0000075288-24-000009 | 10-Q | XBRL Viewer

Revenue Recognition and Receivables (Tables)

3 Months Ended

May 04, 2024

Schedule of net sales by distribution channel

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


	First Quarter
	Fiscal 2024		Fiscal 2023
Retail	$	155,755	$	157,605
E-commerce		119,716		125,764
Food & Beverage		34,717		32,032
Wholesale		88,063		104,829
Other		(67)		(133)
Net sales	$	398,184	$	420,097

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Stock	APIC	Retained Earnings	AOCI	Total
Beginning Balance at Jan. 28, 2023	$ 15,774	$ 172,175	$ 370,145	$ (1,824)	$ 556,270
Increase (Decrease) in Stockholders' Equity
Comprehensive income			58,538	(604)	57,934
Shares issued under equity plans	6	596			602
Compensation expense for equity awards		3,259			3,259
Dividends declared			(10,640)		(10,640)
Ending Balance at Apr. 29, 2023	15,780	176,030	418,043	(2,428)	607,425
Beginning Balance at Feb. 03, 2024	15,629	178,567	369,453	(2,735)	560,914
Increase (Decrease) in Stockholders' Equity
Comprehensive income			38,373	(83)	38,290
Shares issued under equity plans	5	508			513
Compensation expense for equity awards		4,051			4,051
Dividends declared			(10,893)		(10,893)
Ending Balance at May. 04, 2024	$ 15,634	$ 183,126	$ 396,933	$ (2,818)	$ 592,875

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Operating Groups (Tables)

3 Months Ended

May 04, 2024

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.


	First Quarter
	Fiscal 2024		Fiscal 2023
Net sales
Tommy Bahama	$	225,617	$	239,435
Lilly Pulitzer		88,421		97,450
Johnny Was		51,212		49,491
Emerging Brands		33,001		33,991
Corporate and Other		(67)		(270)
Consolidated net sales	$	398,184	$	420,097

Depreciation and amortization
Tommy Bahama	$	7,193	$	5,984
Lilly Pulitzer		4,594		3,392
Johnny Was		4,006		5,192
Emerging Brands		614		425
Corporate and Other		134		179
Consolidated depreciation and amortization	$	16,541	$	15,172

Operating income (loss)
Tommy Bahama	$	42,639	$	55,521
Lilly Pulitzer		15,544		24,516
Johnny Was		333		2,484
Emerging Brands		3,798		3,913
Corporate and Other		(9,863)		(6,133)
Consolidated operating income	$	52,451	$	80,301
Interest expense, net		874		2,342
Earnings before income taxes	$	51,577	$	77,959


	May 4, 2024		February 3, 2024		April 29, 2023
Assets
Tommy Bahama ⁽¹⁾	$	607,069	$	556,431	$	576,867
Lilly Pulitzer ⁽²⁾		208,182		194,871		215,842
Johnny Was ⁽³⁾		246,229		251,429		330,321
Emerging Brands ⁽⁴⁾		103,995		98,816		92,959
Corporate and Other⁽⁵⁾		(8,499)		(3,703)		(21,759)
Consolidated Total Assets	$	1,156,976	$	1,097,844	$	1,194,230

(1)	Increase in Tommy Bahama total assets from April 29, 2023, includes increases in operating lease assets and property and equipment partially offset by decreases in inventories and receivables.

(2)	Decrease in Lilly Pulitzer total assets from April 29, 2023, includes a decrease in inventories.

(3)	Decrease in Johnny Was total assets from April 29, 2023, relates primarily to the impairment charges for goodwill and intangible assets recorded in the Fourth Quarter of Fiscal 2023.

(4)

Increase in Emerging Brands total assets from April 29, 2023, includes increases in operating lease assets and property and equipment from the opening of new retail store locations. Goodwill and intangible assets also increased related to the acquisition of Jack Rogers and three former Southern Tide Signature Stores in the Fourth Quarter of Fiscal 2023. These increases were partially offset by reductions in inventories.

(5)	Increase in Corporate and Other total assets from April 29, 2023, relates primarily due to the impact of LIFO accounting.

Schedule of net sales by operating group

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.


	First Quarter Fiscal 2024
	Net Sales		Retail		E-commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	225,617	45	%	21	%	15	%	19	%	—	%
Lilly Pulitzer		88,421	35	%	46	%	—	%	19	%	—	%
Johnny Was		51,212	37	%	40	%	—	%	23	%	—	%
Emerging Brands		33,001	15	%	36	%	—	%	49	%	—	%
Corporate and Other		(67)	—	%	—	%	—	%	—	%	NM	%
Total	$	398,184	39	%	30	%	9	%	22	%	—	%


	First Quarter Fiscal 2023
	Net Sales		Retail		E-commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	239,435	44	%	21	%	13	%	22	%	—	%
Lilly Pulitzer		97,450	34	%	47	%	—	%	19	%	—	%
Johnny Was		49,491	36	%	38	%	—		26	%	—	%
Emerging Brands		33,991	7	%	36	%	—	%	57	%	—	%
Corporate and Other		(270)	—	%	—	%	—	%	—	%	NM	%
Total	$	420,097	37	%	30	%	8	%	25	%	—	%

Shareholders' Equity - Service-Based Restricted Share Awards (Details) - Restricted shares and restricted share units, excluding TSR-based restricted share units	3 Months Ended
	May 04, 2024 $ / shares shares
Number of Shares
Awards outstanding at beginning of year (in shares) \| shares	158,794
Awards granted (in shares) \| shares	66,188
Awards outstanding at end of period (in shares) \| shares	224,982
Weighted-average grant date fair value
Awards outstanding at beginning of year (in dollars per share) \| $ / shares	$ 99
Awards granted (in dollars per share) \| $ / shares	111
Awards outstanding at end of period (in dollars per share) \| $ / shares	$ 102

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Current Assets
Cash and cash equivalents	$ 7,657	$ 7,604	$ 9,712
Receivables, net	87,918	63,362	81,483
Inventories, net	144,373	159,565	179,608
Income tax receivable	19,437	19,549	19,442
Prepaid expenses and other current assets	38,978	43,035	37,459
Total Current Assets	298,363	293,115	327,704
Property and equipment, net	193,702	195,137	181,601
Intangible assets, net	259,147	262,101	280,785
Goodwill	27,185	27,190	122,056
Operating lease assets	319,308	263,934	245,099
Other assets, net	41,183	32,188	33,637
Deferred income taxes	18,088	24,179	3,348
Total Assets	1,156,976	1,097,844	1,194,230
Current Liabilities
Accounts payable	73,755	85,545	69,609
Accrued compensation	19,340	23,660	24,318
Current portion of operating lease liabilities	65,366	64,576	67,265
Accrued expenses and other liabilities	67,124	66,863	80,854
Total Current Liabilities	225,585	240,644	242,046
Long-term debt	18,630	29,304	94,306
Non-current portion of operating lease liabilities	296,080	243,703	223,167
Other non-current liabilities	23,806	23,279	19,561
Deferred income taxes			7,725
Shareholders' Equity
Common stock, $1.00 par value per share	15,634	15,629	15,780
Additional paid-in capital	183,126	178,567	176,030
Retained earnings	396,933	369,453	418,043
Accumulated other comprehensive loss	(2,818)	(2,735)	(2,428)
Total Shareholders' Equity	592,875	560,914	607,425
Total Liabilities and Shareholders' Equity	$ 1,156,976	$ 1,097,844	$ 1,194,230

Operating Groups - Assets (Details) $ in Thousands	3 Months Ended
Operating Groups - Assets (Details) $ in Thousands	Feb. 03, 2024 USD ($) store	May 04, 2024 USD ($)	Apr. 29, 2023 USD ($)
Operating groups
Assets	$ 1,097,844	$ 1,156,976	$ 1,194,230
Corporate and Other
Operating groups
Assets	(3,703)	(8,499)	(21,759)
Tommy Bahama \| Operating Segments
Operating groups
Assets	556,431	607,069	576,867
Lilly Pulitzer \| Operating Segments
Operating groups
Assets	194,871	208,182	215,842
Johnny Was \| Operating Segments
Operating groups
Assets	$ 251,429	246,229	330,321
Emerging Brands \| Southern Tide
Operating groups
Number of stores acquired \| store	3
Emerging Brands \| Operating Segments
Operating groups
Assets	$ 98,816	$ 103,995	$ 92,959

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net earnings	$ 38,373	$ 58,538
Other comprehensive income (loss), net of taxes:
Net foreign currency translation adjustment	(83)	(604)
Comprehensive income	$ 38,290	$ 57,934

- 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

Shareholders' Equity (Tables)

3 Months Ended

May 04, 2024

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

Equity Compensation

Summary of award activity


	Fiscal 2024
		Weighted-
	Number of	average
	Shares or	grant date
	Units	fair value
Awards outstanding at beginning of year	158,794	$	99
Awards granted	66,188	$	111
Awards vested, including awards repurchased from employees for employees’ tax liability	—	$	—
Awards forfeited	—	$	—
Awards outstanding on May 4, 2024	224,982	$	102

TSR-based restricted share units

Equity Compensation

Summary of award activity


	Fiscal 2024
		Weighted-
		average
	Number of	grant date
	Share Units	fair value
TSR-based awards outstanding at beginning of year	192,163	$	129
TSR-based awards granted	80,245	$	140
TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability	—	$	—
TSR-based awards forfeited	—	$	—
TSR-based awards outstanding on May 4, 2024	272,408	$	132

- 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.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	May 04, 2024	Apr. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 38,373	$ 58,538

- Definition

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

+ References

+ Details

Shareholders' Equity

3 Months Ended

May 04, 2024

Shareholders' Equity

Shareholders' Equity and Share-based Payments [Text Block]

5. Shareholders’ Equity: From time to time, we repurchase our common stock mainly through open market repurchase plans. During the First Quarter of Fiscal 2024 and the First Quarter of Fiscal 2023, there were no repurchases. As of May 4, 2024, we have $30 million remaining under our existing Board of Directors’ authorization.

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 Quarter of Fiscal 2024 and the First Quarter of Fiscal 2023, no shares vested that resulted in a repurchase from our employees.

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 Quarter of Fiscal 2024:


	Fiscal 2024
		Weighted-
	Number of	average
	Shares or	grant date
	Units	fair value
Awards outstanding at beginning of year	158,794	$	99
Awards granted	66,188	$	111
Awards vested, including awards repurchased from employees for employees’ tax liability	—	$	—
Awards forfeited	—	$	—
Awards outstanding on May 4, 2024	224,982	$	102

TSR-based Restricted Share Units

The table below summarizes the TSR-based restricted share unit activity at target for the First Quarter of Fiscal 2024:


	Fiscal 2024
		Weighted-
		average
	Number of	grant date
	Share Units	fair value
TSR-based awards outstanding at beginning of year	192,163	$	129
TSR-based awards granted	80,245	$	140
TSR-based restricted shares earned and vested, including restricted share units repurchased from employees for employees’ tax liability	—	$	—
TSR-based awards forfeited	—	$	—
TSR-based awards outstanding on May 4, 2024	272,408	$	132

As disclosed in Note 1 to our consolidated financial statements contained in our Fiscal 2023 Form 10-K, the fair value of TSR-based awards are not tied to the price of our common stock at any fixed point in time; rather, the fair value of TSR-based awards is determined using a Monte Carlo simulation model, which models multiple TSR paths for our common stock as well as the comparator group, as applicable, to evaluate and determine the estimated fair value of the award.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 398,184	$ 420,097
Cost of goods sold	139,823	144,968
Gross profit	258,361	275,129
SG&A	213,103	203,149
Royalties and other operating income	7,193	8,321
Operating income	52,451	80,301
Interest expense, net	874	2,342
Earnings before income taxes	51,577	77,959
Income tax expense	13,204	19,421
Net earnings	$ 38,373	$ 58,538
Net earnings per share:
Basic (in dollars per share)	$ 2.46	$ 3.75
Diluted (in dollars per share)	$ 2.42	$ 3.64
Weighted average shares outstanding:
Basic (in shares)	15,597	15,629
Diluted (in shares)	15,844	16,071
Dividends declared per share (in dollars per share)	$ 0.67	$ 0.65

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
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	May 04, 2024 USD ($)
Required lease liability payments due
Remainder of 2024	$ 62,510
2025	71,153
2026	68,663
2027	54,538
2028	49,632
2029	35,765
After 2029	101,054
Total lease payments	443,315
Less: Difference between discounted and undiscounted lease payments	81,870
Present value of lease liabilities	$ 361,445
Operating Lease, Liability, Statement of Financial Position	Current portion of operating lease liabilities, Non-current portion of operating lease liabilities

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 04, 2024
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

Revenue Recognition and Receivables

3 Months Ended

May 04, 2024

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 2023 Form 10-K.

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


	First Quarter
	Fiscal 2024		Fiscal 2023
Retail	$	155,755	$	157,605
E-commerce		119,716		125,764
Food & Beverage		34,717		32,032
Wholesale		88,063		104,829
Other		(67)		(133)
Net sales	$	398,184	$	420,097

An estimated sales return liability of $14 million, $13 million and $16 million for expected direct to consumer returns is classified in accrued expenses and other liabilities in our consolidated balance sheet as of May 4, 2024, February 3, 2024, and April 29, 2023, respectively. As of May 4, 2024, February 3, 2024, and April 29, 2023, 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 May 4, 2024, February 3, 2024, and April 29, 2023, reserve balances recorded as a reduction to receivables related to these items were $3 million, $3 million and $4 million, respectively. As of May 4, 2024, February 3, 2024, and April 29, 2023, 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 $20 million, $20 million and $18 million as of May 4, 2024, February 3, 2024, and April 29, 2023, 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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+ Details

Leases and Other Commitments (Tables)

3 Months Ended

May 04, 2024

Leases and Other Commitments

Schedule of lease liability payments


	Operating lease
Remainder of 2024	$	62,510
2025		71,153
2026		68,663
2027		54,538
2028		49,632
2029		35,765
After 2029		101,054
Total lease payments	$	443,315
Less: Difference between discounted and undiscounted lease payments		81,870
Present value of lease liabilities	$	361,445

Operating Groups - Sales by operating group (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Operating groups
Net sales	$ 398,184	$ 420,097
Operating Segments \| Tommy Bahama
Operating groups
Net sales	225,617	239,435
Operating Segments \| Lilly Pulitzer
Operating groups
Net sales	88,421	97,450
Operating Segments \| Johnny Was
Operating groups
Net sales	51,212	49,491
Operating Segments \| Emerging Brands
Operating groups
Net sales	33,001	33,991
Corporate and Other
Operating groups
Net sales	(67)	(270)
Retail
Operating groups
Net sales	$ 155,755	$ 157,605
Net sales (as a percent)	39.00%	37.00%
Retail \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	45.00%	44.00%
Retail \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	35.00%	34.00%
Retail \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	37.00%	36.00%
Retail \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	15.00%	7.00%
E-commerce
Operating groups
Net sales	$ 119,716	$ 125,764
Net sales (as a percent)	30.00%	30.00%
E-commerce \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	21.00%	21.00%
E-commerce \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	46.00%	47.00%
E-commerce \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	40.00%	38.00%
E-commerce \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	36.00%	36.00%
Food & Beverage
Operating groups
Net sales	$ 34,717	$ 32,032
Net sales (as a percent)	9.00%	8.00%
Food & Beverage \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	15.00%	13.00%
Wholesale
Operating groups
Net sales	$ 88,063	$ 104,829
Net sales (as a percent)	22.00%	25.00%
Wholesale \| Operating Segments \| Tommy Bahama
Operating groups
Net sales (as a percent)	19.00%	22.00%
Wholesale \| Operating Segments \| Lilly Pulitzer
Operating groups
Net sales (as a percent)	19.00%	19.00%
Wholesale \| Operating Segments \| Johnny Was
Operating groups
Net sales (as a percent)	23.00%	26.00%
Wholesale \| Operating Segments \| Emerging Brands
Operating groups
Net sales (as a percent)	49.00%	57.00%
Other
Operating groups
Net sales	$ (67)	$ (133)

Revenue Recognition and Receivables - Credit losses and receivables (Details) - USD ($) $ in Millions	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Revenue Recognition and Receivables
Sales return liability	$ 14	$ 13	$ 16
Value of inventory for direct to consumer and wholesale sales returns	4	4	5
Receivable reserve	3	3	4
Credit loss reserve	1	1	1
Contract liabilities	$ 20	$ 20	$ 18

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Cash Flows From Operating Activities:
Net earnings	$ 38,373	$ 58,538
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation	13,586	11,512
Amortization of intangible assets	2,955	3,660
Equity compensation expense	4,051	3,259
Gain on sale of property and equipment		(1,756)
Amortization and write-off of deferred financing costs	96	272
Deferred income taxes	6,059	4,657
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net	(24,571)	(37,542)
Inventories, net	15,151	39,987
Income tax receivable	112	(2)
Prepaid expenses and other current assets	4,051	634
Current liabilities	(15,365)	(27,671)
Other balance sheet changes	(11,575)	(2,991)
Cash provided by operating activities	32,923	52,557
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired	(240)	(997)
Purchases of property and equipment	(11,894)	(16,662)
Proceeds from the sale of property, plant and equipment		2,125
Cash used in investing activities	(12,134)	(15,534)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(136,216)	(137,755)
Proceeds from revolving credit arrangements	125,542	113,051
Deferred financing costs paid		(1,661)
Proceeds from issuance of common stock	513	602
Cash dividends paid	(10,549)	(10,351)
Cash used in financing activities	(20,710)	(36,114)
Net change in cash and cash equivalents	79	909
Effect of foreign currency translation on cash and cash equivalents	(26)	(23)
Cash and cash equivalents at the beginning of year	7,604	8,826
Cash and cash equivalents at the end of period	$ 7,657	$ 9,712

Shareholders' Equity - Share Repurchases (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Shareholders' Equity
Repurchase of shares (in dollars)	$ 0	$ 0
Amount remaining available for repurchase (in dollars)	30
Purchase of shares from employees to cover employee tax liabilities of vesting of shares (in dollars)	$ 0	$ 0

Basis of Presentation

3 Months Ended

May 04, 2024

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 2023 Form 10-K. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2023 Form 10-K.

Recently Issued Accounting Standards Applicable to Future Years

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements.

In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, inclusion of all annual disclosures in interim periods, disclosure of the title and position of the chief operating decision maker and how the chief operating decision maker uses reported measures of segment profit and loss to assess performance and allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments require retrospective application to all prior periods presented in the financial statements. We are evaluating how the enhanced disclosure requirements of ASU 2023-07 will affect our presentation, and we will include the incremental disclosures upon the effective date.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating how the expanded disclosure requirements of ASU 2023-09 will affect our presentation, and we will include the incremental disclosures upon the effective date.

Operating Groups

3 Months Ended

May 04, 2024

Operating Groups

Operating Groups

2. Operating Group Information: We identify our operating groups based on the way our management organizes the components of our business for the purposes of allocating resources and assessing performance. Our operating group structure reflects a brand-focused management approach, emphasizing operational coordination and resource allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable. Our business 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. The accounting policies of the reportable operating segments are the same as those described in our Fiscal 2023 Form 10-K.

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


	First Quarter
	Fiscal 2024		Fiscal 2023
Net sales
Tommy Bahama	$	225,617	$	239,435
Lilly Pulitzer		88,421		97,450
Johnny Was		51,212		49,491
Emerging Brands		33,001		33,991
Corporate and Other		(67)		(270)
Consolidated net sales	$	398,184	$	420,097

Depreciation and amortization
Tommy Bahama	$	7,193	$	5,984
Lilly Pulitzer		4,594		3,392
Johnny Was		4,006		5,192
Emerging Brands		614		425
Corporate and Other		134		179
Consolidated depreciation and amortization	$	16,541	$	15,172

Operating income (loss)
Tommy Bahama	$	42,639	$	55,521
Lilly Pulitzer		15,544		24,516
Johnny Was		333		2,484
Emerging Brands		3,798		3,913
Corporate and Other		(9,863)		(6,133)
Consolidated operating income	$	52,451	$	80,301
Interest expense, net		874		2,342
Earnings before income taxes	$	51,577	$	77,959


	May 4, 2024		February 3, 2024		April 29, 2023
Assets
Tommy Bahama ⁽¹⁾	$	607,069	$	556,431	$	576,867
Lilly Pulitzer ⁽²⁾		208,182		194,871		215,842
Johnny Was ⁽³⁾		246,229		251,429		330,321
Emerging Brands ⁽⁴⁾		103,995		98,816		92,959
Corporate and Other⁽⁵⁾		(8,499)		(3,703)		(21,759)
Consolidated Total Assets	$	1,156,976	$	1,097,844	$	1,194,230

(1)	Increase in Tommy Bahama total assets from April 29, 2023, includes increases in operating lease assets and property and equipment partially offset by decreases in inventories and receivables.

(2)	Decrease in Lilly Pulitzer total assets from April 29, 2023, includes a decrease in inventories.

(3)	Decrease in Johnny Was total assets from April 29, 2023, relates primarily to the impairment charges for goodwill and intangible assets recorded in the Fourth Quarter of Fiscal 2023.

(4)

(5)	Increase in Corporate and Other total assets from April 29, 2023, relates primarily due to the impact of LIFO accounting.


	First Quarter Fiscal 2024
	Net Sales		Retail		E-commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	225,617	45	%	21	%	15	%	19	%	—	%
Lilly Pulitzer		88,421	35	%	46	%	—	%	19	%	—	%
Johnny Was		51,212	37	%	40	%	—	%	23	%	—	%
Emerging Brands		33,001	15	%	36	%	—	%	49	%	—	%
Corporate and Other		(67)	—	%	—	%	—	%	—	%	NM	%
Total	$	398,184	39	%	30	%	9	%	22	%	—	%


	First Quarter Fiscal 2023
	Net Sales		Retail		E-commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	239,435	44	%	21	%	13	%	22	%	—	%
Lilly Pulitzer		97,450	34	%	47	%	—	%	19	%	—	%
Johnny Was		49,491	36	%	38	%	—		26	%	—	%
Emerging Brands		33,991	7	%	36	%	—	%	57	%	—	%
Corporate and Other		(270)	—	%	—	%	—	%	—	%	NM	%
Total	$	420,097	37	%	30	%	8	%	25	%	—	%

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

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+ Details

Shareholders' Equity - TSR-based Restricted Share Units (Details) - TSR-based restricted share units	3 Months Ended
	May 04, 2024 $ / shares shares
Number of Shares
Awards outstanding at beginning of year (in shares) \| shares	192,163
Awards granted (in shares) \| shares	80,245
Awards outstanding at end of period (in shares) \| shares	272,408
Weighted-average grant date fair value
Awards outstanding at beginning of year (in dollars per share) \| $ / shares	$ 129
Awards granted (in dollars per share) \| $ / shares	140
Awards outstanding at end of period (in dollars per share) \| $ / shares	$ 132

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	May 04, 2024	Jun. 10, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 04, 2024
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		15,676,410
Entity Central Index Key	0000075288
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Operating Groups - Financial information (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Operating groups
Net sales	$ 398,184	$ 420,097
Depreciation and amortization	16,541	15,172
Operating income	52,451	80,301
Interest expense, net	874	2,342
Earnings before income taxes	51,577	77,959
Corporate and Other
Operating groups
Net sales	(67)	(270)
Depreciation and amortization	134	179
Operating income	(9,863)	(6,133)
Tommy Bahama \| Operating Segments
Operating groups
Net sales	225,617	239,435
Depreciation and amortization	7,193	5,984
Operating income	42,639	55,521
Lilly Pulitzer \| Operating Segments
Operating groups
Net sales	88,421	97,450
Depreciation and amortization	4,594	3,392
Operating income	15,544	24,516
Johnny Was \| Operating Segments
Operating groups
Net sales	51,212	49,491
Depreciation and amortization	4,006	5,192
Operating income	333	2,484
Emerging Brands \| Operating Segments
Operating groups
Net sales	33,001	33,991
Depreciation and amortization	614	425
Operating income	$ 3,798	$ 3,913

Leases and Other Commitments - Expense (Details) - USD ($) $ in Millions	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Leases and Other Commitments
Operating lease expense	$ 19
Variable lease expense	13
Total lease expense	32	$ 28
Cash paid for lease liabilities	$ 22	$ 21

Leases and Other Commitments

3 Months Ended

May 04, 2024

Leases and Other Commitments

Leases and Other Commitments

4. Leases: For the First Quarter of Fiscal 2024, operating lease expense was $19 million and variable lease expense was $13 million, resulting in total lease expense of $32 million compared to $28 million of total lease expense in the First Quarter of Fiscal 2023.

Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Quarter of Fiscal 2024 was $22 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Quarter of Fiscal 2023 was $21 million.

As of May 4, 2024, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):


	Operating lease
Remainder of 2024	$	62,510
2025		71,153
2026		68,663
2027		54,538
2028		49,632
2029		35,765
After 2029		101,054
Total lease payments	$	443,315
Less: Difference between discounted and undiscounted lease payments		81,870
Present value of lease liabilities	$	361,445

Revenue Recognition and Receivables - Net sales by distribution channel (Details) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Revenue
Net sales	$ 398,184	$ 420,097
Retail
Revenue
Net sales	155,755	157,605
E-commerce
Revenue
Net sales	119,716	125,764
Food & Beverage
Revenue
Net sales	34,717	32,032
Wholesale
Revenue
Net sales	88,063	104,829
Other
Revenue
Net sales	$ (67)	$ (133)

- 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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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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+ Details

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	May 04, 2024
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 2023 Form 10-K. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2023 Form 10-K.
Recently Issued Accounting Standards Applicable to Future Periods	Recently Issued Accounting Standards Applicable to Future Years Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements. In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which updates reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, inclusion of all annual disclosures in interim periods, disclosure of the title and position of the chief operating decision maker and how the chief operating decision maker uses reported measures of segment profit and loss to assess performance and allocate resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments require retrospective application to all prior periods presented in the financial statements. We are evaluating how the enhanced disclosure requirements of ASU 2023-07 will affect our presentation, and we will include the incremental disclosures upon the effective date. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The amendments in this update are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating how the expanded disclosure requirements of ASU 2023-09 will affect our presentation, and we will include the incremental disclosures upon the effective date.