0000075288-22-000019 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 29, 2022	Dec. 02, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 29, 2022
Document Transition Report	false
Entity File Number	1-4365
Entity Registrant Name	OXFORD INDUSTRIES, INC.
Entity Incorporation, State or Country Code	GA
Entity Tax Identification Number	58-0831862
Entity Address, Address Line One	999 Peachtree Street, N.E.
Entity Address, Address Line Two	Suite 688
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30309
City Area Code	404
Local Phone Number	659-2424
Title of 12(b) Security	Common Stock
Trading Symbol	OXM
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		15,768,530
Entity Central Index Key	0000075288
Current Fiscal Year End Date	--01-28
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Current Assets
Cash and cash equivalents	$ 14,976	$ 44,859	$ 37,976
Short-term investments		164,890	150,036
Receivables, net	64,497	34,550	46,266
Inventories, net	171,639	117,709	90,981
Income tax receivable	19,740	19,728	18,085
Prepaid expenses and other current assets	28,643	18,599	23,609
Total Current Assets	299,495	400,335	366,953
Property and equipment, net	173,391	152,447	156,672
Intangible assets, net	287,626	155,307	155,527
Goodwill	116,268	23,869	23,909
Operating lease assets	237,078	195,100	200,508
Other assets, net	26,459	30,584	29,234
Total Assets	1,140,317	957,642	932,803
Current Liabilities
Accounts payable	72,932	80,753	64,709
Accrued compensation	36,150	30,345	32,744
Current portion of operating lease liabilities	62,349	61,272	58,287
Accrued expenses and other liabilities	58,964	53,796	51,432
Total Current Liabilities	230,395	226,166	207,172
Long-term debt	130,449
Non-current portion of operating lease liabilities	225,921	199,488	206,484
Other non-current liabilities	18,058	21,413	21,779
Deferred income taxes	2,455	2,911	1,899
Shareholders' Equity
Common stock, $1.00 par value per share	15,815	16,805	16,891
Additional paid-in capital	169,063	163,156	160,421
Retained earnings	351,731	331,175	321,238
Accumulated other comprehensive loss	(3,570)	(3,472)	(3,081)
Total Shareholders' Equity	533,039	507,664	495,469
Total Liabilities and Shareholders' Equity	$ 1,140,317	$ 957,642	$ 932,803

CONSOLIDATED BALANCE SHEETS CONDENSED (Parenthetical) - $ / shares	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 313,033	$ 247,729	$ 1,029,044	$ 842,163
Cost of goods sold	115,339	95,191	372,824	313,414
Gross profit	197,694	152,538	656,220	528,749
SG&A	175,027	137,505	495,574	420,997
Royalties and other operating income	4,648	15,574	18,018	25,744
Operating income	27,315	30,607	178,664	133,496
Interest expense, net	698	222	1,214	685
Earnings before income taxes	26,617	30,385	177,450	132,811
Income tax expense	6,951	4,400	43,764	26,898
Net earnings, basic	19,666	25,985	133,686	105,913
Net earnings, diluted	$ 19,666	$ 25,985	$ 133,686	$ 105,913
Net earnings per share:
Basic (in dollars per share)	$ 1.25	$ 1.56	$ 8.36	$ 6.37
Diluted (in dollars per share)	$ 1.22	$ 1.54	$ 8.19	$ 6.29
Weighted average shares outstanding:
Basic (in shares)	15,740	16,649	15,992	16,627
Diluted (in shares)	16,139	16,872	16,333	16,841
Dividends declared per share (in dollars per share)	$ 0.55	$ 0.42	$ 1.65	$ 1.21

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 19,666	$ 25,985	$ 133,686	$ 105,913
Other comprehensive income (loss), net of taxes:
Net foreign currency translation adjustment	(450)	654	(98)	583
Comprehensive income	$ 19,216	$ 26,639	$ 133,588	$ 106,496

- 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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021
Cash Flows From Operating Activities:
Net earnings	$ 133,686	$ 105,913
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation	31,126	28,592
Amortization of intangible assets	2,322	660
Equity compensation expense	7,796	5,854
Gain on sale of investment in unconsolidated entity		(11,586)
Amortization of deferred financing costs	258	258
Change in fair value of contingent consideration		786
Deferred income taxes	(456)	3,115
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net	(21,230)	(14,341)
Inventories, net	(31,332)	32,544
Income tax receivable	(12)	(109)
Prepaid expenses and other current assets	(5,644)	(3,238)
Current liabilities	(23,271)	10,361
Other balance sheet changes	(6,988)	(1,724)
Cash provided by operating activities	86,255	157,085
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired	(263,656)
Purchases of property and equipment	(32,331)	(25,132)
Purchases of short-term investments	(70,000)	(150,000)
Proceeds from short-term investments	234,837
Proceeds from sale of investment in unconsolidated entity		14,586
Other investing activities	1,450	(2,000)
Cash used in investing activities	(129,700)	(162,546)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(45,262)
Proceeds from revolving credit arrangements	175,711
Repurchase of common stock	(86,804)
Proceeds from issuance of common stock	1,263	1,044
Repurchase of equity awards for employee tax withholding liabilities	(3,166)	(2,983)
Cash dividends paid	(26,572)	(20,447)
Other financing activities	(2,010)	(749)
Cash provided by (used in) financing activities	13,160	(23,135)
Net change in cash and cash equivalents	(30,285)	(28,596)
Effect of foreign currency translation on cash and cash equivalents	402	559
Cash and cash equivalents at the beginning of year	44,859	66,013
Cash and cash equivalents at the end of period	$ 14,976	$ 37,976

Basis of Presentation

9 Months Ended

Oct. 29, 2022

Basis of Presentation

Basis of Presentation

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, as well as the acquisition of Johnny Was during the Third Quarter of Fiscal 2022.

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.

On September 19, 2022, we acquired the Johnny Was® lifestyle apparel brand and its related assets and operations, which is discussed in further detail in Note 7 of these unaudited condensed consolidated financial statements. Also, 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. Johnny Was in Fiscal 2022 and Lanier Apparel in Fiscal 2021 are each disclosed as separate operating groups in Note 2 of these unaudited condensed consolidated financial statements.

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 exceptionally strong consumer demand, along with the strength of our brands, resulted in record earnings for us during Fiscal 2021 and the First Nine Months of Fiscal 2022. The strong earnings in recent periods are despite certain challenges in the retail apparel market, including labor shortages, supply chain disruptions and product and operating cost increases in Fiscal 2021 and Fiscal 2022. We, as well as others in our industry, have increased prices to attempt to offset inflationary pressures.

There can be no assurance that the strong consumer demand of Fiscal 2021 and Fiscal 2022 will continue for our business or the broader retail apparel market. There remains significant uncertainty in the macroeconomic environment as to the impact of changing consumer discretionary spending habits, recent supply chain and other business disruptions, ongoing operating cost increases and other inflationary pressures, rising interest rates, the duration and severity of the pandemic and general economic conditions. Thus, the ultimate impact of these items on our business remains uncertain at this time.

Operating Group Information

9 Months Ended

Oct. 29, 2022

Operating Group Information

Operating Group Information

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 allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable. With our acquisition of Johnny Was on September 19, 2022, our business is organized as our Tommy Bahama, Lilly Pulitzer, Johnny Was and Emerging Brands operating groups. Results for periods prior to Fiscal 2022 also include the Lanier Apparel operating group, which we exited in Fiscal 2021.

Tommy Bahama, Lilly Pulitzer and Johnny Was each design, source, market and distribute apparel and related products bearing their respective trademarks and may license their trademarks for other product categories. The Emerging Brands operating group, which was organized in Fiscal 2022, 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.

Each of the smaller brands included in Emerging Brands designs, sources, markets and distributes apparel and related products bearing its respective trademarks and is supported by Oxford’s emerging brands team that provides certain support functions to the 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 our smaller 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 exited in Fiscal 2022.

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


	Third Quarter				First Nine Months
	Fiscal 2022		Fiscal 2021		Fiscal 2022		Fiscal 2021
Net sales
Tommy Bahama	$	178,645	$	148,454	$	650,677	$	513,985
Lilly Pulitzer		84,053		72,157		264,763		233,066
Johnny Was ⁽¹⁾		22,661		—		22,661		—
Emerging Brands		26,912		22,082		88,588		67,336
Lanier Apparel		—		4,232		—		24,743
Corporate and Other		762		804		2,355		3,033
Consolidated net sales	$	313,033	$	247,729	$	1,029,044	$	842,163

Depreciation and amortization
Tommy Bahama	$	6,576	$	6,895	$	20,110	$	20,801
Lilly Pulitzer		3,288		2,445		9,384		6,833
Johnny Was ⁽¹⁾		2,184		—		2,184		—
Emerging Brands		391		324		1,143		955
Lanier Apparel		—		27		—		88
Corporate and Other		197		186		627		575
Consolidated depreciation and amortization	$	12,636	$	9,877	$	33,448	$	29,252

Operating income (loss)
Tommy Bahama	$	18,984	$	5,531	$	130,508	$	73,515
Lilly Pulitzer		12,688		15,985		60,358		61,713
Johnny Was ⁽¹⁾		117		—		117		—
Emerging Brands		3,729		4,103		15,456		13,565
Lanier Apparel		—		348		—		2,053
Corporate and Other		(8,203)		4,640		(27,775)		(17,350)
Consolidated operating income		27,315		30,607	$	178,664	$	133,496
Interest expense, net		698		222		1,214		685
Earnings before income taxes	$	26,617	$	30,385	$	177,450	$	132,811


	October 29, 2022		January 29, 2022		October 30, 2021
Assets
Tommy Bahama ⁽²⁾	$	544,947	$	531,678	$	531,534
Lilly Pulitzer ⁽³⁾		192,609		176,757		173,104
Johnny Was ⁽⁴⁾		350,212		—		—
Emerging Brands ⁽⁵⁾		83,280		66,825		54,532
Lanier Apparel⁽⁶⁾		—		207		3,261
Corporate and Other⁽⁷⁾		(30,731)		182,175		170,372
Consolidated Total Assets	$	1,140,317	$	957,642	$	932,803

(1)	Amount included for Johnny Was represents the post-acquisition period only.

(2)	Increase in Tommy Bahama total assets from October 30, 2021 includes increases in inventories and receivables partially offset by reductions in non-current assets, including operating lease assets and property and equipment.

(3)	Increase in Lilly Pulitzer total assets from October 30, 2021 includes increases in inventories and property and equipment partially offset by reductions in operating lease assets.

(4)	The Johnny Was business was acquired on September 19, 2022.

(5)	Increase in Emerging Brands total assets from October 30, 2021 includes increases in inventories and non-current assets, including operating lease assets and property and equipment.

(6)	Decrease in Lanier Apparel total assets from October 30, 2021 is due to the exit of the Lanier Apparel business during Fiscal 2021.

(7)

Decrease in Corporate and Other total assets from October 30, 2021 includes reductions in short-term investments, cash and cash equivalents, which were used to fund a portion of the acquisition purchase price for Johnny Was, and reductions in inventories, which was primarily due to the change in the LIFO reserve, and reductions in other non-current assets.

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 quarter or nine month period presented, except that the amounts included for Johnny Was represent the post-acquisition period only. We have calculated all percentages below based on actual data, and percentages may not add to 100 due to rounding.


	Third Quarter Fiscal 2022
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	178,645	44	%	20	%	13	%	23	%	—	%
Lilly Pulitzer		84,053	27	%	62	%	—	%	11	%	—	%
Johnny Was ⁽¹⁾		22,661	38	%	41	%	—	%	21	%	—	%
Emerging Brands		26,912	5	%	40	%	—	%	55	%	—	%
Lanier Apparel		—	—	%	—	%	—	%	—	%	—	%
Corporate and Other		762	—	%	—	%	—	%	47	%	53	%
Total	$	313,033	36	%	34	%	7	%	22	%	—	%


	Third Quarter Fiscal 2021
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	148,454	47	%	22	%	13	%	18	%	—	%
Lilly Pulitzer		72,157	31	%	58	%	—	%	11	%	—	%
Johnny Was		—	—	%	—	%	—		—	%	—	%
Emerging Brands		22,082	4	%	34	%	—	%	62	%	—	%
Lanier Apparel		4,232	—	%	—	%	—	%	100	%	—	%
Corporate and Other		804	—	%	—	%	—	%	67	%	33	%
Total	$	247,729	37	%	33	%	8	%	21	%	—	%


	First Nine Months 2022
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	650,677	46	%	23	%	12	%	19	%	—	%
Lilly Pulitzer		264,763	34	%	49	%	—	%	17	%	—	%
Johnny Was ⁽¹⁾		22,661	38	%	41	%	—	%	21	%	—	%
Emerging Brands		88,588	5	%	39	%	—	%	56	%	—	%
Lanier Apparel		—	—	%	—	%	—	%	—	%	—	%
Corporate and Other		2,355	—	%	—	%	—	%	50	%	50	%
Consolidated net sales	$	1,029,044	39	%	31	%	8	%	21	%	—	%


	First Nine Months 2021
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	513,985	46	%	24	%	14	%	16	%	—	%
Lilly Pulitzer		233,066	35	%	48	%	—	%	17	%	—	%
Johnny Was		—	—	%	—	%	—	%	—	%	—	%
Emerging Brands		67,336	4	%	37	%	—	%	59	%	—	%
Lanier Apparel		24,743	—	%	—	%	—	%	100	%	—	%
Corporate and Other		3,033	—	%	—	%	—	%	65	%	35	%
Consolidated net sales	$	842,163	38	%	31	%	8	%	22	%	—	%

(1)

Amount included for Johnny Was represents the period from September 19, 2022 through October 29, 2022 only.

- 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
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+ Details

Revenue Recognition and Receivables

9 Months Ended

Oct. 29, 2022

Revenue Recognition and Receivables

Revenue Recognition and Receivables

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.


	Third Quarter				First Nine Months
	Fiscal 2022		Fiscal 2021		Fiscal 2022		Fiscal 2021
Retail	$	112,344	$	92,579	$	402,400	$	319,493
E-commerce		107,756		82,402		323,045		261,393
Restaurant		23,157		19,748		81,333		70,784
Wholesale		69,292		52,658		220,707		189,133
Other		484		342		1,559		1,360
Net sales	$	313,033	$	247,729	$	1,029,044	$	842,163

An estimated sales return liability of $9 million, $11 million and $7 million for expected direct to consumer returns is classified in accrued expenses and other liabilities in our consolidated balance sheet as of October 29, 2022, January 29, 2022 and October 30, 2021, respectively. As of October 29, 2022, January 29, 2022 and October 30, 2021, prepaid expenses and other current assets included $4 million, $4 million and $3 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 October 29, 2022, January 29, 2022 and October 30, 2021, reserve balances recorded as a reduction to receivables related to these items were $5 million, $3 million and $5 million, respectively. As of October 29, 2022, January 29, 2022 and October 30, 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 Nine Months of Fiscal 2022 and the First Nine Months of Fiscal 2021, provisions for credit losses expense included in our consolidated statement of operations and the write-offs of credit losses were 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 $17 million, $16 million and $14 million as of October 29, 2022, January 29, 2022, and October 30, 2021, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Leases

9 Months Ended

Oct. 29, 2022

Leases

Leases

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 Nine Months of Fiscal 2022 operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset, was $43 million and variable lease expense was $31 million, resulting in total lease expense of $75 million compared to $70 million of total lease expense in the First Nine Months of Fiscal 2021. Cash paid for lease amounts included in the measurement of operating lease liabilities in the

First Nine Months of Fiscal 2022 was $53 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Nine Months of Fiscal 2021 was $53 million.

As of October 29, 2022, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):


	Operating lease
Remainder of 2022	$	15,300
2023		79,865
2024		63,653
2025		47,707
2026		40,493
2027		27,146
After 2027		52,525
Total lease payments	$	326,689
Less: Difference between discounted and undiscounted lease payments		38,419
Present value of lease liabilities	$	288,270

Income Taxes

9 Months Ended

Oct. 29, 2022

Income Taxes

Income Taxes

5. Income Taxes: Our effective income tax rate for the Third Quarter of Fiscal 2022 was 26.1% while our effective income tax rate for the Third Quarter of Fiscal 2021 was 14.5%. Our effective income tax rate for the First Nine Months of Fiscal 2022 was 24.7% while our effective income tax rate for the First Nine Months of Fiscal 2021 was 20.3%. The effective tax rate for both the First Nine Months of Fiscal 2022 and the First Nine Months 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% to 26%.

The income tax expense in both the First Nine Months of Fiscal 2022 and the First Nine Months 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 Nine Months 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 and the utilization of benefits associated with certain capital losses to substantially offset the gain recognized on the sale of an unconsolidated entity in the Third Quarter of Fiscal 2021.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Shareholders' Equity

9 Months Ended

Oct. 29, 2022

Shareholders' Equity

Shareholders' Equity

6. Shareholders’ Equity: In the First Nine Months of Fiscal 2022, we repurchased 976,000 shares of our common stock for $87 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 $5 million remaining under the existing open market repurchase program and $55 million remaining under our existing Board of Directors’ authorization as of October 29, 2022. Additionally, subsequent to October 29, 2022, we repurchased an additional 47,000 shares of our common stock for $5 million under the open market repurchase program resulting in no amounts remaining under the open market repurchase program as of December 8, 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.

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		—		—		25,408		(391)		25,017
Shares issued under equity plans		5		401		—		—		406
Compensation expense for equity awards		—		2,334		—		—		2,334
Repurchase of shares		(91)		—		(8,268)		—		(8,359)
Dividends declared		—		—		(7,203)		—		(7,203)
January 29, 2022	$	16,805	$	163,156	$	331,175	$	(3,472)	$	507,664


	First Nine Months Fiscal 2022
	Common Stock		APIC		Retained Earnings		AOCI		Total
January 29, 2022	$	16,805	$	163,156	$	331,175	$	(3,472)	$	507,664
Comprehensive income		—		—		57,408		477		57,885
Shares issued under equity plans		5		387		—		—		392
Compensation expense for equity awards		—		2,725		—		—		2,725
Repurchase of shares		(526)		(3,131)		(42,375)		—		(46,032)
Dividends declared		—		—		(9,214)		—		(9,214)
April 30, 2022	$	16,284	$	163,137	$	336,994	$	(2,995)	$	513,420
Comprehensive income		—		—		56,612		(125)		56,487
Shares issued under equity plans		15		475		—		—		490
Compensation expense for equity awards		—		2,527		—		—		2,527
Repurchase of shares		(339)		—		(29,475)		—		(29,814)
Dividends declared		—		—		(9,094)		—		(9,094)
July 30, 2022	$	15,960	$	166,139	$	355,037	$	(3,120)	$	534,016
Comprehensive income		—		—		19,666		(450)		19,216
Shares issued under equity plans		1		379		—		—		380
Compensation expense for equity awards				2,545		—		—		2,545
Repurchase of shares		(146)		—		(13,977)		—		(14,123)
Dividends declared		—		—		(8,995)		—		(8,995)
October 29, 2022	$	15,815	$	169,063	$	351,731	$	(3,570)	$	533,039

During the First Quarter of Fiscal 2022, we granted 0.1 million service-based restricted share units, subject to the recipient remaining an employee through the May 2025 vesting date. Additionally, during the First Quarter of Fiscal 2022, we granted 0.1 million total shareholder return-based (“TSR-based”) restricted share units at target subject to (1) our achievement of a specified TSR-based ranking by Oxford relative to a comparator group during a period of approximately three years from the date of grant and (2) the recipient remaining an employee through the May 2025 vesting date. The number of shares ultimately earned for the TSR-based restricted share units will be between 0% and 200% of the restricted share units at target. Neither the service-based or TSR-based restricted share units are included in the table above as the awards are not outstanding shares.

Both the service-based and TSR-based restricted share units are entitled to dividend equivalents for dividends declared on our common stock during the vesting period, with the dividend equivalents for the service-based restricted share units payable at the time of the payment of the respective dividend and the dividend equivalents for the TSR-based restricted share units payable after vesting of the restricted shares solely attributable to the number of shares actually earned. Neither the service-based or TSR-based restricted share units have any voting rights during the vesting period. Both the service-based and TSR-based restricted share units granted during the First Quarter of Fiscal 2022 include certain clauses related to accelerated vesting upon the occurrence of qualifying retirement, death or disability of the employee prior to the vesting date. Our stock incentive plans are described in Note 8 to our consolidated financial statements included in our Fiscal 2021 Form 10-K.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Business Combinations

9 Months Ended

Oct. 29, 2022

Business Combinations

Business Combinations

7. Business Combinations: On September 19, 2022, we acquired 100% of the ownership interests in JW Holdings, LLC and its subsidiaries (collectively “Johnny Was”). Johnny Was owns the Johnny Was California lifestyle brand and its related operations including the design, sourcing, marketing and distribution of collections of affordable luxury, artisan-inspired bohemian apparel, accessories and home goods. Johnny Was products are sold through the Johnny Was website and retail stores as well as select department stores and specialty stores. Information about the operating results of Johnny Was from the acquisition date through the end of the fiscal quarter are included in the operating group information included in Note 2.

The purchase price for the acquisition of Johnny Was totaled $270 million in cash, subject to adjustment based on net working capital as of the closing date of the acquisition. After giving effect to the preliminary estimated working capital adjustment, which we expect to finalize near the end of the fiscal year, the purchase price paid at closing was $271 million, including acquired cash of $7 million. We used cash and short-term investments on hand and borrowings under our Fourth Amended and Restated Credit Agreement (as amended, the “U.S. Revolving Credit Agreement”) to fund the transaction. There are no contingent consideration arrangements associated with this transaction. Transaction and integration costs related to this acquisition, which primarily consist of representation and warranty insurance, integration costs, due diligence costs, legal fees and other costs, total approximately $3 million as of October 29, 2022 and are included in SG&A in our consolidated statements of operations in the First Nine Months of Fiscal 2022. These costs are included in Corporate and Other in Note 2. We may incur additional integration costs in future periods.

Our allocation of the purchase price to the estimated fair values of the acquired assets and liabilities, including intangible assets, customer relationships, operating lease amounts, property and equipment, working capital amounts and other amounts, is preliminary. The allocation of purchase price will be revised during the one year allocation period, as appropriate, as we obtain new information about the fair values of these assets and liabilities as of the acquisition date and finalize our valuation estimates. Changes in future periods to the amounts allocated to the various assets and liabilities could be material. The following table summarizes our preliminary allocation of the purchase price for the Johnny Was acquisition (in thousands):


	Johnny Was acquisition
Cash and cash equivalents	$	7,288
Receivables		10,258
Inventories ⁽¹⁾		23,283
Prepaid expenses		4,417
Property and equipment		21,212
Intangible assets		134,640
Goodwill		92,457
Operating lease assets		54,485
Other non-current assets		656
Accounts payable, accrued expenses and other liabilities		(30,743)
Non-current portion of operating lease liabilities		(47,009)
Purchase price	$	270,944

(1)

Includes a preliminary estimate for the step-up of acquired inventory from cost to fair value of $4 million pursuant to the purchase method of accounting. This step-up amount will be recognized in cost of goods sold as the acquired inventory is sold, including $1 million recognized in our consolidated statement of operations in the Third Quarter of Fiscal 2022. The remainder of the step-up is expected to be recognized in the Fourth Quarter of Fiscal 2022.

Goodwill, which is expected be deductible for federal income tax purposes, represents the amount by which the cost to acquire Johnny Was exceeds the fair value of individual acquired assets less liabilities of the business at acquisition. Intangible assets allocated in connection with our preliminary purchase price allocation consisted of the following (in thousands):


		Johnny Was
	Useful life	acquisition
Finite lived intangible assets acquired, primarily consisting of customer relationships	8 - 13 years	$	56,740
Trade names and trademarks	Indefinite		77,900
		$	134,640

The consolidated pro forma information presented below (in thousands, except per share data) gives effect to the September 19, 2022 acquisition of Johnny Was as if the acquisition had occurred as of the beginning of Fiscal 2021. The information presented below is for illustrative purposes only, is not indicative of results that would have been achieved if the acquisition had occurred as of the beginning of Fiscal 2021 and is not intended to be a projection of future results of operations. The consolidated pro forma information has been prepared from the Johnny Was and our historical statements of operations for the periods presented, including without limitation, purchase accounting adjustments, but excluding any seller specific management/advisory or similar expenses and any synergies or operating cost reductions that may be achieved from the combined operations in the future.


	Third Quarter				First Nine Months
	Fiscal 2022		Fiscal 2021		Fiscal 2022		Fiscal 2021
Net sales	$	344,058	$	294,416	$	1,163,889	$	976,718
Earnings before income taxes	$	36,085	$	33,424	$	198,341	$	135,889
Net earnings	$	26,767	$	28,264	$	149,354	$	108,221
Earnings per share:
Basic	$	1.70	$	1.70	$	9.34	$	6.51
Diluted	$	1.66	$	1.68	$	9.14	$	6.43

The Third Quarter of Fiscal 2022 and the First Nine Months of Fiscal 2022, as well as the Third Quarter of Fiscal 2021, pro forma information above includes amortization of acquired intangible assets, but excludes the transaction expenses associated with the transaction and the incremental cost of goods sold associated with the step-up of inventory at acquisition that will be recognized by us in our Fiscal 2022 consolidated statement of operations. The

First Nine Months of Fiscal 2021 pro forma information above includes amortization of acquired intangible assets, transaction expenses and integration costs associated with the transaction and incremental cost of goods sold associated with the step-up of inventory at acquisition. Additionally, the pro forma adjustments for each period prior to the date of acquisition reflect an estimate of incremental interest expense associated with additional borrowings and income tax expense that would have been incurred subsequent to the acquisition.

We believe that the acquisition of Johnny Was further advances our strategic goal of owning a diversified portfolio of lifestyle brands. The acquisition provides strategic benefits through growth opportunities and further diversification of our business.

Debt	9 Months Ended
Debt	Oct. 29, 2022
Debt
Debt	8. Debt: As of October 29, 2022, January 29, 2022 and October 30, 2021, we had $130 million, $0 million and $0 million outstanding under our U.S. Revolving Credit Agreement, with the increase in borrowings primarily due to the acquisition of Johnny Was as discussed above. As of October 29, 2022, January 29, 2022 and October 30, 2021, we had $160 million, $322 million and $322 million in unused availability under the U.S. Revolving Credit Agreement, subject to certain limitations on borrowings. The details of our U.S. Revolving Credit Agreement, which matures in July 2024, are described in Note 5 to our consolidated financial statements included in our Fiscal 2021 Form 10-K.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Oct. 29, 2022
Subsequent Event
Subsequent Event	9. Subsequent Event: On November 14, 2022, we invested $8 million for a minority ownership interest in the Miramonte Resort & Spa in Indian Wells, California. The property will be converted into the Tommy Bahama Miramonte Resort & Spa, with an anticipated completion date in late 2023. A national commercial and hospitality real estate company and its subsidiaries are the property manager and development project manager. Additionally, we entered into a licensing agreement pursuant to which we will earn certain royalty payments based on the revenues of the Tommy Bahama Miramonte Resort & Spa.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Oct. 29, 2022
Basis of Presentation
Basis of Presentation	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, as well as the acquisition of Johnny Was during the Third Quarter of Fiscal 2022. 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. On September 19, 2022, we acquired the Johnny Was® lifestyle apparel brand and its related assets and operations, which is discussed in further detail in Note 7 of these unaudited condensed consolidated financial statements. Also, 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. Johnny Was in Fiscal 2022 and Lanier Apparel in Fiscal 2021 are each disclosed as separate operating groups in Note 2 of these unaudited condensed consolidated financial statements.
Recently Issued Accounting Standards Applicable to Future Periods	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	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 exceptionally strong consumer demand, along with the strength of our brands, resulted in record earnings for us during Fiscal 2021 and the First Nine Months of Fiscal 2022. The strong earnings in recent periods are despite certain challenges in the retail apparel market, including labor shortages, supply chain disruptions and product and operating cost increases in Fiscal 2021 and Fiscal 2022. We, as well as others in our industry, have increased prices to attempt to offset inflationary pressures. There can be no assurance that the strong consumer demand of Fiscal 2021 and Fiscal 2022 will continue for our business or the broader retail apparel market. There remains significant uncertainty in the macroeconomic environment as to the impact of changing consumer discretionary spending habits, recent supply chain and other business disruptions, ongoing operating cost increases and other inflationary pressures, rising interest rates, the duration and severity of the pandemic and general economic conditions. Thus, the ultimate impact of these items on our business remains uncertain at this time.

Operating Group Information (Tables)

9 Months Ended

Oct. 29, 2022

Operating Group Information

Schedule of financial information by operating group

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


	Third Quarter				First Nine Months
	Fiscal 2022		Fiscal 2021		Fiscal 2022		Fiscal 2021
Net sales
Tommy Bahama	$	178,645	$	148,454	$	650,677	$	513,985
Lilly Pulitzer		84,053		72,157		264,763		233,066
Johnny Was ⁽¹⁾		22,661		—		22,661		—
Emerging Brands		26,912		22,082		88,588		67,336
Lanier Apparel		—		4,232		—		24,743
Corporate and Other		762		804		2,355		3,033
Consolidated net sales	$	313,033	$	247,729	$	1,029,044	$	842,163

Depreciation and amortization
Tommy Bahama	$	6,576	$	6,895	$	20,110	$	20,801
Lilly Pulitzer		3,288		2,445		9,384		6,833
Johnny Was ⁽¹⁾		2,184		—		2,184		—
Emerging Brands		391		324		1,143		955
Lanier Apparel		—		27		—		88
Corporate and Other		197		186		627		575
Consolidated depreciation and amortization	$	12,636	$	9,877	$	33,448	$	29,252

Operating income (loss)
Tommy Bahama	$	18,984	$	5,531	$	130,508	$	73,515
Lilly Pulitzer		12,688		15,985		60,358		61,713
Johnny Was ⁽¹⁾		117		—		117		—
Emerging Brands		3,729		4,103		15,456		13,565
Lanier Apparel		—		348		—		2,053
Corporate and Other		(8,203)		4,640		(27,775)		(17,350)
Consolidated operating income		27,315		30,607	$	178,664	$	133,496
Interest expense, net		698		222		1,214		685
Earnings before income taxes	$	26,617	$	30,385	$	177,450	$	132,811


	October 29, 2022		January 29, 2022		October 30, 2021
Assets
Tommy Bahama ⁽²⁾	$	544,947	$	531,678	$	531,534
Lilly Pulitzer ⁽³⁾		192,609		176,757		173,104
Johnny Was ⁽⁴⁾		350,212		—		—
Emerging Brands ⁽⁵⁾		83,280		66,825		54,532
Lanier Apparel⁽⁶⁾		—		207		3,261
Corporate and Other⁽⁷⁾		(30,731)		182,175		170,372
Consolidated Total Assets	$	1,140,317	$	957,642	$	932,803

(1)	Amount included for Johnny Was represents the post-acquisition period only.

(2)	Increase in Tommy Bahama total assets from October 30, 2021 includes increases in inventories and receivables partially offset by reductions in non-current assets, including operating lease assets and property and equipment.

(3)	Increase in Lilly Pulitzer total assets from October 30, 2021 includes increases in inventories and property and equipment partially offset by reductions in operating lease assets.

(4)	The Johnny Was business was acquired on September 19, 2022.

(5)	Increase in Emerging Brands total assets from October 30, 2021 includes increases in inventories and non-current assets, including operating lease assets and property and equipment.

(6)	Decrease in Lanier Apparel total assets from October 30, 2021 is due to the exit of the Lanier Apparel business during Fiscal 2021.

(7)

Schedule of net sales by operating group


	Third Quarter Fiscal 2022
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	178,645	44	%	20	%	13	%	23	%	—	%
Lilly Pulitzer		84,053	27	%	62	%	—	%	11	%	—	%
Johnny Was ⁽¹⁾		22,661	38	%	41	%	—	%	21	%	—	%
Emerging Brands		26,912	5	%	40	%	—	%	55	%	—	%
Lanier Apparel		—	—	%	—	%	—	%	—	%	—	%
Corporate and Other		762	—	%	—	%	—	%	47	%	53	%
Total	$	313,033	36	%	34	%	7	%	22	%	—	%


	Third Quarter Fiscal 2021
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	148,454	47	%	22	%	13	%	18	%	—	%
Lilly Pulitzer		72,157	31	%	58	%	—	%	11	%	—	%
Johnny Was		—	—	%	—	%	—		—	%	—	%
Emerging Brands		22,082	4	%	34	%	—	%	62	%	—	%
Lanier Apparel		4,232	—	%	—	%	—	%	100	%	—	%
Corporate and Other		804	—	%	—	%	—	%	67	%	33	%
Total	$	247,729	37	%	33	%	8	%	21	%	—	%


	First Nine Months 2022
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	650,677	46	%	23	%	12	%	19	%	—	%
Lilly Pulitzer		264,763	34	%	49	%	—	%	17	%	—	%
Johnny Was ⁽¹⁾		22,661	38	%	41	%	—	%	21	%	—	%
Emerging Brands		88,588	5	%	39	%	—	%	56	%	—	%
Lanier Apparel		—	—	%	—	%	—	%	—	%	—	%
Corporate and Other		2,355	—	%	—	%	—	%	50	%	50	%
Consolidated net sales	$	1,029,044	39	%	31	%	8	%	21	%	—	%


	First Nine Months 2021
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	513,985	46	%	24	%	14	%	16	%	—	%
Lilly Pulitzer		233,066	35	%	48	%	—	%	17	%	—	%
Johnny Was		—	—	%	—	%	—	%	—	%	—	%
Emerging Brands		67,336	4	%	37	%	—	%	59	%	—	%
Lanier Apparel		24,743	—	%	—	%	—	%	100	%	—	%
Corporate and Other		3,033	—	%	—	%	—	%	65	%	35	%
Consolidated net sales	$	842,163	38	%	31	%	8	%	22	%	—	%

(1)

Amount included for Johnny Was represents the period from September 19, 2022 through October 29, 2022 only.

Revenue Recognition and Receivables (Tables)

9 Months Ended

Oct. 29, 2022

Revenue Recognition and Receivables

Schedule of net sales by distribution channel

The table below quantifies net sales by distribution channel (in thousands) for each period presented.


	Third Quarter				First Nine Months
	Fiscal 2022		Fiscal 2021		Fiscal 2022		Fiscal 2021
Retail	$	112,344	$	92,579	$	402,400	$	319,493
E-commerce		107,756		82,402		323,045		261,393
Restaurant		23,157		19,748		81,333		70,784
Wholesale		69,292		52,658		220,707		189,133
Other		484		342		1,559		1,360
Net sales	$	313,033	$	247,729	$	1,029,044	$	842,163

Leases (Tables)

9 Months Ended

Oct. 29, 2022

Leases

Schedule of lease liability payments

As of October 29, 2022, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):


	Operating lease
Remainder of 2022	$	15,300
2023		79,865
2024		63,653
2025		47,707
2026		40,493
2027		27,146
After 2027		52,525
Total lease payments	$	326,689
Less: Difference between discounted and undiscounted lease payments		38,419
Present value of lease liabilities	$	288,270

Shareholders' Equity (Tables)

9 Months Ended

Oct. 29, 2022

Shareholders' Equity

Schedule of stockholders equity


	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		—		—		25,408		(391)		25,017
Shares issued under equity plans		5		401		—		—		406
Compensation expense for equity awards		—		2,334		—		—		2,334
Repurchase of shares		(91)		—		(8,268)		—		(8,359)
Dividends declared		—		—		(7,203)		—		(7,203)
January 29, 2022	$	16,805	$	163,156	$	331,175	$	(3,472)	$	507,664


	First Nine Months Fiscal 2022
	Common Stock		APIC		Retained Earnings		AOCI		Total
January 29, 2022	$	16,805	$	163,156	$	331,175	$	(3,472)	$	507,664
Comprehensive income		—		—		57,408		477		57,885
Shares issued under equity plans		5		387		—		—		392
Compensation expense for equity awards		—		2,725		—		—		2,725
Repurchase of shares		(526)		(3,131)		(42,375)		—		(46,032)
Dividends declared		—		—		(9,214)		—		(9,214)
April 30, 2022	$	16,284	$	163,137	$	336,994	$	(2,995)	$	513,420
Comprehensive income		—		—		56,612		(125)		56,487
Shares issued under equity plans		15		475		—		—		490
Compensation expense for equity awards		—		2,527		—		—		2,527
Repurchase of shares		(339)		—		(29,475)		—		(29,814)
Dividends declared		—		—		(9,094)		—		(9,094)
July 30, 2022	$	15,960	$	166,139	$	355,037	$	(3,120)	$	534,016
Comprehensive income		—		—		19,666		(450)		19,216
Shares issued under equity plans		1		379		—		—		380
Compensation expense for equity awards				2,545		—		—		2,545
Repurchase of shares		(146)		—		(13,977)		—		(14,123)
Dividends declared		—		—		(8,995)		—		(8,995)
October 29, 2022	$	15,815	$	169,063	$	351,731	$	(3,570)	$	533,039

Business Combinations (Tables)

9 Months Ended

Oct. 29, 2022

Business Combinations

Summary of our preliminary allocation of the purchase price


	Johnny Was acquisition
Cash and cash equivalents	$	7,288
Receivables		10,258
Inventories ⁽¹⁾		23,283
Prepaid expenses		4,417
Property and equipment		21,212
Intangible assets		134,640
Goodwill		92,457
Operating lease assets		54,485
Other non-current assets		656
Accounts payable, accrued expenses and other liabilities		(30,743)
Non-current portion of operating lease liabilities		(47,009)
Purchase price	$	270,944

(1)

Summary of Intangible assets allocated in connection with our preliminary purchase price allocation


		Johnny Was
	Useful life	acquisition
Finite lived intangible assets acquired, primarily consisting of customer relationships	8 - 13 years	$	56,740
Trade names and trademarks	Indefinite		77,900
		$	134,640

Schedule of pro forma statements of operations

Schedule of pro forma statements of operations


	Third Quarter				First Nine Months
	Fiscal 2022		Fiscal 2021		Fiscal 2022		Fiscal 2021
Net sales	$	344,058	$	294,416	$	1,163,889	$	976,718
Earnings before income taxes	$	36,085	$	33,424	$	198,341	$	135,889
Net earnings	$	26,767	$	28,264	$	149,354	$	108,221
Earnings per share:
Basic	$	1.70	$	1.70	$	9.34	$	6.51
Diluted	$	1.66	$	1.68	$	9.14	$	6.43

Operating Group Information - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Operating groups
Net sales	$ 313,033	$ 247,729	$ 1,029,044	$ 842,163
Depreciation and amortization	12,636	9,877	33,448	29,252
Operating income (loss)	27,315	30,607	178,664	133,496
Interest expense, net	698	222	1,214	685
Earnings before income taxes	26,617	30,385	177,450	132,811
Corporate and Other
Operating groups
Net sales	762	804	2,355	3,033
Depreciation and amortization	197	186	627	575
Operating income (loss)	(8,203)	4,640	(27,775)	(17,350)
Tommy Bahama \| Operating Segments
Operating groups
Net sales	178,645	148,454	650,677	513,985
Depreciation and amortization	6,576	6,895	20,110	20,801
Operating income (loss)	18,984	5,531	130,508	73,515
Lilly Pulitzer \| Operating Segments
Operating groups
Net sales	84,053	72,157	264,763	233,066
Depreciation and amortization	3,288	2,445	9,384	6,833
Operating income (loss)	12,688	15,985	60,358	61,713
Johnny Was \| Operating Segments
Operating groups
Net sales	22,661		22,661
Depreciation and amortization	2,184		2,184
Operating income (loss)	117		117
Emerging Brands \| Operating Segments
Operating groups
Net sales	26,912	22,082	88,588	67,336
Depreciation and amortization	391	324	1,143	955
Operating income (loss)	$ 3,729	4,103	$ 15,456	13,565
Lanier Apparel \| Operating Segments
Operating groups
Net sales		4,232		24,743
Depreciation and amortization		27		88
Operating income (loss)		$ 348		$ 2,053

Operating Group Information - Assets (Details) - USD ($) $ in Thousands	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Operating groups
Assets	$ 1,140,317	$ 957,642	$ 932,803
Corporate and Other
Operating groups
Assets	(30,731)	182,175	170,372
Tommy Bahama \| Operating Segments
Operating groups
Assets	544,947	531,678	531,534
Lilly Pulitzer \| Operating Segments
Operating groups
Assets	192,609	176,757	173,104
Johnny Was [Member] \| Operating Segments
Operating groups
Assets	350,212
Emerging Brands \| Operating Segments
Operating groups
Assets	$ 83,280	66,825	54,532
Lanier Apparel \| Operating Segments
Operating groups
Assets		$ 207	$ 3,261

- 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
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+ Details

Operating Group Information - Sales by operating group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Operating groups
Net sales	$ 313,033	$ 247,729	$ 1,029,044	$ 842,163
Operating Segments \| Tommy Bahama
Operating groups
Net sales	178,645	148,454	650,677	513,985
Operating Segments \| Lilly Pulitzer
Operating groups
Net sales	84,053	72,157	264,763	233,066
Operating Segments \| Johnny Was
Operating groups
Net sales	22,661		22,661
Operating Segments \| Emerging Brands
Operating groups
Net sales	26,912	22,082	88,588	67,336
Operating Segments \| Lanier Apparel
Operating groups
Net sales		4,232		24,743
Corporate and Other
Operating groups
Net sales	762	804	2,355	3,033
Retail
Operating groups
Net sales	$ 112,344	$ 92,579	$ 402,400	$ 319,493
Net sales (as a percent)	36.00%	37.00%	39.00%	38.00%
Retail \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	44.00%	47.00%	46.00%	46.00%
Retail \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	27.00%	31.00%	34.00%	35.00%
Retail \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	38.00%		38.00%
Retail \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	5.00%	4.00%	5.00%	4.00%
E-commerce
Operating groups
Net sales	$ 107,756	$ 82,402	$ 323,045	$ 261,393
Net sales (as a percent)	34.00%	33.00%	31.00%	31.00%
E-commerce \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	20.00%	22.00%	23.00%	24.00%
E-commerce \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	62.00%	58.00%	49.00%	48.00%
E-commerce \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	41.00%		41.00%
E-commerce \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	40.00%	34.00%	39.00%	37.00%
Restaurant
Operating groups
Net sales	$ 23,157	$ 19,748	$ 81,333	$ 70,784
Net sales (as a percent)	7.00%	8.00%	8.00%	8.00%
Restaurant \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	13.00%	13.00%	12.00%	14.00%
Wholesale
Operating groups
Net sales	$ 69,292	$ 52,658	$ 220,707	$ 189,133
Net sales (as a percent)	22.00%	21.00%	21.00%	22.00%
Wholesale \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	23.00%	18.00%	19.00%	16.00%
Wholesale \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	11.00%	11.00%	17.00%	17.00%
Wholesale \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	21.00%		21.00%
Wholesale \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	55.00%	62.00%	56.00%	59.00%
Wholesale \| Operating Segments \| Lanier Apparel
Operating groups
Net sales (as a percent)		100.00%		100.00%
Wholesale \| Corporate and Other
Operating groups
Net sales (as a percent)	47.00%	67.00%	50.00%	65.00%
Other
Operating groups
Net sales	$ 484	$ 342	$ 1,559	$ 1,360
Other \| Corporate and Other
Operating groups
Net sales (as a percent)	53.00%	33.00%	50.00%	35.00%

Revenue Recognition and Receivables - Net sales by distribution channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Revenue
Net sales	$ 313,033	$ 247,729	$ 1,029,044	$ 842,163
Retail
Revenue
Net sales	112,344	92,579	402,400	319,493
E-commerce
Revenue
Net sales	107,756	82,402	323,045	261,393
Restaurant
Revenue
Net sales	23,157	19,748	81,333	70,784
Wholesale
Revenue
Net sales	69,292	52,658	220,707	189,133
Other
Revenue
Net sales	$ 484	$ 342	$ 1,559	$ 1,360

- 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)
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+ Details

Revenue Recognition and Receivables - Credit losses and receivables (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Jan. 29, 2022
Revenue
Sales return liability	$ 9	$ 7	$ 11
Value of inventory for wholesale and direct to consumer sales returns	4	3	4
Receivable reserve	5	5	3
Credit loss reserve	1	2	1
Contract liabilities	17	14	$ 16
Maximum
Revenue
Write-off of credit losses	$ 1	$ 1

Leases - Expense (Details) - USD ($) $ in Millions	9 Months Ended
Leases - Expense (Details) - USD ($) $ in Millions	Oct. 29, 2022	Oct. 30, 2021
Leases
Operating lease expense	$ 43
Variable lease expense	31
Total lease expense	75	$ 70
Cash paid for lease liabilities	$ 53	$ 53
Maximum
Leases
Lease term	10 years

Leases - Lease liability payment schedule (Details) $ in Thousands	Oct. 29, 2022 USD ($)
Required lease liability payments due
Remainder of 2022	$ 15,300
2023	79,865
2024	63,653
2025	47,707
2026	40,493
2027	27,146
After 2027	52,525
Total lease payments	326,689
Less: Difference between discounted and undiscounted lease payments	38,419
Present value of lease liabilities	$ 288,270
Operating Lease, Liability, Statement of Financial Position	Current portion of operating lease liabilities, Non-current portion of operating lease liabilities

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Income taxes
Effective income tax expense (benefit) rate (as a percent)	26.10%	14.50%	24.70%	20.30%
Net reduction in uncertain tax positions resulting from the settlement of uncertain tax position				$ 2
Minimum
Income taxes
Typical effective income tax expense (benefit) rate (as a percent)			25.00%	25.00%
Maximum
Income taxes
Typical effective income tax expense (benefit) rate (as a percent)			26.00%	26.00%

Shareholders' Equity - Share Repurchases (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
	Dec. 08, 2022	Apr. 30, 2022	Jan. 29, 2022	May 01, 2021	Oct. 29, 2022
Share Repurchases
Purchase of shares from employees to cover employee tax liabilities of vesting of shares		$ 3		$ 3
Open Market Stock Repurchase Program
Share Repurchases
Repurchase of shares (in shares)			91		976
Repurchase of shares			$ 8		$ 87
Amount authorized for repurchase					100
Amount remaining available for repurchase					5
Open Market Stock Repurchase Program \| Subsequent Event
Share Repurchases
Repurchase of shares (in shares)	47
Repurchase of shares	$ 5
Amount remaining available for repurchase	$ 0
Existing Board of Directors' authorization
Share Repurchases
Amount remaining available for repurchase					$ 55

Shareholders' Equity - Schedule of changes (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jan. 29, 2022	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Oct. 29, 2022	Oct. 30, 2021
Shareholders' Equity
Beginning Balance	$ 534,016	$ 513,420	$ 507,664	$ 495,469	$ 473,699	$ 427,901	$ 405,728	$ 507,664	$ 405,728
Comprehensive income	19,216	56,487	57,885	25,017	26,639	50,998	28,859	133,588	106,496
Shares issued under equity plans	380	490	392	406	382	342	322
Compensation expense for equity awards	2,545	2,527	2,725	2,334	1,952	1,673	2,227
Repurchase of shares	(14,123)	(29,814)	(46,032)	(8,359)			(2,983)
Dividends declared	(8,995)	(9,094)	(9,214)	(7,203)	(7,203)	(7,215)	(6,252)
Ending Balance	533,039	534,016	513,420	507,664	495,469	473,699	427,901	533,039	495,469
Common Stock
Shareholders' Equity
Beginning Balance	15,960	16,284	16,805	16,891	16,895	16,894	16,889	16,805	16,889
Shares issued under equity plans	1	15	5	5	(4)	1	39
Repurchase of shares	(146)	(339)	(526)	(91)			(34)
Ending Balance	15,815	15,960	16,284	16,805	16,891	16,895	16,894	15,815	16,891
Additional Paid-In Capital
Shareholders' Equity
Beginning Balance	166,139	163,137	163,156	160,421	158,083	156,069	156,508	163,156	156,508
Shares issued under equity plans	379	475	387	401	386	341	283
Compensation expense for equity awards	2,545	2,527	2,725	2,334	1,952	1,673	2,227
Repurchase of shares			(3,131)				(2,949)
Ending Balance	169,063	166,139	163,137	163,156	160,421	158,083	156,069	169,063	160,421
Retained Earnings
Shareholders' Equity
Beginning Balance	355,037	336,994	331,175	321,238	302,456	258,211	235,995	331,175	235,995
Comprehensive income	19,666	56,612	57,408	25,408	25,985	51,460	28,468
Repurchase of shares	(13,977)	(29,475)	(42,375)	(8,268)
Dividends declared	(8,995)	(9,094)	(9,214)	(7,203)	(7,203)	(7,215)	(6,252)
Ending Balance	351,731	355,037	336,994	331,175	321,238	302,456	258,211	351,731	321,238
Accumulated Other Comprehensive (Loss) Income
Shareholders' Equity
Beginning Balance	(3,120)	(2,995)	(3,472)	(3,081)	(3,735)	(3,273)	(3,664)	(3,472)	(3,664)
Comprehensive income	(450)	(125)	477	(391)	654	(462)	391
Ending Balance	$ (3,570)	$ (3,120)	$ (2,995)	$ (3,472)	$ (3,081)	$ (3,735)	$ (3,273)	$ (3,570)	$ (3,081)

Shareholders' Equity - Restricted share units (Details) shares in Millions	3 Months Ended
	Apr. 30, 2022 shares
Restricted share units, Vesting based on service
Equity Compensation
Granted/issued (in shares)	0.1
Restricted share units, Vesting based on performance (TSR- based)
Equity Compensation
Granted/issued (in shares)	0.1
Comparative period	3 years
Restricted share units, Vesting based on performance (TSR- based) \| Minimum
Equity Compensation
Shares earned as a percent of share target	0.00%
Restricted share units, Vesting based on performance (TSR- based) \| Maximum
Equity Compensation
Shares earned as a percent of share target	200.00%

Business Combinations (Details) - USD ($) $ in Thousands		9 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Sep. 19, 2022	Oct. 29, 2022
Business Combinations
Acquisitions, net of cash acquired		$ 263,656
Johnny Was (JW Holdings, LLC)
Business Combinations
Voting interest (as a percent)	100.00%
Purchase price paid	$ 270,000
Purchase price	270,944
Acquisitions, cash acquired	7,000
Contingent consideration	0
Transaction and integration costs	$ 3,000

Business Combinations - Preliminary allocation of purchase price (Details) - USD ($) $ in Thousands	Sep. 19, 2022	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Business Combinations
Goodwill		$ 116,268	$ 23,869	$ 23,909
Johnny Was (JW Holdings, LLC)
Business Combinations
Cash and cash equivalents	$ 7,288
Receivables	10,258
Inventories	23,283
Prepaid expenses	4,417
Property and equipment	21,212
Intangible assets	134,640
Goodwill	92,457
Operating lease assets	54,485
Other non-current assets	656
Accounts payable, accrued expenses and other liabilities	(30,743)
Non-current portion of operating lease liabilities	(47,009)
Purchase price	270,944
Step-up of acquired inventory from cost to fair value	4,000
Step up amount recognized	$ 1,000

Business Combinations - Intangible asset (Details) - Johnny Was (JW Holdings, LLC) $ in Thousands	Sep. 19, 2022 USD ($)
Business Combinations
Intangible assets	$ 134,640
Trade names and trademarks
Business Combinations
Trade names and trademarks	77,900
Customer Relationships
Business Combinations
Finite lived intangible assets acquired, primarily consisting of customer relationships	$ 56,740
Customer Relationships \| Maximum
Business Combinations
Useful life	13 years

Business Combinations - Proforma (Details) - Johnny Was (JW Holdings, LLC) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 29, 2022	Oct. 30, 2021	Oct. 29, 2022	Oct. 30, 2021
Business Combinations
Net sales	$ 344,058	$ 294,416	$ 1,163,889	$ 976,718
Earnings before income taxes	36,085	33,424	198,341	135,889
Net earnings	$ 26,767	$ 28,264	$ 149,354	$ 108,221
Earnings per share:
Basic	$ 1.70	$ 1.70	$ 9.34	$ 6.51
Diluted	$ 1.66	$ 1.68	$ 9.14	$ 6.43

Debt (Details) - US Revolving Credit Agreement - USD ($) $ in Millions	Oct. 29, 2022	Jan. 29, 2022	Oct. 30, 2021
Debt
Debt outstanding	$ 130	$ 0	$ 0
Unused availability	$ 160	$ 322	$ 322

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Subsequent Event (Details) $ in Millions	Nov. 14, 2022 USD ($)
Subsequent Event. \| Owner of Miramonte Resort & Spa, Indian Wells, California
Subsequent Events
Payment for indirect minority ownership interest	$ 8