Oxford Industries(OXM)2025-03-27 20:08Financial Performance - Consolidated net sales for Q4 fiscal 2024 were $391 million, a decrease of 3% from $404 million in Q4 fiscal 2023[2]. - For the full fiscal year 2024, consolidated net sales decreased 3% to $1.52 billion compared to $1.57 billion in fiscal 2023[3]. - Net sales for Fiscal 2024 were $1,516.6 million, a decrease of 3.5% compared to $1,571.5 million in Fiscal 2023[31]. - Consolidated net sales for the company decreased by 3.4% to $390.5 million in Q4 2024, compared to $404.4 million in Q4 2023[36]. - Tommy Bahama's net sales decreased by 2.5% to $237.6 million in Q4 2024, compared to $243.8 million in Q4 2023[35]. - Lilly Pulitzer's net sales fell by 5.7% to $74.0 million in Q4 2024, consistent with the previous year's $78.4 million[35]. - Johnny Was reported a 9.3% decline in net sales, totaling $47.4 million in Q4 2024, down from $52.2 million in Q4 2023[35]. Earnings and Profitability - Diluted EPS on a GAAP basis for Q4 fiscal 2024 was $1.13, compared to a loss of $3.85 in Q4 fiscal 2023[2]. - Adjusted EPS for fiscal 2024 was $6.68, down from $10.15 in fiscal 2023[3]. - Operating income for the fourth quarter of Fiscal 2024 was $20.3 million, compared to an operating loss of $81.5 million in the fourth quarter of Fiscal 2023[31]. - Net earnings for Fiscal 2024 were $93.0 million, an increase of 53.2% from $60.7 million in Fiscal 2023[33]. - Basic net earnings per share for Fiscal 2024 were $5.94, up from $3.89 in Fiscal 2023[31]. - Net earnings for the consolidated entity reached $17.9 million in Q4 2024, compared to a loss of $60.1 million in Q4 2023, marking a 129.8% improvement[35]. - Net earnings per diluted share improved to $1.13 in Q4 2024, compared to a loss of $3.85 in Q4 2023, reflecting a 129.3% increase[35]. Margins and Expenses - Gross margin for fiscal 2024 was 62.9% on a GAAP basis, down from 63.4% in the prior year[7]. - Gross profit for Fiscal 2024 was $954.6 million, down from $995.6 million in Fiscal 2023, reflecting a gross margin of 62.9%[31]. - Gross profit for the consolidated entity fell by 3.9% to $236.7 million in Q4 2024, down from $246.3 million in Q4 2023[36]. - The company's SG&A expenses increased by 1.2% to $220.2 million in Q4 2024, compared to $217.5 million in Q4 2023[36]. - The gross margin for the consolidated entity was 60.6% in Q4 2024, slightly down from 60.9% in Q4 2023[36]. Future Guidance - The company expects fiscal 2025 net sales to be between $1.49 billion and $1.53 billion, compared to $1.52 billion in fiscal 2024[15]. - For Q1 fiscal 2025, net sales are expected to be between $375 million and $395 million, compared to $398 million in Q1 fiscal 2024[16]. - For Fiscal 2025, the company provided guidance for net earnings per diluted share of $4.21 - $4.61, compared to actual earnings of $5.87 in Fiscal 2024[37]. Capital and Assets - Capital expenditures for fiscal 2025 are projected to be approximately $125 million, down from $134 million in fiscal 2024[18]. - Total assets increased to $1,289.8 million as of February 1, 2025, compared to $1,097.8 million as of February 3, 2024[29]. - Total current liabilities increased to $248.3 million as of February 1, 2025, compared to $240.6 million as of February 3, 2024[29]. - The company repaid $401.6 million in revolving credit arrangements during Fiscal 2024[33]. Shareholder Actions - The company initiated a $100 million share repurchase authorization, completing a $50 million program in Q1 fiscal 2025[13][14]. Store Locations - The company reported a total of 315 direct-to-consumer locations by the end of Q4 Fiscal 2024, an increase from 309 locations in Q3 Fiscal 2024[39]. - The number of full-price retail stores for Johnny Was increased to 75 by the end of Q4 Fiscal 2024, up from 73 in Q3 Fiscal 2024[39]. - The company reported a total of 166 Tommy Bahama locations by the end of Q4 Fiscal 2024, a slight decrease from 168 in Q3 Fiscal 2024[39]. - The company reported 30 Southern Tide full-price retail stores by the end of Q4 Fiscal 2024, an increase from 28 in Q3 Fiscal 2024[39]. Other Financial Adjustments - The effective tax rate for fiscal 2024 was 20%, compared to 19% for fiscal 2023, with a projected return to a normalized rate of 25% in fiscal 2025[11]. - The company experienced a LIFO adjustment impact of $0.00 in Q4 Fiscal 2024, with an adjustment of $0.11 in Q1 Fiscal 2025[37]. - The company incurred impairment charges of $113.6 million in Fiscal 2023 related to goodwill and intangible assets[31]. - The company incurred Johnny Was distribution center relocation costs of $0.14 in Q4 Fiscal 2024, compared to $0.00 in Q4 Fiscal 2023[37].