Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports First-Quarter Results
Oxford Industries (NYSE:OXM) reported its Q1 fiscal 2024 results, revealing a 5% decline in net sales to $398 million compared to Q1 2023. GAAP EPS dropped to $2.42 from $3.64 in the previous year, while adjusted EPS decreased to $2.66 from $3.78. Segmented sales saw mixed results with Tommy Bahama down 5.8%, Lilly Pulitzer down 9.3%, and Johnny Was up 3.5%. The gross margin dipped slightly to 64.9%, and SG&A expenses increased to $213 million due to new store openings and pre-opening expenses. Operating income fell to $52 million from $80 million. Despite these challenges, Oxford Industries maintains a positive outlook, forecasting net sales between $1.59 billion and $1.63 billion and GAAP EPS between $7.99 and $8.39 for fiscal 2024.
- Johnny Was sales increased by 3.5% to $51.2 million.
- Food and beverage sales grew 8% to $35 million.
- Inventory decreased by 10% on a FIFO basis.
- Interest expense decreased to $1 million.
- Debt reduced by $76 million since Q1 2023.
- Dividend declared at $0.67 per share.
- Forecasted GAAP EPS for fiscal 2024 is between $7.99 and $8.39, up from $3.82 in fiscal 2023.
- Consolidated net sales decreased by 5% to $398 million.
- GAAP EPS dropped to $2.42 from $3.64 in Q1 2023.
- Adjusted EPS decreased to $2.66 from $3.78.
- Tommy Bahama sales fell by 5.8% to $225.6 million.
- Lilly Pulitzer sales declined by 9.3% to $88.4 million.
- Wholesale sales decreased by 16% to $88 million.
- Gross margin decreased to 64.9% from 65.5%.
- SG&A expenses increased to $213 million from $203 million.
- Operating income decreased to $52 million from $80 million.
- Cash flow from operations dropped to $33 million from $53 million.
Insights
The first-quarter results for Oxford Industries reveal several key insights for investors. A decrease in consolidated net sales by 5% to
From a liquidity perspective, the company managed to reduce its outstanding debt by
Investors should note the cautious outlook for fiscal 2024, with an EPS guidance range of
Overall, these results indicate a mixed but proactive strategy focused on long-term growth despite short-term challenges. Investors should monitor the execution of these plans and market conditions closely.
The reported 5% decline in consolidated net sales and segment-wise performance provide a nuanced picture of Oxford Industries' brand portfolio. Tommy Bahama and Lilly Pulitzer, both showing declines in sales, suggest a potential shift in consumer preferences or spending tightened due to economic factors. Conversely, Johnny Was displayed a 3.5% sales increase, pointing to brand resilience or strategic success in this segment.
The 16% drop in wholesale sales is a significant concern, possibly indicating challenges in distribution channels or a shift towards more direct-to-consumer sales which decreased by 3%. Despite these declines, food and beverage sales grew by
Oxford Industries' proactive stance on managing inventories, with a reduction of $35 million on a LIFO basis, demonstrates effective supply chain management, reducing potential excess stock and associated costs. This aligns with their focus on maintaining cash flow and operational efficiency.
From a strategic standpoint, the commitment to new store openings and infrastructure enhancements, including a new distribution center, indicates a forward-looking approach. However, the effectiveness of these investments will need to be assessed against evolving market conditions and consumer behavior trends.
ATLANTA, June 12, 2024 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its fiscal 2024 first quarter ended May 4, 2024.
Consolidated net sales in the first quarter of fiscal 2024 decreased
Tom Chubb, Chairman and CEO, commented, “Our strong brands and excellent team focused on executing our strategy allowed us to deliver sales and adjusted EPS within our guidance ranges for the first quarter despite continued macroeconomic headwinds and lower levels of consumer sentiment. While most economic indicators remain fairly positive, consumer sentiment has dropped meaningfully from levels at the start of this year and has driven the consumer to become more cautious than originally anticipated in her discretionary spending across our channels of distribution. Encouragingly, our comparable sales trend has improved sequentially and is positive in the second quarter to-date. However, given the continued choppiness in the market and lack of sustained positive momentum, coupled with the drop in consumer sentiment, we believe it is prudent to adopt a more conservative outlook for the balance of the year and therefore are lowering our fiscal 2024 sales and EPS guidance.
Despite these near-term challenges, we still expect topline growth in all our brands, growth in all direct to consumer channels of distribution, and positive comps for the full year. We also expect a strong 2024 from a cash flow perspective and will continue investing in the future of our business. These investments will provide the ability to continue to deliver profitable growth and strong cash flow on a sustained basis.”
Mr. Chubb concluded, “All of this is achieved through the efforts of our remarkable people to whom we are grateful as always.”
First Quarter of Fiscal 2024 versus Fiscal 2023
| Net Sales by Operating Group | First Quarter | |||||
| ($ in millions) | 2024 | 2023 | % Change | |||
| Tommy Bahama | ( | |||||
| Lilly Pulitzer | 88.4 | 97.5 | ( | |||
| Johnny Was | 51.2 | 49.5 | ||||
| Emerging Brands | 33.0 | 34.0 | ( | |||
| Other | (0.1 | ) | (0.3 | ) | nm | |
| Total Company | $398.2 | $420.1 | ( | |||
- Consolidated net sales decreased
5% to$398 million .
- Full-price direct-to-consumer (DTC) sales decreased
3% to$257 million versus the first quarter of fiscal 2023.
- Full-price retail sales of
$137 million were2% lower than the prior-year period. - E-commerce sales decreased
5% to$120 million versus last year.
- Full-price retail sales of
- Outlet sales were
$18 million , a6% increase versus prior-year results, primarily driven by a$1 million increase in Tommy Bahama. - Food and beverage sales grew
8% to$35 million versus last year. - Wholesale sales of
$88 million were16% lower than the first quarter of fiscal 2023.
- Full-price direct-to-consumer (DTC) sales decreased
- Gross margin was
64.9% on a GAAP basis, compared to65.5% in the first quarter of fiscal 2023. The decrease in gross margin was primarily due to sales during promotional events representing a higher proportion of net sales and a$1 million higher LIFO accounting charge versus last year partially offset by proportionally lower wholesale sales. Adjusted gross margin, which excludes the effect of LIFO accounting, decreased to65.4% compared to65.8% on an adjusted basis in the prior-year period. - SG&A was
$213 million compared to$203 million last year. This increase was primarily driven by expenses related to 27 new store openings since the first quarter of 2023, pre-opening expenses related to approximately 15 to 20 additional stores planned to open during the remainder of fiscal 2024, including 4 new Tommy Bahama Marlin Bars, and the addition of Jack Rogers. On an adjusted basis, SG&A was$210 million compared to$200 million in the prior-year period. - Royalties and other operating income decreased by
$1 million to$7 million versus last year. This decrease was primarily due to the absence of a$2 million gain recorded in the first quarter of 2023 on the sale of a discontinued manufacturing facility in Mexico. - Operating income was
$52 million , or13.2% of net sales, compared to$80 million , or19.1% of net sales, in the first quarter of fiscal 2023. On an adjusted basis, operating income decreased to$57 million , or14.4% of net sales, compared to$83 million , or19.8% of net sales, in last year’s first quarter. The decreased operating income includes the impact of the lower sales, lower gross margin and higher SG&A as the Company continues to invest in the business. - Interest expense was
$1 million compared to$2 million in the prior year period. The decreased interest expense was primarily due to a lower average outstanding debt balance during the first quarter of fiscal 2024 than the first quarter of 2023, driven by strong cash flows allowing for$76 million of debt reduction since the first quarter of fiscal 2023. - The effective tax rate increased to
25.6% in the first quarter of fiscal 2024 compared to24.9% in the prior-year period due to certain unfavorable discrete items.
Balance Sheet and Liquidity
Inventory decreased
During the first quarter of fiscal 2024 cash flow from operations was
As of May 4, 2024, the Company had
Dividend
The Board of Directors declared a quarterly cash dividend of
Outlook
For fiscal 2024 ending on February 1, 2025, the Company revised its sales and EPS guidance. The Company now expects net sales in a range of
For the second quarter of fiscal 2024, the Company expects net sales to be between
The Company anticipates interest expense of
Capital expenditures in fiscal 2024, including the
Conference Call
The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Company’s website at www.oxfordinc.com. A replay of the call will be available through June 26, 2024 by dialing (412) 317-6671 access code 13746788.
About Oxford
Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama®, Lilly Pulitzer®, Johnny Was®, Southern Tide®, The Beaufort Bonnet Company®, Duck Head® and Jack Rogers® lifestyle brands. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com.
Basis of Presentation
All per share information is presented on a diluted basis.
Non-GAAP Financial Information
The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods. These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others.
Management uses these non-GAAP financial measures in making financial, operational, and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release.
Safe Harbor
This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, demand for our products, which may be impacted by macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by inflationary pressures, elevated interest rates, concerns about the stability of the banking industry or general economic uncertainty, and the effectiveness of measures to mitigate the impact of these factors; competitive conditions and/or evolving consumer shopping patterns; acquisition activities (such as the acquisition of Johnny Was), including our ability to integrate key functions, recognize anticipated synergies and minimize related disruptions or distractions to our business as a result of these activities; supply chain disruptions; costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food and beverage locations; costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers; energy costs; our ability to respond to rapidly changing consumer expectations; unseasonal or extreme weather conditions or natural disasters; the ability of business partners, including suppliers, vendors, wholesale customers, licensees, logistics providers and landlords, to meet their obligations to us and/or continue our business relationship to the same degree as they have historically; retention of and disciplined execution by key management and other critical personnel; cybersecurity breaches and ransomware attacks, as well as our and our third party vendors’ ability to properly collect, use, manage and secure business, consumer and employee data and maintain continuity of our information technology systems; the effectiveness of our advertising initiatives in defining, launching and communicating brand-relevant customer experiences; the level of our indebtedness, including the risks associated with heightened interest rates on the debt and the potential impact on our ability to operate and expand our business; changes in international, federal or state tax, trade and other laws and regulations, including the potential for increases or changes in duties, tariffs or quotas; the timing of shipments requested by our wholesale customers; fluctuations and volatility in global financial and/or real estate markets; the timing and cost of retail store and food and beverage location openings and remodels, technology implementations and other capital expenditures; the timing, cost and successful implementation of changes to our distribution network; pandemics or other public health crises; expected outcomes of pending or potential litigation and regulatory actions; the increased consumer, employee and regulatory focus on corporate responsibility issues; the regulation or prohibition of goods sourced, or containing raw materials or components, from certain regions and our ability to evidence compliance; access to capital and/or credit markets; factors that could affect our consolidated effective tax rate; the risk of impairment to goodwill and other intangible assets such as the recent impairment charges incurred in our Johnny Was segment; risks related to a shutdown of the US government; and geopolitical risks, including ongoing challenges between the United States and China and those related to the ongoing war in Ukraine, the Israel-Hamas war and the conflict in the Red Sea region. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance.
Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our Annual Report on Form 10-K for Fiscal 2023, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
| Contact: | Brian Smith |
| E-mail: | InvestorRelations@oxfordinc.com |
| Oxford Industries, Inc. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (in thousands, except par amounts) | ||||||||
| (unaudited) | ||||||||
| May 4, | April 29, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 7,657 | $ | 9,712 | ||||
| Receivables, net | 87,918 | 81,483 | ||||||
| Inventories, net | 144,373 | 179,608 | ||||||
| Income tax receivable | 19,437 | 19,442 | ||||||
| Prepaid expenses and other current assets | 38,978 | 37,459 | ||||||
| Total Current Assets | $ | 298,363 | $ | 327,704 | ||||
| Property and equipment, net | 193,702 | 181,601 | ||||||
| Intangible assets, net | 259,147 | 280,785 | ||||||
| Goodwill | 27,185 | 122,056 | ||||||
| Operating lease assets | 319,308 | 245,099 | ||||||
| Other assets, net | 41,183 | 33,637 | ||||||
| Deferred income taxes | 18,088 | 3,348 | ||||||
| Total Assets | $ | 1,156,976 | $ | 1,194,230 | ||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 73,755 | $ | 69,609 | ||||
| Accrued compensation | 19,340 | 24,318 | ||||||
| Current portion of operating lease liabilities | 65,366 | 67,265 | ||||||
| Accrued expenses and other liabilities | 67,124 | 80,854 | ||||||
| Total Current Liabilities | $ | 225,585 | $ | 242,046 | ||||
| Long-term debt | 18,630 | 94,306 | ||||||
| Non-current portion of operating lease liabilities | 296,080 | 223,167 | ||||||
| Other non-current liabilities | 23,806 | 19,561 | ||||||
| Deferred income taxes | — | 7,725 | ||||||
| Shareholders’ Equity | ||||||||
| Common stock, | 15,634 | 15,780 | ||||||
| Additional paid-in capital | 183,126 | 176,030 | ||||||
| Retained earnings | 396,933 | 418,043 | ||||||
| Accumulated other comprehensive loss | (2,818 | ) | (2,428 | ) | ||||
| Total Shareholders’ Equity | $ | 592,875 | $ | 607,425 | ||||
| Total Liabilities and Shareholders’ Equity | $ | 1,156,976 | $ | 1,194,230 | ||||
| Oxford Industries, Inc. | ||||||||
| Consolidated Statements of Operations | ||||||||
| (in thousands, except per share amounts) | ||||||||
| (unaudited) | ||||||||
| First Quarter | ||||||||
| Fiscal 2024 | Fiscal 2023 | |||||||
| Net sales | $ | 398,184 | $ | 420,097 | ||||
| Cost of goods sold | 139,823 | 144,968 | ||||||
| Gross profit | $ | 258,361 | $ | 275,129 | ||||
| SG&A | 213,103 | 203,149 | ||||||
| Royalties and other operating income | 7,193 | 8,321 | ||||||
| Operating income (loss) | $ | 52,451 | $ | 80,301 | ||||
| Interest expense, net | 874 | 2,342 | ||||||
| Earnings before income taxes | $ | 51,577 | $ | 77,959 | ||||
| Income tax expense | 13,204 | 19,421 | ||||||
| Net earnings (loss) | $ | 38,373 | $ | 58,538 | ||||
| Net earnings (loss) per share: | ||||||||
| Basic | $ | 2.46 | $ | 3.75 | ||||
| Diluted | $ | 2.42 | $ | 3.64 | ||||
| Weighted average shares outstanding: | ||||||||
| Basic | 15,597 | 15,629 | ||||||
| Diluted | 15,844 | 16,071 | ||||||
| Dividends declared per share | $ | 0.67 | $ | 0.65 | ||||
| Oxford Industries, Inc. | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| (unaudited) | ||||||||
| First Quarter | ||||||||
| Fiscal 2024 | Fiscal 2023 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net earnings | $ | 38,373 | $ | 58,538 | ||||
| Adjustments to reconcile net earnings to cash flows from operating activities: | ||||||||
| Depreciation | 13,586 | 11,512 | ||||||
| Amortization of intangible assets | 2,955 | 3,660 | ||||||
| Equity compensation expense | 4,051 | 3,259 | ||||||
| Gain on sale of property and equipment | — | (1,756 | ) | |||||
| Amortization and write-off of deferred financing costs | 96 | 272 | ||||||
| Deferred income taxes | 6,059 | 4,657 | ||||||
| Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||||||||
| Receivables, net | (24,571 | ) | (37,542 | ) | ||||
| Inventories, net | 15,151 | 39,987 | ||||||
| Income tax receivable | 112 | (2 | ) | |||||
| Prepaid expenses and other current assets | 4,051 | 634 | ||||||
| Current liabilities | (15,365 | ) | (27,671 | ) | ||||
| Other balance sheet changes | (11,575 | ) | (2,991 | ) | ||||
| Cash provided by operating activities | $ | 32,923 | $ | 52,557 | ||||
| Cash Flows From Investing Activities: | ||||||||
| Acquisitions, net of cash acquired | (240 | ) | (997 | ) | ||||
| Purchases of property and equipment | (11,894 | ) | (16,662 | ) | ||||
| Proceeds from the sale of property, plant and equipment | — | 2,125 | ||||||
| Cash used in investing activities | $ | (12,134 | ) | $ | (15,534 | ) | ||
| Cash Flows From Financing Activities: | ||||||||
| Repayment of revolving credit arrangements | (136,216 | ) | (137,755 | ) | ||||
| Proceeds from revolving credit arrangements | 125,542 | 113,051 | ||||||
| Deferred financing costs paid | — | (1,661 | ) | |||||
| Proceeds from issuance of common stock | 513 | 602 | ||||||
| Cash dividends paid | (10,549 | ) | (10,351 | ) | ||||
| Cash used in financing activities | $ | (20,710 | ) | $ | (36,114 | ) | ||
| Net change in cash and cash equivalents | 79 | 909 | ||||||
| Effect of foreign currency translation on cash and cash equivalents | (26 | ) | (23 | ) | ||||
| Cash and cash equivalents at the beginning of year | 7,604 | 8,826 | ||||||
| Cash and cash equivalents at the end of period | $ | 7,657 | $ | 9,712 | ||||
| Oxford Industries, Inc. | ||||||||||
| Reconciliations of Certain Non-GAAP Financial Information | ||||||||||
| (in millions, except per share amounts) | ||||||||||
| (unaudited) | ||||||||||
| First Quarter | ||||||||||
| AS REPORTED | Fiscal 2024 | Fiscal 2023 | % Change | |||||||
| Tommy Bahama | ||||||||||
| Net sales | $ | 225.6 | $ | 239.4 | (5.8 | )% | ||||
| Gross profit | $ | 148.3 | $ | 158.2 | (6.3 | )% | ||||
| Gross margin | 65.7 % | |||||||||
| Operating income | $ | 42.6 | $ | 55.5 | (23.2 | )% | ||||
| Operating margin | 18.9 % | |||||||||
| Lilly Pulitzer | ||||||||||
| Net sales | $ | 88.4 | $ | 97.5 | (9.3 | )% | ||||
| Gross profit | $ | 59.3 | $ | 68.3 | (13.2 | )% | ||||
| Gross margin | 67.0 % | |||||||||
| Operating income | $ | 15.5 | $ | 24.5 | (36.6 | )% | ||||
| Operating margin | 17.6 % | |||||||||
| Johnny Was | ||||||||||
| Net sales | $ | 51.2 | $ | 49.5 | 3.5 | % | ||||
| Gross profit | $ | 33.2 | $ | 33.6 | (1.0 | )% | ||||
| Gross margin | 64.9 % | |||||||||
| Operating income | $ | 0.3 | $ | 2.5 | (86.6 | )% | ||||
| Operating margin | 0.7 % | |||||||||
| Emerging Brands | ||||||||||
| Net sales | $ | 33.0 | $ | 34.0 | (2.9 | )% | ||||
| Gross profit | $ | 19.5 | $ | 15.6 | 24.9 | % | ||||
| Gross margin | 59.2 % | |||||||||
| Operating income | $ | 3.8 | $ | 3.9 | (2.9 | )% | ||||
| Operating margin | 11.5 % | |||||||||
| Corporate and Other | ||||||||||
| Net sales | $ | (0.1 | ) | $ | (0.3 | ) | NM | |||
| Gross profit | $ | (2.0 | ) | $ | (0.6 | ) | NM | |||
| Operating loss | $ | (9.9 | ) | $ | (6.1 | ) | NM | |||
| Consolidated | ||||||||||
| Net sales | $ | 398.2 | $ | 420.1 | (5.2 | )% | ||||
| Gross profit | $ | 258.4 | $ | 275.1 | (6.1 | )% | ||||
| Gross margin | 64.9 % | |||||||||
| SG&A | $ | 213.1 | $ | 203.1 | 4.9 | % | ||||
| SG&A as % of net sales | 53.5 % | |||||||||
| Operating income | $ | 52.5 | $ | 80.3 | (34.7 | )% | ||||
| Operating margin | 13.2 % | |||||||||
| Earnings before income taxes | $ | 51.6 | $ | 78.0 | (33.8 | )% | ||||
| Net earnings | $ | 38.4 | $ | 58.5 | (34.4 | )% | ||||
| Net earnings per diluted share | $ | 2.42 | $ | 3.64 | (33.5 | )% | ||||
| Weighted average shares outstanding - diluted | 15.8 | 16.1 | (1.4 | )% | ||||||
| First Quarter | ||||||||||
| ADJUSTMENTS | Fiscal 2024 | Fiscal 2023 | % Change | |||||||
| LIFO adjustments(1) | $ | 2.2 | $ | 1.3 | ||||||
| Amortization of Johnny Was intangible assets(2) | $ | 2.7 | $ | 3.5 | ||||||
| Gain on sale of Merida manufactuing facility(3) | $ | 0.0 | $ | (1.8 | ) | |||||
| Impact of income taxes(4) | $ | (1.3 | ) | $ | (0.8 | ) | ||||
| Adjustment to net earnings(5) | $ | 3.7 | $ | 2.2 | ||||||
| AS ADJUSTED | ||||||||||
| Tommy Bahama | ||||||||||
| Net sales | $ | 225.6 | $ | 239.4 | (5.8 | )% | ||||
| Gross profit | $ | 148.3 | $ | 158.2 | (6.3 | )% | ||||
| Gross margin | 65.7 % | |||||||||
| Operating income | $ | 42.6 | $ | 55.5 | (23.2 | )% | ||||
| Operating margin | 18.9 % | |||||||||
| Lilly Pulitzer | ||||||||||
| Net sales | $ | 88.4 | $ | 97.5 | (9.3 | )% | ||||
| Gross profit | $ | 59.3 | $ | 68.3 | (13.2 | )% | ||||
| Gross margin | 67.0 % | |||||||||
| Operating income | $ | 15.5 | $ | 24.5 | (36.6 | )% | ||||
| Operating margin | 17.6 % | |||||||||
| Johnny Was | ||||||||||
| Net sales | $ | 51.2 | $ | 49.5 | 3.5 | % | ||||
| Gross profit | $ | 33.2 | $ | 33.6 | (1.0 | )% | ||||
| Gross margin | 64.9 % | |||||||||
| Operating income | $ | 3.1 | $ | 5.9 | (48.7 | )% | ||||
| Operating margin | 6.0 % | |||||||||
| Emerging Brands | ||||||||||
| Net sales | $ | 33.0 | $ | 34.0 | (2.9 | )% | ||||
| Gross profit | $ | 19.5 | $ | 15.6 | 24.9 | % | ||||
| Gross margin | 59.2 % | |||||||||
| Operating income | $ | 3.8 | $ | 3.9 | (2.9 | )% | ||||
| Operating margin | 11.5 % | |||||||||
| Corporate and Other | ||||||||||
| Net sales | $ | (0.1 | ) | $ | (0.3 | ) | NM | |||
| Gross profit | $ | 0.2 | $ | 0.7 | NM | |||||
| Operating loss | $ | (7.6 | ) | $ | (6.6 | ) | NM | |||
| Consolidated | ||||||||||
| Net sales | $ | 398.2 | $ | 420.1 | (5.2 | )% | ||||
| Gross profit | $ | 260.6 | $ | 276.5 | (5.7 | )% | ||||
| Gross margin | 65.4 % | |||||||||
| SG&A | $ | 210.4 | $ | 199.7 | 5.4 | % | ||||
| SG&A as % of net sales | 52.8 % | |||||||||
| Operating income | $ | 57.4 | $ | 83.3 | (31.1 | )% | ||||
| Operating margin | 14.4 % | |||||||||
| Earnings before income taxes | $ | 56.5 | $ | 81.0 | (30.2 | )% | ||||
| Net earnings | $ | 42.1 | $ | 60.8 | (30.8 | )% | ||||
| Net earnings per diluted share | $ | 2.66 | $ | 3.78 | (29.6 | )% | ||||
| First Quarter | First Quarter | First Quarter | |||||
| Fiscal 2024 | Fiscal 2024 | Fiscal 2023 | |||||
| Actual | Guidance(6) | Actual | |||||
| Net earnings (loss) per diluted share: | |||||||
| GAAP basis | $ | 2.42 | $ | 2.47 - 2.67 | $ | 3.64 | |
| LIFO adjustments(7) | 0.11 | 0.00 | 0.06 | ||||
| Amortization of Johnny Was intangible assets(8) | 0.13 | 0.13 | 0.16 | ||||
| Gain on sale of Merida manufacturing facility(9) | 0.00 | 0.00 | (0.08) | ||||
| As adjusted(5) | $ | 2.66 | $ | 2.60 - 2.80 | $ | 3.78 | |
| Second Quarter | Second Quarter | ||||||
| Fiscal 2024 | Fiscal 2023 | ||||||
| Guidance(10) | Actual | ||||||
| Net earnings per diluted share: | |||||||
| GAAP basis | $ | 2.82 - 3.02 | $ | 3.22 | |||
| LIFO adjustments(7) | 0.00 | 0.07 | |||||
| Amortization of Johnny Was intangible assets(8) | 0.13 | 0.16 | |||||
| As adjusted(5) | $ | 2.95 - 3.15 | $ | 3.45 | |||
| Fiscal 2024 | Fiscal 2023 | ||||||
| Guidance(10) | Actual | ||||||
| Net earnings per diluted share: | |||||||
| GAAP basis | $ | $ | 3.82 | ||||
| Johnny Was impairment charges(11) | 0.00 | 5.21 | |||||
| LIFO adjustments(7) | 0.11 | 0.45 | |||||
| Amortization of Johnny Was intangible assets(8) | 0.50 | 0.65 | |||||
| Gain on sale of Merida manufacturing facility(9) | 0.00 | (0.08) | |||||
| Impairment of investment in unconsolidated entity(12) | 0.00 | 0.12 | |||||
| As adjusted(5) | $ | 8.60 - 9.00 | $ | 10.15 | |||
| (1) LIFO adjustments represents the impact of LIFO accounting adjustments. These adjustments are included in cost of goods sold in Corporate and Other. | ||||||||||||||||
| (2) Amortization of Johnny Was intangible assets represents the amortization related to intangible assets acquired as part of the Johnny Was acquisition. These charges are included in SG&A in Johnny Was. | ||||||||||||||||
| (3) Gain on sale of Merida manufacturing facility represents the gain on sale of Oxford's last owned manufacturing facility, which was located in Merida, Mexico and previously operated by the Lanier Apparel operating group. The gain is included in royalties and other operating income in Corporate and Other in Fiscal 2023. | ||||||||||||||||
| (4) Impact of income taxes represents the estimated tax impact of the above adjustments based on the estimated applicable tax rate on current year earnings. | ||||||||||||||||
| (5) Amounts in columns may not add due to rounding. | ||||||||||||||||
| (6) Guidance as issued on March 28, 2024. | ||||||||||||||||
| (7) LIFO adjustments represents the impact, net of income taxes, on net earnings per share resulting from LIFO accounting adjustments. No estimate for LIFO accounting adjustments is reflected in the guidance for any future periods. | ||||||||||||||||
| (8) Amortization of Johnny Was intangible assets represents the impact, net of income taxes, on net earnings per share resulting from the amortization of intangible assets acquired as part of the Johnny Was acquisition. | ||||||||||||||||
| (9) Fiscal 2023 gain on sale of Merida manufacturing facility represents the gain on sale, net of income taxes, of Oxford's last owned manufacturing facility, which was located in Merida, Mexico. | ||||||||||||||||
| (10) Guidance as issued on June 12, 2024. | ||||||||||||||||
| (11) Johnny Was impairment charges represent the impact of the impairment of the Johnny Was goodwill and intangible asset balances, net of income taxes, on net earnings per share in Fiscal 2023. | ||||||||||||||||
| (12) Impairment of investment in unconsolidated entity represents the impact, net of income taxes, on net earnings per share relating to the impairment of the ownership interest in an unconsolidated entity in Fiscal 2023. | ||||||||||||||||
| Direct to Consumer Location Count | ||||
| End of Q1 | End of Q2 | End of Q3 | End of Q4 | |
| Fiscal 2023 | ||||
| Tommy Bahama | ||||
| Full-price retail store | 103 | 101 | 102 | 102 |
| Retail-food & beverage | 21 | 22 | 21 | 22 |
| Outlet | 33 | 33 | 34 | 34 |
| Total Tommy Bahama | 157 | 156 | 157 | 158 |
| Lilly Pulitzer full-price retail store | 59 | 59 | 61 | 60 |
| Johnny Was | ||||
| Full-price retail store | 65 | 67 | 71 | 72 |
| Outlet | 2 | 2 | 2 | 3 |
| Total Johnny Was | 67 | 69 | 73 | 75 |
| Emerging Brands | ||||
| Southern Tide full-price retail store | 9 | 13 | 15 | 19 |
| TBBC full-price retail store | 3 | 3 | 3 | 3 |
| Total Oxford | 295 | 300 | 309 | 315 |
| Fiscal 2024 | ||||
| Tommy Bahama | ||||
| Full-price retail store | 102 | |||
| Retail-food & beverage | 23 | |||
| Outlet | 35 | |||
| Total Tommy Bahama | 160 | |||
| Lilly Pulitzer full-price retail store | 60 | |||
| Johnny Was | ||||
| Full-price retail store | 75 | |||
| Outlet | 3 | |||
| Total Johnny Was | 78 | |||
| Emerging Brands | ||||
| Southern Tide full-price retail store | 20 | |||
| TBBC full-price retail store | 4 | |||
| Total Oxford | 322 | |||
FAQ
What were Oxford Industries' net sales in Q1 fiscal 2024?
How did OXM's GAAP EPS perform in the first quarter of fiscal 2024?
What is the adjusted EPS for Oxford Industries in Q1 fiscal 2024?
How did the Tommy Bahama segment perform in Q1 fiscal 2024?
What is the fiscal 2024 sales guidance for OXM?
How much did Oxford Industries reduce its debt since Q1 2023?
What was the gross margin for Oxford Industries in Q1 fiscal 2024?
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