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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________

FORM 8-K

_________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  June 12, 2024

_______________________________

Oxford Industries, Inc.

(Exact name of registrant as specified in its charter)

_______________________________

Georgia001-0436558-0831862
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

999 Peachtree Street, N.E., Suite 688

Atlanta, Georgia 30309

(Address of Principal Executive Offices) (Zip Code)

(404) 659-2424

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $1 par valueOXMNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 
 
Item 2.02. Results of Operations and Financial Condition.

On June 12, 2024, Oxford Industries, Inc. issued a press release announcing, among other things, its financial results for the fiscal 2024 first quarter ended May 4, 2024. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

As provided in General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number  
   
99.1 Press Release dated June 12, 2024
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Oxford Industries, Inc.
   
  
Date: June 12, 2024By: /s/ Suraj A. Palakshappa        
  Suraj A. Palakshappa
  Senior Vice President
  

 

EXHIBIT 99.1

Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports First-Quarter Results

ATLANTA, June 12, 2024 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its fiscal 2024 first quarter ended May 4, 2024.

Consolidated net sales in the first quarter of fiscal 2024 decreased 5% to $398 million compared to $420 million in the first quarter of fiscal 2023. EPS on a GAAP basis was $2.42 compared to $3.64 in the first quarter of fiscal 2023. On an adjusted basis, EPS was $2.66 compared to $3.78 in the first quarter of fiscal 2023.

Tom Chubb, Chairman and CEO, commented, “Our strong brands and excellent team focused on executing our strategy allowed us to deliver sales and adjusted EPS within our guidance ranges for the first quarter despite continued macroeconomic headwinds and lower levels of consumer sentiment. While most economic indicators remain fairly positive, consumer sentiment has dropped meaningfully from levels at the start of this year and has driven the consumer to become more cautious than originally anticipated in her discretionary spending across our channels of distribution. Encouragingly, our comparable sales trend has improved sequentially and is positive in the second quarter to-date. However, given the continued choppiness in the market and lack of sustained positive momentum, coupled with the drop in consumer sentiment, we believe it is prudent to adopt a more conservative outlook for the balance of the year and therefore are lowering our fiscal 2024 sales and EPS guidance.

Despite these near-term challenges, we still expect topline growth in all our brands, growth in all direct to consumer channels of distribution, and positive comps for the full year. We also expect a strong 2024 from a cash flow perspective and will continue investing in the future of our business. These investments will provide the ability to continue to deliver profitable growth and strong cash flow on a sustained basis.”

Mr. Chubb concluded, “All of this is achieved through the efforts of our remarkable people to whom we are grateful as always.”

First Quarter of Fiscal 2024 versus Fiscal 2023

Net Sales by Operating GroupFirst Quarter
($ in millions) 2024 2023 % Change
Tommy Bahama$225.6 $239.4 (5.8%)
Lilly Pulitzer 88.4 97.5 (9.3%)
Johnny Was 51.2 49.5 3.5%
Emerging Brands 33.0 34.0 (2.9%)
Other (0.1)(0.3)nm
Total Company$398.2 $420.1 (5.2%)


  • Consolidated net sales decreased 5% to $398 million.

    • Full-price direct-to-consumer (DTC) sales decreased 3% to $257 million versus the first quarter of fiscal 2023.

      • Full-price retail sales of $137 million were 2% lower than the prior-year period.

      • E-commerce sales decreased 5% to $120 million versus last year.

    • Outlet sales were $18 million, a 6% increase versus prior-year results, primarily driven by a $1 million increase in Tommy Bahama.

    • Food and beverage sales grew 8% to $35 million versus last year.

    • Wholesale sales of $88 million were 16% lower than the first quarter of fiscal 2023.

  • Gross margin was 64.9% on a GAAP basis, compared to 65.5% in the first quarter of fiscal 2023. The decrease in gross margin was primarily due to sales during promotional events representing a higher proportion of net sales and a $1 million higher LIFO accounting charge versus last year partially offset by proportionally lower wholesale sales. Adjusted gross margin, which excludes the effect of LIFO accounting, decreased to 65.4% compared to 65.8% on an adjusted basis in the prior-year period.

  • SG&A was $213 million compared to $203 million last year. This increase was primarily driven by expenses related to 27 new store openings since the first quarter of 2023, pre-opening expenses related to approximately 15 to 20 additional stores planned to open during the remainder of fiscal 2024, including 4 new Tommy Bahama Marlin Bars, and the addition of Jack Rogers. On an adjusted basis, SG&A was $210 million compared to $200 million in the prior-year period.

  • Royalties and other operating income decreased by $1 million to $7 million versus last year. This decrease was primarily due to the absence of a $2 million gain recorded in the first quarter of 2023 on the sale of a discontinued manufacturing facility in Mexico.

  • Operating income was $52 million, or 13.2% of net sales, compared to $80 million, or 19.1% of net sales, in the first quarter of fiscal 2023. On an adjusted basis, operating income decreased to $57 million, or 14.4% of net sales, compared to $83 million, or 19.8% of net sales, in last year’s first quarter. The decreased operating income includes the impact of the lower sales, lower gross margin and higher SG&A as the Company continues to invest in the business.

  • Interest expense was $1 million compared to $2 million in the prior year period. The decreased interest expense was primarily due to a lower average outstanding debt balance during the first quarter of fiscal 2024 than the first quarter of 2023, driven by strong cash flows allowing for $76 million of debt reduction since the first quarter of fiscal 2023.

  • The effective tax rate increased to 25.6% in the first quarter of fiscal 2024 compared to 24.9% in the prior-year period due to certain unfavorable discrete items.

Balance Sheet and Liquidity

Inventory decreased $35 million on a LIFO basis and $26 million, or 10%, on a FIFO basis compared to the end of the first quarter of fiscal 2023. Inventory decreased in all operating groups except Johnny Was primarily due to the continued initiatives to closely manage inventory purchases and reduce on-hand inventory levels.

During the first quarter of fiscal 2024 cash flow from operations was $33 million compared to $53 million in the first quarter of fiscal 2023. The cash flow from operations in the first quarter of fiscal 2024 provided sufficient cash to fund $12 million of capital expenditures, $11 million of dividends and $11 million of debt repayment.

As of May 4, 2024, the Company had $19 million of borrowings outstanding, compared to $94 million at the end of the first quarter of last year. Also, the Company had $8 million of cash and cash equivalents versus $10 million of cash and cash equivalents at the end of the first quarter of fiscal 2023. The cash and cash equivalents balance as of May 4, 2024 represents typical cash amounts maintained on an ongoing basis in our operations, which typically is approximately $10 million at any given time.

Dividend

The Board of Directors declared a quarterly cash dividend of $0.67 per share. The dividend is payable on August 2, 2024 to shareholders of record as of the close of business on July 19, 2024. The Company has paid dividends every quarter since it became publicly owned in 1960.

Outlook

For fiscal 2024 ending on February 1, 2025, the Company revised its sales and EPS guidance. The Company now expects net sales in a range of $1.59 billion to $1.63 billion as compared to net sales of $1.57 billion in fiscal 2023. In fiscal 2024, GAAP EPS is expected to be between $7.99 and $8.39 compared to fiscal 2023 GAAP EPS of $3.82. Adjusted EPS is expected to be between $8.60 and $9.00, compared to fiscal 2023 adjusted EPS of $10.15.

For the second quarter of fiscal 2024, the Company expects net sales to be between $430 million and $450 million compared to net sales of $420 million in the second quarter of fiscal 2023. GAAP EPS is expected to be in a range of $2.82 to $3.02 in the second quarter compared to GAAP EPS of $3.22 in the second quarter of fiscal 2023. Adjusted EPS is expected to be between $2.95 and $3.15 compared to adjusted EPS of $3.45 in the second quarter of fiscal 2023.

The Company anticipates interest expense of $2 million in fiscal 2024, including the $1 million in the first quarter of fiscal 2024, with interest expense expected to be less than $1 million each of the second, third and fourth quarters of fiscal 2024. The Company’s effective tax rate is expected to be approximately 24% for the second quarter of fiscal 2024 and approximately 25% for the full year of fiscal 2024.

Capital expenditures in fiscal 2024, including the $12 million in the first quarter of fiscal 2024, are expected to be approximately $170 million compared to $74 million in fiscal 2023. This is a reduction from the Company’s prior estimate due to the timing of cash flows related to investments for future growth, including the timing of spend associated with a multi-year project to build a new distribution center in Lyons, Georgia to ensure best-in-class direct to consumer throughput capabilities for our brands. The planned year-over-year increase in capital expenditures includes approximately $90 million now budgeted in fiscal 2024 for the distribution center project. Additionally, we will invest in new brick and mortar locations, relocations and remodels of existing locations resulting in a year-over-year net increase of full price stores of approximately 25 by the end of fiscal 2024. We will also continue with our investments in our various technology systems initiatives, including e-commerce and omnichannel capabilities, data management and analytics, customer data and insights, cybersecurity, automation including artificial intelligence and infrastructure.

Conference Call

The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Company’s website at www.oxfordinc.com. A replay of the call will be available through June 26, 2024 by dialing (412) 317-6671 access code 13746788.

About Oxford

Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama®, Lilly Pulitzer®, Johnny Was®, Southern Tide®, The Beaufort Bonnet Company®, Duck Head® and Jack Rogers® lifestyle brands. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com.

Basis of Presentation

All per share information is presented on a diluted basis.

Non-GAAP Financial Information

The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods. These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others.

Management uses these non-GAAP financial measures in making financial, operational, and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release.

Safe Harbor

This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, demand for our products, which may be impacted by macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by inflationary pressures, elevated interest rates, concerns about the stability of the banking industry or general economic uncertainty, and the effectiveness of measures to mitigate the impact of these factors; competitive conditions and/or evolving consumer shopping patterns; acquisition activities (such as the acquisition of Johnny Was), including our ability to integrate key functions, recognize anticipated synergies and minimize related disruptions or distractions to our business as a result of these activities; supply chain disruptions; costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food and beverage locations; costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers; energy costs; our ability to respond to rapidly changing consumer expectations; unseasonal or extreme weather conditions or natural disasters; the ability of business partners, including suppliers, vendors, wholesale customers, licensees, logistics providers and landlords, to meet their obligations to us and/or continue our business relationship to the same degree as they have historically; retention of and disciplined execution by key management and other critical personnel; cybersecurity breaches and ransomware attacks, as well as our and our third party vendors’ ability to properly collect, use, manage and secure business, consumer and employee data and maintain continuity of our information technology systems; the effectiveness of our advertising initiatives in defining, launching and communicating brand-relevant customer experiences; the level of our indebtedness, including the risks associated with heightened interest rates on the debt and the potential impact on our ability to operate and expand our business; changes in international, federal or state tax, trade and other laws and regulations, including the potential for increases or changes in duties, tariffs or quotas; the timing of shipments requested by our wholesale customers; fluctuations and volatility in global financial and/or real estate markets; the timing and cost of retail store and food and beverage location openings and remodels, technology implementations and other capital expenditures; the timing, cost and successful implementation of changes to our distribution network; pandemics or other public health crises; expected outcomes of pending or potential litigation and regulatory actions; the increased consumer, employee and regulatory focus on corporate responsibility issues; the regulation or prohibition of goods sourced, or containing raw materials or components, from certain regions and our ability to evidence compliance; access to capital and/or credit markets; factors that could affect our consolidated effective tax rate; the risk of impairment to goodwill and other intangible assets such as the recent impairment charges incurred in our Johnny Was segment; risks related to a shutdown of the US government; and geopolitical risks, including ongoing challenges between the United States and China and those related to the ongoing war in Ukraine, the Israel-Hamas war and the conflict in the Red Sea region. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our Annual Report on Form 10-K for Fiscal 2023, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

  
Contact:Brian Smith
E-mail: InvestorRelations@oxfordinc.com
  

 

Oxford Industries, Inc.
Consolidated Balance Sheets
(in thousands, except par amounts)
(unaudited)
     May 4, April 29,
  2024  2023 
ASSETS      
Current Assets      
Cash and cash equivalents $7,657  $9,712 
Receivables, net  87,918   81,483 
Inventories, net  144,373   179,608 
Income tax receivable  19,437   19,442 
Prepaid expenses and other current assets  38,978   37,459 
Total Current Assets $298,363  $327,704 
Property and equipment, net  193,702   181,601 
Intangible assets, net  259,147   280,785 
Goodwill  27,185   122,056 
Operating lease assets  319,308   245,099 
Other assets, net  41,183   33,637 
Deferred income taxes  18,088   3,348 
Total Assets $1,156,976  $1,194,230 
       
LIABILITIES AND SHAREHOLDERS’ EQUITY      
Current Liabilities      
Accounts payable $73,755  $69,609 
Accrued compensation  19,340   24,318 
Current portion of operating lease liabilities  65,366   67,265 
Accrued expenses and other liabilities  67,124   80,854 
Total Current Liabilities $225,585  $242,046 
Long-term debt  18,630   94,306 
Non-current portion of operating lease liabilities  296,080   223,167 
Other non-current liabilities  23,806   19,561 
Deferred income taxes     7,725 
Shareholders’ Equity      
Common stock, $1.00 par value per share  15,634   15,780 
Additional paid-in capital  183,126   176,030 
Retained earnings  396,933   418,043 
Accumulated other comprehensive loss  (2,818)  (2,428)
Total Shareholders’ Equity $592,875  $607,425 
Total Liabilities and Shareholders’ Equity $1,156,976  $1,194,230 


 
Oxford Industries, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
     First Quarter
  Fiscal 2024 Fiscal 2023
Net sales $398,184  $420,097 
Cost of goods sold  139,823   144,968 
Gross profit $258,361  $275,129 
SG&A  213,103   203,149 
Royalties and other operating income  7,193   8,321 
Operating income (loss) $52,451  $80,301 
Interest expense, net  874   2,342 
Earnings before income taxes $51,577  $77,959 
Income tax expense  13,204   19,421 
Net earnings (loss) $38,373  $58,538 
         
Net earnings (loss) per share:         
Basic $2.46  $3.75 
Diluted $2.42  $3.64 
Weighted average shares outstanding:         
Basic  15,597   15,629 
Diluted  15,844   16,071 
Dividends declared per share $0.67  $0.65 


 
Oxford Industries, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
  First Quarter 
  Fiscal 2024    Fiscal 2023
Cash Flows From Operating Activities:      
Net earnings $38,373  $58,538 
Adjustments to reconcile net earnings to cash flows from operating activities:      
Depreciation  13,586   11,512 
Amortization of intangible assets  2,955   3,660 
Equity compensation expense  4,051   3,259 
Gain on sale of property and equipment     (1,756)
Amortization and write-off of deferred financing costs  96   272 
Deferred income taxes  6,059   4,657 
Changes in operating assets and liabilities, net of acquisitions and dispositions:       
Receivables, net  (24,571)  (37,542)
Inventories, net  15,151   39,987 
Income tax receivable  112   (2)
Prepaid expenses and other current assets  4,051   634 
Current liabilities  (15,365)  (27,671)
Other balance sheet changes  (11,575)  (2,991)
Cash provided by operating activities $32,923  $52,557 
Cash Flows From Investing Activities:      
Acquisitions, net of cash acquired  (240)  (997)
Purchases of property and equipment  (11,894)  (16,662)
Proceeds from the sale of property, plant and equipment     2,125 
Cash used in investing activities $(12,134) $(15,534)
Cash Flows From Financing Activities:      
Repayment of revolving credit arrangements  (136,216)  (137,755)
Proceeds from revolving credit arrangements  125,542   113,051 
Deferred financing costs paid     (1,661)
Proceeds from issuance of common stock  513   602 
Cash dividends paid  (10,549)  (10,351)
Cash used in financing activities $(20,710) $(36,114)
Net change in cash and cash equivalents  79   909 
Effect of foreign currency translation on cash and cash equivalents  (26)  (23)
Cash and cash equivalents at the beginning of year  7,604   8,826 
Cash and cash equivalents at the end of period $7,657  $9,712 


 
Oxford Industries, Inc.
Reconciliations of Certain Non-GAAP Financial Information
(in millions, except per share amounts)
(unaudited)
  First Quarter
AS REPORTED  Fiscal 2024     Fiscal 2023% Change
Tommy Bahama       
Net sales $225.6  $239.4 (5.8)%
Gross profit $148.3  $158.2 (6.3)%
Gross margin  65.7 %   66.1%  
Operating income $42.6  $55.5 (23.2)%
Operating margin  18.9 %   23.2%  
Lilly Pulitzer       
Net sales $88.4  $97.5 (9.3)%
Gross profit $59.3  $68.3 (13.2)%
Gross margin  67.0 %   70.1%  
Operating income $15.5  $24.5 (36.6)%
Operating margin  17.6 %   25.2%  
Johnny Was       
Net sales $51.2  $49.5 3.5%
Gross profit $33.2  $33.6 (1.0)%
Gross margin  64.9 %   67.9%  
Operating income $0.3  $2.5 (86.6)%
Operating margin  0.7 %   5.0%  
Emerging Brands       
Net sales $33.0  $34.0 (2.9)%
Gross profit $19.5  $15.6 24.9%
Gross margin  59.2 %   46.0%  
Operating income $3.8  $3.9 (2.9)%
Operating margin  11.5 %   11.5%  
Corporate and Other       
Net sales $(0.1) $(0.3)NM
Gross profit $(2.0) $(0.6)NM
Operating loss $(9.9) $(6.1)NM
Consolidated       
Net sales $398.2  $420.1 (5.2)%
Gross profit $258.4  $275.1 (6.1)%
Gross margin  64.9 %   65.5%  
SG&A $213.1  $203.1 4.9%
SG&A as % of net sales  53.5 %   48.4%  
Operating income $52.5  $80.3 (34.7)%
Operating margin  13.2 %   19.1%  
Earnings before income taxes $51.6  $78.0 (33.8)%
Net earnings $38.4  $58.5 (34.4)%
Net earnings per diluted share $2.42  $3.64 (33.5)%
Weighted average shares outstanding - diluted  15.8   16.1 (1.4)%
        



  First Quarter
ADJUSTMENTS  Fiscal 2024  Fiscal 2023% Change
LIFO adjustments(1) $2.2  $1.3  
Amortization of Johnny Was intangible assets(2) $2.7  $3.5  
Gain on sale of Merida manufactuing facility(3) $0.0  $(1.8) 
Impact of income taxes(4) $(1.3) $(0.8) 
Adjustment to net earnings(5) $3.7  $2.2  
AS ADJUSTED       
Tommy Bahama       
Net sales $225.6  $239.4 (5.8)%
Gross profit $148.3  $158.2 (6.3)%
Gross margin  65.7 %   66.1%  
Operating income $42.6  $55.5 (23.2)%
Operating margin  18.9 %   23.2%  
Lilly Pulitzer       
Net sales $88.4  $97.5 (9.3)%
Gross profit $59.3  $68.3 (13.2)%
Gross margin  67.0 %   70.1%  
Operating income $15.5  $24.5 (36.6)%
Operating margin  17.6 %   25.2%  
Johnny Was       
Net sales $51.2  $49.5 3.5%
Gross profit $33.2  $33.6 (1.0)%
Gross margin  64.9 %   67.9%  
Operating income $3.1  $5.9 (48.7)%
Operating margin  6.0 %   12.0%  
Emerging Brands       
Net sales $33.0  $34.0 (2.9)%
Gross profit $19.5  $15.6 24.9%
Gross margin  59.2 %   46.0%  
Operating income $3.8  $3.9 (2.9)%
Operating margin  11.5 %   11.5%  
Corporate and Other       
Net sales $(0.1) $(0.3)NM
Gross profit $0.2  $0.7 NM
Operating loss $(7.6) $(6.6)NM
Consolidated       
Net sales $398.2  $420.1 (5.2)%
Gross profit $260.6  $276.5 (5.7)%
Gross margin  65.4 %   65.8%  
SG&A $210.4  $199.7 5.4%
SG&A as % of net sales  52.8 %   47.5%  
Operating income $57.4  $83.3 (31.1)%
Operating margin  14.4 %   19.8%  
Earnings before income taxes $56.5  $81.0 (30.2)%
Net earnings $42.1  $60.8 (30.8)%
Net earnings per diluted share $2.66  $3.78 (29.6)%
        


   First Quarter First Quarter First Quarter
   Fiscal 2024 Fiscal 2024 Fiscal 2023
   Actual Guidance(6) Actual
Net earnings (loss) per diluted share:       
GAAP basis $2.42$2.47 - 2.67$3.64
LIFO adjustments(7)  0.11 0.00 0.06
Amortization of Johnny Was intangible assets(8)  0.13 0.13 0.16
Gain on sale of Merida manufacturing facility(9)  0.00 0.00 (0.08)
As adjusted(5) $2.66$2.60 - 2.80$3.78
        
        
   Second Quarter Second Quarter  
   Fiscal 2024 Fiscal 2023  
   Guidance(10) Actual  
Net earnings per diluted share:       
GAAP basis $2.82 - 3.02$3.22  
LIFO adjustments(7)  0.00 0.07  
Amortization of Johnny Was intangible assets(8)  0.13 0.16  
As adjusted(5) $2.95 - 3.15$3.45  
        
        
   Fiscal 2024 Fiscal 2023  
   Guidance(10) Actual  
Net earnings per diluted share:       
GAAP basis $$7.99 - $8.39$3.82  
Johnny Was impairment charges(11)  0.00 5.21  
LIFO adjustments(7)  0.11 0.45  
Amortization of Johnny Was intangible assets(8)  0.50 0.65  
Gain on sale of Merida manufacturing facility(9)  0.00 (0.08)  
Impairment of investment in unconsolidated entity(12)  0.00 0.12  
As adjusted(5) $8.60 - 9.00$10.15  
        



(1) LIFO adjustments represents the impact of LIFO accounting adjustments. These adjustments are included in cost of goods sold in Corporate and Other.
(2) Amortization of Johnny Was intangible assets represents the amortization related to intangible assets acquired as part of the Johnny Was acquisition. These charges are included in SG&A in Johnny Was.
(3) Gain on sale of Merida manufacturing facility represents the gain on sale of Oxford's last owned manufacturing facility, which was located in Merida, Mexico and previously operated by the Lanier Apparel operating group. The gain is included in royalties and other operating income in Corporate and Other in Fiscal 2023.
(4) Impact of income taxes represents the estimated tax impact of the above adjustments based on the estimated applicable tax rate on current year earnings.
(5) Amounts in columns may not add due to rounding.
(6) Guidance as issued on March 28, 2024.
(7) LIFO adjustments represents the impact, net of income taxes, on net earnings per share resulting from LIFO accounting adjustments. No estimate for LIFO accounting adjustments is reflected in the guidance for any future periods.
(8) Amortization of Johnny Was intangible assets represents the impact, net of income taxes, on net earnings per share resulting from the amortization of intangible assets acquired as part of the Johnny Was acquisition.
(9) Fiscal 2023 gain on sale of Merida manufacturing facility represents the gain on sale, net of income taxes, of Oxford's last owned manufacturing facility, which was located in Merida, Mexico.
(10) Guidance as issued on June 12, 2024.
(11) Johnny Was impairment charges represent the impact of the impairment of the Johnny Was goodwill and intangible asset balances, net of income taxes, on net earnings per share in Fiscal 2023.
(12) Impairment of investment in unconsolidated entity represents the impact, net of income taxes, on net earnings per share relating to the impairment of the ownership interest in an unconsolidated entity in Fiscal 2023.
                 


 Direct to Consumer Location Count
 End of Q1End of Q2End of Q3End of Q4
Fiscal 2023    
Tommy Bahama    
Full-price retail store103101102102
Retail-food & beverage21222122
Outlet33333434
Total Tommy Bahama157156157158
Lilly Pulitzer full-price retail store59596160
Johnny Was    
Full-price retail store65677172
Outlet2223
Total Johnny Was67697375
Emerging Brands    
Southern Tide full-price retail store9131519
TBBC full-price retail store3333
Total Oxford295300309315
     
Fiscal 2024    
Tommy Bahama    
Full-price retail store102   
Retail-food & beverage23   
Outlet35   
Total Tommy Bahama160   
Lilly Pulitzer full-price retail store60   
Johnny Was    
Full-price retail store75   
Outlet3   
Total Johnny Was78   
Emerging Brands    
Southern Tide full-price retail store20   
TBBC full-price retail store4   
Total Oxford322   
     

v3.24.1.1.u2
Cover
Jun. 12, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 12, 2024
Entity File Number 001-04365
Entity Registrant Name Oxford Industries, Inc.
Entity Central Index Key 0000075288
Entity Tax Identification Number 58-0831862
Entity Incorporation, State or Country Code GA
Entity Address, Address Line One 999 Peachtree Street, N.E., Suite 688
Entity Address, City or Town Atlanta
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30309
City Area Code 404
Local Phone Number 659-2424
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $1 par value
Trading Symbol OXM
Security Exchange Name NYSE
Entity Emerging Growth Company false

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