0000075288-23-000013 | 10-Q | XBRL Viewer

Operating Groups

6 Months Ended

Jul. 29, 2023

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.

Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, the elimination of any sales between operating groups, 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 accounting policies of the reportable operating segments are the same as those described in our Fiscal 2022 Form 10-K.

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


	Second Quarter				First Half
	Fiscal 2023		Fiscal 2022		Fiscal 2023		Fiscal 2022
Net sales
Tommy Bahama	$	245,443	$	243,965	$	484,878	$	472,032
Lilly Pulitzer		91,349		88,665		188,799		180,710
Johnny Was ⁽¹⁾		52,023		—		101,514		—
Emerging Brands		31,580		29,913		65,571		61,676
Corporate and Other		(76)		887		(346)		1,593
Consolidated net sales	$	420,319	$	363,430	$	840,416	$	716,011

Depreciation and amortization
Tommy Bahama	$	6,073	$	6,916	$	12,057	$	13,534
Lilly Pulitzer		3,979		3,121		7,371		6,096
Johnny Was ⁽¹⁾		4,717		—		9,909		—
Emerging Brands		460		393		885		752
Corporate and Other		58		192		237		430
Consolidated depreciation and amortization	$	15,287	$	10,622	$	30,459	$	20,812

Operating income (loss)
Tommy Bahama	$	51,037	$	58,918	$	106,558	$	111,524
Lilly Pulitzer		18,566		21,492		43,082		47,670
Johnny Was ⁽¹⁾		3,847		—		6,331		—
Emerging Brands		3,028		3,991		6,941		11,727
Corporate and Other		(8,804)		(9,030)		(14,937)		(19,572)
Consolidated operating income		67,674		75,371	$	147,975	$	151,349
Interest expense, net		1,297		274		3,639		516
Earnings before income taxes	$	66,377	$	75,097	$	144,336	$	150,833


	July 29, 2023		January 28, 2023		July 30, 2022
Assets
Tommy Bahama ⁽²⁾	$	548,893	$	569,833	$	524,765
Lilly Pulitzer ⁽³⁾		201,310		211,119		198,681
Johnny Was ⁽¹⁾		330,503		334,603		—
Emerging Brands ⁽⁴⁾		92,675		91,306		76,368
Corporate and Other⁽⁵⁾		(23,523)		(18,196)		157,388
Consolidated Total Assets	$	1,149,858	$	1,188,665	$	957,202

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

(2)	Increase in Tommy Bahama total assets from July 30, 2022, includes increases in operating lease assets and inventories.

(3)	Increase in Lilly Pulitzer total assets from July 30, 2022, includes increases in property and equipment partially offset by decreases in operating lease assets.

(4)	Increase in Emerging Brands total assets from July 30, 2022, includes increases in operating lease assets, inventories, property and equipment and other non-current assets.

(5)	Decrease in Corporate and Other total assets from July 30, 2022, includes reductions in short-term investments and cash and cash equivalents, which were used to fund a portion of the acquisition purchase price for Johnny Was.

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.


	Second Quarter Fiscal 2023
	Net Sales		Retail		E-commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	245,443	46	%	28	%	12	%	14	%	—	%
Lilly Pulitzer		91,349	36	%	50	%	—	%	14	%	—	%
Johnny Was		52,023	38	%	43	%	—	%	19	%	—	%
Emerging Brands		31,580	12	%	48	%	—	%	40	%	—	%
Corporate and Other		(76)	—	%	—	%	—	%	—	%	NM	%
Total	$	420,319	41	%	36	%	7	%	16	%	—	%


	Second Quarter Fiscal 2022
	Net Sales		Retail		E-commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	243,965	48	%	28	%	11	%	13	%	—	%
Lilly Pulitzer		88,665	40	%	43	%	—	%	17	%	—	%
Johnny Was ⁽¹⁾		—	—	%	—	%	—		—	%	—	%
Emerging Brands		29,913	7	%	46	%	—	%	47	%	—	%
Corporate and Other		887	—	%	—	%	—	%	—	%	NM	%
Total	$	363,430	42	%	33	%	8	%	17	%	—	%


	First Half 2023
	Net Sales		Retail		E‑commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	484,878	45	%	24	%	13	%	18	%	—	%
Lilly Pulitzer		188,799	35	%	49	%	—	%	16	%	—	%
Johnny Was		101,514	37	%	40	%	—	%	23	%	—	%
Emerging Brands		65,571	10	%	42	%	—	%	48	%	—	%
Corporate and Other		(346)	—	%	—	%	—	%	—	%	NM	%
Consolidated net sales	$	840,416	39	%	33	%	7	%	21	%	—	%


	First Half 2022
	Net Sales		Retail		E‑commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	472,032	47	%	24	%	12	%	17	%	—	%
Lilly Pulitzer		180,710	37	%	43	%	—	%	20	%	—	%
Johnny Was ⁽¹⁾		—	—	%	—	%	—	%	—	%	—	%
Emerging Brands		61,676	6	%	38	%	—	%	56	%	—	%
Corporate and Other		1,593	—	%	—	%	—	%	—	%	NM	%
Consolidated net sales	$	716,011	41	%	30	%	8	%	21	%	—	%

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

- 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.

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+ Details

Debt	6 Months Ended
Jul. 29, 2023
Debt
Debt	8. Debt: On March 6, 2023, we entered into a Second Amendment to the Fourth Amended and Restated Credit Agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a revolving credit facility of up to $325 million, which may be used to fund working capital, to fund future acquisitions and for general corporate purposes. The Revolving Credit Agreement amended and restated our Fourth Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The Revolving Credit Agreement (1) extended the maturity of the facility from July 2024 to March 2028 and (2) modified certain provisions of the agreement. In other non-current assets, we capitalized debt issuance costs of $2 million in connection with commitments upon entering into the Revolving Credit Agreement. Pursuant to the Revolving Credit Agreement, the interest rate applicable to our borrowings under the Revolving Credit Agreement are based on either the Term Secured Overnight Financing Rate plus an applicable margin of 135 to 185 basis points or prime plus an applicable margin of 25 to 75 basis points. The Revolving Credit Agreement generally (1) is limited to a borrowing base consisting of specified percentages of eligible categories of assets, (2) accrues variable-rate interest (weighted average interest rate of 8% as of July 29, 2023), unused line fees and letter of credit fees based upon average utilization or unused availability, as applicable, (3) requires periodic interest payments with principal due at maturity and (4) is secured by a first priority security interest in substantially all of the assets of Oxford Industries, Inc. and its domestic subsidiaries, including accounts receivable, books and records, chattel paper, deposit accounts, equipment, certain general intangibles, inventory, investment property (including the equity interests of certain subsidiaries), negotiable collateral, life insurance policies, supporting obligations, commercial tort claims, cash and cash equivalents, eligible trademarks, proceeds and other personal property. We have issued standby letters of credit of $6 million in the aggregate under the Revolving Credit Agreement as of July 29, 2023. Outstanding letters of credit under the Revolving Credit Agreement reduce the amount of borrowings available to us. As of July 29, 2023, we had $48 million of borrowings outstanding and $266 million in unused availability under the Revolving Credit Agreement. Under the Prior Credit Agreement as of January 28, 2023, and July 30, 2022, we had $119 million and $0 million of borrowings outstanding, and $199 million and $322 million of unused availability, respectively. Compliance with Covenants The Revolving Credit Agreement is subject to a number of affirmative covenants regarding the delivery of financial information, compliance with law, maintenance of property, insurance requirements and conduct of business. Also, the Revolving Credit Agreement is subject to certain negative covenants or other restrictions including, among other things, limitations on our ability to (1) incur debt, (2) guaranty certain obligations, (3) incur liens, (4) pay dividends to shareholders, (5) repurchase shares of our common stock, (6) make investments, (7) sell assets or stock of subsidiaries, (8) acquire assets or businesses, (9) merge or consolidate with other companies or (10) prepay, retire, repurchase or redeem debt. Additionally, the Revolving Credit Agreement contains a financial covenant that applies only if excess availability under the agreement for three consecutive business days is less than the greater of (1) $23.5 million or (2) 10% of availability. In such case, our fixed charge coverage ratio as defined in the Revolving Credit Agreement must not be less than 1.0 to 1.0 for the immediately preceding 12 fiscal months for which financial statements have been delivered. This financial covenant continues to apply until we have maintained excess availability under the Revolving Credit Agreement of more than the greater of (1) $23.5 million or (2) 10% of availability for 30 consecutive days. We believe that the affirmative covenants, negative covenants, financial covenants and other restrictions under the Revolving Credit Agreement are customary for those included in similar facilities entered into at the time we amended the Revolving Credit Agreement. During Fiscal 2023 and as of July 29, 2023, no financial covenant testing was required pursuant to our Revolving Credit Agreement, or the Prior Credit Agreement, as applicable, as the minimum availability threshold was met at all times. As of July 29, 2023, we were compliant with all applicable covenants related to the Revolving Credit Agreement.

Debt

6 Months Ended

Jul. 29, 2023

Debt

Debt

8. Debt: On March 6, 2023, we entered into a Second Amendment to the Fourth Amended and Restated Credit Agreement (the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a revolving credit facility of up to $325 million, which may be used to fund working capital, to fund future acquisitions and for general

corporate purposes. The Revolving Credit Agreement amended and restated our Fourth Amended and Restated Credit Agreement (the “Prior Credit Agreement”). The Revolving Credit Agreement (1) extended the maturity of the facility from July 2024 to March 2028 and (2) modified certain provisions of the agreement. In other non-current assets, we capitalized debt issuance costs of $2 million in connection with commitments upon entering into the Revolving Credit Agreement.

Pursuant to the Revolving Credit Agreement, the interest rate applicable to our borrowings under the Revolving Credit Agreement are based on either the Term Secured Overnight Financing Rate plus an applicable margin of 135 to 185 basis points or prime plus an applicable margin of 25 to 75 basis points.

The Revolving Credit Agreement generally (1) is limited to a borrowing base consisting of specified percentages of eligible categories of assets, (2) accrues variable-rate interest (weighted average interest rate of 8% as of July 29, 2023), unused line fees and letter of credit fees based upon average utilization or unused availability, as applicable, (3) requires periodic interest payments with principal due at maturity and (4) is secured by a first priority security interest in substantially all of the assets of Oxford Industries, Inc. and its domestic subsidiaries, including accounts receivable, books and records, chattel paper, deposit accounts, equipment, certain general intangibles, inventory, investment property (including the equity interests of certain subsidiaries), negotiable collateral, life insurance policies, supporting obligations, commercial tort claims, cash and cash equivalents, eligible trademarks, proceeds and other personal property.

We have issued standby letters of credit of $6 million in the aggregate under the Revolving Credit Agreement as of July 29, 2023. Outstanding letters of credit under the Revolving Credit Agreement reduce the amount of borrowings available to us.

As of July 29, 2023, we had $48 million of borrowings outstanding and $266 million in unused availability under the Revolving Credit Agreement. Under the Prior Credit Agreement as of January 28, 2023, and July 30, 2022, we had $119 million and $0 million of borrowings outstanding, and $199 million and $322 million of unused availability, respectively.

Compliance with Covenants

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

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

We believe that the affirmative covenants, negative covenants, financial covenants and other restrictions under the Revolving Credit Agreement are customary for those included in similar facilities entered into at the time we amended the Revolving Credit Agreement. During Fiscal 2023 and as of July 29, 2023, no financial covenant testing was required pursuant to our Revolving Credit Agreement, or the Prior Credit Agreement, as applicable, as the minimum availability threshold was met at all times. As of July 29, 2023, we were compliant with all applicable covenants related to the Revolving Credit Agreement.

- 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.

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+ Details

Business Combinations

6 Months Ended

Jul. 29, 2023

Business Combinations

Business Combinations

7. Business Combinations: On September 19, 2022, we acquired JW Holdings, LLC and its subsidiaries (collectively “Johnny Was”) (the “Acquisition”). We accounted for this transaction as a business combination, which generally requires that we record the assets acquired and liabilities assumed at fair value as of the acquisition date.

The provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed, including a reconciliation to the total purchase consideration, are as follows (in thousands):


	Provisional Amounts at January 28, 2023		Measurement Period Adjustments		Provisional Amounts at July 29, 2023
Cash and cash equivalents	$	7,296	$	—	$	7,296
Receivables		8,777		—		8,777
Inventories		23,434		—		23,434
Prepaid expenses and other assets		6,353		—		6,353
Property and equipment		21,108		—		21,108
Intangible assets		134,640		—		134,640
Goodwill		96,637		1,403		98,040
Operating lease assets		54,859		—		54,859
Accounts payable, accrued expenses and other liabilities		(34,777)		920		(33,857)
Non-current portion of operating lease liabilities		(47,009)		—		(47,009)
Purchase price	$	271,318	$	2,323	$	273,641

As of July 29, 2023, we considered these amounts to be provisional because we were still in the process of reviewing information to support the valuations of the assets acquired and liabilities assumed. We made measurement-period adjustments, as shown in the table above, that increased the amount of provisional goodwill by $1 million. We expect that goodwill will be deductible for income tax purposes.

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 following unaudited pro forma information presented below (in thousands, except per share data) shows the results of our operations for the Second Quarter of Fiscal 2022 and First Half of 2022 as if the acquisition of Johnny Was had occurred at 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 that date and is not intended to be a projection of future results of operations. The following unaudited pro forma information has been prepared from historical financial statements for Johnny Was and us 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.


	Second Quarter Fiscal 2022				First Half Fiscal 2022
	Actual		Pro Forma		Actual		Pro Forma
Net sales	$	363,430	$	413,657	$	716,011	$	819,831
Earnings before income taxes	$	75,097	$	80,513	$	150,833	$	162,256
Net earnings	$	56,612	$	60,674	$	114,020	$	122,588
Earnings per share:
Basic	$	3.56	$	3.81	$	7.07	$	7.61
Diluted	$	3.49	$	3.74	$	6.94	$	7.46

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jul. 29, 2023	Aug. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 29, 2023
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		15,620,354
Entity Central Index Key	0000075288
Current Fiscal Year End Date	--02-03
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Business Combinations - Intangible asset (Details) - Johnny Was (JW Holdings, LLC) - USD ($) $ in Thousands	Jul. 29, 2023	Jan. 28, 2023	Sep. 19, 2022
Business Combinations
Intangible assets	$ 134,640	$ 134,640
Trade names and trademarks
Business Combinations
Intangible assets	77,900
Customer relationships
Business Combinations
Intangible assets	$ 56,740
Customer relationships \| Minimum
Business Combinations
Useful life, Finite lived intangible assets			8 years
Customer relationships \| Maximum
Business Combinations
Useful life, Finite lived intangible assets			13 years

Business Combinations - Preliminary allocation of purchase price (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Business Combinations
Goodwill	$ 123,079	$ 120,498	$ 23,861
Johnny Was (JW Holdings, LLC)
Business Combinations
Cash and cash equivalents	7,296	7,296
Receivables	8,777	8,777
Inventories	23,434	23,434
Prepaid expenses and other assets	6,353	6,353
Property and equipment	21,108	21,108
Intangible assets	134,640	134,640
Goodwill	98,040	96,637
Operating lease assets	54,859	54,859
Accounts payable, accrued expenses and other liabilities	(33,857)	(34,777)
Non-current portion of operating lease liabilities	(47,009)	(47,009)
Purchase price	273,641	$ 271,318
Measurement Period Adjustments
Goodwill	1,403
Accounts payable, accrued expenses and other liabilities	920
Purchase price	$ 2,323

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00

Leases and Other Commitments - Lease liability payment schedule (Details) $ in Thousands	Jul. 29, 2023 USD ($)
Required lease liability payments due
Remainder of 2023	$ 39,686
2024	72,199
2025	55,324
2026	48,295
2027	34,751
2028	28,479
After 2028	53,276
Total lease payments	332,010
Less: Difference between discounted and undiscounted lease payments	45,127
Present value of lease liabilities	$ 286,883
Operating Lease, Liability, Statement of Financial Position	Current portion of operating lease liabilities, Non-current portion of operating lease liabilities

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022
Cash Flows From Operating Activities:
Net earnings	$ 109,991	$ 114,020
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation	23,128	20,358
Amortization of intangible assets	7,331	454
Equity compensation expense	7,508	5,252
Gain on sale of assets	(1,756)
Amortization and write-off of deferred financing costs	368	172
Deferred income taxes	1,451	(1,657)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net	(11,611)	(15,322)
Inventories, net	57,947	(17,867)
Income tax receivable	39	(15)
Prepaid expenses and other current assets	360	(11,541)
Current liabilities	(39,471)	(939)
Other balance sheet changes	(2,785)	(2,286)
Cash provided by operating activities	152,500	90,629
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired	(3,320)
Purchases of property and equipment	(31,410)	(19,746)
Purchases of short-term investments		(70,000)
Proceeds from short-term investments		80,000
Proceeds from the sale of property, plant and equipment	2,125
Other investing activities	(33)	(50)
Cash used in investing activities	(32,638)	(9,796)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(334,225)
Proceeds from revolving credit arrangements	263,686
Deferred financing costs paid	(1,661)
Repurchase of common stock	(18,987)	(72,680)
Proceeds from issuance of common stock	1,090	882
Repurchase of equity awards for employee tax withholding liabilities	(9,941)	(3,166)
Cash dividends paid	(20,843)	(17,829)
Other financing activities		(2,010)
Cash used in financing activities	(120,881)	(94,803)
Net change in cash and cash equivalents	(1,019)	(13,970)
Effect of foreign currency translation on cash and cash equivalents	(17)	380
Cash and cash equivalents at the beginning of year	8,826	44,859
Cash and cash equivalents at the end of period	$ 7,790	$ 31,269

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jul. 29, 2023
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. 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.
Recently Issued Accounting Standards Applicable to Future Periods	The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Fiscal 2022 Form 10-K. No recently issued guidance adopted in Fiscal 2023 had a material impact on our consolidated financial statements upon adoption or is expected to have a material impact in future periods. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2022 Form 10-K. Recent accounting pronouncements pending adoption are either not applicable or not expected to have a material impact on our consolidated financial statements.

Revenue Recognition and Receivables - Credit losses and receivables (Details) - USD ($) $ in Millions	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Revenue Recognition and Receivables
Sales return liability	$ 14	$ 12	$ 14
Value of inventory for direct to consumer and wholesale sales returns	4	4	5
Receivable reserve	3	4	4
Credit loss reserve	1	1	1
Contract liabilities	$ 18	$ 19	$ 15

Shareholders' Equity - Schedule of changes (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jul. 29, 2023	Apr. 29, 2023	Jan. 28, 2023	Oct. 29, 2022	Jul. 30, 2022	Apr. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Shareholders' Equity
Beginning Balance	$ 607,425	$ 556,270	$ 533,039	$ 534,016	$ 513,420	$ 507,664	$ 556,270	$ 507,664
Comprehensive income	51,772	57,934	33,795	19,216	56,487	57,885	109,706	114,372
Shares issued under equity plans	488	602	337	380	490	392
Compensation expense for equity awards	4,249	3,259	2,780	2,545	2,527	2,725
Repurchase of shares	(28,928)		(4,870)	(14,123)	(29,814)	(46,032)
Dividends declared	(10,377)	(10,640)	(8,811)	(8,995)	(9,094)	(9,214)
Ending Balance	624,629	607,425	556,270	533,039	534,016	513,420	624,629	534,016
Common Stock
Shareholders' Equity
Beginning Balance	15,780	15,774	15,815	15,960	16,284	16,805	15,774	16,805
Shares issued under equity plans	130	6	5	1	15	5
Repurchase of shares	(280)		(46)	(146)	(339)	(526)
Ending Balance	15,630	15,780	15,774	15,815	15,960	16,284	15,630	15,960
Additional Paid-In Capital
Shareholders' Equity
Beginning Balance	176,030	172,175	169,063	166,139	163,137	163,156	172,175	163,156
Shares issued under equity plans	358	596	332	379	475	387
Compensation expense for equity awards	4,249	3,259	2,780	2,545	2,527	2,725
Repurchase of shares	(9,848)					(3,131)
Ending Balance	170,789	176,030	172,175	169,063	166,139	163,137	170,789	166,139
Retained Earnings
Shareholders' Equity
Beginning Balance	418,043	370,145	351,731	355,037	336,994	331,175	370,145	331,175
Comprehensive income	51,453	58,538	32,049	19,666	56,612	57,408
Repurchase of shares	(18,800)		(4,824)	(13,977)	(29,475)	(42,375)
Dividends declared	(10,377)	(10,640)	(8,811)	(8,995)	(9,094)	(9,214)
Ending Balance	440,319	418,043	370,145	351,731	355,037	336,994	440,319	355,037
Accumulated Other Comprehensive (Loss) Income
Shareholders' Equity
Beginning Balance	(2,428)	(1,824)	(3,570)	(3,120)	(2,995)	(3,472)	(1,824)	(3,472)
Comprehensive income	319	(604)	1,746	(450)	(125)	477
Ending Balance	$ (2,109)	$ (2,428)	$ (1,824)	$ (3,570)	$ (3,120)	$ (2,995)	$ (2,109)	$ (3,120)

Shareholders' Equity (Tables)

6 Months Ended

Jul. 29, 2023

Equity Compensation

Schedule of stockholders equity

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 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
Comprehensive income		—		—		32,049		1,746		33,795
Shares issued under equity plans		5		332		—		—		337
Compensation expense for equity awards		—		2,780		—		—		2,780
Repurchase of shares		(46)		—		(4,824)		—		(4,870)
Dividends declared		—		—		(8,811)		—		(8,811)
January 28, 2023	$	15,774	$	172,175	$	370,145	$	(1,824)	$	556,270


	First Half Fiscal 2023
	Common Stock		APIC		Retained Earnings		AOCI		Total
January 28, 2023	$	15,774	$	172,175	$	370,145	$	(1,824)	$	556,270
Comprehensive income		—		—		58,538		(604)		57,934
Shares issued under equity plans		6		596		—		—		602
Compensation expense for equity awards		—		3,259		—		—		3,259
Repurchase of shares		—		—		—		—		—
Dividends declared		—		—		(10,640)		—		(10,640)
April 29, 2023	$	15,780	$	176,030	$	418,043	$	(2,428)	$	607,425
Comprehensive income		—		—		51,453		319		51,772
Shares issued under equity plans		130		358		—		—		488
Compensation expense for equity awards		—		4,249		—		—		4,249
Repurchase of shares		(280)		(9,848)		(18,800)		—		(28,928)
Dividends declared		—		—		(10,377)		—		(10,377)
July 29, 2023	$	15,630	$	170,789	$	440,319	$	(2,109)	$	624,629

Restricted shares and restricted share units, excluding TSR-based restricted share units

Equity Compensation

Summary of award activity


	First Half Fiscal 2023
		Weighted-
	Number of	average
	Shares or	grant date
	Units	fair value
Awards outstanding at beginning of year	212,945	$	64
Awards granted	58,055	$	115
Awards vested, including awards repurchased from employees for employees’ tax liability	(111,095)	$	41
Awards forfeited	(1,070)	$	62
Awards outstanding on July 29, 2023	158,835	$	99

TSR-based Restricted Share Units

Equity Compensation

Summary of award activity


	First Half Fiscal 2023
		Weighted-
		average
	Number of	grant date
	Share Units	fair value
TSR-based awards outstanding at beginning of year	196,040	$	89
TSR-based awards granted	74,605	$	153
TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability	(76,340)	$	50
TSR-based awards forfeited	—	$	—
TSR-based awards outstanding on July 29, 2023	194,305	$	129

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Operating Groups (Tables)

6 Months Ended

Jul. 29, 2023

Operating Groups

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.


	Second Quarter				First Half
	Fiscal 2023		Fiscal 2022		Fiscal 2023		Fiscal 2022
Net sales
Tommy Bahama	$	245,443	$	243,965	$	484,878	$	472,032
Lilly Pulitzer		91,349		88,665		188,799		180,710
Johnny Was ⁽¹⁾		52,023		—		101,514		—
Emerging Brands		31,580		29,913		65,571		61,676
Corporate and Other		(76)		887		(346)		1,593
Consolidated net sales	$	420,319	$	363,430	$	840,416	$	716,011

Depreciation and amortization
Tommy Bahama	$	6,073	$	6,916	$	12,057	$	13,534
Lilly Pulitzer		3,979		3,121		7,371		6,096
Johnny Was ⁽¹⁾		4,717		—		9,909		—
Emerging Brands		460		393		885		752
Corporate and Other		58		192		237		430
Consolidated depreciation and amortization	$	15,287	$	10,622	$	30,459	$	20,812

Operating income (loss)
Tommy Bahama	$	51,037	$	58,918	$	106,558	$	111,524
Lilly Pulitzer		18,566		21,492		43,082		47,670
Johnny Was ⁽¹⁾		3,847		—		6,331		—
Emerging Brands		3,028		3,991		6,941		11,727
Corporate and Other		(8,804)		(9,030)		(14,937)		(19,572)
Consolidated operating income		67,674		75,371	$	147,975	$	151,349
Interest expense, net		1,297		274		3,639		516
Earnings before income taxes	$	66,377	$	75,097	$	144,336	$	150,833


	July 29, 2023		January 28, 2023		July 30, 2022
Assets
Tommy Bahama ⁽²⁾	$	548,893	$	569,833	$	524,765
Lilly Pulitzer ⁽³⁾		201,310		211,119		198,681
Johnny Was ⁽¹⁾		330,503		334,603		—
Emerging Brands ⁽⁴⁾		92,675		91,306		76,368
Corporate and Other⁽⁵⁾		(23,523)		(18,196)		157,388
Consolidated Total Assets	$	1,149,858	$	1,188,665	$	957,202

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

(2)	Increase in Tommy Bahama total assets from July 30, 2022, includes increases in operating lease assets and inventories.

(3)	Increase in Lilly Pulitzer total assets from July 30, 2022, includes increases in property and equipment partially offset by decreases in operating lease assets.

(4)	Increase in Emerging Brands total assets from July 30, 2022, includes increases in operating lease assets, inventories, property and equipment and other non-current assets.

(5)	Decrease in Corporate and Other total assets from July 30, 2022, includes reductions in short-term investments and cash and cash equivalents, which were used to fund a portion of the acquisition purchase price for Johnny Was.

Schedule of net sales by operating group


	Second Quarter Fiscal 2023
	Net Sales		Retail		E-commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	245,443	46	%	28	%	12	%	14	%	—	%
Lilly Pulitzer		91,349	36	%	50	%	—	%	14	%	—	%
Johnny Was		52,023	38	%	43	%	—	%	19	%	—	%
Emerging Brands		31,580	12	%	48	%	—	%	40	%	—	%
Corporate and Other		(76)	—	%	—	%	—	%	—	%	NM	%
Total	$	420,319	41	%	36	%	7	%	16	%	—	%


	Second Quarter Fiscal 2022
	Net Sales		Retail		E-commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	243,965	48	%	28	%	11	%	13	%	—	%
Lilly Pulitzer		88,665	40	%	43	%	—	%	17	%	—	%
Johnny Was ⁽¹⁾		—	—	%	—	%	—		—	%	—	%
Emerging Brands		29,913	7	%	46	%	—	%	47	%	—	%
Corporate and Other		887	—	%	—	%	—	%	—	%	NM	%
Total	$	363,430	42	%	33	%	8	%	17	%	—	%


	First Half 2023
	Net Sales		Retail		E‑commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	484,878	45	%	24	%	13	%	18	%	—	%
Lilly Pulitzer		188,799	35	%	49	%	—	%	16	%	—	%
Johnny Was		101,514	37	%	40	%	—	%	23	%	—	%
Emerging Brands		65,571	10	%	42	%	—	%	48	%	—	%
Corporate and Other		(346)	—	%	—	%	—	%	—	%	NM	%
Consolidated net sales	$	840,416	39	%	33	%	7	%	21	%	—	%


	First Half 2022
	Net Sales		Retail		E‑commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	472,032	47	%	24	%	12	%	17	%	—	%
Lilly Pulitzer		180,710	37	%	43	%	—	%	20	%	—	%
Johnny Was ⁽¹⁾		—	—	%	—	%	—	%	—	%	—	%
Emerging Brands		61,676	6	%	38	%	—	%	56	%	—	%
Corporate and Other		1,593	—	%	—	%	—	%	—	%	NM	%
Consolidated net sales	$	716,011	41	%	30	%	8	%	21	%	—	%

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

Debt (Details) - Revolving Credit Agreement - USD ($) $ in Millions	Mar. 06, 2023	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Debt
Maximum borrowing capacity	$ 325.0
Capitalized debt issuance costs	$ 2.0
Weighted average interest rate (as a percent)	8.00%
Letters of credit outstanding		$ 6.0
Borrowings outstanding		48.0	$ 119.0	$ 0.0
Unused availability		$ 266.0	$ 199.0	$ 322.0
Compliance with Covenants
Consecutive period during which if threshold is not reached then specified fixed charge coverage ratio must be maintained	3 days
Threshold amount of unused availability for specified fixed charge coverage ratio	$ 23.5
Threshold percentage of total revolving commitments for specified fixed charge coverage ratio	10.00%
Trailing fiscal period used in calculating the fixed charge coverage ratio under financial covenants	12 months
Period during which percentage of total revolving commitments are required to be maintained	30 days
Minimum
Compliance with Covenants
Fixed charge coverage ratio	1.0
Minimum \| Secured Overnight Financing Rate (SOFR)
Debt
Applicable margin (as a percent)	1.35%
Minimum \| Prime Rate
Debt
Applicable margin (as a percent)	0.25%
Maximum \| Secured Overnight Financing Rate (SOFR)
Debt
Applicable margin (as a percent)	1.85%
Maximum \| Prime Rate
Debt
Applicable margin (as a percent)	0.75%

Operating Groups - Assets (Details) - USD ($) $ in Thousands	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Operating groups
Assets	$ 1,149,858	$ 1,188,665	$ 957,202
Corporate and Other
Operating groups
Assets	(23,523)	(18,196)	157,388
Tommy Bahama \| Operating Segments
Operating groups
Assets	548,893	569,833	524,765
Lilly Pulitzer \| Operating Segments
Operating groups
Assets	201,310	211,119	198,681
Johnny Was \| Operating Segments
Operating groups
Assets	330,503	334,603
Emerging Brands \| Operating Segments
Operating groups
Assets	$ 92,675	$ 91,306	$ 76,368

- 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

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+ Details

Operating Groups - Sales by operating group (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Operating groups
Net sales	$ 420,319	$ 363,430	$ 840,416	$ 716,011
Operating Segments \| Tommy Bahama
Operating groups
Net sales	245,443	243,965	484,878	472,032
Operating Segments \| Lilly Pulitzer
Operating groups
Net sales	91,349	88,665	188,799	180,710
Operating Segments \| Johnny Was
Operating groups
Net sales	52,023		101,514
Operating Segments \| Emerging Brands
Operating groups
Net sales	31,580	29,913	65,571	61,676
Corporate and Other
Operating groups
Net sales	(76)	887	(346)	1,593
Retail
Operating groups
Net sales	$ 170,137	$ 153,976	$ 327,742	$ 290,056
Net sales (as a percent)	41.00%	42.00%	39.00%	41.00%
Retail \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	46.00%	48.00%	45.00%	47.00%
Retail \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	36.00%	40.00%	35.00%	37.00%
Retail \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	38.00%		37.00%
Retail \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	12.00%	7.00%	10.00%	6.00%
E-commerce
Operating groups
Net sales	$ 152,264	$ 118,816	$ 278,028	$ 215,289
Net sales (as a percent)	36.00%	33.00%	33.00%	30.00%
E-commerce \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	28.00%	28.00%	24.00%	24.00%
E-commerce \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	50.00%	43.00%	49.00%	43.00%
E-commerce \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	43.00%		40.00%
E-commerce \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	48.00%	46.00%	42.00%	38.00%
Food & Beverage
Operating groups
Net sales	$ 29,503	$ 27,291	$ 61,535	$ 58,176
Net sales (as a percent)	7.00%	8.00%	7.00%	8.00%
Food & Beverage \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	12.00%	11.00%	13.00%	12.00%
Wholesale
Operating groups
Net sales	$ 68,312	$ 62,799	$ 173,141	$ 151,415
Net sales (as a percent)	16.00%	17.00%	21.00%	21.00%
Wholesale \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	14.00%	13.00%	18.00%	17.00%
Wholesale \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	14.00%	17.00%	16.00%	20.00%
Wholesale \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	19.00%		23.00%
Wholesale \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	40.00%	47.00%	48.00%	56.00%
Other
Operating groups
Net sales	$ 103	$ 548	$ (30)	$ 1,075

Leases and Other Commitments

6 Months Ended

Jul. 29, 2023

Leases and Other Commitments

Leases and Other Commitments

4. Leases: For the Second Quarter of Fiscal 2023, operating lease expense was $18 million and variable lease expense was $11 million, resulting in total lease expense of $29 million compared to $22 million of total lease expense in the Second Quarter of Fiscal 2022. For the First Half of Fiscal 2023, operating lease expense was $35 million and variable lease expense was $21 million, resulting in total lease expense of $56 million compared to $47 million of total lease expense in the First Half of Fiscal 2022.

Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Half of Fiscal 2023 was $41 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Half of Fiscal 2022 was $35 million.

The increase in lease expense and cash paid was primarily driven by the acquisition of Johnny Was.

As of July 29, 2023, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):


	Operating lease
Remainder of 2023	$	39,686
2024		72,199
2025		55,324
2026		48,295
2027		34,751
2028		28,479
After 2028		53,276
Total lease payments	$	332,010
Less: Difference between discounted and undiscounted lease payments		45,127
Present value of lease liabilities	$	286,883

Shareholders' Equity - TSR-based Restricted Share Units (Details) - TSR-based Restricted Share Units	6 Months Ended
	Jul. 29, 2023 $ / shares shares
Number of Shares
Awards outstanding at beginning of year (in shares) \| shares	196,040
Awards granted (in shares) \| shares	74,605
Awards vested, including awards repurchased from employees for employees' tax liability (in shares) \| shares	(76,340)
Awards outstanding at end of period (in shares) \| shares	194,305
Weighted-average grant date fair value
Awards outstanding at beginning of year (in dollars per share) \| $ / shares	$ 89
Awards granted/issued (in dollars per share) \| $ / shares	153
Awards vested, including awards repurchased from employees for employees' tax liability (in dollars per share) \| $ / shares	50
Awards outstanding at end of period (in dollars per share) \| $ / shares	$ 129

Revenue Recognition and Receivables - Net sales by distribution channel (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Revenue
Net sales	$ 420,319	$ 363,430	$ 840,416	$ 716,011
Retail
Revenue
Net sales	170,137	153,976	327,742	290,056
E-commerce
Revenue
Net sales	152,264	118,816	278,028	215,289
Food & Beverage
Revenue
Net sales	29,503	27,291	61,535	58,176
Wholesale
Revenue
Net sales	68,312	62,799	173,141	151,415
Other
Revenue
Net sales	$ 103	$ 548	$ (30)	$ 1,075

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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.

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-Section 50
-Paragraph 4
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 29, 2023	Jan. 28, 2023	Jul. 30, 2022
Current Assets
Cash and cash equivalents	$ 7,790	$ 8,826	$ 31,269
Short-term investments			154,754
Receivables, net	55,583	43,986	48,691
Inventories, net	161,866	220,138	135,483
Income tax receivable	19,401	19,440	19,743
Prepaid expenses and other current assets	37,740	38,073	31,308
Total Current Assets	282,380	330,463	421,248
Property and equipment, net	188,004	177,584	150,887
Intangible assets, net	277,114	283,845	154,853
Goodwill	123,079	120,498	23,861
Operating lease assets	241,452	240,690	179,217
Other assets, net	37,829	35,585	27,136
Total Assets	1,149,858	1,188,665	957,202
Current Liabilities
Accounts payable	76,216	94,611	76,974
Accrued compensation	20,481	35,022	28,779
Current portion of operating lease liabilities	67,676	73,865	53,119
Accrued expenses and other liabilities	68,188	66,141	63,768
Total Current Liabilities	232,561	269,639	222,640
Long-term debt	48,472	119,011
Non-current portion of operating lease liabilities	219,207	220,709	180,092
Other non-current liabilities	20,402	20,055	19,200
Deferred income taxes	4,587	2,981	1,254
Shareholders' Equity
Common stock, $1.00 par value per share	15,630	15,774	15,960
Additional paid-in capital	170,789	172,175	166,139
Retained earnings	440,319	370,145	355,037
Accumulated other comprehensive loss	(2,109)	(1,824)	(3,120)
Total Shareholders' Equity	624,629	556,270	534,016
Total Liabilities and Shareholders' Equity	$ 1,149,858	$ 1,188,665	$ 957,202

Shareholders' Equity

6 Months Ended

Jul. 29, 2023

Shareholders' Equity

Shareholders' Equity

6. Shareholders’ Equity: From time to time, we repurchase our common stock mainly through open market repurchase plans. During the Second Quarter of Fiscal 2023 and First Half of 2023, we repurchased 186,000 shares of our common stock as part of an open market repurchase program at a cost of $19 million. During the Second Quarter of Fiscal 2022 and First Half of Fiscal 2022, we repurchased 339,000 and 830,000 shares of our common stock, respectively, at a cost of $30 million and $73 million, respectively. The excise taxes included in the cost of shares repurchased during Fiscal 2023 was not material. Additionally, subsequent to July 29, 2023, we repurchased an additional 10,000 shares of our common stock for $1 million that completed the open market repurchase program as of August 31, 2023.

We also repurchase shares from our employees to cover employee tax liabilities related to the vesting of shares of our common stock. During the First Half of Fiscal 2023 and the First Half of Fiscal 2022, we repurchased $10 million and $3 million of shares, respectively, from our employees to cover employee tax liabilities related to the vesting of shares of our common stock.


	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
Comprehensive income		—		—		32,049		1,746		33,795
Shares issued under equity plans		5		332		—		—		337
Compensation expense for equity awards		—		2,780		—		—		2,780
Repurchase of shares		(46)		—		(4,824)		—		(4,870)
Dividends declared		—		—		(8,811)		—		(8,811)
January 28, 2023	$	15,774	$	172,175	$	370,145	$	(1,824)	$	556,270


	First Half Fiscal 2023
	Common Stock		APIC		Retained Earnings		AOCI		Total
January 28, 2023	$	15,774	$	172,175	$	370,145	$	(1,824)	$	556,270
Comprehensive income		—		—		58,538		(604)		57,934
Shares issued under equity plans		6		596		—		—		602
Compensation expense for equity awards		—		3,259		—		—		3,259
Repurchase of shares		—		—		—		—		—
Dividends declared		—		—		(10,640)		—		(10,640)
April 29, 2023	$	15,780	$	176,030	$	418,043	$	(2,428)	$	607,425
Comprehensive income		—		—		51,453		319		51,772
Shares issued under equity plans		130		358		—		—		488
Compensation expense for equity awards		—		4,249		—		—		4,249
Repurchase of shares		(280)		(9,848)		(18,800)		—		(28,928)
Dividends declared		—		—		(10,377)		—		(10,377)
July 29, 2023	$	15,630	$	170,789	$	440,319	$	(2,109)	$	624,629

Long-Term Stock Incentive Plan and Equity Compensation Expense

In recent years, we have granted a combination of service-based restricted share awards and awards based on relative total shareholder return ("TSR") to certain select employees.

Service-Based Restricted Share Awards

The table below summarizes the service-based restricted share awards, including both restricted shares and restricted share units, activity for the First Half of Fiscal 2023:


	First Half Fiscal 2023
		Weighted-
	Number of	average
	Shares or	grant date
	Units	fair value
Awards outstanding at beginning of year	212,945	$	64
Awards granted	58,055	$	115
Awards vested, including awards repurchased from employees for employees’ tax liability	(111,095)	$	41
Awards forfeited	(1,070)	$	62
Awards outstanding on July 29, 2023	158,835	$	99

TSR-based Restricted Share Units

The table below summarizes the TSR-based restricted share unit activity at target for the First Half of Fiscal 2023:


	First Half Fiscal 2023
		Weighted-
		average
	Number of	grant date
	Share Units	fair value
TSR-based awards outstanding at beginning of year	196,040	$	89
TSR-based awards granted	74,605	$	153
TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability	(76,340)	$	50
TSR-based awards forfeited	—	$	—
TSR-based awards outstanding on July 29, 2023	194,305	$	129

Revenue Recognition and Receivables (Tables)

6 Months Ended

Jul. 29, 2023

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.


	Second Quarter				First Half
	Fiscal 2023		Fiscal 2022		Fiscal 2023		Fiscal 2022
Retail	$	170,137	$	153,976	$	327,742	$	290,056
E-commerce		152,264		118,816		278,028		215,289
Food & Beverage		29,503		27,291		61,535		58,176
Wholesale		68,312		62,799		173,141		151,415
Other		103		548		(30)		1,075
Net sales	$	420,319	$	363,430	$	840,416	$	716,011

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 51,453	$ 56,612	$ 109,991	$ 114,020

- Definition

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

+ References

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+ Details

Subsequent Event	6 Months Ended
Subsequent Event	Jul. 29, 2023
Subsequent Event
Subsequent Event	9. Subsequent Event: In August 2023, the Tommy Bahama Marlin Bar in Lahaina, Hawaii on the island of Maui was destroyed by wildfires. We maintain property loss insurance coverage and expect to recover substantially all losses on inventory, property and equipment and other fire-related costs from insurance proceeds. Our other locations on Maui, including a Tommy Bahama restaurant in Wailea, have also been negatively affected by the wildfires.

Leases and Other Commitments (Tables)

6 Months Ended

Jul. 29, 2023

Leases and Other Commitments

Schedule of lease liability payments

As of July 29, 2023, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):


	Operating lease
Remainder of 2023	$	39,686
2024		72,199
2025		55,324
2026		48,295
2027		34,751
2028		28,479
After 2028		53,276
Total lease payments	$	332,010
Less: Difference between discounted and undiscounted lease payments		45,127
Present value of lease liabilities	$	286,883

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 51,453	$ 56,612	$ 109,991	$ 114,020
Other comprehensive income (loss), net of taxes:
Net foreign currency translation adjustment	319	(125)	(285)	352
Comprehensive income	$ 51,772	$ 56,487	$ 109,706	$ 114,372

- Definition

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

+ References

+ Details

Shareholders' Equity - Service-Based Restricted Share Awards (Details) - Restricted shares and restricted share units, excluding TSR-based restricted share units	6 Months Ended
	Jul. 29, 2023 $ / shares shares
Number of Shares
Awards outstanding at beginning of year (in shares) \| shares	212,945
Awards granted (in shares) \| shares	58,055
Awards vested, including awards repurchased from employees for employees' tax liability (in shares) \| shares	(111,095)
Awards forfeited (in shares) \| shares	(1,070)
Awards outstanding at end of period (in shares) \| shares	158,835
Weighted-average grant date fair value
Awards outstanding at beginning of year (in dollars per share) \| $ / shares	$ 64
Awards granted/issued (in dollars per share) \| $ / shares	115
Awards vested, including awards repurchased from employees for employees' tax liability (in dollars per share) \| $ / shares	41
Awards forfeited (in dollars per share) \| $ / shares	62
Awards outstanding at end of period (in dollars per share) \| $ / shares	$ 99

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Income Taxes
Effective income tax rate (as a percent)	22.50%	24.60%	23.80%	24.40%
Typical annual effective tax rate (as a percent)	25.00%		25.00%

Business Combinations (Tables)

6 Months Ended

Jul. 29, 2023

Business Combinations

Summary of our preliminary allocation of the purchase price


	Provisional Amounts at January 28, 2023		Measurement Period Adjustments		Provisional Amounts at July 29, 2023
Cash and cash equivalents	$	7,296	$	—	$	7,296
Receivables		8,777		—		8,777
Inventories		23,434		—		23,434
Prepaid expenses and other assets		6,353		—		6,353
Property and equipment		21,108		—		21,108
Intangible assets		134,640		—		134,640
Goodwill		96,637		1,403		98,040
Operating lease assets		54,859		—		54,859
Accounts payable, accrued expenses and other liabilities		(34,777)		920		(33,857)
Non-current portion of operating lease liabilities		(47,009)		—		(47,009)
Purchase price	$	271,318	$	2,323	$	273,641

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

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

Schedule of pro forma statements of operations


	Second Quarter Fiscal 2022				First Half Fiscal 2022
	Actual		Pro Forma		Actual		Pro Forma
Net sales	$	363,430	$	413,657	$	716,011	$	819,831
Earnings before income taxes	$	75,097	$	80,513	$	150,833	$	162,256
Net earnings	$	56,612	$	60,674	$	114,020	$	122,588
Earnings per share:
Basic	$	3.56	$	3.81	$	7.07	$	7.61
Diluted	$	3.49	$	3.74	$	6.94	$	7.46

Leases and Other Commitments - Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Leases and Other Commitments
Operating lease expense	$ 18		$ 35
Variable lease expense	11		21
Total lease expense	$ 29	$ 22	56	$ 47
Cash paid for lease liabilities			$ 41	$ 35

Basis of Presentation

6 Months Ended

Jul. 29, 2023

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.

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 2022 Form 10-K. No recently issued guidance adopted in Fiscal 2023 had a material impact on our consolidated financial statements upon adoption or is expected to have a material impact in future periods. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2022 Form 10-K. Recent accounting pronouncements pending adoption are either not applicable or not expected to have a material impact on our consolidated financial statements.

Business Combinations - Proforma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Actual
Net sales	$ 420,319	$ 363,430	$ 840,416	$ 716,011
Earnings before income taxes	66,377	75,097	144,336	150,833
Net Income (Loss)	$ 51,453	$ 56,612	$ 109,991	$ 114,020
Net earnings per share:
Basic (in dollars per share)	$ 3.31	$ 3.56	$ 7.06	$ 7.07
Diluted (in dollars per share)	$ 3.22	$ 3.49	$ 6.86	$ 6.94
Pro Forma
Net sales		$ 413,657		$ 819,831
Earnings before income taxes		80,513		162,256
Net earnings		$ 60,674		$ 122,588
Earnings per share:
Basic (in dollars per share)		$ 3.81		$ 7.61
Diluted (in dollars per share)		$ 3.74		$ 7.46

Operating Groups - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Operating groups
Net sales	$ 420,319	$ 363,430	$ 840,416	$ 716,011
Depreciation and amortization	15,287	10,622	30,459	20,812
Operating income	67,674	75,371	147,975	151,349
Interest expense, net	1,297	274	3,639	516
Earnings before income taxes	66,377	75,097	144,336	150,833
Corporate and Other
Operating groups
Net sales	(76)	887	(346)	1,593
Depreciation and amortization	58	192	237	430
Operating income	(8,804)	(9,030)	(14,937)	(19,572)
Tommy Bahama \| Operating Segments
Operating groups
Net sales	245,443	243,965	484,878	472,032
Depreciation and amortization	6,073	6,916	12,057	13,534
Operating income	51,037	58,918	106,558	111,524
Lilly Pulitzer \| Operating Segments
Operating groups
Net sales	91,349	88,665	188,799	180,710
Depreciation and amortization	3,979	3,121	7,371	6,096
Operating income	18,566	21,492	43,082	47,670
Johnny Was \| Operating Segments
Operating groups
Net sales	52,023		101,514
Depreciation and amortization	4,717		9,909
Operating income	3,847		6,331
Emerging Brands \| Operating Segments
Operating groups
Net sales	31,580	29,913	65,571	61,676
Depreciation and amortization	460	393	885	752
Operating income	$ 3,028	$ 3,991	$ 6,941	$ 11,727

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 420,319	$ 363,430	$ 840,416	$ 716,011
Cost of goods sold	151,590	131,281	296,558	257,485
Gross profit	268,729	232,149	543,858	458,526
SG&A	205,231	163,135	408,380	320,547
Royalties and other operating income	4,176	6,357	12,497	13,370
Operating income	67,674	75,371	147,975	151,349
Interest expense, net	1,297	274	3,639	516
Earnings before income taxes	66,377	75,097	144,336	150,833
Income tax expense	14,924	18,485	34,345	36,813
Net earnings, basic	$ 51,453	$ 56,612	109,991	114,020
Net earnings, diluted			$ 109,991	$ 114,020
Net earnings per share:
Basic (in dollars per share)	$ 3.31	$ 3.56	$ 7.06	$ 7.07
Diluted (in dollars per share)	$ 3.22	$ 3.49	$ 6.86	$ 6.94
Weighted average shares outstanding:
Basic (in shares)	15,550	15,919	15,589	16,118
Diluted (in shares)	15,979	16,238	16,025	16,430
Dividends declared per share (in dollars per share)	$ 0.65	$ 0.55	$ 1.30	$ 1.10

Income Taxes

6 Months Ended

Jul. 29, 2023

Income Taxes

Income Taxes

5. Income Taxes: Our effective income tax rate for the Second Quarter of Fiscal 2023 was 22.5% while our effective income tax rate for the Second Quarter of Fiscal 2022 was 24.6%. Our effective income tax rate for the First Half of Fiscal 2023 was 23.8% while our effective income tax rate for the First Half of Fiscal 2022 was 24.4%.

The effective tax rate for the First Half of Fiscal 2023 benefitted significantly from the vesting of restricted stock awards at a price higher than the grant date fair value and certain other items that resulted in a lower tax rate than a more typical annual effective tax rate of approximately 25%.

The First Half of Fiscal 2022 included the utilization of certain net operating loss carryforward amounts in certain state and foreign jurisdictions and certain other items.

Inflation Reduction Act of 2022

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (“IRA”) into law. The IRA implemented a corporate alternative minimum tax, subject to certain thresholds being met, and a 1% excise tax on share repurchases effective beginning January 1, 2023. We do not currently expect that the tax-related provisions of the IRA will have a material effect on our reported results, cash flows or financial position. For the First Half of Fiscal 2023, excise taxes included as part of the price of common stock repurchased during the period did not have a material effect on our reported results.

- 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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+ Details

Revenue Recognition and Receivables

6 Months Ended

Jul. 29, 2023

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 food and beverage 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 2022 Form 10-K.

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


	Second Quarter				First Half
	Fiscal 2023		Fiscal 2022		Fiscal 2023		Fiscal 2022
Retail	$	170,137	$	153,976	$	327,742	$	290,056
E-commerce		152,264		118,816		278,028		215,289
Food & Beverage		29,503		27,291		61,535		58,176
Wholesale		68,312		62,799		173,141		151,415
Other		103		548		(30)		1,075
Net sales	$	420,319	$	363,430	$	840,416	$	716,011

An estimated sales return liability of $14 million, $12 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 29, 2023, January 28, 2023, and July 30, 2022, respectively. As of July 29, 2023, January 28, 2023, and July 30, 2022, prepaid expenses and other current assets included $4 million, $4 million and $5 million, respectively, relating to 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 29, 2023, January 28, 2023, and July 30, 2022, reserve balances recorded as a reduction to receivables related to these items were $3 million, $4 million and $4 million, respectively. As of July 29, 2023, January 28, 2023, and July 30, 2022, our provision for credit losses related to receivables included in our consolidated balance sheets was $1 million, $1 million and $1 million, respectively.

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 $18 million, $19 million and $15 million as of July 29, 2023, January 28, 2023, and July 30, 2022, 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

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-Topic 606
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+ Details

Shareholders' Equity - Share Repurchases (Details) - USD ($) shares in Thousands, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 01, 2023	Jul. 29, 2023	Jul. 30, 2022	Jul. 29, 2023	Jul. 30, 2022
Share Repurchases
Repurchase of shares (in shares)		186	339	186	830
Repurchase of shares (in dollars)		$ 19	$ 30	$ 19	$ 73
Purchase of shares from employees to cover employee tax liabilities of vesting of shares (in dollars)				$ 10	$ 3
Subsequent Event
Share Repurchases
Repurchase of shares (in shares)	10
Repurchase of shares (in dollars)	$ 1