Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS (Unaudited)

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QUARTERLY RESULTS OF OPERATIONS (Unaudited)
12 Months Ended
Feb. 01, 2020
QUARTERLY RESULTS OF OPERATIONS (Unaudited)  
QUARTERLY RESULTS OF OPERATIONS (Unaudited)

22.  QUARTERLY RESULTS OF OPERATIONS (Unaudited)

Our quarterly results of operations reflect all adjustments, which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented.  The consolidated results of operations by quarter for fiscal 2019 and 2018 are presented below (in thousands, except per share amounts):

Fiscal 2019 Quarters Ended (1)

 

May 4,

August 3,

November 2,

February 1,

 

    

2019 (2)

    

2019 (3)

    

2019 (4)

    

2020 (5)

 

Net sales

$

724,662

$

736,145

$

729,481

$

690,973

Gross margin

 

304,875

 

318,875

 

308,028

 

236,834

Net earnings (loss) from continuing operations

6,480

29,656

27,788

(38,557)

Earnings (loss) from discontinued operations, net of tax

662

4,610

(117,378)

4,463

Net earnings (loss)

7,142

34,266

(89,590)

(34,094)

Net earnings (loss) from continuing operations per common share:

Basic

$

0.13

$

0.59

$

0.56

$

(0.80)

Diluted

$

0.13

$

0.59

$

0.56

$

(0.80)

Net earnings (loss) from discontinued operations per common share:

Basic

$

0.01

$

0.09

$

(2.36)

$

0.09

Diluted

$

0.01

$

0.09

$

(2.35)

$

0.09

Net earnings (loss) per common share:

Basic

$

0.14

$

0.68

$

(1.80)

$

(0.70)

Diluted

$

0.14

$

0.68

$

(1.80)

$

(0.70)

Fiscal 2018 Quarters Ended (1)

 

May 5,

August 4,

November 3,

February 2,

 

    

2018 (6)

    

2018 (7)

    

2018 (8)

    

2019 (9)

 

Net sales

$

754,843

$

767,914

$

751,741

$

730,013

Gross margin

 

328,291

 

353,545

 

345,494

 

283,278

Net earnings from continuing operations

12,287

47,724

34,787

3,798

Earnings (loss) from discontinued operations, net of tax

1,622

1,514

(20,912)

2,420

Net earnings

13,909

49,238

13,875

6,218

Net earnings from continuing operations per common share:

Basic

$

0.25

$

0.96

$

0.70

$

0.08

Diluted

$

0.24

$

0.94

$

0.69

$

0.08

Net earnings (loss) from discontinued operations per common share:

Basic

$

0.03

$

0.03

$

(0.42)

$

0.05

Diluted

$

0.03

$

0.03

$

(0.41)

$

0.05

Net earnings per common share:

Basic

$

0.28

$

0.99

$

0.28

$

0.12

Diluted

$

0.27

$

0.97

$

0.27

$

0.12

(1) Due to the method of calculating weighted-average shares outstanding, the sum of the quarterly per share amounts may not equal net earnings (loss) per common share for the respective years.
(2) Includes pre-tax expenses of $4.4 million relating to multi-year cost savings and operational excellence programs. Of the $4.4 million, $0.2 million is included in cost of sales and $4.2 million is included in SG&A.
(3) Includes pre-tax expenses of $11.3 million relating to multi-year cost savings and operational excellence programs. Of the $11.3 million, $2.9 million is included in cost of sales and $8.4 million is included in SG&A.
(4) Includes pre-tax expenses of $6.2 million relating to multi-year cost savings and operational excellence programs within SG&A. In addition, within provision for income taxes, includes the net release of $5.9 million of valuation allowances.
(5) Includes pre-tax expenses of $17.4 million relating to the agreement to sell the Joseph Abboud trademarks and $5.3 million relating to multi-year cost savings and operational excellence programs. Of the $22.7 million, $13.4 million is included in cost of sales and $9.3 million is included in SG&A.
(6) Includes pre-tax expenses of $15.5 million with $11.9 million relating to the refinancing of the Term Loan and $3.6 million relating to the loss upon divestiture of the MW Cleaners business.  Of the $15.5 million, $3.6 million is included in SG&A and $11.9 million is included in loss on extinguishment of debt.
(7) Includes pre-tax expenses of $12.7 million with $8.1 million relating to the partial redemption of Senior Notes, $4.4 million relating to the closure of a rental product distribution center and $0.2 million relating to the divestiture of the MW Cleaners business.  Of the $12.7 million, $4.0 million is included in cost of sales, $0.6 million is included in SG&A and $8.1 million is included in loss on extinguishment of debt.
(8) Includes pre-tax expenses of $16.4 million with $9.4 million relating to the repricing of the Term Loan, $6.4 million relating to CEO retirement costs and $0.6 million relating to the closure of a rental product distribution center.  Of the $16.4 million, less than $0.1 million is included in cost of sales, $7.0 million is included in SG&A, and $9.4 million is included in loss on extinguishment of debt.
(9) Includes a $17.6 million increase in net sales reflecting the impact of changes related to our loyalty programs.  In addition, within provision for income taxes, includes a discrete net tax benefit of $6.1 million related to the completion of our accounting for the effects of the Tax Reform Act.