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#Well, both, hopefully.
The benefits of the combination, which will take a year or two really to realize, are that Oxford Golf was part of the Oxford Apparel Group that we sold a little over five years ago now.
And when we sold that business to Li & Fung we retained Oxford Golf, which was really the one part of that business that was an owned brand within the whole Oxford Apparel portfolio.
So it sort of sat out on its own as a less than $20 million business, really as sort of an orphan on its own.
And it's hard for it to be as efficient as it could be from an operating leverage standpoint when you're that small.
So if you look at it sort of from the Oxford Golf side, putting it in as part of a larger organization will help with profitability over time because they can leverage off of Lanier's platform and infrastructure.
From the Lanier side, what it does is more and more their customers just want them to be a private label resource.
Their product skills historically are all in the highly constructed, tailored business, so real dress trousers and tailored sportcoats.
More and more their customers are asking them for sportswear-type products.
They were slowly developing those skills on their own, but by adding Oxford Golf into the mix they immediately have a high level of competence in a wide range of sportswear products.
So it should help develop sales opportunities as well as help with profitability.
But it won't all happen over time.
Obviously in 2016 we're not planning on seeing a whole lot of that.
But we think that that will develop and help on both fronts.
So I'll start with the first question about what we think is going on.
I think there are a couple of issues.
Obviously, <UNK>my is very ---+ has a very big presence in some markets that have a heavy foreign tourist element.
So a place like Hawaii in particular has a lot of Canadian tourists, Australian tourists, Japanese tourists, other tourists.
Most of those places, and take Canada as an example.
The currency has devalued significantly against the US dollar over the last year.
And so when those folks ---+ either they aren't traveling, or when they come all of a sudden things feel very, very expensive to them.
And we think that's a significant part of the issue.
Beyond that, <UNK>, I think it's ---+ while we do think the tourist part of it's a big piece of it, there's no doubt that it's also the domestic guests, the US guest that's not showing up as much as they did.
And we believe it has to do more with sort of what's going on in the financial markets and in the headlines than it does the actual economy.
As you know well, I think if you look at most of the key economic indicators, they're really sort of where they've been for the last couple of years.
We're in this mode of a painfully slow recovery, but a recovery nonetheless.
Particularly at the beginning part of this year, we saw sort of a disconnect between the economy and the financial markets where we had huge drops in the financial markets.
And we think for our customer those kinds of events matter a lot and have impacted their willingness to spend money right now.
We don't think we're alone either in what we're seeing in traffic.
It has slowed down but it's ---+ online's better than stores.
Well, certainly we're doing a lot of business there.
It immediately jumped to one of our top locations in Hawaii.
All that said, it's not in any way immune from this sort of general down-draft that you have going on in Hawaii.
So it's a bit like the women's situation.
When you're in a down market it's a little hard to know how you're doing.
We are doing a lot of business there.
It's not quite as much as we'd like to be doing.
But we're not doing as much business anywhere in Hawaii as we'd like to be doing right now.
<UNK>, I don't know if you ---+
We think we are seeing Japan, we're seeing some good pick-ups in Japan, which we think Waikiki is helping that.
So that's encouraging.
It's a very small base, but it's encouraging to see good comps in that market.
The calendar for the month of March, which is a big month for us, is really significantly different than it was last year.
So <UNK>, I'm sure you're familiar with the Lunch at Lilly promotion, which was almost two weeks ago now on Saturday.
That was a week earlier this year than last year.
Easter's shifting.
That, for some school systems, ends up shifting the Spring Break.
So the year-to-year comparison's a little tough to fully get our arms around.
But we think we're doing quite well this year.
Yes.
We think we're ---+ we believe we're doing quite well.
And of course as you get closer to the end of the month, the timing differences during the course of the month become less meaningful.
And month to date we're looking really good in Lilly.
Thanks a lot.
Hey, <UNK>.
Well, I think the characteristics of what we're looking for in a potential acquisition really haven't changed over time.
We've been very consistent with these, really for the last decade.
So we'd like a strong lifestyle brand, a good management team that we're ---+ or the type of people that we'd like to continue with, distribution that's sort of ---+ if you think of it as sort of Nordstrom and up-type distribution, that's what we're looking for.
And finally, something that's got a ---+ got the potential, at least over time, to have its own retail stores and e-commerce business.
So that hadn't really changed.
In terms of size, we think anything up to $200 million or so in revenue would be a good size for us.
If you get much below $25 million or $30 million in sales, you get into a zone where you question whether it's big enough to spend the time and energy necessary to get it done.
But somewhere in that zone is a good zone for us.
And there are actually a lot of privately held apparel companies that fit into that size range.
So does that help.
Okay.
You know where to find us.
We had an awfully bodacious comp in Q1 of last year.
We really ended up having it through the whole year.
I think the ---+ I'm trying to help you out here, <UNK>.
The first half certainly will be much tougher comps, given the momentum we had last year where last year we comped up [20%] and then we comped up [41%].
Those are certainly tough numbers to go against.
I think these shifts <UNK> talked about pretty much flushed themselves out by the end of the first quarter.
It's just within the quarter there's some big shifts within the quarter but by the time we get out of the quarter, shifts in the Lunch with Lilly and Easter kind of flush themselves out.
But the first half are definitely difficult comps.
But as <UNK> mentioned, we have a bigger database.
We've got some great marketing plans and we've got great product.
We certainly don't expect to match the comp level of last year, but we do expect positive comps even though we're going against a difficult period.
And then it'll ---+ although we had very, very good comps from the second half of 2015, they're not quite the level they were in the first half.
And they're also off of smaller numbers so they don't drive as much in terms of dollars.
So first, where we are right now is we're comping negatively sort of in the mid-single digit range.
And that's basically what we've got baked into our first quarter forecast.
And there are two parts, as I mentioned, of what's driving that.
First, we don't necessarily see traffic picking up.
And secondly, we had a loyalty gift card promotion that hit the end of first quarter last year that won't be in first quarter this year.
As to second quarter, we have the full loyalty gift card promotion in there this year whereas we didn't last year.
So that should help a good bit with the comp in the second quarter.
And I think that's part of our assumption of where we're going to get to a positive comp.
And then as you get into Q3 and Q4, we were having negative store comps in 2015 so the comparison gets easier.
But to be very direct about it, <UNK>, things do need to get a bit better from a macro standpoint in terms of this traffic issue or it's probably going to be hard for us to you achieve our plan.
We think we've got the best.
We balanced all this appropriately in our forecast, and we're playing it straight down the middle.
But it does need to ---+ things do need to pick up a little bit.
I don't think we mentioned it, but we can give you a little color on what the e-com growth rates were for the quarter.
If you'll bear with us just a second.
Don't want to give you wrong direction here.
12% at <UNK>my in Q4 and just under 25% at Lilly.
(Inaudible) very strong e-commerce quarter for you us.
We moderated both comps some going forward, just because they're going against a bigger base.
But we still see e-com being the stronger comps than our brick and mortar.
Thanks a lot, <UNK>.
Thanks again for your time this afternoon.
We very much appreciate your interest in our Company.
And we look forward to speaking to you again in June.
