Oxford Industries (OXM) came out with quarterly earnings of $2.77 per share, missing the Zacks Consensus Estimate of $3.05 per share. This compares to earnings of $3.45 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -9.18%. A quarter ago, it was expected that this owner of the Tommy Bahama, Lilly Pulitzer and Southern Tide clothing lines would post earnings of $2.70 per share when it actually produced earnings of $2.66, deli ...

Financial Performance - Consolidated net sales for Q2 fiscal 2024 were $420 million, unchanged from Q2 fiscal 2023, with GAAP EPS at $2.57 compared to $3.22 in the prior year[1][6] - Net sales for the second quarter of fiscal 2024 were $419,886,000, slightly down from $420,319,000 in the same quarter of fiscal 2023, a decrease of 0.1%[23] - Operating income fell to $53 million (12.5% of net sales) from $68 million (16.1% of net sales) in the prior year[8] - Net earnings for the second quarter of fiscal 2024 were $40,642,000, down from $51,453,000 in the same quarter of fiscal 2023, a decrease of 21.0%[23] - Operating income decreased to $52,510,000 in the second quarter of fiscal 2024 from $67,674,000 in the same quarter of fiscal 2023, a drop of 22.4%[23] - Net earnings for the first fiscal quarter of 2024 were $79.0 million, a decrease of 28.2% compared to $109.99 million in the first half of fiscal 2023[24] Sales and Revenue - Full-price direct-to-consumer sales increased by 1% to $305 million, while outlet sales rose by 4% to $21 million[6] - Johnny Was net sales were $50.3 million, a decrease of 3.4% from $52.0 million in the previous quarter[26] - Net sales for Tommy Bahama were $245.1 million, a slight decrease of 0.1% compared to $245.4 million in the previous quarter[26] - Consolidated net sales reached $419.9 million, down 0.1% from $420.3 million in the prior quarter[26] Expenses and Margins - Gross margin decreased to 63.1% from 63.9% in Q2 fiscal 2023, primarily due to a higher proportion of sales occurring during promotional events[7] - SG&A expenses increased to $217 million from $205 million, driven by costs related to 30 new store openings[8] - SG&A expenses as a percentage of net sales rose to 51.6% in the second quarter of fiscal 2024, compared to 48.8% in the same quarter of fiscal 2023[25] - Gross profit margin for Tommy Bahama was 61.5% in fiscal 2024, down from 63.3% in fiscal 2023, reflecting a 3.0% decline[25] - Gross profit for the consolidated segment was $265.0 million in the second quarter of fiscal 2024, down 1.4% from $268.7 million in the same quarter of fiscal 2023[25] Guidance and Projections - The company revised its fiscal 2024 sales guidance to a range of $1.51 billion to $1.54 billion, down from $1.57 billion in fiscal 2023[13] - GAAP EPS for fiscal 2024 is now expected to be between $6.28 and $6.58, compared to $3.82 in fiscal 2023[13] - The company expects net earnings per diluted share for Fiscal 2024 to be between $6.28 and $6.58, compared to $3.82 in Fiscal 2023[29] Capital Expenditures and Investments - Capital expenditures for fiscal 2024 are projected to be approximately $150 million, including $75 million for a new distribution center project[15] - Cash used in investing activities increased to $54.1 million in the first fiscal quarter of 2024, compared to $32.6 million in the first half of fiscal 2023[24] Dividends - A quarterly cash dividend of $0.67 per share was declared, payable on November 1, 2024[12] - The company declared dividends of $0.67 per share, up from $0.65 per share in the previous quarter[22] Store Openings and Locations - The company plans to open approximately 30 new full-price stores by the end of fiscal 2024, with 15 expected to open in the second half of the year[15] - The total number of direct-to-consumer locations for Oxford increased from 295 at the end of Q1 Fiscal 2023 to 315 at the end of Q4 Fiscal 2023, representing a growth of approximately 6.8%[31] - The total number of Tommy Bahama full-price retail stores remained stable at 102 by the end of Q1 Fiscal 2024, with a slight increase to 103 by the end of Q2 Fiscal 2024[32] - Johnny Was full-price retail stores increased from 71 at the end of Q3 Fiscal 2023 to 72 by the end of Q4 Fiscal 2023[31] - Southern Tide full-price retail stores grew from 15 at the end of Q3 Fiscal 2023 to 19 by the end of Q4 Fiscal 2023, marking a growth of 26.7%[31] Corporate Developments - The company is focusing on integrating the acquisition of Johnny Was to realize anticipated synergies and minimize disruptions[20] - The company reported a transition of Johnny Was distribution center operations from Los Angeles to Lyons, Georgia, incurring various related costs[1] - Johnny Was experienced impairment charges impacting net earnings per share in Fiscal 2023[1] Assets and Liabilities - Total current assets increased to $287,196,000 from $282,380,000 year-over-year, representing a growth of 2.9%[21] - Total assets rose to $1,172,522,000 from $1,149,858,000, marking an increase of 2.0%[21] - Total liabilities decreased slightly to $550,966,000 from $552,000,000, a reduction of 0.2%[21]

ATLANTA, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its second quarter of fiscal 2024 ended August 3, 2024. Consolidated net sales in the second quarter of fiscal 2024 of $420 million were comparable to sales in the second quarter of fiscal 2023. EPS on a GAAP basis was $2.57 compared to $3.22 in the second quarter of fiscal 2023. On an adjusted basis, EPS was $2.77 compared to $3.45 in the second quarter of fiscal 2023. Tom Chubb, Chairman an ...

Core Viewpoint - Oxford Industries, Inc. is set to release its second quarter fiscal 2024 financial results on September 11, 2024, after market close, followed by a conference call to discuss the results [1] Group 1: Financial Results Announcement - The company will announce its second quarter fiscal 2024 financial results after the market closes on September 11, 2024 [1] - A conference call will be held at 4:30 p.m. ET on the same day, hosted by key executives [1] Group 2: Conference Call Details - A live webcast of the conference call will be available on the company's website [2] - The replay of the webcast will be accessible through September 25, 2024, both on the website and via phone [2] Group 3: Company Overview - Oxford Industries is a leader in the apparel industry, owning several well-known brands including Tommy Bahama®, Lilly Pulitzer®, and Johnny Was® [3] - The company's stock has been traded on the New York Stock Exchange since 1964 under the symbol OXM [3]

Core Insights - The collaboration between Club Car and Tommy Bahama has resulted in the launch of the "Tommy Bahama x Club Car Special Edition Onward Car," which is now available for ordering [1][3]. Group 1: Product Features - The special edition vehicles are designed to reflect the quality and reliability of Club Car while embodying the vibrant, island-inspired lifestyle of Tommy Bahama [3]. - Standard features include the signature Tommy Bahama Ocean Palm print, premium seats with custom embroidery, a color-matched contrasting cowl with the Tommy Bahama marlin logo, a custom steering wheel, and a locking glove box [4]. - The vehicles are available in both lifted and non-lifted versions, with options for gas, lithium, or FLA powertrains, and lifted models feature custom white brush guards and 14" chrome wheels [5]. Group 2: Ordering Information - Customers can explore features, customization options, and locate dealers for ordering the special edition car by visiting clubcar.com/tommybahama [6]. Group 3: Company Background - Club Car has over 65 years of experience in producing small-wheel vehicles and is recognized as a leading manufacturer of gas and electric golf, utility, and personal transportation vehicles [7]. - Tommy Bahama, established in 1992, is known for its relaxed, sophisticated style in sportswear and home furnishings, operating over 160 retail locations worldwide [8].

Financial Performance - Consolidated net sales for the First Quarter of Fiscal 2024 were $398 million, a decrease of 5.2% from $420 million in the same period of Fiscal 2023[69] - Operating income fell to $52.5 million in the First Quarter of Fiscal 2024, down 34.7% from $80.3 million in the First Quarter of Fiscal 2023[55] - Net earnings decreased by 34.4% to $38.4 million in the First Quarter of Fiscal 2024, compared to $58.5 million in the First Quarter of Fiscal 2023[55] - Net earnings per diluted share were $2.42, a decline of 33.5% from $3.64 in the First Quarter of Fiscal 2023[55] - Consolidated gross profit decreased by $16.8 million, or 6.1%, in Q1 Fiscal 2024, primarily due to a 5% decrease in net sales[81] - SG&A expenses increased by $9.95 million, or 4.9%, in Q1 Fiscal 2024, representing 53.5% of net sales compared to 48.4% in Q1 Fiscal 2023[87] - Corporate and Other reported a net loss of $9.86 million in Q1 Fiscal 2024, compared to a loss of $6.13 million in Q1 Fiscal 2023[89] - The overall net earnings for the company decreased from $58,538 million in Fiscal 2023 to $38,373 million in Fiscal 2024, reflecting a decline of $20,165 million, or 34.4%[97] Sales Performance by Brand - Tommy Bahama net sales decreased by 5.8% to $225.6 million, while Lilly Pulitzer sales fell by 9.3% to $88.4 million in the First Quarter of Fiscal 2024[69] - Tommy Bahama net sales decreased by $14 million, or 6%, in Q1 Fiscal 2024, with wholesale sales down by $11 million, or 20%[74] - Lilly Pulitzer net sales decreased by $9 million, or 9%, in Q1 Fiscal 2024, primarily due to a $5 million, or 11%, drop in e-commerce sales[75] - Johnny Was net sales increased by $2 million, or 3%, in Q1 Fiscal 2024, driven by a $2 million, or 11%, increase in e-commerce sales[76] - Emerging Brands net sales decreased by $1 million, or 3%, in Q1 Fiscal 2024, with wholesale sales down by $3 million, or 15%[77] - Lilly Pulitzer's net sales decreased by $9,029 million, or 9.3%, from $97,450 million in Fiscal 2023 to $88,421 million in Fiscal 2024[91] - Johnny Was reported a net sales increase of $1,721 million, or 3.5%, from $49,491 million in Fiscal 2023 to $51,212 million in Fiscal 2024[92] - Emerging Brands experienced a net sales decline of $990 million, or 2.9%, from $33,991 million in Fiscal 2023 to $33,001 million in Fiscal 2024[93] Operational Metrics - Direct to consumer channels accounted for 80% of consolidated net sales, with the remaining 20% generated through wholesale distribution channels[47] - The number of direct to consumer locations increased to 322 as of May 4, 2024, up from 295 a year earlier[63] - The company continues to invest in direct to consumer initiatives and distribution capabilities to leverage technology for consumer engagement[54] - E-commerce sales decreased by $6 million, or 5%, with Lilly Pulitzer experiencing a $5 million decline[70] Cost and Margin Analysis - Tommy Bahama's gross margin decreased to 65.7% in Q1 Fiscal 2024 from 66.1% in Q1 Fiscal 2023[81] - Lilly Pulitzer's gross margin decreased to 67.0% in Q1 Fiscal 2024 from 70.1% in Q1 Fiscal 2023[83] - Gross profit for Lilly Pulitzer decreased by $9,017 million, or 13.2%, from $68,296 million in Fiscal 2023 to $59,279 million in Fiscal 2024[91] Economic Environment - The macroeconomic environment remains challenging, with inflation and geopolitical issues impacting consumer spending behavior[53] Tax and Interest Expenses - The effective income tax rate increased from 24.9% in Fiscal 2023 to 25.6% in Fiscal 2024, driven by the remeasurement of deferred tax assets[96] - Interest expense decreased significantly by $1,468 million, or 62.7%, from $2,342 million in Fiscal 2023 to $874 million in Fiscal 2024[95] Assets and Liabilities - Total current assets as of May 4, 2024, were $298,363 million, a decrease from $327,704 million as of April 29, 2023[102] - Working capital increased from $60,824 million in April 2023 to $72,778 million in May 2024, reflecting improved liquidity[102] - Total current liabilities decreased to $225.6 million as of May 4, 2024, from $240.6 million in February 2024, primarily due to decreased taxes payable and accrued compensation[111] - Long-term debt reduced to $18.6 million as of May 4, 2024, down from $29.3 million in February 2024, reflecting ongoing debt repayment initiatives[111] Cash Flow and Capital Expenditures - Cash provided by operating activities was $32.9 million in Q1 Fiscal 2024, compared to $52.6 million in Q1 Fiscal 2023[115] - Capital expenditures for Fiscal 2024 are anticipated to be approximately $170 million, significantly higher than $74 million in Fiscal 2023, including $90 million for a new distribution center[134] Future Plans and Dividends - The company plans to increase full-price stores by approximately 25 by the end of Fiscal 2024[134] - A cash dividend of $0.67 per share was approved, payable on August 2, 2024, to shareholders of record as of July 19, 2024[133] Risk Exposure - The company is exposed to interest rate, foreign currency, commodity, and inflation risks as detailed in the Fiscal 2023 Form 10-K[142] - There have been no material changes in the company's exposure to these risks during the First Quarter of Fiscal 2024[142] - The company has decreased its exposure to interest rates due to reduced borrowings compared to February 3, 2024[142]

felixmizioznikov/iStock Editorial via Getty Images Investment Thesis: I take a bullish view on Oxford Industries. In a previous article back in January 2023, I made the argument that Oxford Industries (NYSE:OXM) has the potential for a rebound going forward, on the basis of continued growth in sales. Since then, the stock is up by just over 10%: TradingView.com The purpose of this article is to assess whether Oxford Industries has the capacity for further upside from here, taking recent earnings results int ...

Over the last four quarters, the company has surpassed consensus EPS estimates just once. Oxford Industries shares have added about 2% since the beginning of the year versus the S&P 500's gain of 12.7%. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings e ...

Financial Performance - Consolidated net sales for Q1 fiscal 2024 decreased by 5% to $398 million compared to $420 million in Q1 fiscal 2023[2] - GAAP EPS for Q1 fiscal 2024 was $2.42, down from $3.64 in Q1 fiscal 2023; adjusted EPS was $2.66 compared to $3.78 in the prior year[2] - Net sales for Q1 2024 were $398.2 million, a decrease of 5.2% compared to $420.1 million in Q1 2023[26] - Gross profit for Q1 2024 was $258.4 million, down 6.1% from $275.1 million in Q1 2023[32] - Operating income for Q1 2024 decreased to $52.5 million, a decline of 34.7% from $80.3 million in Q1 2023[32] - Net earnings for Q1 2024 were $38.4 million, representing a 34.4% decrease from $58.5 million in Q1 2023[32] - Basic net earnings per share for Q1 2024 were $2.46, down from $3.75 in Q1 2023, reflecting a 34.4% decline[26] - Operating income for Q1 fiscal 2024 was $52 million, or 13.2% of net sales, down from $80 million, or 19.1% of net sales, in Q1 fiscal 2023[11] - Net earnings decreased by 30.8% to $42.1 million, with net earnings per diluted share at $2.66, down 29.6% from $3.78[33] Sales Performance - Tommy Bahama net sales decreased by 5.8% to $225.6 million, Lilly Pulitzer sales fell by 9.3% to $88.4 million, while Johnny Was sales increased by 3.5% to $51.2 million[4] - Full-price direct-to-consumer sales decreased by 3% to $257 million, while e-commerce sales decreased by 5% to $120 million[6] Guidance and Future Plans - The company revised its fiscal 2024 sales guidance to a range of $1.59 billion to $1.63 billion, compared to $1.57 billion in fiscal 2023[11] - Fiscal 2024 guidance for net earnings per diluted share is projected between $2.60 and $2.80, compared to $3.78 in the previous year[33] - The company plans to open approximately 25 new full-price stores by the end of fiscal 2024, including 4 new Tommy Bahama Marlin Bars[15] - The company plans to open additional retail locations, increasing the total Oxford store count to 322 by the end of Fiscal 2024[40] - Johnny Was full-price retail stores increased from 67 to 75 during Fiscal 2023, indicating a growth strategy in this segment[39] Expenses and Liabilities - SG&A expenses increased to $213.1 million in Q1 2024, up 4.9% from $203.1 million in Q1 2023[32] - Total current assets decreased to $298.4 million in Q1 2024 from $327.7 million in Q1 2023, a reduction of 8.9%[24] - Total liabilities decreased to $564.1 million in Q1 2024 from $586.4 million in Q1 2023, a decline of 3.8%[24] Capital Expenditures and Dividends - Capital expenditures for fiscal 2024 are expected to be approximately $170 million, significantly higher than $74 million in fiscal 2023[15] - The company declared a quarterly cash dividend of $0.67 per share, payable on August 2, 2024[10] - The company declared dividends of $0.67 per share in Q1 2024, compared to $0.65 per share in Q1 2023[26] Tax and Other Adjustments - The effective tax rate for Q1 fiscal 2024 increased to 25.6% from 24.9% in the prior year due to certain unfavorable discrete items[11] - The company reported LIFO adjustments impacting net earnings per share, with no estimates for future periods included in guidance[36] - Amortization of Johnny Was intangible assets was $0.13 per share, consistent with the previous year[34] - The gain on the sale of the Merida manufacturing facility was included in royalties and other operating income, contributing positively to the financials[35] - The company experienced a significant impairment charge related to Johnny Was, impacting net earnings per share in Fiscal 2023[38]

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. 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 ...