Oxford Industries(US:OXM)2024-06-12 20:11Financial 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]