Operating Groups

12 Months Ended

Feb. 03, 2024

Operating Groups

Operating Groups

Note 2. Operating Groups

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. With our acquisition of Johnny Was on September 19, 2022, our business is organized as our Tommy Bahama, Lilly Pulitzer, Johnny Was and Emerging Brands operating groups. Results for periods prior to Fiscal 2022 also include the Lanier Apparel operating group, which we exited in Fiscal 2021.

Tommy Bahama, Lilly Pulitzer and Johnny Was each design, source, market and distribute apparel and related products bearing their respective trademarks and may license their trademarks for other product categories. The Emerging Brands operating group, which was organized in Fiscal 2022, consists of the operations of our smaller, earlier stage Southern Tide, TBBC, Duck Head and Jack Rogers, which is a footwear brand acquired during Fiscal 2023. Prior to Fiscal 2022, 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.

Each of the brands included in Emerging Brands designs, sources, markets and distributes apparel and related products bearing its respective trademarks and is supported by Oxford’s emerging brands team that provides certain support functions to the smaller brands, including marketing and advertising execution, analysis and other functions. The shared resources provide for operating efficiencies and enhanced knowledge sharing across the 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 as our LIFO pool does not correspond to our operating group definitions, and the operations of our Lyons, Georgia distribution center and our Oxford America business, which we exited in Fiscal 2022.

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

	Fiscal		Fiscal		Fiscal
	2023		2022		2021
Net sales
Tommy Bahama	$	898,807	$	880,233	$	724,305
Lilly Pulitzer		343,499		339,266		298,995
Johnny Was (1)		202,859		72,591		—
Emerging Brands		126,825		116,484		90,053
Lanier Apparel (2)		—		—		24,858
Corporate and Other		(515)		2,954		3,868
Consolidated net sales	$	1,571,475	$	1,411,528	$	1,142,079
Depreciation and amortization
Tommy Bahama	$	26,133	$	26,807	$	27,830
Lilly Pulitzer		16,603		12,784		11,678
Johnny Was (1)		18,794		7,199		—
Emerging Brands		2,003		1,582		1,298
Lanier Apparel (2)		—		—		107
Corporate and Other		533		663		685
Consolidated depreciation and amortization	$	64,066	$	49,035	$	41,598
Operating income (loss)
Tommy Bahama	$	160,543	$	172,761	$	111,733
Lilly Pulitzer		56,110		67,098		63,601
Johnny Was (1)		(104,776)		(1,544)		—
Emerging Brands (3)		6,714		15,602		16,649
Lanier Apparel (2)		—		—		4,888
Corporate and Other (4)		(37,609)		(35,143)		(31,368)
Consolidated operating income		80,982		218,774		165,503
Interest expense, net		6,036		3,049		944
Earnings before income taxes	$	74,946	$	215,725	$	164,559

(1) In Fiscal 2023, the operating loss for Johnny Was resulted from a $111 million impairment charge for goodwill and intangible assets with no such charges in Fiscal 2022. Financial information for Fiscal 2022 consists of 19 weeks from the September 19, 2022, acquisition date through January 28, 2023, only.

(2) In Fiscal 2021, we exited our Lanier Apparel business, which is discussed in more detail in Note 12.

(3) The operating income for Emerging Brands in Fiscal 2023 included a $2 million impairment charge related to an unconsolidated entity.

(4) The operating loss for Corporate and Other included a LIFO accounting charge of $10 million, $3 million and $16 million in Fiscal 2023, Fiscal 2022 and Fiscal 2021, respectively. The operating loss for Corporate and Other in Fiscal 2022 also included $3 million of transaction expenses and integration costs associated with the Johnny Was acquisition. Fiscal 2021 also included a gain on sale of an unconsolidated entity of $12 million, respectively.

	Fiscal 2023		Fiscal 2022		Fiscal 2021
Purchases of Property and Equipment
Tommy Bahama	$	39,060	$	17,019	$	12,887
Lilly Pulitzer		24,100		23,990		17,305
Johnny Was (1)		6,105		1,655		—
Emerging Brands		3,768		3,176		1,405
Lanier Apparel (2)		—		—		5
Corporate and Other		1,065		828		292
Purchases of Property and Equipment	$	74,098	$	46,668	$	31,894

	February 3,		January 28,
	2024		2023
Total Assets
Tommy Bahama (3)	$	556,431	$	569,833
Lilly Pulitzer (4)		194,871		211,119
Johnny Was (1)		251,429		334,603
Emerging Brands (5)		98,816		91,306
Corporate and Other (6)		(3,703)		(18,196)
Total Assets	$	1,097,844	$	1,188,665

(1) The financial information for Johnny Was for Fiscal 2022 consists of 19 weeks from the September 19, 2022, acquisition date through January 28, 2023, only. The decrease in Johnny Was total assets during Fiscal 2023 relates primarily to the $111 million impairment charge for goodwill and intangible assets.

(2) Lanier Apparel was exited during Fiscal 2021.

(3) Increase in Tommy Bahama total assets includes increases in receivables, operating lease assets and property plant and equipment partially offset by reductions in inventories.

(4) Decrease in Lilly Pulitzer total assets includes reductions in inventories partially offset by increases in receivables.

(5) Increase in Emerging Brands total assets includes increases in operating lease assets and property plant and equipment from the opening of new retail store locations. Goodwill and intangible assets also increased related to the current year acquisition of Jack Rogers and six former Southern Tide Signature Stores. These increase were partially offset by reductions in inventories.

(6) Decrease in Corporate and Other total assets includes reductions in inventories, primarily due to the impact of LIFO accounting.

Net book value of our property and equipment and net sales by geographic area are presented in the tables below (in thousands). The other foreign amounts primarily relate to our Tommy Bahama operations in Canada and Australia.

	February 3,		January 28,
	2024		2023
Net Book Value of Property and Equipment
United States	$	192,329	$	174,044
Other foreign		2,808		3,540
	$	195,137	$	177,584

	Fiscal 2023		Fiscal 2022		Fiscal 2021
Net Sales
United States	$	1,532,100	$	1,372,278	$	1,112,384
Other foreign		39,375		39,250		29,695
	$	1,571,475	$	1,411,528	$	1,142,079

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, except that the amounts included for Johnny Was in Fiscal 2022 represent the post-acquisition period only. We have calculated all percentages below based on actual data, and percentages may not add to 100 due to rounding.

	Fiscal 2023
	Net Sales		Retail		E‑commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	898,807	45	%	25	%	13	%	17	%	—	%
Lilly Pulitzer		343,499	33	%	51	%	—	%	16	%	—	%
Johnny Was		202,859	38	%	41	%	—	%	21	%	—	%
Emerging Brands		126,825	11	%	43	%	—	%	46	%	—	%
Corporate and Other		(515)	—	%	—	%	—	%	—	%	NM	%
Consolidated net sales	$	1,571,475	39	%	34	%	7	%	20	%	—	%

	Fiscal 2022
	Net Sales		Retail		E‑commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	880,233	46	%	24	%	13	%	17	%	—	%
Lilly Pulitzer		339,266	33	%	51	%	—	%	16	%	—	%
Johnny Was (1)		72,591	36	%	42	%	—	%	22	%	—	%
Emerging Brands		116,484	6	%	42	%	—	%	52	%	—	%
Corporate and Other		2,954	—	%	—	%	—	%	—	%	NM	%
Consolidated net sales	$	1,411,528	39	%	33	%	8	%	20	%	—	%

	Fiscal 2021
	Net Sales		Retail		E‑commerce		Food & Beverage		Wholesale		Other
Tommy Bahama	$	724,305	47	%	25	%	13	%	15	%	—	%
Lilly Pulitzer		298,995	34	%	50	%	—	%	16	%	—	%
Johnny Was		—	—	%	—	%	—	%	—	%	—	%
Emerging Brands		90,053	5	%	39	%	—	%	56	%	—	%
Lanier Apparel		24,858	—	%	—	%	—	%	100	%	—	%
Corporate and Other		3,868	—	%	—	%	—	%	61	%	39	%
Consolidated net sales	$	1,142,079	39	%	32	%	8	%	20	%	—	%