XML 19 R13.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Discontinued Operations
 6 Months Ended
Jul. 30, 2011
Discontinued Operations  
Discontinued Operations

7.                                      Discontinued Operations:  On January 3, 2011, we sold substantially all of the assets and operations of our former Oxford Apparel operating group, as discussed in Note 15 of our consolidated financial statements in our Annual Report on Form 10-K for fiscal 2010. The results of operations and assets which were sold are reflected in discontinued operations in our consolidated financial statements. The total assets related to discontinued operations included in our consolidated balance sheets as of each balance sheet date presented primarily consisted of receivables, inventories and other assets, and the total liabilities related to discontinued operations included in our consolidated balance sheets as of each balance sheet date consisted of the related accounts payable, accrued expenses, accrued compensation and income taxes payable.

 

Net sales, earnings from discontinued operations before income taxes and earnings from discontinued operations, net of income taxes are shown in the table below (in thousands):

 

 

 

Second
Quarter
Fiscal 2011

 

Second
Quarter
Fiscal 2010

 

First
Half
Fiscal 2011

 

First
Half
Fiscal 2010

 

Net sales

 

$    208

 

$43,550

 

$2,397

 

$97,675

 

Earnings from discontinued operations before income taxes (1)

 

$(1,500

)

$  4,097

 

$     77

 

$10,505

 

Earnings from discontinued operations, net of income taxes (1)

 

$   (916

)

$  2,540

 

$   124

 

$  6,513

 

 

 

(1)          During the second quarter of fiscal 2011, we finalized the working capital adjustment associated with the sold operations, which resulted in a change in estimate to the gain on sale recognized. The impact of this change in estimate, which was recorded in the second quarter of fiscal 2011, was a reduction to the gain on sale of approximately $1.0 million, after income taxes. This change in estimate resulted in a revised after-tax gain on the sale of the Oxford Apparel operations of approximately $48.5 million compared to $49.5 million as recorded in the fourth quarter of fiscal 2010.