ATLANTA, March 13, 2025 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE: OXM) today announced that it plans to release its fourth quarter fiscal 2024 financial results after the market close on Thursday, March 27, 2025. Following the news release, the company will also hold a conference call starting at 4:30 p.m. ET, hosted by Thomas C. Chubb lll, Chairman, Chief Executive Officer, and President, and K. Scott Grassmyer, Executive Vice President, Chief Financial Officer, and Chief Operating Officer, to dis ...

Group 1 - Oxford Industries, Inc. will present at the ICR Conference 2025 on January 14, 2025, at 8:30 a.m. Eastern Time [1] - The presentation will be accessible via webcast on the Oxford website [1] - Oxford Industries is a leader in the apparel industry, owning several lifestyle brands including Tommy Bahama®, Lilly Pulitzer®, and others [2] Group 2 - Oxford's stock has been traded on the New York Stock Exchange since 1964 under the symbol OXM [2] - For further information, the company can be contacted through their investor relations email [3]

Company Performance - Oxford Industries (OXM) reported a worsening comparable sales downtrend in 3Q24, affecting its three major brands: Tommy Bahama, Lilly Pulitzer, and Johnny Was [2] - The company has reduced its guidance again, despite expecting a sequential improvement [2] Investment Strategy - The analysis focuses on long-only investment, evaluating companies from an operational, buy-and-hold perspective [2] - The approach emphasizes understanding long-term earnings power and competitive dynamics rather than market-driven price actions [2] - Most recommendations are holds, with only a small fraction of companies considered buys at any given time [2]

Group 1 - Oxford Industries, Inc. reported a challenging quarter with a Non-GAAP EPS of -$0.11, missing expectations by $0.20 [1] - The company's revenue for the quarter was $308 million, which fell short of estimates by $8.83 million [1]

Core Insights - Oxford Industries, Inc. (OXM) reported third-quarter fiscal 2024 results, with both revenue and earnings missing consensus estimates and declining year over year [1][3][4] Financial Performance - The company experienced a quarterly loss of $0.11 per share, significantly down from earnings of $1.01 in the same quarter last year, and below the Zacks Consensus Estimate of $0.11 [3][4] - Net sales were reported at $308 million, missing the consensus estimate of $318 million and down 5.7% from $326.6 million in the prior year [4] - Gross profit decreased by 5.3% to $194.5 million from $205.4 million in the year-ago quarter, while gross margin expanded by 20 basis points to 63.1% due to reduced LIFO accounting charges and fewer discounts at Lilly Pulitzer [5] Operating Expenses - Selling, general and administrative (SG&A) expenses rose to $205 million from $195 million in the prior year, with adjusted SG&A expenses increasing 5% to $201 million [6] - The increase in SG&A expenses was attributed to investments in the business, including costs related to new store openings and hurricane-related expenses [7] Sales Performance by Brand - Sales across key brands declined, with Tommy Bahama down 5.2% to $161.3 million, Lilly Pulitzer down 8.5% to $69.8 million, and Johnny Was down 6.1% to $46.1 million [9] - Emerging Brands sales also slipped 1% to $30.9 million [9] Sales by Distribution Channel - Full-price direct-to-consumer sales fell 8% to $200 million, with full-price retail sales down 6% to $99 million and e-commerce sales down 11% to $101 million [10] - Outlet sales increased by 3% to $17 million, while wholesale sales decreased by 2% to $67 million [11] Financial Snapshot - The company ended the quarter with cash and cash equivalents of $7 million, long-term debt of $58 million, and shareholders' equity of $612.2 million [12] - For the first nine months of fiscal 2024, cash provided by operating activities was $104 million, with capital expenditures of $92 million [12] Future Outlook - Due to the fiscal third-quarter results and ongoing challenges, the company revised its fiscal 2024 sales forecast to a range of $1.50-$1.52 billion, down from $1.51-$1.54 billion [14] - Adjusted EPS for fiscal 2024 is now expected to be between $6.50 and $6.70, a decrease from the previous range of $7-$7.30 [15] - For the fourth quarter of fiscal 2024, net sales are anticipated to be in the range of $375-$395 million, with adjusted EPS forecasted at $1.18-$1.38 [16]

Core Insights - Oxford Industries reported a surprising loss in the third quarter, with revenue declining due to inflation and the impact of hurricanes on consumer demand [1][2] - The company has cut its full-year guidance, anticipating lower sales and adjusted profit compared to previous estimates [1][3] Financial Performance - Oxford posted a third-quarter adjusted loss of $0.11 per share, while analysts expected a profit of $0.09 per share [2] - Revenue fell nearly 6% year-over-year to $308.0 million, which was below forecasts [2] - Sales at Tommy Bahama dropped 5.2% to $161.3 million, Lilly Pulitzer sank 8.5% to $69.8 million, and Johnny Was fell 6.1% to $46.1 million [2] Management Commentary - CEO Tom Chubb attributed the results to high inflation and distractions from U.S. elections, leading to tentative consumer spending [3] - Hurricanes Helene and Milton caused an estimated $4 million in lost sales, contributing to a $0.14-per-share profit decline [3] Revised Outlook - The company now expects full-year sales of $1.50 billion to $1.52 billion, down from a previous estimate of $1.51 billion to $1.54 billion [3] - Adjusted profit is anticipated to be between $6.50 and $6.70 per share, compared to the earlier outlook of $7.00 to $7.30 [3]

Financial Performance - Consolidated net sales for the first nine months of Fiscal 2024 were $1,126,095, a decrease of 3.5% compared to $1,167,046 in the same period of Fiscal 2023[70]. - Operating income for the first nine months of Fiscal 2024 was $98,721, down 39.1% from $162,435 in the first nine months of Fiscal 2023[70]. - Net earnings for the first nine months of Fiscal 2024 were $75,078, a decline of 37.8% compared to $120,773 in the first nine months of Fiscal 2023[70]. - Net earnings per diluted share decreased to $4.74 in the first nine months of Fiscal 2024 from $7.57 in the same period of Fiscal 2023[70]. - Comparable sales for the third quarter of Fiscal 2024 decreased by 5.7% to $308,025 from $326,630 in the third quarter of Fiscal 2023[84]. - Consolidated net sales decreased to $308 million in Q3 Fiscal 2024 from $327 million in Q3 Fiscal 2023, a decline of $18.6 million or 5.7%[85]. - Net loss for the third quarter of Fiscal 2024 was $(3,937), compared to net earnings of $10,782 in the third quarter of Fiscal 2023[84]. - Consolidated net sales for the First Nine Months of Fiscal 2024 were $1,126 million, a decrease of $40.951 million or 3.5% compared to $1,167 million in the same period of Fiscal 2023[124]. Operating Income and Loss - Operating loss for the third quarter of Fiscal 2024 was $(6,240), a significant decline from operating income of $14,460 in the third quarter of Fiscal 2023[84]. - Consolidated operating loss was $6.24 million in Q3 Fiscal 2024, a decrease from operating income of $14.46 million in Q3 Fiscal 2023, reflecting a $20.7 million change or a 143.2% decline[108]. - Operating income decreased significantly to $98.721 million, a decline of $63.714 million or 39.2% compared to $162.435 million in the First Nine Months of Fiscal 2023[137]. - Johnny Was experienced an operating loss of $5.4 million in the First Nine Months of Fiscal 2024, a significant decline from an operating income of $7.3 million in the same period of Fiscal 2023[152]. Sales Performance by Brand - Tommy Bahama net sales decreased by $9 million, or 5%, with e-commerce sales down 12%[90]. - Lilly Pulitzer net sales decreased by $6 million, or 8%, with e-commerce sales down 13%[91]. - Johnny Was net sales decreased by $3 million, or 6%, with retail sales down 11%[93]. - Tommy Bahama reported net sales of $161.29 million in Q3 Fiscal 2024, down 5.2% from $170.14 million in Q3 Fiscal 2023, with operating income dropping 96.3% to $445,000[109]. - Lilly Pulitzer's net sales decreased by 8.5% to $69.83 million in Q3 Fiscal 2024, with operating income falling 40.9% to $4 million[110]. - Emerging Brands' net sales were comparable to the previous year, with retail sales increasing by $1 million, or 30%[94]. Expenses and Margins - Gross profit margin for the third quarter of Fiscal 2024 was 63.1%, compared to 62.9% in the third quarter of Fiscal 2023[84]. - Gross profit decreased by $10.9 million, or 5.3%, to $194.5 million, with a gross margin of 63.1% compared to 62.9% in the previous year[98]. - SG&A expenses increased by $9.9 million, or 5.1%, to $205 million, primarily due to increased brick-and-mortar retail locations[105]. - The consolidated gross margin for the First Nine Months of Fiscal 2024 was 63.8%, down from 64.2% in the previous year[137]. Cash Flow and Debt - Cash provided by operating activities was $103,525 for the First Nine Months of Fiscal 2024, down from $169,398 in Fiscal 2023, indicating a decrease of 38.8%[180]. - The company recorded a decrease in long-term debt to $57,816 as of November 2, 2024, from $66,219, attributed to cash flow from operations exceeding capital expenditures[176]. - Interest expense decreased significantly to $1.573 million, down $3.283 million or 67.6% from $4.856 million in the First Nine Months of Fiscal 2023[137]. - Interest expense decreased by 49.9% to $610,000 in Q3 Fiscal 2024, down from $1.22 million in Q3 Fiscal 2023, due to a lower average outstanding debt balance[116]. Future Outlook and Investments - The company anticipates continued challenges in e-commerce and retail sales due to market conditions[85]. - The company plans to achieve a net increase of approximately 30 full-price stores by the end of Fiscal 2024 through investments in new locations and remodels[199]. - The company is investing in technology systems initiatives, including e-commerce and omnichannel capabilities, data management, and cybersecurity[199]. - Anticipated capital expenditures for Fiscal 2024 are approximately $150 million, up from $74 million in Fiscal 2023, including $75 million for a new distribution center in Lyons, Georgia[199]. Tax and Compliance - The effective tax rate for Q3 Fiscal 2024 was 42.5%, significantly higher than 18.6% in Q3 Fiscal 2023, influenced by discrete adjustments related to research and development tax credits[117]. - The effective income tax rate for the First Nine Months of Fiscal 2024 was 22.7%, a decrease from 23.4% in Fiscal 2023, benefiting from net discrete tax benefits[157]. - The company remains compliant with all applicable covenants related to the U.S. Revolving Credit Agreement as of November 2, 2024[196].

Financial Data and Key Metrics - Q3 2024 consolidated net sales were $308 million, down from $327 million in Q3 2023, below the guidance range of $310-325 million [30] - Adjusted net loss per share was $0.11, below guidance, with a $0.14 negative impact from hurricanes [11][12] - Adjusted gross margin contracted 100 basis points to 63% due to higher promotional sales [33] - Adjusted SG&A expenses increased 5% to $201 million, driven by new store openings and hurricane-related costs [34][35] - Adjusted operating loss was $3 million (negative 1.1% margin) compared to a $21 million profit (6.6% margin) in Q3 2023 [36] Business Line Performance - Full-price brick-and-mortar sales down 6%, e-commerce down 11%, while food & beverage and outlet sales increased 4% and 3% respectively [32] - Wholesale channel sales down 2%, with specialty stores struggling but department store sales improving [33] - Tommy Bahama's Indigo Palms denim and Luxe sweaters performed well, driving higher gross margins and average order values [21][23] - Lilly Pulitzer's whimsical products like the Ellery sweater and items with bows/sequins saw strong demand [24] Market Performance - Southeastern US, particularly Florida, was heavily impacted by hurricanes, with $4 million in lost sales and significant cleanup costs [9][11][31] - Post-election, consumer sentiment improved, leading to better comp store sales in November and a strong Thanksgiving weekend [18][20] - Outlet stores and food & beverage locations outperformed full-price stores, reflecting consumer preference for value-oriented channels [32][42] Strategy and Industry Competition - Company continues to invest in new stores, Marlin Bars, distribution centers, and technology despite short-term headwinds [17] - Focus on premium, full-price strategy remains a long-term competitive strength, though it poses challenges in the current promotional environment [10][11] - Plans for 2025 include stabilizing and expanding operating margins through better expense control and leverage [25][26] Management Commentary on Environment and Outlook - Management noted a challenging consumer environment due to high inflation, election distractions, and hurricane impacts [7][9][29] - Encouraged by improving sales trends and strong wholesale bookings for 2025 [26][75] - Revised full-year 2024 sales forecast to $1.5-1.52 billion, a 3-4% decline from 2023, with low to mid-single-digit declines in major brands [41][42] - Expects Q4 2024 sales of $375-395 million, with flat gross margins and low single-digit SG&A growth [45][46] Other Important Information - Company opened 12 net new retail locations in Q3, bringing total store count to 342 [17] - Lyons, Georgia distribution center project is a significant capital expenditure, expected to enhance direct-to-consumer capabilities [47] - Jack Rogers brand, acquired in Q4 2023, is expected to generate a $2.5 million operating loss in 2024 [43] Q&A Summary Question: Store comp improvements in Q4 and holiday performance [52] - All brands improved sequentially post-election, with Lilly slightly positive and others in low single-digit negative range [53][54] Question: Wholesale order book for resort season and newness strategy [55] - Resort wholesale selling is strong, with some reorders for at-once delivery, though Q4 wholesale sales are expected to be down [56][57] - Early 2025 bookings are encouraging, with strong performance on wholesale floors [58][59] Question: Tariff uncertainty and sourcing strategy [63] - Company has exposure to China but no exposure to Mexico, with plans to move some production out of China and share tariff costs with vendors if necessary [64][65][66] Question: Promotional activity during holiday season [68] - Promotional activity started earlier this year, with more business done during promotional events, particularly in Lilly [69][70] Question: 2025 operating margin improvement and Marlin Bar economics [74] - Focus for 2025 is on improving operating margins through expense management and leverage [75][76] - Marlin Bars are efficient, with food & beverage locations averaging twice the sales per square foot of standalone stores [78][79] Question: Q4 gross margin improvement drivers [81] - Higher mix of direct-to-consumer sales and better inventory positioning are driving Q4 gross margin improvement [82] Question: Full-price sales percentage and outlet performance [85] - Proportion of sales during promotional events has increased, impacting margins [87] - Outlet stores account for around 20% of business, with strong performance driven by both traffic and conversion [88][89] Question: Promotional sales performance [90] - Higher promotional sales mix is due to both weaker full-price sales and better-than-expected performance during promotional events [91]

Oxford Industries (OXM) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of $0.11. This compares to earnings of $1.01 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -200%. A quarter ago, it was expected that this owner of the Tommy Bahama, Lilly Pulitzer and Southern Tide clothing lines would post earnings of $3.05 per share when it actually produced earnings of $2.77, delivering a surpris ...

EXHIBIT 99.1 Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports Third Quarter Results ATLANTA, December 11, 2024 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its third quarter of fiscal 2024 ended November 2, 2024. Consolidated net sales in the third quarter of fiscal 2024 were $308 million compared to $327 million in the third quarter of fiscal 2023. Loss per share on a GAAP basis was $0.25 compared to net earnings per share of $0.68 in the ...