You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Pardon the interruption, Anne Shoemaker, I believe you are muted, please unmute your line.
Pardon the interruption, we seem to have lost the presenters.
Please stay on the line as we attempt to retrieve them.
Pardon the interruption, please stay on the line as we retrieve the presenters.
We apologize for the technical difficulties that we experienced, and we'd like to assure you that they are not COVID-related.
Like most, we are delighted to have 2020 behind us and are excited about the possibilities that lie ahead in 2021 and beyond.
2020, of course, presented enormous business challenges as we faced a myriad of shutdowns, restrictions, the need to change operational procedures to protect the health and safety of our people and customers, remote work and the list goes on and on.
In addition, we know that our people faced tremendous personal challenges, both known to us and not known to us.
These challenges included personal concerns about COVID among their family and friends, home-schooling children, concerns about their own or spouse's job and many others.
While we will never know the full extent of the personal challenges that our people were facing, we do know that they were substantial.
And we appreciate our people rising to the occasion and continuing to deliver positive upbeat brand messaging, products and experiences to our customers.
We are extremely grateful for all that our people did and were able to accomplish during the most challenging year that any of us remember.
I'd like to now briefly recap 2020 and some of the key lessons we learned that are informing our plans for 2021 and beyond.
You may recall that we were off to a terrific start in 2020 with outstanding results in February, and the first couple of weeks of March.
Then the pandemic hit.
And on March 17, we temporarily shut down all our stores nationwide.
At that point, we realized wonderful plans that we had for 2020 were simply not going to be achievable, and we pivoted toward our three defensive priorities, people, brands and liquidity.
With respect to people, we worked hard to follow all the applicable guidelines to protect the health and safety of our own people, our customers and the communities in which we work.
This was a significant effort and very difficult, but we were pleased to do our part to help battle the pandemic.
With respect to our brands, we were focused on preserving the integrity of our brands during the pandemic year.
Through an excellent inventory management and outside-the-box merchandising and planning, we were able to keep inventories in good shape.
Without an overhang of excess inventory, we were able to avoid the type of the excessive promotion that can damage brand integrity.
2020 also have reinforced how much our guests love the happy, optimistic messages, products and experiences that we provide.
Put simply, when we deliver happiness to our customers, we succeed.
Finally, on the liquidity front, we finished fiscal 2020 in a strong position with cash increasing to $66 million from $52 million at the end of fiscal 2019, and no borrowings outstanding at the end of either year.
The improvement in our liquidity position was attributable to $84 million of cash flow from operations, which funded capital expenditure investments in data, digital marketing and omni-channel technologies, share repurchases, dividends, and minority investments in smaller branded businesses.
Our strong cash flow and liquidity puts us in a excellent position to invest in our business and execute our strategy going forward.
Given the circumstances of 2020, Lilly Pulitzer once again delivered an outstanding year.
In the several years prior to 2020, we had invested in enhancing and developing Lilly's digital commerce and marketing capabilities.
In particular, we were focused on having a beautiful and easy-to-shop website, as well as being able to assimilate, analyze, and use customer data to better serve existing customers and target new customers.
As a result of these investments and the work the Lilly team has done to capitalize on them, we went into 2020 with a direct-to-consumer business that was balanced in revenue between e-commerce and bricks-and-motor retail.
In addition, we were acquiring new customers through digital means at about twice the rate that we were acquiring them through our bricks-and-mortar retail stores.
This set Lilly up very well when the world shifted to digital commerce during the pandemic.
Our digital prowess, combined with our happy brand message and comfortable casual cheerful products, drove terrific results.
Lilly finished the year with 63% growth in full price e-commerce, which helped drive a 12% operating margin.
As we progress through 2021 and more and more customers are increasingly feeling safe to come back into stores, we are delighted to be able to provide the outstanding Lilly Pulitzer experience.
This experience will be enhanced by many of the innovations that we delivered during 2020 that more tightly integrate the in-store and digital experiences.
In addition, we are continuing to invest in projects that will enhance our ability that integrate first, second and third-party data, providing insights to help us develop segments that better understand and target customers, and track engagement to inform future enhancements.
We are also moving forward with the projects that will enhance our customer service by providing more complete information on an automated basis.
These are just some of the many projects that are under way that will help us better serve our customers.
Tommy Bahama also has an upbeat positive brand message and easy-to-wear easy care products that customers love.
That said, going into 2020, Tommy Bahama was much more dependent on bricks and mortar for both revenue and new customer acquisition.
Tommy's pre-pandemic direct-to-consumer business was split roughly 75% stores outlets and restaurants, and 25% e-commerce.
In addition, it was acquiring customers in bricks and mortar at more than twice the rate that it was through digital.
While Tommy Bahama's e-commerce business grew significantly during 2020, and we believe there is substantial opportunity for additional growth, Tommy Bahama's reliance on bricks-and-mortar retail pre-pandemic for both revenue and customer acquisition meant that the challenges posed by the shut downs and other restrictions were more difficult to overcome in the short term.
As we move into 2021, Tommy is investing in the people, processes and systems that it needs to better compete and win with the consumer and the digital world.
These investments will help enhance our ability to build and better develop customer segments, and create customer journeys tailored to those segments, and to particular use occasions.
During 2020, our Tommy Bahama restaurant business was challenged by shutdowns and multiple operating restrictions implemented by state and local government.
Given these headwinds, we were very pleased with the results that we were able to achieve, particularly with our Marlin Bars, the fast casual concept that we initiated at Coconut Point, Florida, several years ago.
With our emphasis on outdoor dining cocktails and smaller, lighter food items, the Marlin Bar has resonated strongly with guests during the pandemic.
More importantly, leveraging its 25 years of expertise in food and beverage, we believe that the concept delivers our wonderful brand in a way that is highly relevant for today's guests.
To that end, we opened four Marlin Bars during fiscal 2020.
And with our recently opened location at Fashion Valley in San Diego, we now have seven in total.
We believe that the concept provides an excellent avenue for future growth and investment.
Not only can we do business on the food and beverage side, but the Marlin Bars drive outstanding results of the company and retail store.
In particular, the hospitality offered by our Marlin Bars creates an environment that is really helping to grow our women's business.
Amongst our three smaller brands, Southern Tide, The Beaufort Bonnet Company and Duck Head, The Beaufort Bonnet Company was a standout, delivering both top and bottom line growth in fiscal 2020 and operating margin expansion, finishing the year at almost $21 million in sales with two-thirds coming from e-commerce.
All three brands, like their larger siblings, are focused on enhancing their digital e-commerce and marketing skills in 2021 with projects that are similar to those at Tommy Bahama and Lilly Pulitzer, but scaled appropriately for the smaller businesses.
In addition, Southern Tide is continuing to learn from its three recently opened stores and refined its retail concept, while The Beaufort Bonnet Company's third Signature Store recently opened.
We are very excited about what lies ahead in 2021.
Since late February, we have seen a marked improvement in business in our bricks and mortar, particularly in warm weather, off-mall locations and, at the same time, our e-commerce business remains very strong.
Our operating groups did a good job navigating the pandemic and managing significant changes that impacted our business in 2020.
Fiscal 2020 sales decreased 33% to $749 million, with a meaningful shift in the composition of our revenue.
Our e-commerce business grew significantly with double-digit increases in each of our brands.
Some of this growth is certainly attributable to store closures.
But we also believe this growth represents a permanent shift in how our guest shops.
In fiscal 2020, e-commerce sales were $324 million, growing 24% and making up 43% of our total sales, compared to 23% in fiscal 2019.
On the bricks-and-mortar front, our retail stores and restaurant businesses were impacted by temporary closures and continue to operate under restrictions.
We're particularly hard hit in California and Hawaii, where we have a large presence with 34 stores and seven restaurants.
The good news is that as restrictions are being lifted, we are seeing improved traffic and sales.
In fiscal 2020, our adjusted gross margin was 55.1% compared to 57.6% in fiscal 2019.
In 2020, we offered deeper discounts in our off-price channels, took inventory markdown charges, and a higher proportion of our revenue was generated during promotional and clearance events.
At the same time, our gross margin benefited from higher IMUs as we shifted production out of China, and designed products where we can demand a higher retail selling price, such as our performance apparel.
As we move through fiscal 2020, we took actions to reduce SG&A.
In total, adjusted SG&A was $93 million lower than in fiscal 2019 and cost-saving measures included a $63 million reduction in employment costs, a $10 million reduction in occupancy costs, and reductions in variable and other expenses.
As we look to 2021, our business have continued to strengthen.
Our e-commerce business continues to expand, and traffic and conversion rates are improving in our stores, restaurants and Marlin Bars.
We have also seen a recent uptick in our wholesale businesses, and are encouraged by our forward order book.
With higher IMUs and the exit of the lower margin Lanier Apparel business, we expect gross margin expansion in the fiscal 2021.
We expect SG&A to be approximately 5% lower in fiscal 2021 than in fiscal 2019, as reductions in employment and variable expenses are partially offset with increased investments in marketing.
Putting together these dynamics, we expect to deliver a solid top and bottom line improvement in fiscal 2021.
First quarter sales are expected to increase from $160 million in fiscal 2020 to a range of $220 million to $240 million in fiscal 2021.
The full year sales increasing from $749 million in fiscal 2020, to a range of $940 million to $980 million in fiscal 2021.
Our fiscal 2021 effective tax rate for the first quarter is expected to be approximately 15%, and for the full year, is expected to be approximately 20%.
The tax rate for both the quarter and year are expected to benefit from certain discrete items.
On an adjusted basis, we returned to profitability in the fourth quarter of fiscal 2020, and expect adjusted earnings per share in a range of $0.95 to $1.15 in the first quarter of fiscal 2021, and $2.80 to $3.20 in the full fiscal year.
Our business is supported by our strong balance sheet.
Here are some highlights.
We ended fiscal 2020 with inventory in excellent shape.
Inventory decreased 19% to $124 million at the end of the fourth quarter, compared to $152 million in the prior year with double-digit percentage decreases in each operating group.
We achieved this reduction by taking a number of one-time actions in 2020, including reducing and canceling orders, and shifting goods into different selling seasons.
More importantly, our enterprise order management systems will allow us to do more business with lower inventory levels.
Our liquidity position is strong, with no debt and $66 million of cash at the end of fiscal 2020.
Capital expenditures in 2020 were $29 million, and we expect capital expenditures to be approximately $35 million in fiscal 2020.
Our Board of Directors increased our quarterly dividend payout from $0.25 per share to $0.37 per share, returning us to our pre-COVID level.

user
sees q1 sales $220 million to $240 million.
sees fy 2021 sales $940 million to $980 million.

assistant