Oxford Industries(OXM) - 2025 Q2 - Quarterly Results

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]