Operating Group Information

3 Months Ended

Apr. 30, 2022

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 is organized as our Tommy Bahama, Lilly Pulitzer, Emerging Brands and Lanier Apparel operating groups.

Tommy Bahama and Lilly Pulitzer each design, source, market and distribute apparel and related products bearing their respective trademarks and license their trademarks for other product categories. The Emerging Brands

operating group consists of the operations of our smaller, earlier stage Southern Tide, TBBC and Duck Head brands. In prior years, Southern Tide was reported as a separate operating group, while both TBBC and Duck Head were included in Corporate and Other. All prior year amounts have been restated to conform to the current year presentation.

In the First Quarter of Fiscal 2022, we organized our smaller brands into the Emerging Brands operating group. Each of these smaller brands are supported by Oxford’s emerging brands team that provides certain support functions to our three smaller brands, including marketing and advertising execution, customer relationship management and analysis and other functions. The shared resources provide for operating efficiencies and enhanced knowledge sharing across the three brands.

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, any other items that are not allocated to the operating groups, including LIFO inventory accounting adjustments, and the operations of our Lyons, Georgia distribution center and our Oxford America business, which we are in process of exiting in Fiscal 2022. For a more extensive description of our Tommy Bahama and Lilly Pulitzer operating groups, see Part I, Item 1. Business included in our Fiscal 2021 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 2022		Fiscal 2021
Net sales
Tommy Bahama	$	228,067	$	156,698
Lilly Pulitzer		92,045		73,576
Emerging Brands		31,763		22,432
Lanier Apparel		—		12,019
Corporate and Other		706		1,037
Consolidated net sales	$	352,581	$	265,762
Depreciation and amortization
Tommy Bahama	$	6,618	$	7,040
Lilly Pulitzer		2,975		2,099
Emerging Brands		359		310
Lanier Apparel		—		36
Corporate and Other		238		198
Consolidated depreciation and amortization	$	10,190	$	9,683
Operating income (loss)
Tommy Bahama	$	52,606	$	20,660
Lilly Pulitzer		26,178		19,945
Emerging Brands		7,736		4,961
Lanier Apparel		—		855
Corporate and Other		(10,542)		(11,528)
Consolidated operating income	$	75,978	$	34,893
Interest expense, net		242		252
Earnings before income taxes	$	75,736	$	34,641

	April 30, 2022		January 29, 2022		May 1, 2021
Assets
Tommy Bahama (1)	$	542,734	$	531,678	$	569,391
Lilly Pulitzer (2)		194,091		176,757		188,886
Emerging Brands (3)		72,728		66,825		49,802
Lanier Apparel (4)		—		207		9,620
Corporate and Other (5)		137,464		182,175		83,283
Consolidated Total Assets	$	947,017	$	957,642	$	900,982

(1) Decrease in Tommy Bahama total assets from May 1, 2021 includes reductions in operating lease assets and property and equipment partially offset by higher inventories and receivables.

(2) Increase in Lilly Pulitzer total assets from May 1, 2021 includes increased property and equipment and inventories partially offset by reductions in operating lease assets and receivables.

(3) Increase in Emerging Brands total assets from May 1, 2021 includes increased inventories, receivables and property and equipment.

(4) Decrease in Lanier Apparel total assets from May 1, 2021 is due to the exit of the Lanier Apparel business during Fiscal 2021.

(5) Increase in Corporate and Other total assets from May 1, 2021 includes increased short-term investments partially offset by decreases in cash and cash equivalents, inventories and other non-current assets.

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 2022
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	228,067	45	%	20	%	14	%	21	%	—	%
Lilly Pulitzer		92,045	34	%	44	%	—	%	22	%	—	%
Emerging Brands		31,763	5	%	30	%	—	%	65	%	—	%
Lanier Apparel		—	—	%	—	%	—	%	—	%	—	%
Corporate and Other		706	—	%	—	%	—	%	43	%	57	%
Total	$	352,581	39	%	27	%	9	%	25	%	—	%

	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	%	—	%
Emerging Brands		22,432	3	%	34	%	—	%	63	%	—	%
Lanier Apparel		12,019	—	%	—	%	—	%	100	%	—	%
Corporate and Other		1,037	—	%	—	%	—	%	53	%	47	%
Total	$	265,762	34	%	28	%	9	%	28	%	—	%