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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 30, 2022

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: 1-4365

OXFORD INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Georgia

   

58-0831862

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

999 Peachtree Street, N.E., Suite 688, Atlanta, Georgia 30309

(Address of principal executive offices)                               (Zip Code)

(404) 659-2424

(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

Common Stock, $1 par value

OXM

New York Stock Exchange

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. Yes No

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). Yes No

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.

Large accelerated filer

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 No

As of August 26, 2022, there were 15,915,563 shares of the registrant’s common stock outstanding.

Table of Contents

OXFORD INDUSTRIES, INC.

INDEX TO FORM 10-Q

For the Second Quarter of Fiscal 2022

Page

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets (Unaudited)

5

Condensed Consolidated Statements of Operations (Unaudited)

6

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

7

Condensed Consolidated Statements of Cash Flows (Unaudited)

8

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

Item 3. Quantitative and Qualitative Disclosures About Market Risk

40

Item 4. Controls and Procedures

40

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

41

Item 1A. Risk Factors

41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

41

Item 3. Defaults Upon Senior Securities

42

Item 4. Mine Safety Disclosures

42

Item 5. Other Information

42

Item 6. Exhibits

42

SIGNATURES

43

2

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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

Table of Contents

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

Table of Contents

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

$

31,269

$

44,859

$

180,389

Short-term investments

154,754

164,890

Receivables, net

 

50,757

 

34,550

 

48,522

Inventories, net

 

135,483

 

117,709

 

77,330

Income tax receivable

19,743

19,728

18,085

Prepaid expenses and other current assets

 

29,242

 

18,599

 

24,720

Total Current Assets

$

421,248

$

400,335

$

349,046

Property and equipment, net

 

150,887

 

152,447

 

157,380

Intangible assets, net

 

154,853

 

155,307

 

155,747

Goodwill

 

23,861

 

23,869

 

23,897

Operating lease assets

179,217

195,100

212,217

Other assets, net

 

27,136

 

30,584

 

33,462

Total Assets

$

957,202

$

957,642

$

931,749

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

 

  

Current Liabilities

 

  

 

  

 

  

Accounts payable

$

76,974

$

80,753

$

62,116

Accrued compensation

 

28,779

 

30,345

 

34,027

Current portion of operating lease liabilities

 

53,119

 

61,272

 

58,523

Accrued expenses and other liabilities

 

63,768

 

53,796

 

65,518

Total Current Liabilities

$

222,640

$

226,166

$

220,184

Long-term debt

 

 

 

Non-current portion of operating lease liabilities

 

180,092

 

199,488

 

215,434

Other non-current liabilities

 

19,200

 

21,413

 

21,389

Deferred income taxes

 

1,254

 

2,911

 

1,043

Shareholders’ Equity

 

 

 

Common stock, $1.00 par value per share

 

15,960

 

16,805

 

16,895

Additional paid-in capital

 

166,139

 

163,156

 

158,083

Retained earnings

 

355,037

 

331,175

 

302,456

Accumulated other comprehensive loss

 

(3,120)

 

(3,472)

 

(3,735)

Total Shareholders’ Equity

$

534,016

$

507,664

$

473,699

Total Liabilities and Shareholders’ Equity

$

957,202

$

957,642

$

931,749

See accompanying notes.

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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

$

363,430

$

328,672

$

716,011

$

594,434

Cost of goods sold

 

131,281

 

119,046

 

257,485

 

218,223

Gross profit

$

232,149

$

209,626

$

458,526

$

376,211

SG&A

 

163,135

 

146,367

 

320,547

 

283,492

Royalties and other operating income

 

6,357

 

4,737

 

13,370

 

10,170

Operating income

$

75,371

$

67,996

$

151,349

$

102,889

Interest expense, net

 

274

 

211

 

516

 

463

Earnings before income taxes

$

75,097

$

67,785

$

150,833

$

102,426

Income tax expense

 

18,485

 

16,325

 

36,813

 

22,498

Net earnings

$

56,612

$

51,460

$

114,020

$

79,928

Net earnings per share:

 

  

 

  

 

  

 

  

Basic

$

3.56

$

3.09

$

7.07

$

4.81

Diluted

$

3.49

$

3.05

$

6.94

$

4.75

Weighted average shares outstanding:

 

  

 

  

 

  

 

Basic

 

15,919

 

16,637

 

16,118

 

16,615

Diluted

 

16,238

 

16,859

 

16,430

 

16,825

Dividends declared per share

$

0.55

$

0.42

$

1.10

$

0.79

See accompanying notes.

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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

$

56,612

$

51,460

$

114,020

$

79,928

Other comprehensive income (loss), net of taxes:

 

  

 

  

 

  

 

  

Net foreign currency translation adjustment

 

(125)

 

(462)

 

352

 

(71)

Comprehensive income

$

56,487

$

50,998

$

114,372

$

79,857

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

First Half

    

Fiscal 2022

    

Fiscal 2021

Cash Flows From Operating Activities:

 

  

 

  

 

Net earnings

$

114,020

$

79,928

Adjustments to reconcile net earnings to cash flows from operating activities:

 

  

 

  

Depreciation

 

20,358

 

18,935

Amortization of intangible assets

 

454

 

440

Equity compensation expense

 

5,252

 

3,901

Amortization of deferred financing costs

 

172

 

172

Deferred income taxes

 

(1,657)

 

2,231

Changes in operating assets and liabilities, net of acquisitions and dispositions:

 

  

 

  

Receivables, net

 

(16,218)

 

(16,617)

Inventories, net

 

(17,867)

 

46,083

Income tax receivable

(15)

(110)

Prepaid expenses and other current assets

 

(10,645)

 

(4,352)

Current liabilities

 

(939)

 

24,373

Other balance sheet changes

 

(2,286)

 

(5,999)

Cash provided by operating activities

$

90,629

$

148,985

Cash Flows From Investing Activities:

 

  

 

  

Purchases of property and equipment

 

(19,746)

 

(16,223)

Purchases of short-term investments

(70,000)

Proceeds from short-term investments

80,000

Other investing activities

 

(50)

 

(2,000)

Cash used in investing activities

$

(9,796)

$

(18,223)

Cash Flows From Financing Activities:

 

  

 

  

Repurchase of common stock

(72,680)

Proceeds from issuance of common stock

 

882

 

663

Repurchase of equity awards for employee tax withholding liabilities

 

(3,166)

 

(2,983)

Cash dividends paid

 

(17,829)

 

(13,353)

Other financing activities

 

(2,010)

 

(749)

Cash used in financing activities

$

(94,803)

$

(16,422)

Net change in cash and cash equivalents

$

(13,970)

$

114,340

Effect of foreign currency translation on cash and cash equivalents

 

380

 

36

Cash and cash equivalents at the beginning of year

 

44,859

 

66,013

Cash and cash equivalents at the end of period

$

31,269

$

180,389

See accompanying notes.

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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

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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 three smaller brands, including marketing and advertising execution, customer relationship management and analysis and other functions. The shared resources provide for operating efficiencies and enhanced knowledge sharing across the three brands.

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.

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Table of Contents

    

Second Quarter

First Half

    

Fiscal 2022

    

Fiscal 2021

    

Fiscal 2022

    

Fiscal 2021

Net sales

 

 

  

 

  

 

  

 

Tommy Bahama

$

243,965

$

208,833

$

472,032

$

365,531

Lilly Pulitzer

 

88,665

 

87,333

 

180,710

 

160,909

Emerging Brands

 

29,913

 

22,822

 

61,676

 

45,253

Lanier Apparel

 

 

8,492

 

 

20,511

Corporate and Other

 

887

 

1,192

 

1,593

 

2,230

Consolidated net sales

$

363,430

$

328,672

$

716,011

$

594,434

Depreciation and amortization

 

  

 

  

 

  

 

  

Tommy Bahama

$

6,916

$

6,866

$

13,534

$

13,906

Lilly Pulitzer

 

3,121

 

2,289

 

6,096

 

4,388

Emerging Brands

 

393

 

321

 

752

 

631

Lanier Apparel

 

 

25

 

 

61

Corporate and Other

 

192

 

191

 

430

 

389

Consolidated depreciation and amortization

$

10,622

$

9,692

$

20,812

$

19,375

Operating income (loss)

 

  

 

  

 

  

 

  

Tommy Bahama

$

58,918

$

47,324

$

111,524

$

67,984

Lilly Pulitzer

21,492

 

25,783

 

47,670

 

45,728

Emerging Brands

 

3,991

 

4,500

 

11,727

 

9,461

Lanier Apparel

 

 

850

 

 

1,705

Corporate and Other

 

(9,030)

 

(10,461)

 

(19,572)

 

(21,989)

Consolidated operating income

 

75,371

 

67,996

$

151,349

$

102,889

Interest expense, net

 

274

 

211

 

516

 

463

Earnings before income taxes

$

75,097

$

67,785

$

150,833

$

102,426

    

July 30, 2022

 

January 29, 2022

    

July 31, 2021

Assets

 

  

  

 

  

Tommy Bahama (1)

$

524,765

$

531,678

$

528,517

Lilly Pulitzer (2)

 

198,681

 

176,757

 

178,025

Emerging Brands (3)

 

76,368

 

66,825

 

49,719

Lanier Apparel (4)

 

 

207

 

7,679

Corporate and Other (5)

 

157,388

 

182,175

 

167,809

Consolidated Total Assets

$

957,202

$

957,642

$

931,749

(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.

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Second Quarter Fiscal 2022

 

    

Net Sales

    

Retail

    

E-commerce

    

Restaurant

    

Wholesale

    

Other

 

Tommy Bahama

$

243,965

 

48

%  

28

%  

11

%  

13

%  

%

Lilly Pulitzer

 

88,665

 

40

%  

43

%  

%  

17

%  

%

Emerging Brands

 

29,913

 

7

%  

46

%  

%  

47

%  

%

Lanier Apparel

 

 

%  

%  

%  

%  

%

Corporate and Other

 

887

 

%  

%  

%  

57

%  

43

%

Total

$

363,430

 

42

%  

33

%  

8

%  

17

%  

%

Second Quarter Fiscal 2021

 

    

Net Sales

    

Retail

    

E-commerce

    

Restaurant

    

Wholesale

    

Other

 

Tommy Bahama

$

208,833

 

48

%  

27

%  

12

%  

13

%  

%

Lilly Pulitzer

 

87,333

 

38

%  

46

%  

%  

16

%  

%

Emerging Brands

 

22,822

 

6

%  

41

%  

%  

53

%  

%

Lanier Apparel

 

8,492

 

%  

%  

%  

100

%  

%

Corporate and Other

 

1,192

 

%  

%  

%  

75

%  

25

%

Total

$

328,672

 

41

%  

32

%  

8

%  

19

%  

%

First Half 2022

 

    

Net Sales

    

Retail

    

Ecommerce

    

Restaurant

    

Wholesale

    

Other

 

Tommy Bahama

$

472,032

 

47

%  

24

%  

12

%  

17

%  

%

Lilly Pulitzer

 

180,710

 

37

%  

43

%  

%  

20

%  

%

Emerging Brands

 

61,676

 

6

%  

38

%  

%  

56

%  

%

Lanier Apparel

 

 

%  

%  

%  

%  

%

Corporate and Other

 

1,593

 

%  

%  

%  

51

%  

49

%

Consolidated net sales

$

716,011

 

41

%  

30

%  

8

%  

21

%  

%

    

First Half 2021

 

    

Net Sales

    

Retail

    

Ecommerce

    

Restaurant

    

Wholesale

    

Other

 

Tommy Bahama

$

365,531

 

45

%  

25

%  

14

%  

16

%  

%

Lilly Pulitzer

 

160,909

 

37

%  

44

%  

%  

19

%  

%

Emerging Brands

 

45,253

 

4

%  

38

%  

%  

58

%  

%

Lanier Apparel

 

20,511

 

%  

%  

%  

100

%  

%

Corporate and Other

 

2,230

 

%  

%  

%  

64

%  

36

%

Consolidated net sales

$

594,434

 

38

%  

30

%  

9

%  

23

%  

%

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

    

Fiscal 2022

    

Fiscal 2021

    

Fiscal 2022

    

Fiscal 2021

Retail

$

153,976

$

135,634

$

290,056

$

226,914

E-commerce

 

118,816

 

104,753

 

215,289

 

178,991

Restaurant

 

27,291

 

25,828

 

58,176

 

51,036

Wholesale

 

62,799

 

62,022

 

151,415

 

136,475

Other

 

548

 

435

 

1,075

 

1,018

Net sales

$

363,430

$

328,672

$

716,011

$

594,434

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An estimated sales return liability of $14 million, $11 million and $14 million for expected direct to consumer returns is classified in accrued expenses and other liabilities in our consolidated balance sheet as of July 30, 2022, January 29, 2022 and July 31, 2021, respectively. As of July 30, 2022, January 29, 2022 and July 31, 2021, prepaid expenses and other current assets included $5 million, $4 million and $5 million, respectively, representing the estimated value of inventory for expected direct to consumer and wholesale sales returns.

Substantially all amounts recognized in receivables, net represent trade receivables related to contracts with customers. In the ordinary course of our wholesale operations, we offer discounts, allowances and cooperative advertising support to and accept returns from certain of our wholesale customers for certain products. As of July 30, 2022, January 29, 2022 and July 31, 2021, reserve balances recorded as a reduction to receivables related to these items were $4 million, $3 million and $5 million, respectively. As of July 30, 2022, January 29, 2022 and July 31, 2021, our provision for credit losses related to receivables included in our consolidated balance sheets was $1 million, $1 million and $2 million, respectively. In both the First Half of Fiscal 2022 and the First Half of Fiscal 2021, provisions for credit losses expense included in our consolidated statement of operations and the write-offs of credit losses was less than $1 million.

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 $15 million, $16 million and $13 million as of July 30, 2022, January 29, 2022, and July 31, 2021, respectively.

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 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 the First Half of Fiscal 2022 operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset, was $28 million and variable lease expense was $19 million, resulting in total lease expense of $47 million compared to $47 million of total lease expense in the First Half of Fiscal 2021. Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Half of Fiscal 2022 was $35 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Half of Fiscal 2021 was $35 million.

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

$

29,556

2023

63,898

2024

50,814

2025

 

37,275

2026

 

29,689

2027

17,804

After 2027

 

30,781

Total lease payments

$

259,817

Less: Difference between discounted and undiscounted lease payments

 

26,606

Present value of lease liabilities

$

233,211

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5.    Income Taxes: Our effective income tax rate for the Second Quarter of Fiscal 2022 was 24.6% while our effective income tax rate for the Second Quarter of Fiscal 2021 was 24.1%. Our effective income tax rate for the First Half of Fiscal 2022 was 24.4% while our effective income tax rate for the First Half of Fiscal 2021 was 22.0%. The effective tax rate for both the First Half of Fiscal 2022 and the First Half of Fiscal 2021 benefitted from certain favorable items that resulted in a lower tax rate than a more typical annual effective tax rate of approximately 25%.

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 $2 million net reduction in uncertain tax positions resulting from the settlement of those uncertain tax position amounts in the First Quarter of Fiscal 2021.

6.    Shareholders’ Equity: In the First Half of Fiscal 2022, we repurchased 830,000 shares of our common stock for $73 million under our $100 million open market stock repurchase program after repurchasing 91,000 shares for $8 million in the Fourth Quarter of Fiscal 2021. These repurchases resulted in $19 million remaining under the existing open market repurchase program and $69 million remaining under our existing Board of Directors’ authorization as of July 30, 2022.

Additionally, subsequent to July 30, 2022 through September 1, 2022, we repurchased an additional 50,000 shares of our common stock for $5 million under the open market repurchase program resulting in $14 million remaining under the open market repurchase program as of September 1, 2022.

During both the First Quarter of Fiscal 2022 and the First Quarter of Fiscal 2021, we repurchased $3 million of shares from our employees to cover employee tax liabilities related to the vesting of shares of our common stock.

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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

    

$

16,889

    

$

156,508

    

$

235,995

    

$

(3,664)

    

$

405,728

Comprehensive income

 

 

 

28,468

 

391

 

28,859

Shares issued under equity plans

 

39

 

283

 

 

 

322

Compensation expense for equity awards

 

 

2,227

 

 

 

2,227

Repurchase of shares

 

(34)

 

(2,949)

 

 

 

(2,983)

Dividends declared

 

 

 

(6,252)

 

 

(6,252)

May 1, 2021

$

16,894

$

156,069

$

258,211

$

(3,273)

$

427,901

Comprehensive income

 

 

 

51,460

(462)

 

50,998

Shares issued under equity plans

 

1

 

341

 

 

 

342

Compensation expense for equity awards

 

 

1,673

 

 

 

1,673

Repurchase of shares

 

 

 

 

 

Dividends declared

 

 

 

(7,215)

 

 

(7,215)

July 31, 2021

$

16,895

$

158,083

$

302,456

$

(3,735)

$

473,699

Comprehensive income

 

 

 

25,985

 

654

 

26,639

Shares issued under equity plans

 

(4)

 

386

 

 

 

382

Compensation expense for equity awards

 

 

1,952

 

 

 

1,952

Repurchase of shares

 

 

 

 

 

Dividends declared

 

 

 

(7,203)

 

 

(7,203)

October 30, 2021

$

16,891

$

160,421

$

321,238

$

(3,081)

$

495,469

Comprehensive income