Business Combinations (Tables)

12 Months Ended

Feb. 03, 2018

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes our allocation of the purchase price for the Southern Tide acquisition (in thousands):



	Southern Tide acquisition
Cash and cash equivalents	$	2,423
Receivables	6,616
Inventories (1)	16,251
Prepaid expenses	740
Property and equipment	220
Intangible assets	30,240
Goodwill	42,745
Other non-current assets	344
Accounts payable, accrued expenses and other liabilities	(3,473		)
Deferred taxes	(1,812		)
Purchase price	$	94,294

(1) Includes a step-up of acquired inventory from cost to fair value of $2.7 million. This step-up amount was recognized in Fiscal 2016 in cost of goods sold in our consolidated statement of operations.

The following table summarizes our preliminary allocation of the purchase price for the Fiscal 2017 acquisitions, in the aggregate (in thousands):



	Fiscal 2017 acquisitions
Cash and cash equivalents	$	406
Inventories (1)	3,910
Prepaid expenses and other current assets	595
Property and equipment	682
Intangible assets	5,940
Goodwill	6,642
Accounts payable, accrued expenses and other liabilities	(640		)
Purchase price (2)	$	17,535

(1) Includes a step-up of acquired inventory from cost to fair value of $1.3 million with $1.2 million of this step-up amount recognized in Fiscal 2017 in cost of goods sold in our consolidated statement of operations.
(2) In connection with the Beaufort Bonnet acquisition, we entered into a contingent consideration agreement pursuant to which we will be obligated to pay cash payments to the sellers of up to $3.5 million in the aggregate subject to Beaufort Bonnet's achievement of certain earnings targets over a four year period subsequent to the acquisition. Estimated fair value of the contingent consideration amount as the acquisition date was $0.3 million.

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

Intangible assets allocated in connection with our purchase price allocation consisted of the following (in thousands):



	Useful life	Fiscal 2017 acquisitions
Finite lived intangible assets acquired:
Trade names and trademarks	20 years	$	4,220
Other intangible assets including reacquired rights, customer relationships and non-compete agreements	3 - 10 years	$	1,720
		$	5,940

Intangible assets allocated in connection with our purchase price allocation consisted of the following (in thousands):



	Useful life	Southern Tide acquisition
Finite lived intangible assets acquired, primarily consisting of customer relationships	5 - 20 years	$	3,440
Trade names and trademarks	Indefinite	26,800
		$	30,240

Business Acquisition, Pro Forma Information

The pro forma statements of operations have been prepared from our and Southern Tide's historical statements of operations for the periods presented, including without limitation, purchase accounting adjustments, but excluding any seller specific management/advisory or similar expenses and any synergies or operating cost reductions that may be achieved from the combined operations in the future.



	Fiscal 2016		Fiscal 2015
Net sales	$	1,034,369	$	1,007,330
Earnings from continuing operations before income taxes	$	92,212	$	95,963
Earnings from continuing operations	$	58,035	$	58,609
Earnings from continuing operations per share:
Basic	$	3.51	$	3.59
Diluted	$	3.49	$	3.57