Oxford Industries, Inc. announced financial results for its fourth quarter and 2013 fiscal year ended February 1, 2014.
For fiscal 2013, a 52-week year, consolidated net sales rose 7% to $917.1 million from $855.5 million in fiscal 2012, a 53-week year. Adjusted earnings per share rose 8% to $2.81 for the 2013 fiscal year compared to $2.61 in the prior year. For the full year, GAAP earnings per share increased to $2.75 from $1.89 in the prior year.
In the fourth quarter of fiscal 2013, consolidated net sales rose 6% to $250.4 million compared to $236.2 million in the fourteen-week fourth quarter of fiscal 2012. Adjusted earnings per share for the quarter rose 37% to $0.89 compared to $0.65 in the same period last year. Fourth quarter GAAP earnings per share were $0.91 compared to $0.32 in the same period of the prior year. For reference, tables reconciling GAAP to adjusted measures are included at the end of this release.
Thomas C. Chubb III, CEO and President commented, "Fiscal 2013 was a very good year for Oxford. Against a backdrop that included a sluggish economy and a still cautious consumer, we were able to achieve net sales growth of 7%, adjusted operating income growth of 8% and adjusted EPS growth of 8%. This year over year growth was driven primarily by solid performances at Tommy Bahama and Lilly Pulitzer, including strong comparable store sales results fueled by our e-commerce businesses.
“Lanier Clothes also achieved slight growth in net sales and continued to deliver to the bottom line. Ben Sherman took a step backwards in both sales and operating income during fiscal 2013, although there were signs of improvement in the second half of the year."
Mr. Chubb continued, "Looking forward to fiscal 2014, we are excited by the remarkable strength we are seeing at Lilly Pulitzer. This business is off to a fantastic start with an exceptional product offering and outstanding communication with our consumers. As we mentioned in our February 13th press release, Tommy Bahama had an unexpected, weather-related slowdown in traffic beginning in January which has continued into March. Our plans for the first quarter take into account the softness we are seeing, but we remain confident that we have the right product and marketing strategy to take advantage of more normalized traffic patterns."