Summarized Quarterly Data (unaudited)

12 Months Ended

Jan. 28, 2012

Summarized Quarterly Data (unaudited)

Summarized Quarterly Data (unaudited)

Note 12. Summarized Quarterly Data (unaudited)

        Each of our fiscal quarters consists of thirteen week periods, beginning on the first day after the end of the prior fiscal quarter. Following is a summary of our fiscal 2011 and fiscal 2010 quarterly results, (in thousands, except per share amounts):

Fiscal 2011	First Quarter		Second Quarter			Third Quarter		Fourth Quarter		Total
Net sales	$	208,308	$	180,646		$	170,280	$	199,679	$	758,913
Gross profit	$	117,660	$	102,937		$	88,740	$	103,632	$	412,969
Operating income	$	30,713	$	17,711		$	6,816	$	13,567	$	68,807
Earnings from continuing operations(1)	$	17,060	$	3,520		$	1,611	$	7,052	$	29,243
Net earnings (loss) from discontinued operations, net of taxes	$	1,040	$	(916	)	$	13	$	—	$	137
Net earnings	$	18,100	$	2,604		$	1,624	$	7,052	$	29,380
Earnings from continuing operations per common share:
Basic	$	1.03	$	0.21		$	0.10	$	0.43	$	1.77
Diluted	$	1.03	$	0.21		$	0.10	$	0.43	$	1.77
Earnings (loss) from discontinued operations, net of taxes per common share:
Basic	$	0.06	$	(0.06	)	$	0.00	$	0.00	$	0.01
Diluted	$	0.06	$	(0.06	)	$	0.00	$	0.00	$	0.01
Net earnings per common share:
Basic	$	1.10	$	0.16		$	0.10	$	0.43	$	1.78
Diluted	$	1.10	$	0.16		$	0.10	$	0.43	$	1.78
Weighted average common shares outstanding:
Basic		16,515		16,514			16,502		16,509		16,510
Diluted		16,525		16,531			16,517		16,528		16,529

Fiscal 2010	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
Net sales	$	163,625	$	142,981	$	139,627	$	157,714	$	603,947
Gross profit	$	89,707	$	79,018	$	73,685	$	84,997	$	327,407
Operating income	$	14,971	$	11,179	$	6,431	$	8,081	$	40,662
Earnings from continuing operations	$	8,524	$	4,679	$	1,319	$	1,713	$	16,235
Net earnings from discontinued operations, net of taxes	$	3,973	$	2,540	$	4,231	$	51,679	$	62,423
Net earnings	$	12,497	$	7,219	$	5,550	$	53,392	$	78,658
Earnings from continuing operations per common share:
Basic	$	0.52	$	0.28	$	0.08	$	0.10	$	0.98
Diluted	$	0.52	$	0.28	$	0.08	$	0.10	$	0.98
Earnings from discontinued operations, net of taxes per common share:
Basic	$	0.24	$	0.15	$	0.26	$	3.12	$	3.77
Diluted	$	0.24	$	0.15	$	0.26	$	3.12	$	3.77
Net earnings per common share:
Basic	$	0.76	$	0.44	$	0.34	$	3.23	$	4.76
Diluted	$	0.76	$	0.44	$	0.33	$	3.22	$	4.75
Weighted average common shares outstanding:
Basic		16,491		16,540		16,564		16,552		16,537
Diluted		16,503		16,552		16,576		16,562		16,551

        The sum of the quarterly earnings from continuing operations per common share, earnings from discontinued operations per common share and net earnings per common share amounts may not equal the amounts for the full year due to rounding. Additionally, the sum of earnings from continuing operations per common share and earnings from discontinued operations per common share may not equal net earnings per common share for each quarter due to rounding.

        The first quarter of fiscal 2011 included $1.0 million of charges resulting from the write-up of acquired inventory from cost to fair value pursuant to the purchase method of accounting. Additionally the second quarter and third quarter of fiscal 2011 included an $8.2 million loss and $0.8 million loss, respectively, on the repurchase of senior secured notes. The fourth quarter of fiscal 2011 included the following significant items which impacted earnings from continuing operations for the quarter: (1) LIFO accounting charge of $5.8 million and (2) life insurance death benefit proceeds of $1.2 million. The fourth quarter of fiscal 2010 included the following significant items which impacted earnings from continuing operations for the quarter: (1) the acquisition of Lilly Pulitzer as discussed in Note 14, including the $0.8 million of transaction costs associated with the transaction and the $0.8 million of additional cost of goods over cost resulting from the write-up of acquired inventory from cost to fair value pursuant to the purchase method of accounting, (2) $3.2 million of charges in Ben Sherman, primarily related to the termination of certain lease agreements and the impairment of certain fixed assets, (3) the $2.2 million reduction of an environmental reserve liability and (4) the $2.4 million LIFO accounting charge. Additionally, the fourth quarter of fiscal 2010 included the sale of substantially all of the operations and assets of our former Oxford Apparel Group, as discussed in Note 15.