Oxford Industries, Inc. (NYSE: OXM) announced today financial results for fourth quarter and full year ended June 2, 2000. Consolidated net sales for the fourth quarter increased 9.4 per cent to a record $246.4 million from $225.3 million last year. Net earnings increased 19.7 per cent to a fourth quarter record of $7.3 million from $6.1 million last year. Diluted earnings per share were also a record for the fourth quarter, increasing 27.0 per cent to $0.94 from $0.74 last year. The current quarter and fiscal year contain an additional week as compared to the same periods in the prior year.

For the full year, Oxford reported consolidated net sales of $839.5 million, down 2.7 per cent from last year's total of $862.4 million. Net earnings declined 11.4 per cent to $23.4 million from $26.4 million last year. Diluted earnings per share decreased 2.9 per cent to $3.02 from $3.11 in the prior year.

``We are pleased by the significant improvement in our operating performance during the fourth quarter,'' remarked J. Hicks Lanier, Chairman and President. ``Sales gains in all four operating groups were led by continuing strength in our womenswear business. Improved profitability during the quarter was driven by the sales gain and improved gross margins.''

``The expiration of the Polo for Boys license which accounted for more than 10 per cent of our sales last year left us with a substantial deficit to overcome at the beginning of this fiscal year. Our goal was to return Oxford Industries to a path of consistent, long-term growth in sales and profitability. To that end, we established a number of important new marketing initiatives this year including Izod Club® Golf, Tommy Hilfiger® Women's Golf, Slates® Tailored Clothing and DKNY® Kids. We expect these and other new initiatives to enable us to continue to build our branded business and to maintain our leadership position in private label merchandise.''

Concluding, Mr. Lanier commented, ``Uncertainties about the economy and consumer spending moderate our near term growth expectations. However, we remain optimistic about continued profitability improvement in the coming fiscal year. We will continue our search for acquisitions and licenses with a focus on high value-added private label and branded opportunities.''

Oxford Industries, Inc. is a diversified international manufacturer and wholesale marketer of branded and private label apparel for men, women and children. With manufacturing and sourcing operations in over 40 countries around the globe, Oxford provides retailers and consumers with a wide variety of apparel products and services to suit their individual needs. Major licensed brands include Tommy Hilfiger®, Nautica®, DKNY Kids®, Geoffrey Beene®, Slates®, Oscar de la Renta®, Izod Club® and Robert Stock®. Oxford's private label customers are found in every major channel of distribution including national chains, specialty catalogs, mass merchandisers, department stores, specialty stores and Internet retailers. The company's stock has traded on the NYSE since 1964 under the symbol OXM.

OXFORD INDUSTRIES, INC.
CONSOLIDATED STATEMENT OF EARNINGS
(UNAUDITED)
Twelve Months Ended
Quarter Ended
$ in thousands except
June 2,
May 28,
June 2,
May 28,
per share amounts
2000
1999
2000
1999
Net Sales
$839,533
$862,435
$246,385
$225,281
Costs and Expenses:
Cost of goods sold
685,841
698,170
199,276
184,699
Selling, general and administrative
112,056
116,284
34,201
29,441
Interest
3,827
4,713
1,184
1,208
Total Costs and Expenses
801,724
819,167
234,661
215,348
Earnings Before Income Taxes
37,809
43,268
11,724
9,933
Income Taxes
14,368
16,875
4,456
3,875
Net Earnings
$ 23,441
$26,393
$7,268
$6,058
Basic Earnings Per Common Share
$ 3.04
$3.15
$0.95
$0.75
Diluted Earnings Per Common Share
$3.02
$3.11
$0.94
$0.74
Basic Number of Shares Outstanding
7,717,888
8,368,899
7,651,115
8,033,250
Diluted Number of Shares Outstanding
7,751,372
8,477,452
7,651,115
8,107,134

 

OXFORD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 2,
May 28,
$ in thousands
2000
1999
ASSETS
Current Assets:
Cash
$8,625
$11,077
Receivables
112,867
114,706
Inventories
153,237
146,928
Prepaid expenses
12,826
13,791
Total Current Assets
287,555
286,502
Property, Plant & Equipment
37,107
37,347
Other Assets
11,904
11,473
$336,566
$335,322
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable
$ 18,500
$ 33,000
Trade accounts payable
68,421
61,397
Accrued compensation
12,026
12,897
Other accrued expenses
22,713
22,429
Dividends payable
1,607
1,694
Income taxes payable
1,148
---
Current maturities of long-term debt
205
351
Total Current Liabilities
124,620
131,768
Long-Term Debt, less current maturities
40,513
40,689
Noncurrent Liabilities
4,500
4,500
Deferred Income Taxes
2,619
4,014
Stockholders' Equity
164,314
154,351
$336,566
$335,322

 

OXFORD INDUSTRIES, INC.
SEGMENT INFORMATION
TWELVE MONTHS AND QUARTER ENDED JUNE 2, 2000 AND MAY 28, 1999
(UNAUDITED)
$ in thousands
Year-to-Date
Fourth Quarter
June 2
May 28
June 2
May 28
2000
1999
2000
1999
Net Sales
Oxford Shirt Group
$240,228
$313,171
$67,359
$66,339
Lanier Clothes
174,805
173,924
45,925
44,403
Oxford Slacks
99,880
100,516
28,338
25,616
Oxford Womenswear
324,352
271,786
104,673
87,569
Corporate and Other
268
3,038
90
1,354
Net Sales
839,533
862,435
246,385
225,281
Earnings Before Interest and Taxes
Oxford Shirt Group
13,313
20,455
4,437
22
Lanier Clothes
11,602
9,128
2,703
1,997
Oxford Slacks
3,931
6,811
278
1,642
Oxford Womenswear
20,830
9,418
8,127
2,596
Corporate and Other
(8,040)
2,169
(2,637)
4,884
Earnings Before Interest and Taxes
41,636
47,981
12,908

11,141