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Oxford Industries Inc. (OXM) filed Quarterly Report for the period ended 2011-07-30.
Oxford Industries Inc. has a market cap of $591.4 million; its shares were traded at around $35.82 with a P/E ratio of 18.8 and P/S ratio of 0.9. The dividend yield of Oxford Industries Inc. stocks is 1.5%. Oxford Industries Inc. had an annual average earning growth of 4.1% over the past 10 years.
This is the annual revenues and earnings per share of OXM over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of OXM.
Highlight of Business Operations:
· Improved gross margins, which benefitted from (1) the inclusion of the Lilly Pulitzer operations, (2) the improvement in Tommy Bahama gross margins resulting from higher direct to consumer sales and (3) a more favorable impact of LIFO accounting with $0.2 million of credits in the first half of fiscal 2011 compared to $1.6 million of charges in the first half of fiscal 2010. These improvements were partially offset by the negative impact of approximately $1.0 million of charges to cost of goods sold in Lilly Pulitzer resulting from the write-up of acquired inventory to fair value pursuant to the purchase method of accounting in connection with the sale of acquired inventory during the first half of fiscal 2011. We do not anticipate that there will be any such charges to cost of goods sold in future periods.
· The $8.2 million loss on repurchase of certain of our 113/8% Senior Secured Notes during the first half of fiscal 2011 resulting from our repurchase of $40.0 million in aggregate principal amount of our 113/8% Senior Secured Notes.
In May 2011, we repurchased, in a privately negotiated transaction, $40.0 million in aggregate principal amount of our 113/8% Senior Secured Notes for $46.6 million, plus accrued interest, using cash on hand. The repurchase of the 113/8% Senior Secured Notes and related write-off of approximately $1.6 million of unamortized deferred financing costs and discount resulted in a loss of approximately $8.2 million, which was reflected in our consolidated financial statements for the second quarter of fiscal 2011. After completion of the transaction, $110.0 million aggregate principal amount of our 113/8% Senior Secured Notes remained outstanding.
We acquired the Lilly Pulitzer brand and operations on December 21, 2010. Therefore, our consolidated operating results for the second quarter of fiscal 2010 did not include any operating activities for Lilly Pulitzer. Net sales for Lilly Pulitzer for the second quarter of fiscal 2011 were $24.8 million. By way of comparison, the Lilly Pulitzer brand and operations generated $18.2 million of net sales during the second quarter of fiscal 2010. The $24.8 million of net sales in the second quarter of fiscal 2011 reflects increases in each of the wholesale, retail and e-commerce channels of distribution.
The increase in gross profit was primarily due to higher net sales, as discussed above, and increased gross margins. The increase in gross margins was primarily due to changes in the sales mix for the second quarter of fiscal 2011 compared to the second quarter of fiscal 2010. The changes in sales mix included (1) the inclusion of Lilly Pulitzer operating results and (2) direct to consumer sales, which generally have higher gross margins than wholesale sales, making up a larger proportion of Tommy Bahama sales. Additionally, LIFO accounting had a lesser impact on the second quarter of fiscal 2011 with the second quarter of fiscal 2011 including $0.4 million of charges compared to $1.0 million of charges in the second quarter of fiscal 2010. These positive items were partially offset by lower gross margins in Ben Sherman resulting from product sourcing price increases. Our gross profit may not be directly comparable to those of our competitors, as statement of operations classification of certain expenses may vary by company.
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