Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports Fourth Quarter and Full-Year Fiscal 2024 Results

Core Insights - Oxford Industries, Inc. reported a consolidated net sales of $391 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 $1.13 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 $1.52 billion, while EPS increased to $5.87 from $3.82 in fiscal 2023 [3] Financial Performance - Fourth quarter consolidated net sales were $391 million, down from $404 million in the prior year, reflecting a 3% decline [2][4] - Full fiscal year 2024 net sales were $1.52 billion, a decrease from $1.57 billion in fiscal 2023, also a 3% decline [3][6] - Adjusted EPS for the fourth quarter was $1.37, down from $1.90 in the previous year [2] - Full-year adjusted EPS was $6.68, compared to $10.15 in fiscal 2023 [3] Segment Performance - Tommy Bahama's fourth quarter sales were $237.6 million, down 3% from $243.8 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 $47.4 million [4] - Emerging Brands saw a 5% increase in fourth quarter sales, reaching $31.6 million [4] Balance Sheet and Liquidity - Inventory increased by $8 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 $244 million in fiscal 2023 [8] - Long-term debt rose by $2 million to $31 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 $50 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 $1.49 billion and $1.53 billion [14] - GAAP EPS for fiscal 2025 is projected to be between $4.21 and $4.61, down from $5.87 in fiscal 2024 [14] - The first quarter of fiscal 2025 is expected to see net sales between $375 million and $395 million [15]