Discontinued Operations

9 Months Ended

Oct. 29, 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.

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):

	ThirdQuarterFiscal 2011	ThirdQuarterFiscal 2010	FirstNine MonthsFiscal 2011	FirstNine MonthsFiscal 2010
Net sales	$17	$64,889	$2,414	$162,564
Earnings from discontinued operations before income taxes (1)	$20	$  6,825	$     97	$  17,330
Earnings from discontinued operations, net of income taxes (1)	$13	$  4,231	$   137	$  10,744

(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 was a reduction to the gain on sale of approximately $1.0 million, net of income taxes, which was recognized in the second quarter of fiscal 2011. 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 previously recognized in the fourth quarter of fiscal 2010.