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Net sales for Lanier Clothes drops at Oxford
Dec '09
Oxford Industries, Inc. announced financial results for its fiscal 2009 third quarter, which ended October 31, 2009. Consolidated net sales were $200.5 million in the third quarter of fiscal 2009 compared to $244.2 million in the third quarter of fiscal 2008. Diluted net earnings per share were $0.27 compared to $0.31 in the third quarter of fiscal 2008.

During the quarter, the Company recorded a LIFO accounting charge of $1.3 million. Excluding the impact of this charge, adjusted diluted net earnings per share in the third quarter of fiscal 2009 were $0.32 compared to adjusted diluted net earnings per share of $0.37 in the third quarter of fiscal 2008. A table reconciling GAAP net earnings per share to adjusted net earnings per share for the third quarter and first nine months of fiscal 2009 and fiscal 2008 is included at the end of this release.

J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford Industries, Inc., commented, "We continue to be pleased with the positioning and strength of our brands and the way our teams have executed our strategies. Effective risk management, inventory control, and operating discipline allowed each of our operating groups to contribute positive operating results. We are particularly encouraged by the fact that, for the months of September, October and November, we have realized modest same store sales growth in our Tommy Bahama retail stores."

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Oxford Industries Inc

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