Home / Knowledge / News / Apparel/Garments / We expect to see growth in Tommy Bahama - Oxford CEO
We expect to see growth in Tommy Bahama - Oxford CEO
Mar '10
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.

Click here for more details

Oxford Industries Inc

Must ReadView All

Textiles | On 24th Jul 2017

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small...

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Deepak Jain

We are using Facebook and Instagram to promote ourselves

C Kamatchisundaram

ITME is an occasion not only to receive new leads but also to work on...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Pranav Mishra

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category

Related Categories:

Planning to Take the Leap towards

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search