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
30
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 23rd Jan 2017

Textile & clothing trade fair Momad Metrópolis begins Feb 3

Spanish textile and clothing trade fair Momad Metrópolis will be held ...

Apparel/Garments | On 23rd Jan 2017

Amazon opening ninth fulfilment centre in Texas

Amazon, the world biggest online retailer is opening its ninth...

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kevin Nelson
TissueGen

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search