Oxford Industries, Inc. (NYSE:OXM) today announced financial
results for its fiscal 2021 third quarter ended October 30, 2021.
Due to the material impact of COVID-19 on the Company’s business in
fiscal 2020, this release includes comparisons of fiscal 2021
results to both fiscal 2019 and fiscal 2020.
Consolidated net sales in the third quarter of
fiscal 2021 were $248 million compared to $175 million and $241
million in the third quarters of fiscal 2020 and fiscal 2019,
respectively, despite significantly lower sales at Lanier Apparel,
which we effectively exited during the third quarter of fiscal
2021. Earnings on a GAAP basis increased to $1.54 per share
compared to a loss of $0.64 per share in the third quarter of
fiscal 2020 and earnings of $0.10 per share in the third quarter of
fiscal 2019. On an adjusted basis, earnings increased to $1.19 per
share compared to a loss of $0.44 per share in the third quarter of
fiscal 2020 and earnings of $0.10 per share in the third quarter of
fiscal 2019. Details on adjustments can be found in the
reconciliation tables at the end of this release.
Thomas C. Chubb III, Chairman and CEO, commented,
“We are delighted to be reporting record net sales and earnings for
the third quarter of fiscal 2021. These outstanding results are
directly attributable to the power of our brand portfolio, the
strength of our product offerings and our ability to connect with
and serve customers across channels, combined with the great work
our teams have done to fortify these foundational cornerstones
during the pandemic. While the current operating environment has
presented challenges including supply chain disruptions and
additional cost pressures, we are managing them adeptly and I am
confident in our ability to continue successfully executing our key
strategies as we move through the fourth quarter and into fiscal
2022. I am pleased to report that holiday selling to date has been
robust and I firmly believe that we will deliver a strong finish to
a fantastic year. I am incredibly grateful to our team and share
their pride in what we have delivered for our customers and our
shareholders.”
Summary of Results
|
Net Sales by Operating Group |
Third Quarter |
|
($ in millions) |
2021 |
2020 |
2019 |
|
Tommy Bahama |
$148.5 |
$94.9 |
$127.0 |
|
Lilly Pulitzer |
72.2 |
53.7 |
71.7 |
|
Southern Tide |
13.2 |
10.0 |
9.1 |
|
Lanier Apparel (exited) |
4.2 |
10.8 |
28.8 |
|
Other |
9.7 |
5.7 |
4.7 |
|
Total Company |
$247.7 |
$175.1 |
$241.2 |
Third Quarter of Fiscal 2021 Compared to
Third Quarter of Fiscal 2019
- Net sales increased 3% to $248 million compared to the third
quarter of fiscal 2019. Excluding Lanier Apparel, where operations
were effectively exited during the third quarter of fiscal 2021,
net sales increased 15% to $243 million compared to the $212
million of net sales in the same period of fiscal 2019.
- Full-price direct to consumer sales grew 40% to $143 million,
with growth in each of our brands compared to the third quarter of
fiscal 2019. Full-price retail sales grew 13% and full-price
e-commerce sales grew 100% compared to the third quarter of fiscal
2019.
- Restaurant sales grew 14% to $20 million compared to the third
quarter of fiscal 2019. The quarter benefited from strong increases
at existing locations as well as the operation of five additional
Marlin Bar locations.
- Off-price sales in our direct to consumer channels, which
include the Lilly Pulitzer e-commerce flash clearance sale and
Tommy Bahama outlet store sales, decreased by $12 million compared
to the third quarter of fiscal 2019. Sales from the Lilly Pulitzer
e-commerce flash clearance sale were $19 million in the third
quarter of fiscal 2021 compared to $31 million in the third quarter
of fiscal 2019. More inventory sold at full price in the spring and
summer resulting in less inventory for the clearance event.
- Wholesale sales were $53 million during the third quarter
of fiscal 2021 compared to $78 million during the third quarter of
fiscal 2019. The decrease was primarily due to $25 million of lower
sales in Lanier Apparel as we finalized the inventory liquidation
in the third quarter of fiscal 2021.
- Gross margin, on both a GAAP and adjusted basis, increased to
62% compared to 55% in the third quarter of fiscal 2019. The gross
margin improvement was fueled by strong full-price sales, a shift
in sales mix towards full-price direct to consumer channels, and
higher initial gross margin, partially offset by higher freight
costs.
- SG&A was $138 million, or 56% of net sales, compared to
$134 million, or 56% of net sales, in the third quarter of fiscal
2019. A non-recurring lease termination charge and increased
advertising expense in the third quarter of fiscal 2021 were
partially offset by decreases in employment costs due to reduced
headcount. On an adjusted basis, SG&A was $131 million, or 53%
of net sales, compared to $134 million, or 56% of net sales, in the
third quarter of fiscal 2019.
- Royalties and other income increased to $16 million compared to
$4 million of royalties and other income in the third quarter of
fiscal 2019. On an adjusted basis, excluding a $12 million gain on
the third quarter fiscal 2021 sale of an interest in an
unconsolidated entity, royalties and other income were $4 million
in the third quarters of both 2021 and 2019.
- Operating income increased to $31 million, or 12% of net sales,
compared to $3 million, or 1% of net sales, in the third quarter of
fiscal 2019. On an adjusted basis, operating income increased to
$27 million, or 11% of net sales, compared to $3 million, or 1% of
net sales, in the third quarter of fiscal 2019 with operating
margin expansion in Tommy Bahama, Lilly Pulitzer and Southern
Tide.
- The effective tax rate expense in the third quarter of fiscal
2021 was 15% compared to an effective tax rate benefit of 25% in
the third quarter of fiscal 2020 and an effective tax rate expense
of 34% in the third quarter of fiscal 2019. The third quarter of
fiscal 2021 included the utilization of previous capital losses to
substantially offset a gain recognized on the sale of an interest
in an unconsolidated entity. On an adjusted basis, the effective
tax rate expense was 24% in the third quarter of fiscal 2021 as
compared to a benefit of 23% in the third quarter of fiscal 2020,
and an effective tax rate expense of 33% in the third quarter of
fiscal 2019.
Balance Sheet and Liquidity
On a FIFO basis, inventory decreased 24% compared
to October 31, 2020. Excluding Lanier Apparel, FIFO inventory
decreased 17% compared to October 31, 2020. As planned, inventory
levels declined year over year with prudent purchases of
seasonal inventory. Higher than expected sales during the first
nine months of fiscal 2021 and ongoing enhancements to enterprise
order management systems also contributed to the decrease. On a
LIFO basis, inventory decreased 39%, or 31% excluding Lanier
Apparel, compared to October 31, 2020.
As of October 30, 2021, the Company had a strong
liquidity position with $188 million of cash and short-term
investments and no borrowings outstanding under its revolving
credit agreement. In the first nine months of fiscal 2021, cash
provided by operating activities was $157 million compared to $23
million in the first nine months of fiscal 2020.
Outlook
The strength of the Company’s direct to consumer
business is expected to continue through the remainder of 2021. For
the fourth quarter, the Company expects net sales to be between
$285 million and $295 million compared to net sales of $221 million
in the fourth quarter of fiscal 2020 and $298 million in the fourth
quarter of fiscal 2019. Lanier Apparel had sales of $9 million and
$20 million during the fourth quarter of fiscal 2020 and 2019,
respectively, with no sales expected during the fourth quarter
of fiscal 2021. The Company expects earnings per share on a GAAP
and adjusted basis in a range of $1.20 to $1.35 in the fourth
quarter of fiscal 2021. This compares with a loss of $0.74 per
share on a GAAP basis and an adjusted earnings per share of $0.13
in the fourth quarter of fiscal 2020, and earnings of $0.90 per
share on a GAAP basis and an adjusted earnings per share of $1.09
in the fourth quarter of fiscal 2019.
For the full fiscal year, the Company now expects
net sales in a range of $1.127 billion to $1.137 billion as
compared to net sales of $749 million in fiscal 2020 and $1.123
billion in fiscal 2019. Lanier Apparel is expected to have
sales of $25 million for fiscal 2021 and had sales of $39 million
and $95 million during fiscal 2020 and 2019, respectively. In
fiscal 2021, GAAP earnings per share are expected to be between
$7.49 and $7.64. Adjusted earnings per share are expected to be
between $7.52 and $7.67. This compares to a loss on a GAAP basis of
$5.77 per share and an adjusted loss of $1.81 per share in fiscal
2020, and earnings of $4.05 per share on a GAAP basis and $4.32 per
share on an adjusted basis in fiscal 2019.
The Company’s effective tax rate for the full year
fiscal 2021 is expected to be approximately 22%.
Capital expenditures in fiscal 2021, including $25
million in the first nine months of fiscal 2021, are expected to be
between $35 million and $40 million, primarily reflecting
investments in information technology initiatives, new Marlin Bars,
and retail stores. Capital expenditures were $29 million in fiscal
2020 and $37 million in fiscal 2019.
Dividend and Share Repurchase
Authorization
The Company announced that its Board of Directors
has approved a cash dividend of $0.42 per share payable on January
28, 2022 to shareholders of record as of the close of business on
January 14, 2022. The Company has paid dividends every quarter
since it became publicly owned in 1960.
In assessing the Company’s capital allocation
plan, the Company’s Board of Directors has increased its share
repurchase authorization to $150 million.
Conference Call
The Company will hold a conference call with
senior management to discuss its financial results at 4:30 p.m. ET
today. A live web cast of the conference call will be available on
the Company’s website at www.oxfordinc.com. A replay of the call
will be available through December 22, 2021 by dialing (412) 317-
6671 access code 13724975.
About Oxford
Oxford Industries, Inc., a leader in the apparel
industry, owns and markets the distinctive Tommy Bahama®, Lilly
Pulitzer®, Southern Tide®, The Beaufort Bonnet Company®, and Duck
Head® brands. Oxford's stock has traded on the New York Stock
Exchange since 1964 under the symbol OXM. For more information,
please visit Oxford's website at www.oxfordinc.com.
Basis of Presentation
All per share information is presented on a
diluted basis.
Non-GAAP Financial
Information
The Company reports its consolidated financial
statements in accordance with generally accepted accounting
principles (GAAP). To supplement these consolidated financial
results, management believes that a presentation and discussion of
certain financial measures on an adjusted basis, which exclude
certain non-operating or discrete gains, charges or other items,
may provide a more meaningful basis on which investors may compare
the Company’s ongoing results of operations between periods.
These measures include adjusted earnings, adjusted earnings
per share, adjusted gross profit, adjusted gross margin, adjusted
SG&A, and adjusted operating income, among others.
Management uses these non-GAAP financial measures
in making financial, operational, and planning decisions to
evaluate the Company’s ongoing performance. Management also uses
these adjusted financial measures to discuss its business with
investment and other financial institutions, its board of directors
and others. Reconciliations of these adjusted measures to the
most directly comparable financial measures calculated in
accordance with GAAP are presented in tables included at the end of
this release.
Safe Harbor
This press release includes statements that
constitute forward-looking statements within the meaning of the
federal securities laws. Generally, the words "believe," "expect,"
"intend," "estimate," "anticipate," "project," "will" and similar
expressions identify forward-looking statements, which typically
are not historical in nature. We intend for all forward-looking
statements contained herein, in our press releases or on our
website, and all subsequent written and oral forward-looking
statements attributable to us or persons acting on our behalf, to
be covered by the safe harbor provisions for forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 and the provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 (which Sections were adopted as part of the
Private Securities Litigation Reform Act of 1995). Such statements
are subject to a number of risks, uncertainties and assumptions
including, without limitation, the impact of the coronavirus
(COVID-19) pandemic on our business, operations and financial
results, including due to uncertainties about scope and duration,
future store closures or other restrictions (including reduced
hours and capacity and/or operating requirements) due to government
and health department mandates and/or recommendations, the
effectiveness of store and restaurant re-openings (including
impacts on consumer traffic) and supply chain disruptions, any or
all of which may also affect many of the following risks; demand
for our products, which may be impacted by competitive conditions
and/or evolving consumer shopping patterns; macroeconomic factors
that may impact consumer discretionary spending for apparel and
related products; supply chain disruptions, including the potential
lack of inventory to support demand for our products, which may be
impacted by capacity constraints, closed factories, and cost and
availability of freight deliveries; costs and availability of
labor; costs of products as well as the raw materials used in those
products; expected pricing levels; the timing of shipments
requested by our wholesale customers; expected outcomes of pending
or potential litigation and regulatory actions; cybersecurity
breaches; changes in international, federal or state tax, trade and
other laws and regulations, including the potential increase in the
U.S. corporate federal income tax rate and/or imposition of
additional duties; the ability of business partners, including
suppliers, vendors, licensees and landlords, to meet their
obligations to us and/or continue our business relationship to the
same degree in light of current or future financial stress,
staffing shortages, liquidity challenges and/or bankruptcy filings;
weather; fluctuations and volatility in global financial markets;
retention of and disciplined execution by key management; the
timing and cost of store and restaurant openings and remodels,
technology implementations and other capital expenditures;
acquisition and disposition activities, including our ability to
timely recognize expected synergies from acquisitions; the impact
of any restructuring initiatives we may undertake; access to
capital and/or credit markets; changes in accounting standards and
related guidance; and factors that could affect our consolidated
effective tax rate. Forward-looking statements reflect our
expectations at the time such forward-looking statements are made,
based on information available at such time, and are not guarantees
of performance. Although we believe that the expectations reflected
in such forward-looking statements are reasonable, these
expectations could prove inaccurate as such statements involve
risks and uncertainties, many of which are beyond our ability to
control or predict. Should one or more of these risks or
uncertainties, or other risks or uncertainties not currently known
to us or that we currently deem to be immaterial, materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those anticipated, estimated or projected.
Important factors relating to these risks and uncertainties
include, but are not limited to, those described in Part I. Item
1A. Risk Factors contained in our Annual Report on Form 10-K for
Fiscal 2020, and those described from time to time in our future
reports filed with the SEC. We caution that one should not place
undue reliance on forward-looking statements, which speak only as
of the date on which they are made. We disclaim any intention,
obligation or duty to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Contact: Anne M.
Shoemaker
E-mail: InvestorRelations@oxfordinc.com
|
|
Oxford
Industries, Inc. |
Consolidated
Balance Sheets |
(in
thousands, except par amounts) |
(unaudited) |
|
|
October 30, |
|
October 31, |
|
|
2021 |
|
2020 |
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
37,976 |
|
|
$ |
53,071 |
|
Short-term
investments |
|
|
150,036 |
|
|
|
— |
|
Receivables,
net |
|
|
46,266 |
|
|
|
38,726 |
|
Inventories,
net |
|
|
90,981 |
|
|
|
148,740 |
|
Income tax
receivable |
|
|
18,085 |
|
|
|
787 |
|
Prepaid
expenses and other current assets |
|
|
23,609 |
|
|
|
21,139 |
|
Total Current Assets |
|
$ |
366,953 |
|
|
$ |
262,463 |
|
Property and
equipment, net |
|
|
156,672 |
|
|
|
178,029 |
|
Intangible
assets, net |
|
|
155,527 |
|
|
|
156,464 |
|
Goodwill |
|
|
23,909 |
|
|
|
23,857 |
|
Operating
lease assets |
|
|
200,508 |
|
|
|
238,259 |
|
Other
assets, net |
|
|
29,234 |
|
|
|
42,945 |
|
Total Assets |
|
$ |
932,803 |
|
|
$ |
902,017 |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
Accounts
payable |
|
$ |
64,709 |
|
|
$ |
52,177 |
|
Accrued
compensation |
|
|
32,744 |
|
|
|
17,947 |
|
Current
portion of operating lease liabilities |
|
|
58,287 |
|
|
|
62,839 |
|
Accrued
expenses and other liabilities |
|
|
51,432 |
|
|
|
43,426 |
|
Total Current Liabilities |
|
$ |
207,172 |
|
|
$ |
176,389 |
|
Long-term
debt |
|
|
— |
|
|
|
34,802 |
|
Non-current
portion of operating lease liabilities |
|
|
206,484 |
|
|
|
244,970 |
|
Other
non-current liabilities |
|
|
21,779 |
|
|
|
18,394 |
|
Deferred
income taxes |
|
|
1,899 |
|
|
|
8,516 |
|
Shareholders’ Equity |
|
|
|
|
|
|
Common
stock, $1.00 par value per share |
|
|
16,891 |
|
|
|
16,884 |
|
Additional
paid-in capital |
|
|
160,421 |
|
|
|
154,103 |
|
Retained
earnings |
|
|
321,238 |
|
|
|
252,392 |
|
Accumulated
other comprehensive loss |
|
|
(3,081 |
) |
|
|
(4,433 |
) |
Total Shareholders’ Equity |
|
$ |
495,469 |
|
|
$ |
418,946 |
|
Total Liabilities and Shareholders’ Equity |
|
$ |
932,803 |
|
|
$ |
902,017 |
|
|
|
|
|
|
|
|
|
|
Oxford Industries, Inc. |
Consolidated Statements of Operations |
(in thousands, except per share amounts) |
(unaudited) |
|
|
Third Quarter |
|
First Nine Months |
|
|
Fiscal 2021 |
|
Fiscal 2020 |
|
|
Fiscal 2019 |
|
Fiscal 2021 |
|
Fiscal 2020 |
|
Fiscal 2019 |
Net sales |
|
$ |
247,729 |
|
$ |
175,135 |
|
|
$ |
241,221 |
|
$ |
842,163 |
|
$ |
527,466 |
|
|
$ |
825,194 |
Cost of goods sold |
|
|
95,191 |
|
|
78,866 |
|
|
|
108,241 |
|
|
313,414 |
|
|
232,386 |
|
|
|
346,620 |
Gross profit |
|
$ |
152,538 |
|
$ |
96,269 |
|
|
$ |
132,980 |
|
$ |
528,749 |
|
$ |
295,080 |
|
|
$ |
478,574 |
SG&A |
|
|
137,505 |
|
|
113,537 |
|
|
|
134,231 |
|
|
420,997 |
|
|
352,201 |
|
|
|
417,448 |
Impairment of goodwill and intangible assets |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
60,452 |
|
|
|
— |
Royalties and other operating income |
|
|
15,574 |
|
|
3,550 |
|
|
|
3,845 |
|
|
25,744 |
|
|
10,349 |
|
|
|
11,469 |
Operating income (loss) |
|
$ |
30,607 |
|
$ |
(13,718 |
) |
|
$ |
2,594 |
|
$ |
133,496 |
|
$ |
(107,224 |
) |
|
$ |
72,595 |
Interest expense, net |
|
|
222 |
|
|
339 |
|
|
|
81 |
|
|
685 |
|
|
1,673 |
|
|
|
1,171 |
Earnings (loss) before income taxes |
|
$ |
30,385 |
|
$ |
(14,057 |
) |
|
$ |
2,513 |
|
$ |
132,811 |
|
$ |
(108,897 |
) |
|
$ |
71,424 |
Income tax provision (benefit) |
|
|
4,400 |
|
|
(3,453 |
) |
|
|
845 |
|
|
26,898 |
|
|
(25,422 |
) |
|
|
18,263 |
Net earnings (loss) |
|
$ |
25,985 |
|
$ |
(10,604 |
) |
|
$ |
1,668 |
|
$ |
105,913 |
|
$ |
(83,475 |
) |
|
$ |
53,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.56 |
|
$ |
(0.64 |
) |
|
$ |
0.10 |
|
$ |
6.37 |
|
$ |
(5.04 |
) |
|
$ |
3.17 |
Diluted |
|
$ |
1.54 |
|
$ |
(0.64 |
) |
|
$ |
0.10 |
|
$ |
6.29 |
|
$ |
(5.04 |
) |
|
$ |
3.15 |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
16,649 |
|
|
16,568 |
|
|
|
16,773 |
|
|
16,627 |
|
|
16,576 |
|
|
|
16,748 |
Diluted |
|
|
16,872 |
|
|
16,568 |
|
|
|
16,934 |
|
|
16,841 |
|
|
16,576 |
|
|
|
16,896 |
Dividends declared per share |
|
$ |
0.42 |
|
$ |
0.25 |
|
|
$ |
0.37 |
|
$ |
1.21 |
|
$ |
0.75 |
|
|
$ |
1.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oxford Industries, Inc. |
Consolidated Statements of Cash Flows |
(in thousands) |
(unaudited) |
|
|
First Nine Months |
|
|
Fiscal 2021 |
|
Fiscal 2020 |
Cash Flows From Operating Activities: |
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
105,913 |
|
|
$ |
(83,475 |
) |
Adjustments to reconcile net earnings (loss) to cash flows from
operating activities: |
|
|
|
|
|
|
Depreciation |
|
|
28,592 |
|
|
|
33,389 |
|
Amortization of intangible assets |
|
|
660 |
|
|
|
834 |
|
Impairment of goodwill and intangible assets |
|
|
— |
|
|
|
60,452 |
|
Equity compensation expense |
|
|
5,854 |
|
|
|
5,626 |
|
Gain on sale of investment in unconsolidated entity |
|
|
(11,586 |
) |
|
|
— |
|
Amortization of deferred financing costs |
|
|
258 |
|
|
|
258 |
|
Change in fair value of contingent consideration |
|
|
786 |
|
|
|
— |
|
Deferred income taxes |
|
|
3,115 |
|
|
|
(8,024 |
) |
Changes in operating assets and liabilities, net of acquisitions
and dispositions: |
|
|
|
|
|
|
Receivables, net |
|
|
(14,341 |
) |
|
|
19,662 |
|
Inventories, net |
|
|
32,544 |
|
|
|
3,716 |
|
Income tax receivable |
|
|
(109 |
) |
|
|
75 |
|
Prepaid expenses and other current assets |
|
|
(3,238 |
) |
|
|
4,275 |
|
Current liabilities |
|
|
10,361 |
|
|
|
(747 |
) |
Other balance sheet changes |
|
|
(1,724 |
) |
|
|
(13,364 |
) |
Cash provided by operating activities |
|
$ |
157,085 |
|
|
$ |
22,677 |
|
Cash Flows From Investing activities |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(25,132 |
) |
|
|
(21,916 |
) |
Purchases of short-term investments |
|
|
(150,000 |
) |
|
|
— |
|
Proceeds from sale of investment in unconsolidated entity |
|
|
14,586 |
|
|
|
— |
|
Other investing activities |
|
|
(2,000 |
) |
|
|
(3,000 |
) |
Cash used in investing activities |
|
$ |
(162,546 |
) |
|
$ |
(24,916 |
) |
Cash Flows From Financing Activities: |
|
|
|
|
|
|
Repayment of revolving credit arrangements |
|
|
— |
|
|
|
(222,896 |
) |
Proceeds from revolving credit arrangements |
|
|
— |
|
|
|
257,698 |
|
Repurchase of common stock |
|
|
— |
|
|
|
(18,053 |
) |
Proceeds from issuance of common stock |
|
|
1,044 |
|
|
|
1,097 |
|
Repurchase of equity awards for employee tax withholding
liabilities |
|
|
(2,983 |
) |
|
|
(1,870 |
) |
Cash dividends paid |
|
|
(20,447 |
) |
|
|
(12,706 |
) |
Other financing activities |
|
|
(749 |
) |
|
|
(459 |
) |
Cash (used in) provided by financing
activities |
|
$ |
(23,135 |
) |
|
$ |
2,811 |
|
Net change in cash and cash equivalents |
|
|
(28,596 |
) |
|
|
572 |
|
Effect of foreign currency translation on cash and cash
equivalents |
|
|
559 |
|
|
|
39 |
|
Cash and cash equivalents at the beginning of year |
|
|
66,013 |
|
|
|
52,460 |
|
Cash and cash equivalents at the end of
period |
|
$ |
37,976 |
|
|
$ |
53,071 |
|
|
|
|
|
|
|
|
|
|
Oxford Industries, Inc. |
Reconciliations of Certain Non-GAAP Financial
Information |
(in millions, except per share amounts) |
(unaudited) |
|
|
Third Quarter |
|
First Nine Months |
AS REPORTED |
|
Fiscal 2021 |
|
Fiscal 2020 |
% Change |
|
Fiscal 2019 |
% Change |
|
Fiscal 2021 |
|
Fiscal 2020 |
% Change |
|
Fiscal 2019 |
% Change |
Tommy Bahama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
148.5 |
|
|
$ |
94.9 |
|
56.4 |
% |
|
$ |
127.0 |
|
16.9 |
% |
|
$ |
514.0 |
|
|
$ |
277.1 |
|
85.5 |
% |
|
$ |
480.6 |
|
6.9 |
% |
Gross profit |
|
$ |
91.8 |
|
|
$ |
56.4 |
|
62.6 |
% |
|
$ |
76.5 |
|
20.0 |
% |
|
$ |
326.7 |
|
|
$ |
161.7 |
|
102.0 |
% |
|
$ |
294.5 |
|
10.9 |
% |
Gross margin |
|
|
61.8 |
% |
|
|
59.5 |
% |
|
|
|
60.2 |
% |
|
|
|
63.6 |
% |
|
|
58.3 |
% |
|
|
|
61.3 |
% |
|
Operating income (loss) |
|
$ |
5.5 |
|
|
$ |
(7.2 |
) |
NM |
|
|
$ |
(7.8 |
) |
NM |
|
|
$ |
73.5 |
|
|
$ |
(43.3 |
) |
NM |
|
|
$ |
30.7 |
|
139.7 |
% |
Operating margin |
|
|
3.7 |
% |
|
|
(7.6 |
)% |
|
|
|
(6.1 |
)% |
|
|
|
14.3 |
% |
|
|
(15.6 |
)% |
|
|
|
6.4 |
% |
|
Lilly Pulitzer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
72.2 |
|
|
$ |
53.7 |
|
34.3 |
% |
|
$ |
71.7 |
|
0.7 |
% |
|
$ |
233.1 |
|
|
$ |
176.7 |
|
31.9 |
% |
|
$ |
219.8 |
|
6.0 |
% |
Gross profit |
|
$ |
48.7 |
|
|
$ |
32.8 |
|
48.2 |
% |
|
$ |
41.0 |
|
18.8 |
% |
|
$ |
161.7 |
|
|
$ |
108.6 |
|
48.9 |
% |
|
$ |
138.3 |
|
17.0 |
% |
Gross margin |
|
|
67.4 |
% |
|
|
61.1 |
% |
|
|
|
57.2 |
% |
|
|
|
69.4 |
% |
|
|
61.4 |
% |
|
|
|
62.9 |
% |
|
Operating income |
|
$ |
16.0 |
|
|
$ |
5.3 |
|
203.6 |
% |
|
$ |
11.0 |
|
45.5 |
% |
|
$ |
61.7 |
|
|
$ |
25.7 |
|
140.4 |
% |
|
$ |
46.7 |
|
32.2 |
% |
Operating margin |
|
|
22.2 |
% |
|
|
9.8 |
% |
|
|
|
15.3 |
% |
|
|
|
26.5 |
% |
|
|
14.5 |
% |
|
|
|
21.2 |
% |
|
Southern Tide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
13.2 |
|
|
$ |
10.0 |
|
31.2 |
% |
|
$ |
9.1 |
|
44.5 |
% |
|
$ |
43.2 |
|
|
$ |
27.1 |
|
59.2 |
% |
|
$ |
35.7 |
|
21.0 |
% |
Gross profit |
|
$ |
7.0 |
|
|
$ |
3.4 |
|
105.6 |
% |
|
$ |
4.4 |
|
60.0 |
% |
|
$ |
23.5 |
|
|
$ |
7.9 |
|
196.1 |
% |
|
$ |
17.7 |
|
32.8 |
% |
Gross margin |
|
|
53.5 |
% |
|
|
34.1 |
% |
|
|
|
48.3 |
% |
|
|
|
54.4 |
% |
|
|
29.2 |
% |
|
|
|
49.5 |
% |
|
Operating income (loss) |
|
$ |
2.7 |
|
|
$ |
(0.5 |
) |
NM |
|
|
$ |
0.5 |
|
NM |
|
|
$ |
8.9 |
|
|
$ |
(64.8 |
) |
NM |
|
|
$ |
4.9 |
|
82.4 |
% |
Operating margin |
|
|
20.5 |
% |
|
|
(4.6 |
)% |
|
|
|
5.8 |
% |
|
|
|
20.6 |
% |
|
|
(238.8 |
)% |
|
|
|
13.7 |
% |
|
Lanier Apparel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
4.2 |
|
|
$ |
10.8 |
|
(60.9 |
)% |
|
$ |
28.8 |
|
(85.3 |
)% |
|
$ |
24.7 |
|
|
$ |
30.0 |
|
(17.5 |
)% |
|
$ |
75.4 |
|
(67.2 |
)% |
Gross profit |
|
$ |
2.2 |
|
|
$ |
(5.0 |
) |
NM |
|
|
$ |
8.2 |
|
(73.3 |
)% |
|
$ |
12.3 |
|
|
$ |
(0.6 |
) |
NM |
|
|
$ |
21.2 |
|
(42.3 |
)% |
Gross margin |
|
|
51.9 |
% |
|
|
(46.0 |
)% |
|
|
|
|
28.6 |
% |
|
|
|
49.5 |
% |
|
|
(1.9 |
)% |
|
|
|
|
28.2 |
% |
|
Operating income (loss) |
|
$ |
0.3 |
|
|
$ |
(12.5 |
) |
NM |
|
|
$ |
2.0 |
|
NM |
|
|
$ |
2.1 |
|
|
$ |
(21.3 |
) |
NM |
|
|
$ |
3.7 |
|
(45.1 |
)% |
Operating margin |
|
|
8.2 |
% |
|
|
(115.6 |
)% |
|
|
|
6.9 |
% |
|
|
|
8.3 |
% |
|
|
(70.9 |
)% |
|
|
|
5.0 |
% |
|
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
9.7 |
|
|
$ |
5.7 |
|
71.3 |
% |
|
$ |
4.7 |
|
108.0 |
% |
|
$ |
27.2 |
|
|
$ |
16.5 |
|
64.8 |
% |
|
$ |
13.7 |
|
98.6 |
% |
Gross profit |
|
$ |
2.9 |
|
|
$ |
8.6 |
|
NM |
|
|
$ |
3.0 |
|
NM |
|
|
$ |
4.6 |
|
|
$ |
17.4 |
|
NM |
|
|
$ |
6.9 |
|
NM |
|
Operating income (loss) |
|
$ |
6.1 |
|
|
$ |
1.2 |
|
NM |
|
|
$ |
(3.2 |
) |
NM |
|
|
$ |
(12.7 |
) |
|
$ |
(3.5 |
) |
NM |
|
|
$ |
(13.4 |
) |
NM |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
247.7 |
|
|
$ |
175.1 |
|
41.5 |
% |
|
$ |
241.2 |
|
2.7 |
% |
|
$ |
842.2 |
|
|
$ |
527.5 |
|
59.7 |
% |
|
$ |
825.2 |
|
2.1 |
% |
Gross profit |
|
$ |
152.5 |
|
|
$ |
96.3 |
|
58.4 |
% |
|
$ |
133.0 |
|
14.7 |
% |
|
$ |
528.7 |
|
|
$ |
295.1 |
|
79.2 |
% |
|
$ |
478.6 |
|
10.5 |
% |
Gross margin |
|
|
61.6 |
% |
|
|
55.0 |
% |
|
|
|
55.1 |
% |
|
|
|
62.8 |
% |
|
|
55.9 |
% |
|
|
|
58.0 |
% |
|
SG&A |
|
$ |
137.5 |
|
|
$ |
113.5 |
|
21.1 |
% |
|
$ |
134.2 |
|
2.4 |
% |
|
$ |
421.0 |
|
|
$ |
352.2 |
|
19.5 |
% |
|
$ |
417.4 |
|
0.9 |
% |
SG&A as % of net sales |
|
|
55.5 |
% |
|
|
64.8 |
% |
|
|
|
55.6 |
% |
|
|
|
50.0 |
% |
|
|
66.8 |
% |
|
|
|
50.6 |
% |
|
Operating income (loss) |
|
$ |
30.6 |
|
|
$ |
(13.7 |
) |
NM |
|
|
$ |
2.6 |
|
NM |
|
|
$ |
133.5 |
|
|
$ |
(107.2 |
) |
NM |
|
|
$ |
72.6 |
|
83.9 |
% |
Operating margin |
|
|
12.4 |
% |
|
|
(7.8 |
)% |
|
|
|
|
1.1 |
% |
|
|
|
|
15.9 |
% |
|
|
(20.3 |
)% |
|
|
|
|
8.8 |
% |
|
Earnings (loss) before income taxes |
|
$ |
30.4 |
|
|
$ |
(14.1 |
) |
NM |
|
|
$ |
2.5 |
|
NM |
|
|
$ |
132.8 |
|
|
$ |
(108.9 |
) |
NM |
|
|
$ |
71.4 |
|
85.9 |
% |
Net earnings (loss) |
|
$ |
26.0 |
|
|
$ |
(10.6 |
) |
NM |
|
|
$ |
1.7 |
|
NM |
|
|
$ |
105.9 |
|
|
$ |
(83.5 |
) |
NM |
|
|
$ |
53.2 |
|
99.2 |
% |
Net earnings (loss) per diluted share |
|
$ |
1.54 |
|
|
$ |
(0.64 |
) |
NM |
|
|
$ |
0.1 |
|
NM |
|
|
$ |
6.29 |
|
|
$ |
(5.04 |
) |
NM |
|
|
$ |
3.15 |
|
99.7 |
% |
Weighted average shares outstanding - diluted |
|
|
16.9 |
|
|
|
16.6 |
|
1.8 |
% |
|
|
16.9 |
|
(0.4 |
)% |
|
|
16.8 |
|
|
|
16.6 |
|
1.6 |
% |
|
|
16.9 |
|
(0.3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
First Nine Months |
ADJUSTMENTS |
|
Fiscal 2021 |
|
Fiscal 2020 |
% Change |
|
Fiscal 2019 |
% Change |
|
Fiscal 2021 |
|
Fiscal 2020 |
% Change |
|
Fiscal 2019 |
% Change |
LIFO
adjustments(1) |
|
$ |
2.2 |
|
|
$ |
(5.6 |
) |
|
|
$ |
(0.0 |
) |
|
|
$ |
9.6 |
|
|
$ |
(9.3 |
) |
|
|
$ |
0.8 |
|
|
Lanier
Apparel exit charges in cost of goods sold(2) |
|
$ |
(0.7 |
) |
|
$ |
6.4 |
|
|
|
$ |
0.0 |
|
|
|
$ |
(2.8 |
) |
|
$ |
6.4 |
|
|
|
$ |
0.0 |
|
|
Tommy Bahama
Japan SG&A charges(3) |
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
|
$ |
0.6 |
|
|
Tommy Bahama
lease termination charges (4) |
|
$ |
4.9 |
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
|
$ |
4.9 |
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
Amortization
of Lilly Pulitzer Signature Store intangible assets(5) |
|
$ |
0.0 |
|
|
$ |
0.1 |
|
|
|
$ |
0.1 |
|
|
|
$ |
0.0 |
|
|
$ |
0.2 |
|
|
|
$ |
0.2 |
|
|
Amortization
of Southern Tide intangible assets(6) |
|
$ |
0.1 |
|
|
$ |
0.1 |
|
|
|
$ |
0.1 |
|
|
|
$ |
0.2 |
|
|
$ |
0.2 |
|
|
|
$ |
0.2 |
|
|
Southern
Tide impairment charges(7) |
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
$ |
60.2 |
|
|
|
$ |
0.0 |
|
|
Lanier
Apparel intangible asset impairment charges(8) |
|
$ |
0.0 |
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
$ |
0.2 |
|
|
|
$ |
0.0 |
|
|
Lanier
Apparel exit charges in SG&A(9) |
|
$ |
0.6 |
|
|
$ |
3.7 |
|
|
|
$ |
0.0 |
|
|
|
$ |
3.8 |
|
|
$ |
3.7 |
|
|
|
$ |
0.0 |
|
|
Gain on sale
of investment in unconsolidated entity(10) |
|
$ |
(11.6 |
) |
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
|
$ |
(11.6 |
) |
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
TBBC change
in fair value of contingent consideration(11) |
|
$ |
0.8 |
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
|
$ |
0.8 |
|
|
$ |
0.0 |
|
|
|
$ |
0.0 |
|
|
Impact of
income taxes(12) |
|
$ |
(2.1 |
) |
|
$ |
(1.3 |
) |
|
|
$ |
(0.0 |
) |
|
|
$ |
(4.4 |
) |
|
$ |
(10.4 |
) |
|
|
$ |
(0.4 |
) |
|
Adjustment to net earnings(13) |
|
$ |
(5.9 |
) |
|
$ |
3.3 |
|
|
|
$ |
0.1 |
|
|
|
$ |
0.5 |
|
|
$ |
51.3 |
|
|
|
$ |
1.5 |
|
|
AS
ADJUSTED |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tommy Bahama |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
148.5 |
|
|
$ |
94.9 |
|
56.4 |
% |
|
$ |
127.0 |
|
16.9 |
% |
|
$ |
514.0 |
|
|
$ |
277.1 |
|
85.5 |
% |
|
$ |
480.6 |
|
6.9 |
% |
Gross profit |
|
$ |
91.8 |
|
|
$ |
56.4 |
|
62.6 |
% |
|
$ |
76.5 |
|
20.0 |
% |
|
$ |
326.7 |
|
|
$ |
161.7 |
|
102.0 |
% |
|
$ |
294.5 |
|
10.9 |
% |
Gross margin |
|
|
61.8 |
% |
|
|
59.5 |
% |
|
|
|
60.2 |
% |
|
|
|
63.6 |
% |
|
|
58.3 |
% |
|
|
|
61.3 |
% |
|
Operating income (loss) |
|
$ |
10.4 |
|
|
$ |
(7.2 |
) |
NM |
|
|
$ |
(7.8 |
) |
NM |
|
|
$ |
78.4 |
|
|
$ |
(43.3 |
) |
NM |
|
|
$ |
31.3 |
|
150.7 |
% |
Operating margin |
|
|
7.0 |
% |
|
|
(7.6 |
)% |
|
|
|
(6.1 |
)% |
|
|
|
15.2 |
% |
|
|
(15.6 |
)% |
|
|
|
6.5 |
% |
|
Lilly Pulitzer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
72.2 |
|
|
$ |
53.7 |
|
34.3 |
% |
|
$ |
71.7 |
|
0.7 |
% |
|
$ |
233.1 |
|
|
$ |
176.7 |
|
31.9 |
% |
|
$ |
219.8 |
|
6.0 |
% |
Gross profit |
|
$ |
48.7 |
|
|
$ |
32.8 |
|
48.2 |
% |
|
$ |
41.0 |
|
18.8 |
% |
|
$ |
161.7 |
|
|
$ |
108.6 |
|
48.9 |
% |
|
$ |
138.3 |
|
17.0 |
% |
Gross margin |
|
|
67.4 |
% |
|
|
61.1 |
% |
|
|
|
57.2 |
% |
|
|
|
69.4 |
% |
|
|
61.4 |
% |
|
|
|
62.9 |
% |
|
Operating income |
|
$ |
16.0 |
|
|
$ |
5.3 |
|
199.7 |
% |
|
$ |
11.1 |
|
44.4 |
% |
|
$ |
61.7 |
|
|
$ |
25.9 |
|
138.5 |
% |
|
$ |
46.9 |
|
31.5 |
% |
Operating margin |
|
|
22.2 |
% |
|
|
9.9 |
% |
|
|
|
15.4 |
% |
|
|
|
26.5 |
% |
|
|
14.6 |
% |
|
|
|
21.3 |
% |
|
Southern Tide |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
13.2 |
|
|
$ |
10.0 |
|
31.2 |
% |
|
$ |
9.1 |
|
44.5 |
% |
|
$ |
43.2 |
|
|
$ |
27.1 |
|
59.2 |
% |
|
$ |
35.7 |
|
21.0 |
% |
Gross profit |
|
$ |
7.0 |
|
|
$ |
3.4 |
|
105.6 |
% |
|
$ |
4.4 |
|
60.0 |
% |
|
$ |
23.5 |
|
|
$ |
7.9 |
|
196.1 |
% |
|
$ |
17.7 |
|
32.8 |
% |
Gross margin |
|
|
53.5 |
% |
|
|
34.1 |
% |
|
|
|
48.3 |
% |
|
|
|
54.4 |
% |
|
|
29.2 |
% |
|
|
|
49.5 |
% |
|
Operating income (loss) |
|
$ |
2.8 |
|
|
$ |
(0.4 |
) |
NM |
|
|
$ |
0.6 |
|
NM |
|
|
$ |
9.1 |
|
|
$ |
(4.3 |
) |
NM |
|
|
$ |
5.1 |
|
78.9 |
% |
Operating margin |
|
|
21.0 |
% |
|
|
(3.9 |
)% |
|
|
|
6.6 |
% |
|
|
|
21.1 |
% |
|
|
(16.0 |
)% |
|
|
|
14.3 |
% |
|
Lanier Apparel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
4.2 |
|
|
$ |
10.8 |
|
(60.9 |
)% |
|
$ |
28.8 |
|
(85.3 |
)% |
|
$ |
24.7 |
|
|
$ |
30.0 |
|
(17.5 |
)% |
|
$ |
75.4 |
|
(67.2 |
)% |
Gross profit |
|
$ |
1.5 |
|
|
$ |
1.4 |
|
5.1 |
% |
|
$ |
8.2 |
|
(81.6 |
)% |
|
$ |
9.4 |
|
|
$ |
5.8 |
|
61.7 |
% |
|
$ |
21.2 |
|
(55.6 |
)% |
Gross margin |
|
|
35.7 |
% |
|
|
13.3 |
% |
|
|
|
28.6 |
% |
|
|
|
38.1 |
% |
|
|
19.4 |
% |
|
|
|
28.2 |
% |
|
Operating income (loss) |
|
$ |
0.2 |
|
|
$ |
(2.4 |
) |
NM |
|
|
$ |
2.0 |
|
(88.7 |
)% |
|
$ |
3.0 |
|
|
$ |
(10.9 |
) |
NM |
|
|
$ |
3.7 |
|
(19.3 |
)% |
Operating margin |
|
|
5.3 |
% |
|
|
(22.1 |
)% |
|
|
|
6.9 |
% |
|
|
|
12.2 |
% |
|
|
(36.5 |
)% |
|
|
|
5.0 |
% |
|
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
9.7 |
|
|
$ |
5.7 |
|
71.3 |
% |
|
$ |
4.7 |
|
108.0 |
% |
|
$ |
27.2 |
|
|
$ |
16.5 |
|
64.8 |
% |
|
$ |
13.7 |
|
98.6 |
% |
Gross profit |
|
$ |
5.1 |
|
|
$ |
2.9 |
|
NM |
|
|
$ |
2.9 |
|
NM |
|
|
$ |
14.2 |
|
|
$ |
8.1 |
|
NM |
|
|
$ |
7.7 |
|
NM |
|
Operating loss |
|
$ |
(2.6 |
) |
|
$ |
(4.5 |
) |
NM |
|
|
$ |
(3.2 |
) |
NM |
|
|
$ |
(13.9 |
) |
|
$ |
(12.8 |
) |
NM |
|
|
$ |
(12.6 |
) |
NM |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
247.7 |
|
|
$ |
175.1 |
|
41.5 |
% |
|
$ |
241.2 |
|
2.7 |
% |
|
$ |
842.2 |
|
|
$ |
527.5 |
|
59.7 |
% |
|
$ |
825.2 |
|
2.1 |
% |
Gross profit |
|
$ |
154.1 |
|
|
$ |
97.0 |
|
58.8 |
% |
|
$ |
132.9 |
|
15.9 |
% |
|
$ |
535.5 |
|
|
$ |
292.2 |
|
83.3 |
% |
|
$ |
479.4 |
|
11.7 |
% |
Gross margin |
|
|
62.2 |
% |
|
|
55.4 |
% |
|
|
|
55.1 |
% |
|
|
|
63.6 |
% |
|
|
55.4 |
% |
|
|
|
58.1 |
% |
|
SG&A |
|
$ |
131.2 |
|
|
$ |
109.7 |
|
19.6 |
% |
|
$ |
134.1 |
|
(2.1 |
)% |
|
$ |
411.4 |
|
|
$ |
348.1 |
|
18.2 |
% |
|
$ |
416.4 |
|
(1.2 |
)% |
SG&A as % of net sales |
|
|
53.0 |
% |
|
|
62.6 |
% |
|
|
|
55.6 |
% |
|
|
|
48.8 |
% |
|
|
66.0 |
% |
|
|
|
50.5 |
% |
|
Operating income (loss) |
|
$ |
26.8 |
|
|
$ |
(9.1 |
) |
NM |
|
|
$ |
2.7 |
|
NM |
|
|
$ |
138.3 |
|
|
$ |
(45.5 |
) |
NM |
|
|
$ |
74.5 |
|
85.8 |
% |
Operating margin |
|
|
10.8 |
% |
|
|
(5.2 |
)% |
|
|
|
|
1.1 |
% |
NM |
|
|
|
16.4 |
% |
|
|
(8.6 |
)% |
|
|
|
|
9.0 |
% |
|
Earnings (loss) before income taxes |
|
$ |
26.6 |
|
|
$ |
(9.4 |
) |
NM |
|
|
$ |
2.6 |
|
NM |
|
|
$ |
137.7 |
|
|
$ |
(47.2 |
) |
NM |
|
|
$ |
73.3 |
|
87.8 |
% |
Net earnings (loss) |
|
$ |
20.1 |
|
|
$ |
(7.3 |
) |
NM |
|
|
$ |
1.8 |
|
NM |
|
|
$ |
106.4 |
|
|
$ |
(32.1 |
) |
NM |
|
|
$ |
54.7 |
|
94.6 |
% |
Net earnings (loss) per diluted share |
|
$ |
1.19 |
|
|
$ |
(0.44 |
) |
NM |
|
|
$ |
0.10 |
|
NM |
|
|
$ |
6.32 |
|
|
$ |
(1.94 |
) |
NM |
|
|
$ |
3.24 |
|
95.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Third Quarter |
|
Third Quarter |
|
Third Quarter |
|
|
|
Fiscal 2021 |
|
Fiscal 2021 |
|
Fiscal 2020 |
|
Fiscal 2019 |
|
|
|
Actual |
|
Guidance(14) |
|
Actual |
|
Actual |
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
|
GAAP
basis |
|
$ |
1.54 |
$ |
0.17-0.27 |
$ |
(0.64) |
$ |
0.10 |
LIFO
adjustments(15) |
|
|
0.10 |
|
0.00 |
|
(0.25) |
|
0.00 |
Amortization
of recently acquired intangible assets(16) |
|
|
0.00 |
|
0.00 |
|
0.01 |
|
0.01 |
Tommy Bahama
lease termination charges (18) |
|
|
0.21 |
|
0.00 |
|
0.00 |
|
0.00 |
Lanier
Apparel exit charges(19) |
|
|
(0.01) |
|
0.03 |
|
0.45 |
|
0.00 |
Gain on sale
of investment in unconsolidated entity(20) |
|
|
(0.68) |
|
0.00 |
|
0.00 |
|
0.00 |
Change in
fair value of contingent consideration(21) |
|
|
0.03 |
|
0.00 |
|
0.00 |
|
0.00 |
As adjusted(13) |
|
$ |
1.19 |
$ |
0.20-0.30 |
$ |
(0.44) |
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
First Nine Months |
|
First Nine Months |
|
First Nine Months |
|
|
|
|
|
Fiscal 2021 |
|
Fiscal 2020 |
|
Fiscal 2019 |
|
|
|
|
|
Actual |
|
Actual |
|
Actual |
|
|
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
|
GAAP
basis |
|
$ |
6.29 |
$ |
(5.04) |
$ |
3.15 |
|
|
LIFO
adjustments(15) |
|
|
0.42 |
|
(0.39) |
|
0.04 |
|
|
Amortization
of recently acquired intangible assets(16) |
|
|
0.01 |
|
0.02 |
|
0.02 |
|
|
Tommy Bahama
Japan charges(17) |
|
|
0.00 |
|
0.00 |
|
0.03 |
|
|
Tommy Bahama
lease termination charges(18) |
|
|
0.21 |
|
0.00 |
|
0.00 |
|
|
Impairment
of goodwill and intangible assets(22) |
|
|
0.00 |
|
3.02 |
|
0.00 |
|
|
Lanier
Apparel exit charges(19) |
|
|
0.04 |
|
0.45 |
|
0.00 |
|
|
Gain on sale
of investment in unconsolidated entity(20) |
|
|
(0.68) |
|
0.00 |
|
0.00 |
|
|
Change in
fair value of contingent consideration(21) |
|
|
0.03 |
|
0.00 |
|
0.00 |
|
|
As adjusted(13) |
|
$ |
6.32 |
$ |
(1.94) |
$ |
3.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Fourth Quarter |
|
Fourth Quarter |
|
|
|
|
|
Fiscal 2021 |
|
Fiscal 2020 |
|
Fiscal 2019 |
|
|
|
|
|
Guidance(23) |
|
Actual |
|
Actual |
|
|
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
|
GAAP
basis |
|
$ |
1.20-1.35 |
$ |
(0.74) |
$ |
0.90 |
|
|
LIFO
adjustments(15) |
|
|
0.00 |
|
0.00 |
|
0.03 |
|
|
Amortization
of recently acquired intangible assets(16) |
|
|
0.00 |
|
0.01 |
|
0.01 |
|
|
Tommy Bahama
Japan charges(17) |
|
|
0.00 |
|
0.00 |
|
0.13 |
|
|
Information
technology project write-off(24) |
|
|
0.00 |
|
0.71 |
|
0.00 |
|
|
Lanier
Apparel exit charges(19) |
|
|
0.00 |
|
0.12 |
|
0.00 |
|
|
Change in
fair value of contingent consideration(21) |
|
|
0.00 |
|
0.03 |
|
0.02 |
|
|
As adjusted(13) |
|
$ |
1.20-1.35 |
$ |
0.13 |
$ |
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Full Year |
|
Full Year |
|
Full Year |
|
|
|
|
|
Fiscal 2021 |
|
Fiscal 2020 |
|
Fiscal 2019 |
|
|
|
|
|
Guidance(23) |
|
Actual |
|
Actual |
|
|
Net earnings
(loss) per diluted share: |
|
|
|
|
|
|
|
|
|
GAAP
basis |
|
$ |
7.49-7.64 |
|
(5.77) |
$ |
4.05 |
|
|
LIFO
adjustments(15) |
|
|
0.42 |
|
(0.39) |
|
0.06 |
|
|
Amortization
of recently acquired intangible assets(16) |
|
|
0.01 |
|
0.02 |
|
0.03 |
|
|
Tommy Bahama
Japan charges(17) |
|
|
0.00 |
|
0.00 |
|
0.16 |
|
|
Tommy Bahama
lease termination charges(18) |
|
|
0.21 |
|
0.00 |
|
0.00 |
|
|
Information
technology project write-off(24) |
|
|
0.00 |
|
0.71 |
|
0.00 |
|
|
Impairment
of goodwill and intangible assets(22) |
|
|
0.00 |
|
3.02 |
|
0.00 |
|
|
Lanier
Apparel exit charges(19) |
|
|
0.04 |
|
0.57 |
|
0.00 |
|
|
Gain on sale
of investment in unconsolidated entity(20) |
|
|
(0.68) |
|
0.00 |
|
0.00 |
|
|
Change in
fair value of contingent consideration(21) |
|
|
0.03 |
|
0.03 |
|
0.02 |
|
|
As adjusted(13) |
|
$ |
7.52-7.67 |
$ |
(1.81) |
$ |
4.32 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) LIFO adjustments
represents the impact of LIFO accounting adjustments. These
adjustments are included in cost of goods sold in Corporate and
Other. |
(2) Lanier Apparel
exit charges in cost of goods sold relate to amounts resulting from
the Third Quarter of Fiscal 2020 decision to exit the Lanier
Apparel business, which was effectively completed in the Third
Quarter of Fiscal 2021. These amounts relate to estimates of
inventory markdowns and costs related to the Merida, Mexico
manufacturing facility, which ceased operations in Fiscal 2020.
These amounts are included in cost of goods sold in Lanier
Apparel. |
(3) Tommy Bahama Japan
SG&A charges represents the SG&A impact of the
restructuring and exit of the Tommy Bahama Japan operations, which
was completed in the First Half of Fiscal 2020. These charges are
included in SG&A in Tommy Bahama. |
(4) Tommy Bahama lease
termination charges represents charges associated with the
termination of the Tommy Bahama New York office and showroom lease.
These charges are included in SG&A in Tommy Bahama. |
(5) Amortization of
Lilly Pulitzer Signature Store intangible assets represents the
amortization related to intangible assets acquired as part of Lilly
Pulitzer's acquisition of certain Lilly Pulitzer Signature Stores.
These charges are included in SG&A in Lilly Pulitzer. |
(6) Amortization of
Southern Tide intangible assets represents the amortization related
to intangible assets acquired as part of the Southern Tide
acquisition. These charges are included in SG&A in Southern
Tide. |
(7) Southern Tide
impairment charges represents the impairment related to goodwill
and intangible assets related to Southern Tide. These charges are
included in impairment of goodwill and intangible assets in
Southern Tide. |
(8) Lanier Apparel
intangible asset impairment charges represents the impairment
related to a trademark acquired in a prior year. This charge is
included in impairment of goodwill and intangible assets in Lanier
Apparel. |
(9) Lanier Apparel
exit charges in SG&A relate to the Third Quarter of Fiscal 2020
decision to exit the Lanier Apparel business. These charges consist
of employee charges for severance and employee retention, operating
lease impairment charges, termination charges related to certain
license agreements and fixed asset impairment charges. These
charges are included in SG&A in Lanier Apparel. |
(10) Gain on sale of
investment in unconsolidated entity represents the gain recognized
on the sale of the ownership interest in an unconsolidated entity.
This is included in royalties and other income in Corporate and
Other. |
(11) Change in fair
value of contingent consideration represents change in fair value
of contingent consideration related to the TBBC acquisition. This
charge is included in SG&A in Corporate and Other. |
|
(12) Impact of income
taxes represents the estimated tax impact of the above adjustments
based on the estimated applicable tax rate on current year earnings
in the respective jurisdiction. |
(13) Amounts in
columns may not add due to rounding. |
(14) Guidance as
issued on September 2, 2021. Guidance for Fiscal 2021 and the Third
Quarter of Fiscal 2021 did not include an estimated pre-tax gain of
on the sale of the ownership interest in an unconsolidated
entity. |
(15) LIFO adjustments
represents the impact, net of income taxes, on net earnings (loss)
per share resulting from LIFO accounting adjustments. No estimate
for LIFO accounting adjustments is reflected in the guidance for
any future periods. |
(16) Amortization of
recently acquired intangible assets represents the impact, net of
income taxes, on net earnings (loss) per share resulting from the
amortization of intangible assets acquired as part of the Lilly
Pulitzer Signature Store and Southern Tide acquisitions. |
(17) Tommy Bahama
Japan charges represents the impact, net of income taxes, on net
earnings (loss) per share of the restructuring and exit of the
Tommy Bahama Japan operations. |
(18) Tommy Bahama
lease termination charges represents the impact, net of income
taxes, on net earnings (loss) per share of the charges associated
with the termination of the Tommy Bahama New York office and
showroom lease. |
(19) Lanier Apparel
exit charges represents the impact, net of income taxes, on net
earnings (loss) per share resulting from the Third Quarter of
Fiscal 2020 decision to exit the Lanier Apparel business, which was
effectively completed in the Third Quarter of Fiscal 2021. These
charges include amounts related to estimates of inventory
markdowns, costs related to the Merida, Mexico manufacturing
facility, employee charges, operating lease asset impairment
charges, termination charges related to certain license agreements
and fixed asset impairment charges. |
(20) Gain on sale of
investment in unconsolidated entity represents the impact, net of
income taxes, on net earnings (loss) per share relating to the gain
recognized on the sale of the ownership interest in an
unconsolidated entity. |
(21) Change in fair
value of contingent consideration represents the impact, net of
income taxes, on net earnings (loss) per share relating to the
change in the fair value of contingent consideration related to the
TBBC acquisition. |
(22) Impairment of
goodwill and intangible assets represents the impact, net of income
taxes, on net earnings (loss) per share resulting from the
impairment charges in Southern Tide and Lanier Apparel. Due to the
non-deductibility of $18 million of Southern Tide goodwill amounts,
the effective tax rate on these impairment charges for goodwill and
intangible assets was 17%. |
(23) Guidance as
issued on December 8, 2021. |
(24) Information
technology project write-off represents the impact, net of income
taxes, on net earnings (loss) per share resulting from a charge in
the Fourth Quarter of Fiscal 2020 for the write-off of previously
capitalized costs related to a project that was abandoned. |
|
Location Count |
|
End of Q1 |
End of Q2 |
End of Q3 |
End of Q4 |
Fiscal 2019 |
|
|
|
|
Tommy Bahama |
|
|
|
|
Full-price retail store |
113 |
113 |
111 |
111 |
Retail-restaurant |
17 |
17 |
17 |
16 |
Outlet |
37 |
37 |
37 |
35 |
Total Tommy Bahama |
167 |
167 |
165 |
162 |
Lilly Pulitzer |
63 |
63 |
63 |
61 |
Southern Tide |
— |
— |
— |
1 |
Oxford Total |
230 |
230 |
228 |
224 |
Fiscal 2020 |
|
|
|
|
Tommy Bahama |
|
|
|
|
Full-price retail store |
110 |
107 |
106 |
105 |
Retail-restaurant |
18 |
19 |
19 |
20 |
Outlet |
35 |
35 |
35 |
35 |
Total Tommy Bahama |
163 |
161 |
160 |
160 |
Lilly Pulitzer |
61 |
59 |
59 |
59 |
Southern Tide |
1 |
2 |
3 |
3 |
Oxford Total |
225 |
222 |
222 |
222 |
Fiscal 2021 |
|
|
|
|
Tommy Bahama |
|
|
|
|
Full-price retail store |
104 |
104 |
103 |
— |
Retail-restaurant |
21 |
21 |
21 |
— |
Outlet |
35 |
35 |
35 |
— |
Total Tommy Bahama |
160 |
160 |
159 |
— |
Lilly Pulitzer |
59 |
59 |
59 |
— |
Southern Tide |
4 |
4 |
4 |
— |
Oxford Total |
223 |
223 |
222 |
— |
|
|
|
|
|
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