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Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports Fourth Quarter and Full-Year Fiscal 2024 Results
OXMOxford Industries(OXM) GlobeNewswire·2025-03-27 20:05

Core Insights - Oxford Industries, Inc. reported a consolidated net sales of 391millionforthefourthquarteroffiscal2024,adecreaseof3391 million for the fourth quarter of fiscal 2024, a decrease of 3% compared to 404 million in the fourth quarter of fiscal 2023 [2] - The company achieved diluted earnings per share (EPS) of 1.13onaGAAPbasis,asignificantimprovementfromalossof1.13 on a GAAP basis, a significant improvement from a loss of 3.85 in the same quarter last year [2] - For the full fiscal year 2024, consolidated net sales decreased by 3% to 1.52billion,whileEPSincreasedto1.52 billion, while EPS increased to 5.87 from 3.82infiscal2023[3]FinancialPerformance−Fourthquarterconsolidatednetsaleswere3.82 in fiscal 2023 [3] Financial Performance - Fourth quarter consolidated net sales were 391 million, down from 404millionintheprioryear,reflectinga3404 million in the prior year, reflecting a 3% decline [2][4] - Full fiscal year 2024 net sales were 1.52 billion, a decrease from 1.57billioninfiscal2023,alsoa31.57 billion in fiscal 2023, also a 3% decline [3][6] - Adjusted EPS for the fourth quarter was 1.37, down from 1.90inthepreviousyear[2]−Full−yearadjustedEPSwas1.90 in the previous year [2] - Full-year adjusted EPS was 6.68, compared to 10.15infiscal2023[3]SegmentPerformance−TommyBahama′sfourthquartersaleswere10.15 in fiscal 2023 [3] Segment Performance - Tommy Bahama's fourth quarter sales were 237.6 million, down 3% from 243.8millionintheprioryear[4]−LillyPulitzer′sfourthquartersalesdecreasedby6243.8 million in the prior year [4] - Lilly Pulitzer's fourth quarter sales decreased by 6% to 74.0 million [4] - Johnny Was experienced a 9% decline in fourth quarter sales, totaling 47.4million[4]−EmergingBrandssawa547.4 million [4] - Emerging Brands saw a 5% increase in fourth quarter sales, reaching 31.6 million [4] Balance Sheet and Liquidity - Inventory increased by 8million,or58 million, or 5%, on a LIFO basis compared to the end of fiscal 2023 [7] - Cash flow from operations was 194 million in fiscal 2024, down from 244millioninfiscal2023[8]−Long−termdebtroseby244 million in fiscal 2023 [8] - Long-term debt rose by 2 million to 31millionattheendoffiscal2024[9]DividendandShareRepurchase−TheBoardofDirectorsdeclaredaquarterlycashdividendof31 million at the end of fiscal 2024 [9] Dividend and Share Repurchase - The Board of Directors declared a quarterly cash dividend of 0.69 per share, a 3% increase from the previous dividend [11] - The company completed a 50millionsharerepurchaseprogram,buyingback842,000sharesatanaveragepriceof50 million share repurchase program, buying back 842,000 shares at an average price of 59.38 [12][13] Outlook - For fiscal 2025, the company expects net sales between 1.49billionand1.49 billion and 1.53 billion [14] - GAAP EPS for fiscal 2025 is projected to be between 4.21and4.21 and 4.61, down from 5.87infiscal2024[14]−Thefirstquarteroffiscal2025isexpectedtoseenetsalesbetween5.87 in fiscal 2024 [14] - The first quarter of fiscal 2025 is expected to see net sales between 375 million and $395 million [15]