- Prachi Singh
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In its results statement for the fourth quarter and full year, Oxford
Industries, Inc. said, fourth quarter net sales increased to 298.5
million dollars, including a 2 percent comparable store sales increase. For
the full 2018 fiscal year, net sales increased to 1.107 billion dollars,
including a 4 percent comparable store sales increase.
“Oxford’s fiscal 2018 was solid with a 4 percent comparable sales
increase, gross margin expansion and significant earnings growth. In 2019,
our plan calls for a modest top-line increase with e-commerce growth
outpacing our other channels of distribution. We expect solid increases in
operating income and EPS in fiscal 2019. As has been widely reported,
February was challenging for much of the retail industry, which will soften
our first quarter results a bit,” said Thomas C. Chubb III, the company’s
Chairman and Chief Executive Officer in a statement.
Review of Oxford Industries’ results
Earnings from continuing operations on a GAAP basis were 99 cents per
share compared to 1.41 dollars per share in the fourth quarter of prior
year. Adjusted earnings from continuing operations increased
to 1.08 dollars per share in the fourth quarter from 93 cents per share in
the same quarter of fiscal 2017. Full fiscal year consolidated net sales
increased 2 percent to 1.107 billion dollars, while earnings per share from
continuing operations on a GAAP basis increased by 2 percent
to 3.94 dollars compared to 3.87 dollars in the prior year. Adjusted
earnings from continuing operations increased by 18 percent to 4.32 dollars
per share compared to 3.66 dollars per share in fiscal 2017.
Gross profit in the fourth quarter increased to 164.4 million dollars
compared to 162.1 million dollars in the same period of the prior year,
while gross margin was 55.1 percent compared to 55.3 percent in the fourth
quarter of fiscal 2017 and adjusted gross margin was 55.3 percent compared
to 56.7 percent in the same quarter of fiscal 2017. Gross profit for the
full year was 637.1 million dollars compared to 612.6 million dollars in
the prior year, while gross margin was 57.5 percent compared to 56.4
percent in fiscal 2017 on a GAAP basis and adjusted gross margin was 57.7
percent compared to 57.2 percent in fiscal 2017.
The company’s board of directors has approved a cash dividend
of 37 cents per share payable on May 3, 2019 to shareholders of record as
of the close of business on April 18, 2019. This represents a 9 percent
increase from the dividend paid in the fourth quarter of fiscal 2018.
Picture:Facebook/Tommy Bahama
