Operating Group Information

3 Months Ended

May 01, 2021

Operating Group Information

Operating Group Information

2.    Operating Group Information:   We identify our operating groups based on the way our management organizes the components of our business for purposes of allocating resources and assessing performance. Our operating group structure reflects a brand-focused management approach, emphasizing operational coordination and resource

allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable. Our business has historically been operated through our Tommy Bahama, Lilly Pulitzer, Southern Tide and Lanier Apparel operating groups.

Tommy Bahama, Lilly Pulitzer and Southern Tide each design, source, market and distribute apparel and related products bearing their respective trademarks and license their trademarks for other product categories. In Fiscal 2020, we decided to exit Lanier Apparel, which is expected to be completed in the second half of Fiscal 2021. Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, the elimination of inter-segment sales and any other items that are not allocated to the operating groups, including LIFO inventory accounting adjustments. Because our LIFO inventory pool does not correspond to our operating group definitions, LIFO inventory accounting adjustments are not allocated to the operating groups. Corporate and Other also includes the operations of other businesses which are not included in our operating groups, including the operations of TBBC, Duck Head and our Lyons, Georgia distribution center. For a more extensive description of our operating groups, see Part I, Item 1. Business included in our Fiscal 2020 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 2021		Fiscal 2020
Net sales
Tommy Bahama	$	156,698	$	86,984
Lilly Pulitzer		73,576		49,149
Southern Tide		15,466		8,301
Lanier Apparel		12,019		10,725
Corporate and Other		8,003		5,184
Consolidated net sales	$	265,762	$	160,343
Depreciation and amortization
Tommy Bahama	$	7,040	$	7,800
Lilly Pulitzer		2,099		2,316
Southern Tide		187		144
Lanier Apparel		36		102
Corporate and Other		321		331
Consolidated depreciation and amortization	$	9,683	$	10,693
Operating income (loss)
Tommy Bahama	$	20,660	$	(23,362)
Lilly Pulitzer		19,945		4,146
Southern Tide		3,253		(63,366)
Lanier Apparel		855		(2,637)
Corporate and Other		(9,820)		(270)
Consolidated operating income (loss)	$	34,893	$	(85,489)
Interest expense, net		252		658
Earnings (loss) before income taxes	$	34,641	$	(86,147)

	May 1, 2021		January 30, 2021		May 2, 2020
Assets
Tommy Bahama (1)	$	569,391	$	569,854	$	650,057
Lilly Pulitzer (2)		188,886		176,467		202,983
Southern Tide (3)		32,285		31,641		37,513
Lanier Apparel (4)		9,620		10,967		39,283
Corporate and Other (5)		100,800		76,705		167,634
Consolidated Total Assets	$	900,982	$	865,634	$	1,097,470

(1) Decrease in Tommy Bahama total assets from May 2, 2020 includes reductions in operating lease assets, fixed assets and inventories partially offset by higher receivables.

(2) Decrease in Lilly Pulitzer total assets from May 2, 2020 includes reductions in operating lease assets and inventories partially offset by higher receivables.

(3) Decrease in Southern Tide total assets from May 2, 2020 includes reductions in inventories partially offset by higher receivables and fixed assets.

(4) Decrease in Lanier Apparel total assets from May 2, 2020 includes reductions in inventories, operating lease assets, receivables, fixed assets and other current assets as we continue with the exit of Lanier Apparel.

(5) Decrease in Corporate and Other total assets from May 2, 2020 includes reductions in cash partially offset by higher income tax receivables.

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.

	First Quarter Fiscal 2021
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	156,698	42	%	23	%	16	%	19	%	—	%
Lilly Pulitzer		73,576	35	%	42	%	—	%	23	%	—	%
Southern Tide		15,466	5	%	19	%	—	%	76	%	—	%
Lanier Apparel		12,019	—	%	—	%	—	%	100	%	—	%
Corporate and Other		8,003	—	%	57	%	—	%	37	%	6	%
Total	$	265,762	34	%	28	%	10	%	28	%	—	%

	First Quarter Fiscal 2020
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	86,984	39	%	28	%	13	%	20	%	—	%
Lilly Pulitzer		49,149	24	%	50	%	—	%	26	%	—	%
Southern Tide		8,301	1	%	21	%	—	%	78	%	—	%
Lanier Apparel		10,725	—	%	—	%	—	%	100	%	—	%
Corporate and Other		5,184	—	%	63	%	—	%	32	%	5	%
Total	$	160,343	28	%	34	%	7	%	31	%	—	%