Operating Group Information

9 Months Ended

Oct. 30, 2021

Operating Group Information

Operating Group Information

2.    Operating Group Information:   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. Our business has historically been operated through our Tommy Bahama, Lilly Pulitzer, Southern Tide and Lanier Apparel operating groups.

Tommy Bahama, Lilly Pulitzer and Southern Tide each design, source, market and distribute apparel and related products bearing their respective trademarks and license their trademarks for other product categories. In Fiscal

2020, we decided to exit Lanier Apparel, which was effectively complete as of October 30, 2021. 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 and any other items that are not allocated to the operating groups, including LIFO inventory accounting adjustments. Because our LIFO inventory pool does not correspond to our operating group definitions, LIFO inventory accounting adjustments are not allocated to the operating groups. Corporate and Other also includes the operations of other businesses which are not included in our operating groups, including the operations of TBBC, Duck Head and our Lyons, Georgia distribution center. For a more extensive description of our operating groups and Corporate and Other, see Part I, Item 1. Business included in our Fiscal 2020 Form 10-K.

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

	Third Quarter				First Nine Months
	Fiscal 2021		Fiscal 2020		Fiscal 2021		Fiscal 2020
Net sales
Tommy Bahama	$	148,454	$	94,905	$	513,985	$	277,143
Lilly Pulitzer		72,157		53,714		233,066		176,723
Southern Tide		13,151		10,023		43,204		27,136
Lanier Apparel		4,232		10,810		24,743		29,985
Corporate and Other		9,735		5,683		27,165		16,479
Consolidated net sales	$	247,729	$	175,135	$	842,163	$	527,466
Depreciation and amortization
Tommy Bahama	$	6,895	$	7,179	$	20,801	$	24,173
Lilly Pulitzer		2,445		2,254		6,833		7,585
Southern Tide		198		174		583		487
Lanier Apparel		27		629		88		978
Corporate and Other		312		336		947		1,000
Consolidated depreciation and amortization	$	9,877	$	10,572	$	29,252	$	34,223
Operating income (loss)
Tommy Bahama	$	5,531	$	(7,212)	$	73,515	$	(43,286)
Lilly Pulitzer		15,985		5,266		61,713		25,676
Southern Tide		2,690		(464)		8,893		(64,809)
Lanier Apparel		348		(12,500)		2,053		(21,271)
Corporate and Other		6,053		1,192		(12,678)		(3,534)
Consolidated operating income (loss)		30,607		(13,718)	$	133,496	$	(107,224)
Interest expense, net		222		339		685		1,673
Earnings (loss) before income taxes	$	30,385	$	(14,057)	$	132,811	$	(108,897)

	October 30, 2021		January 30, 2021		October 31, 2020
Assets
Tommy Bahama (1)	$	531,534	$	569,854	$	616,049
Lilly Pulitzer (2)		173,104		176,467		182,020
Southern Tide (3)		31,092		31,641		30,172
Lanier Apparel (4)		3,261		10,967		20,783
Corporate and Other (5)		193,812		76,705		52,993
Consolidated Total Assets	$	932,803	$	865,634	$	902,017

(1) Decrease in Tommy Bahama total assets from October 31, 2020 includes reductions in operating lease assets, property and equipment and inventories partially offset by higher receivables.

(2) Decrease in Lilly Pulitzer total assets from October 31, 2020 includes reductions in inventories and operating lease assets partially offset by increased property and equipment.

(3) Increase in Southern Tide total assets from October 31, 2020 includes increases in inventories and receivables partially offset by lower operating lease assets.

(4) Decrease in Lanier Apparel total assets from October 31, 2020 is due to the exit of the Lanier Apparel business during Fiscal 2021. The remaining assets of Lanier Apparel as of October 30, 2021 primarily consist of trade receivables as well as property and equipment associated with our Toccoa, Georgia distribution center and Merida, Mexico manufacturing facility, both of which have ceased operations.

(5) Increase in Corporate and Other total assets from October 31, 2020 primarily consists of increases in short term investments and assets set aside for potential deferred compensation obligations, partially offset by decreases in cash and cash equivalents and inventories.

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. We have calculated all percentages below based on actual data, and percentages may not add to 100 due to rounding.

	Third Quarter Fiscal 2021
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	148,454	47	%	22	%	13	%	18	%	—	%
Lilly Pulitzer		72,157	31	%	58	%	—	%	11	%	—	%
Southern Tide		13,151	7	%	21	%	—	%	72	%	—	%
Lanier Apparel		4,232	—	%	—	%	—	%	100	%	—	%
Corporate and Other		9,735	—	%	49	%	—	%	48	%	3	%
Total	$	247,729	37	%	33	%	8	%	21	%	—	%

	Third Quarter Fiscal 2020
	Net Sales		Retail		E-commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	94,905	37	%	27	%	13	%	23	%	—	%
Lilly Pulitzer		53,714	22	%	66	%	—	%	12	%	—	%
Southern Tide		10,023	4	%	24	%	—	%	72	%	—	%
Lanier Apparel		10,810	—	%	—	%	—	%	100	%	—	%
Corporate and Other		5,683	—	%	54	%	—	%	44	%	2	%
Total	$	175,135	27	%	38	%	7	%	28	%	—	%

	First Nine Months 2021
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	513,985	46	%	24	%	14	%	16	%	—	%
Lilly Pulitzer		233,066	35	%	48	%	—	%	17	%	—	%
Southern Tide		43,204	7	%	23	%	—	%	70	%	—	%
Lanier Apparel		24,743	—	%	—	%	—	%	100	%	—	%
Corporate and Other		27,165	—	%	53	%	—	%	43	%	4	%
Consolidated net sales	$	842,163	38	%	31	%	8	%	22	%	—	%

	First Nine Months 2020
	Net Sales		Retail		E‑commerce		Restaurant		Wholesale		Other
Tommy Bahama	$	277,143	36	%	34	%	12	%	18	%	—	%
Lilly Pulitzer		176,723	19	%	64	%	—	%	17	%	—	%
Southern Tide		27,136	3	%	29	%	—	%	68	%	—	%
Lanier Apparel		29,985	—	%	—	%	—	%	100	%	—	%
Corporate and Other		16,479	—	%	65	%	—	%	31	%	4	%
Consolidated net sales	$	527,466	26	%	43	%	6	%	25	%	—	%