Oxford Industries, Inc. (NYSE:OXM) today announced financial
results for its fiscal 2021 second quarter ended July 31, 2021. Due
to the material impact of COVID-19 on the Company’s business in
fiscal 2020, this release includes comparisons of fiscal 2021
results to both fiscal 2019 and fiscal 2020.
Consolidated net sales in the second quarter of
fiscal 2021 were $329 million compared to $192 million and $302
million in the second quarters of fiscal 2020 and fiscal 2019,
respectively. Earnings on a GAAP basis increased to $3.05 per share
compared to a loss of $0.37 per share in the second quarter of
fiscal 2020 and earnings of $1.76 per share in the second quarter
of fiscal 2019. On an adjusted basis, earnings increased to $3.24
per share compared to a loss of $0.38 per share in the second
quarter of fiscal 2020 and earnings of $1.84 per share in the
second quarter of fiscal 2019. Both net sales and earnings per
share exceeded the Company’s guidance issued on June 9, 2021.
Thomas C. Chubb III, Chairman and CEO, commented,
“We are extremely pleased to be reporting record second quarter
results driven by excellent performance in all five of our brands –
Tommy Bahama, Lilly Pulitzer, Southern Tide, The Beaufort Bonnet
Company, and Duck Head. Double-digit sales growth in all brands,
combined with record gross margin and careful expense control,
contributed to record operating margin and earnings per share for
the quarter. All of our direct to consumer channels performed well
led by our highly profitable, full-price ecommerce business, with
sales growth of 49% compared to the second quarter of fiscal 2019.
As we head into the second half of the year, while being mindful of
the ongoing COVID-related challenges in supply chain and store and
restaurant operations, we believe that our focus on executing our
long-term strategic initiatives will continue to drive strength in
our business. We are grateful to our incredible team of women and
men for all they do to deliver happiness to our customers and
long-term value to our shareholders.”
Summary of Results
Net Sales by Operating Group |
Second Quarter |
($ in millions) |
2021 |
2020 |
2019 |
Tommy Bahama |
$208.8 |
$95.3 |
$188.9 |
Lilly Pulitzer |
87.3 |
73.9 |
75.6 |
Southern Tide |
14.6 |
8.8 |
12.5 |
Lanier Apparel (exiting) |
8.5 |
8.5 |
20.5 |
Other |
9.4 |
5.6 |
4.6 |
Total Company |
$328.7 |
$192.0 |
$302.0 |
Second Quarter of Fiscal 2021 Compared to
Second Quarter of Fiscal 2019
- Full price direct to consumer sales grew 20% to $223 million
compared to the second quarter of fiscal 2019, with growth in all
branded businesses.
- Restaurant sales grew 26% to $26 million compared to the second
quarter of fiscal 2019. Every location that operated in both fiscal
periods posted positive comps relative to fiscal 2019, with most at
double-digit percentage increases. The quarter also benefited from
the operation of five additional Marlin Bar locations. The
Company’s New York restaurant remains closed.
- Wholesale sales of $62 million were 20% lower than the second
quarter of fiscal 2019. Excluding Lanier Apparel, which the Company
is exiting in fiscal 2021, wholesale sales decreased 6% compared to
the second quarter of fiscal 2019.
- Gross margin increased to 63.8% compared to 59.5% in the second
quarter of fiscal 2019, fueled by strong full price sales, a shift
in sales mix towards direct to consumer channels, and higher
initial gross margin. On an adjusted basis, gross margin increased
to 64.3% compared to 59.8% in the second quarter of fiscal 2019.
- SG&A was $146 million, or 45% of sales, compared to $143
million, or 48% of sales, in the second quarter of fiscal 2019.
Increased performance-based incentive compensation and advertising
expense were partially offset by decreases in other employment
costs due to reduced headcount and lower occupancy costs. On an
adjusted basis, SG&A was $144 million, or 44% of sales,
compared to $143 million, or 47% of sales, in the second quarter of
fiscal 2019.
- Operating income increased to $68 million, or 20.7% of sales,
compared to $40 million, or 13.3% of sales, in the second quarter
of fiscal 2019. On an adjusted basis, operating income increased to
$72 million, or 22.0% of sales, compared to $42 million, or 13.8%
of sales, in the second quarter of fiscal 2019 with operating
margin expansion in all operating groups.
- The effective tax rate in the second quarter of fiscal 2021 was
24% compared to an effective tax rate of 25% in the second quarter
of fiscal 2019.
Balance Sheet and Liquidity
On a FIFO basis, inventory decreased 34% compared
to August 1, 2020. Excluding Lanier Apparel, which the Company is
exiting, inventory decreased 26% compared to August 1, 2020. Tommy
Bahama, Lilly Pulitzer, and Southern Tide each lowered inventory
levels year over year with conservative purchases of seasonal
inventory and higher than expected first half sales. Ongoing
enhancements to enterprise order management systems are also
contributing to a more efficient use of inventory. On a LIFO basis,
inventory decreased 48% and, excluding Lanier Apparel, decreased
39% compared to August 1, 2020.
As of July 31, 2021, the Company had a strong
liquidity position with $180 million of cash and cash equivalents
and no borrowings outstanding under its revolving credit agreement.
In the first half of fiscal 2021, cash provided by operating
activities was $149 million compared to $24 million in the first
half of fiscal 2020.
Outlook
The strength and profitability of the Company’s
direct to consumer business, which contributed to its outstanding
first half results, is expected to continue in the second half of
2021. For the full fiscal year, the Company now expects net sales
in a range of $1.085 billion to $1.105 billion as compared to sales
of $1.12 billion in 2019. In fiscal 2021, GAAP earnings per share
are expected to be between $6.03 and $6.28. Adjusted earnings per
share are expected to be between $6.45 and $6.70. This compares to
a loss on a GAAP basis of $5.77 per share and an adjusted loss of
$1.81 per share in fiscal 2020, and earnings of $4.05 per share on
a GAAP basis and $4.32 per share on an adjusted basis in fiscal
2019.
For the third quarter, the Company expects net
sales to be between $220 million and $230 million compared to net
sales of $175 million in the third quarter of fiscal 2020 and $241
million in the third quarter of fiscal 2019. The Company expects
earnings per share on a GAAP basis in a range of $0.17 to $0.27 in
the third quarter of fiscal 2021. On an adjusted basis, earnings
per share for the third quarter of fiscal 2021 is expected to be in
a range of $0.20 to $0.30. This compares with a loss of $0.64 per
share on a GAAP basis and an adjusted loss per share of $0.44 in
the third quarter of fiscal 2020, and earnings of $0.10 per share
on both a GAAP and an adjusted basis in the third quarter of fiscal
2019.
The Company’s effective tax rate for the full year
fiscal 2021 is expected to be approximately 23%.
The Company noted that it anticipates a third
quarter, pre-tax gain of approximately $11 million on the September
1, 2021 sale of its minority ownership interest in an
unconsolidated entity, which is not included in the Company’s
financial outlook above.
Capital expenditures in fiscal 2021, including $16
million in the first half of fiscal 2021, are expected to be
approximately $40 million, primarily reflecting investments in
information technology initiatives, new Marlin Bars, and retail
stores. Capital expenditures were $29 million in fiscal 2020 and
$37 million in fiscal 2019.
Dividend
The Company also announced that its Board of
Directors has approved a cash dividend of $0.42 per share payable
on October 29, 2021 to shareholders of record as of the close of
business on October 15, 2021. The Company has paid dividends every
quarter since it became publicly owned in 1960.
Conference Call
The Company will hold a conference call with
senior management to discuss its financial results at 4:30 p.m. ET
today. A live web cast of the conference call will be available on
the Company’s website at www.oxfordinc.com. A replay of the call
will be available through September 16, 2021 by dialing (412) 317-
6671 access code 13722351.
About Oxford
Oxford Industries, Inc., a leader in the apparel
industry, owns and markets the distinctive Tommy Bahama®, Lilly
Pulitzer®, Southern Tide®, The Beaufort Bonnet Company®, and Duck
Head® brands. Oxford's stock has traded on the New York Stock
Exchange since 1964 under the symbol OXM. For more information,
please visit Oxford's website at www.oxfordinc.com.
Basis of Presentation
All per share information is presented on a
diluted basis.
Non-GAAP Financial
Information
The Company reports its consolidated financial
statements in accordance with generally accepted accounting
principles (GAAP). To supplement these consolidated financial
results, management believes that a presentation and discussion of
certain financial measures on an adjusted basis, which exclude
certain non-operating or discrete gains, charges or other items,
may provide a more meaningful basis on which investors may compare
the Company’s ongoing results of operations between periods. These
measures include adjusted earnings, adjusted earnings per share,
adjusted gross profit, adjusted gross margin, adjusted SG&A,
and adjusted operating income, among others.
Management uses these non-GAAP financial measures
in making financial, operational, and planning decisions to
evaluate the Company’s ongoing performance. Management also uses
these adjusted financial measures to discuss its business with
investment and other financial institutions, its board of directors
and others. Reconciliations of these adjusted measures to the most
directly comparable financial measures calculated in accordance
with GAAP are presented in tables included at the end of this
release.
Safe Harbor
This press release includes statements that
constitute forward-looking statements within the meaning of the
federal securities laws. Generally, the words "believe," "expect,"
"intend," "estimate," "anticipate," "project," "will" and similar
expressions identify forward-looking statements, which typically
are not historical in nature. We intend for all forward-looking
statements contained herein, in our press releases or on our
website, and all subsequent written and oral forward-looking
statements attributable to us or persons acting on our behalf, to
be covered by the safe harbor provisions for forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 (which Sections were adopted as part of the
Private Securities Litigation Reform Act of 1995). Such statements
are subject to a number of risks, uncertainties and assumptions
including, without limitation, the impact of the coronavirus
(COVID-19) pandemic on our business, operations and financial
results, including due to uncertainties about scope and duration,
future store closures or other restrictions (including reduced
hours and capacity and/or operating requirements) due to government
and health department mandates and/or recommendations, the
effectiveness of store and restaurant re-openings (including
impacts on consumer traffic) and supply chain disruptions, any or
all of which may also affect many of the following risks; demand
for our products, which may be impacted by competitive conditions
and/or evolving consumer shopping patterns; macroeconomic factors
that may impact consumer discretionary spending for apparel and
related products; supply chain disruptions, including the potential
lack of inventory to support demand for our products, which may be
impacted by capacity constraints, closed factories, and cost and
availability of freight deliveries; costs of products as well as
the raw materials used in those products; expected pricing levels;
costs and availability of labor; the timing of shipments requested
by our wholesale customers; expected outcomes of pending or
potential litigation and regulatory actions; the impact of any
restructuring initiatives we may undertake in one or more of our
business lines, including the process, timing, costs, uncertainties
and effects of our ongoing exit of the Lanier Apparel business;
cybersecurity breaches; changes in international, federal or state
tax, trade and other laws and regulations, including the potential
increase in the U.S. corporate federal income tax rate and/or
imposition of additional duties; the ability of business partners,
including suppliers, vendors, licensees and landlords, to meet
their obligations to us and/or continue our business relationship
to the same degree in light of current or future financial stress,
staffing shortages, liquidity challenges and/or bankruptcy filings;
weather; fluctuations and volatility in global financial markets;
retention of and disciplined execution by key management; the
timing and cost of store and restaurant openings and remodels,
technology implementations and other capital expenditures;
acquisition and disposition activities, including our ability to
timely recognize expected synergies from acquisitions; access to
capital and/or credit markets; the impact of tax and other
legislative changes; changes in accounting standards and related
guidance; and factors that could affect our consolidated effective
tax rate, including estimated Fiscal 2020 taxable losses eligible
for carry back under the CARES Act. Forward-looking statements
reflect our expectations at the time such forward-looking
statements are made, based on information available at such time,
and are not guarantees of performance. Although we believe that the
expectations reflected in such forward-looking statements are
reasonable, these expectations could prove inaccurate as such
statements involve risks and uncertainties, many of which are
beyond our ability to control or predict. Should one or more of
these risks or uncertainties, or other risks or uncertainties not
currently known to us or that we currently deem to be immaterial,
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those anticipated,
estimated or projected. Important factors relating to these risks
and uncertainties include, but are not limited to, those described
in Part I. Item 1A. Risk Factors contained in our Annual Report on
Form 10-K for Fiscal 2020, and those described from time to time in
our future reports filed with the SEC. We caution that one should
not place undue reliance on forward-looking statements, which speak
only as of the date on which they are made. We disclaim any
intention, obligation or duty to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Contact: Anne M. Shoemaker
E-mail: InvestorRelations@oxfordinc.com
|
Oxford
Industries, Inc. |
Consolidated
Balance Sheets |
(in
thousands, except par amounts) |
(unaudited) |
|
July 31, |
|
August 1, |
|
2021 |
|
2020 |
ASSETS |
|
|
|
|
|
Current Assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
180,389 |
|
|
$ |
97,089 |
|
Receivables,
net |
|
48,522 |
|
|
|
28,133 |
|
Inventories,
net |
|
77,330 |
|
|
|
148,578 |
|
Income tax
receivable |
|
18,085 |
|
|
|
787 |
|
Prepaid
expenses and other current assets |
|
24,720 |
|
|
|
23,830 |
|
Total Current Assets |
$ |
349,046 |
|
|
$ |
298,417 |
|
Property and
equipment, net |
|
157,380 |
|
|
|
180,284 |
|
Intangible
assets, net |
|
155,747 |
|
|
|
156,739 |
|
Goodwill |
|
23,897 |
|
|
|
23,866 |
|
Operating
lease assets |
|
212,217 |
|
|
|
254,230 |
|
Other
assets, net |
|
33,462 |
|
|
|
39,013 |
|
Total Assets |
$ |
931,749 |
|
|
$ |
952,549 |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Accounts
payable |
$ |
62,116 |
|
|
$ |
47,904 |
|
Accrued
compensation |
|
34,027 |
|
|
|
14,332 |
|
Current
portion of operating lease liabilities |
|
58,523 |
|
|
|
65,653 |
|
Accrued
expenses and other liabilities |
|
65,518 |
|
|
|
45,812 |
|
Total Current Liabilities |
$ |
220,184 |
|
|
$ |
173,701 |
|
Long-term
debt |
|
— |
|
|
|
65,000 |
|
Non-current
portion of operating lease liabilities |
|
215,434 |
|
|
|
255,935 |
|
Other
non-current liabilities |
|
21,389 |
|
|
|
18,471 |
|
Deferred
income taxes |
|
1,043 |
|
|
|
7,892 |
|
Shareholders’ Equity |
|
|
|
|
|
Common
stock, $1.00 par value per share |
|
16,895 |
|
|
|
16,876 |
|
Additional
paid-in capital |
|
158,083 |
|
|
|
151,720 |
|
Retained
earnings |
|
302,456 |
|
|
|
267,273 |
|
Accumulated
other comprehensive loss |
|
(3,735 |
) |
|
|
(4,319 |
) |
Total Shareholders’ Equity |
|
473,699 |
|
|
|
431,550 |
|
Total Liabilities and Shareholders’ Equity |
$ |
931,749 |
|
|
$ |
952,549 |
|
|
Oxford
Industries, Inc. |
Consolidated
Statements of Operations |
(in
thousands, except per share amounts) |
(unaudited) |
|
Second Quarter |
|
First Half |
|
Fiscal 2021 |
|
Fiscal 2020 |
|
|
Fiscal 2019 |
|
Fiscal 2021 |
|
Fiscal 2020 |
|
Fiscal 2019 |
Net sales |
$ |
328,672 |
|
$ |
191,988 |
|
|
$ |
302,000 |
|
$ |
594,434 |
|
$ |
352,331 |
|
|
$ |
583,973 |
Cost of
goods sold |
|
119,046 |
|
|
87,251 |
|
|
|
122,175 |
|
|
218,223 |
|
|
153,520 |
|
|
|
238,379 |
Gross profit |
$ |
209,626 |
|
$ |
104,737 |
|
|
$ |
179,825 |
|
$ |
376,211 |
|
$ |
198,811 |
|
|
$ |
345,594 |
SG&A |
|
146,367 |
|
|
115,663 |
|
|
|
143,403 |
|
|
283,492 |
|
|
238,664 |
|
|
|
283,217 |
Impairment
of goodwill and intangible assets |
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
60,452 |
|
|
|
— |
Royalties and other operating income |
|
4,737 |
|
|
2,909 |
|
|
|
3,837 |
|
|
10,170 |
|
|
6,799 |
|
|
|
7,624 |
Operating income (loss) |
$ |
67,996 |
|
$ |
(8,017 |
) |
|
$ |
40,259 |
|
$ |
102,889 |
|
$ |
(93,506 |
) |
|
$ |
70,001 |
Interest expense, net |
|
211 |
|
|
676 |
|
|
|
419 |
|
|
463 |
|
|
1,334 |
|
|
|
1,090 |
Earnings (loss) before income taxes |
$ |
67,785 |
|
$ |
(8,693 |
) |
|
$ |
39,840 |
|
$ |
102,426 |
|
$ |
(94,840 |
) |
|
$ |
68,911 |
Income tax
provision (benefit) |
|
16,325 |
|
|
(2,606 |
) |
|
|
10,004 |
|
|
22,498 |
|
|
(21,969 |
) |
|
|
17,418 |
Net earnings (loss) |
$ |
51,460 |
|
$ |
(6,087 |
) |
|
$ |
29,836 |
|
$ |
79,928 |
|
$ |
(72,871 |
) |
|
$ |
51,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
3.09 |
|
$ |
(0.37 |
) |
|
$ |
1.78 |
|
$ |
4.81 |
|
$ |
(4.40 |
) |
|
$ |
3.08 |
Diluted |
$ |
3.05 |
|
$ |
(0.37 |
) |
|
$ |
1.76 |
|
$ |
4.75 |
|
$ |
(4.40 |
) |
|
$ |
3.05 |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
16,637 |
|
|
16,547 |
|
|
|
16,760 |
|
|
16,615 |
|
|
16,580 |
|
|
|
16,736 |
Diluted |
|
16,859 |
|
|
16,547 |
|
|
|
16,907 |
|
|
16,825 |
|
|
16,580 |
|
|
|
16,878 |
Dividends declared per share |
$ |
0.42 |
|
$ |
0.25 |
|
|
$ |
0.37 |
|
$ |
0.79 |
|
$ |
0.50 |
|
|
$ |
0.74 |
|
Oxford
Industries, Inc. |
Consolidated
Statements of Cash Flows |
(in
thousands) |
(unaudited) |
|
First Half |
|
Fiscal 2021 |
|
Fiscal 2020 |
Cash
Flows From Operating Activities: |
|
|
|
|
|
Net earnings (loss) |
$ |
79,928 |
|
|
$ |
(72,871 |
) |
Adjustments
to reconcile net earnings (loss) to cash flows from operating
activities: |
|
|
|
|
|
Depreciation |
|
18,935 |
|
|
|
23,092 |
|
Amortization of intangible assets |
|
440 |
|
|
|
559 |
|
Impairment of goodwill and intangible assets |
|
— |
|
|
|
60,452 |
|
Equity compensation expense |
|
3,901 |
|
|
|
3,566 |
|
Amortization of deferred financing costs |
|
172 |
|
|
|
172 |
|
Deferred income taxes |
|
2,231 |
|
|
|
(8,648 |
) |
Changes in operating assets and liabilities, net of acquisitions
and dispositions: |
|
|
|
|
|
Receivables, net |
|
(16,617 |
) |
|
|
30,152 |
|
Inventories, net |
|
46,083 |
|
|
|
3,986 |
|
Income tax receivable |
|
(110 |
) |
|
|
75 |
|
Prepaid expenses and other current assets |
|
(4,352 |
) |
|
|
1,584 |
|
Current liabilities |
|
24,373 |
|
|
|
(3,609 |
) |
Other balance sheet changes |
|
(5,999 |
) |
|
|
(14,186 |
) |
Cash provided by operating activities |
$ |
148,985 |
|
|
$ |
24,324 |
|
Cash
Flows From Investing Activities: |
|
|
|
|
|
Purchases of
property and equipment |
|
(16,223 |
) |
|
|
(13,722 |
) |
Other investing activities |
|
(2,000 |
) |
|
|
(3,000 |
) |
Cash used in investing activities |
$ |
(18,223 |
) |
|
$ |
(16,722 |
) |
Cash
Flows From Financing Activities: |
|
|
|
|
|
Repayment of
revolving credit arrangements |
|
— |
|
|
|
(170,312 |
) |
Proceeds
from revolving credit arrangements |
|
— |
|
|
|
235,312 |
|
Repurchase
of common stock |
|
— |
|
|
|
(18,053 |
) |
Proceeds
from issuance of common stock |
|
663 |
|
|
|
766 |
|
Repurchase
of equity awards for employee tax withholding liabilities |
|
(2,983 |
) |
|
|
(1,870 |
) |
Cash
dividends paid |
|
(13,353 |
) |
|
|
(8,429 |
) |
Other financing activities |
|
(749 |
) |
|
|
(459 |
) |
Cash (used in) provided by financing
activities |
$ |
(16,422 |
) |
|
$ |
36,955 |
|
Net change
in cash and cash equivalents |
$ |
114,340 |
|
|
$ |
44,557 |
|
Effect of
foreign currency translation on cash and cash equivalents |
|
36 |
|
|
|
72 |
|
Cash and cash equivalents at the beginning of year |
|
66,013 |
|
|
|
52,460 |
|
Cash and cash equivalents at the end of
period |
$ |
180,389 |
|
|
$ |
97,089 |
|
|
Oxford
Industries, Inc. |
Reconciliations of Certain Non-GAAP Financial
Information |
(in
millions, except per share amounts) |
(unaudited) |
|
Second Quarter |
|
First Half |
AS
REPORTED |
|
Fiscal 2021 |
|
|
Fiscal 2020 |
% Change |
|
|
Fiscal 2019 |
% Change |
|
|
Fiscal 2021 |
|
|
Fiscal 2020 |
% Change |
|
|
Fiscal 2019 |
% Change |
Tommy Bahama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
208.8 |
|
|
$ |
95.3 |
|
|
119.2 |
% |
|
$ |
188.9 |
|
|
10.6 |
% |
|
$ |
365.5 |
|
|
$ |
182.2 |
|
|
100.6 |
% |
|
$ |
353.6 |
|
|
3.4 |
% |
Gross profit |
$ |
133.4 |
|
|
$ |
53.6 |
|
|
148.9 |
% |
|
$ |
114.5 |
|
|
16.5 |
% |
|
$ |
234.9 |
|
|
$ |
105.3 |
|
|
123.2 |
% |
|
$ |
218.0 |
|
|
7.7 |
% |
Gross margin |
|
63.9 |
% |
|
|
56.3 |
% |
|
|
|
|
60.6 |
% |
|
|
|
|
64.3 |
% |
|
|
57.8 |
% |
|
|
|
|
61.7 |
% |
|
|
Operating income (loss) |
$ |
47.3 |
|
|
$ |
(12.7 |
) |
|
NM |
|
|
$ |
23.2 |
|
|
103.8 |
% |
|
$ |
68.0 |
|
|
$ |
(36.1 |
) |
|
NM |
|
|
$ |
38.4 |
|
|
77.0 |
% |
Operating margin |
|
22.7 |
% |
|
|
(13.3 |
)% |
|
|
|
|
12.3 |
% |
|
|
|
|
18.6 |
% |
|
|
(19.8 |
)% |
|
|
|
|
10.9 |
% |
|
|
Lilly Pulitzer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
87.3 |
|
|
$ |
73.9 |
|
|
18.2 |
% |
|
$ |
75.6 |
|
|
15.6 |
% |
|
$ |
160.9 |
|
|
$ |
123.0 |
|
|
30.8 |
% |
|
$ |
148.2 |
|
|
8.6 |
% |
Gross profit |
$ |
61.9 |
|
|
$ |
44.1 |
|
|
40.4 |
% |
|
$ |
51.8 |
|
|
19.4 |
% |
|
$ |
113.1 |
|
|
$ |
75.8 |
|
|
49.2 |
% |
|
$ |
97.3 |
|
|
16.2 |
% |
Gross margin |
|
70.8 |
% |
|
|
59.6 |
% |
|
|
|
|
68.6 |
% |
|
|
|
|
70.3 |
% |
|
|
61.6 |
% |
|
|
|
|
65.7 |
% |
|
|
Operating income |
$ |
25.8 |
|
|
$ |
16.3 |
|
|
58.5 |
% |
|
$ |
20.4 |
|
|
26.1 |
% |
|
$ |
45.7 |
|
|
$ |
20.4 |
|
|
124.0 |
% |
|
$ |
35.7 |
|
|
28.1 |
% |
Operating margin |
|
29.5 |
% |
|
|
22.0 |
% |
|
|
|
|
27.1 |
% |
|
|
|
|
28.4 |
% |
|
|
16.6 |
% |
|
|
|
|
24.1 |
% |
|
|
Southern Tide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
14.6 |
|
|
$ |
8.8 |
|
|
65.5 |
% |
|
$ |
12.5 |
|
|
17.0 |
% |
|
$ |
30.1 |
|
|
$ |
17.1 |
|
|
75.6 |
% |
|
$ |
26.6 |
|
|
13.0 |
% |
Gross profit |
$ |
8.2 |
|
|
$ |
3.0 |
|
|
176.3 |
% |
|
$ |
6.1 |
|
|
33.9 |
% |
|
$ |
16.5 |
|
|
$ |
4.5 |
|
|
264.6 |
% |
|
$ |
13.3 |
|
|
23.8 |
% |
Gross margin |
|
56.4 |
% |
|
|
33.8 |
% |
|
|
|
|
49.3 |
% |
|
|
|
|
54.8 |
% |
|
|
26.4 |
% |
|
|
|
|
50.0 |
% |
|
|
Operating income (loss) |
$ |
3.0 |
|
|
$ |
(1.0 |
) |
|
NM |
|
|
$ |
1.8 |
|
|
60.9 |
% |
|
$ |
6.2 |
|
|
$ |
(64.3 |
) |
|
NM |
|
|
$ |
4.4 |
|
|
42.6 |
% |
Operating margin |
|
20.2 |
% |
|
|
(11.1 |
)% |
|
|
|
|
14.7 |
% |
|
|
|
|
20.6 |
% |
|
|
(376.0 |
)% |
|
|
|
|
16.4 |
% |
|
|
Lanier Apparel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
8.5 |
|
|
$ |
8.5 |
|
|
0.5 |
% |
|
$ |
20.5 |
|
|
(58.5 |
)% |
|
$ |
20.5 |
|
|
$ |
19.2 |
|
|
7.0 |
% |
|
$ |
46.6 |
|
|
(56.0 |
)% |
Gross profit |
$ |
5.8 |
|
|
$ |
1.5 |
|
|
272.5 |
% |
|
$ |
5.8 |
|
|
(0.4 |
)% |
|
$ |
10.1 |
|
|
$ |
4.4 |
|
|
128.9 |
% |
|
$ |
13.0 |
|
|
(22.7 |
)% |
Gross margin |
|
67.9 |
% |
|
|
18.3 |
% |
|
|
|
|
28.3 |
% |
|
|
|
|
49.0 |
% |
|
|
22.9 |
% |
|
|
|
|
27.9 |
% |
|
|
Operating income (loss) |
$ |
0.9 |
|
|
$ |
(6.1 |
) |
|
NM |
|
|
$ |
0.4 |
|
|
NM |
|
|
$ |
1.7 |
|
|
$ |
(8.8 |
) |
|
NM |
|
|
$ |
1.8 |
|
|
(3.5 |
)% |
Operating margin |
|
10.0 |
% |
|
|
(72.6 |
)% |
|
|
|
|
2.0 |
% |
|
|
|
|
8.3 |
% |
|
|
(45.7 |
)% |
|
|
|
|
3.8 |
% |
|
|
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
9.4 |
|
|
$ |
5.6 |
|
|
68.0 |
% |
|
$ |
4.6 |
|
|
103.1 |
% |
|
$ |
17.4 |
|
|
$ |
10.8 |
|
|
61.4 |
% |
|
$ |
9.0 |
|
|
93.6 |
% |
Gross profit |
$ |
0.4 |
|
|
$ |
2.6 |
|
|
NM |
|
|
$ |
1.6 |
|
|
NM |
|
|
$ |
1.7 |
|
|
$ |
8.9 |
|
|
NM |
|
|
$ |
4.0 |
|
|
NM |
|
Operating loss |
$ |
(8.9 |
) |
|
$ |
(4.5 |
) |
|
NM |
|
|
$ |
(5.6 |
) |
|
NM |
|
|
$ |
(18.7 |
) |
|
$ |
(4.7 |
) |
|
NM |
|
|
$ |
(10.2 |
) |
|
NM |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
328.7 |
|
|
$ |
192.0 |
|
|
71.2 |
% |
|
$ |
302.0 |
|
|
8.8 |
% |
|
$ |
594.4 |
|
|
$ |
352.3 |
|
|
68.7 |
% |
|
$ |
584.0 |
|
|
1.8 |
% |
Gross profit |
$ |
209.6 |
|
|
$ |
104.7 |
|
|
100.1 |
% |
|
$ |
179.8 |
|
|
16.6 |
% |
|
$ |
376.2 |
|
|
$ |
198.8 |
|
|
89.2 |
% |
|
$ |
345.6 |
|
|
8.9 |
% |
Gross margin |
|
63.8 |
% |
|
|
54.6 |
% |
|
|
|
|
59.5 |
% |
|
|
|
|
63.3 |
% |
|
|
56.4 |
% |
|
|
|
|
59.2 |
% |
|
|
SG&A |
$ |
146.4 |
|
|
$ |
115.7 |
|
|
26.5 |
% |
|
$ |
143.4 |
|
|
2.1 |
% |
|
$ |
283.5 |
|
|
$ |
238.7 |
|
|
18.8 |
% |
|
$ |
283.2 |
|
|
0.1 |
% |
SG&A as % of net sales |
|
44.5 |
% |
|
|
60.2 |
% |
|
|
|
|
47.5 |
% |
|
|
|
|
47.7 |
% |
|
|
67.7 |
% |
|
|
|
|
48.5 |
% |
|
|
Operating income (loss) |
$ |
68.0 |
|
|
$ |
(8.0 |
) |
|
NM |
|
|
$ |
40.3 |
|
|
68.9 |
% |
|
$ |
102.9 |
|
|
$ |
(93.5 |
) |
|
NM |
|
|
$ |
70.0 |
|
|
47.0 |
% |
Operating margin |
|
20.7 |
% |
|
|
(4.2 |
)% |
|
|
|
|
13.3 |
% |
|
|
|
|
17.3 |
% |
|
|
(26.5 |
)% |
|
|
|
|
12.0 |
% |
|
|
Earnings (loss) before income taxes |
$ |
67.8 |
|
|
$ |
(8.7 |
) |
|
NM |
|
|
$ |
39.8 |
|
|
70.1 |
% |
|
$ |
102.4 |
|
|
$ |
(94.8 |
) |
|
NM |
|
|
$ |
68.9 |
|
|
48.6 |
% |
Net earnings (loss) |
$ |
51.5 |
|
|
$ |
(6.1 |
) |
|
NM |
|
|
$ |
29.8 |
|
|
72.5 |
% |
|
$ |
79.9 |
|
|
$ |
(72.9 |
) |
|
NM |
|
|
$ |
51.5 |
|
|
55.2 |
% |
Net earnings (loss) per diluted share |
$ |
3.05 |
|
|
$ |
(0.37 |
) |
|
NM |
|
|
$ |
1.76 |
|
|
73.3 |
% |
|
$ |
4.75 |
|
|
$ |
(4.40 |
) |
|
NM |
|
|
$ |
3.05 |
|
|
55.7 |
% |
Weighted average shares outstanding - diluted |
|
16.9 |
|
|
|
16.5 |
|
|
1.9 |
% |
|
|
16.9 |
|
|
(0.3 |
)% |
|
|
16.8 |
|
|
|
16.6 |
|
|
1.5 |
% |
|
|
16.9 |
|
|
(0.3 |
)% |
|
|
|
|
|
|
|
Second Quarter |
|
First Half |
ADJUSTMENTS |
|
|
Fiscal 2021 |
|
|
Fiscal 2020 |
% Change |
|
|
Fiscal 2019 |
% Change |
|
|
Fiscal 2021 |
|
|
Fiscal 2020 |
% Change |
|
|
Fiscal 2019 |
% Change |
LIFO
adjustments(1) |
|
$ |
4.4 |
|
|
$ |
(0.4 |
) |
|
|
|
$ |
0.7 |
|
|
|
|
$ |
7.4 |
|
|
$ |
(3.6 |
) |
|
|
|
$ |
0.8 |
|
|
|
Lanier
Apparel exit charges in cost of goods sold(2) |
|
$ |
(2.6 |
) |
|
$ |
0.0 |
|
|
|
|
$ |
0.0 |
|
|
|
|
$ |
(2.1 |
) |
|
$ |
0.0 |
|
|
|
|
$ |
0.0 |
|
|
|
Tommy Bahama
Japan SG&A charges(3) |
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
|
|
$ |
0.6 |
|
|
|
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
|
|
$ |
0.6 |
|
|
|
Amortization
of Lilly Pulitzer Signature Store intangible assets(4) |
|
$ |
0.0 |
|
|
$ |
0.1 |
|
|
|
|
$ |
0.1 |
|
|
|
|
$ |
0.0 |
|
|
$ |
0.1 |
|
|
|
|
$ |
0.2 |
|
|
|
Amortization
of Southern Tide intangible assets(5) |
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
|
|
$ |
0.1 |
|
|
|
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
|
|
$ |
0.1 |
|
|
|
Southern
Tide impairment charges(6) |
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
|
|
$ |
0.0 |
|
|
|
|
$ |
0.0 |
|
|
$ |
60.2 |
|
|
|
|
$ |
0.0 |
|
|
|
Lanier
Apparel intangible asset impairment charges(7) |
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
|
|
$ |
0.0 |
|
|
|
|
$ |
0.0 |
|
|
$ |
0.2 |
|
|
|
|
$ |
0.0 |
|
|
|
Lanier
Apparel exit charges in SG&A(8) |
|
$ |
2.4 |
|
|
$ |
0.0 |
|
|
|
|
$ |
0.0 |
|
|
|
|
$ |
3.2 |
|
|
$ |
0.0 |
|
|
|
|
$ |
0.0 |
|
|
|
Impact of
income taxes(9) |
|
$ |
(1.1 |
) |
|
$ |
0.1 |
|
|
|
|
$ |
(0.2 |
) |
|
|
|
$ |
(2.2 |
) |
|
$ |
(9.1 |
) |
|
|
|
$ |
(0.3 |
) |
|
|
Adjustment to net earnings(10) |
|
$ |
3.1 |
|
|
$ |
(0.2 |
) |
|
|
|
$ |
1.2 |
|
|
|
|
$ |
6.4 |
|
|
$ |
48.0 |
|
|
|
|
$ |
1.4 |
|
|
|
AS
ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tommy Bahama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
208.8 |
|
|
$ |
95.3 |
|
|
119.2 |
% |
|
$ |
188.9 |
|
|
10.6 |
% |
|
$ |
365.5 |
|
|
$ |
182.2 |
|
|
100.6 |
% |
|
$ |
353.6 |
|
|
3.4 |
% |
Gross profit |
|
$ |
133.4 |
|
|
$ |
53.6 |
|
|
148.9 |
% |
|
$ |
114.5 |
|
|
16.5 |
% |
|
$ |
234.9 |
|
|
$ |
105.3 |
|
|
123.2 |
% |
|
$ |
218.0 |
|
|
7.7 |
% |
Gross margin |
|
|
63.9 |
% |
|
|
56.3 |
% |
|
|
|
|
60.6 |
% |
|
|
|
|
64.3 |
% |
|
|
57.8 |
% |
|
|
|
|
61.7 |
% |
|
|
Operating income (loss) |
|
$ |
47.3 |
|
|
$ |
(12.7 |
) |
|
NM |
|
|
$ |
23.8 |
|
|
98.8 |
% |
|
$ |
68.0 |
|
|
$ |
(36.1 |
) |
|
NM |
|
|
$ |
39.0 |
|
|
74.3 |
% |
Operating margin |
|
|
22.7 |
% |
|
|
(13.3 |
)% |
|
|
|
|
12.6 |
% |
|
|
|
|
18.6 |
% |
|
|
(19.8 |
)% |
|
|
|
|
11.0 |
% |
|
|
Lilly Pulitzer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
87.3 |
|
|
$ |
73.9 |
|
|
18.2 |
% |
|
$ |
75.6 |
|
|
15.6 |
% |
|
$ |
160.9 |
|
|
$ |
123.0 |
|
|
30.8 |
% |
|
$ |
148.2 |
|
|
8.6 |
% |
Gross profit |
|
$ |
61.9 |
|
|
$ |
44.1 |
|
|
40.4 |
% |
|
$ |
51.8 |
|
|
19.4 |
% |
|
$ |
113.1 |
|
|
$ |
75.8 |
|
|
49.2 |
% |
|
$ |
97.3 |
|
|
16.2 |
% |
Gross margin |
|
|
70.8 |
% |
|
|
59.6 |
% |
|
|
|
|
68.6 |
% |
|
|
|
|
70.3 |
% |
|
|
61.6 |
% |
|
|
|
|
65.7 |
% |
|
|
Operating income |
|
$ |
25.8 |
|
|
$ |
16.3 |
|
|
57.9 |
% |
|
$ |
20.5 |
|
|
25.6 |
% |
|
$ |
45.7 |
|
|
$ |
20.5 |
|
|
122.6 |
% |
|
$ |
35.9 |
|
|
27.5 |
% |
Operating margin |
|
|
29.5 |
% |
|
|
22.1 |
% |
|
|
|
|
27.2 |
% |
|
|
|
|
28.4 |
% |
|
|
16.7 |
% |
|
|
|
|
24.2 |
% |
|
|
Southern Tide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
14.6 |
|
|
$ |
8.8 |
|
|
65.5 |
% |
|
$ |
12.5 |
|
|
17.0 |
% |
|
$ |
30.1 |
|
|
$ |
17.1 |
|
|
75.6 |
% |
|
$ |
26.6 |
|
|
13.0 |
% |
Gross profit |
|
$ |
8.2 |
|
|
$ |
3.0 |
|
|
176.3 |
% |
|
$ |
6.1 |
|
|
33.9 |
% |
|
$ |
16.5 |
|
|
$ |
4.5 |
|
|
264.6 |
% |
|
$ |
13.3 |
|
|
23.8 |
% |
Gross margin |
|
|
56.4 |
% |
|
|
33.8 |
% |
|
|
|
|
49.3 |
% |
|
|
|
|
54.8 |
% |
|
|
26.4 |
% |
|
|
|
|
50.0 |
% |
|
|
Operating income (loss) |
|
$ |
3.0 |
|
|
$ |
(0.9 |
) |
|
NM |
|
|
$ |
1.9 |
|
|
58.6 |
% |
|
$ |
6.3 |
|
|
$ |
(4.0 |
) |
|
NM |
|
|
$ |
4.5 |
|
|
41.2 |
% |
Operating margin |
|
|
20.7 |
% |
|
|
(10.3 |
)% |
|
|
|
|
15.3 |
% |
|
|
|
|
21.1 |
% |
|
|
(23.1 |
)% |
|
|
|
|
16.9 |
% |
|
|
Lanier Apparel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
8.5 |
|
|
$ |
8.5 |
|
|
0.5 |
% |
|
$ |
20.5 |
|
|
(58.5 |
)% |
|
$ |
20.5 |
|
|
$ |
19.2 |
|
|
7.0 |
% |
|
$ |
46.6 |
|
|
(56.0 |
)% |
Gross profit |
|
$ |
3.2 |
|
|
$ |
1.5 |
|
|
104.5 |
% |
|
$ |
5.8 |
|
|
(45.3 |
)% |
|
$ |
7.9 |
|
|
$ |
4.4 |
|
|
80.2 |
% |
|
$ |
13.0 |
|
|
(39.2 |
)% |
Gross margin |
|
|
37.3 |
% |
|
|
18.3 |
% |
|
|
|
|
28.3 |
% |
|
|
|
|
38.6 |
% |
|
|
22.9 |
% |
|
|
|
|
27.9 |
% |
|
|
Operating income (loss) |
|
$ |
0.7 |
|
|
$ |
(6.1 |
) |
|
NM |
|
|
$ |
0.4 |
|
|
66.0 |
% |
|
$ |
2.8 |
|
|
$ |
(8.6 |
) |
|
NM |
|
|
$ |
1.8 |
|
|
58.0 |
% |
Operating margin |
|
|
7.8 |
% |
|
|
(72.6 |
)% |
|
|
|
|
2.0 |
% |
|
|
|
|
13.6 |
% |
|
|
(44.7 |
)% |
|
|
|
|
3.8 |
% |
|
|
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
9.4 |
|
|
$ |
5.6 |
|
|
68.0 |
% |
|
$ |
4.6 |
|
|
103.1 |
% |
|
$ |
17.4 |
|
|
$ |
10.8 |
|
|
61.4 |
% |
|
$ |
9.0 |
|
|
93.6 |
% |
Gross profit |
|
$ |
4.8 |
|
|
$ |
2.2 |
|
|
NM |
|
|
$ |
2.3 |
|
|
NM |
|
|
$ |
9.2 |
|
|
$ |
5.2 |
|
|
NM |
|
|
$ |
4.8 |
|
|
NM |
|
Operating loss |
|
$ |
(4.6 |
) |
|
$ |
(4.8 |
) |
|
NM |
|
|
$ |
(4.9 |
) |
|
NM |
|
|
$ |
(11.3 |
) |
|
$ |
(8.4 |
) |
|
NM |
|
|
$ |
(9.4 |
) |
|
NM |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
328.7 |
|
|
$ |
192.0 |
|
|
71.2 |
% |
|
$ |
302.0 |
|
|
8.8 |
% |
|
$ |
594.4 |
|
|
$ |
352.3 |
|
|
68.7 |
% |
|
$ |
584.0 |
|
|
1.8 |
% |
Gross profit |
|
$ |
211.4 |
|
|
$ |
104.3 |
|
|
102.6 |
% |
|
$ |
180.5 |
|
|
17.1 |
% |
|
$ |
381.5 |
|
|
$ |
195.2 |
|
|
95.5 |
% |
|
$ |
346.4 |
|
|
10.1 |
% |
Gross margin |
|
|
64.3 |
% |
|
|
54.4 |
% |
|
|
|
|
59.8 |
% |
|
|
|
|
64.2 |
% |
|
|
55.4 |
% |
|
|
|
|
59.3 |
% |
|
|
SG&A |
|
$ |
143.9 |
|
|
$ |
115.5 |
|
|
24.5 |
% |
|
$ |
142.7 |
|
|
0.9 |
% |
|
$ |
280.1 |
|
|
$ |
238.4 |
|
|
17.5 |
% |
|
$ |
282.3 |
|
|
(0.8 |
)% |
SG&A as % of net sales |
|
|
43.8 |
% |
|
|
60.2 |
% |
|
|
|
|
47.2 |
% |
|
|
|
|
47.1 |
% |
|
|
67.7 |
% |
|
|
|
|
48.3 |
% |
|
|
Operating income (loss) |
|
$ |
72.2 |
|
|
$ |
(8.3 |
) |
|
NM |
|
|
$ |
41.7 |
|
|
73.2 |
% |
|
$ |
111.5 |
|
|
$ |
(36.4 |
) |
|
NM |
|
|
$ |
71.7 |
|
|
55.5 |
% |
Operating margin |
|
|
22.0 |
% |
|
|
(4.3 |
)% |
|
|
|
|
13.8 |
% |
|
|
|
|
18.8 |
% |
|
|
(10.3 |
)% |
|
|
|
|
12.3 |
% |
|
|
Earnings (loss) before income taxes |
|
$ |
72.0 |
|
|
$ |
(8.9 |
) |
|
NM |
|
|
$ |
41.3 |
|
|
74.4 |
% |
|
$ |
111.1 |
|
|
$ |
(37.8 |
) |
|
NM |
|
|
$ |
70.7 |
|
|
57.2 |
% |
Net earnings (loss) |
|
$ |
54.6 |
|
|
$ |
(6.2 |
) |
|
NM |
|
|
$ |
31.0 |
|
|
75.9 |
% |
|
$ |
86.3 |
|
|
$ |
(24.9 |
) |
|
NM |
|
|
$ |
52.9 |
|
|
63.2 |
% |
Net earnings (loss) per diluted share |
|
$ |
3.24 |
|
|
$ |
(0.38 |
) |
|
NM |
|
|
$ |
1.84 |
|
|
76.1 |
% |
|
$ |
5.13 |
|
|
$ |
(1.50 |
) |
|
NM |
|
|
$ |
3.13 |
|
|
63.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second
Quarter |
|
Second
Quarter |
|
Second
Quarter |
|
Second Quarter |
|
|
Fiscal 2021 |
|
Fiscal 2021 |
|
Fiscal 2020 |
|
Fiscal 2019 |
|
|
Actual |
|
Guidance(11) |
|
Actual |
|
Actual |
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
GAAP basis |
$ |
3.05 |
|
|
$ |
2.11-2.31 |
|
|
$ |
(0.37 |
) |
|
$ |
1.76 |
LIFO
adjustments(12) |
|
0.19 |
|
|
|
0.00 |
|
|
|
(0.01 |
) |
|
|
0.03 |
Amortization
of recently acquired intangible assets(13) |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.01 |
Tommy Bahama
Japan charges(14) |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.03 |
Lanier
Apparel exit charges(15) |
|
(0.01 |
) |
|
|
0.04 |
|
|
|
0.00 |
|
|
|
0.00 |
As adjusted(10) |
$ |
3.24 |
|
|
$ |
2.15-2.35 |
|
|
$ |
(0.38 |
) |
|
$ |
1.84 |
|
|
|
|
|
|
|
|
|
|
|
First
Half |
|
First
Half |
|
First
Half |
|
|
|
|
Fiscal
2021 |
|
Fiscal
2020 |
|
Fiscal
2019 |
|
|
|
|
Actual |
|
Actual |
|
Actual |
|
|
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
GAAP
basis |
$ |
4.75 |
|
|
$ |
(4.40 |
) |
|
$ |
3.05 |
|
|
|
|
LIFO
adjustments(12) |
|
0.33 |
|
|
|
(0.14 |
) |
|
|
0.04 |
|
|
|
|
Amortization
of recently acquired intangible assets(13) |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
|
Tommy Bahama
Japan charges(14) |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.03 |
|
|
|
|
Impairment
of goodwill and intangible assets(16) |
|
0.00 |
|
|
|
3.02 |
|
|
|
0.00 |
|
|
|
|
Lanier
Apparel exit charges(15) |
|
0.05 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
|
As adjusted(10) |
$ |
5.13 |
|
|
$ |
(1.50 |
) |
|
$ |
3.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter |
|
Third
Quarter |
|
Third
Quarter |
|
|
|
|
Fiscal
2021 |
|
Fiscal
2020 |
|
Fiscal
2019 |
|
|
|
|
Guidance(17) |
|
Actual |
|
Actual |
|
|
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
GAAP
basis |
$ |
0.17-0.27 |
|
|
$ |
(0.64 |
) |
|
$ |
0.10 |
|
|
|
|
LIFO
adjustments(12) |
|
0.00 |
|
|
|
(0.25 |
) |
|
|
0.00 |
|
|
|
|
Amortization
of recently acquired intangible assets(13) |
|
0.00 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
|
Lanier
Apparel exit charges(15) |
|
0.03 |
|
|
|
0.45 |
|
|
|
0.00 |
|
|
|
|
As adjusted(10) |
$ |
0.20-0.30 |
|
|
$ |
(0.44 |
) |
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter |
|
Fourth
Quarter |
|
Fourth
Quarter |
|
|
|
|
Fiscal
2021 |
|
Fiscal
2020 |
|
Fiscal
2019 |
|
|
|
|
Guidance(17) |
|
Actual |
|
Actual |
|
|
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
GAAP
basis |
$ |
1.12-1.27 |
|
|
$ |
(0.74 |
) |
|
$ |
0.90 |
|
|
|
|
LIFO
adjustments(12) |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.03 |
|
|
|
|
Amortization
of recently acquired intangible assets(13) |
|
0.00 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
|
Tommy Bahama
Japan charges(14) |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.13 |
|
|
|
|
Information
technology project write-off(18) |
|
0.00 |
|
|
|
0.71 |
|
|
|
0.00 |
|
|
|
|
Lanier
Apparel exit charges(15) |
|
0.00 |
|
|
|
0.12 |
|
|
|
0.00 |
|
|
|
|
Change in
fair value of contingent consideration(19) |
|
0.00 |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
|
As adjusted(10) |
$ |
1.12-1.27 |
|
|
$ |
0.13 |
|
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full
Year |
|
Full
Year |
|
Full
Year |
|
|
|
|
Fiscal
2021 |
|
Fiscal
2020 |
|
Fiscal
2019 |
|
|
|
|
Guidance(17) |
|
Actual |
|
Actual |
|
|
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
GAAP
basis |
$ |
6.03-6.28 |
|
|
|
(5.77 |
) |
|
$ |
4.05 |
|
|
|
|
LIFO
adjustments(12) |
|
0.33 |
|
|
|
(0.39 |
) |
|
|
0.06 |
|
|
|
|
Amortization
of recently acquired intangible assets(13) |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.03 |
|
|
|
|
Tommy Bahama
Japan charges(14) |
|
0.00 |
|
|
|
0.00 |
|
|
|
0.16 |
|
|
|
|
Information
technology project write-off(18) |
|
0.00 |
|
|
|
0.71 |
|
|
|
0.00 |
|
|
|
|
Impairment
of goodwill and intangible assets(16) |
|
0.00 |
|
|
|
3.02 |
|
|
|
0.00 |
|
|
|
|
Lanier
Apparel exit charges(15) |
|
0.08 |
|
|
|
0.57 |
|
|
|
0.00 |
|
|
|
|
Change in
fair value of contingent consideration(19) |
|
0.00 |
|
|
|
0.03 |
|
|
|
0.02 |
|
|
|
|
As adjusted(10) |
$ |
6.45-6.70 |
|
|
$ |
(1.81 |
) |
|
$ |
4.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) LIFO adjustments
represents the impact resulting from LIFO accounting adjustments.
These adjustments are included in cost of goods sold in Corporate
and Other. |
(2) Lanier Apparel
exit charges in cost of goods sold relate to charges resulting from
the Third Quarter of Fiscal 2020 decision to exit the Lanier
Apparel business, which is expected to be completed during the
Second Half of Fiscal 2021. These charges include amounts related
to estimates of inventory markdowns and costs related to the
Merida, Mexico manufacturing facility, which ceased operations in
Fiscal 2020. These charges are included in cost of goods sold in
Lanier Apparel. |
(3) Tommy Bahama Japan
SG&A charges represents the SG&A impact of the
restructuring and exit of the Tommy Bahama Japan operations, which
was completed in the First Half of Fiscal 2020. These charges are
included in SG&A in Tommy Bahama. |
(4) Amortization of
Lilly Pulitzer Signature Store intangible assets represents the
amortization related to intangible assets acquired as part of Lilly
Pulitzer's acquisition of certain Lilly Pulitzer Signature Stores.
These charges are included in SG&A in Lilly Pulitzer. |
(5) Amortization of
Southern Tide intangible assets represents the amortization related
to intangible assets acquired as part of the Southern Tide
acquisition. These charges are included in SG&A in Southern
Tide. |
(6) Southern Tide
impairment charges represents the impairment related to goodwill
and intangible assets related to Southern Tide. These charges are
included in impairment of goodwill and intangible assets in
Southern Tide. |
(7) Lanier Apparel
intangible asset impairment charges represents the impairment
related to a trademark acquired in a prior year. This charge is
included in impairment of goodwill and intangible assets in Lanier
Apparel. |
(8) Lanier Apparel
exit charges in SG&A relate to the Third Quarter of Fiscal 2020
decision to exit the Lanier Apparel business. These charges consist
of termination charges related to certain license agreements and
employee charges for severance and employee retention. These
charges are included in SG&A in Lanier Apparel. |
(9) Impact of income
taxes represents the estimated tax impact of the above adjustments
based on the estimated effective tax rate on current year earnings
in the respective jurisdiction. |
(10) Amounts in
columns may not add due to rounding. |
(11) Guidance as
issued on June 9, 2021. |
(12) LIFO adjustments
represents the impact, net of income taxes, on net earnings (loss)
per share resulting from LIFO accounting adjustments. No estimate
for LIFO accounting adjustments is reflected in the guidance for
any future periods. |
(13) Amortization of
recently acquired intangible assets represents the impact, net of
income taxes, on net earnings (loss) per share resulting from the
amortization of intangible assets acquired as part of the Lilly
Pulitzer Signature Store and Southern Tide acquisitions. |
(14) Tommy Bahama
Japan charges represents the impact, net of income taxes, on net
earnings (loss) per share of the restructuring and exit of the
Tommy Bahama Japan operations. |
(15) Lanier Apparel
exit charges represents the impact, net of income taxes, on net
earnings (loss) per share resulting from the Third Quarter of
Fiscal 2020 decision to exit the Lanier Apparel business. These
charges include amounts related to estimates of inventory
markdowns, costs related to the Merida, Mexico manufacturing
facility, employee charges, termination charges related to certain
license agreements, operating lease asset impairment charges and
fixed asset impairment charges. |
(16) Impairment of
goodwill and intangible assets represents the impact, net of income
taxes, on net earnings (loss) per share resulting from the
impairment charges in Southern Tide and Lanier Apparel. Due to the
non-deductibility of $18 million of Southern Tide goodwill amounts,
the effective tax rate on these impairment charges for goodwill and
intangible assets was 17%. |
(17) Guidance as
issued on September 2, 2021. Guidance for Fiscal 2021 and the Third
Quarter of Fiscal 2021 do not include an estimated pre-tax gain of
approximately $11 million on the September 1, 2021 sale of the
minority interest in an unconsolidated entity. |
(18) Information
technology project write-off represents the impact, net of income
taxes, on net earnings (loss) per share resulting from a charge in
the Fourth Quarter of Fiscal 2020 for the write-off of previously
capitalized costs related to a project that was abandoned. |
(19) Change in fair
value of contingent consideration represents the impact, net of
income taxes, on net earnings (loss) per share relating to the
change in the fair value of contingent consideration related to the
TBBC acquisition. |
|
|
|
|
|
|
Location Count |
|
End of Q1 |
End of Q2 |
End of Q3 |
End of Q4 |
Fiscal 2019 |
|
|
|
|
Tommy Bahama |
|
|
|
|
Full-price retail store |
113 |
113 |
111 |
111 |
Retail-restaurant |
17 |
17 |
17 |
16 |
Outlet |
37 |
37 |
37 |
35 |
Total Tommy Bahama |
167 |
167 |
165 |
162 |
Lilly Pulitzer |
63 |
63 |
63 |
61 |
Southern Tide |
— |
— |
— |
1 |
Oxford Total |
230 |
230 |
228 |
224 |
Fiscal 2020 |
|
|
|
|
Tommy Bahama |
|
|
|
|
Full-price retail store |
110 |
107 |
106 |
105 |
Retail-restaurant |
18 |
19 |
19 |
20 |
Outlet |
35 |
35 |
35 |
35 |
Total Tommy Bahama |
163 |
161 |
160 |
160 |
Lilly Pulitzer |
61 |
59 |
59 |
59 |
Southern Tide |
1 |
2 |
3 |
3 |
Oxford Total |
225 |
222 |
222 |
222 |
Fiscal 2021 |
|
|
|
|
Tommy Bahama |
|
|
|
|
Full-price retail store |
104 |
104 |
— |
— |
Retail-restaurant |
21 |
21 |
— |
— |
Outlet |
35 |
35 |
— |
— |
Total Tommy Bahama |
160 |
160 |
— |
— |
Lilly Pulitzer |
59 |
59 |
— |
— |
Southern Tide |
4 |
4 |
— |
— |
Oxford Total |
223 |
223 |
— |
— |
|
|
|
|
|
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