Operating Segments

9 Months Ended

Nov. 01, 2025

Segment Reporting [Abstract]

Operating Segments

Operating Segments:

We identify our operating segments based on the way the chief operating decision maker ("CODM") organizes the components of our business for purposes of allocating resources and assessing performance. Our operating segment 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.

The Tommy Bahama, Lilly Pulitzer and Johnny Was operating segments are each identified as a reportable segment. The operations of our smaller, earlier stage operating segments Southern Tide, TBBC, Duck Head and Jack Rogers are aggregated into the Emerging Brands reportable segment.

Corporate and Other is a reconciling category for reporting purposes and includes the elimination of inter-segment sales, which totaled less than $1 million in both the First Nine Months of Fiscal 2025 and the First Nine Months of Fiscal 2024. Corporate and Other also includes our corporate offices, substantially all financing activities, any other items that are not allocated to the operating segments, including LIFO inventory accounting adjustments as our LIFO pool does not correspond to our operating segment definitions, and unallocated Corporate expenses.

The table below presents certain financial information (in thousands) about our reportable segments, as well as Corporate and Other.

	Third Quarter				First Nine Months
	Fiscal 2025		Fiscal 2024		Fiscal 2025		Fiscal 2024
Tommy Bahama
Net sales	$	154,156	$	161,289	$	599,334	$	631,985
Costs of goods sold	56,797		58,465		223,299		230,158
Gross profit	$	97,359	$	102,824	$	376,035	$	401,827
Operating costs:
Variable and distribution costs	11,477		11,179		38,429		39,696
Advertising costs	8,254		9,735		28,600		29,204
Employment costs	44,730		41,647		139,295		135,354
Occupancy costs	23,353		22,595		69,639		66,519
Depreciation and amortization	7,756		7,188		22,977		21,385

Other segment items (1)	11,241		10,035		29,128		25,650
Tommy Bahama operating income (loss)	$	(9,452)	$	445	$	47,967	$	84,019
Lilly Pulitzer
Net sales	$	74,943	$	69,829	$	264,253	$	249,939
Costs of goods sold	29,132		26,146		94,520		84,837
Gross profit	$	45,811	$	43,683	$	169,733	$	165,102
Operating costs:
Variable and distribution costs	5,113		4,474		16,767		14,672
Advertising costs	6,210		6,054		23,112		25,411
Employment costs	13,207		11,901		40,823		39,089
Occupancy costs	5,746		5,303		17,121		15,635
Depreciation and amortization	4,325		4,757		13,816		14,075
Other segment items (1)	7,921		7,193		23,456		19,748
Lilly Pulitzer operating income	$	3,289	$	4,001	$	34,638	$	36,472
Johnny Was
Net sales	$	42,232	$	46,124	$	131,120	$	147,616
Costs of goods sold	16,159		15,993		48,789		50,808
Gross profit	$	26,073	$	30,131	$	82,331	$	96,808
Operating costs:
Variable and distribution costs	2,143		2,421		6,658		8,987
Advertising costs	4,207		6,939		16,240		20,674
Employment costs	10,002		9,824		30,286		29,228
Occupancy costs	4,993		5,578		15,509		16,472
Depreciation and amortization	2,852		4,340		9,421		12,383
Other segment items (1)	6,578		5,108		16,797		14,466
Impairment of intangible assets	57,000		—		57,000		—
Johnny Was operating loss	$	(61,702)	$	(4,079)	$	(69,580)	$	(5,402)
Emerging Brands
Net sales	$	36,090	$	30,855	$	108,868	$	96,786
Costs of goods sold	17,938		13,241		47,616		39,914
Gross profit	$	18,152	$	17,614	$	61,252	$	56,872
Operating costs:
Variable and distribution costs	3,184		2,424		8,556		7,317
Advertising costs	2,884		2,807		9,363		8,481
Employment costs	6,090		5,869		19,709		17,802
Occupancy costs	2,050		1,693		6,005		4,433
Depreciation and amortization	1,017		801		2,998		2,078
Other segment items (1)	3,825		2,834		10,639		8,963
Impairment of goodwill and intangible assets	3,980		—		3,980		—
Emerging Brands operating income (loss)	$	(4,878)	$	1,186	$	2	$	7,798
Corporate
Net sales	$	(77)	$	(72)	$	(227)	$	(231)
Cost of goods sold (2)	2,047		(334)		3,942		2,492
Gross profit (loss)	$	(2,124)	$	262	$	(4,169)	$	(2,723)
Depreciation and amortization	245		119		531		375
Unallocated Corporate costs and income (3)	9,986		7,936		31,808		21,068
Corporate operating loss	$	(12,355)	$	(7,793)	$	(36,508)	$	(24,166)

Consolidated Operating income (loss)	$	(85,098)	$	(6,240)	$	(23,481)	$	98,721
Interest expense, net	1,640		610		4,914		1,573
Earnings (loss) before income taxes	$	(86,738)	$	(6,850)	$	(28,395)	$	97,148

(1)For all reporting units, other segment items primarily consists of software costs, professional services costs, other selling, general, and administrative costs and royalties and other income.

(2)Cost of goods sold for Corporate and Other included a LIFO accounting charge of $2 million in the Third Quarter of Fiscal 2025 and a benefit of less than $1 million in the Third Quarter of Fiscal 2024 and a charge of $4 million in the First Nine Months of Fiscal 2025 and $2 million in the First Nine Months of Fiscal 2024.

(3)Unallocated Corporate costs for Corporate and Other primarily consists of unallocated employment and other overhead expenses.

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

	First Nine Months
	Fiscal 2025		Fiscal 2024
Purchases of Property and Equipment
Tommy Bahama	$	32,208	$	33,161
Lilly Pulitzer	7,196		5,710
Johnny Was	734		3,362
Emerging Brands	3,029		8,559
Corporate and Other	50,269		41,457
Purchases of Property and Equipment	$	93,436	$	92,249

	November 1, 2025		February 1, 2025		November 2, 2024
Assets
Tommy Bahama (1)	$	673,376	$	681,730	$	621,367
Lilly Pulitzer (2)	201,643		205,398		192,850
Johnny Was (3)	177,845		235,558		246,672
Emerging Brands (4)	120,564		121,574		116,691
Corporate and Other (5)	110,667		45,545		45,553
Consolidated Total Assets	$	1,284,095	$	1,289,805	$	1,223,133

(1)Increase in Tommy Bahama total assets from November 2, 2024, relates primarily to an increase in operating lease assets, property and equipment and inventories partially offset by a decrease in receivables.

(2)Increase in Lilly Pulitzer total assets from November 2, 2024, includes increases in intangible assets related to the acquisition of intellectual property rights in the Fourth Quarter of Fiscal 2024, software related assets and inventories partially offset by a decrease in property and equipment.

(3)Decrease in Johnny Was total assets from November 2, 2024, relates primarily to the $57 million impairment charge for intangible assets, amortization of acquired intangible assets and a decrease in operating lease assets, partially offset by an increase in software related assets.

(4)Increase in Emerging Brands total assets from November 2, 2024, relates primarily to an increase in inventories and property and equipment partially offset by the $4 million impairment charge for goodwill and intangible assets related to Jack Rogers.

(5)Increase in Corporate and Other total assets from November 2, 2024, relates primarily to an increase in property and equipment primarily related to the new distribution center project in Lyons, Georgia.

Net sales by geographic area are presented in the table below (in thousands). The other foreign amounts primarily relate to our Tommy Bahama operations in Canada and Australia.

	Third Quarter				First Nine Months
	Fiscal 2025		Fiscal 2024		Fiscal 2025		Fiscal 2024
Net Sales
United States	$	298,433	$	298,673	$	1,077,775	$	1,098,132
Other foreign	8,911		9,352		25,573		27,963
	$	307,344	$	308,025	$	1,103,348	$	1,126,095

The tables below quantify net sales, for each reportable segment, as well as Corporate and Other, and in total (in thousands), and the percentage of net sales by distribution channel for each reportable segment, as well as Corporate and Other, 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.

	Third Quarter Fiscal 2025
	Net Sales		Retail	E-commerce	Food & Beverage	Wholesale	Other
Tommy Bahama	$	154,156	47%	20%	16%	17%	—%
Lilly Pulitzer	74,943		32%	56%	—%	12%	—%
Johnny Was	42,232		37%	43%	—%	20%	—%
Emerging Brands	36,090		16%	42%	—%	42%	—%
Corporate and Other	(77)		—%	—%	—%	—%	NM %
Total	$	307,344	39%	34%	8%	19%	—%

	Third Quarter Fiscal 2024
	Net Sales		Retail	E-commerce	Food & Beverage	Wholesale	Other
Tommy Bahama	$	161,289	45%	20%	15%	20%	—%
Lilly Pulitzer	69,829		31%	55%	—%	14%	—%
Johnny Was	46,124		37%	41%	—%	22%	—%
Emerging Brands	30,855		16%	38%	—%	46%	—%
Corporate and Other	(72)		—%	—%	—%	—%	NM %
Total	$	308,025	38%	33%	7%	22%	—%

	First Nine Months Fiscal 2025
	Net Sales		Retail	E-commerce	Food & Beverage	Wholesale	Other
Tommy Bahama	$	599,334	45%	23%	15%	17%	—%
Lilly Pulitzer	264,253		35%	48%	—%	17%	—%
Johnny Was	131,120		38%	42%	—%	20%	—%
Emerging Brands	108,868		20%	43%	—%	37%	—%
Corporate and Other	(227)		—%	—%	—%	—%	NM %
Total	$	1,103,348	40%	33%	8%	19%	—%

	First Nine Months Fiscal 2024
	Net Sales		Retail	E-commerce	Food & Beverage	Wholesale	Other
Tommy Bahama	$	631,985	45%	24%	14%	17%	—%
Lilly Pulitzer	249,939		35%	48%	—%	17%	—%
Johnny Was	147,616		38%	42%	—%	20%	—%
Emerging Brands	96,786		17%	42%	—%	41%	—%
Corporate and Other	(231)		—%	—%	—%	—%	NM %
Total	$	1,126,095	40%	33%	8%	19%	—%