We expect to see growth in Tommy Bahama - Oxford CEO
30 Mar '10
3 min read
Oxford Industries Inc announced financial results for its fourth quarter and 2009 fiscal year ended January 30, 2010. Consolidated net sales were $190.5 million in the fourth quarter compared to $199.9 million in the fourth quarter of fiscal 2008, which ended January 31, 2009. On an adjusted basis, earnings per diluted share were $0.21 compared to $0.06 in the same period last year. On a U.S. GAAP basis earnings were $0.24 per diluted share in the fourth quarter compared to a loss of $18.19 per diluted share in the same period of the prior year.
Amounts in this press release reflect a change in accounting principle related to inventory valuation and new accounting guidance related to the calculation of weighted average shares outstanding. Both of these changes require retrospective restatement for all periods presented.
For fiscal 2009, consolidated net sales were $800.7 million compared to $947.5 million in fiscal 2008. On an adjusted basis, earnings per diluted share were $1.29 for the 2009 fiscal year compared to $1.41 in the prior year. On a U.S. GAAP basis, the Company reported earnings of $0.90 per diluted share in fiscal 2009 compared to a loss of $17.00 in the prior year.
J. Hicks Lanier, Chairman and CEO of Oxford Industries, Inc. commented, "Through focused risk management and effective operating discipline, we have weathered this turbulent year in a manner that has preserved the integrity of our brands and positioned us well for 2010. We went into 2009 with sales planned at a lower level, and still delivered improved gross margins, significantly reduced expenses, appropriately lower inventory levels and a respectable profit."
Mr. Lanier continued. "In 2010, our primary focus will be on organic growth in our existing lifestyle brands. We expect to see growth in Tommy Bahama driven by improvements in both our retail and wholesale businesses and we will set the stage for future growth primarily through store openings, ongoing development of our e-commerce business and an expanded international roll-out. We are excited by the prospect of renewed growth in Tommy Bahama and expect it to drive an increase in our consolidated operating margins."
The Company noted that inventories at the end of the fiscal year were $77.0 million compared to $119.6 million at January 31, 2009. This net reduction of 36% was planned to mitigate inventory markdown risk and promotional pressure for the Company's operating groups. Liquidity remained strong with no borrowings and $112.7 million of availability at fiscal year end under the Company's U.S. revolving credit facility. Total debt at the end of fiscal 2009 was $146.4 million compared to $199.3 million at January 31, 2009. This reduction of 27% was primarily a result of positive cash flow from operations.
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