UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the quarterly period ended | |
or | |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from to |
Commission File Number:
(Exact name of registrant as specified in its charter)
| ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company | Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of August 26, 2022, there were
OXFORD INDUSTRIES, INC.
INDEX TO FORM 10-Q
For the Second Quarter of Fiscal 2022
2
CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS
Our SEC filings and public announcements may include forward-looking statements about future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which typically are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, the impact of the coronavirus (COVID-19) pandemic on our business, operations and financial results, including due to uncertainties about scope and duration, supply chain disruptions, future store closures or other operating restrictions or the impact on consumer traffic, any or all of which may also affect many of the following risks; demand for our products, which may be impacted by competitive conditions and/or evolving consumer shopping patterns; macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by current inflationary pressures; supply chain disruptions, including the potential lack of inventory to support demand for our products, which may be impacted by capacity constraints, closed factories, and cost and availability of freight deliveries; costs and availability of labor; costs of products as well as the raw materials used in those products; energy costs; our ability to be more hyper-digital and respond to rapidly changing consumer expectations; the ability of business partners, including suppliers, vendors, licensees and landlords, to meet their obligations to us and/or continue our business relationship to the same degree in light of current or future staffing shortages, liquidity challenges and/or bankruptcy filings; retention of and disciplined execution by key management and other critical personnel; cybersecurity breaches and ransomware attacks, as well as our and our third party vendors’ ability to properly collect, use, manage and secure business, consumer and employee data; changes in international, federal or state tax, trade and other laws and regulations, including the potential imposition of additional duties; the timing of shipments requested by our wholesale customers; weather; fluctuations and volatility in global financial markets; the timing and cost of retail store and food and beverage location openings and remodels, technology implementations and other capital expenditures; acquisition activities, including our ability to timely recognize expected synergies from acquisitions; expected outcomes of pending or potential litigation and regulatory actions; the increased consumer, employee and regulatory focus on climate change and environmental, social and governance issues; access to capital and/or credit markets; factors that could affect our consolidated effective tax rate; and geopolitical risks, including those related to the war between Russia and Ukraine. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our Fiscal 2021 Form 10-K, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
3
DEFINITIONS
As used in this report, unless the context requires otherwise, "our," "us" or "we" means Oxford Industries, Inc. and its consolidated subsidiaries; "SG&A" means selling, general and administrative expenses; "SEC" means the United States Securities and Exchange Commission; "FASB" means the Financial Accounting Standards Board; "ASC" means the FASB Accounting Standards Codification; "GAAP" means generally accepted accounting principles in the United States; "TBBC" means The Beaufort Bonnet Company; and “Fiscal 2021 Form 10-K” means our Annual Report on Form 10-K for Fiscal 2021. Additionally, the terms listed below reflect the respective period noted:
Fiscal 2023 | 53 weeks ending February 3, 2024 | |
Fiscal 2022 | 52 weeks ending January 28, 2023 | |
Fiscal 2021 | 52 weeks ended January 29, 2022 | |
Fiscal 2020 | 52 weeks ended January 30, 2021 | |
Fourth Quarter Fiscal 2022 | 13 weeks ending January 28, 2023 | |
Third Quarter Fiscal 2022 | 13 weeks ending October 29, 2022 | |
Second Quarter Fiscal 2022 | 13 weeks ended July 30, 2022 | |
First Quarter Fiscal 2022 | 13 weeks ended April 30, 2022 | |
Fourth Quarter Fiscal 2021 | 13 weeks ended January 29, 2022 | |
Third Quarter Fiscal 2021 | 13 weeks ended October 30, 2021 | |
Second Quarter Fiscal 2021 | 13 weeks ended July 31, 2021 | |
First Quarter Fiscal 2021 | 13 weeks ended May 1, 2021 | |
First Half Fiscal 2022 | 26 weeks ended July 30, 2022 | |
First Half Fiscal 2021 | 26 weeks ended July 31, 2021 | |
Second Half Fiscal 2022 | 26 weeks ending January 28, 2023 | |
Second Half Fiscal 2021 | 26 weeks ended January 29, 2022 |
4
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par amounts)
(unaudited)
| July 30, |
| January 29, |
| July 31, | ||||
2022 | 2022 | 2021 | |||||||
ASSETS | |||||||||
Current Assets | |||||||||
Cash and cash equivalents | $ | | $ | | $ | | |||
Short-term investments | | | — | ||||||
Receivables, net |
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Inventories, net |
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Income tax receivable | | | | ||||||
Prepaid expenses and other current assets |
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Total Current Assets | $ | | $ | | $ | | |||
Property and equipment, net |
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Intangible assets, net |
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Goodwill |
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Operating lease assets | | | | ||||||
Other assets, net |
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Total Assets | $ | | $ | | $ | | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current Liabilities |
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Accounts payable | $ | | $ | | $ | | |||
Accrued compensation |
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Current portion of operating lease liabilities |
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Accrued expenses and other liabilities |
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Total Current Liabilities | $ | | $ | | $ | | |||
Long-term debt |
| — |
| — |
| — | |||
Non-current portion of operating lease liabilities |
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Other non-current liabilities |
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Deferred income taxes |
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Shareholders’ Equity |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Accumulated other comprehensive loss |
| ( |
| ( |
| ( | |||
Total Shareholders’ Equity | $ | | $ | | $ | | |||
Total Liabilities and Shareholders’ Equity | $ | | $ | | $ | |
See accompanying notes.
5
OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
| Second Quarter |
| First Half | ||||||||||
Fiscal 2022 | Fiscal 2021 | Fiscal 2022 | Fiscal 2021 | ||||||||||
Net sales | $ | | $ | | $ | | $ | | |||||
Cost of goods sold |
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Gross profit | $ | | $ | | $ | | $ | | |||||
SG&A |
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Royalties and other operating income |
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Operating income | $ | | $ | | $ | | $ | | |||||
Interest expense, net |
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Earnings before income taxes | $ | | $ | | $ | | $ | | |||||
Income tax expense |
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Net earnings | $ | | $ | | $ | | $ | | |||||
Net earnings per share: |
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Basic | $ | | $ | | $ | | $ | | |||||
Diluted | $ | | $ | | $ | | $ | | |||||
Weighted average shares outstanding: |
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Basic |
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Diluted |
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Dividends declared per share | $ | | $ | | $ | | $ | |
See accompanying notes.
6
OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
| Second Quarter |
| First Half | ||||||||||
Fiscal 2022 | Fiscal 2021 | Fiscal 2022 | Fiscal 2021 | ||||||||||
Net earnings | $ | | $ | | $ | | $ | | |||||
Other comprehensive income (loss), net of taxes: |
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Net foreign currency translation adjustment |
| ( |
| ( |
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| ( | |||||
Comprehensive income | $ | | $ | | $ | | $ | |
See accompanying notes.
7
OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
First Half | |||||||
| Fiscal 2022 |
| Fiscal 2021 | ||||
Cash Flows From Operating Activities: |
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Net earnings | $ | | $ | | |||
Adjustments to reconcile net earnings to cash flows from operating activities: |
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Depreciation |
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Amortization of intangible assets |
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Equity compensation expense |
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Amortization of deferred financing costs |
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Deferred income taxes |
| ( |
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Changes in operating assets and liabilities, net of acquisitions and dispositions: |
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Receivables, net |
| ( |
| ( | |||
Inventories, net |
| ( |
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Income tax receivable | ( | ( | |||||
Prepaid expenses and other current assets |
| ( |
| ( | |||
Current liabilities |
| ( |
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Other balance sheet changes |
| ( |
| ( | |||
Cash provided by operating activities | $ | | $ | | |||
Cash Flows From Investing Activities: |
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Purchases of property and equipment |
| ( |
| ( | |||
Purchases of short-term investments | ( | — | |||||
Proceeds from short-term investments | | — | |||||
Other investing activities |
| ( |
| ( | |||
Cash used in investing activities | $ | ( | $ | ( | |||
Cash Flows From Financing Activities: |
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Repurchase of common stock | ( | — | |||||
Proceeds from issuance of common stock |
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Repurchase of equity awards for employee tax withholding liabilities |
| ( |
| ( | |||
Cash dividends paid |
| ( |
| ( | |||
Other financing activities |
| ( |
| ( | |||
Cash used in financing activities | $ | ( | $ | ( | |||
Net change in cash and cash equivalents | $ | ( | $ | | |||
Effect of foreign currency translation on cash and cash equivalents |
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Cash and cash equivalents at the beginning of year |
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Cash and cash equivalents at the end of period | $ | | $ | |
See accompanying notes.
8
OXFORD INDUSTRIES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
SECOND QUARTER OF FISCAL 2022
1. Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe the accompanying unaudited condensed consolidated financial statements reflect all normal, recurring adjustments that are necessary for a fair presentation of our financial position and results of operations as of the dates and for the periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year due to the seasonality of our business.
The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Fiscal 2021 Form 10-K. No recently issued guidance adopted in Fiscal 2022 had a material impact on our consolidated financial statements upon adoption or is expected to have a material impact in future periods.
In Fiscal 2021, we exited our Lanier Apparel business, as discussed in Note 11 of our consolidated financial statements of our Fiscal 2021 Form 10-K. The operating results of the Lanier Apparel business in Fiscal 2021 largely reflect activities associated with the ongoing wind down of operations following the 2020 announcement that we would be exiting the business.
Recently Issued Accounting Standards Applicable to Future Periods
Recent accounting pronouncements pending adoption are either not applicable or not expected to have a material impact on our consolidated financial statements.
Recent Macroeconomic Conditions
The COVID-19 pandemic has had a significant effect on overall economic conditions and our operations in recent years. In Fiscal 2021, the economic environment improved significantly with a rebound in retail traffic starting in March 2021 and other improvements as the year progressed, although certain stores were closed for portions of Fiscal 2021, particularly in the First Quarter of Fiscal 2021. This improved environment and exceptionally strong consumer demand drove record earnings for us during Fiscal 2021 and have continued in the First Half of Fiscal 2022. There can be no assurance that this strong consumer demand will continue for our business or the broader retail apparel market, which began to experience some tempering of demand in the Summer of 2022. The strong earnings in recent periods are despite certain challenges including labor shortages, supply chain disruptions and product and operating cost increases in Fiscal 2021 and the First Half of Fiscal 2022. We, as well as others in our industry, have increased prices to attempt to offset these inflationary pressures.
There remains significant uncertainty in the macroeconomic environment as to the duration and severity of the pandemic, the impact of changing consumer discretionary spending habits, recent supply chain and other business disruptions, ongoing operating cost increases and other inflationary pressures, and general economic conditions. Thus, the ultimate impact of these items on our business remains uncertain at this time.
2. Operating Group Information: 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
9
allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable. Our business is organized as our Tommy Bahama, Lilly Pulitzer and Emerging Brands operating groups, along with the results of the Lanier Apparel operating group as it was wound down in Fiscal 2021.
Tommy Bahama and Lilly Pulitzer each design, source, market and distribute apparel and related products bearing their respective trademarks and license their trademarks for other product categories. The Emerging Brands operating group consists of the operations of our smaller, earlier stage Southern Tide, TBBC and Duck Head brands. In prior years, Southern Tide was reported as a separate operating group, while both TBBC and Duck Head were included in Corporate and Other. All prior year amounts have been restated to conform to the current year presentation.
In Fiscal 2022, we organized our smaller brands into the Emerging Brands operating group. Each of these smaller brands are supported by Oxford’s emerging brands team that provides certain support functions to our
Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, the elimination of inter-segment sales, any other items that are not allocated to the operating groups, including LIFO inventory accounting adjustments, and the operations of our Lyons, Georgia distribution center and our Oxford America business, which we are in process of exiting in Fiscal 2022. For a more extensive description of our Tommy Bahama and Lilly Pulitzer operating groups, see Part I, Item 1. Business included in our Fiscal 2021 Form 10-K.
The table below presents certain financial information (in thousands) about our operating groups, as well as Corporate and Other.
10
| Second Quarter | First Half | |||||||||||
| Fiscal 2022 |
| Fiscal 2021 |
| Fiscal 2022 |
| Fiscal 2021 | ||||||
Net sales |
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Tommy Bahama | $ | | $ | | $ | | $ | | |||||
Lilly Pulitzer |
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Emerging Brands |
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Lanier Apparel |
| — |
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| — |
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Corporate and Other |
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Consolidated net sales | $ | | $ | | $ | | $ | | |||||
Depreciation and amortization |
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Tommy Bahama | $ | | $ | | $ | | $ | | |||||
Lilly Pulitzer |
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Emerging Brands |
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Lanier Apparel |
| — |
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| — |
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Corporate and Other |
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Consolidated depreciation and amortization | $ | | $ | | $ | | $ | | |||||
Operating income (loss) |
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Tommy Bahama | $ | | $ | | $ | | $ | | |||||
Lilly Pulitzer |
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Emerging Brands |
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Lanier Apparel |
| — |
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| — |
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Corporate and Other |
| ( |
| ( |
| ( |
| ( | |||||
Consolidated operating income |
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| | $ | | $ | | |||||
Interest expense, net |
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Earnings before income taxes | $ | | $ | | $ | | $ | |
| July 30, 2022 |
| January 29, 2022 |
| July 31, 2021 | ||||
Assets |
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Tommy Bahama (1) | $ | | $ | | $ | | |||
Lilly Pulitzer (2) |
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Emerging Brands (3) |
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Lanier Apparel (4) |
| — |
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Corporate and Other (5) |
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Consolidated Total Assets | $ | | $ | | $ | |
(1) | Decrease in Tommy Bahama total assets from July 31, 2021 includes reductions in operating lease assets and property and equipment partially offset by higher inventories, receivables and prepaid expenses. |
(2) | Increase in Lilly Pulitzer total assets from July 31, 2021 includes increases in inventories and property and equipment partially offset by reductions in operating lease assets. |
(3) | Increase in Emerging Brands total assets from July 31, 2021 includes increases in inventories, receivables, fixed assets and property and equipment. |
(4) | Decrease in Lanier Apparel total assets from July 31, 2021 is due to the exit of the Lanier Apparel business during Fiscal 2021. The July 31, 2021 amounts primarily consisted of receivables, inventories and property and equipment. |
(5) | Decrease in Corporate and Other total assets from July 31, 2021 includes reductions in inventories, which was primarily due to the change in the LIFO reserve, and other non-current assets, partially offset by the net impact of increased short-term investments and reductions in cash and cash equivalents as well as an increase in prepaid expenses. |
The tables below quantify net sales, for each operating group and in total (in thousands), and the percentage of net sales by distribution channel for each operating group and in total, for each period presented. We have calculated all percentages below based on actual data, and percentages may not add to 100 due to rounding.
11
Second Quarter Fiscal 2022 |
| |||||||||||||
| Net Sales |
| Retail |
| E-commerce |
| Restaurant |
| Wholesale |
| Other |
| ||
Tommy Bahama | $ | |
| | % | | % | | % | | % | — | % | |
Lilly Pulitzer |
| |
| | % | | % | — | % | | % | — | % | |
Emerging Brands |
| |
| | % | | % | — | % | | % | — | % | |
Lanier Apparel |
| — |
| — | % | — | % | — | % | — | % | — | % | |
Corporate and Other |
| |
| — | % | — | % | — | % | | % | | % | |
Total | $ | |
| | % | | % | | % | | % | — | % |
Second Quarter Fiscal 2021 |
| |||||||||||||
| Net Sales |
| Retail |
| E-commerce |
| Restaurant |
| Wholesale |
| Other |
| ||
Tommy Bahama | $ | |
| | % | | % | | % | | % | — | % | |
Lilly Pulitzer |
| |
| | % | | % | — | % | | % | — | % | |
Emerging Brands |
| |
| | % | | % | — | % | | % | — | % | |
Lanier Apparel |
| |
| — | % | — | % | — | % | | % | — | % | |
Corporate and Other |
| |
| — | % | — | % | — | % | | % | | % | |
Total | $ | |
| | % | | % | | % | | % | — | % |
First Half 2022 |
| |||||||||||||
| Net Sales |
| Retail |
| E‑commerce |
| Restaurant |
| Wholesale |
| Other |
| ||
Tommy Bahama | $ | |
| | % | | % | | % | | % | — | % | |
Lilly Pulitzer |
| |
| | % | | % | — | % | | % | — | % | |
Emerging Brands |
| |
| | % | | % | — | % | | % | — | % | |
Lanier Apparel |
| — |
| — | % | — | % | — | % | — | % | — | % | |
Corporate and Other |
| |
| — | % | — | % | — | % | | % | | % | |
Consolidated net sales | $ | |
| | % | | % | | % | | % | — | % |
| First Half 2021 |
| ||||||||||||
| Net Sales |
| Retail |
| E‑commerce |
| Restaurant |
| Wholesale |
| Other |
| ||
Tommy Bahama | $ | |
| | % | | % | | % | | % | — | % | |
Lilly Pulitzer |
| |
| | % | | % | — | % | | % | — | % | |
Emerging Brands |
| |
| | % | | % | — | % | | % | — | % | |
Lanier Apparel |
| |
| — | % | — | % | — | % | | % | — | % | |
Corporate and Other |
| |
| — | % | — | % | — | % | | % | | % | |
Consolidated net sales | $ | |
| | % | | % | | % | | % | — | % |
3. Revenue Recognition and Receivables: 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 operating income in our consolidated statements of operations. We recognize revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our accounting policies related to revenue recognition for each type of contract with customers is described in the significant accounting policies described in our Fiscal 2021 Form 10-K.
The table below quantifies net sales by distribution channel (in thousands) for each period presented.
| Second Quarter |
| First Half |
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Fiscal 2022 |
| Fiscal 2021 |
| Fiscal 2022 |
| Fiscal 2021 | |||||||
Retail | $ | | $ | | $ | | $ | | |||||
E-commerce |
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Restaurant |
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Wholesale |
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Other |
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Net sales | $ | | $ | | $ | | $ | |
12
An estimated sales return liability of $
Substantially all amounts recognized in receivables, net represent trade receivables related to contracts with customers. In the ordinary course of our wholesale operations, we offer discounts, allowances and cooperative advertising support to and accept returns from certain of our wholesale customers for certain products. As of July 30, 2022, January 29, 2022 and July 31, 2021, reserve balances recorded as a reduction to receivables related to these items were $
Contract liabilities for gift cards purchased by consumers and merchandise credits received by customers but not yet redeemed, less any breakage income recognized to date, is included in accrued expenses and other liabilities in our consolidated balance sheet and totaled $
4. Leases: In the ordinary course of business, we enter into real estate lease agreements for our direct to consumer locations, which include retail and food and beverage locations, and office and warehouse/distribution space, as well as leases for certain equipment. Our real estate leases have varying terms and expirations and may have provisions 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
For the First Half of Fiscal 2022 operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset, was $
As of July 30, 2022, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):
| Operating lease | ||
Remainder of 2022 | $ | | |
2023 |
| | |
2024 | | ||
2025 |
| | |
2026 |
| | |
2027 | | ||
After 2027 |
| | |
Total lease payments | $ | | |
Less: Difference between discounted and undiscounted lease payments |
| | |
$ | |
13
5. Income Taxes: Our effective income tax rate for the Second Quarter of Fiscal 2022 was
The income tax expense in both the First Half of Fiscal 2022 and the First Half of Fiscal 2021 included the benefit of the utilization of certain net operating loss carryforward amounts in certain state and foreign jurisdictions, the recognition of certain tax credit amounts and the vesting of restricted stock awards at a price higher than the grant date fair value. These favorable items were partially offset by certain unfavorable permanent items which are not deductible for income tax purposes. Additionally, and more significantly, the income tax expense in the First Half of Fiscal 2021 included the benefit of a $
6. Shareholders’ Equity: In the First Half of Fiscal 2022, we repurchased
Additionally, subsequent to July 30, 2022 through September 1, 2022, we repurchased an additional
During both the First Quarter of Fiscal 2022 and the First Quarter of Fiscal 2021, we repurchased $
14
The following tables detail the changes (in thousands) in our common stock, additional paid-in capital ("APIC"), retained earnings and accumulated other comprehensive (loss) income ("AOCI"), for each period presented.
Fiscal 2021 | |||||||||||||||
| Common Stock |
| APIC |
| Retained Earnings |
| AOCI |
| Total | ||||||
January 30, 2021 |
| $ | |
| $ | |
| $ | |
| $ | ( |
| $ | |
Comprehensive income |
| — |
| — |
| |
| |
| | |||||
Shares issued under equity plans |
| |
| |
| — |
| — |
| | |||||
Compensation expense for equity awards |
| — |
| |
| — |
| — |
| | |||||
Repurchase of shares |
| ( |
| ( |
| — |
| — |
| ( | |||||
Dividends declared |
| — |
| — |
| ( |
| — |
| ( | |||||
May 1, 2021 | $ | | $ | | $ | | $ | ( | $ | | |||||
Comprehensive income |
| — |
| — |
| |
| ( |
| | |||||
Shares issued under equity plans |
| |
| |
| — |
| — |
| | |||||
Compensation expense for equity awards |
| — |
| |
| — |
| — |
| | |||||
Repurchase of shares |
| — |
| — |
| — |
| — |
| — | |||||
Dividends declared |
| — |
| — |
| ( |
| — |
| ( | |||||
July 31, 2021 | $ | | $ | | $ | | $ | ( | $ | | |||||
Comprehensive income |
| — |
| — |
| |
| |
| | |||||
Shares issued under equity plans |
| ( |
| |
| — |
| — |
| | |||||
Compensation expense for equity awards |
| — |
| |
| — |
| — |
| | |||||
Repurchase of shares |
| — |
| — |
| — |
| — |
| — | |||||
Dividends declared |
| — |
| — |
| ( |
| — |
| ( | |||||
October 30, 2021 | $ | | $ | | $ | | $ | ( | $ | | |||||
Comprehensive income |