--Consolidated Comparable Sales Increase 3%; Positive Comps at Tommy Bahama and Lilly Pulitzer--
--Consolidated Gross Margin and Operating Margin Expansion in Quarter--
--Company Updates Full Year Outlook to Reflect the Estimated Impact of Tariffs--

ATLANTA, Sept. 11, 2019 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its fiscal 2019 second quarter ended August 3, 2019.  Consolidated net sales were $302.0 million compared to $302.6 million in the second quarter of fiscal 2018, which ended August 4, 2018. Earnings on a GAAP basis were $1.76 per share in the second quarter of fiscal 2019 compared to $1.61 in the same period of the prior year.  On an adjusted basis, earnings were $1.84 per share in the second quarter of fiscal 2019 compared to $1.83 in the second quarter of fiscal 2018. 

Thomas C. Chubb III, Chairman and CEO, commented, “Our second quarter results continued to demonstrate the strength of our full-price direct to consumer businesses.  For the tenth consecutive quarter, we posted consolidated comparable sales growth with comparable sales increasing 3% on top of a 7% increase in the prior year.  The top-line performance of our full-price direct to consumer channels was offset by lower wholesale sales and some softness in our outlet store business.

“Our Tommy Bahama, Lilly Pulitzer and Southern Tide businesses are built on a strong foundation.  It starts with the incredible connections each brand has established with its core consumer.  Our success is also rooted in our highly disciplined distribution strategy, which features exciting retail stores, bars and restaurants, a highly profitable and rapidly growing e-commerce business, and careful placement in appropriate department stores and specialty retailers.  Equally important is the work our product teams are doing to engage our consumers and drive demand across our brands by offering differentiated and innovative products using performance features, proprietary fabrics and prints, and fresh silhouettes.

Mr. Chubb concluded, “As we move into the second half of 2019, the fundamentals of our business remain strong.  We continue to focus on executing our growth strategies while working to minimize the impact of additional tariffs on both our consumers and our financial results.  While we have revised our outlook for the year to reflect the estimated increase in cost of goods associated with these tariffs on the back half of the year, we are still on track to deliver solid results in 2019 with confidence in the strength of our brands and our talented and dedicated people.”

Consolidated Operating Results

Second quarter fiscal 2019 net sales were $302.0 million, flat with the prior year. This result included a 3% increase in comparable sales with increases at both Tommy Bahama and Lilly Pulitzer. The increase in direct to consumer sales was offset by lower wholesale sales.

Gross profit in the second quarter increased to $179.8 million compared to $179.3 million in the same period of the prior year. Gross margin in the second quarter of fiscal 2019 grew to 59.5% compared to 59.2% in the second quarter of fiscal 2018.  Adjusted gross margin in the second quarter of fiscal 2019 expanded 40 basis points to 59.8% from 59.4% in the same period of the prior year. 

SG&A as a percentage of net sales in the second quarter of fiscal 2019 was 47.5% or $143.4 million compared to 48.4% or $146.3 million in the prior year’s second quarter.  On an adjusted basis, SG&A as a percentage of net sales was 47.2% or $142.7 million compared to 47.1% or $142.6 million in the prior year’s second quarter. 

Royalties and other operating income in the second quarter of fiscal 2019 were $3.8 million compared to $3.6 million in the second quarter of fiscal 2018. 

Operating income in the second quarter of fiscal 2019 was $40.3 million compared to $36.5 million in the same period of the prior year. Operating margin increased to 13.3% compared to 12.1% in the second quarter of fiscal 2018.   On an adjusted basis, operating income increased 3% to $41.7 million compared to $40.6 million in the second quarter of fiscal 2018.  On an adjusted basis, operating margin expanded to 13.8% in the second quarter compared to 13.4% in the same period last year. 

Interest expense for the second quarter of fiscal 2019 was $0.4 million compared to $0.6 million in the second quarter of fiscal 2018. 

The effective tax rate in the second quarter of fiscal 2019 was 25.1%.  This compares to 24.3% in the same period of the prior year, which included the benefit of certain favorable discrete items.

Balance Sheet and Liquidity

On July 31, 2019, the Company amended its $325 million credit agreement, which extended its maturity to July 31, 2024. As of August 3, 2019, the Company had no borrowings outstanding under its credit agreement compared to $25 million at the end of the second quarter of fiscal 2018 and had $31 million in cash compared to $7 million in the prior year.  These changes were attributable to strong cash flow from operations.

Inventory increased to $153 million at August 3, 2019 from $124 million at the end of the second quarter of fiscal 2018.  This increase was due to increased stock levels on high volume key items and replenishment programs, the acceleration of receipts ahead of new tariffs, and inventory to support additional stores and planned increased sales in the second half of fiscal 2019.

Outlook for Fiscal Year 2019 and Third Quarter

The Company revised its guidance for fiscal 2019 to incorporate an estimated $0.20 per share impact resulting from additional tariffs in the second half of the year.

For the full fiscal year 2019, GAAP earnings per share are expected to be between $4.15 and $4.35. Adjusted earnings per share are expected to be between $4.25 and $4.45. This compares to earnings on a GAAP basis of $3.94 per share and, on an adjusted basis, $4.32 per share in fiscal 2018. The Company expects net sales to grow to between $1.135 billion and $1.155 billion as compared to fiscal 2018 net sales of $1.107 billion.

The Company’s third quarter remains its smallest sales and earnings quarter due to the seasonality of its direct to consumer operations. For the third quarter of fiscal 2019, ending on November 2, 2019, net sales are expected to be in a range from $235 million to $245 million compared to net sales of $233.7 million in the third quarter of fiscal 2018. Earnings per share on a GAAP basis are expected to be in a range of breakeven to $0.10 in the third quarter.  On an adjusted basis, earnings per share for the third quarter of fiscal 2019 are expected to be in a range of $0.01 to $0.11. This compares with third quarter fiscal 2018 earnings per share of $0.11 and adjusted earnings per share of $0.14.

The Company’s interest expense for fiscal 2019 is expected to be approximately $1.5 million and its effective tax rate for fiscal 2019 is expected to be approximately 26% compared to 25% in fiscal 2018.

Capital expenditures in fiscal 2019, including $16 million in the first half of fiscal 2019, are expected to be between $45 million and $50 million, primarily reflecting investments in information technology initiatives, new retail stores and Marlin Bars, and investments to remodel existing retail stores and restaurants.

Dividend

The Company also announced that its Board of Directors has approved a cash dividend of $0.37 per share payable on November 1, 2019 to shareholders of record as of the close of business on October 18, 2019. The Company has paid dividends every quarter since it became publicly owned in 1960.

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 September 25, 2019 by dialing (412) 317-6671 access code 13693836. 

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, as well as other owned 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.

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. Effective February 3, 2019, the Company adopted the new lease accounting guidance, which resulted in a significant increase in its reported assets and liabilities. The adoption of the new lease accounting guidance did not have a material impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. 

Comparable Sales

The Company’s disclosures about comparable sales include sales from its full-price retail stores and e-commerce sites, excluding sales associated with e-commerce flash clearance sales.

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. 

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, demand for our products, which may be impacted by competitive conditions and/or evolving consumer shopping patterns; macroeconomic factors that may impact consumer spending for apparel and related products; the timing of shipments requested by our wholesale customers; weather; expected pricing levels; costs of products as well as the raw materials used in those products; costs of labor; retention of and disciplined execution by key management; the timing and cost of store and restaurant openings and remodels as well as other capital expenditures; changes, and the impact on our business operations of such changes, in international, federal or state tax, trade and other laws and regulations, including the potential imposition of additional duties, tariffs, taxes or other charges or barriers to trade resulting from ongoing trade developments with China and its impact on global markets; acquisition and disposition activities, including our ability to timely recognize expected synergies from acquisitions; expected outcomes of pending or potential litigation and regulatory actions; access to capital and/or credit markets; and factors that could affect our consolidated effective tax rate. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, 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 February 2, 2019 under the heading "Risk Factors" and those described from time to time in our future reports filed with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made.  We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

  
Contact: Anne M. Shoemaker 
Telephone:   (404) 653-1455 
E-mail:   InvestorRelations@oxfordinc.com   

 

 
Oxford Industries, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par amounts)
(unaudited)
  August 3, August 4,
  2019
 2018
ASSETS      
Current Assets      
Cash and cash equivalents $30,756  $7,054 
Receivables, net  59,176   69,724 
Inventories, net  152,672   123,924 
Prepaid expenses and other current assets  22,440   29,393 
Total Current Assets $265,044  $230,095 
Property and equipment, net  189,410   195,378 
Intangible assets, net  175,591   177,418 
Goodwill  66,585   66,581 
Operating lease assets  288,928    
Other non-current assets, net  24,636   23,918 
Total Assets $1,010,194  $693,390 
       
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Current Liabilities      
Accounts payable $48,998  $51,487 
Accrued compensation  19,195   21,606 
Current operating lease liabilities  54,044    
Other accrued expenses and liabilities  41,882   37,828 
Total Current Liabilities $164,119  $110,921 
Long-term debt     24,936 
Non-current operating lease liabilities  290,133    
Other non-current liabilities  17,077   74,649 
Deferred taxes  19,916   15,752 
Commitments and contingencies      
Shareholders’ Equity      
Common stock, $1.00 par value per share  17,035   16,951 
Additional paid-in capital  145,123   138,613 
Retained earnings  362,407   316,507 
Accumulated other comprehensive loss  (5,616)  (4,939)
Total Shareholders’ Equity $518,949  $467,132 
Total Liabilities and Shareholders’ Equity $1,010,194  $693,390 
       



Oxford Industries, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
  Second Quarter First Half
  Fiscal 2019 Fiscal 2018 Fiscal 2019 Fiscal 2018
Net sales $302,000 $302,641 $583,973 $575,269
Cost of goods sold  122,175  123,344  238,379  231,826
Gross profit $179,825 $179,297 $345,594 $343,443
SG&A  143,403  146,340  283,217  286,060
Royalties and other operating income  3,837  3,556  7,624  7,503
Operating income $40,259 $36,513 $70,001 $64,886
Interest expense, net  419  602  1,090  1,383
Earnings before income taxes $39,840 $35,911 $68,911 $63,503
Income taxes  10,004  8,727  17,418  15,752
Net earnings $29,836 $27,184 $51,493 $47,751
             
Net earnings per share:            
Basic $1.78 $1.63 $3.08 $2.87
Diluted $1.76 $1.61 $3.05 $2.84
Weighted average shares outstanding:            
Basic  16,760  16,683  16,736  16,661
Diluted  16,907  16,840  16,878  16,804
             
Dividends declared per share $0.37 $0.34 $0.74 $0.68



 
Oxford Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
  First Half
  Fiscal 2019 Fiscal 2018
Cash Flows From Operating Activities:      
Net earnings $51,493  $47,751 
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation  19,402   20,224 
Amortization of intangible assets  584   1,373 
Equity compensation expense  3,791   3,598 
Amortization of deferred financing costs  212   212 
Deferred income taxes  1,274   330 
Changes in working capital, net of acquisitions and dispositions:      
Receivables, net  10,131   (2,460)
Inventories, net  7,680   19 
Prepaid expenses and other current assets  3,825   8,494 
Current liabilities  (31,983)  (23,366)
Other balance sheet changes  858   1,357 
Cash provided by operating activities $67,267  $57,532 
Cash Flows From Investing Activities:      
Acquisitions, net of cash acquired     (302)
Purchases of property and equipment  (15,976)  (22,349)
Cash used in investing activities $(15,976) $(22,651)
Cash Flows From Financing Activities:      
Repayment of revolving credit arrangements  (122,241)  (165,928)
Proceeds from revolving credit arrangements  109,248   145,055 
Deferred financing costs paid  (894)   
Proceeds from issuance of common stock  885   814 
Repurchase of equity awards for employee tax withholding liabilities  (2,453)  (2,351)
Cash dividends declared and paid  (12,601)  (11,522)
Other financing activities  (1,033)   
Cash used in financing activities $(29,089) $(33,932)
Net change in cash and cash equivalents $22,202  $949 
Effect of foreign currency translation on cash and cash equivalents  227   (238)
Cash and cash equivalents at the beginning of year  8,327   6,343 
Cash and cash equivalents at the end of the period $30,756  $7,054 
Supplemental disclosure of cash flow information:      
Cash paid for interest, net $971  $1,211 
Cash paid for income taxes $8,416  $11,839 



Oxford Industries, Inc.
Reconciliations of Certain Non-GAAP Financial Information
(in millions, except per share amounts)
(unaudited)
   Second Quarter   First Half 
AS REPORTED  Fiscal 2019  Fiscal 2018% Change  Fiscal 2019  Fiscal 2018% Change
Tommy Bahama              
Net sales $188.9  $192.7 (2.0)% $353.6  $359.9 (1.7)%
Gross profit $114.5  $116.0 (1.2)% $218.0  $220.2 (1.0)%
Gross margin  60.6 %  60.2%   61.7 %  61.2% 
Operating income $23.2  $20.6 12.6% $38.4  $34.9 10.0%
Operating margin  12.3 %  10.7%   10.9 %  9.7% 
Lilly Pulitzer              
Net sales $75.6  $71.6 5.5% $148.2  $140.3 5.6%
Gross profit $51.8  $49.1 5.6% $97.3  $94.6 2.9%
Gross margin  68.6 %  68.5%   65.7 %  67.4% 
Operating income $20.4  $18.4 11.0% $35.7  $34.2 4.2%
Operating margin  27.1 %  25.7%   24.1 %  24.4% 
Lanier Apparel              
Net sales $20.9  $23.9 (12.4)% $47.5  $43.8 8.5%
Gross profit $6.0  $6.3 (5.0)% $13.4  $12.3 9.0%
Gross margin  28.8 %  26.6%   28.3 %  28.1% 
Operating income $0.3  $0.8
 (69.3)% $1.4  $1.2 20.9%
Operating margin  1.2 %  3.5%   3.0 %  2.7% 
Southern Tide              
Net sales $12.5  $11.8 5.9% $26.6  $25.2 5.4%
Gross profit $6.1  $6.1 0.8% $13.3  $12.8 3.6%
Gross margin  49.3 %  51.8%   50.0 %  50.8% 
Operating income $1.8  $1.4 29.2% $4.4  $3.9 11.4%
Operating margin  14.7 %  12.1%   16.4 %  15.5% 
Corporate and Other              
Net sales $4.2  $2.7 58.4% $8.1  $6.1 32.3%
Gross profit $1.3  $1.8 (27.7)% $3.5  $3.5 2.2%
Operating loss $(5.5 $(4.8
(15.1)% $(9.9
 $(9.4
(5.5)%
Consolidated              
Net sales $302.0  $302.6 (0.2)% $584.0  $575.3 1.5%
Gross profit $179.8  $179.3 0.3% $345.6  $343.4 0.6%
Gross margin  59.5 %  59.2%   59.2 %  59.7% 
SG&A $143.4  $146.3 (2.0)% $283.2  $286.1 (1.0)%
SG&A as % of net sales  47.5 %  48.4%   48.5 %  49.7% 
Operating income $40.3  $36.5 10.3% $70.0  $64.9 7.9%
Operating margin  13.3 %  12.1%   12.0 %  11.3% 
Earnings before income taxes $39.8  $35.9 10.9% $68.9  $63.5 8.5%
Net earnings $29.8  $27.2 9.8% $51.5  $47.8 7.8%
Net earnings per diluted share $1.76  $1.61 9.3% $3.05  $2.84 7.4%
Weighted average shares outstanding - diluted  16.9   16.8 0.4%  16.9   16.8 0.4%



   Second Quarter   First Half 
ADJUSTMENTS  Fiscal 2019  Fiscal 2018% Change  Fiscal 2019  Fiscal 2018% Change
LIFO adjustments in Corporate and Other(1) $0.7  $(0.1
  $0.8
  $0.2
  
Tommy Bahama Japan inventory markdown charges(2) $0.0  $0.5
   $0.0  $0.5
  
Inventory step-up charges in Corporate and Other(3) $0.0  $0.0   $0.0  $0.2
  
Amortization of Tommy Bahama Canada intangible assets(4) $0.0  $0.4
   $0.0  $0.8
  
Amortization of Lilly Pulitzer Signature Store intangible assets (5) $0.1  $0.1
   $0.2
  $0.2
  
Amortization of Southern Tide intangible assets(6) $0.1
  $0.1
   $0.1
  $0.1
  
Tommy Bahama Japan restructuring SG&A charges(7) $0.6
  $3.2
   $0.6
  $3.2
  
Impact of income taxes(8) $(0.2
 $(0.5
  $(0.3
 $(0.6
 
Adjustment to net earnings(9) $1.2  $3.6
   $1.4
  $4.5
  
AS ADJUSTED              
Tommy Bahama              
Net sales $188.9  $192.7 (2.0)% $353.6  $359.9 (1.7)%
Gross profit $114.5  $116.4 (1.6)% $218.0  $220.7 (1.2)%
Gross margin  60.6 %  60.4%   61.7 %  61.3% 
Operating income $23.8  $24.7 (3.5)% $39.0  $39.4 (0.9)%
Operating margin  12.6 %  12.8%   11.0 %  10.9% 
Lilly Pulitzer              
Net sales $75.6   71.6 5.5% $148.2  $140.3 5.6%
Gross profit $51.8   49.1 5.6% $97.3  $94.6 2.9%
Gross margin  68.6 %  68.5%   65.7 %  67.4% 
Operating income $20.5   18.5 10.9% $35.9  $34.4 4.1%
Operating margin  27.2 %  25.8%   24.2 %  24.6% 
Lanier Apparel              
Net sales $20.9  $23.9 (12.4)% $47.5  $43.8 8.5%
Gross profit $6.0  $6.3 (5.0)% $13.4  $12.3 9.0%
Gross margin  28.8 %  26.6%   28.3 %  28.1% 
Operating income $0.3
  $0.8
 (69.3)% $1.4
  $1.2 20.9%
Operating margin  1.2 %  3.5%   3.0 %  2.7% 
Southern Tide              
Net sales $12.5  $11.8 5.9% $26.6  $25.2 5.4%
Gross profit $6.1  $6.1 0.8% $13.3  $12.8 3.6%
Gross margin  49.3 %  51.8%   50.0 %  50.8% 
Operating income $1.9  $1.5
 27.8% $4.5  $4.1 11.0%
Operating margin  15.3 %  12.7%   16.9 %  16.0% 
Corporate and Other              
Net sales $4.2  $2.7 58.4% $8.1  $6.1 32.3%
Gross profit $2.0  $1.7
 19.0% $4.4  $3.8 15.8%
Operating loss $(4.8
 $(4.9
2.2% $(9.1
 $(9.1
0.1%
Consolidated              
Net sales $302.0  $302.6 (0.2)% $584.0  $575.3 1.5%
Gross profit $180.5  $179.6 0.5% $346.4  $344.2 0.6%
Gross margin  59.8 %  59.4%   59.3 %  59.8% 
SG&A $142.7  $142.6 0.0% $282.3  $281.8 0.2%
SG&A as % of net sales  47.2 %  47.1%   48.3 %  49.0% 
Operating income $41.7  $40.6 2.7% $71.7  $70.0
 2.5%
Operating margin  13.8 %  13.4%   12.3 %  12.2% 
Earnings before income taxes $41.3  $40.0
 3.2% $70.7  $68.6 3.0%
Net earnings $31.0  $30.8
 0.8% $52.9  $52.2 1.3%
Net earnings per diluted share $1.84  $1.83 0.5% $3.13  $3.11 0.6%



   Second Quarter   First Half 
   Fiscal 2019 Fiscal 2019 Fiscal 2018  Fiscal 2019 Fiscal 2018 
   Actual Guidance(10) Actual  Actual Actual 
Net earnings per diluted share:             
GAAP basis $1.76$1.79-1.89$1.61 $3.05$2.84 
LIFO adjustments(11)  0.03 0.00 (0.01)  0.04 0.01 
Inventory step-up charges(12)  0.00 0.00 0.00  0.00 0.01 
Amortization of recently acquired intangible assets(13)  0.01 0.01 0.03  0.01 0.06 
Tommy Bahama Japan restructuring charges(14)  0.03 0.00 0.19  0.03 0.19 
As adjusted(9) $1.84$1.80-1.90$1.83 $3.13$3.11 
              
   Third Quarter Third Quarter       
   Fiscal 2019 Fiscal 2018 Fiscal 2019  Fiscal 2018   
   Guidance(16) Actual Guidance(16)  Actual   
Net earnings per diluted share:             
GAAP basis $0.00-0.10$0.11$4.15-4.35 $3.94   
LIFO adjustments(11)  0.00 0.00 0.04  0.03   
Inventory step-up charges(12)  0.00 0.00 0.00  0.01   
Amortization of recently acquired intangible assets(13)  0.01 0.03 0.03  0.11   
Tommy Bahama Japan restructuring charges(14)  0.00 0.00 0.03  0.19   
Change in fair value of contingent consideration(15)  0.00 0.00 0.00  0.04   
As adjusted(9) $0.01-0.11$0.14$4.25-4.45 $4.32   
              
(1) LIFO adjustments in Corporate and Other represent the impact on cost of goods sold resulting from LIFO accounting adjustments.   
(2) Tommy Bahama Japan inventory markdown charges represent the inventory markdown impact on cost of goods sold resulting from the closure of the Tommy Bahama Ginza flagship retail-restaurant location. These charges are included in cost of goods sold in Tommy Bahama.   
(3) Inventory step-up charges in Corporate and Other represent the impact of purchase accounting adjustments resulting from the step-up of inventory at acquisition related to the acquisition of TBBC. These charges are included in cost of goods sold.   
(4) Amortization of Tommy Bahama Canada intangible assets represents the amortization related to the intangible assets acquired as part of the Tommy Bahama Canada acquisition. These charges are included in SG&A in Tommy Bahama.   
(5) Amortization of Lilly Pulitzer Signature Store intangible assets represents the amortization related to the intangible assets acquired as part of Lilly Pulitzer's acquisition of certain Lilly Pulitzer Signature Stores. These charges are included in SG&A in Lilly Pulitzer.   
(6) Amortization of Southern Tide intangible assets represents the amortization related to the intangible assets acquired as part of the Southern Tide acquisition. These charges are included in SG&A in Southern Tide.   
(7) Tommy Bahama Japan SG&A restructuring charges represent the impact of the closure of the Tommy Bahama Ginza flagship retail-restaurant location and related restructure and downsizing of the Tommy Bahama retail business in Japan, consisting of lease termination fees, premises reinstatement, severance and non-cash asset impairment charges. These charges are included in SG&A in Tommy Bahama.   
(8) 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.   
(9) Amounts in columns may not add due to rounding.   
(10) Guidance as issued on June 12, 2019.   
(11) LIFO adjustments represent the impact, net of income taxes, on net earnings per diluted share resulting from LIFO accounting adjustments. No estimate for LIFO accounting adjustments are reflected in the guidance for any future periods.   
(12) Inventory step-up charges represent the impact, net of income taxes, on net earnings per diluted share resulting from inventory step-up charges resulting from inventory step-up charges related to the acquisition of TBBC.   
(13) Amortization of recently acquired intangible assets represents the impact, net of income taxes, on net earnings per diluted share resulting from the amortization of intangible assets acquired as part of the Tommy Bahama Canada, Lilly Pulitzer Signature Store and Southern Tide acquisitions.   
(14) Tommy Bahama Japan restructuring charges represent the impact, net of income taxes, on net earnings per diluted share resulting from the charges related to the Tommy Bahama Japan restructure and downsizing.   
(15) Change in fair value of contingent consideration represents the impact, net of income taxes, on net earnings per diluted share relating to the change in the fair value of contingent consideration related to the TBBC acquisition.   
(16) Guidance as issued on September 11, 2019.   
    



Comparable Store Sales Change
The Company's disclosures for comparable sales include sales from its full-price retail stores and e-commerce sites, excluding sales associated with e-commerce flash clearance sales. Because Fiscal 2017 was a 53-week period, comparable sales for Fiscal 2018 are calculated on a calendar-adjusted, rather than fiscal, basis by comparing the Fiscal 2018 period to the comparable calendar period in the preceding year and the Fourth Quarter of Fiscal 2018 is on a 13 week to 13 week calendar-adjusted basis. Additionally, comparable sales for Fiscal 2017 and the Fourth Quarter of Fiscal 2017 are calculated on a 53 week to 53 week and 14 week to 14 week basis, respectively.
 Q1Q2Q3Q4Full Year
Oxford Total     
Fiscal 20192 %3 %%%%
Fiscal 20181%7%7%2%4%
Fiscal 20172%1%4%6%3%
Tommy Bahama     
Fiscal 20192 %3 %%%%
Fiscal 2018(1)%8%5%2%3%
Fiscal 20175%4%5%6%5%
Lilly Pulitzer     
Fiscal 20191 %1 %%%%
Fiscal 20187%6%15%3%7%
Fiscal 2017(7)%(6)%(1)%6%(3)%
      
      
Location Count
 Beginning of YearEnd of Q1End of Q2End of Q3End of Q4
Fiscal 2019     
Tommy Bahama     
Full-price retail store113 113 113   
Retail-restaurant17 17 17   
Outlet37 37 37   
Total Tommy Bahama167 167 167   
Lilly Pulitzer62 63 63   
Oxford Total229 230 230   
Fiscal 2018     
Tommy Bahama     
Full-price retail store110 111 111 113 113 
Retail-restaurant18 18 18 17 17 
Outlet38 38 38 38 37 
Total Tommy Bahama166 167 167 168 167 
Lilly Pulitzer57 59 60 60 62 
Oxford Total223 226 227 228 229