OXFORD INDUSTRIES INC MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND RESULTS OF OPERATIONS (Form 10-Q)

The following discussion and analysis should be read in conjunction with our
unaudited condensed consolidated financial statements and the notes thereto
contained in this report and the consolidated financial statements, notes to
consolidated financial statements and Management's Discussion and Analysis of
Financial Condition and Results of Operations contained in our Fiscal 2021
Form
10-K.

                                    OVERVIEW

Business Overview

We are a leading branded apparel company that designs, sources, markets and distributes products bearing the brands of our Tommy Bahamas, Lilly PulitzerSouthern Tide, TBBC and lifestyle brands Duck Head.

Our business strategy is to develop and market compelling lifestyle brands and
products that evoke a strong emotional response from our target consumers. We
consider lifestyle brands to be those brands that have a clearly defined and
targeted point of view inspired by an appealing lifestyle or attitude.
Furthermore, we believe lifestyle brands that create an emotional connection can
command greater loyalty and higher price points and create licensing
opportunities. We believe the attraction of a lifestyle brand depends on
creating compelling product, effectively communicating the respective lifestyle
brand message and distributing products to consumers where and when they want
them. We believe the principal competitive factors in the apparel industry are
the reputation, value, and image of brand names; the design of differentiated,
innovative or otherwise compelling product; consumer preference; price; quality;
marketing (including through rapidly shifting digital and social media
vehicles); product fulfillment capabilities; and customer service. Our ability
to compete successfully in the apparel industry is directly related to our
proficiency in foreseeing changes and trends in fashion and consumer preference
and presenting appealing products for consumers. Our design-led, commercially
informed lifestyle brand operations strive to provide exciting, differentiated
products each season.

Tommy Bahama and Lilly Pulitzer, in the aggregate, represented 90% of our
consolidated net sales in Fiscal 2021. During Fiscal 2021, 80% of our
consolidated net sales were through our direct to consumer channels of
distribution, which consist of our brand specific full-price retail stores and
e-commerce websites, Tommy Bahama food and beverage operations and Tommy Bahama
outlets. The remaining 20% of our net sales was generated through our wholesale
distribution channels. Our wholesale operations consist of net sales of products
bearing our lifestyle brands, which complement our direct to consumer operations
and provide access to a larger base of consumers.

For additional information about our business and our operating groups in Fiscal
2021, see Part I, Item 1. Business of our Fiscal 2021 Form 10-K. Important
factors relating to certain risks which could impact our business are described
in Part II, Item 1A. Risk Factors of this report and Part I. Item 1A. Risk
Factors of our Fiscal 2021 Form 10-K.

Industry Overview and Recent Macroeconomic Conditions

We operate in a highly competitive apparel market that continues to evolve
rapidly with the expanding application of technology to fashion retail. No
single apparel firm or small group of apparel firms dominates the apparel
industry, and our competitors vary by operating group and distribution channel.
The apparel industry is cyclical and very dependent on the overall level and
focus of discretionary consumer spending, which changes as consumer preferences
and regional, domestic and international economic conditions change and has
shifted towards services and away from other product categories in recent years.
Further, negative economic conditions often have a longer and more severe impact
on the apparel industry than on other industries.

This competitive and evolving environment requires that brands and retailers
approach their operations, including marketing and advertising, very differently
than historical practices and may result in increased operating costs and
investments to generate growth or even maintain sales levels. While the
competition and evolution present significant

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risks, especially for traditional retailers who fail or are unable to adapt, we
believe it also presents a tremendous opportunity for brands and retailers to
capitalize on the changing consumer environment.

We believe our lifestyle brands have true competitive advantages, and we
continue to invest in and leverage technology to serve our consumers when and
where they want to be served. We continue to believe that our lifestyle brands,
with their strong emotional connections with consumers, are well suited to
succeed and thrive in the long term while managing the various challenges facing
our industry.

The COVID-19 pandemic has had a significant effect on overall economic
conditions and our operations in recent years and accelerated or exacerbated
many of the changes in the industry noted above. In Fiscal 2021, the economic
environment improved significantly with a rebound in retail traffic starting in
March 2021 and other improvements as the year progressed, although certain
stores were closed for portions of Fiscal 2021, particularly in the First
Quarter of Fiscal 2021. This improved environment and exceptionally strong
consumer demand drove record earnings for us during Fiscal 2021 and have
continued in the First Half of Fiscal 2022. There can be no assurance that this
strong consumer demand will continue for our business or the broader retail
apparel market, which began to experience some tempering of demand in the Summer
of 2022.

The strong earnings of recent periods are due to certain challenges, including labor shortages, supply chain disruptions and increases in revenue and operating costs in fiscal 2021 and the first half of fiscal 2022. We, along with others in our industry, have raised prices to try to offset these inflationary pressures.

There remains significant uncertainty in the macroeconomic environment as to the
duration and severity of the pandemic, the impact of changing consumer
discretionary spending habits, recent supply chain and other business
disruptions, ongoing operating cost increases and other inflationary pressures,
and general economic conditions. Thus, the ultimate impact of these items on our
business remains uncertain at this time.

Lanier Clothing Outlet

In Fiscal 2021, we exited our Lanier Apparel business, a business which had been
focused on moderately priced tailored clothing and related products. This
decision aligns with our stated business strategy of developing and marketing
compelling lifestyle brands. It also took into consideration the increased
macroeconomic challenges faced by the Lanier Apparel business, many of which
were magnified by the COVID-19 pandemic. The operating results of the Lanier
Apparel business in Fiscal 2021 largely reflect activities associated with the
ongoing wind down of operations following the 2020 announcement that we would be
exiting the business. In Fiscal 2021, Lanier Apparel's net sales were $25
million and represented 2% of our consolidated net sales. We do not expect any
future net sales, operations or charges for Lanier Apparel. Refer to Note 11 in
our consolidated financial statements and Management Discussion and Analysis in
our Fiscal 2021 Form 10-K for additional information about the Lanier Apparel
exit.

Key Operating Results:

The following table sets forth our consolidated operating results (in thousands,
except per share amounts) for the First Half of Fiscal 2022 compared to the
First Half of Fiscal 2021:

                                                          First Half
                                                  Fiscal 2022    Fiscal 2021
Net sales                                        $     716,011  $     594,434
Operating income                                 $     151,349  $     102,889
Net earnings                                     $     114,020  $      79,928
Net earnings per diluted share                   $        6.94  $        

4.75

Weighted average shares outstanding - diluted           16,430         

16,825

Net earnings per diluted share were $6.94 in the First Half of Fiscal 2022
compared to $4.75 in the First Half of Fiscal 2021. The 46% increase in net
earnings per diluted share was primarily due to a 43% increase in net earnings
as well as 2% reduction in weighted average shares outstanding. The higher net
earnings were primarily due to (1)

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increased net sales in our Tommy Bahama, Lilly Pulitzer and Emerging Brands
operating groups, (2) higher gross margin and (3) higher royalty income. These
favorable items were partially offset by (1) increased SG&A and (2) a higher
effective tax rate.

                                  STORE COUNT

The table below provides store count information for our brands as of the dates
specified. The store count includes our permanent locations and excludes any
pop-up or temporary store locations which have an initial lease term of 12
months or less.

                                                     July 30,    January 29,    July 31,    January 30,
                                                       2022         2022          2021         2021
Tommy Bahama retail stores                                102            102         104            105
Tommy Bahama retail-restaurant locations                   21             21          21             20
Tommy Bahama outlets                                       35             35          35             35
Total Tommy Bahama locations                              158            158         160            160
Lilly Pulitzer retail stores                               58             58          59             59
Southern Tide retail stores                                 5             
4           4              3
TBBC retail stores                                          2              1           -              -
Total Oxford locations                                    223            221         223            222


                             RESULTS OF OPERATIONS

COMPARISON OF THE SECOND QUARTER OF FISCAL 2022 WITH THE SECOND QUARTER OF FISCAL 2021

The discussion and tables below compare our statements of operations for the
Second Quarter of Fiscal 2022 to the Second Quarter of Fiscal 2021. Each dollar
and percentage change provided reflects the change between these fiscal periods
unless indicated otherwise. Each dollar and share amount included in the tables
is in thousands except for per share amounts. We have calculated all percentages
based on actual data, and percentage columns in tables may not add due to
rounding. Individual line items of our consolidated statements of operations,
including gross profit, may not be directly comparable to those of our
competitors, as classification of certain expenses may vary by company.

The following table sets forth the specified line items in our unaudited
condensed consolidated statements of operations both in dollars (in thousands)
and as a percentage of net sales as well as the dollar change and the percentage
change as compared to the same period of the prior year. The table also includes
net earnings per diluted share and diluted weighted average shares outstanding
(in thousands), as well as the change and the percentage change for each of
these items as compared to the same period of the prior year.

                                            Second Quarter
                                  Fiscal 2022             Fiscal 2021          $ Change     % Change

Net sales                      $ 363,430    100.0 %    $ 328,672   100.0 %     $  34,758        10.6 %
Cost of goods sold               131,281     36.1 %      119,046    36.2 %        12,235        10.3 %
Gross profit                   $ 232,149     63.9 %    $ 209,626    63.8 %     $  22,523        10.7 %
SG&A                             163,135     44.9 %      146,367    44.5 %        16,768        11.5 %
Royalties and other
operating income                   6,357      1.7 %        4,737     1.4 %         1,620        34.2 %
Operating income               $  75,371     20.7 %    $  67,996    20.7 %     $   7,375        10.8 %
Interest expense, net                274      0.1 %          211     0.1 %            63        29.9 %
Earnings before income
taxes                          $  75,097     20.7 %    $  67,785    20.6 %     $   7,312        10.8 %
Income tax expense                18,485      5.1 %       16,325     5.0 %         2,160        13.2 %
Net earnings                   $  56,612     15.6 %    $  51,460    15.7 %     $   5,152        10.0 %
Net earnings per diluted
share                          $    3.49               $    3.05               $    0.44        14.4 %
Weighted average shares
outstanding - diluted             16,238               $  16,859                   (621)       (3.7) %


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Net Sales

                                 Second Quarter
                           Fiscal 2022    Fiscal 2021     $ Change     % Change
Tommy Bahama              $     243,965  $     208,833    $  35,132        16.8 %
Lilly Pulitzer                   88,665         87,333        1,332         1.5 %
Emerging Brands                  29,913         22,822        7,091        31.1 %
Lanier Apparel                        -          8,492      (8,492)     (100.0) %
Corporate and Other                 887          1,192        (305)      (25.6) %
Consolidated net sales    $     363,430  $     328,672    $  34,758        10.6 %


Consolidated net sales were $363 million in the Second Quarter of Fiscal 2022
compared to net sales of $329 million in the Second Quarter of Fiscal 2021. The
11% increase in net sales included increases in Tommy Bahama, Lilly Pulitzer,
and Emerging Brands as well as in each distribution channel. These increases
were partially offset by a $8 million decrease in Lanier Apparel, which we
exited in Fiscal 2021. The higher net sales were due to a combination of
increased volume as well as price increases, which were implemented in order to
mitigate increased product and other costs.

The increase in net sales by distribution channel included increases in (1)
full-price retail sales of $17 million, or 14%, driven primarily by increased
consumer traffic, (2) full-price e-commerce sales of $14 million, or 13%, (3)
wholesale sales of our non-Lanier Apparel businesses of $9 million, or 17%, with
this increase due to higher order books as wholesale accounts increased their
buys for Fiscal 2022 compared to Fiscal 2021, (4) restaurant sales of $1
million, or 6%, and (5) outlet sales of $1 million, or 8%. The following table
presents the proportion of our consolidated net sales by distribution channel
for each period presented. We have calculated all percentages below on actual
data, and percentages may not add to 100 due to rounding.

                    Second Quarter
              Fiscal 2022    Fiscal 2021
Retail                 42 %           41 %
E-commerce             33 %           32 %
Restaurant              8 %            8 %
Wholesale              17 %           19 %
Total                 100 %          100 %


Tommy Bahama:

Tommy Bahama net sales increased $35 million, or 17%, in the Second Quarter of
Fiscal 2022, with an increase in each channel of distribution. The increase in
net sales in Tommy Bahama included increases in (1) full-price retail sales of
$14 million, or 17%, (2) e-commerce sales of $12 million, or 22%, (3) wholesale
sales of $6 million, or 23%, (4) restaurant sales of $1 million, or 6%, with
higher sales in our 21 food and beverage locations, and (5) outlet sales of $1
million, or 8%. The following table presents the proportion of net sales by
distribution channel for Tommy Bahama for each period presented:

                    Second Quarter
              Fiscal 2022    Fiscal 2021
Retail                 48 %           48 %
E-commerce             28 %           27 %
Restaurant             11 %           12 %
Wholesale              13 %           13 %
Total                 100 %          100 %


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Lilly Pulitzer:
Lilly Pulitzer net sales increased $1 million, or 2%, in the Second Quarter of
Fiscal 2022. The increase in net sales in Lilly Pulitzer included increases in
(1) retail sales of $2 million, or 7%, and (2) wholesale sales of $2 million, or
11%. These increases were partially offset by lower full-price e-commerce sales
of $3 million, or 7%. The following table presents the proportion of net sales
by distribution channel for Lilly Pulitzer for each period presented:

                    Second Quarter
              Fiscal 2022    Fiscal 2021
Retail                 40 %           38 %
E-commerce             43 %           46 %
Wholesale              17 %           16 %
Total                 100 %          100 %


Emerging Brands:

Emerging Brands net sales increased $7 million, or 31%, in the Second Quarter of
Fiscal 2022, with an increase in each of the Southern Tide, TBBC and Duck Head
businesses comprising Emerging Brands. By brand, the increase in net sales
included increases in (1) TBBC of $5 million, or 65%, (2) Southern Tide of $2
million, or 15%, and (3) Duck Head of $0 million, or 28%. By distribution
channel, the $7 million increase included increases of (1) $4 million, or 45%,
in e-commerce, (2) $2 million, or 17%, in wholesale, and (3) $1 million, or 57%,
in the Southern Tide and TBBC retail businesses, as those brands continue to
open new retail locations. The following table presents the proportion of net
sales by distribution channel for Emerging Brands for each period presented:

                    Second Quarter
              Fiscal 2022    Fiscal 2021
Retail                  7 %            6 %
E-commerce             46 %           41 %
Wholesale              47 %           53 %
Total                 100 %          100 %


Lanier Apparel:

There were no Lanier Apparel net sales in the Second Quarter of Fiscal 2022,
compared to $8 million of net sales in the Second Quarter of Fiscal 2021, after
we exited the Lanier Apparel business in Fiscal 2021.

Companies and others:

Corporate and Other net sales primarily consist of net sales of our Lyons,
Georgia distribution center business as well as our Oxford America business,
which we are in the process of exiting in Fiscal 2022. The decrease in net sales
was primarily due to lower sales in Oxford America.

Gross profit

The tables below present gross profit by operating group and in total for the
Second Quarter of Fiscal 2022 and the Second Quarter of Fiscal 2021, as well as
the dollar change and percentage change between those two periods, and gross
margin by operating group and in total. Our gross profit and gross margin, which
is calculated as gross profit divided by net sales, may not be directly
comparable to those of our competitors, as the statement of operations
classification of certain expenses may vary by company.

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                                                Second Quarter
                                         Fiscal 2022      Fiscal 2021     $ Change     % Change
Tommy Bahama                            $     156,796    $     133,375    $  23,421        17.6 %
Lilly Pulitzer                                 63,320           61,865        1,455         2.4 %
Emerging Brands                                14,127           12,408        1,719        13.9 %
Lanier Apparel                                      -            5,766      (5,766)     (100.0) %
Corporate and Other                           (2,094)          (3,788)        1,694          NM %
Consolidated gross profit               $     232,149    $     209,626    $  22,523        10.7 %
Notable items included in amounts
above:
LIFO adjustments in Corporate and
Other                                   $       2,733    $       4,354
Lanier Apparel exit charges in cost
of goods sold                           $           -    $     (2,600)



                                   Second Quarter
                             Fiscal 2022    Fiscal 2021
Tommy Bahama                        64.3 %         63.9 %
Lilly Pulitzer                      71.4 %         70.8 %
Emerging Brands                     47.2 %         54.4 %
Lanier Apparel                         - %         67.9 %
Corporate and Other                   NM %           NM %
Consolidated gross margin           63.9 %         63.8 %


The increased gross profit of 11% was primarily due to the 11% increase in net
sales, with comparable consolidated gross margin. The comparable gross margin
included (1) a change in sales mix resulting from the exit of Lanier Apparel,
(2) a $2 million lower LIFO accounting charge in the Second Quarter of Fiscal
2022 compared to the Second Quarter of Fiscal 2021, and (3) improved initial
product margins, as certain sales prices were increased more than the increased
product costs. These items were partially offset by (1) the lack of a favorable
adjustment of Lanier Apparel exit charges in cost of goods sold in the Second
Quarter of Fiscal 2022, after a $3 million benefit from Lanier Apparel exit
charges in cost of goods sold in the Second Quarter of Fiscal 2021, and (2) the
impact of increased freight costs of $2 million, or 50 basis points, including
rate increases impacting inbound products and e-commerce shipping costs as well
as the increased utilization of air freight on inbound products. The Second
Quarter of Fiscal 2021 did not include as significantly elevated freight costs
as the cost impact of supply chain disruptions were more dramatic starting in
the Second Half of Fiscal 2021.

Tommy Bahamas:

The higher gross margin for Tommy Bahama was primarily due to improved initial
product margins and increased gross margin in wholesale operations partially
offset by the impact of a higher proportion of Tommy Bahama direct to consumer
sales occurring during periodic loyalty award card and Flip Side marketing
events, increased freight costs and increased food costs in our restaurant
business.

Lilly Pulitzer:

The higher gross margin for Lilly Pulitzer was primarily due to improved initial product margins and lower inventory markdown costs, partially offset by higher freight costs.

Emerging brands:

The lower gross margin for Emerging Brands was primarily due to more inventory
markdowns and increased freight costs partially offset by a change in sales mix
with direct to consumer sales representing a greater proportion of net sales and
improved initial product margins.

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Lanier Apparel:
We exited the Lanier Apparel business in Fiscal 2021 and thus there was no gross
profit in the Second Quarter of Fiscal 2022. The Second Quarter of Fiscal 2021
included the gross profit impact of net sales as we were exiting the business,
as well as a reduction in inventory markdowns associated with the exit of Lanier
Apparel.

Corporate and Other:

The gross profit in Corporate and Other primarily reflects the impact of LIFO
accounting adjustments and the gross profit of the Lyons, Georgia distribution
center and Oxford America businesses. The primary driver for the improved gross
profit was the $2 million lower LIFO accounting charge. The LIFO accounting
impact in Corporate and Other in each period includes the net impact of (1) a
charge in Corporate and Other when inventory that had been marked down in an
operating group in a prior period was ultimately sold, (2) a credit in Corporate
and Other when inventory had been marked down in an operating group in the
current period, but had not been sold as of period end and (3) the change in the
LIFO reserve, if any.

SG&A

                                                    Second Quarter
                                             Fiscal 2022      Fiscal 2021      $ Change     % Change
SG&A                                        $     163,135    $     146,367    $   16,768        11.5 %
SG&A (as a % of net sales)                           44.9 %           44.5 %
Notable items included in amounts above:
Lanier Apparel exit charges in SG&A         $           -    $       2,414


SG&A was $163 million in the Second Quarter of Fiscal 2022 compared to SG&A of
$146 million in the Second Quarter of Fiscal 2021. The 12% increase in SG&A in
the Second Quarter of Fiscal 2022 included (1) increased employment costs of $8
million, primarily due to increased head count, pay rate increases and other
employment cost increases, primarily in our direct to consumer and distribution
center operations, (2) a $3 million increase in advertising expense, (3) a $2
million increase in administrative expenses including professional fees, travel
and other items, (4) a $2 million increase in variable expenses related to
higher sales, including credit card transaction fees, supplies, commissions,
royalties and other expenses, (5) a $1 million increase in occupancy expense,
including higher percentage rent expense and (6) a $1 million increase in
depreciation expense.

Royalties and other operating income

                                                Second Quarter
                                         Fiscal 2022      Fiscal 2021      $ Change     % Change
Royalties and other operating income    $       6,357    $       4,737    $

1,620 34.2%

Royalties and other operating income primarily consists of income received from
third parties from the licensing of our brands. The increased royalties and
other operating income in the Second Quarter of Fiscal 2022 was primarily due to
increased royalty income in both Tommy Bahama and Lilly Pulitzer as well as
income earned on our short-term investments.

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Operating income (loss)

                                               Second Quarter
                                        Fiscal 2022      Fiscal 2021     $ Change     % Change
Tommy Bahama                           $      58,918    $      47,324    $  11,594        24.5 %
Lilly Pulitzer                                21,492           25,783      (4,291)      (16.6) %
Emerging Brands                                3,991            4,500        (509)      (11.3) %
Lanier Apparel                                     -              850        (850)     (100.0) %
Corporate and Other                          (9,030)         (10,461)        1,431          NM %
Consolidated operating income          $      75,371    $      67,996    $   7,375        10.8 %
Notable items included in amounts
above:
LIFO adjustments in Corporate and
Other                                  $       2,733    $       4,354
Lanier Apparel exit charges in cost
of goods sold                          $           -    $     (2,600)
Lanier Apparel exit charges in SG&A    $           -    $       2,414


Operating income was $75 million in the Second Quarter of Fiscal 2022 compared
to $68 million in the Second Quarter of Fiscal 2021. The increased operating
income was primarily due to higher net sales and royalty income partially offset
by increased SG&A. Changes in operating income (loss) by operating group are
discussed below.

Tommy Bahama:

                                              Second Quarter
                                       Fiscal 2022      Fiscal 2021      $ Change     % Change
Net sales                             $     243,965    $     208,833    $   35,132        16.8 %
Gross profit                          $     156,796    $     133,375    $   23,421        17.6 %
Gross margin                                   64.3 %           63.9 %
Operating income                      $      58,918    $      47,324    $   11,594        24.5 %
Operating income as % of net sales             24.2 %           22.7 %


The increased operating income for Tommy Bahama was due to higher sales, gross
margin and royalty income partially offset by increased SG&A. The increased SG&A
was primarily due to (1) $7 million of increased employment costs, with the
majority of the increase in retail and restaurant operations, (2) $2 million of
increased variable expenses related to higher sales, including credit card
transaction fees, supplies, commissions, royalties and other expenses, (3) a $1
million increase in advertising expense, and (4) a $1 million increase in
occupancy expense.

Lilly Pulitzer:

                                              Second Quarter
                                       Fiscal 2022      Fiscal 2021     $ Change     % Change
Net sales                             $      88,665    $      87,333    $   1,332         1.5 %
Gross profit                          $      63,320    $      61,865    $   1,455         2.4 %
Gross margin                                   71.4 %           70.8 %
Operating income                      $      21,492    $      25,783    $ (4,291)      (16.6) %
Operating income as % of net sales             24.2 %           29.5 %


The decreased operating income for Lilly Pulitzer was primarily due to increased
SG&A partially offset by higher sales, gross margin and royalty income. The
increased SG&A was primarily due to (1) $2 million of increased advertising
expense, (2) $1 million of higher depreciation expense, (3) $1 million of
increased employment costs, and (4) $1 million of professional and other fees,
primarily related to various ongoing direct to consumer and brand initiatives.

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Emerging Brands:

                                              Second Quarter
                                       Fiscal 2022      Fiscal 2021      $ Change     % Change
Net sales                             $      29,913    $      22,822    $    7,091        31.1 %
Gross profit                          $      14,127    $      12,408    $    1,719        13.9 %
Gross margin                                   47.2 %           54.4 %
Operating income                      $       3,991    $       4,500    $    (509)      (11.3) %
Operating income as % of net sales             13.3 %           19.7 %


The decreased operating income for Emerging Brands was due to increased SG&A and
lower gross margin partially offset by higher net sales. The increased SG&A
included (1) higher SG&A associated with the Southern Tide and TBBC retail store
operations, including related employment costs and occupancy costs, (2)
increased variable expenses resulting from increased sales and (3) higher
advertising expense.

Lanier Apparel:

                                             Second Quarter
                                      Fiscal 2022        Fiscal 2021     $ Change     % Change
Net sales                           $              -    $       8,492    $ (8,492)     (100.0) %
Gross profit                        $              -    $       5,766    $ (5,766)     (100.0) %
Gross margin                                       - %           67.9 %
Operating income                    $              -    $         850    $   (850)     (100.0) %
Operating income as % of net
sales                                              - %           10.0 %
Notable items included in
amounts above:
Lanier Apparel exit charges in
cost of goods sold                  $              -    $     (2,600)
Lanier Apparel exit charges in
SG&A                                $              -    $       2,414


We exited the Lanier Apparel business in Fiscal 2021 and thus there was no
operating income in the Second Quarter of Fiscal 2022. The Second Quarter of
Fiscal 2021 included the operating income resulting from the net sales, cost of
goods sold and SG&A as we were exiting the Lanier Apparel business, including
the net impact related to Lanier Apparel exit charges.

Corporate and Other:

                                            Second Quarter
                                     Fiscal 2022      Fiscal 2021      $ Change     % Change
Net sales                           $         887    $       1,192    $    (305)      (25.6) %
Gross profit                        $     (2,094)    $     (3,788)    $    1,694          NM %
Operating loss                      $     (9,030)    $    (10,461)    $    1,431          NM %
Notable items included in
amounts above:
LIFO adjustments in Corporate
and Other                           $       2,733    $       4,354


The improved operating results in Corporate and Other were primarily a result of
(1) a $2 million lower LIFO accounting charge and (2) income earned on our
short-term term investments in the Second Quarter of Fiscal 2022. The impact of
these favorable items were partially offset by increased SG&A, which was
primarily due to higher employment costs, professional fees and software license
fees partially offset by a reduction in estimated provisions for preference
payment exposure.

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Interest expense, net

                                 Second Quarter
                          Fiscal 2022       Fiscal 2021      $ Change     % Change
Interest expense, net    $         274     $         211    $       63        29.9 %


The comparable interest expense in the Second Quarter of Fiscal 2022 and the
Second Quarter of Fiscal 2021 was primarily due to the absence of debt
outstanding in either period. The interest expense in both periods primarily
consisted of unused line fees and amortization of deferred financing fees
associated with the U.S. Revolving Credit Agreement.

Provision for income tax (benefit)

                              Second Quarter
                       Fiscal 2022      Fiscal 2021      $ Change     % Change
Income tax expense    $      18,485    $      16,325    $    2,160        13.2 %
Effective tax rate             24.6 %           24.1 %


Both the Second Quarter of Fiscal 2022 and the Second Quarter of Fiscal 2021
benefitted from the favorable impact of certain items that resulted in a lower
tax rate than the more typical annual effective tax rate of approximately 25%.
The income tax expense in both the Second Quarter of Fiscal 2022 and the Second
Quarter of Fiscal 2021 included the benefit of the utilization of certain net
operating loss carryforward amounts in certain state and foreign jurisdictions,
and the recognition of certain tax credit amounts. These favorable items were
partially offset by certain unfavorable permanent items which are not deductible
for income tax purposes.

We expect our annual effective tax rate for Fiscal 2022 to be between 24% and
25%.

Net earnings

                                                         Second Quarter
                                                  Fiscal 2022      Fiscal 2021
Net sales                                        $     363,430    $     328,672
Operating income                                 $      75,371    $      67,996
Net earnings                                     $      56,612    $      51,460
Net earnings per diluted share                   $        3.49    $       

3.05

Weighted average shares outstanding - diluted           16,238           

16,859


Net earnings per diluted share were $3.49 in the Second Quarter of Fiscal 2022
compared to $3.05 in the Second Quarter of Fiscal 2021. The 14% increase in net
earnings per diluted share was primarily due to a 10% increase in net earnings
as well as 4% reduction in weighted average shares outstanding. The higher net
earnings were primarily due to (1) increased net sales in our Tommy Bahama and
Emerging Brands operating groups and (2) higher royalty income. These favorable
items were partially offset by (1) increased SG&A and (2) a higher effective tax
rate.

FIRST HALF OF FISCAL 2022 COMPARED TO FIRST HALF OF FISCAL 2021

The discussion and tables below compare our statements of operations for the
First Half of Fiscal 2022 to the First Half of Fiscal 2021. Each dollar
and percentage change provided reflects the change between these fiscal periods
unless indicated otherwise. Each dollar and share amount included in the tables
is in thousands except for per share amounts. We have calculated all percentages
based on actual data, and percentage columns in tables may not add due to
rounding. Individual line items of our consolidated statements of operations,
including gross profit, may not be directly comparable to those of our
competitors, as classification of certain expenses may vary by company.

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The following table sets forth the specified line items in our unaudited
condensed consolidated statements of operations both in dollars (in thousands)
and as a percentage of net sales as well as the dollar change and the percentage
change as compared to the same period of the prior year. The table also includes
net earnings per diluted share and diluted weighted average shares outstanding
(in thousands), as well as the change and the percentage change for each of
these items as compared to the same period of the prior year.

                                              First Half
                                  Fiscal 2022            Fiscal 2021           $ Change     % Change
Net sales                      $ 716,011   100.0 %    $ 594,434    100.0 %     $ 121,577        20.5 %
Cost of goods sold               257,485    36.0 %      218,223     36.7 %        39,262        18.0 %
Gross profit                   $ 458,526    64.0 %    $ 376,211     63.3 %     $  82,315        21.9 %
SG&A                             320,547    44.8 %      283,492     47.7 %        37,055        13.1 %
Royalties and other
operating income                  13,370     1.9 %       10,170      1.7 %         3,200        31.5 %
Operating income               $ 151,349    21.1 %    $ 102,889     17.3 %     $  48,460        47.1 %
Interest expense, net                516     0.1 %          463      0.1 %            53        11.4 %
Earnings before income
taxes                          $ 150,833    21.1 %    $ 102,426     17.2 %     $  48,407        47.3 %
Income tax expense                36,813     5.1 %       22,498      3.8 %        14,315        63.6 %
Net earnings                   $ 114,020    15.9 %    $  79,928     13.4 %     $  34,092        42.7 %
Net earnings per diluted
share                          $    6.94              $    4.75                $    2.19        46.1 %
Weighted average shares
outstanding - diluted             16,430                 16,825                    (395)       (2.3) %


Net Sales

                                   First Half
                           Fiscal 2022    Fiscal 2021      $ Change    % Change
Tommy Bahama              $     472,032  $     365,531    $  106,501       29.1 %
Lilly Pulitzer                  180,710        160,909        19,801       12.3 %
Emerging Brands                  61,676         45,253        16,423       36.3 %
Lanier Apparel                        -         20,511      (20,511)    (100.0) %
Corporate and Other               1,593          2,230         (637)     (28.6) %
Consolidated net sales    $     716,011  $     594,434    $  121,577       20.5 %


Consolidated net sales were $716 million in the First Half of Fiscal 2022
compared to net sales of $594 million in the First Half of Fiscal 2021. The 21%
increase in net sales included increases in Tommy Bahama, Lilly Pulitzer, and
Emerging Brands as well as in each distribution channel. These increases were
partially offset by a $21 million decrease in Lanier Apparel, which we exited in
Fiscal 2021. In the First Half of Fiscal 2021, and particularly in the First
Quarter of Fiscal 2021, consumer traffic and our operations had only partially
rebounded from the impacts of the COVID-19 pandemic as we still had certain
store closures and operating restrictions in certain regions, wholesale customer
demand was still soft and most of the consumer traffic improvement occurred
later in Fiscal 2021. The higher net sales were due to a combination of
increased volume as well as price increases, which were implemented in order to
mitigate increased product and other costs.

The increase in net sales by distribution channel included increases in (1)
full-price retail sales of $58 million, or 29%, driven primarily by increased
consumer traffic, (2) wholesale sales of our non-Lanier Apparel businesses of
$35 million, or 31%, with this increase due to higher order books as wholesale
accounts increased their buys for Fiscal 2022 compared to Fiscal 2021 as well as
the timing of some initial spring deliveries, which shipped in February in 2022
rather than January, (3) full-price e-commerce sales of $29 million, or 16%, (4)
e-commerce flash clearance sales in Lilly Pulitzer of $8 million, with no
e-commerce flash clearance sales in the prior year period, (5) restaurant sales
of $7 million, or 14%, and (6) outlet sales of $6 million, or 19%. The following
table presents the proportion of our

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consolidated net sales by distribution channel for each period presented. We
have calculated all percentages below on actual data, and percentages may not
add to 100 due to rounding.

                      First Half
              Fiscal 2022    Fiscal 2021
Retail                 41 %           38 %
E-commerce             30 %           30 %
Restaurant              8 %            9 %
Wholesale              21 %           23 %
Total                 100 %          100 %


Tommy Bahama:

Tommy Bahama net sales increased $107 million, or 29%, in the First Half of
Fiscal 2022, with an increase in each channel of distribution. The increase in
net sales in Tommy Bahama included increases in (1) full-price retail sales of
$48 million, or 35%, (2) wholesale sales of $23 million, or 41%, (3) e-commerce
sales of $23 million, or 25%, (4) restaurant sales of $7 million, or 14%, with
strong sales in our 21 food and beverage locations, and (5) outlet sales of $5
million, or 19%. The following table presents the proportion of net sales by
distribution channel for Tommy Bahama for each period presented:

                      First Half
              Fiscal 2022    Fiscal 2021
Retail                 47 %           45 %
E-commerce             24 %           25 %
Restaurant             12 %           14 %
Wholesale              17 %           16 %
Total                 100 %          100 %


Lilly Pulitzer:

Lilly Pulitzer net sales increased $20 million, or 12%, in the First Half of
Fiscal 2022. The increase in net sales in Lilly Pulitzer included increases in
(1) retail sales of $8 million, or 14%, (2) e-commerce flash clearance sales of
$7 million as Lilly Pulitzer held a flash clearance event in the First Quarter
of Fiscal 2022 to test the timing of clearance for certain prior season resort
product, but did not have a flash clearance event in the First Half of Fiscal
2021, and (3) wholesale sales of $4 million, or 14%, with higher full-price
sales and lower off-price sales. Full-price e-commerce sales decreased $0
million, or 1%. The following table presents the proportion of net sales by
distribution channel for Lilly Pulitzer for each period presented:

                      First Half
              Fiscal 2022    Fiscal 2021
Retail                 37 %           37 %
E-commerce             43 %           44 %
Wholesale              20 %           19 %
Total                 100 %          100 %


Emerging Brands:

Emerging Brands net sales increased $16 million, or 36%, in the First Half of
Fiscal 2022, with an increase in each of the Southern Tide, TBBC and Duck Head
businesses comprising Emerging Brands. By brand, the increase in net sales
included increases in (1) TBBC of $8 million, or 64%, to $21 million, (2)
Southern Tide of $7 million, or 24%, to $37 million, and (3) Duck Head of $1
million, or 48%, to $4 million. By distribution channel, the $16 million
increase included increases of (1) $8 million, or 32%, in wholesale, (2) $6
million, or 38%, in e-commerce and (3) $2 million, or 80%, in the Southern Tide
and TBBC retail businesses, as those brands continue to open new retail
locations. The

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The following table presents the proportion of net sales by distribution channel for Emerging Brands for each period presented:

                      First Half
              Fiscal 2022    Fiscal 2021
Retail                  6 %            4 %
E-commerce             38 %           38 %
Wholesale              56 %           58 %
Total                 100 %          100 %


Lanier Apparel:

There were no net sales from Lanier Apparel in the first half of fiscal 2022, compared to $21 million net sales in the first half of fiscal 2021, after we exited the Lanier Apparel business in fiscal 2021.

Companies and others:

Corporate and Other net sales primarily consist of net sales of our Lyons,
Georgia distribution center business as well as our Oxford America business,
which we are in the process of exiting in Fiscal 2022. The decrease in net sales
was primarily due to lower sales in Oxford America.

Gross profit

The tables below present gross profit by operating group and in total for the
First Half of Fiscal 2022 and the First Half of Fiscal 2021, as well as the
dollar change and percentage change between those two periods, and gross margin
by operating group and in total. Our gross profit and gross margin, which is
calculated as gross profit divided by net sales, may not be directly comparable
to those of our competitors, as the statement of operations classification of
certain expenses may vary by company.

                                                  First Half
                                         Fiscal 2022      Fiscal 2021      $ Change     % Change
Tommy Bahama                            $     304,139    $     234,908    $   69,231        29.5 %
Lilly Pulitzer                                126,848          113,050        13,798        12.2 %
Emerging Brands                                30,475           24,508         5,967        24.3 %
Lanier Apparel                                      -           10,060      (10,060)     (100.0) %
Corporate and Other                           (2,936)          (6,315)         3,379          NM %
Consolidated gross profit               $     458,526    $     376,211    $   82,315        21.9 %
Notable items included in amounts
above:
LIFO adjustments in Corporate and
Other                                   $       3,737    $       7,419
Lanier Apparel exit charges in cost
of goods sold                           $           -    $     (2,142)


                                     First Half
                             Fiscal 2022    Fiscal 2021
Tommy Bahama                        64.4 %         64.3 %
Lilly Pulitzer                      70.2 %         70.3 %
Emerging Brands                     49.4 %         54.2 %
Lanier Apparel                         - %         49.0 %
Corporate and Other                   NM %           NM %
Consolidated gross margin           64.0 %         63.3 %


The increased gross profit of 22% was primarily due to the 21% increase in net
sales as well as improved gross margin. The gross margin improvement was
primarily due to (1) a change in sales mix resulting from the exit of Lanier
Apparel, (2) a $4 million lower LIFO accounting charge in the First Half of
Fiscal 2022 compared to the First Half of Fiscal 2021, and (3) improved initial
product margins. These items were partially offset by (1) the impact of
increased

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freight costs of $5 million, or 70 basis points, including rate increases
impacting inbound products and e-commerce shipping costs as well as the
increased utilization of air freight on inbound products and (2) the lack of a
favorable adjustment of Lanier Apparel exit charges in cost of goods sold in the
First Half of Fiscal 2022, after a $2 million benefit from Lanier Apparel exit
charges in cost of goods sold in the First Half of Fiscal 2021. The First Half
of Fiscal 2021 did not include as significantly elevated freight costs as the
cost impact of supply chain disruptions were more dramatic starting in the
Second Half of Fiscal 2021. Both the First Half of Fiscal 2022 and the First
Half of Fiscal 2021 included a higher proportion of full-price selling, with
lower levels of markdowns, discounts and promotions, than have been typical
in
prior years.

Tommy Bahama:

The comparable gross margin for Tommy Bahama included the impact of improved
initial product margins and increased gross margin in wholesale operations
offset by a higher proportion of Tommy Bahama direct to consumer sales occurring
during periodic loyalty award card and Flip Side marketing events, increased
freight costs and increased food costs in our restaurant business.

Lilly Pulitzer:

The comparable gross margin for Lilly Pulitzer included the impact of improved
initial product margins and less inventory markdowns and off-price wholesale
sales offset by increased freight costs and a greater proportion of e-commerce
flash clearance sales.

Emerging Brands:

The lower gross margin for Emerging Brands was primarily due to more inventory
markdowns and increased freight costs partially offset by a change in sales mix
with direct to consumer sales representing a greater proportion of net sales and
improved initial product margins.

Lanyard clothing:

We exited the Lanier Apparel business in Fiscal 2021 and thus there was no gross
profit in the First Half of Fiscal 2022. The First Half of Fiscal 2021 included
the gross profit impact of net sales as we were exiting the business, as well as
a reduction in inventory markdowns associated with the exit of Lanier Apparel.

Companies and others:

The gross profit in Corporate and Other primarily reflects the impact of LIFO
accounting adjustments and the gross profit of the Lyons, Georgia distribution
center and Oxford America businesses. The primary driver for the improved gross
profit was the $4 million lower LIFO accounting charge. The LIFO accounting
impact in Corporate and Other in each period includes the net impact of (1) a
charge in Corporate and Other when inventory that had been marked down in an
operating group in a prior period was ultimately sold, (2) a credit in Corporate
and Other when inventory had been marked down in an operating group in the
current period, but had not been sold as of period end and (3) the change in the
LIFO reserve, if any.

SG&A

                                                      First Half
                                             Fiscal 2022      Fiscal 2021      $ Change     % Change
SG&A                                        $     320,547    $     283,492    $   37,055        13.1 %
SG&A (as a % of net sales)                           44.8 %           47.7 %
Notable items included in amounts above:
Lanier Apparel exit charges in SG&A         $           -    $       3,229


SG&A was $321 million in the First Half of Fiscal 2022 compared to SG&A of $283
million in the First Half of Fiscal 2021 reflecting significant SG&A leverage as
sales grew at a rate higher than SG&A increased. The higher SG&A included (1)
increased employment costs of $17 million, primarily due to increased head
count, pay rate increases and other employment cost increases, primarily in our
direct to consumer and distribution center operations, (2) a $7 million increase
in advertising expense, (3) a $6 million increase in variable expenses related
to higher sales, including credit

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Contents

card transaction fees, supplies, commissions, royalties and other expenses, (4)
a $3 million increase in administrative expenses including professional fees,
travel and other items, and (5) a $2 million increase in occupancy expense,
including higher percentage rent expense.

Royalties and other operating income

                                                  First Half
                                         Fiscal 2022      Fiscal 2021      $ Change     % Change
Royalties and other operating income    $      13,370    $      10,170    $

3,200 31.5%

Royalties and other operating income primarily consists of income received from
third parties from the licensing of our brands. The increased royalties and
other operating income in the First Half of Fiscal 2022 was due to increased
royalty income in both Tommy Bahama and Lilly Pulitzer as well as income earned
on our short-term investments.

Operating income (loss)

                                                 First Half
                                        Fiscal 2022      Fiscal 2021     $ Change     % Change
Tommy Bahama                           $     111,524    $      67,984    $  43,540        64.0 %
Lilly Pulitzer                                47,670           45,728        1,942         4.2 %
Emerging Brands                               11,727            9,461        2,266        24.0 %
Lanier Apparel                                     -            1,705      (1,705)     (100.0) %
Corporate and Other                         (19,572)         (21,989)        2,417          NM %
Consolidated operating income          $     151,349    $     102,889    $  48,460        47.1 %
Notable items included in amounts
above:
LIFO adjustments in Corporate and
Other                                  $       3,737    $       7,419
Lanier Apparel exit charges in cost
of goods sold                          $           -    $     (2,142)
Lanier Apparel exit charges in SG&A    $           -    $       3,229


Operating income was $151 million in the First Half of Fiscal 2022 compared to
$103 million in the First Half of Fiscal 2021. The increased operating income
was primarily due to higher net sales, gross margin and royalty income partially
offset by increased SG&A. Operating income in each operating group, except for
Lanier Apparel, increased in the First Half of Fiscal 2022 as compared to the
First Half of Fiscal 2021. Changes in operating income (loss) by operating
group
are discussed below.

Tommy Bahama:

                                                First Half
                                       Fiscal 2022      Fiscal 2021     $ Change     % Change
Net sales                             $     472,032    $     365,531    $ 106,501        29.1 %
Gross profit                          $     304,139    $     234,908    $  69,231        29.5 %
Gross margin                                   64.4 %           64.3 %
Operating income                      $     111,524    $      67,984    $  43,540        64.0 %
Operating income as % of net sales             23.6 %           18.6 %


The increased operating income for Tommy Bahama was primarily due to higher
sales and royalty income partially offset by increased SG&A. The increased SG&A
was primarily due to (1) $17 million of increased employment costs, including
increased wages in retail and restaurant operations, (2) $6 million of increased
variable expenses related to higher sales, including credit card transaction
fees, supplies, commissions, royalties and other expenses, (3) a $3 million
increase in advertising expense, and (4) a $2 million increase in occupancy
expense.

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Lilly Pulitzer:

                                                First Half
                                       Fiscal 2022      Fiscal 2021      $ Change     % Change
Net sales                             $     180,710    $     160,909    $   19,801        12.3 %
Gross profit                          $     126,848    $     113,050    $   13,798        12.2 %
Gross margin                                   70.2 %           70.3 %
Operating income                      $      47,670    $      45,728    $    1,942         4.2 %
Operating income as % of net sales             26.4 %           28.4 %


The increased operating income for Lilly Pulitzer was primarily due to higher
sales and royalty income partially offset by increased SG&A. The increased SG&A
was primarily due to (1) $5 million of increased advertising expense, (2) $2
million of increased employment costs, (3) $2 million of variable expenses
related to higher net sales including credit card transaction fees, supplies and
other expenses, (4) $2 million of higher depreciation expense and (5) $1 million
of professional and other fees, primarily related to various ongoing direct to
consumer and brand initiatives.

Emerging Brands:

                                                First Half
                                       Fiscal 2022      Fiscal 2021      $ Change     % Change
Net sales                             $      61,676    $      45,253    $   16,423        36.3 %
Gross profit                          $      30,475    $      24,508    $    5,967        24.3 %
Gross margin                                   49.4 %           54.2 %
Operating income                      $      11,727    $       9,461    $    2,266        24.0 %
Operating income as % of net sales             19.0 %           20.9 %


The increased operating income for Emerging Brands was due to higher net sales
partially offset by increased SG&A and lower gross margin. The increased SG&A
included (1) higher SG&A associated with the Southern Tide and TBBC retail store
operations, including related employment costs and occupancy costs, (2)
increased variable expenses resulting from increased sales and (3) higher
advertising expense.

Lanier Apparel:

                                               First Half
                                      Fiscal 2022        Fiscal 2021      $ Change     % Change
Net sales                           $              -    $      20,511    $ (20,511)     (100.0) %
Gross profit                        $              -    $      10,060    $ (10,060)     (100.0) %
Gross margin                                       - %           49.0 %
Operating income                    $              -    $       1,705    $  (1,705)     (100.0) %
Operating income as % of net
sales                                              - %            8.3 %
Notable items included in
amounts above:
Lanier Apparel exit charges in
cost of goods sold                  $              -    $     (2,142)
Lanier Apparel exit charges in
SG&A                                $              -    $       3,229


We exited the Lanier Apparel business in Fiscal 2021 and thus there was no
operating income in the First Half of Fiscal 2022. The First Half of Fiscal 2021
included the operating income resulting from the net sales, cost of goods sold
and SG&A as we were exiting the Lanier Apparel business, including the net
impact related to Lanier Apparel exit charges.

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Corporate and Other:

                                              First Half
                                     Fiscal 2022      Fiscal 2021      $ Change     % Change
Net sales                           $       1,593    $       2,230    $    (637)      (28.6) %
Gross profit                        $     (2,936)    $     (6,315)    $    3,379          NM %
Operating loss                      $    (19,572)    $    (21,989)    $    2,417          NM %
Notable items included in
amounts above:
LIFO adjustments in Corporate
and Other                           $       3,737    $       7,419


The improved operating results in Corporate and Other were primarily a result of
a $4 million lower LIFO accounting charge. The favorable impact of LIFO
accounting was partially offset by increased SG&A, which was primarily due to
increased employment costs, professional fees and software license fees
partially offset by a reduction in estimated provisions for preference payment
exposure.

Interest expense, net

                                   First Half
                          Fiscal 2022      Fiscal 2021      $ Change     % Change
Interest expense, net    $         516    $         463    $       53        11.4 %


The comparable interest expense in the First Half of Fiscal 2022 and the First
Half of Fiscal 2021 was primarily due to the absence of debt outstanding in
either period. The interest expense in both periods primarily consisted of
unused line fees and amortization of deferred financing fees associated with the
U.S. Revolving Credit Agreement.

Provision for income tax (benefit)

                                First Half
                       Fiscal 2022      Fiscal 2021     $ Change     % Change
Income tax expense    $      36,813    $      22,498    $  14,315        63.6 %
Effective tax rate             24.4 %           22.0 %


Both the First Half of Fiscal 2022 and the First Half of Fiscal 2021 benefitted
from the favorable impact of certain items that resulted in a lower tax rate
than the more typical annual effective tax rate of approximately 25%. The income
tax expense in both the First Half of Fiscal 2022 and the First Half of Fiscal
2021 included the benefit of the utilization of certain net operating loss
carryforward amounts in certain state and foreign jurisdictions, the recognition
of certain tax credit amounts and the vesting of restricted stock awards at a
price higher than the grant date fair value. These favorable items were
partially offset by certain unfavorable permanent items which are not deductible
for income tax purposes. Additionally, and more significantly, the income tax
expense in the First Half of Fiscal 2021 included the benefit of a $2 million
net reduction in uncertain tax positions resulting from the settlement of those
uncertain tax position amounts in the First Quarter of Fiscal 2021.

We expect our annual effective tax rate for Fiscal 2022 to be between 24% and
25%.

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Net earnings

                                                           First Half
                                                  Fiscal 2022      Fiscal 2021
Net sales                                        $     716,011    $     594,434
Operating income                                 $     151,349    $     102,889
Net earnings                                     $     114,020    $      79,928
Net earnings per diluted share                   $        6.94    $       

4.75

Weighted average shares outstanding - diluted           16,430           

16,825

Net earnings per diluted share were $6.94 in the First Half of Fiscal 2022
compared to $4.75 in the First Half of Fiscal 2021. The 46% increase in net
earnings per diluted share was primarily due to a 43% increase in net earnings
as well as 2% reduction in weighted average shares outstanding. The higher net
earnings were primarily due to (1) increased net sales in our Tommy Bahama,
Lilly Pulitzer and Emerging Brands operating groups, (2) higher gross margin and
(3) higher royalty income. These favorable items were partially offset by (1)
increased SG&A and (2) a higher effective tax rate.

              FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Our primary source of revenue and cash flow is through our design, sourcing,
marketing and distribution of branded apparel products bearing the trademarks of
our Tommy Bahama, Lilly Pulitzer, Southern Tide, TBBC and Duck Head lifestyle
brands. We distribute our products to our customers via direct to consumer and
wholesale channels of distribution.

Our primary uses of cash flow include the purchase of branded apparel products
from third party contract manufacturers outside of the United States, as well as
operating expenses, including employee compensation and benefits, operating
lease commitments and other occupancy-related costs, marketing and advertising
costs, information technology costs, distribution costs, other general and
administrative expenses and the periodic payment of interest, if any.
Additionally, we use our cash to fund capital expenditures and other investing
activities, dividends, share repurchases and repayment of indebtedness, if any.
In the ordinary course of business, we maintain certain levels of inventory,
extend credit to our wholesale customers and pay our operating expenses. Thus,
we require a certain amount of ongoing working capital to operate our business.
Our need for working capital is typically seasonal with the greatest
requirements generally in the fall and spring of each year. Our capital needs
depend on many factors including the results of our operations and cash flows,
future growth rates, the need to finance inventory levels and the success of our
various products.

We have a long history of generating sufficient cash flows from operations to
satisfy our cash requirements for our ongoing capital expenditure needs as well
as payment of dividends and repayment of our debt. Thus, we believe our
anticipated future cash flows from operating activities, as well as our $186
million of cash, cash equivalents and short-term investments as of July 30,
2022, will provide sufficient cash over both the short and long term to satisfy
our ongoing cash requirements and ample opportunity to continue to invest in our
lifestyle brands, direct to consumer initiatives, information technology
projects and other strategic initiatives. Also, if cash inflows are less than
cash outflows, we have access to amounts under our U.S. Revolving Credit
Agreement, subject to its terms, which is described below.

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Key Liquidity Measures

                             July 30,      January 29,     July 31,      January 30,
($ in thousands)               2022           2022           2021           2021
Total current assets         $ 421,248    $     400,335    $ 349,046    $     258,316
Total current liabilities    $ 222,640    $     226,166    $ 220,184    $     196,252
Working capital              $ 198,608    $     174,169    $ 128,862    $      62,064
Working capital ratio             1.89             1.77         1.59             1.32

Our working capital ratio is calculated by dividing total current assets by
total current liabilities. Current assets as of July 30, 2022, increased from
July 31, 2021 primarily due to increased inventories of $58 million, as well as
the $6 million net increase in cash and cash equivalents and short-term
investments, the $5 million increase in prepaid expenses and other current
assets and the $4 million increase in receivables. Current liabilities as of
July 30, 2022 increased from July 31, 2021 primarily due to increased accounts
payable of $15 million partially offset by reductions in current portion of
operating lease liabilities of $5 million, accrued compensation of $5 million,
and accrued expenses and other liabilities of $2 million. Changes in current
assets and current liabilities are discussed below.

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