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Fourth quarter profit jumps sharply at Oxford Industries
30
Mar '11
Oxford Industries Inc announced financial results for its fourth quarter and 2010 fiscal year ended January 29, 2011. Consolidated net sales, which represent sales from continuing operations, were $157.7 million in the fourth quarter compared to $143.4 million in the fourth quarter of fiscal 2009, which ended January 30, 2010.

On an adjusted basis, earnings per diluted share from continuing operations were $0.32 compared to $0.04 in the same period last year. For fiscal 2010, consolidated net sales from continuing operations were $603.9 million compared to $585.3 million in fiscal 2009. On an adjusted basis, earnings per diluted share from continuing operations were $1.26 for the 2010 fiscal year compared to $0.48 in the prior year.

The adjusted EPS reflects LIFO accounting adjustments, purchase accounting charges, a reduction in an estimate for an environmental reserve liability and certain restructuring and other charges. For reference, tables reconciling U.S. GAAP to adjusted measures are included at the end of this release.

On a U.S. GAAP basis, earnings per diluted share from continuing operations were $0.10 in the fourth quarter compared to $0.07 in the same period of the prior year. Net earnings per diluted share in the fourth quarter, which includes discontinued operations and the $2.99 per share gain on the sale of the Oxford Apparel operations, were $3.22 compared to $0.24 in the same period of the prior year.

On a U.S. GAAP basis, the Company reported earnings per diluted share from continuing operations of $0.98 in fiscal 2010 compared to $0.09 in the prior year. Net earnings per diluted share were $4.75 in fiscal 2010 compared to $0.90 in the prior year.

J. Hicks Lanier, Chairman and CEO of Oxford Industries, Inc. commented, "We are very pleased with the improved operating results we achieved in fiscal 2010 and we are even more excited about our outlook for 2011. In the coming year, we expect to deliver strong results with increased revenue, expanding gross margins and improved operating margins, while making significant investments in our lifestyle brands."

Mr. Lanier continued, "During the first eight weeks of fiscal 2011, our direct to consumer results across all brands have been stellar. We believe the strategic moves we made last year have positioned us well for 2011 and beyond. The sale of Oxford Apparel and the addition of Lilly Pulitzer have not only left us with a collection of great aspirational lifestyle brands, but also the balance sheet and financial flexibility to support the sustained growth we expect from these businesses."

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Oxford Industries Inc

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