolidated statements of operations. Intangible assets with finite lives are reviewed periodically for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable, as discussed in Impairment of Long-Lived Assets, other than Goodwill and Intangible Assets with Indefinite Lives below.

Any costs associated with extending or renewing recognized intangible assets are generally expensed as incurred.

Goodwill, net

Goodwill is recognized as the amount by which the cost to acquire a business exceeds the fair value of identified tangible and intangible assets acquired, net of assumed liabilities. Thus, the amount of goodwill recognized in connection with a business combination depends on the fair values assigned to the individual assets acquired and liabilities assumed in a business combination. Goodwill is allocated to the respective reporting unit at the time of acquisition. Goodwill, which as of the end of Fiscal 2020 primarily consists of goodwill related to our Lilly Pulitzer and TBBC acquisitions, is not amortized but instead is evaluated for impairment annually or more frequently if events or circumstances indicate that the goodwill might be impaired. As of January 30, 2021, all of our goodwill is deductible for income tax purposes.

We test, either qualitatively or quantitatively, goodwill for impairment as of the first day of the fourth quarter of our fiscal year or when impairment indicators exist. The qualitative factors that we use to determine the likelihood of goodwill impairment, as well as to determine if an interim test is appropriate, include: (a) macroeconomic conditions, (b) industry and market considerations, (c) cost factors, (d) overall financial performance, (e) other relevant entity-specific events, (f) events affecting a reporting unit, (g) a sustained decrease in share price, or (h) other factors, as appropriate. In the event we determine that we will bypass the qualitative impairment option or if we determine that a quantitative test is appropriate, the quantitative test includes valuations of each applicable underlying reporting unit using fair value techniques, which may include a discounted cash flow analysis or an independent appraisal, as well as consideration of any market comparable transactions. Significant estimates, some of which may be very subjective, considered in a discounted cash flow analysis are future cash flow projections of the business, an estimate of the risk-adjusted market-based cost of capital as the discount rate, income tax rates and other assumptions. The estimates and assumptions included in the evaluation of the recoverability of goodwill involve significant uncertainty, and if our plans or anticipated results change, the impact on our financial statements could be significant.

If an annual or interim analysis indicates an impairment of goodwill balances, the impairment is recognized in our consolidated financial statements. As discussed in Note 4, a $43 million goodwill impairment charge related to Southern Tide was recognized in the First Quarter of Fiscal 2020, with no additional impairment charges related to goodwill in the other quarters of Fiscal 2020. No impairment of goodwill was recognized during Fiscal 2019 or Fiscal 2018.

Prepaid Expenses and Other Non-Current Assets, net

Amounts included in prepaid expenses and other current assets primarily consist of prepaid operating expenses, including advertising, taxes, maintenance and other services contracts, royalties, insurance, samples and retail supplies as well as the estimated value of inventory for anticipated wholesale and direct to consumer sales returns. Other non-current assets primarily consist of assets set aside for potential liabilities related to our deferred compensation plan,

equity investments in unconsolidated entities, assets related to certain investments in officers’ life insurance policies, deposits and amounts placed into escrow accounts, deferred financing costs related to our revolving credit agreement and non-current deferred tax assets.

Officers’ life insurance policies that are owned by us, substantially all of which are included in other non-current assets, net, are recorded at their cash surrender value, less any outstanding loans associated with the life insurance policies that are payable to the life insurance company with which the policy is outstanding. As of January 30, 2021 and February 1, 2020, officers’ life insurance policies, net, recorded in our consolidated balance sheets totaled $4 million.

Deferred financing costs for our revolving credit agreements are included in other non-current assets, net in our consolidated financial statements. Deferred financing costs are amortized on a straight-line basis, which approximates the effective interest method over the term of the related debt. Amortization of deferred financing costs is included in interest expense in our consolidated statements of operations. Unamortized deferred financing costs included in other non-current assets, net totaled $1 million and $2 million as of January 30, 2021 and February 1, 2020, respectively.

Deferred Compensation

We have a non-qualified deferred compensation plan offered to a select group of highly compensated employees and our non-employee directors. The plan provides participants with the opportunity to defer a portion of their cash compensation in a given plan year, of which a percentage may be matched by us in accordance with the terms of the plan. We make contributions to rabbi trusts or other investments to provide a source of funds for satisfying these deferred compensation liabilities. Investments held for our deferred compensation plan consist of insurance contracts and are recorded based on valuations which generally incorporate unobservable factors. A change in the value of the underlying assets would substantially be offset by a change in the liability to the participant resulting in an immaterial net impact on our consolidated financial statements. These securities approximate the participant-directed investment selections underlying the deferred compensation liabilities.

The total value of the assets set aside for potential deferred compensation liabilities, substantially all of which are included in other non-current assets, net, as of January 30, 2021 and February 1, 2020 was $16 million and $15 million, respectively, substantially all of which are held in a rabbi trust. Substantially all the assets set aside for potential deferred compensation liabilities are life insurance policies recorded at their cash surrender value, less any outstanding loans associated with the life insurance policies that are payable to the life insurance company with which the policy is outstanding. The liabilities associated with the non-qualified deferred compensation plan are included in other non-current liabilities in our consolidated balance sheets and totaled $16 million and $15 million at January 30, 2021 and February 1, 2020, respectively.

Equity Investments in Unconsolidated Entities

We account for equity investments in which we exercise significant influence, but do not control via voting rights and were determined to not be the primary beneficiary of, using the equity method of accounting. Generally, we determine that we exercise significant influence over a corporation or a limited liability company when we own 20% or more or 3% or more, respectively, of the voting interests, unless the facts and circumstances of that investment indicate that we do not have the ability to exhibit significant influence. Under the equity method of accounting, original investments are recorded at cost, and are subsequently adjusted for our contributions to, distributions from and share of income or losses of the entity. We account for equity investments in which we do not control or exercise significant influence using the fair value method of accounting unless there is not a readily determinable fair value for the equity investment. If there is no readily determinable fair value for such equity investment, we account for the equity investment using the alternative measurement method of cost adjusted for impairment and any identified observable price changes of the investment.

Equity investments accounted for using the equity method of accounting, fair value method of accounting, or alternative measurement method are included in other non-current assets in our consolidated balance sheets, while the income or loss related to such investments are included in royalties and other operating income in our consolidated statements of operations. During Fiscal 2020, we paid $6 million, in the aggregate, for equity investments in entities accounted for using either the equity method of accounting or the alternative measurement method, which are included in other investing activities in our consolidated statements of cash flows. Each of these investments is in smaller apparel lifestyle brands in which we have an ownership interest of approximately 10% as of January 30, 2021. As of January 30, 2021 and February 1, 2020, our consolidated balance sheet included equity investments accounted for using the equity method of accounting, fair value and alternative measurement method totaling, in the aggregate, $6 million and $0 million, respectively. During Fiscal 2020, Fiscal 2019 and Fiscal 2018 we recognized amounts related to these investments in our consolidated statements of operations of $0 million, $0 million and a loss of $1 million, respectively.

Impairment of Long-Lived Assets, other than Goodwill and Intangible Assets with Indefinite Lives

We assess our long-lived assets other than goodwill and intangible assets with indefinite lives for impairment whenever events indicate that the carrying amount of the asset or asset group may not be fully recoverable. This recoverability and impairment assessment is performed for a specific asset or asset group and includes any property and equipment, operating lease assets, intangible assets with definite lives and other non-current assets included in the asset group. Events that would typically result in such an assessment would include a change in the estimated useful life of the assets, including a change in our plans of the anticipated period of operating a leased retail store or restaurant location, the decision to vacate a leased space before lease termination, the abandonment of an asset or other factors. These events may result in a change in the determination of the assets included in an asset group for impairment testing. To analyze recoverability, we consider undiscounted net future cash flows over the remaining life of the asset or asset group. If the amounts are determined to not be recoverable an impairment is recognized resulting in the write-down of the asset or asset group and a corresponding charge to our consolidated statements of operations. Impairment losses are measured based on the difference between the carrying amount and the estimated fair value of the assets. For assets impaired during Fiscal 2020, Fiscal 2019 and Fiscal 2018, there was no significant fair value at the date of impairment testing.

During Fiscal 2020, Fiscal 2019 and Fiscal 2018, we recognized $20 million, $1 million and $1 million, respectively, of property and equipment impairment charges, which were primarily included in SG&A. During Fiscal 2020, these charges primarily related to a $15 million write-off of previously capitalized costs associated with a Tommy Bahama information technology project that was abandoned in the Fourth Quarter of Fiscal 2020, $2 million of charges related to retail store assets due to retail store closures in Tommy Bahama and Lilly Pulitzer, $1 million of charges related to office leasehold improvements resulting from the Lanier Apparel exit and $1 million of charges related to office leasehold improvements associated with the 2020 restructuring of Tommy Bahama’s international sourcing operations. The impairment charges in Fiscal 2019 and Fiscal 2018 were primarily related to retail store assets and information technology assets.

During Fiscal 2020, Fiscal 2019 and Fiscal 2018, we recognized $4 million, $0 million and $0 million, respectively, of operating lease asset impairment charges, which were primarily included in SG&A. During Fiscal 2020, these charges primarily related to $3 million of charges related to certain office leases resulting from the Lanier Apparel exit and $1 million of charges related to an office lease associated with the 2020 restructuring of Tommy Bahama’s international sourcing operations.

As discussed in Note 4, we recognized an impairment charge of less than $1 million of an intangible asset with a finite life in Lanier Apparel in Fiscal 2020. No impairment of intangible assets with finite lives was recognized during Fiscal 2019 or Fiscal 2018.

Accounts Payable, Accrued Compensation and Accrued Expenses and Other Liabilities

Liabilities for accounts payable, accrued compensation and accrued expenses and other liabilities are carried at cost, which reflects the fair value of the consideration expected to be paid in the future for goods and services received, whether or not billed to us as of the balance sheet date. Accruals for medical insurance and workers’ compensation, which are included in accrued expenses and other liabilities in our consolidated balance sheets, include estimated settlements for known claims, as well as accruals for estimates of incurred but not reported claims based on our claims experience and statistical trends.

Legal and Other Contingencies

We are subject to certain litigation, claims and assessments in the ordinary course of business. The claims and assessments may relate, among other things, to disputes about trademarks and other intellectual property, licensing arrangements, real estate and contracts, employee relations matters, importing or exporting regulations, environmental matters, taxation or other topics. For those matters where it is probable that we have incurred a loss and the loss, or range of loss, can be reasonably estimated, we have recorded reserves in accrued expenses and other liabilities or other non-current liabilities in our consolidated financial statements for the estimated loss and related expenses, such as legal fees. In other instances, because of the uncertainties related to both the probable outcome or amount or range of loss, we are unable to make a reasonable estimate of a liability, if any, and therefore have not recorded a reserve. As additional information becomes available or as circumstances change, we adjust our assessment and estimates of such liabilities accordingly. Additionally, for any potential gain contingencies, we do not recognize the gain until the period that all contingencies have been resolved and the amounts are realizable. We believe the outcome of outstanding or pending matters, individually and in the aggregate, will not have a material impact on our consolidated financial statements, based on information currently available.

In connection with acquisitions, we may enter into contingent consideration arrangements, which provide for the payment of additional purchase price consideration to the sellers if certain performance criteria are achieved during a specified period. We recognize the fair value of the contingent consideration based on its estimated fair value at the date of acquisition. Such valuation requires assumptions regarding anticipated cash flows, probabilities of cash flows, discount rates and other factors. Each of these assumptions may involve a significant amount of uncertainty. Subsequent to the date of acquisition, we periodically adjust the liability for the contingent consideration to reflect the fair value of the contingent consideration by reassessing our valuation assumptions as of that date. A change in assumptions related to contingent consideration amounts could have a material impact on our consolidated financial statements. Any change in the fair value of the contingent consideration is recognized in SG&A in our consolidated statements of operations.

A change in the fair value of contingent consideration of $1 million, less than $1 million and $1 million associated with the acquisition of TBBC was recognized in our consolidated statements of operations in Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively. As of January 30, 2021 and February 1, 2020, $2 million and $1 million, respectively, of contingent consideration related to the TBBC acquisition was recognized as a liability in our consolidated balance sheet.

Other Non-current Liabilities

Amounts included in other non-current liabilities primarily consist of deferred compensation amounts, amounts related to uncertain tax positions and fair value of contingent consideration.

Leases

In the ordinary course of business, we enter into real estate lease agreements for our direct to consumer locations, which include both retail and food and beverage locations, office and warehouse/distribution space, as well as leases for certain equipment. Our real estate leases have varying terms and expirations and may have options to extend,

renew or terminate the lease agreement at our discretion, among other provisions. Our real estate lease terms are typically for a period of ten years or less and typically require monthly rent payments with specified rent escalations during the lease term. Our real estate leases usually provide for payments of our pro rata share of real estate taxes, insurance and other operating expenses applicable to the property, and certain of our leases require payment of sales taxes on rental payments. Also, our direct to consumer location leases often provide for contingent rent payments based on sales if certain sales thresholds are achieved. For many of our real estate lease agreements, we obtain lease incentives at lease inception from the landlord for tenant improvement or other allowances. Our lease agreements do not include any material residual value guarantees or material restrictive financial covenants. Substantially all of our leases are classified as long-term operating leases.

For our leases, we are required to recognize operating lease liabilities equal to our obligation to make lease payments arising from the leases on a discounted basis and operating lease assets which represent our right to use, or control the use of, a specified asset for a lease term. Operating lease liabilities, which are included in current portion of operating lease liabilities and non-current portion of operating lease liabilities in our consolidated balance sheets, 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 future lease payments. The operating lease assets, which are included in operating lease assets in our consolidated balance sheets, at commencement represent the amount of the operating lease liability reduced for any lease incentives, including tenant improvement allowances. Typically, we do not include any renewal or termination options at our discretion in the underlying lease term at the time of lease commencement as the probability of exercise is not reasonably certain. Variable rental payments for real estate taxes, sales taxes, insurance, other operating expenses and contingent rent based on a percentage of net sales or adjusted periodically for inflation are not included in lease expense used to calculate the present value of lease obligations recognized in our consolidated balance sheet, but instead are recognized as incurred.

Lease expense for operating leases is generally recognized on a straight-line basis over the lease term, even if there are fixed escalation clauses, lease incentives for rent holidays, or other similar items from the date that we take possession of the space. Substantially all of our lease expense is recognized in SG&A in our consolidated statements of operations.

We account for the underlying operating lease at the individual lease level. The lease guidance requires us to discount future lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, our estimated incremental borrowing rate. As our leases do not provide an implicit rate, we use an estimated incremental borrowing rate based on information available at the applicable commencement date. Our estimated incremental borrowing rate for a lease is the rate of interest we estimate we would have to pay on a collateralized basis over the lease term to borrow an amount equal to the lease payments.

During the First Quarter of Fiscal 2020, the FASB provided for an optional practical expedient that simplifies how a lessee accounts for rent concessions that are a direct consequence of the COVID-19 pandemic. The practical expedient only applies if a lease is modified to allow for a rental concession and (1) the revised consideration is substantially the same as, or less than, the original consideration in the lease agreement, (2) the reduction in lease payments relates to payments due on or before June 30, 2021, and (3) no other substantive changes have been made to the terms of the leases. The practical expedient provides that, if the above conditions are met for the lease agreement, the lessee is not required to assess whether the eligible rent concessions are lease modifications. We have elected to apply the practical expedient for all eligible lease modifications resulting in the rent concession being recorded as an adjustment to variable lease payments and recognized in our consolidated statement of operations in that period. The amounts of concessions recognized in our consolidated statement of operations pursuant to this practical expedient in Fiscal 2020 was $4 million. For lease modifications that do not meet the criteria for the practical expedient, we account for the amendment and concession as a lease modification requiring lease remeasurement with the concession recognized as a reduction to the operating lease asset and recognized in our consolidated statements of operations over

the remaining term of the respective lease agreement. The amount of concessions agreed to in Fiscal 2020 that were recognized as reductions of the operating lease asset and will be recognized in future periods over the remaining lease term as a reduction to rent expense was $4 million.

In February 2016, the FASB issued revised lease accounting guidance. We adopted the guidance on the first day of Fiscal 2019 using a modified retrospective approach. The modified retrospective approach allowed us to apply the new lease accounting guidance to the financial statements for the period of adoption and apply the previous lease accounting guidance in the prior year comparative periods. The adoption of the new lease accounting guidance had a material impact on our consolidated balance sheet as a result of the recognition of operating lease assets and operating lease liabilities on our consolidated balance sheet, but did not have a material impact on our consolidated statements of operations, as the recognition of operating lease expense was generally consistent under the previous and new lease accounting guidance, or on our consolidated statements of cash flows, as the lease accounting guidance did not impact the timing of lease payments.

Foreign Currency

We are exposed to foreign currency exchange risk when we generate net sales or incur expenses in currencies other than the functional currency of the respective operations. The resulting assets and liabilities denominated in amounts other than the respective functional currency are re-measured into the respective functional currency at the rate of exchange in effect on the balance sheet date, and income and expenses are re-measured at the average rates of exchange prevailing during the relevant period. The impact of any such re-measurement is recognized in our consolidated statements of operations in that period. Net losses (gains) included in our consolidated statements of operations related to foreign currency transactions recognized in Fiscal 2020, Fiscal 2019 and Fiscal 2018 were $0 million, $1 million and $0 million, respectively.

Additionally, the financial statements of our operations for which the functional currency is a currency other than the U.S. dollar are translated into U.S. dollars at the rate of exchange in effect on the balance sheet date for the balance sheet and at the average rates of exchange prevailing during the relevant period for the statements of operations. The impact of such translation is recognized in accumulated other comprehensive income (loss) in our consolidated balance sheets and included in other comprehensive income (loss) in our consolidated statements of comprehensive income resulting in no impact on net earnings for the relevant period.

As of January 30, 2021, our foreign currency exchange risk exposure primarily results from our businesses operating outside of the United States, which are primarily related to (1) our Tommy Bahama operations in Canada and Australia purchasing goods in U.S. dollars or other currencies which are not the functional currency of the business and (2) certain other transactions, including intercompany transactions. During Fiscal 2020, Fiscal 2019 and Fiscal 2018, we did not enter into and were not a party to any foreign currency exchange contracts for hedging, trading or speculative purposes.

Interest Rate Risk

We are exposed to market risk from changes in interest rates on any variable-rate indebtedness under our U.S. Revolving Credit Agreement. If we have significant borrowings, we may attempt to limit the impact of interest rate changes on earnings and cash flow, primarily through a mix of variable-rate and fixed-rate debt, although at times all of our debt may be either variable-rate or fixed-rate debt. At times we may enter into interest rate swap arrangements related to certain of our variable-rate debt in order to fix the interest rate if we determine that our exposure to interest rate changes is higher than optimal. Our assessment also considers our need for flexibility in our borrowing arrangements resulting from the seasonality of our business, anticipated future cash flows and our expectations about the risk of future interest rate changes, among other factors. During Fiscal 2020, Fiscal 2019 and Fiscal 2018, we did not enter into and were not a party to any interest rate swap agreements for hedging, trading or speculative purposes.

Fair Value Measurements

Fair value, in accordance with GAAP, is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Valuation techniques include the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). These valuation techniques may be based upon observable and unobservable inputs.

The three levels of inputs used to measure fair value pursuant to the guidance are as follows: (1) Level 1—Quoted prices in active markets for identical assets or liabilities; (2) Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and (3) Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, which include certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

Our financial instruments consist primarily of our cash and cash equivalents, accounts receivable, accounts payable, accrued expenses, other current liabilities and debt, if any. Given their short-term nature, the carrying amounts of cash and cash equivalents, receivables, accounts payable, accrued expenses and other current liabilities generally approximate their fair values. The fair value of cash and cash equivalents invested on an overnight basis in money market funds is based upon the quoted prices in active markets provided by the holding financial institutions, which are considered Level 1 inputs in the fair value hierarchy. Additionally, we believe the carrying amounts of our variable-rate borrowings, if any, approximate fair value. We have determined that our property and equipment, intangible assets, goodwill, operating lease assets and certain other non-current assets included in our consolidated balance sheets are non-financial assets measured at fair value on a non-recurring basis. We have determined that our approaches for determining fair values of each of these assets generally are based on Level 3 inputs. Additionally, for contingent consideration fair value amounts, we have determined that our approaches for determining fair value are generally based on Level 3 inputs.

In determining the $9 million fair value, and resulting carrying value, of the Southern Tide trade name in our interim impairment test performed in the First Quarter of Fiscal 2020, which utilized the relief from royalty valuation method, we used certain Level 3 inputs. The significant unobservable inputs used in determining the fair value of the Southern Tide trade name as of the First Quarter of Fiscal 2020 included: (a) a double-digit percentage decrease in sales for the remainder of Fiscal 2020 as compared to the comparable prior year sales amounts, reflecting the anticipated impact of the COVID-19 pandemic during the remainder of Fiscal 2020; a double-digit percentage increase for sales in Fiscal 2021, reflecting an anticipated partial recovery from the COVID-19 pandemic; and high single-digit percentage growth rates for sales subsequent to Fiscal 2021, with the growth rate in future periods ultimately decreasing to a low single-digit percentage in the long term, and (b) a required rate of return for the intangible asset of 13%.

Equity Compensation

We have certain equity compensation plans as described in Note 8, which provide for the ability to grant restricted shares, restricted share units, options and other equity awards to our employees and non-employee directors. We recognize compensation expense related to equity awards to employees and non-employee directors in SG&A in our consolidated statements of operations based on the fair value of the awards on the grant date. The fair value of restricted shares that are service and performance-based are determined based on the fair value of our common stock on the grant date. The fair value of restricted share units that are market-based (e.g. relative total shareholder return (“TSR”)) are determined based on 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 restricted share unit.

For awards with specified service requirements, the fair value of the equity awards granted to employees is recognized over the respective service period. For performance-based awards (e.g. awards based on our earnings per share), during the performance period we assess expected performance versus the predetermined performance goals and adjust the cumulative equity compensation expense to reflect the relative expected performance achievement. The fair value of the performance-based awards, if earned, is recognized on a straight-line basis over the aggregate performance period and any additional required service period. For market-based awards (e.g. TSR-based awards) with specified service requirements that are equal to or longer than the market-based specification period, the fair value of the awards granted to employees is recognized over the requisite service period, regardless of whether, and to the extent to which, the market condition is ultimately satisfied. The impact of stock award forfeitures on compensation expense is recognized at the time of forfeit as no estimate of future stock award forfeitures is considered in our calculation of compensation expense for our service-based, performance-based or market-based awards.

Comprehensive Income and Accumulated Other Comprehensive Loss

Comprehensive income consists of net earnings and specified components of other comprehensive income (loss). Other comprehensive income includes changes in assets and liabilities that are not included in net earnings pursuant to GAAP, such as foreign currency translation adjustments between the functional and reporting currencies and certain unrealized gains (losses), if any. For us, other comprehensive income for each period presented includes the impact of the foreign currency translation impact of our Tommy Bahama operations in Canada, Australia and Japan. These other comprehensive income (loss) amounts are deferred in accumulated other comprehensive loss, which is included in shareholders’ equity in our consolidated balance sheets. As of January 30, 2021, the amounts included in accumulated other comprehensive loss in our consolidated balance sheet primarily reflect the net foreign currency translation adjustment related to our Tommy Bahama operations in Canada and Australia.

During Fiscal 2019, we recognized a $1 million charge in our consolidated statement of operations that was previously recognized in accumulated other comprehensive loss in our consolidated balance sheet. This charge related to foreign currency amounts associated with our investment and operations in Japan, which in Fiscal 2019 we decided to exit entirely after exiting a significant portion of the business in Fiscal 2018. No material amounts of accumulated other comprehensive loss were reclassified from accumulated other comprehensive loss into our consolidated statements of operations during Fiscal 2020 or Fiscal 2018.

Dividends

Dividends are accrued at the time declared by our Board of Directors and typically paid within the same fiscal quarter. Certain restricted share units, as described in Note 8, earn dividend equivalents which are accrued at the time of declaration by the Board of Directors in accrued expenses and other liabilities, but only paid if the restricted share units are ultimately earned.

Concentration of Credit Risk and Significant Customers

We are exposed to concentrations of credit risk as a result of our receivables balances, for which the total exposure is limited to the amount recognized in our consolidated balance sheets. We sell our merchandise to wholesale customers operating in a number of distribution channels in the United States and other countries. We extend credit to certain wholesale customers based on an evaluation of the customer’s credit history and financial condition, usually without requiring collateral. Credit risk is impacted by conditions or occurrences within the economy and the retail industry and is principally dependent on each customer’s financial condition. As of January 30, 2021, three customers each represented more than 10% individually, and totaled 54% in the aggregate, of our receivables, net included in our consolidated balance sheet.

While no individual customer represented greater than 10% of our consolidated net sales in Fiscal 2020, Fiscal 2019 or Fiscal 2018, a decision by the controlling owner of a group of stores or any significant customer to decrease the

amount of merchandise purchased from us or to cease carrying our products could have an adverse effect on our results of operations in future periods.

Additionally, as of January 30, 2021, we had $66 million of cash and cash equivalents, including $59 million invested in money market funds. Substantially all of these amounts are with major financial institutions in the United States. Further, we maintain cash deposits with major financial institutions that exceed the insurance coverage limits provided by the Federal Deposit Insurance Corporation.

Income Taxes

Income taxes included in our consolidated financial statements are determined using the asset and liability method. Under this method, income taxes are recognized based on amounts of income taxes payable or refundable in the current year as well as the impact of any items that are recognized in different periods for consolidated financial statement reporting and tax return reporting purposes. Prepaid income taxes and income taxes payable are recognized in prepaid expenses and other accrued expenses and liabilities, respectively, in our consolidated balance sheets. As certain amounts are recognized in different periods for consolidated financial statement and tax return reporting purposes, financial statement and tax bases of assets and liabilities differ, resulting in the recognition of deferred tax assets and liabilities. The deferred tax assets and liabilities reflect the estimated future tax effects attributable to these differences, as well as the impact of net operating loss, capital loss and federal and state credit carrybacks and carryforwards, each as determined under enacted tax laws at rates expected to apply in the period in which such amounts are expected to be realized or settled. We account for the effect of changes in tax laws or rates in the period of enactment.

We recognize deferred tax assets to the extent we believe it is more likely than not that these assets will be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, taxable income in any carryback years, tax-planning strategies, and recent results of operations. Valuation allowances are established when we determine that it is more likely than not that some portion or all of a deferred tax asset will not be realized.

Valuation allowances are analyzed periodically and adjusted as events occur or circumstances change that would indicate adjustments to the valuation allowances are appropriate. If we determine that we are more likely than not to realize our deferred tax assets in the future in excess of their net recorded amount, we will reduce the deferred tax asset valuation allowance, which will reduce income tax expense. As realization of deferred tax assets and liabilities is dependent upon future taxable income in specific jurisdictions, changes in tax laws and rates and shifts in the amount of taxable income among jurisdictions may have a significant impact on the amount of benefit ultimately realized for deferred tax assets and liabilities.

We use a two-step approach for evaluating uncertain tax positions. Under the two-step method, recognition occurs when we conclude that a tax position, based solely on technical merits, is more likely than not to be sustained upon examination. The second step, measurement, is only addressed if step one has been satisfied. The tax benefit recorded is measured as the largest amount of benefit determined on a cumulative probability basis that is more likely than not to be realized upon ultimate settlement. Those tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period they meet the more likely than not threshold or are resolved through settlement or litigation with the relevant taxing authority, upon expiration of the statute of limitations or otherwise. Alternatively, de-recognition of a tax position that was previously recognized occurs when we subsequently determine that a tax position no longer meets the more likely than not threshold of being sustained.

In the case of foreign subsidiaries, there are certain exceptions to the requirement that deferred tax liabilities be recognized for the difference in the financial statement and tax bases of assets. When the financial statement basis of the investment in a foreign subsidiary, excluding undistributed earnings, exceeds the tax basis in such investment, the deferred tax liability is not recognized if management considers the investment to be essentially permanent in duration. Further, deferred tax liabilities are not required to be recognized for undistributed earnings of foreign subsidiaries when

management considers those earnings to be permanently reinvested outside the United States. The Tax Cuts and Jobs Act ("U.S. Tax Reform") as enacted on December 22, 2017 changed the way federal tax is applied to distributions of earnings of foreign subsidiaries. While distributions of foreign subsidiary earnings are generally not subject to federal tax, there are other possible tax impacts, including state taxes and foreign withholding tax, that must be considered if the earnings are not considered to be permanently reinvested. Further, U.S. Tax Reform did not exempt from federal tax the gain realized upon the sale of a foreign subsidiary and consideration must therefore be given to the impact of differences in the book and tax basis of foreign subsidiaries not arising from earnings when determining whether a liability must be recorded if the investment is not considered permanently reinvested.

U.S. Tax Reform made significant changes in the taxation of our domestic and foreign earnings, including a reduction in the domestic corporate tax rate from 35% to 21%, the move to a territorial taxation system under which the earnings of foreign subsidiaries will generally not be subject to U.S. federal income tax upon distribution, the increase in bonus depreciation available for certain assets acquired, limitations on the deduction for certain expenses, including executive compensation and interest incurred, a tax on global intangible low-taxed income (“GILTI”), disallowance of deductions for certain payments (the base erosion anti-abuse tax, or “BEAT”) and certain deductions enacted for certain foreign-derived intangible income (“FDII”). While the calculations for GILTI, BEAT and FDII are complex calculations, the new provisions did not have a material impact on our effective tax rate in Fiscal 2020, Fiscal 2019 and Fiscal 2018. We recognize the impact of GILTI as a period cost.

On March 27, 2020, the CARES Act was signed into law, with applicable provisions reflected in our financial statements upon enactment. This law included several taxpayer favorable provisions which impact us, including allowing the carryback of our Fiscal 2020 net operating losses to periods prior to U.S. Tax Reform resulting in an increased benefit for those losses, accelerated depreciation of certain leasehold improvement costs, relaxed interest expense limitations and certain non-income tax benefits including deferral of employer FICA payments and an employee retention credit.

In Fiscal 2018 we adopted certain guidance that requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset (other than inventory) when the transfer occurs. The impact of the adoption of this guidance resulted in a $0.1 million reduction to retained earnings as of February 4, 2018.

We file income tax returns in the United States and various state, local and foreign jurisdictions. Our federal, state, local and foreign income tax returns filed for years prior to Fiscal 2017, with limited exceptions, are no longer subject to examination by tax authorities.

Earnings (Loss) Per Share

Basic net earnings per share amounts are calculated by dividing the net earnings amount by the weighted average shares outstanding during the period. Shares repurchased, if any, are removed from the weighted average number of shares outstanding upon repurchase and delivery.

Diluted net earnings per share amounts are calculated similarly to the amounts above, except that the weighted average shares outstanding in the diluted net earnings per share calculation also include the potential dilution using the treasury stock method that could occur if dilutive securities, including restricted share awards or other dilutive awards, were converted to shares. The treasury stock method assumes that shares are issued for any restricted share awards, options or other dilutive awards that are "in the money," and that we use the proceeds received to repurchase shares at the average market value of our shares for the respective period. For purposes of the treasury stock method, proceeds consist of cash to be paid and future compensation expense to be recognized. Performance-based and market-based restricted share units are included in the computation of diluted shares only to the extent that the underlying performance or market conditions (i) have been satisfied as of the end of the reporting period or (ii) if the measurement criteria has been satisfied and the result would be dilutive, even if the contingency period has not ended as of the end of the reporting period.

In periods that we incur a loss, we exclude restricted shares or restricted share awards as including the awards would be anti-dilutive. During Fiscal 2020, there were 0.4 million restricted shares and restricted share units outstanding that were excluded from the diluted earnings (loss) per share calculation. No restricted shares or restricted share units were excluded from the diluted earnings per share calculation for Fiscal 2019 or Fiscal 2018.

Use of Estimates

The preparation of our 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, particularly given the uncertainties associated with the ultimate impact of the COVID-19 pandemic, the Lanier Apparel exit or other factors. Such changes could have a material impact on our consolidated financial statements in future periods.

Accounting Standards Adopted in Fiscal 2020

In June 2016, the FASB issued guidance, as amended, related to the measurement of credit losses on financial instruments, which requires that companies use a forward-looking current expected loss approach to estimate credit losses on certain financial instruments, including trade and other receivables, as well as other financial assets and instruments. We estimate current expected credit losses based on our historical collection experience, the financial condition of our customers, an evaluation of current economic conditions and anticipated trends. We adopted the guidance on the first day of Fiscal 2020 resulting in a charge of less than $1 million to retained earnings, which is included in the shareholders’ equity statement for Fiscal 2020, and a reduction to various asset amounts included in our consolidated balance sheet.

In December 2019, the FASB amended its guidance related to accounting for income taxes, which simplified the accounting for income taxes by removing certain exceptions in existing guidance to reduce complexity in certain areas. On the first day of Fiscal 2020, we adopted the provisions related to classification of franchise taxes partially based on income and changes in ownership of foreign equity method investments or foreign subsidiaries on a modified retrospective basis while we adopted the other provisions on a prospective basis. The adoption of the new guidance did not have an impact on our consolidated financial statements as of the first day of Fiscal 2020 or during Fiscal 2020.

Other recently issued guidance that was adopted in Fiscal 2020 did not have a material impact on our consolidated financial statements upon adoption.

Recently Issued Accounting Standards Applicable to Future Years

Recent accounting pronouncements pending adoption are either not applicable or not expected to have a material impact on our consolidated financial statements.

Operating Group Information

12 Months Ended

Jan. 30, 2021

Operating Group Information

Operating Group Information

Note 2. Operating Groups

We identify our operating groups based on the way our management organizes the components of our business for purposes of allocating resources and assessing performance. Our operating group structure reflects a brand-focused management approach, emphasizing operational coordination and resource allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable. Our business has historically been operated through our Tommy Bahama, Lilly Pulitzer, Southern Tide and Lanier Apparel operating groups.

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. In Fiscal 2020, we made the decision to exit our Lanier Apparel business, which is expected to be completed during the second half of Fiscal 2021. Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, the elimination of any inter-segment sales and any other items that are not allocated to the operating groups including LIFO inventory accounting adjustments. Because our LIFO inventory pool does not correspond to our operating group definitions, LIFO inventory accounting adjustments are not allocated to 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, Duck Head and our Lyons, Georgia distribution center. As a result of certain organizational and management reporting changes in Fiscal 2020, our Duck Head operations, which were previously included in Lanier Apparel, are considered part of and included in Corporate and Other. All prior period amounts for Lanier Apparel and Corporate and Other have been restated to conform to the presentation in the current period.

The tables below present certain financial information (in thousands) about our operating groups, as well as Corporate and Other.


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Net sales
Tommy Bahama	$	419,817	$	676,652	$	675,358
Lilly Pulitzer		231,078		284,700		272,299
Southern Tide		34,664		46,409		45,248
Lanier Apparel		38,796		95,200		99,904
Corporate and Other		24,478		19,829		14,657
Consolidated net sales	$	748,833	$	1,122,790	$	1,107,466

Depreciation and amortization
Tommy Bahama	$	46,698	$	27,852	$	29,549
Lilly Pulitzer		9,965		10,106		10,605
Southern Tide		676		549		528
Lanier Apparel		1,239		422		415
Corporate and Other		1,336		1,358		1,393
Consolidated depreciation and amortization	$	59,914	$	40,287	$	42,490

Operating income (loss)
Tommy Bahama	$	(53,310)	$	53,207	$	53,139
Lilly Pulitzer		27,702		51,795		47,239
Southern Tide ⁽¹⁾		(64,801)		5,554		5,663
Lanier Apparel		(26,654)		1,953		6,000
Corporate and Other ⁽²⁾		(6,786)		(18,834)		(21,449)
Consolidated operating (loss) income		(123,849)		93,675		90,592
Interest expense, net		2,028		1,245		2,283
(Loss) earnings before income taxes	$	(125,877)	$	92,430	$	88,309

(1)	Southern Tide included a $60 million impairment charge for goodwill and intangible assets in Fiscal 2020, with no such charges in Fiscal 2019 or Fiscal 2018.

(2)	Corporate and Other included a LIFO accounting credit of $9 million, charge of $1 million and charge of $1 million in Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.


	Fiscal 2020		Fiscal 2019		Fiscal 2018
Purchases of Property and Equipment
Tommy Bahama	$	19,666	$	31,272	$	25,111
Lilly Pulitzer		7,059		4,273		10,777
Southern Tide		1,423		289		149
Lanier Apparel		21		571		99
Corporate and Other		755		1,016		907
Purchases of Property and Equipment	$	28,924	$	37,421	$	37,043


	January 30,		February 1,
	2021		2020
Total Assets
Tommy Bahama (1)	$	569,854	$	668,197
Lilly Pulitzer (2)		176,467		199,913
Southern Tide (3)		31,641		99,667
Lanier Apparel (4)		10,967		39,207
Corporate and Other (5)		76,705		26,385
Total Assets	$	865,634	$	1,033,369

(1)	Decrease in Tommy Bahama total assets includes reductions in operating lease assets, property and equipment, inventories and receivables.

(2)	Decrease in Lilly Pulitzer total assets includes reductions in operating lease assets, receivables, inventories and property and equipment.

(3)	Decrease in Southern Tide total assets was primarily due to the $60 million impairment charge for goodwill and intangible assets in the First Quarter of Fiscal 2020, as well as reductions in inventories and receivables.

(4)	Decrease in Lanier Apparel total assets includes reductions in inventories, receivables, operating lease assets, prepaid expenses and property and equipment.

(5)	Increase in Corporate and Other total assets includes increased income tax receivable, cash, inventories due to the reversal of inventory markdowns as part of LIFO accounting and investments in unconsolidated entities.

Net book value of our property and equipment and net sales by geographic area are presented in the tables below (in thousands). The other foreign amounts primarily relate to our Tommy Bahama operations in Canada and Australia.


	January 30,		February 1,
	2021		2020
Net Book Value of Property and Equipment
United States	$	155,902	$	187,032
Other foreign		3,830		4,485
	$	159,732	$	191,517


	Fiscal 2020		Fiscal 2019		Fiscal 2018
Net Sales
United States	$	728,308	$	1,086,170	$	1,067,235
Other foreign		20,525		36,620		40,231
	$	748,833	$	1,122,790	$	1,107,466

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.


	Fiscal 2020
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	419,817	37	%	36	%	11	%	16	%	—	%
Lilly Pulitzer		231,078	20	%	64	%	—	%	16	%	—	%
Southern Tide		34,664	4	%	32	%	—	%	64	%	—	%
Lanier Apparel		38,796	—	%	—	%	—	%	100	%	—	%
Corporate and Other		24,478	—	%	63	%	—	%	33	%	4	%
Consolidated net sales	$	748,833	27	%	43	%	7	%	23	%	—	%


	Fiscal 2019
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	676,652	48	%	20	%	12	%	20	%	—	%
Lilly Pulitzer		284,700	41	%	38	%	—	%	21	%	—	%
Southern Tide		46,409	—	%	21	%	—	%	79	%	—	%
Lanier Apparel		95,200	—	%	—	%	—	%	100	%	—	%
Corporate and Other		19,829	—	%	59	%	—	%	34	%	7	%
Consolidated net sales	$	1,122,790	39	%	23	%	8	%	30	%	—	%


	Fiscal 2018
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	675,358	48	%	18	%	13	%	21	%	—	%
Lilly Pulitzer		272,299	42	%	36	%	—	%	22	%	—	%
Southern Tide		45,248	—	%	18	%	—	%	82	%	—	%
Lanier Apparel		99,904	—	%	—	%	—	%	100	%	—	%
Corporate and Other		14,657	—	%	54	%	—	%	30	%	16	%
Consolidated net sales	$	1,107,466	40	%	21	%	8	%	31	%	—	%

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
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+ Details

Property and Equipment, Net

12 Months Ended

Jan. 30, 2021

Property and Equipment, Net

Property and Equipment, Net

Note 3. Property and Equipment, Net

Property and equipment, carried at cost, is summarized as follows (in thousands):


	January 30,		February 1,
	2021		2020
Land	$	3,166	$	3,166
Buildings and improvements		39,559		39,563
Furniture, fixtures, equipment and technology		231,493		240,527
Leasehold improvements		237,360		231,089
		511,578		514,345
Less accumulated depreciation and amortization		(351,846)		(322,828)
Property and equipment, net	$	159,732	$	191,517

Intangible Assets and Goodwill

12 Months Ended

Jan. 30, 2021

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Note 4. Intangible Assets and Goodwill

As discussed in Note 1, the COVID-19 pandemic has had a significant negative impact on each of our operating groups. Thus, certain goodwill and indefinite-lived intangible asset impairment testing was required in the First Quarter of Fiscal 2020, which resulted in significant impairment charges in Southern Tide as shown in the tables below. Impairment of goodwill and intangible assets are included in impairment of goodwill and intangible assets in our consolidated statements of operations. No additional tests were required in the Second Quarter of Fiscal 2020 or the

Third Quarter of Fiscal 2020. Further, no impairment was required based on our annual tests for impairment of goodwill and intangible assets with indefinite lives performed as of the first day of the Fourth Quarter of Fiscal 2020.

Intangible assets by category are summarized below (in thousands):


	January 30,		February 1,
	2021		2020
Intangible assets with finite lives	$	51,929	$	51,929
Accumulated amortization and impairment		(43,242)		(41,924)
Total intangible assets with finite lives, net		8,687		10,005

Intangible assets with indefinite lives:
Tommy Bahama Trademarks	$	110,700	$	110,700
Lilly Pulitzer Trademarks		27,500		27,500
Southern Tide Trademarks		9,300		26,800
Total intangible assets, net	$	156,187	$	175,005

Intangible assets, by operating group and in total, for Fiscal 2018, Fiscal 2019 and Fiscal 2020 are as follows (in thousands):


	Tommy		Lilly		Southern		Lanier		Corporate
	Bahama		Pulitzer		Tide		Apparel		and Other		Total
Balance, February 3, 2018	$	112,157		29,749		29,689		277		6,986	$	178,858
Impairment		—		—		—		—		—		—
Amortization		(1,385)		(533)		(288)		(31)		(373)		(2,610)
Other, including foreign currency		(72)		—		—		—		—		(72)
Balance February 2, 2019	$	110,700	$	29,216	$	29,401	$	246	$	6,613	$	176,176
Impairment		—		—		—		—		—		—
Amortization		—		(475)		(291)		(31)		(374)		(1,171)
Other, including foreign currency		—		—		—		—		—		—
Balance, February 1, 2020		110,700		28,741		29,110		215		6,239		175,005
Impairment		—		—		(17,500)		(207)		—		(17,707)
Amortization		—		(424)		(288)		(8)		(391)		(1,111)
Other, including foreign currency		—		—		—		—		—		—
Balance, January 30, 2021	$	110,700	$	28,317	$	11,322	$	—	$	5,848	$	156,187

Based on the current estimated useful lives assigned to our intangible assets, amortization expense for each of the next five years is expected to be $1 million per year.

Goodwill, by operating group and in total, for Fiscal 2018, Fiscal 2019 and Fiscal 2020 is as follows (in thousands):


	Tommy		Lilly		Southern		Corporate
	Bahama		Pulitzer		Tide		and Other		Total
Balance, February 3, 2018	$	821		19,522		42,745		3,615	$	66,703
Impairment		—		—		—		—		—
Other, including foreign currency		(67)		—		—		(15)		(82)
Balance February 2, 2019	$	754	$	19,522	$	42,745	$	3,600	$	66,621
Impairment		—		—		—		—		—
Other, including foreign currency		(43)		—		—		—		(43)
Balance, February 1, 2020		711		19,522		42,745		3,600		66,578
Impairment		—		—		(42,745)		—		(42,745)
Other, including foreign currency		77		—		—		—		77
Balance, January 30, 2021	$	788	$	19,522	$	—	$	3,600	$	23,910

Debt

12 Months Ended

Jan. 30, 2021

Debt

Debt

Note 5. Debt

As of January 30, 2021 and February 1, 2020, we had no amounts outstanding under our $325 million Fourth Amended and Restated Credit Agreement (as amended, the “U.S. Revolving Credit Agreement”). In July 2019, we amended the U.S. Revolving Credit Agreement by entering into the First Amendment to the Fourth Amended and Restated Credit Agreement to (1) extend the maturity of the facility to July 2024 and (2) modify certain provisions including a reduction of interest rates on certain borrowings and a reduction in unused line fees. The U.S. Revolving Credit Agreement generally (1) is limited to a borrowing base consisting of specified percentages of eligible categories of assets, (2) accrues variable-rate interest, unused line fees and letter of credit fees based upon average unused availability or utilization, (3) requires periodic interest payments with principal due at maturity (July 2024) and (4) is secured by a first priority security interest in substantially all of the assets of Oxford Industries, Inc. and its domestic subsidiaries, including accounts receivable, books and records, chattel paper, deposit accounts, equipment, certain general intangibles, inventory, investment property (including the equity interests of certain subsidiaries), negotiable collateral, life insurance policies, supporting obligations, commercial tort claims, cash and cash equivalents, eligible trademarks, proceeds and other personal property.

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 January 30, 2021, $3 million of letters of credit were outstanding against our U.S. Revolving Credit Agreement. After considering these limitations and the amount of eligible assets in our borrowing base, as applicable, as of January 30, 2021, we had $301 million in unused availability under the U.S. Revolving Credit Agreement, subject to certain limitations on borrowings.

Covenants, Other Restrictions and Prepayment Penalties

The U.S. Revolving Credit Agreement is subject to a number of affirmative covenants regarding the delivery of financial information, compliance with law, maintenance of property, insurance requirements and conduct of business. Also, the U.S. Revolving Credit Agreement is subject to certain negative covenants or other restrictions including, among other things, limitations on our ability to (1) incur debt, (2) guaranty certain obligations, (3) incur liens, (4) pay dividends to shareholders, (5) repurchase shares of our common stock, (6) make investments, (7) sell assets or stock of subsidiaries, (8) acquire assets or businesses, (9) merge or consolidate with other companies or (10) prepay, retire, repurchase or redeem debt.

Additionally, the U.S. Revolving Credit Agreement contains a financial covenant that applies only if excess availability under the agreement for three consecutive business days is less than the greater of (1) $23.5 million or (2) 10% of availability. In such case, our fixed charge coverage ratio as defined in the U.S. Revolving Credit Agreement must not be less than 1.0 to 1.0 for the immediately preceding 12 fiscal months for which financial statements have been delivered. This financial covenant continues to apply until we have maintained excess availability under the U.S. Revolving Credit Agreement of more than the greater of (1) $23.5 million or (2) 10% of availability for 30 consecutive days.

We believe that the affirmative covenants, negative covenants, financial covenants and other restrictions under the U.S. Revolving Credit Agreement are customary for those included in similar facilities entered into at the time we amended the U.S. Revolving Credit Agreement. During Fiscal 2020 and as of January 30, 2021, no financial covenant testing was required pursuant to our U.S. Revolving Credit Agreement as the minimum availability threshold was met at all times. As of January 30, 2021, we were compliant with all covenants related to the U.S. Revolving Credit Agreement.

Leases

12 Months Ended

Jan. 30, 2021

Leases

Leases

Note 6. Leases

For Fiscal 2020, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset, was $64 million and variable lease expense was $30 million, resulting in total lease expense of $93 million. For Fiscal 2019, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset, was $66 million and variable lease expense was $34 million, resulting in total lease expense of $99 million. As of January 30, 2021 and February 1, 2020, the weighted-average remaining operating lease term was six years and seven years, respectively, and the weighted-average discount rate for operating leases was 4.1% and 4.0%, respectively. Cash paid for lease amounts included in the measurement of operating lease liabilities in Fiscal 2020 and Fiscal 2019 was $63 million and $70 million, respectively.

As of January 30, 2021, the required lease liability payments, which include base rent amounts but excludes payments for real estate taxes, sales taxes, insurance, other operating expenses and contingent rents incurred under operating lease agreements, for the fiscal years specified below were as follows (in thousands):


	Operating lease
2021		70,338
2022		64,553
2023		57,655
2024		45,826
2025		32,719
After 2025		68,247
Total lease payments	$	339,338
Less: Difference between discounted and undiscounted lease payments		38,489
Present value of lease liabilities	$	300,849

Disclosures related to periods prior to adoption of revised accounting guidance

Total rent expense in Fiscal 2018 was $96 million, which includes base rent amounts, real estate taxes, sales taxes, insurance, 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 most 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.

Commitments and Contingencies

12 Months Ended

Jan. 30, 2021

Commitments and Contingencies

Commitments and Contingencies

Note 7. Commitments and Contingencies

As of January 30, 2021, we are a party to certain apparel license and design agreements, primarily within our Lanier Apparel operating group, which contemplate minimum royalty and advertising payments of $4 million in respect of Fiscal 2021.

In connection with our Fiscal 2017 acquisition of TBBC, we entered into a contingent consideration agreement which requires us to make cash payments to the sellers of up to $4 million in the aggregate subject to TBBC’s achievement of certain earnings targets over a four year period subsequent to the acquisition. Pursuant to this contingent consideration agreement, as of January 30, 2021, $1 million, in the aggregate, was earned related to Fiscal 2018 and Fiscal 2019 and has been paid to the sellers, and $1 million was earned related to Fiscal 2020 and is payable in Fiscal 2021. One of the sellers of TBBC is an employee and continues to manage the operations of TBBC.

During the 1990s, we discovered the presence of hazardous waste on one of our properties. We believe that remedial or other activities may be required, including continued investigation and monitoring of groundwater and soil, although the timing and extent of such activities is uncertain. As of both January 30, 2021 and February 1, 2020, the reserve for the remediation of this site was less than $1 million, which is included in other non-current liabilities in our consolidated balance sheets. The amount recorded represents our estimate of the costs, on an undiscounted basis, to clean up and monitor the site as well as any associated legal and consulting fees, based on currently available information. This estimate may change in future periods as more information on the activities required and timing of those activities become known.

Shareholders' Equity and Equity Compensation

12 Months Ended

Jan. 30, 2021

Shareholders' Equity and Equity Compensation

Shareholders' Equity and Equity Compensation

Note 8. Shareholders’ Equity and Equity Compensation

Common Stock

We had 60 million shares of $1.00 par value per share common stock authorized for issuance as of January 30, 2021 and February 1, 2020. We had 17 million shares of common stock issued and outstanding as of January 30, 2021 and February 1, 2020. During the First Quarter of Fiscal 2020, we repurchased 0.3 million shares of our common stock under an open market stock repurchase program (Rule 10b5-1 plan).

Long-Term Stock Incentive Plan and Equity Compensation Expense

As of January 30, 2021, less than 1 million shares were available for issuance under our Long-Term Stock Incentive Plan (the "Long-Term Stock Incentive Plan"). The Long-Term Stock Incentive Plan allows us to grant equity-based awards to employees and non-employee directors in the form of stock options, stock appreciation rights, restricted shares and/or restricted share units. No additional shares are available under any predecessor plans.

Restricted share awards granted to officers and other key employees generally vest three or four years from the date of grant if (1) the performance or market threshold, if any, was met and (2) the employee is still employed by us on the vesting date. At the time that restricted shares are issued, the shareholder is generally, subject to the terms of the respective agreement, entitled to the same dividend and voting rights as other holders of our common stock as long as the restricted shares are outstanding. The employee generally is restricted from transferring or selling any restricted shares or restricted share units and generally forfeits the awards upon the termination of employment prior to the end of the vesting period. The specific provisions of the awards, including exercisability and term of the award, are evidenced by agreements with the employee as determined by the compensation committee of our Board of Directors. Restricted share units pursuant to performance-based awards and market-based awards are not issued until approved by our compensation committee following completion of the specified performance period.

The table below summarizes the restricted share award activity for officers and other key employees (in shares) during Fiscal 2020, Fiscal 2019, and Fiscal 2018:


	Fiscal 2020			Fiscal 2019			Fiscal 2018
		Weighted-			Weighted-			Weighted-
		average			average			average
	Number of	grant date		Number of	grant date		Number of	grant date
	Shares	fair value		Shares	fair value		Shares	fair value
Restricted shares outstanding at beginning of fiscal year	251,924	$	68	257,890	$	66	211,045	$	63
Service-based restricted shares granted/issued	131,425	$	40	42,573	$	76	49,726	$	79
Performance-based restricted shares issued related to prior year performance awards	42,438	$	76	43,152	$	79	72,427	$	57
Restricted shares vested, including restricted shares repurchased from employees for employees’ tax liability	(114,003)	$	56	(87,252)	$	71	(73,408)	$	58
Restricted shares forfeited	(3,415)		62	(4,439)		69	(1,900)		62
Restricted shares outstanding at end of fiscal year	308,369	$	61	251,924	$	68	257,890	$	66

Additionally, during the Second Quarter of Fiscal 2020, we granted 0.1 million restricted share units at target subject to (1) our achievement of specified total shareholder return (“TSR”) ranking by Oxford relative to a comparator group for the three year period ending in July 2023 and (2) the recipient remaining an employee through July 2023. The ultimate number of shares earned will be between 0% and 200% of the restricted share units at target. These TSR-based restricted share units are entitled to dividend equivalents for dividends declared on our common stock during the performance period, which are payable after vesting of the restricted shares, for the number of shares ultimately earned. These TSR-based restricted share units do not have any voting rights during the performance period. These TSR-based restricted performance units are not included in the table above.

The following table summarizes information about unvested restricted share awards as of January 30, 2021. The unvested restricted share awards will be settled in shares of our common stock on the vesting date, subject to the employee still being an employee at that time. All awards are subject to the employee remaining employed with us through the vesting date, and the TSR-based restricted share units are subject to us meeting the specified TSR relative to the comparator group


	Number of	Average
	Unvested	Fair Value
	Share/Unit	on
Description	Awards	Date of Grant
Service-based & Performance-based Restricted Shares Vesting in April 2021	82,513	$	77
Service-based & Performance-based Restricted Shares Vesting in April 2022	95,861	$	77
Service-based Restricted Shares Vesting in July 2023	129,995	$	40
Total Restricted Shares Outstanding	308,369		61
TSR-based Restricted Share Units (at target), with a July 2023 vesting date	83,345		50
Total	391,714	$	59

As of January 30, 2021, there was $11 million of unrecognized compensation expense related to the unvested restricted shares and restricted share units included in the table above, which have been granted to employees but have not yet vested. As of January 30, 2021, the weighted average remaining life of the outstanding awards was two years.

In addition, we grant restricted shares to our non-employee directors for a portion of each non-employee director’s annual compensation. The non-employee directors must complete certain service requirements; otherwise, the restricted shares are subject to forfeiture. On the date of issuance, the non-employee directors are entitled to the same dividend and voting rights as other holders of our common stock. The non-employee directors are restricted from transferring or selling the restricted shares prior to the end of the vesting period.

Employee Stock Purchase Plan

There were less than 1 million shares of our common stock authorized for issuance under our Employee Stock Purchase Plan ("ESPP") as of January 30, 2021. The ESPP allows qualified employees to purchase shares of our common stock on a quarterly basis, based on certain limitations, through payroll deductions. The shares purchased pursuant to the ESPP are not subject to any vesting or other restrictions. On the last day of each calendar quarter, the accumulated payroll deductions are applied toward the purchase of our common stock at a price equal to 85% of the closing market price on that date. Equity compensation expense related to the employee stock purchase plan recognized was less than $1 million in each of Fiscal 2020, Fiscal 2019 and Fiscal 2018.

Preferred Stock

We had 30 million shares of $1.00 par value preferred stock authorized for issuance as of January 30, 2021 and February 1, 2020. No preferred shares were issued or outstanding as of January 30, 2021 or February 1, 2020.

Income Taxes

12 Months Ended

Jan. 30, 2021

Income Taxes

Income Taxes

Note 9. Income Taxes

The following table summarizes our distribution between domestic and foreign earnings (loss) before income taxes and the provision (benefit) for income taxes (in thousands):


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Earnings from continuing operations before income taxes:
Domestic	$	(129,129)	$	86,528	$	85,050
Foreign		3,252		5,902		3,259
Earnings from continuing operations before income taxes	$	(125,877)	$	92,430	$	88,309

Income taxes:
Current:
Federal	$	(11,498)	$	18,565	$	12,543
State		(1,060)		5,459		4,474
Foreign		735		1,650		1,979
		(11,823)		25,674		18,996
Deferred—Domestic		(17,780)		(1,870)		3,141
Deferred—Foreign		(582)		133		(119)
Income taxes	$	(30,185)	$	23,937	$	22,018

Reconciliations of the United States federal statutory income tax rates and our effective tax rates are summarized as follows:


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes—net of federal income tax benefit	3.6	%	4.4	%	4.6	%
Impact of foreign operations rate differential	(0.2)	%	0.2	%	0.7	%
Impairment of non-deductible Southern Tide goodwill	(3.7)	%	—	%	—	%
Change in reserve for uncertain tax positions	(2.5)	%	—	%	—	%
Rate benefit from NOL carryback to pre-U.S. Tax Reform periods due to the CARES Act	5.5	%	—	%	—	%
Other, net	0.3	%	0.3	%	(1.4)	%
Effective tax rate for continuing operations	24.0	%	25.9	%	24.9	%

Deferred tax assets and liabilities included in our consolidated balance sheets are comprised of the following (in thousands):


	January 30,		February 1,
	2021		2020
Deferred Tax Assets:
Inventories	$	16,338	$	13,067
Accrued compensation and benefits		8,759		8,977
Receivable allowances and reserves		2,109		993
Operating lease liabilities		73,917		85,969
Operating loss and other carry-forwards		4,617		3,171
Other, net		3,686		1,546
Deferred tax assets		109,426		113,723
Deferred Tax Liabilities:
Operating lease assets		(66,341)		(82,186)
Depreciation and amortization		(9,682)		(8,076)
Acquired intangible assets		(25,047)		(34,019)
Deferred tax liabilities		(101,070)		(124,281)
Valuation allowance		(5,668)		(5,213)
Net deferred tax asset (liability)	$	2,688	$	(15,771)

As of January 30, 2021 and February 1, 2020, our operating loss and other carry-forwards primarily relate to our operations in Canada and Hong Kong, as well as certain states. The majority of these operating loss carry-forwards allow for carry-forward of at least 20 years and in some cases, indefinitely. The substantial majority of our valuation allowance of $6 million and $5 million as of January 30, 2021 and February 1, 2020, respectively, relates to these foreign and state operating loss carry-forwards and the deferred tax assets in those jurisdictions. The recent history of operating losses in certain jurisdictions is considered significant negative evidence against the future realizability of these tax benefits. The amount of the valuation allowance could change in the future if our operating results or estimates of future taxable operating results changes.

U.S. Tax Reform made significant changes to how foreign earnings are taxed. Certain amounts of foreign earnings are subject to U.S. federal tax currently pursuant to the GILTI rules regardless of whether those earnings are distributed, and actual distributions of foreign earnings are generally no longer subject to U.S. federal tax. We continue to assert that our investments in foreign subsidiaries and substantially all of the related earnings are permanently reinvested outside the United States. We believe that any other taxes such as foreign withholding or U.S. state tax payable would be immaterial if we were to repatriate the foreign earnings. Therefore, we have not recorded any deferred

tax liabilities related to investments and earnings in our consolidated balance sheets as of January 30, 2021 and February 1, 2020.

Accounting for income taxes requires that we offset deferred tax liabilities and assets within each tax jurisdiction and present the net deferred tax amount for each jurisdiction as a net deferred tax amount in our consolidated balance sheets. The amounts of deferred income taxes included in our consolidated balance sheets are as follows (in thousands):


	January 30,		February 1,
	2021		2020
Assets:
Deferred tax assets	$	2,688	$	769
Liabilities:
Deferred tax liabilities		—		(16,540)
Net deferred tax asset (liability)	$	2,688	$	(15,771)

A reconciliation of the changes in the gross amount of unrecognized tax benefits, which are included in other non-current liabilities, is as follows (in thousands):


	Fiscal 2020		Fiscal 2019		Fiscal 2018
Balance of unrecognized tax benefits at beginning of year	$	1,212	$	975	$	335
Increase related to prior period tax positions		303		—		206
Decrease related to prior period tax positions		(1)		(27)		—
Increase related to current period tax positions		3,960		287		440
Decrease related to settlements with taxing authorities		—		—		—
Decrease related to lapse of statute of limitations		(213)		(23)		(6)
Balance of unrecognized tax benefits at end of year	$	5,261	$	1,212	$	975

Substantially all of our uncertain tax positions as of January 30, 2021, if recognized, would reduce the future effective tax rate in the period settled. The total amount of unrecognized tax benefits relating to our tax positions is subject to change based on future events including, but not limited to, settlements of ongoing audits and assessments and the expiration of applicable statutes of limitation. We expect that the balance of gross unrecognized tax benefits will decrease by approximately $3 million during Fiscal 2021. However, changes in the expected occurrence, outcomes, and timing of such events could cause our current estimate to change materially in the future. Interest and penalties associated with unrecognized tax positions are recorded within income tax expense in our consolidated statements of operations. During each of Fiscal 2020, Fiscal 2019 and Fiscal 2018, we recognized less than $1 million of interest and penalties associated with unrecognized tax positions in our consolidated statements of operations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Defined Contribution Plans

12 Months Ended

Jan. 30, 2021

Defined Contribution Plans

Defined Contribution Plans

Note 10. Defined Contribution Plans

We have a tax-qualified voluntary retirement savings plan covering substantially all United States employees. If a participant elects to contribute, a portion of the contribution may be matched by us. Additionally, we incur certain charges related to our non-qualified deferred compensation plan as discussed in Note 1. Realized and unrealized gains and losses on the deferred compensation plan investments are recorded in SG&A in our consolidated statements of operations and substantially offset the changes in deferred compensation liabilities to participants resulting from changes in market values. Our aggregate expense under these defined contribution and non-qualified deferred compensation plans in Fiscal 2020, Fiscal 2019 and Fiscal 2018 was $1 million, $5 million and $5 million, respectively. The decrease in Fiscal 2020 was primarily due to the suspension of the company match for our defined contribution plan during Fiscal 2020 to reduce our expenses during the COVID-19 pandemic. A company match has been reinstated for Fiscal 2021.

Lanier Apparel Exit	12 Months Ended
Lanier Apparel Exit	Jan. 30, 2021
Lanier Apparel Exit Plan
Restructuring
Restructuring	Note 11. Lanier Apparel Exit In Fiscal 2020, we made the decision to exit our Lanier Apparel business, which is expected to be completed during the second half of Fiscal 2021. This decision is in line with our stated business strategy of developing and marketing compelling lifestyle brands and takes into consideration the increased challenges faced by the Lanier Apparel business, many of which were magnified by COVID-19 pandemic. The Lanier Apparel business was primarily focused on moderately priced tailored clothes and related products. In connection with the planned exit of the Lanier Apparel business, we recorded pre-tax charges of $13 million in the Lanier Apparel operating group during Fiscal 2020. These charges consist of (1) $6 million of inventory markdowns, the substantial majority of which were reversed in Corporate and Other as part of LIFO accounting as the inventory has not been sold as of January 30, 2021, (2) $3 million of employee charges, including severance and employee retention costs, (3) $3 million of operating lease asset impairment charges for leased office space, (4) $1 million of non-cash fixed asset impairment charges, primarily related to leasehold improvements, and (5) $1 million of charges related to our Merida manufacturing facility, which ceased operations in Fiscal 2020. The inventory markdowns and manufacturing facility charges, which total $7 million in the aggregate, are included in cost of goods sold in Lanier Apparel, while the charges for operating lease asset impairments, employee charges, and fixed asset impairments, which total $6 million in the aggregate, are included in SG&A in Lanier Apparel. As of January 30, 2021, $1 million of the accrued charges have been paid for the employee charges and the charges related to the Merida manufacturing facility. As of January 30, 2021, the remaining $2 million of accrued employee charges are recorded in accrued compensation in our consolidated balance sheet and are expected to be paid during Fiscal 2021, and there are no significant remaining liabilities related to the Merida manufacturing facility. In addition to these charges incurred in Fiscal 2020, we currently expect to incur incremental Lanier Apparel exit charges totaling approximately $3 million in Fiscal 2021, which are expected to consist of additional employee charges for employees retained during the exit and the acceleration of certain post-exit contractual commitments.

Tommy Bahama Japan Charges	12 Months Ended
Tommy Bahama Japan Charges	Jan. 30, 2021
Tommy Bahama Japan Operations Restructure
Restructuring
Restructuring	Note 12. Tommy Bahama Japan Charges During Fiscal 2019 and Fiscal 2018, we incurred certain charges related to the restructure of our Tommy Bahama Japan operations, which we exited entirely in the first half of Fiscal 2020. In Fiscal 2018, we incurred charges related to the lease termination and closure of the Tommy Bahama Ginza flagship retail-restaurant location, for which the lease was previously scheduled to expire in 2022, as well as other charges associated with downsizing the business. In Fiscal 2019, we incurred charges associated with the shutdown of our remaining retail and concession operations in Japan which was completed in the first half of Fiscal 2020. The substantial majority of the charges in Fiscal 2019 and Fiscal 2018, which are included in Tommy Bahama, were recognized in SG&A. The charges in Fiscal 2018 totaled $4 million, including $2 million of lease termination and premises reinstatement charges, $1 million of non-cash asset impairment charges and $1 million of inventory markdown, severance and other charges related to the downsizing of the business. The charges in Fiscal 2019 totaled $3 million, including a $1 million non-cash foreign currency charge associated with our investment in Japan which was previously included in accumulated other comprehensive income in our consolidated balance sheet, $1 million of lease termination, premises reinstatement and operating lease asset impairment charges, and charges related to the revision to the estimated Ginza reinstatement charge recognized in the prior year, as well as other items including severance and inventory markdowns related to the shutdown of Tommy Bahama’s operations in Japan. No charges related to the exit of Tommy Bahama’s operations in Japan were recognized in Fiscal 2020. As of both January 30, 2021 and February 1, 2020, there were no significant liabilities related to these charges still outstanding.

SCHEDULE II Valuation and Qualifying Accounts

12 Months Ended

Jan. 30, 2021

SCHEDULE II Valuation and Qualifying Accounts

SCHEDULE II Valuation and Qualifying Accounts

SCHEDULE II

Oxford Industries, Inc.

Valuation and Qualifying Accounts


Column A	Column B		Column C				Column D			Column E
			Additions		Charged
	Balance at		Charged to		to Other		Deductions			Balance at
	Beginning		Costs and		Accounts–		–			End of
Description	of Period		Expenses		Describe		Describe			Period

	(In thousands)
Fiscal 2020
Deducted from asset accounts:
Accounts receivable reserves ⁽¹⁾	$	8,766	$	5,629		—	$	(7,977)	⁽³⁾	$	6,418
Provision for credit losses ⁽²⁾	$	555	$	4,052		—	$	(2,027)	⁽⁴⁾	$	2,580
Fiscal 2019
Deducted from asset accounts:
Accounts receivable reserves ⁽¹⁾	$	6,646	$	15,802		—	$	(13,682)	⁽³⁾	$	8,766
Provision for credit losses ⁽²⁾	$	661	$	88		—	$	(194)	⁽⁴⁾	$	555
Fiscal 2018
Deducted from asset accounts:
Accounts receivable reserves ⁽¹⁾	$	6,485	$	9,599		—	$	(9,438)	⁽³⁾	$	6,646
Provision for credit losses ⁽²⁾	$	1,659	$	225		—	$	(1,223)	⁽⁴⁾	$	661

(1)	Accounts receivable reserves includes estimated reserves for allowances, returns and discounts related to our wholesale operations as discussed in our significant accounting policy disclosure for "Revenue Recognition and Receivables" in Note 1 of our consolidated financial statements.

(2)	Provision for credit losses consists of amounts reserved for our estimate of a wholesale customer’s inability to meet its financial obligations as discussed in our significant accounting policy disclosure for "Revenue Recognition and Receivables" in Note 1 of our consolidated financial statements.

(3)	Principally consists of amounts written off related to customer allowances, returns and discounts.

(4)	Principally consists of accounts written off as uncollectible.

Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Jan. 30, 2021

Business and Summary of Significant Accounting Policies

Fiscal Year

Principles of Consolidation

Business Combinations

Revenue Recognition and Receivables

consolidated statements of operations. The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented.


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Retail	$	202,071	$	440,803	$	439,556
E-commerce		323,900		262,283		239,034
Restaurant		48,428		83,836		84,530
Wholesale		173,209		333,986		341,615
Other		1,225		1,882		2,731
Net sales	$	748,833	$	1,122,790	$	1,107,466

Cost of Goods Sold

SG&A

Cash and Cash Equivalents

Supplemental Cash Flow Information

Inventories, net

Substantially all of our inventories are finished goods inventories of apparel, accessories and other related products. Inventories are valued at the lower of cost or market.

Property and Equipment, net

Depreciation is calculated using both straight-line and accelerated methods generally over the estimated useful lives of the assets as follows:


Leasehold improvements		Lesser of remaining life of the asset or lease term
Furniture, fixtures, equipment and technology		2 – 15 years
Buildings and improvements		7 – 40 years

Intangible Assets

Any costs associated with extending or renewing recognized intangible assets are generally expensed as incurred.

Goodwill, net

Prepaid Expenses and Other Non-Current Assets, net

Deferred Compensation

Equity Investments in Unconsolidated Entities

Impairment of Long-Lived Assets, other than Goodwill and Intangible Assets with Indefinite Lives

Accounts Payable, Accrued Compensation and Accrued Expenses and Other Liabilities

Legal and Other Contingencies

Other Non-current Liabilities

Amounts included in other non-current liabilities primarily consist of deferred compensation amounts, amounts related to uncertain tax positions and fair value of contingent consideration.

Leases

Foreign Currency

Interest Rate Risk

Fair Value Measurements

Equity Compensation

Comprehensive Income and Accumulated Other Comprehensive Loss

Dividends

Concentration of Credit Risk and Significant Customers

amount of merchandise purchased from us or to cease carrying our products could have an adverse effect on our results of operations in future periods.

Income Taxes

Earnings (Loss) Per Share

Use of Estimates

Accounting Standards Adopted in Fiscal 2020 and Recently Issued Accounting Standards Applicable to Future Years

Accounting Standards Adopted in Fiscal 2020

Other recently issued guidance that was adopted in Fiscal 2020 did not have a material impact on our consolidated financial statements upon adoption.

Recently Issued Accounting Standards Applicable to Future Years

Recent accounting pronouncements pending adoption are either not applicable or not expected to have a material impact on our consolidated financial statements.

Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Jan. 30, 2021

Business and Summary of Significant Accounting Policies

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.


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Retail	$	202,071	$	440,803	$	439,556
E-commerce		323,900		262,283		239,034
Restaurant		48,428		83,836		84,530
Wholesale		173,209		333,986		341,615
Other		1,225		1,882		2,731
Net sales	$	748,833	$	1,122,790	$	1,107,466

Schedule of estimated useful lives of the assets


Leasehold improvements		Lesser of remaining life of the asset or lease term
Furniture, fixtures, equipment and technology		2 – 15 years
Buildings and improvements		7 – 40 years

Operating Group Information (Tables)

12 Months Ended

Jan. 30, 2021

Operating Group Information

Schedule of financial information by operating group

The tables below present certain financial information (in thousands) about our operating groups, as well as Corporate and Other.


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Net sales
Tommy Bahama	$	419,817	$	676,652	$	675,358
Lilly Pulitzer		231,078		284,700		272,299
Southern Tide		34,664		46,409		45,248
Lanier Apparel		38,796		95,200		99,904
Corporate and Other		24,478		19,829		14,657
Consolidated net sales	$	748,833	$	1,122,790	$	1,107,466

Depreciation and amortization
Tommy Bahama	$	46,698	$	27,852	$	29,549
Lilly Pulitzer		9,965		10,106		10,605
Southern Tide		676		549		528
Lanier Apparel		1,239		422		415
Corporate and Other		1,336		1,358		1,393
Consolidated depreciation and amortization	$	59,914	$	40,287	$	42,490

Operating income (loss)
Tommy Bahama	$	(53,310)	$	53,207	$	53,139
Lilly Pulitzer		27,702		51,795		47,239
Southern Tide ⁽¹⁾		(64,801)		5,554		5,663
Lanier Apparel		(26,654)		1,953		6,000
Corporate and Other ⁽²⁾		(6,786)		(18,834)		(21,449)
Consolidated operating (loss) income		(123,849)		93,675		90,592
Interest expense, net		2,028		1,245		2,283
(Loss) earnings before income taxes	$	(125,877)	$	92,430	$	88,309

(1)	Southern Tide included a $60 million impairment charge for goodwill and intangible assets in Fiscal 2020, with no such charges in Fiscal 2019 or Fiscal 2018.

(2)	Corporate and Other included a LIFO accounting credit of $9 million, charge of $1 million and charge of $1 million in Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.


	Fiscal 2020		Fiscal 2019		Fiscal 2018
Purchases of Property and Equipment
Tommy Bahama	$	19,666	$	31,272	$	25,111
Lilly Pulitzer		7,059		4,273		10,777
Southern Tide		1,423		289		149
Lanier Apparel		21		571		99
Corporate and Other		755		1,016		907
Purchases of Property and Equipment	$	28,924	$	37,421	$	37,043


	January 30,		February 1,
	2021		2020
Total Assets
Tommy Bahama (1)	$	569,854	$	668,197
Lilly Pulitzer (2)		176,467		199,913
Southern Tide (3)		31,641		99,667
Lanier Apparel (4)		10,967		39,207
Corporate and Other (5)		76,705		26,385
Total Assets	$	865,634	$	1,033,369

(1)	Decrease in Tommy Bahama total assets includes reductions in operating lease assets, property and equipment, inventories and receivables.

(2)	Decrease in Lilly Pulitzer total assets includes reductions in operating lease assets, receivables, inventories and property and equipment.

(3)	Decrease in Southern Tide total assets was primarily due to the $60 million impairment charge for goodwill and intangible assets in the First Quarter of Fiscal 2020, as well as reductions in inventories and receivables.

(4)	Decrease in Lanier Apparel total assets includes reductions in inventories, receivables, operating lease assets, prepaid expenses and property and equipment.

(5)	Increase in Corporate and Other total assets includes increased income tax receivable, cash, inventories due to the reversal of inventory markdowns as part of LIFO accounting and investments in unconsolidated entities.

Schedule of net book value of property and equipment by geographic area

Net book value of our property and equipment and net sales by geographic area are presented in the tables below (in thousands).


	January 30,		February 1,
	2021		2020
Net Book Value of Property and Equipment
United States	$	155,902	$	187,032
Other foreign		3,830		4,485
	$	159,732	$	191,517

Schedule of net sales by geographic area

Net book value of our property and equipment and net sales by geographic area are presented in the tables below (in thousands).


	Fiscal 2020		Fiscal 2019		Fiscal 2018
Net Sales
United States	$	728,308	$	1,086,170	$	1,067,235
Other foreign		20,525		36,620		40,231
	$	748,833	$	1,122,790	$	1,107,466

Schedule of net sales by operating group


	Fiscal 2020
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	419,817	37	%	36	%	11	%	16	%	—	%
Lilly Pulitzer		231,078	20	%	64	%	—	%	16	%	—	%
Southern Tide		34,664	4	%	32	%	—	%	64	%	—	%
Lanier Apparel		38,796	—	%	—	%	—	%	100	%	—	%
Corporate and Other		24,478	—	%	63	%	—	%	33	%	4	%
Consolidated net sales	$	748,833	27	%	43	%	7	%	23	%	—	%


	Fiscal 2019
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	676,652	48	%	20	%	12	%	20	%	—	%
Lilly Pulitzer		284,700	41	%	38	%	—	%	21	%	—	%
Southern Tide		46,409	—	%	21	%	—	%	79	%	—	%
Lanier Apparel		95,200	—	%	—	%	—	%	100	%	—	%
Corporate and Other		19,829	—	%	59	%	—	%	34	%	7	%
Consolidated net sales	$	1,122,790	39	%	23	%	8	%	30	%	—	%


	Fiscal 2018
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	675,358	48	%	18	%	13	%	21	%	—	%
Lilly Pulitzer		272,299	42	%	36	%	—	%	22	%	—	%
Southern Tide		45,248	—	%	18	%	—	%	82	%	—	%
Lanier Apparel		99,904	—	%	—	%	—	%	100	%	—	%
Corporate and Other		14,657	—	%	54	%	—	%	30	%	16	%
Consolidated net sales	$	1,107,466	40	%	21	%	8	%	31	%	—	%

Property and Equipment, Net (Tables)

12 Months Ended

Jan. 30, 2021

Property and Equipment, Net

Schedule of components of property and equipment

Property and equipment, carried at cost, is summarized as follows (in thousands):


	January 30,		February 1,
	2021		2020
Land	$	3,166	$	3,166
Buildings and improvements		39,559		39,563
Furniture, fixtures, equipment and technology		231,493		240,527
Leasehold improvements		237,360		231,089
		511,578		514,345
Less accumulated depreciation and amortization		(351,846)		(322,828)
Property and equipment, net	$	159,732	$	191,517

Intangible Assets and Goodwill (Tables)

12 Months Ended

Jan. 30, 2021

Intangible Assets and Goodwill

Summary of finite-lived intangible assets by category

Intangible assets by category are summarized below (in thousands):


	January 30,		February 1,
	2021		2020
Intangible assets with finite lives	$	51,929	$	51,929
Accumulated amortization and impairment		(43,242)		(41,924)
Total intangible assets with finite lives, net		8,687		10,005

Intangible assets with indefinite lives:
Tommy Bahama Trademarks	$	110,700	$	110,700
Lilly Pulitzer Trademarks		27,500		27,500
Southern Tide Trademarks		9,300		26,800
Total intangible assets, net	$	156,187	$	175,005

Summary of indefinite-lived intangible assets by category

Intangible assets by category are summarized below (in thousands):


	January 30,		February 1,
	2021		2020
Intangible assets with finite lives	$	51,929	$	51,929
Accumulated amortization and impairment		(43,242)		(41,924)
Total intangible assets with finite lives, net		8,687		10,005

Intangible assets with indefinite lives:
Tommy Bahama Trademarks	$	110,700	$	110,700
Lilly Pulitzer Trademarks		27,500		27,500
Southern Tide Trademarks		9,300		26,800
Total intangible assets, net	$	156,187	$	175,005

Schedule of intangible assets by operating group and in total

Intangible assets, by operating group and in total, for Fiscal 2018, Fiscal 2019 and Fiscal 2020 are as follows (in thousands):


	Tommy		Lilly		Southern		Lanier		Corporate
	Bahama		Pulitzer		Tide		Apparel		and Other		Total
Balance, February 3, 2018	$	112,157		29,749		29,689		277		6,986	$	178,858
Impairment		—		—		—		—		—		—
Amortization		(1,385)		(533)		(288)		(31)		(373)		(2,610)
Other, including foreign currency		(72)		—		—		—		—		(72)
Balance February 2, 2019	$	110,700	$	29,216	$	29,401	$	246	$	6,613	$	176,176
Impairment		—		—		—		—		—		—
Amortization		—		(475)		(291)		(31)		(374)		(1,171)
Other, including foreign currency		—		—		—		—		—		—
Balance, February 1, 2020		110,700		28,741		29,110		215		6,239		175,005
Impairment		—		—		(17,500)		(207)		—		(17,707)
Amortization		—		(424)		(288)		(8)		(391)		(1,111)
Other, including foreign currency		—		—		—		—		—		—
Balance, January 30, 2021	$	110,700	$	28,317	$	11,322	$	—	$	5,848	$	156,187

Schedule of goodwill by operating group and in total

Goodwill, by operating group and in total, for Fiscal 2018, Fiscal 2019 and Fiscal 2020 is as follows (in thousands):


	Tommy		Lilly		Southern		Corporate
	Bahama		Pulitzer		Tide		and Other		Total
Balance, February 3, 2018	$	821		19,522		42,745		3,615	$	66,703
Impairment		—		—		—		—		—
Other, including foreign currency		(67)		—		—		(15)		(82)
Balance February 2, 2019	$	754	$	19,522	$	42,745	$	3,600	$	66,621
Impairment		—		—		—		—		—
Other, including foreign currency		(43)		—		—		—		(43)
Balance, February 1, 2020		711		19,522		42,745		3,600		66,578
Impairment		—		—		(42,745)		—		(42,745)
Other, including foreign currency		77		—		—		—		77
Balance, January 30, 2021	$	788	$	19,522	$	—	$	3,600	$	23,910

Leases (Tables)

12 Months Ended

Jan. 30, 2021

Leases

Schedule of lease liability payments


	Operating lease
2021		70,338
2022		64,553
2023		57,655
2024		45,826
2025		32,719
After 2025		68,247
Total lease payments	$	339,338
Less: Difference between discounted and undiscounted lease payments		38,489
Present value of lease liabilities	$	300,849

Shareholders' Equity and Equity Compensation (Tables)

12 Months Ended

Jan. 30, 2021

Shareholders' Equity and Equity Compensation

Summary of the restricted share award activity


	Fiscal 2020			Fiscal 2019			Fiscal 2018
		Weighted-			Weighted-			Weighted-
		average			average			average
	Number of	grant date		Number of	grant date		Number of	grant date
	Shares	fair value		Shares	fair value		Shares	fair value
Restricted shares outstanding at beginning of fiscal year	251,924	$	68	257,890	$	66	211,045	$	63
Service-based restricted shares granted/issued	131,425	$	40	42,573	$	76	49,726	$	79
Performance-based restricted shares issued related to prior year performance awards	42,438	$	76	43,152	$	79	72,427	$	57
Restricted shares vested, including restricted shares repurchased from employees for employees’ tax liability	(114,003)	$	56	(87,252)	$	71	(73,408)	$	58
Restricted shares forfeited	(3,415)		62	(4,439)		69	(1,900)		62
Restricted shares outstanding at end of fiscal year	308,369	$	61	251,924	$	68	257,890	$	66

Summary of information about the unvested restricted share awards


	Number of	Average
	Unvested	Fair Value
	Share/Unit	on
Description	Awards	Date of Grant
Service-based & Performance-based Restricted Shares Vesting in April 2021	82,513	$	77
Service-based & Performance-based Restricted Shares Vesting in April 2022	95,861	$	77
Service-based Restricted Shares Vesting in July 2023	129,995	$	40
Total Restricted Shares Outstanding	308,369		61
TSR-based Restricted Share Units (at target), with a July 2023 vesting date	83,345		50
Total	391,714	$	59

Income Taxes (Tables)

12 Months Ended

Jan. 30, 2021

Income Taxes

Summary of distribution between domestic and foreign earnings (loss) before income taxes

The following table summarizes our distribution between domestic and foreign earnings (loss) before income taxes and the provision (benefit) for income taxes (in thousands):


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Earnings from continuing operations before income taxes:
Domestic	$	(129,129)	$	86,528	$	85,050
Foreign		3,252		5,902		3,259
Earnings from continuing operations before income taxes	$	(125,877)	$	92,430	$	88,309

Income taxes:
Current:
Federal	$	(11,498)	$	18,565	$	12,543
State		(1,060)		5,459		4,474
Foreign		735		1,650		1,979
		(11,823)		25,674		18,996
Deferred—Domestic		(17,780)		(1,870)		3,141
Deferred—Foreign		(582)		133		(119)
Income taxes	$	(30,185)	$	23,937	$	22,018

Summary of provision (benefit) for income taxes

The following table summarizes our distribution between domestic and foreign earnings (loss) before income taxes and the provision (benefit) for income taxes (in thousands):


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Earnings from continuing operations before income taxes:
Domestic	$	(129,129)	$	86,528	$	85,050
Foreign		3,252		5,902		3,259
Earnings from continuing operations before income taxes	$	(125,877)	$	92,430	$	88,309

Income taxes:
Current:
Federal	$	(11,498)	$	18,565	$	12,543
State		(1,060)		5,459		4,474
Foreign		735		1,650		1,979
		(11,823)		25,674		18,996
Deferred—Domestic		(17,780)		(1,870)		3,141
Deferred—Foreign		(582)		133		(119)
Income taxes	$	(30,185)	$	23,937	$	22,018

Schedule of reconciliations of the United States federal statutory income tax rates and the entity's effective tax rates


	Fiscal		Fiscal		Fiscal
	2020		2019		2018
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes—net of federal income tax benefit	3.6	%	4.4	%	4.6	%
Impact of foreign operations rate differential	(0.2)	%	0.2	%	0.7	%
Impairment of non-deductible Southern Tide goodwill	(3.7)	%	—	%	—	%
Change in reserve for uncertain tax positions	(2.5)	%	—	%	—	%
Rate benefit from NOL carryback to pre-U.S. Tax Reform periods due to the CARES Act	5.5	%	—	%	—	%
Other, net	0.3	%	0.3	%	(1.4)	%
Effective tax rate for continuing operations	24.0	%	25.9	%	24.9	%

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities included in our consolidated balance sheets are comprised of the following (in thousands):


	January 30,		February 1,
	2021		2020
Deferred Tax Assets:
Inventories	$	16,338	$	13,067
Accrued compensation and benefits		8,759		8,977
Receivable allowances and reserves		2,109		993
Operating lease liabilities		73,917		85,969
Operating loss and other carry-forwards		4,617		3,171
Other, net		3,686		1,546
Deferred tax assets		109,426		113,723
Deferred Tax Liabilities:
Operating lease assets		(66,341)		(82,186)
Depreciation and amortization		(9,682)		(8,076)
Acquired intangible assets		(25,047)		(34,019)
Deferred tax liabilities		(101,070)		(124,281)
Valuation allowance		(5,668)		(5,213)
Net deferred tax asset (liability)	$	2,688	$	(15,771)

Schedule of deferred income taxes included in the line items in the entity's consolidated balance sheets

The amounts of deferred income taxes included in our consolidated balance sheets are as follows (in thousands):


	January 30,		February 1,
	2021		2020
Assets:
Deferred tax assets	$	2,688	$	769
Liabilities:
Deferred tax liabilities		—		(16,540)
Net deferred tax asset (liability)	$	2,688	$	(15,771)

Schedule of reconciliation of changes in gross amount of unrecognized tax benefits

A reconciliation of the changes in the gross amount of unrecognized tax benefits, which are included in other non-current liabilities, is as follows (in thousands):


	Fiscal 2020		Fiscal 2019		Fiscal 2018
Balance of unrecognized tax benefits at beginning of year	$	1,212	$	975	$	335
Increase related to prior period tax positions		303		—		206
Decrease related to prior period tax positions		(1)		(27)		—
Increase related to current period tax positions		3,960		287		440
Decrease related to settlements with taxing authorities		—		—		—
Decrease related to lapse of statute of limitations		(213)		(23)		(6)
Balance of unrecognized tax benefits at end of year	$	5,261	$	1,212	$	975

Business and Summary of Significant Accounting Policies - Fiscal Year (Details)	12 Months Ended
	Jan. 29, 2022	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Fiscal Year
Length of fiscal period		364 days	364 days	364 days
Forecast
Fiscal Year
Length of fiscal period	364 days
Minimum
Fiscal Year
Length of fiscal period		364 days
Maximum
Fiscal Year
Length of fiscal period		371 days

Business and Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Revenue
Net sales	$ 748,833	$ 1,122,790	$ 1,107,466
Retail
Revenue
Net sales	202,071	440,803	439,556
E-commerce
Revenue
Net sales	323,900	262,283	239,034
Restaurant
Revenue
Net sales	48,428	83,836	84,530
Wholesale
Revenue
Net sales	173,209	333,986	341,615
Other
Revenue
Net sales	$ 1,225	$ 1,882	$ 2,731

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Business and Summary of Significant Accounting Policies - Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Receivables
Receivable reserve amount	$ 6,000	$ 9,000
Allowance for Doubtful Accounts Receivable, Write-offs	2,000	0	$ 1,000
Allowance for doubtful accounts receivable	3,000	1,000
Tenant allowances receivable	2,000	1,000
Value of inventory for wholesale and direct to consumer sales returns	4,000	3,000
Sales return liability	$ 7,000	3,000
Redemption period of gift card and merchandise credit	1 year
Contract liabilities	$ 13,000	12,000
Net sales	748,833	1,122,790	1,107,466
Royalty income	14,000	15,000	14,000
SG&A
Receivables
Provision for credit loss	4,000	0	0
Gift Card Breakage
Receivables
Net sales	$ 1,000	$ 2,000	$ 0

Business and Summary of Significant Accounting Policies - SG&A (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
SG&A
Advertising, promotions and marketing expenses	$ 50	$ 56	$ 60
Prepaid expenses
SG&A
Prepaid advertising, promotions and marketing expenses	2	5
SG&A
SG&A
Distribution network costs	26	30	28
Royalty expenses	$ 6	$ 7	$ 6

Business and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Cash and Cash Equivalents
Cash and cash equivalents	$ 66,013	$ 52,460
Supplemental Cash Flow Information
Cash paid for income taxes	6,000	17,000	$ 14,000
Cash paid for interest, net of interest income	2,000	1,000	2,000
Capital expenditures incurred but not yet paid	1,000	3,000	$ 2,000
Non-cash change in operating lease assets	2,000	40,000
Non-cash change in operating lease liabilities	2,000	40,000
Money Market Funds
Cash and Cash Equivalents
Cash and cash equivalents	$ 59,000	$ 45,000

Business and Summary of Significant Accounting Policies - Inventories, net (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Inventories, net
Inventories which are valued at the lower of LIFO cost or market after deducting LIFO reserve	$ 116	$ 145
Inventories which are valued at the lower of LIFO cost or market (as a percent)	94.00%	95.00%
Inventories which are valued at the lower of FIFO cost or market	$ 8	$ 7
LIFO reserve	$ 62	$ 63

Business and Summary of Significant Accounting Policies - Property and Equipment, net (Details)	12 Months Ended
	Jan. 30, 2021
Furniture, fixtures, equipment and technology \| Minimum
Property and Equipment, net
Estimated useful lives	2 years
Furniture, fixtures, equipment and technology \| Maximum
Property and Equipment, net
Estimated useful lives	15 years
Buildings and improvements \| Minimum
Property and Equipment, net
Estimated useful lives	7 years
Buildings and improvements \| Maximum
Property and Equipment, net
Estimated useful lives	40 years

Business and Summary of Significant Accounting Policies - Intangible Assets and Goodwill, net (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	May 02, 2020	Jan. 30, 2021	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Intangible Assets, net
Impairment of intangible assets with indefinite lives	$ 18,000	$ 0		$ 0	$ 0
Goodwill, net
Impairment of goodwill	$ 43,000	$ 0	$ 42,745	$ 0	$ 0
Maximum
Intangible Assets, net
Finite lived intangible assets amortization period			20 years

Business and Summary of Significant Accounting Policies - Prepaid Expenses and Other Non-Current Assets, net and Deferred Compensation (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020
Prepaid Expenses and Other Non-Current Assets, net
Officers' life insurance policies	$ 4	$ 4
Unamortized deferred financing costs	1	2
Deferred Compensation
Deferred compensation investments included in other non-current assets	16	15
Liabilities associated with the non-qualified deferred compensation plan	$ 16	$ 15

Business and Summary of Significant Accounting Policies - Equity Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Equity investments
Ownership threshold for determining significant influence over a corporation (as a percent)	20.00%
Ownership threshold for determining significant influence over a limited liability company (as a percent)	3.00%
Payment for equity investments	$ 6,000
Equity method investments	6,000	$ 0
Royalties and other operating income	$ 14,024	14,857	$ 13,976
Ownership (as a percent)	10.00%
Equity investments, Unconsolidated
Equity investments
Royalties and other operating income	$ 0	$ 0	$ (1,000)

Business and Summary of Significant Accounting Policies - Impairment Assessment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Jan. 30, 2021	May 02, 2020	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Significant Accounting Policies
Impairment of property and equipment			$ 19,828	$ 1,090	$ 1,320
Operating lease asset impairment			4,000	0	0
Impairment of goodwill and intangible assets			60,452
Impairment of intangible assets with finite lives			1,000	0	0
Information technology project
Significant Accounting Policies
Impairment of property and equipment	$ 15,000
Retail store assets
Significant Accounting Policies
Impairment of property and equipment			2,000
Tommy Bahama
Significant Accounting Policies
Operating lease asset impairment			1,000
Tommy Bahama \| Leasehold improvements
Significant Accounting Policies
Impairment of property and equipment			1,000
Southern Tide
Significant Accounting Policies
Impairment of goodwill and intangible assets		$ 60,000	60,000	$ 0	$ 0
Lanier Apparel
Significant Accounting Policies
Operating lease asset impairment			3,000
Lanier Apparel \| Leasehold improvements
Significant Accounting Policies
Impairment of property and equipment			$ 1,000

Business and Summary of Significant Accounting Policies - Legal and Other Contingencies and Other Non-current Liabilities (Details) - TBBC - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Business Combinations
Business combination, contingent consideration arrangements, change in amount of contingent consideration, asset	$ 1		$ 1
Contingent consideration	$ 2	$ 1
Maximum
Business Combinations
Business combination, contingent consideration arrangements, change in amount of contingent consideration, asset		$ 1

Business and Summary of Significant Accounting Policies - Leases and Foreign Currency (Details) - USD ($) $ in Millions		12 Months Ended
	Feb. 03, 2019	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Operating leases
Lease modifications, concession amount		$ 4
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected	us-gaap:AccountingStandardsUpdate201602CumulativeEffectPeriodOfAdoptionMember
Foreign Currency
Net losses (gains) on foreign currency transactions		$ 0	$ 1	$ 0
Maximum \| Real Estate
Operating leases
Lease term		10 years
ASU 2016-02 - Leases
Operating leases
Change in Accounting Principle, Accounting Standards Update, Adopted	true

Business and Summary of Significant Accounting Policies - Fair Value (Details) - Southern Tide - Trademarks $ in Millions	May 02, 2020 USD ($)
Fair value
Fair value, intangible asset	$ 9
Measurement Input, Rate of Return
Fair value
Measurement input	0.13

Business and Summary of Significant Accounting Policies - Comprehensive Income and Accumulated Other Comprehensive Loss (Details) $ in Millions	12 Months Ended
	Feb. 01, 2020 USD ($)
Comprehensive Income and Accumulated Other Comprehensive Loss
Foreign currency charge previously recognized in AOCL	$ 1

Business and Summary of Significant Accounting Policies - Concentration of Credit Risk and Significant Customers (Details) $ in Thousands	12 Months Ended
	Jan. 30, 2021 USD ($) customer	Feb. 01, 2020 USD ($)
Cash and cash equivalents
Cash and cash equivalents	$ 66,013	$ 52,460
Money Market Funds
Cash and cash equivalents
Cash and cash equivalents	$ 59,000	$ 45,000
Accounts receivable \| Credit concentration risk
Concentration of Credit Risk and Significant Customers
Number of customers \| customer	3
Accounts receivable \| Credit concentration risk \| Customer One, Two and Three
Concentration of Credit Risk and Significant Customers
Concentration risk, percentage	54.00%
Accounts receivable \| Credit concentration risk \| Minimum \| Customer One
Concentration of Credit Risk and Significant Customers
Concentration risk, percentage	10.00%
Accounts receivable \| Credit concentration risk \| Minimum \| Customer Two
Concentration of Credit Risk and Significant Customers
Concentration risk, percentage	10.00%
Accounts receivable \| Credit concentration risk \| Minimum \| Customer Three
Concentration of Credit Risk and Significant Customers
Concentration risk, percentage	10.00%

Business and Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Thousands			12 Months Ended
	Jan. 01, 2018	Dec. 31, 2017	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Domestic corporate tax rate
Statutory federal income tax rate (as a percent)	21.00%	35.00%	21.00%	21.00%	21.00%
Retained earnings			$ 235,995	$ 366,793
ASU 2016-16 - Intra-Entity Transfers of Assets Other Than Inventory \| Cumulative Effect, Period of Adoption, Adjustment
Domestic corporate tax rate
Retained earnings						$ (100)

Business and Summary of Significant Accounting Policies - EPS (Details) - shares shares in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Business and Summary of Significant Accounting Policies
Anti-dilutive securities	0.4	0.0	0.0

Business and Summary of Significant Accounting Policies - Accounting Standards Adopted (Details) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Accounting Standards Adopted
Stockholders' equity	$ 405,728	$ 528,598	$ 478,355	$ 429,824
Cumulative Effect, Period of Adoption, Adjustment
Accounting Standards Adopted
Stockholders' equity		(499)		$ (117)
ASC Topic 326, Financial Instruments-Credit Losses \| Cumulative Effect, Period of Adoption, Adjustment \| Maximum
Accounting Standards Adopted
Stockholders' equity		$ (1,000)

- Definition

+ References + Details

Operating Group Information - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 02, 2020	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Operating groups
Net sales		$ 748,833	$ 1,122,790	$ 1,107,466
Depreciation and amortization		59,914	40,287	42,490
Operating income (loss)		(123,849)	93,675	90,592
Interest expense, net		2,028	1,245	2,283
(Loss) earnings before income taxes		(125,877)	92,430	88,309
Total Assets		865,634	1,033,369
Impairment of goodwill and intangible assets		60,452
Corporate and Other
Operating groups
Net sales		24,478	19,829	14,657
Depreciation and amortization		1,336	1,358	1,393
Operating income (loss)		(6,786)	(18,834)	(21,449)
Total Assets		76,705	26,385
LIFO accounting charge (credit)		9,000	1,000	1,000
Tommy Bahama \| Operating Segments
Operating groups
Net sales		419,817	676,652	675,358
Depreciation and amortization		46,698	27,852	29,549
Operating income (loss)		(53,310)	53,207	53,139
Total Assets		569,854	668,197
Lilly Pulitzer \| Operating Segments
Operating groups
Net sales		231,078	284,700	272,299
Depreciation and amortization		9,965	10,106	10,605
Operating income (loss)		27,702	51,795	47,239
Total Assets		176,467	199,913
Southern Tide
Operating groups
Impairment of goodwill and intangible assets	$ 60,000	60,000	0	0
Southern Tide \| Operating Segments
Operating groups
Net sales		34,664	46,409	45,248
Depreciation and amortization		676	549	528
Operating income (loss)		(64,801)	5,554	5,663
Total Assets		31,641	99,667
Lanier Apparel \| Operating Segments
Operating groups
Net sales		38,796	95,200	99,904
Depreciation and amortization		1,239	422	415
Operating income (loss)		(26,654)	1,953	$ 6,000
Total Assets		$ 10,967	$ 39,207

Operating Groups- Purchases of P&E (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Operating groups
Purchases of Property and Equipment	$ 28,924	$ 37,421	$ 37,043
Corporate and Other
Operating groups
Purchases of Property and Equipment	755	1,016	907
Tommy Bahama \| Operating Segments
Operating groups
Purchases of Property and Equipment	19,666	31,272	25,111
Lilly Pulitzer \| Operating Segments
Operating groups
Purchases of Property and Equipment	7,059	4,273	10,777
Southern Tide \| Operating Segments
Operating groups
Purchases of Property and Equipment	1,423	289	149
Lanier Apparel \| Operating Segments
Operating groups
Purchases of Property and Equipment	$ 21	$ 571	$ 99

Operating Groups - Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	May 02, 2020	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Operating groups
Total Assets		$ 865,634	$ 1,033,369
Impairment of goodwill and intangible assets		60,452
Corporate and Other
Operating groups
Total Assets		76,705	26,385
Tommy Bahama \| Operating Segments
Operating groups
Total Assets		569,854	668,197
Lilly Pulitzer \| Operating Segments
Operating groups
Total Assets		176,467	199,913
Southern Tide
Operating groups
Impairment of goodwill and intangible assets	$ 60,000	60,000	0	$ 0
Southern Tide \| Operating Segments
Operating groups
Total Assets		31,641	99,667
Lanier Apparel \| Operating Segments
Operating groups
Total Assets		$ 10,967	$ 39,207

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
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-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 25
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-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Operating Groups - Assets and sales by geographic area (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Geographic area
Net book value of property and equipment	$ 159,732	$ 191,517
Net sales	748,833	1,122,790	$ 1,107,466
United States
Geographic area
Net book value of property and equipment	155,902	187,032
Net sales	728,308	1,086,170	1,067,235
Other foreign
Geographic area
Net book value of property and equipment	3,830	4,485
Net sales	$ 20,525	$ 36,620	$ 40,231

- Definition

+ References

+ Details

Operating Group Information - Sales by operating group (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Operating groups
Net sales	$ 748,833	$ 1,122,790	$ 1,107,466
Operating Segments \| Tommy Bahama
Operating groups
Net sales	419,817	676,652	675,358
Operating Segments \| Lilly Pulitzer
Operating groups
Net sales	231,078	284,700	272,299
Operating Segments \| Southern Tide
Operating groups
Net sales	34,664	46,409	45,248
Operating Segments \| Lanier Apparel
Operating groups
Net sales	38,796	95,200	99,904
Corporate and Other
Operating groups
Net sales	24,478	19,829	14,657
Retail
Operating groups
Net sales	$ 202,071	$ 440,803	$ 439,556
Net sales (as a percent)	27.00%	39.00%	40.00%
Retail \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	37.00%	48.00%	48.00%
Retail \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	20.00%	41.00%	42.00%
Retail \| Operating Segments \| Southern Tide
Operating groups
Net sales (as a percent)	4.00%
E-commerce
Operating groups
Net sales	$ 323,900	$ 262,283	$ 239,034
Net sales (as a percent)	43.00%	23.00%	21.00%
E-commerce \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	36.00%	20.00%	18.00%
E-commerce \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	64.00%	38.00%	36.00%
E-commerce \| Operating Segments \| Southern Tide
Operating groups
Net sales (as a percent)	32.00%	21.00%	18.00%
E-commerce \| Corporate and Other
Operating groups
Net sales (as a percent)	63.00%	59.00%	54.00%
Restaurant
Operating groups
Net sales	$ 48,428	$ 83,836	$ 84,530
Net sales (as a percent)	7.00%	8.00%	8.00%
Restaurant \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	11.00%	12.00%	13.00%
Wholesale
Operating groups
Net sales	$ 173,209	$ 333,986	$ 341,615
Net sales (as a percent)	23.00%	30.00%	31.00%
Wholesale \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	16.00%	20.00%	21.00%
Wholesale \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	16.00%	21.00%	22.00%
Wholesale \| Operating Segments \| Southern Tide
Operating groups
Net sales (as a percent)	64.00%	79.00%	82.00%
Wholesale \| Operating Segments \| Lanier Apparel
Operating groups
Net sales (as a percent)	100.00%	100.00%	100.00%
Wholesale \| Corporate and Other
Operating groups
Net sales (as a percent)	33.00%	34.00%	30.00%
Other
Operating groups
Net sales	$ 1,225	$ 1,882	$ 2,731
Other \| Corporate and Other
Operating groups
Net sales (as a percent)	4.00%	7.00%	16.00%

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Property and Equipment, net
Property and equipment, gross	$ 511,578	$ 514,345
Less accumulated depreciation and amortization	(351,846)	(322,828)
Property and equipment, net	159,732	191,517
Land
Property and Equipment, net
Property and equipment, gross	3,166	3,166
Buildings and improvements
Property and Equipment, net
Property and equipment, gross	39,559	39,563
Furniture, fixtures, equipment and technology
Property and Equipment, net
Property and equipment, gross	231,493	240,527
Leasehold improvements
Property and Equipment, net
Property and equipment, gross	$ 237,360	$ 231,089

Intangible Assets and Goodwill - By category (Details) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019	Feb. 03, 2018
Intangible assets with finite lives
Intangible assets with finite lives	$ 51,929	$ 51,929
Accumulated amortization and impairment	(43,242)	(41,924)
Total intangible assets with finite lives, net	8,687	10,005
Intangible assets with indefinite lives:
Total intangible assets, net	156,187	175,005	$ 176,176	$ 178,858
Trademarks \| Tommy Bahama
Intangible assets with indefinite lives:
Intangible assets with indefinite lives	110,700	110,700
Trademarks \| Lilly Pulitzer
Intangible assets with indefinite lives:
Intangible assets with indefinite lives	27,500	27,500
Trademarks \| Southern Tide
Intangible assets with indefinite lives:
Intangible assets with indefinite lives	$ 9,300	$ 26,800

Intangible Assets and Goodwill - By operating group (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Changes in carrying amount of intangible assets
Balance at the beginning of the period	$ 175,005	$ 176,176	$ 178,858
Impairment	(17,707)
Amortization	(1,111)	(1,171)	(2,610)
Other, including foreign currency			(72)
Balance at the end of the period	156,187	175,005	176,176
Operating Segments \| Tommy Bahama
Changes in carrying amount of intangible assets
Balance at the beginning of the period	110,700	110,700	112,157
Amortization			(1,385)
Other, including foreign currency			(72)
Balance at the end of the period	110,700	110,700	110,700
Operating Segments \| Lilly Pulitzer
Changes in carrying amount of intangible assets
Balance at the beginning of the period	28,741	29,216	29,749
Amortization	(424)	(475)	(533)
Balance at the end of the period	28,317	28,741	29,216
Operating Segments \| Southern Tide
Changes in carrying amount of intangible assets
Balance at the beginning of the period	29,110	29,401	29,689
Impairment	(17,500)
Amortization	(288)	(291)	(288)
Balance at the end of the period	11,322	29,110	29,401
Operating Segments \| Lanier Apparel
Changes in carrying amount of intangible assets
Balance at the beginning of the period	215	246	277
Impairment	(207)
Amortization	(8)	(31)	(31)
Balance at the end of the period		215	246
Corporate and Other
Changes in carrying amount of intangible assets
Balance at the beginning of the period	6,239	6,613	6,986
Amortization	(391)	(374)	(373)
Balance at the end of the period	$ 5,848	$ 6,239	$ 6,613

Intangible Assets and Goodwill - Amortization expense (Details) $ in Millions	Jan. 30, 2021 USD ($)
Expected amortization expense
Fiscal 2021	$ 1
Fiscal 2022	1
Fiscal 2023	1
Fiscal 2024	1
Fiscal 2025	$ 1

Intangible Assets and Goodwill - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	May 02, 2020	Jan. 30, 2021	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 66,578		$ 66,578	$ 66,621	$ 66,703
Impairment	(43,000)	$ 0	(42,745)	0	0
Other, including foreign currency			77	(43)	(82)
Balance at the end of the period		23,910	23,910	66,578	66,621
Operating Segments \| Tommy Bahama
Changes in the carrying amount of goodwill
Balance at the beginning of the period	711		711	754	821
Other, including foreign currency			77	(43)	(67)
Balance at the end of the period		788	788	711	754
Operating Segments \| Lilly Pulitzer
Changes in the carrying amount of goodwill
Balance at the beginning of the period	19,522		19,522	19,522	19,522
Balance at the end of the period		19,522	19,522	19,522	19,522
Operating Segments \| Southern Tide
Changes in the carrying amount of goodwill
Balance at the beginning of the period	42,745		42,745	42,745	42,745
Impairment			(42,745)
Balance at the end of the period				42,745	42,745
Corporate and Other
Changes in the carrying amount of goodwill
Balance at the beginning of the period	$ 3,600		3,600	3,600	3,615
Other, including foreign currency					(15)
Balance at the end of the period		$ 3,600	$ 3,600	$ 3,600	$ 3,600

Debt (Details) - US Revolving Credit Agreement - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Debt
Debt outstanding	$ 0.0	$ 0.0
Maximum borrowing capacity	325.0
Letters of credit outstanding	3.0
Unused availability	$ 301.0
Covenants, Other Restrictions and Prepayment Penalties
Consecutive period during which if threshold is not reached then specified fixed charge coverage ratio must be maintained	3 days
Threshold amount of unused availability for specified fixed charge coverage ratio	$ 23.5
Threshold percentage of total revolving commitments for specified fixed charge coverage ratio	10.00%
Trailing fiscal period used in calculating the fixed charge coverage ratio under financial covenants	12 months
Period during which percentage of total revolving commitments are required to be maintained	30 days
Minimum
Covenants, Other Restrictions and Prepayment Penalties
Fixed charge coverage ratio	1.0

Leases - Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Cost (Details) - USD ($) $ in Millions	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Leases
Operating lease expense	$ 64		$ 66
Variable lease cost	30		34
Total lease cost	$ 93		$ 99
Weighted average remaining lease term	6 years	7 years
Weighted average discount rate (as a percent)	4.10%	4.00%
Cash paid for lease liabilities	$ 63	$ 70

Leases - Lease liability payment schedule CY (Details) $ in Thousands	Jan. 30, 2021 USD ($)
Required lease liability payments due
2021	$ 70,338
2022	64,553
2023	57,655
2024	45,826
2025	32,719
After 2025	68,247
Total lease payments	339,338
Less: Difference between discounted and undiscounted lease payments	38,489
Present value of lease liabilities	$ 300,849

Leases - Prior to adoption (Details) $ in Millions	12 Months Ended
Leases - Prior to adoption (Details) $ in Millions	Feb. 02, 2019 USD ($)
Leases
Total rent expense	$ 96
Charges included in rent expense	$ 28

Commitments and Contingencies - Royalty and advertising (Details) $ in Millions	Jan. 30, 2021 USD ($)
Royalty and advertising payments
Commitments
Fiscal 2020	$ 4

Commitments and Contingencies - Contingent consideration (Details) - TBBC $ in Millions	12 Months Ended	36 Months Ended
	Feb. 03, 2018 USD ($) individual	Jan. 30, 2021 USD ($)
Business combination
Contingent consideration, High end of range	$ 4
Period over which contingent consideration will be payable	4 years
Contingent consideration paid		$ 1
Contingent consideration earned, payable next fiscal year		$ 1
Number of sellers that is an employee \| individual	1

Commitments and Contingencies - Environmental remediation (Details) $ in Millions	Jan. 30, 2021 USD ($) property	Feb. 01, 2020 USD ($)
Remediation activities
Number of properties on which presence of hazardous waste was discovered \| property	1
Maximum
Remediation activities
Reserve for the remediation \| $	$ 1	$ 1

Shareholders' Equity and Equity Compensation - Common Stock (Details) - $ / shares	3 Months Ended
	May 02, 2020	Jan. 30, 2021	Feb. 01, 2020
Common Stock
Common stock authorized for issuance (in shares)		60,000,000	60,000,000
Common stock par value (in dollars per share)		$ 1.00	$ 1.00
Common stock issued (in shares)		17,000,000	17,000,000
Common stock outstanding (in shares)		17,000,000	17,000,000
Repurchase of shares (in shares)	300,000

Shareholders' Equity and Equity Compensation - Long-Term Stock Incentive Plan, Restricted share award activity (Details) - $ / shares	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Restricted share awards \| Officers and other key employees
Number of Shares
Restricted shares outstanding at end of fiscal year (in shares)	308,369
Weighted-average grant date fair value
Restricted shares granted (in dollars per share)	$ 61
Long-Term Stock Incentive Plan
Shareholders Equity
Additional grants available under the previous plans (in shares)	0
Long-Term Stock Incentive Plan \| Maximum
Shareholders Equity
Share awards available for issuance	1,000,000
Long-Term Stock Incentive Plan \| Restricted share awards \| Officers and other key employees
Number of Shares
Restricted shares outstanding at beginning of fiscal year (in shares)	251,924	257,890	211,045
Restricted shares vested, including restricted shares repurchased from employees for employees' tax liability (in shares)	(114,003)	(87,252)	(73,408)
Restricted shares forfeited (in shares)	(3,415)	(4,439)	(1,900)
Restricted shares outstanding at end of fiscal year (in shares)	308,369	251,924	257,890
Weighted-average grant date fair value
Restricted shares outstanding at beginning of fiscal year (in dollars per share)	$ 68	$ 66	$ 63
Restricted shares vested, including restricted shares repurchased from employees for employees' tax liability (in dollars per share)	56	71	58
Restricted shares forfeited (in dollars per share)	62	69	62
Restricted shares outstanding at end of fiscal year (in dollars per share)	$ 61	$ 68	$ 66
Long-Term Stock Incentive Plan \| Restricted share awards \| Minimum \| Officers and other key employees
Shareholders Equity
Vesting period	3 years
Long-Term Stock Incentive Plan \| Restricted share awards \| Maximum \| Officers and other key employees
Shareholders Equity
Vesting period	4 years
Long-Term Stock Incentive Plan \| Service-based restricted share awards \| Officers and other key employees
Number of Shares
Restricted shares granted/issued (in shares)	131,425	42,573	49,726
Weighted-average grant date fair value
Restricted shares granted (in dollars per share)	$ 40	$ 76	$ 79
Long-Term Stock Incentive Plan \| Performance-based restricted share awards \| Officers and other key employees
Number of Shares
Restricted shares granted/issued (in shares)	42,438	43,152	72,427
Weighted-average grant date fair value
Restricted shares granted (in dollars per share)	$ 76	$ 79	$ 57

Shareholders' Equity - Restricted share units (Details) - TSR-based restricted share units shares in Millions	3 Months Ended
	Aug. 01, 2020 shares
Shareholders Equity
Restricted shares granted/issued (in shares)	0.1
Comparative period	3 years
Minimum
Shareholders Equity
Shares earned as a percent of share target	0.00%
Maximum
Shareholders Equity
Shares earned as a percent of share target	200.00%

Shareholders' Equity and Equity Compensation - Restricted shares and restricted share units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Aug. 01, 2020	Jan. 30, 2021
Restricted shares and restricted share units \| Officers and other key employees
Shareholders Equity
Number of Shares		391,714
Average Market Price on Date of Grant (in dollars per share)		$ 59
Unrecognized compensation expense related to unvested share-based restricted stock awards and the unvested restricted share units (in dollars)		$ 11
Weighted average remaining life of the outstanding awards		2 years
Restricted share awards \| Officers and other key employees
Shareholders Equity
Number of Shares		308,369
Average Market Price on Date of Grant (in dollars per share)		$ 61
Restricted share awards, Vesting in April 2021 \| Officers and other key employees
Shareholders Equity
Number of Shares		82,513
Average Market Price on Date of Grant (in dollars per share)		$ 77
Restricted share awards, Vesting in April 2022 \| Officers and other key employees
Shareholders Equity
Number of Shares		95,861
Average Market Price on Date of Grant (in dollars per share)		$ 77
Restricted share award, Vesting based on service, Vesting in July 2023 \| Officers and other key employees
Shareholders Equity
Number of Shares		129,995
Average Market Price on Date of Grant (in dollars per share)		$ 40
TSR-based restricted share units
Shareholders Equity
Restricted share awards earned (in shares)	100,000
TSR-based restricted share units \| Officers and other key employees
Shareholders Equity
Number of Shares		83,345
Average Market Price on Date of Grant (in dollars per share)		$ 50

Shareholders' Equity and Equity Compensation - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Shareholders Equity
Purchase price of common stock as a percentage of closing market price	85.00%
Maximum
Shareholders Equity
Common stock authorized for issuance (in shares)	1
Stock compensation expense (in dollars)	$ 1	$ 1	$ 1

Shareholders' Equity and Equity Compensation - Preferred Stock (Details) - $ / shares	Jan. 30, 2021	Feb. 01, 2020
Preferred Stock
Preferred stock authorized (in shares)	30,000,000	30,000,000
Preferred stock par value (in dollars per share)	$ 1.00	$ 1.00
Preferred shares issued (in shares)	0	0
Preferred shares outstanding (in shares)	0	0

Income Taxes - Earnings and tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Earnings from continuing operations before income taxes:
Domestic	$ (129,129)	$ 86,528	$ 85,050
Foreign	3,252	5,902	3,259
(Loss) earnings before income taxes	(125,877)	92,430	88,309
Current:
Federal	(11,498)	18,565	12,543
State	(1,060)	5,459	4,474
Foreign	735	1,650	1,979
Total current	(11,823)	25,674	18,996
Deferred-Domestic	(17,780)	(1,870)	3,141
Deferred-Foreign	(582)	133	(119)
Income taxes	$ (30,185)	$ 23,937	$ 22,018

Income Taxes - Rate reconciliation (Details)			12 Months Ended
Income Taxes - Rate reconciliation (Details)	Jan. 01, 2018	Dec. 31, 2017	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Reconciliations of the United States federal statutory income tax rates and effective tax rates
Statutory federal income tax rate (as a percent)	21.00%	35.00%	21.00%	21.00%	21.00%
State income taxes-net of federal income tax benefit (as a percent)			3.60%	4.40%	4.60%
Impact of foreign operations (as a percent)			(0.20%)	0.20%	0.70%
Impairment of non-deductible Southern Tide goodwill (as a percent)			(3.70%)
Change in reserve for uncertain tax positions (as a percent)			(2.50%)
Rate benefit from NOL carryback to pre-U.S. Tax Reform periods due to the CARES Act			5.50%
Other, net (as a percent)			0.30%	0.30%	(1.40%)
Effective rate for continuing operations (as a percent)			24.00%	25.90%	24.90%

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Deferred Tax Assets:
Inventories	$ 16,338	$ 13,067
Accrued compensation and benefits	8,759	8,977
Receivable allowances and reserves	2,109	993
Operating lease liabilities	73,917	85,969
Operating loss and other carry-forwards	4,617	3,171
Other, net	3,686	1,546
Deferred tax assets	109,426	113,723
Deferred Tax Liabilities:
Operating lease assets	(66,341)	(82,186)
Depreciation and amortization	(9,682)	(8,076)
Acquired intangible assets	(25,047)	(34,019)
Deferred tax liabilities	(101,070)	(124,281)
Valuation allowance	(5,668)	(5,213)
Net deferred tax asset	$ 2,688
Net deferred tax liability		$ (15,771)

Income Taxes - Carry forwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020
Income Taxes
Operating loss carry-forwards expiration period	20 years
Valuation allowance	$ (5,668)	$ (5,213)

Income Taxes - Balance sheet (Details) - USD ($) $ in Thousands	Jan. 30, 2021	Feb. 01, 2020
Assets:
Deferred tax assets	$ 2,688	$ 769
Liabilities
Deferred tax liabilities		(16,540)
Net deferred tax asset	$ 2,688
Net deferred tax liability		$ (15,771)

Income Taxes - Reconciliation of changes in unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Reconciliation of changes in gross amount of unrecognized tax benefits
Balance of unrecognized tax benefits at beginning of year	$ 1,212	$ 975	$ 335
Increase related to prior period tax positions	303		206
Decrease related to prior period tax positions	(1)	(27)
Increase related to current period tax positions	3,960	287	440
Decrease related to lapse of statute of limitations	(213)	(23)	(6)
Balance of unrecognized tax benefits at end of year	5,261	1,212	975
Expected decrease in gross unrecognized tax benefits in 2021	3,000
Maximum
Reconciliation of changes in gross amount of unrecognized tax benefits
Interest and penalties recognized associated with unrecognized tax positions	$ 1,000	$ 1,000	$ 1,000

Defined Contribution Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Defined Contribution Plans
Expense under defined contribution and non-qualified deferred compensation plans	$ 1	$ 5	$ 5

Lanier Apparel Exit (Details) - Lanier Apparel Exit Plan $ in Millions	12 Months Ended
	Jan. 30, 2021 USD ($)
Restructuring
Pre-tax exit costs	$ 13
Expected remaining costs	3
Cost of goods sold
Restructuring
Pre-tax exit costs	7
SG&A
Restructuring
Pre-tax exit costs	6
Inventory markdowns
Restructuring
Pre-tax exit costs	6
Employee severance and retention
Restructuring
Pre-tax exit costs	3
Employee severance and retention \| Accrued compensation
Restructuring
Accrued charges	2
Operating lease asset impairment
Restructuring
Pre-tax exit costs	3
Fixed asset impairment
Restructuring
Pre-tax exit costs	1
Facility closing
Restructuring
Pre-tax exit costs	1
Employee severance and facility closing
Restructuring
Payments	$ 1

Tommy Bahama Japan Charges (Details) - Tommy Bahama Japan Operations Restructure - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2020	Feb. 02, 2019
Restructuring
Business exit costs	$ 3	$ 4
Contract termination
Restructuring
Business exit costs	1	2
Asset impairment charges
Restructuring
Business exit costs		1
Inventory markdowns, severance and other charges
Restructuring
Business exit costs		$ 1
Foreign currency charges
Restructuring
Business exit costs	$ 1

SCHEDULE II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 30, 2021	Feb. 01, 2020	Feb. 02, 2019
Accounts receivable reserves
Deducted from asset accounts:
Balance at Beginning of Period	$ 8,766	$ 6,646	$ 6,485
Additions Charged to Costs and Expenses	5,629	15,802	9,599
Deductions-Describe	(7,977)	(13,682)	(9,438)
Balance at End of Period	6,418	8,766	6,646
Provision for credit losses
Deducted from asset accounts:
Balance at Beginning of Period	555	661	1,659
Additions Charged to Costs and Expenses	4,052	88	225
Deductions-Describe	(2,027)	(194)	(1,223)
Balance at End of Period	$ 2,580	$ 555	$ 661