Oxford Announces Fiscal 2017 First Quarter Results

–Strong Performance at Tommy Bahama Drives Solid First Quarter–
–Affirms Full-Year Adjusted EPS Guidance–

ATLANTA, June 06, 2017 (GLOBE NEWSWIRE) — Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its fiscal 2017 first quarter ended April 29, 2017.  Consolidated net sales increased to $272.4 million compared to $256.2 million in the first quarter of fiscal 2016. Earnings on a GAAP basis were $1.03 per share in the first quarter of fiscal 2017 compared to $1.21 in the same period of the prior year.  On an adjusted basis, earnings were $1.12 per share in the first quarter of fiscal 2017 compared to $1.26 in the first quarter of fiscal 2016. 

For the first quarter of fiscal 2017, the Company’s effective tax rate was 40.8% compared to 35.7% in the first quarter of fiscal 2016. The current year effective tax rate reflects the unfavorable impact of the accounting treatment for the vesting of certain stock awards in the first quarter of fiscal 2017. Additionally, fiscal 2016’s tax rate reflected the benefit of the utilization of operating loss carryforwards.  The change in the effective tax rate resulted in a $0.09 year-over-year reduction in earnings per share.

Thomas C. Chubb III, Chairman and CEO, commented, “Oxford, with its dynamic portfolio of lifestyle brands, is positioned well to succeed in this challenging marketplace and I am very pleased with our first quarter results.  Our top line increased 6%, driven by several factors including the addition of Southern Tide to our portfolio, sales associated with new, full-price retail stores, increased sales in our restaurants and a 2% increase in comparable store sales.  These increases were partially offset by a decrease in wholesale sales as we carefully manage and control our exposure to department stores, a strategy critical to maintaining the strength of our brands.  We also delivered on the bottom line with first quarter earnings that exceeded our guidance.”

Mr. Chubb continued, “We are particularly encouraged by the progress made at Tommy Bahama in the first quarter.  We know that the right combination of beautiful product supported by a strong marketing campaign can deliver great results.  Driven by positive comp store sales, we were pleased to see Tommy Bahama’s operating margin expand over a hundred basis points in the quarter. During the first quarter, Lilly delivered a modest expansion in gross margin and an impressive 28% operating margin even with a slight decline in sales compared to last year’s first quarter. The first quarter of 2017 also included a very solid performance from Southern Tide.  This spring, Southern Tide saw strength in their e-commerce and at-once wholesale businesses and delivered a 17% operating margin.”

Mr. Chubb concluded, “We have come out of the gate with a good start to fiscal 2017.  While we are still facing formidable challenges in the consumer marketplace, our portfolio of unique, compelling brands and carefully controlled distribution positions us well to deliver shareholder value.”
                                                                                                             
Consolidated Operating Results

First quarter fiscal 2017 net sales increased 6% to $272.4 million.  This increase was driven by the addition of the Southern Tide business, new stores and Tommy Bahama’s strong comparable store sales.  At Lilly Pulitzer, first quarter sales decreased modestly by 2%.  The sales contribution of new stores was more than offset by lower wholesale sales, as Lilly Pulitzer continued to closely manage and control this channel of distribution, and negative comparable store sales. The comparable store sales decline was a combination of positive comparable sales in e-commerce and negative comparable sales in brick and mortar stores. As expected, sales at Lanier Apparel were lower than last year.

Gross profit in the first quarter increased to $159.4 million compared to $151.5 million in the same period of the prior year. Gross margin in the first quarter of fiscal 2017 was 58.5% compared to 59.1% in the first quarter of fiscal 2016. Modest gross margin expansion at Tommy Bahama and Lilly Pulitzer was more than offset by the impact of LIFO accounting and a decline in gross margin at Lanier Apparel. On an adjusted basis, the Company had modest gross margin expansion.

In the first quarter of fiscal 2017, SG&A as a percentage of net sales was 48.9% or $133.2 million compared to 48.2% or $123.5 million in the prior year’s first quarter.  The increase was primarily due to SG&A associated with the Southern Tide business and incremental costs associated with operating additional retail stores.

For the first quarter of fiscal 2017, royalties and other operating income were $3.7 million compared to $4.0 million in the first quarter of fiscal 2016. 

Operating income in the first quarter of fiscal 2017 was $30.0 million compared to $32.0 million in the same period of the prior year. On an adjusted basis, operating income was $32.1 million compared to $33.0 million in the first quarter of fiscal 2016. 

Interest expense for the first quarter of fiscal 2017 was $0.9 million compared to $0.6 million in the first quarter of fiscal 2016. 

Balance Sheet and Liquidity

Inventory decreased to $127.1 million at April 29, 2017 from $143.6 million at the end of the first quarter of fiscal 2016 primarily reflecting lower inventories at Tommy Bahama and Lanier Apparel.

As of April 29, 2017, the Company had $93.3 million of borrowings outstanding under its $325 million revolving credit agreement compared to $152.9 million at the end of the first quarter of fiscal 2016, with the decrease attributable to strong cash flow from operations.  The Company ended the quarter with $194.4 million of unused availability under its credit agreement.

Outlook for Second Quarter and Fiscal Year 2017

The Company initiated its guidance for the second quarter of fiscal 2017, ending on July 29, 2017.  The Company expects net sales in a range from $285 million to $295 million compared to net sales of $283.0 million in the second quarter of fiscal 2016. Earnings per share on a GAAP basis are expected to be in a range of $1.33 to $1.43 in the second quarter.  On an adjusted basis, earnings per share for the second quarter of fiscal 2017 are expected to be in a range of $1.35 to $1.45. This compares with second quarter fiscal 2016 earnings per share of $1.44 and adjusted earnings per share of $1.48.

The Company has affirmed its adjusted earnings outlook for the full year fiscal 2017 and has revised its GAAP earnings outlook due to the impact of LIFO accounting. GAAP earnings per share are now expected to be between $3.33 and $3.53. Adjusted earnings per share are expected to be between $3.50 and $3.70. This compares to earnings on a GAAP basis of $3.27 per share and, on an adjusted basis, $3.30 per share in fiscal 2016. The Company now expects net sales to grow to between $1.09 billion to $1.11 billion as compared to Fiscal 2016 net sales of $1.023 billion.

The Company’s effective tax rate for fiscal 2017 is expected to be approximately 39% compared to 37% in the full 2016 fiscal year, with the increase reflecting the unfavorable impact of the vesting of stock awards and a reduction in the utilization of operating loss carryforwards relative to fiscal 2016. Full year interest expense is estimated to be approximately $3.5 million.

Capital expenditures in fiscal 2017, including $8.5 million in the first quarter of fiscal 2017, are expected to be in a range of $50 million to $55 million, primarily reflecting investments in information technology initiatives, new retail stores and restaurants, and investments to remodel and relocate existing retail stores.

Conference Call

The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Company’s website at www.oxfordinc.com. A replay of the call will be available through June 20, 2017 by dialing (412) 317-6671 access code 4078920. 

About Oxford

Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama®, Lilly Pulitzer® and Southern Tide® lifestyle brands.  Oxford also produces certain licensed and private label apparel products. Oxford’s stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford’s website at www.oxfordinc.com.

Non-GAAP Financial Information

The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP).  To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods.  These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A and adjusted operating income, among others. Management uses these non-GAAP financial measures in making financial, operational and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others.  Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release.  These reconciliations present adjusted operating results information for certain historical and future periods. 

Basis of Presentation

All financial results and outlook information included in this release, unless otherwise noted, are from continuing operations and all per share amounts are on a diluted basis. The results from the Ben Sherman business, which was sold on July 17, 2015, are reflected as discontinued operations for all periods presented.  Fiscal 2017, which ends February 3, 2018, is a 53-week year.

Safe Harbor

This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which are not historical in nature. We intend for all forward-looking statements contained herein or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, competitive conditions, which may be impacted by evolving consumer shopping patterns; the impact of economic conditions on consumer demand and spending for apparel and related products, particularly in light of general economic uncertainty; changes in international, federal or state, tax, trade and other laws and regulations, including changes in corporate tax rates, quota restrictions or the imposition of safeguard controls; demand for our products; timing of shipments requested by our wholesale customers; expected pricing levels; retention of and disciplined execution by key management; the timing and cost of store openings and of planned capital expenditures; weather; costs of products as well as the raw materials used in those products; costs of labor; acquisition and disposition activities; expected outcomes of pending or potential litigation and regulatory actions; access to capital and/or credit markets; our ability to timely recognize our expected synergies from any acquisitions we pursue; and factors that could affect our consolidated effective tax rate such as the results of foreign operations or stock based compensation. Forward-looking statements reflect our current expectations, based on currently available information, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. contained in our Annual Report on Form 10-K for the period ended January 28, 2017 under the heading “Risk Factors” and those described from time to time in our future reports filed with the SEC.

 
Oxford Industries, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par amounts)
(unaudited)
    April 29, 2017     April 30, 2016  
ASSETS            
Current Assets            
Cash and cash equivalents $    6,554   $   6,974  
Receivables, net    79,042      81,493  
Inventories, net    127,061      143,641  
Prepaid expenses    24,325      23,442  
Total Current Assets $    236,982   $   255,550  
Property and equipment, net    192,734      185,971  
Intangible assets, net    174,603      185,416  
Goodwill    60,002      50,058  
Other non-current assets, net    24,258      21,800  
Total Assets $    688,579   $   698,795  
             
LIABILITIES AND SHAREHOLDERS’ EQUITY              
Current Liabilities            
Accounts payable $    63,982   $   62,497  
Accrued compensation    16,593      14,948  
Other accrued expenses and liabilities    35,591      31,925  
Liabilities related to discontinued operations    3,143      —  
Total Current Liabilities $    119,309   $   109,370  
Long-term debt    93,289      152,905  
Other non-current liabilities    69,370      67,551  
Deferred taxes    16,183      12,323  
Liabilities related to discontinued operations    2,022      4,278  
Commitments and contingencies            
Shareholders’ Equity            
Common stock, $1.00 par value per share    16,821      16,757  
Additional paid-in capital    131,011      125,662  
Retained earnings    246,136      214,798  
Accumulated other comprehensive loss    (5,562 )    (4,849 )
Total Shareholders’ Equity $    388,406   $   352,368  
Total Liabilities and Shareholders’ Equity $    688,579   $   698,795  
 

Oxford Industries, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
    First Quarter
Fiscal 2017
    First Quarter
Fiscal 2016 
Net sales $    272,363   $   256,235
Cost of goods sold    112,953      104,771
Gross profit $    159,410   $   151,464
SG&A    133,191      123,498
Royalties and other operating income    3,740      4,040
Operating income $    29,959   $   32,006
Interest expense, net    930      614
Earnings from continuing operations before income taxes $    29,029   $   31,392
Income taxes    11,832      11,215
Net earnings from continuing operations $    17,197   $   20,177
Earnings from discontinued operations, net of taxes          —
Net earnings $    17,197   $   20,177
           
Net earnings from continuing operations per share:          
Basic $    1.04   $   1.22
Diluted $    1.03   $   1.21
Earnings from discontinued operations, net of taxes, per share:    
Basic $      $   —
Diluted $      $   —
Net earnings per share:          
Basic $    1.04   $   1.22
Diluted $    1.03   $   1.21
Weighted average shares outstanding:          
Basic    16,549      16,503
Diluted    16,695      16,617
Dividends declared per share $    0.27   $   0.27
     

 

Oxford Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
    First Quarter
Fiscal 2017
    First Quarter
Fiscal 2016
 
Cash Flows From Operating Activities:            
Net earnings $   17,197   $   20,177  
Adjustments to reconcile net earnings to net cash provided by operating activities:            
Depreciation    9,651      9,464  
Amortization of intangible assets    539      490  
Equity compensation expense    1,739      1,575  
Amortization of deferred financing costs    105      96  
Deferred income taxes    2,605      4,688  
Changes in working capital, net of acquisitions and dispositions:            
Receivables, net    (20,474 )    (16,562 )
Inventories, net    15,000      2,767  
Prepaid expenses    508      (375 )
Current liabilities    (12,171 )    (20,081 )
Other non-current assets, net    7      (515 )
Other non-current liabilities    (1,095 )    (27 )
Cash provided by operating activities $   13,611   $   1,697  
Cash Flows From Investing Activities:            
Acquisitions, net of cash acquired    (225 )    (91,871 )
Purchases of property and equipment    (8,545 )    (10,582 )
Other investing activities          (2,030 )
Cash used in investing activities $    (8,770 ) $   (104,483 )
Cash Flows From Financing Activities:            
Repayment of revolving credit arrangements    (67,373 )    (60,642 )
Proceeds from revolving credit arrangements    69,153      169,572  
Proceeds from issuance of common stock    386      315  
Repurchase of equity awards for employee tax withholding liabilities    (2,206 )    (1,549 )
Cash dividends declared and paid    (4,552 )    (4,531 )
Cash (used in) provided by financing activities $    (4,592 ) $   103,165  
Net change in cash and cash equivalents $    249   $   379  
Effect of foreign currency translation on cash and cash equivalents    (27 )    272  
Cash and cash equivalents at the beginning of year    6,332      6,323  
Cash and cash equivalents at the end of the period $    6,554   $   6,974  
Supplemental disclosure of cash flow information:    
Cash paid for interest, net $    876   $   416  
Cash paid for income taxes $    833   $   3,438  
     

 

Oxford Industries, Inc.
Reconciliations of Certain Non-GAAP Financial Information
(in millions, except per share amounts)
(unaudited)
AS REPORTED First Quarter
Fiscal 2017
First Quarter
Fiscal 2016
%
Change
Tommy Bahama      
Net sales $   172.5   $ 162.7   6.0 %
Gross profit $   105.2   $ 98.8   6.4 %
Gross margin   61.0 %   60.7 %  
Operating income $ 16.0   $ 13.3   20.4 %
Operating margin   9.3 %   8.2 %  
Lilly Pulitzer      
Net sales $   63.3   $ 64.7   (2.1 )%
Gross profit $   42.1   $ 42.7   (1.3 )%
Gross margin   66.5 %   65.9 %  
Operating income $   17.7   $ 20.8   (14.9 )%
Operating margin   27.9 %   32.1 %  
Lanier Apparel      
Net sales $   23.4   $ 26.6   (12.2 )%
Gross profit $   7.0   $ 8.6   (18.4 )%
Gross margin   30.0 %   32.3 %  
Operating income $   0.9   $ 2.9   (70.1 )%
Operating margin   3.7 %   10.8 %  
Southern Tide      
Net sales $   12.6   $ 1.4   NM  
Gross profit $   6.5   $ 0.6   NM  
Gross margin   51.4 %   NM      
Operating income $   2.1       NM  
Operating margin   16.6 %   NM    
Corporate and Other      
Net sales $   0.5   $ 0.7   NM  
Gross profit $   (1.4 ) $ 0.8   NM  
Operating loss $   (6.7 ) $ (5.0 ) (34.1 )%
Consolidated      
Net sales $   272.4   $ 256.2   6.3 %
Gross profit $   159.4   $ 151.5   5.2 %
Gross margin   58.5 %   59.1 %  
SG&A $   133.2   $ 123.5   7.8 %
SG&A as % of net sales   48.9 %   48.2 %  
Operating income $   30.0   $ 32.0   (6.4 )%
Operating margin   11.0 %   12.5 %  
Earnings from continuing operations before income taxes $   29.0   $ 31.4   (7.5 )%
Net earnings from continuing operations $   17.2   $ 20.2   (14.8 )%
Net earnings from continuing operations per diluted share $   1.03   $ 1.21   (14.9 )%
Weighted average shares outstanding – diluted    16.7     16.6   0.5 %
ADJUSTMENTS    First Quarter
Fiscal 2017 
    First Quarter
Fiscal 2016
  %
Change
LIFO adjustments(1) $   1.7   $ (0.3 )  
Inventory step-up charges(2) $ 0.0   $ 0.2    
Amortization of Canadian intangible assets(3) $   0.4   $ 0.4    
Amortization of Southern Tide intangible assets(4) $   0.1   $ 0.1    
Transaction expenses for acquisition(5) $ 0.0   $ 0.8    
Impact of income taxes(6) $   (0.7 ) $ (0.3 )  
Adjustment to net earnings from continuing operations(7) $   1.5   $ 0.8    
AS ADJUSTED      
Tommy Bahama      
Net sales $   172.5   $ 162.7   6.0 %
Gross profit $   105.2   $ 98.8   6.4 %
Gross margin   61.0 %   60.7 %  
Operating income $   16.4   $ 13.7   19.9 %
Operating margin   9.5 %   8.4 %  
Lilly Pulitzer      
Net sales $   63.3   $ 64.7   (2.1 )%
Gross profit $   42.1   $ 42.7   (1.3 )%
Gross margin   66.5 %   65.9 %  
Operating income $   17.7   $ 20.8   (14.9 )%
Operating margin   27.9 %   32.1 %  
Lanier Apparel      
Net sales $   23.4   $ 26.6   (12.2 )%
Gross profit $   7.0   $ 8.6   (18.4 )%
Gross margin   30.0 %   32.3 %  
Operating income $   0.9   $ 2.9   (70.1 )%
Operating margin   3.7 %   10.8 %  
Southern Tide      
Net sales $   12.6   $ 1.4   NM  
Gross profit $   6.5   $ 0.7   NM  
Gross margin   51.4 %   NM      
Operating income $   2.2   $ 0.3   NM  
Operating margin   17.2 %   NM    
Corporate and Other      
Net sales $   0.5   $ 0.7   NM  
Gross profit $   0.3   $ 0.5   NM  
Operating loss $   (5.0 ) $ (4.6 ) (10.3 )%
Consolidated      
Net sales $   272.4   $ 256.2   6.3 %
Gross profit $   161.1   $ 151.3   6.5 %
Gross margin   59.2 %   59.1 %  
SG&A $   132.7   $ 122.3   8.5 %
SG&A as % of net sales   48.7 %   47.7 %  
Operating income $   32.1   $   33.0   (2.8 )%
Operating margin   11.8 %   12.9 %  
Earnings from continuing operations before income taxes $   31.2    $   32.4   (3.9 )%
Net earnings from continuing operations $   18.7   $ 21.0   (11.0 )%
Net earnings from continuing operations per diluted share $   1.12   $ 1.26   (11.1 )%
       

 

             
  First Quarter
Fiscal 2017
First Quarter
Fiscal 2017
First Quarter
Fiscal 2016
   
  Actual Guidance(8) Actual    
Net earnings (loss) from continuing operations per diluted share:          
GAAP basis $1.03 $0.98 – $1.08 $1.21       
LIFO adjustments(9)   0.06  0.00   (0.01)    
Inventory step-up charges(10)   0.00  0.00   0.01     
Amortization of Canadian intangible assets(11)   0.02  0.02   0.02     
Amortization of Southern Tide intangible assets(12)   0.00  0.00   0.00     
Transaction expenses for acquisition(13)   0.00  0.00   0.03     
As adjusted(7) $   1.12 $1.00 – $1.10 $1.26       
             
  Second Quarter Fiscal 2017 Second Quarter Fiscal 2016 Fiscal 2017 Fiscal 2016    
  Guidance(14) Actual Guidance(14) Actual    
Net earnings (loss) from continuing operations per diluted share:            
GAAP basis $1.33 – $1.43 $1.44  $3.33 – 3.53 $3.27     
LIFO adjustments(9)  0.00  (0.04)  0.06   (0.22)    
Inventory step-up charges(10)  0.00  0.04   0.00   0.10     
Amortization of Canadian intangible assets(11)  0.02  0.02   0.09   0.09     
Amortization of Southern Tide intangible assets(12)  0.00  0.01   0.01   0.01     
Transaction expenses for acquisition(13)  0.00  0.00   0.00   0.03     
Distribution center integration charges (15)  0.00  0.02   0.00   0.02     
As adjusted(7) $1.35 – $1.45 $  1.48  $3.50 – 3.70 $  3.30     
             
(1) LIFO adjustments represent the impact on cost of goods sold resulting from LIFO accounting adjustments. LIFO adjustments are included in Corporate and Other.
(2) Inventory step-up charges represent the impact of purchase accounting adjustments resulting from the step-up of inventory at acquisition related to the Southern Tide acquisition. These inventory step-up charges are included in cost of goods sold in Southern Tide. 
(3) Amortization of Canadian intangible assets represents the amortization related to the intangible assets acquired as part of the Tommy Bahama Canada acquisition. Amortization of Canadian intangible assets are included in SG&A in Tommy Bahama.
(4) Amortization of Southern Tide intangible assets represents the amortization related to the intangible assets acquired as part of the Southern Tide acquisition. Amortization of Southern Tide intangible assets are included in SG&A in Southern Tide.
(5) Transaction expenses for acquisition represent the transaction costs associated with the Southern Tide acquisition. These transaction expenses for acquisition are included in SG&A in Corporate and Other. 
(6) Impact of income taxes represents the estimated tax impact of the above adjustments based on the applicable estimated effective tax rate on current year earnings in the respective jurisdiction, before any discrete items. 
(7) Amounts in columns may not add due to rounding.
(8) Guidance as issued on March 23, 2017. 
(9) LIFO adjustments represent the impact, net of income taxes, on net earnings from continuing operations per diluted share resulting from LIFO accounting adjustments. No estimate for future LIFO accounting adjustments are reflected in the guidance for any period presented. 
(10) Inventory step-up charges represent the impact, net of income taxes, on net earnings from continuing operations per diluted share resulting from inventory step-up charges related to the Southern Tide acquisition.
(11) Amortization of Canadian intangible assets represents the impact, net of income taxes, on net earnings from continuing operations per diluted share resulting from the amortization of intangible assets acquired as part of the Tommy Bahama Canada acquisition.
(12) Amortization of Southern Tide intangible assets represents the impact, net of income taxes, on net earnings from continuing operations per diluted share resulting from the amortization of intangible assets acquired as part of the Southern Tide acquisition.
(13) Transaction expenses for acquisition represent the impact, net of income taxes, on net earnings from continuing operations per diluted share resulting from the transaction costs associated with the Southern Tide acquisition.
(14) Guidance as issued on June 6, 2017.
(15) Distribution center integration charges represent the impact, net of income  taxes, on net earnings from continuing operations per diluted share resulting from one-time charges related to transitioning Southern Tide’s distribution center functions during the Second Quarter of Fiscal 2016. 

 

Comparable Store Sales Change
The Company’s disclosures about comparable store sales include sales from its full-price stores and e-commerce sites, excluding sales associated with e-commerce flash clearance sales.
Prior period comparable store sales changes are as previously disclosed.
  Q1 Q2 Q3 Q4 Full Year  
Tommy Bahama            
Fiscal 2017 5 % % % % %  
Fiscal 2016 (13 )% 7 % (6 )% (3 )% (3 )%  
Fiscal 2015 8 % 3 % (5 )% 2 % 3 %  
Lilly Pulitzer            
Fiscal 2017 (7 )% % % % %  
Fiscal 2016 1 % (1 )% 12 % 2 % 2 %  
Fiscal 2015 20 % 41 % 27 % 13 % 27 %  
             

 

Retail Location Count
  Beginning of
Year
  End of Q1   End of Q2   End of Q3   End of Q4  
Tommy Bahama                    
Fiscal 2017                    
Full-price  111     112     —    —    —  
Retail-restaurant  17     17     —    —    —  
Outlet  40     40     —    —    —  
Total  168     169     —    —    —  
Fiscal 2016                    
Full-price  107     109     111     113     111   
Retail-restaurant  16     16     16     16     17   
Outlet  41     41     41     41     40   
Total  164     166     168     170     168   
                     
Lilly Pulitzer                    
Fiscal 2017                    
Full-price  40     41     —    —    —  
Fiscal 2016                    
Full-price  34     34     37     39     40   
 
CONTACT: Contact: Anne M. Shoemaker
Telephone: (404) 653-1455
Fax: (404) 653-1545                                            
E-mail: [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *