Oxford Industries, Inc. (NYSE:OXM) today announced financial
results for its fiscal 2023 first quarter ended April 29, 2023.
Consolidated net sales in the first quarter of fiscal 2023
increased 19% to $420 million compared to $353 million in the first
quarter of fiscal 2022. EPS on a GAAP basis increased to $3.64
compared to $3.45 in the first quarter of fiscal 2022.
On an adjusted basis, EPS increased to $3.78 compared to $3.50 in
the first quarter of fiscal 2022.
Tom Chubb, Chairman and CEO, commented, “Our strong brands,
exceptional products, aspirational messaging and balanced mix of
direct retail, ecommerce and wholesale allowed us to deliver solid
results for the first quarter of 2023. While the year started
strong, as the quarter progressed, we did see macroeconomic
pressures drive the consumer to become more cautious in her
discretionary spending and a high level of promotional activity
within the marketplace. In light of these factors, we
are moderating our growth forecast for the year.
That said, we still expect a strong 2023 from an operating
income and cash flow perspective and will continue investing in the
future of our business. We are no less bullish on our ability to
continue to deliver profitable growth and strong cash flow on a
sustained basis. Looking forward to next year and beyond, the
factors that drove our success in the first quarter will allow us
to grow sales in the mid to upper single digits with an operating
margin above 15% and return enhanced value to our shareholders for
many years to come.”
Mr. Chubb concluded, “All of this is achieved through the
efforts of our remarkable people to whom we are grateful as
always.”
First Quarter of Fiscal 2023 versus Fiscal
2022
Net Sales by Operating Group |
First Quarter |
($ in millions) |
2023 |
2022 |
% Change |
Tommy Bahama |
$239.4 |
$228.1 |
5% |
Lilly Pulitzer |
97.5 |
92.0 |
6% |
Emerging Brands |
34.0 |
31.8 |
7% |
Other |
(0.3) |
0.7 |
nm |
Subtotal |
370.6 |
352.6 |
5% |
Johnny Was (acquired 9/19/2022) |
49.5 |
0.0 |
nm |
Total Company |
$420.1 |
$352.6 |
19% |
- Consolidated net sales increased 19% to $420 million.
- Full-price direct-to-consumer (DTC) sales increased 27% to $266
million versus the first quarter of fiscal 2022, including $36
million of DTC sales in Johnny Was and a 10% aggregate increase in
DTC sales in Tommy Bahama, Lilly Pulitzer and Emerging Brands.
- Full-price retail sales of $140 million were 17% higher than
the prior-year period. This includes full-price retail sales in
Johnny Was of $17 million for the first quarter of fiscal 2023.
Full-price retail sales in Tommy Bahama, Lilly Pulitzer and
Emerging Brands, in the aggregate, grew 2%.
- Full-price e-commerce sales grew 41% to $126 million versus
last year. This includes full-price e-commerce sales in Johnny Was
of $19 million. Full-price e-commerce sales in Tommy Bahama, Lilly
Pulitzer and Emerging Brands, in the aggregate, grew 20%.
- Outlet sales were $17 million, a 10% increase versus prior-year
results. The first quarter of fiscal 2023 included $1 million of
Johnny Was outlet sales, with Tommy Bahama increasing 5%.
- There were no Lilly Pulitzer flash sales in the first quarter
of fiscal 2023 compared to $7 million of Lilly Pulitzer flash sales
in the first quarter of fiscal 2022.
- Food and beverage sales grew 4% to $32 million versus last
year.
- Wholesale sales of $105 million were 18% higher than the first
quarter of fiscal 2022. Johnny Was contributed wholesale sales of
$13 million for the first quarter of fiscal 2023, with the other
businesses in the aggregate increasing 4%.
- Gross margin increased 130 basis points to 65.5% on a GAAP
basis and 65.8% on an adjusted basis. The increased gross margin
was primarily due to lower freight costs, the inclusion of the
higher gross margin Johnny Was business and improved initial
product margins.
- SG&A was $203 million compared to $157 million last year,
increasing primarily due to $31 million of Johnny Was SG&A in
the first quarter of 2023, which includes $3 million of
amortization of intangible assets. Across all operating groups,
SG&A increased due to increases in employment costs,
advertising costs, variable expenses, occupancy costs and other
expenses to support sales growth. On an adjusted basis, SG&A
was $200 million compared to $157 million in the prior-year
period.
- Royalties and other operating income increased by $1 million to
$8 million versus last year. This increase included a $2 million
gain on the sale of the Merida, Mexico manufacturing facility
previously operated by the Lanier Apparel operating group which the
Company exited in 2021.
- Operating income was $80 million, or 19.1% of net sales,
compared to $76 million in the first quarter of fiscal 2022. On an
adjusted basis, operating income increased to $83 million, or 19.8%
of net sales, compared to $77 million in last year’s first
quarter. The increased operating income includes the
impact of the higher sales and gross margins partially offset by
higher SG&A as the Company invests in the business to fuel
future growth.
- Interest expense was $2 million compared to less than $1
million in the prior-year period. The increased interest expense
was due to the increased debt levels as a result of the acquisition
of Johnny Was in fiscal 2022.
- The effective tax rate was 25% compared to 24% for the
prior-year period, which included the benefit of certain favorable
discrete items.
Balance Sheet and Liquidity
Inventory increased $57 million on a LIFO basis and $60 million,
or 32%, on a FIFO basis compared to the end of the first quarter of
fiscal 2022. The inventory increase reflects: (i) $17 million of
Johnny Was inventory, (ii) anticipated sales increases in fiscal
2023, (iii) higher levels of core product and (iv) higher product
costs.
During the first quarter of fiscal 2023 cash flow from
operations were $53 million compared to $22 million in the first
quarter of fiscal 2022. The cash flow from operations in the first
quarter of fiscal 2023 provided sufficient cash to fund $17 million
of capital expenditures, $10 million of dividends and $25 million
to repay outstanding debt.
As of April 29, 2023, the Company had $94 million of borrowings
outstanding under its revolving credit agreement, compared to no
borrowings at the end of the first quarter of last year. Also, the
Company had $10 million of cash and cash equivalents versus $166
million of cash, cash equivalents and short-term investments at the
end of the first quarter of fiscal 2022. Both changes were due to
the acquisition of Johnny Was.
Dividend
The Board of Directors declared a quarterly cash dividend of
$0.65 per share. The dividend is payable on July 28, 2023 to
shareholders of record as of the close of business on July 14,
2023. The Company has paid dividends every quarter since it became
publicly owned in 1960.
Outlook
For fiscal 2023 ending on February 3, 2024, the Company revised
its sales and EPS guidance. The Company now expects net sales in a
range of $1.59 billion to $1.63 billion as compared to net sales of
$1.41 billion in fiscal 2022. In fiscal 2023, GAAP EPS is expected
to be between $10.18 and $10.58 compared to fiscal 2022 GAAP EPS of
$10.19. Adjusted EPS is expected to be between $10.80 and $11.20,
compared to fiscal 2022 adjusted EPS of $10.88.
For the second quarter of fiscal 2023, the Company expects net
sales to be between $415 million and $435 million compared to net
sales of $363 million in the second quarter of fiscal 2022. GAAP
EPS is expected to be in a range of $3.14 to $3.34 in the second
quarter compared to GAAP EPS of $3.49 in the second quarter of
fiscal 2022. Adjusted EPS is expected to be between $3.30 and $3.50
compared to adjusted EPS of $3.61 in the second quarter of fiscal
2022.
The Company anticipates interest expense of $5 million in fiscal
2023, including the $2 million in the first quarter of fiscal 2023,
with interest expense expected to be $1 million or less during each
of the second, third and fourth quarters of fiscal 2023 as strong
cash flows will be used to repay debt significantly during fiscal
2023. The Company’s effective tax rate is expected to be
approximately 24% for the second quarter of fiscal 2023 and 25% for
the full year of fiscal 2023.
Capital expenditures in fiscal 2023, including the $17 million
in the first quarter of fiscal 2023, are expected to be
approximately $90 million compared to $47 million in fiscal 2022.
The planned increase is primarily due to increased investment in
new brick and mortar retail store and food and beverage locations
as well as certain relocations and remodels of existing locations,
various technology systems initiatives, and the anticipated spend
associated with a multi-year project at the Company’s Lyons,
Georgia distribution center to enhance its direct-to-consumer
throughput capabilities for its brands.
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 June 21, 2023 by dialing (412) 317-6671 access
code 13739181.
About Oxford
Oxford Industries, Inc., a leader in the apparel industry, owns
and markets the distinctive Tommy Bahama®, Lilly Pulitzer®, Johnny
Was®, Southern Tide®, The Beaufort Bonnet Company® and Duck Head®
lifestyle 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, 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 and pricing levels for apparel and related
products, many of which may be impacted by current inflationary
pressures, rising interest rates, concerns about the stability of
the banking industry or general economic uncertainty; acquisition
activities (such as the acquisition of Johnny Was), including our
ability to integrate key functions, recognize anticipated synergies
and minimize related disruptions or distractions to our business as
a result of these activities; operations and financial results;
supply chain disruptions; costs and availability of labor and
freight deliveries, including our ability to appropriately staff
our retail stores and food and beverage locations; costs of
products as well as the raw materials used in those products, as
well as our ability pass along price increases to consumers; energy
costs; our ability to respond to rapidly changing consumer
expectations; the ability of business partners, including
suppliers, vendors, wholesale customers, licensees, logistics
providers and landlords, to meet their obligations to us and/or
continue our business relationship to the same degree as they have
historically; retention of and disciplined execution by key
management and other critical personnel; cybersecurity breaches and
ransomware attacks, as well as our and our third party vendors’
ability to properly collect, use, manage and secure business,
consumer and employee data; the level of our indebtedness,
including the risks associated with heightened interest rates on
the debt and the potential impact on our ability to operate and
expand our business; changes in international, federal or state
tax, trade and other laws and regulations, including the potential
imposition of additional duties; the timing of shipments requested
by our wholesale customers; weather or natural disaster;
fluctuations and volatility in global financial and/or real estate
markets; the timing and cost of retail store and food and beverage
location openings and remodels, technology implementations and
other capital expenditures; expected outcomes of pending or
potential litigation and regulatory actions; the increased
consumer, employee and regulatory focus on environmental, social
and governance issues; the regulation or prohibition of goods
sourced, or containing raw materials or components, from certain
regions and our ability to evidence compliance; access to capital
and/or credit markets; factors that could affect our consolidated
effective tax rate; the risk of impairment to goodwill and other
intangible assets; and geopolitical risks, including those related
to the war between Russia and Ukraine. 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 2022, 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: |
Jevon
Strasser |
E-mail: |
InvestorRelations@oxfordinc.com |
|
Oxford Industries,
Inc.Consolidated Balance
Sheets(in thousands,
except par
amounts)(unaudited) |
|
|
April
29,2023 |
April
30,2022 |
ASSETS |
|
|
Current Assets |
|
|
Cash and cash equivalents |
$ |
9,712 |
|
$ |
31,799 |
|
Short-term investments |
|
— |
|
|
134,327 |
|
Receivables, net |
|
81,483 |
|
|
72,271 |
|
Inventories, net |
|
179,608 |
|
|
122,760 |
|
Income
tax receivable |
|
19,442 |
|
|
19,741 |
|
Prepaid expenses and other current assets |
|
37,459 |
|
|
27,014 |
|
Total Current
Assets |
$ |
327,704 |
|
$ |
407,912 |
|
Property
and equipment, net |
|
181,601 |
|
|
150,393 |
|
Intangible assets, net |
|
280,785 |
|
|
155,080 |
|
Goodwill |
|
122,056 |
|
|
23,870 |
|
Operating lease assets |
|
245,099 |
|
|
182,345 |
|
Other assets, net |
|
36,985 |
|
|
27,417 |
|
Total Assets |
$ |
1,194,230 |
|
$ |
947,017 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
Current Liabilities |
|
|
Accounts
payable |
$ |
69,609 |
|
$ |
68,641 |
|
Accrued
compensation |
|
24,318 |
|
|
26,477 |
|
Current
portion of operating lease liabilities |
|
67,265 |
|
|
54,642 |
|
Accrued expenses and other liabilities |
|
80,854 |
|
|
76,657 |
|
Total Current
Liabilities |
$ |
242,046 |
|
$ |
226,417 |
|
Long-term debt |
|
94,306 |
|
|
— |
|
Non-current portion of operating lease liabilities |
|
223,167 |
|
|
185,365 |
|
Other
non-current liabilities |
|
19,561 |
|
|
19,600 |
|
Deferred
income taxes |
|
7,725 |
|
|
2,215 |
|
Shareholders’ Equity |
|
|
|
|
|
|
Common
stock, $1.00 par value per share |
|
15,780 |
|
|
16,284 |
|
Additional paid-in capital |
|
176,030 |
|
|
163,137 |
|
Retained
earnings |
|
418,043 |
|
|
336,994 |
|
Accumulated other comprehensive loss |
|
(2,428 |
) |
|
(2,995 |
) |
Total Shareholders’
Equity |
$ |
607,425 |
|
$ |
513,420 |
|
Total Liabilities
and Shareholders’
Equity |
$ |
1,194,230 |
|
$ |
947,017 |
|
|
Oxford Industries,
Inc.Consolidated Statements of
Operations(in thousands,
except per share
amounts)(unaudited) |
|
|
First Quarter |
|
Fiscal 2023 |
Fiscal 2022 |
Net sales |
$ |
420,097 |
|
$ |
352,581 |
|
Cost of goods sold |
|
144,968 |
|
|
126,204 |
|
Gross profit |
$ |
275,129 |
|
$ |
226,377 |
|
SG&A |
|
203,149 |
|
|
157,412 |
|
Royalties and other operating income |
|
8,321 |
|
|
7,013 |
|
Operating income |
$ |
80,301 |
|
$ |
75,978 |
|
Interest expense, net |
|
2,342 |
|
|
242 |
|
Earnings before
income taxes |
$ |
77,959 |
|
$ |
75,736 |
|
Income tax expense |
|
19,421 |
|
|
18,328 |
|
Net earnings |
$ |
58,538 |
|
$ |
57,408 |
|
Net earnings per
share: |
|
|
Basic |
$ |
3.75 |
|
$ |
3.52 |
|
Diluted |
$ |
3.64 |
|
$ |
3.45 |
|
Weighted average
shares outstanding: |
|
|
Basic |
|
15,629 |
|
|
16,316 |
|
Diluted |
|
16,071 |
|
|
16,622 |
|
Dividends declared
per share |
$ |
0.65 |
|
$ |
0.55 |
|
|
Oxford Industries,
Inc.Consolidated
Statements of
Cash Flows(in
thousands)(unaudited) |
|
First Quarter |
|
Fiscal 2023 |
Fiscal 2022 |
Cash Flows From
Operating Activities: |
|
|
Net earnings |
$ |
58,538 |
|
$ |
57,408 |
|
Adjustments to reconcile net earnings to cash flows from operating
activities: |
|
|
|
|
|
|
Depreciation |
|
11,512 |
|
|
9,963 |
|
Amortization of intangible assets |
|
3,660 |
|
|
227 |
|
Equity compensation expense |
|
3,259 |
|
|
2,725 |
|
Gain on sale of assets |
|
(1,756 |
) |
|
— |
|
Amortization and write-off of deferred financing costs |
|
272 |
|
|
86 |
|
Deferred income taxes |
|
4,657 |
|
|
(727 |
) |
Changes in operating assets and liabilities, net of acquisitions
and dispositions: |
|
|
|
|
|
|
Receivables, net |
|
(37,542 |
) |
|
(38,975 |
) |
Inventories, net |
|
39,987 |
|
|
(5,054 |
) |
Income tax receivable |
|
(2 |
) |
|
(13 |
) |
Prepaid expenses and other current assets |
|
634 |
|
|
(7,173 |
) |
Current liabilities |
|
(27,671 |
) |
|
3,498 |
|
Other balance sheet changes |
|
(2,991 |
) |
|
515 |
|
Cash provided by
operating activities |
$ |
52,557 |
|
$ |
22,480 |
|
Cash Flows From
Investing Activities: |
|
|
Acquisitions, net of cash acquired |
|
(997 |
) |
|
— |
|
Purchases of property and equipment |
|
(16,662 |
) |
|
(9,280 |
) |
Purchases of short-term investments |
|
— |
|
|
(15,000 |
) |
Proceeds
from short-term investments |
|
— |
|
|
45,000 |
|
Proceeds from the sale of property, plant and equipment |
|
2,125 |
|
|
— |
|
Cash (used in)
provided by
investing activities |
$ |
(15,534 |
) |
$ |
20,720 |
|
Cash Flows From
Financing Activities: |
|
|
Repayment of revolving credit arrangements |
|
(137,755 |
) |
|
— |
|
Proceeds
from revolving credit arrangements |
|
113,051 |
|
|
— |
|
Deferred
financing costs paid |
|
(1,661 |
) |
|
— |
|
Repurchase of common stock |
|
— |
|
|
(42,867 |
) |
Proceeds
from issuance of common stock |
|
602 |
|
|
392 |
|
Repurchase of equity awards for employee tax withholding
liabilities |
|
— |
|
|
(3,166 |
) |
Cash
dividends paid |
|
(10,351 |
) |
|
(9,020 |
) |
Other financing activities |
|
— |
|
|
(2,010 |
) |
Cash used in
financing activities |
$ |
(36,114 |
) |
$ |
(56,671 |
) |
Net change in cash and cash equivalents |
|
909 |
|
|
(13,471 |
) |
Effect
of foreign currency translation on cash and cash equivalents |
|
(23 |
) |
|
411 |
|
Cash and cash equivalents at the beginning of year |
|
8,826 |
|
|
44,859 |
|
Cash and cash
equivalents at
the end of
period |
$ |
9,712 |
|
$ |
31,799 |
|
|
Oxford Industries,
Inc.Reconciliations
of Certain
Non-GAAP Financial
Information(in millions, except per share
amounts)(unaudited) |
|
|
First Quarter |
AS REPORTED |
|
Fiscal 2023 |
|
|
Fiscal 2022 |
|
% Change |
|
Tommy Bahama |
|
|
|
|
|
|
|
|
Net sales |
$ |
239.4 |
|
$ |
228.1 |
|
5.0 |
% |
Gross profit |
$ |
158.2 |
|
$ |
147.3 |
|
7.4 |
% |
Gross margin |
|
66.1% |
|
|
64.6% |
|
|
Operating income |
$ |
55.5 |
|
$ |
52.6 |
|
5.5 |
% |
Operating margin |
|
23.2% |
|
|
23.1% |
|
|
Lilly Pulitzer |
|
|
|
Net sales |
$ |
97.5 |
|
$ |
92.0 |
|
5.9 |
% |
Gross profit |
$ |
68.3 |
|
$ |
63.5 |
|
7.5 |
% |
Gross margin |
|
70.1% |
|
|
69.0% |
|
|
Operating income |
$ |
24.5 |
|
$ |
26.2 |
|
(6.3 |
)% |
Operating margin |
|
25.2% |
|
|
28.4% |
|
|
Johnny
Was(1) |
|
|
|
Net sales |
$ |
49.5 |
|
$ |
0.0 |
|
100.0 |
% |
Gross profit |
$ |
33.6 |
|
$ |
0.0 |
|
100.0 |
% |
Gross margin |
|
67.9% |
|
|
0.0% |
|
|
Operating income |
$ |
2.5 |
|
$ |
0.0 |
|
100.0 |
% |
Operating margin |
|
5.0% |
|
|
0.0% |
|
|
Emerging Brands |
|
|
|
Net sales |
$ |
34.0 |
|
$ |
31.8 |
|
7.0 |
% |
Gross profit |
$ |
15.6 |
|
$ |
16.3 |
|
(4.4 |
)% |
Gross margin |
|
46.0% |
|
|
51.5% |
|
|
Operating income |
$ |
3.9 |
|
$ |
7.7 |
|
(49.4 |
)% |
Operating margin |
|
11.5% |
|
|
24.4% |
|
|
Corporate and
Other |
|
|
|
Net sales |
$ |
(0.3 |
) |
$ |
0.7 |
|
NM |
|
Gross profit |
$ |
(0.6 |
) |
$ |
(0.8 |
) |
NM |
|
Operating loss |
$ |
(6.1 |
) |
$ |
(10.5 |
) |
NM |
|
Consolidated |
|
|
|
Net sales |
$ |
420.1 |
|
$ |
352.6 |
|
19.1 |
% |
Gross profit |
$ |
275.1 |
|
$ |
226.4 |
|
21.5 |
% |
Gross margin |
|
65.5% |
|
|
64.2% |
|
|
SG&A |
$ |
203.1 |
|
$ |
157.4 |
|
29.1 |
% |
SG&A as % of net sales |
|
48.4% |
|
|
44.6% |
|
|
Operating income |
$ |
80.3 |
|
$ |
76.0 |
|
5.7 |
% |
Operating margin |
|
19.1% |
|
|
21.5% |
|
|
Earnings before income taxes |
$ |
78.0 |
|
$ |
75.7 |
|
2.9 |
% |
Net earnings |
$ |
58.5 |
|
$ |
57.4 |
|
2.0 |
% |
Net earnings per diluted share |
$ |
3.64 |
|
$ |
3.45 |
|
5.5 |
% |
Weighted average shares outstanding - diluted |
|
16.1 |
|
|
16.6 |
|
(3.3 |
)% |
|
First Quarter |
ADJUSTMENTS |
Fiscal 2023 |
Fiscal 2022 |
% Change |
LIFO
adjustments(2) |
$ |
1.3 |
|
$ |
1.0 |
|
|
Amortization of Johnny Was intangible assets(3) |
$ |
3.5 |
|
$ |
0.0 |
|
|
Gain on
sale of Merida manufacturing facility(4) |
$ |
(1.8 |
) |
$ |
0.0 |
|
|
Impact of income taxes(5) |
$ |
(0.8 |
) |
$ |
(0.3 |
) |
|
Adjustment to net earnings(6) |
$ |
2.2 |
|
$ |
0.8 |
|
|
AS ADJUSTED |
|
|
|
Tommy Bahama |
|
|
|
Net sales |
$ |
239.4 |
|
$ |
228.1 |
|
5.0 |
% |
Gross profit |
$ |
158.2 |
|
$ |
147.3 |
|
7.4 |
% |
Gross margin |
|
66.1% |
|
|
64.6% |
|
|
Operating income |
$ |
55.5 |
|
$ |
52.6 |
|
5.5 |
% |
Operating margin |
|
23.2% |
|
|
23.1% |
|
|
Lilly Pulitzer |
|
|
|
Net sales |
$ |
97.5 |
|
$ |
92.0 |
|
5.9 |
% |
Gross profit |
$ |
68.3 |
|
$ |
63.5 |
|
7.5 |
% |
Gross margin |
|
70.1% |
|
|
69.0% |
|
|
Operating income |
$ |
24.5 |
|
$ |
26.2 |
|
(6.3 |
)% |
Operating margin |
|
25.2% |
|
|
28.4% |
|
|
Johnny
Was(1) |
|
|
|
Net sales |
$ |
49.5 |
|
$ |
0.0 |
|
100.0 |
% |
Gross profit |
$ |
33.6 |
|
$ |
0.0 |
|
100.0 |
% |
Gross margin |
|
67.9% |
|
|
0.0% |
|
|
Operating income |
$ |
5.9 |
|
$ |
0.0 |
|
100.0 |
% |
Operating margin |
|
12.0% |
|
|
0.0% |
|
|
Emerging Brands |
|
|
|
Net sales |
$ |
34.0 |
|
$ |
31.8 |
|
7.0 |
% |
Gross profit |
$ |
15.6 |
|
$ |
16.3 |
|
(4.4 |
)% |
Gross margin |
|
46.0% |
|
|
51.5% |
|
|
Operating income |
$ |
3.9 |
|
$ |
7.7 |
|
(49.4 |
)% |
Operating margin |
|
11.5% |
|
|
24.4% |
|
|
Corporate and
Other |
|
|
|
Net sales |
$ |
(0.3 |
) |
$ |
0.7 |
|
NM |
|
Gross profit |
$ |
0.7 |
|
$ |
0.2 |
|
NM |
|
Operating loss |
$ |
(6.6 |
) |
$ |
(9.5 |
) |
NM |
|
Consolidated |
|
|
|
Net sales |
$ |
420.1 |
|
$ |
352.6 |
|
19.1 |
% |
Gross profit |
$ |
276.5 |
|
$ |
227.4 |
|
21.6 |
% |
Gross margin |
|
65.8% |
|
|
64.5% |
|
|
SG&A |
$ |
199.7 |
|
$ |
157.4 |
|
26.9 |
% |
SG&A as % of net sales |
|
47.5% |
|
|
44.6% |
|
|
Operating income |
$ |
83.3 |
|
$ |
77.0 |
|
8.2 |
% |
Operating margin |
|
19.8% |
|
|
21.8% |
|
|
Earnings before income taxes |
$ |
81.0 |
|
$ |
76.7 |
|
5.5 |
% |
Net earnings |
$ |
60.8 |
|
$ |
58.2 |
|
4.5 |
% |
Net earnings per diluted share |
$ |
3.78 |
|
$ |
3.50 |
|
8.0 |
% |
|
First Quarter |
First Quarter |
First Quarter |
Fiscal 2023 |
Fiscal 2023 |
Fiscal 2022 |
Actual |
Guidance(7) |
Actual |
Net
earnings per diluted share: |
|
|
|
GAAP basis |
$ |
3.64 |
|
$ |
3.44 - 3.64 |
|
$ |
3.45 |
|
LIFO
adjustments(8) |
|
0.06 |
|
|
0.00 |
|
|
0.05 |
|
Amortization of Johnny Was intangible assets(9) |
|
0.16 |
|
|
0.16 |
|
|
0.00 |
|
Gain on sale of Merida manufacturing facility(10) |
|
(0.08 |
) |
|
0.00 |
|
|
0.00 |
|
As adjusted(6) |
$ |
3.78 |
|
$ |
3.60 - 3.80 |
|
$ |
3.50 |
|
|
Second Quarter |
Second Quarter |
|
|
Fiscal
2023Guidance(11) |
Fiscal
2022Actual |
|
Net
earnings per diluted share: |
|
|
|
GAAP
basis |
$ |
3.14-3.34 |
|
$ |
3.49 |
|
|
LIFO
adjustments(8) |
|
0.00 |
|
|
0.13 |
|
|
Amortization of Johnny Was intangible assets(9) |
|
0.16 |
|
|
0.00 |
|
|
As adjusted(6) |
$ |
3.30-3.50 |
|
$ |
3.61 |
|
|
|
Fiscal
2023Guidance(12) |
Fiscal
2022Actual |
|
Net
earnings per diluted share: |
|
|
|
GAAP
basis |
$ |
10.18-10.58 |
|
$ |
10.19 |
|
|
LIFO
adjustments(8) |
|
0.06 |
|
|
0.12 |
|
|
Inventory step-up charge in Johnny Was(13) |
|
0.00 |
|
|
0.20 |
|
|
Amortization of Johnny Was intangible assets(9) |
|
0.64 |
|
|
0.24 |
|
|
Transaction expenses and integration costs associated with the |
|
|
|
Johnny
Was acquisition(14) |
|
0.00 |
|
|
0.13 |
|
|
Gain on sale of Merida manufacturing facility(10) |
|
(0.08) |
|
|
0.00 |
|
|
As adjusted(6) |
$ |
10.80-11.20 |
|
$ |
10.88 |
|
|
(1) Johnny Was was acquired on September 19, 2022 and results
presented reflect Johnny Was operations subsequent to the
acquisition date.
(2) LIFO adjustments represents the impact of LIFO accounting
adjustments. These adjustments are included in cost of goods sold
in Corporate and Other.
(3) Amortization of Johnny Was intangible assets represents the
amortization related to intangible assets acquired as part of the
Johnny Was acquisition. These charges are included in SG&A in
Johnny Was.
(4) Gain on sale of Merida manufacturing facility represents the
gain on sale of Oxford's last owned manufacturing facility, which
was located in Merida, Mexico and previously operated by the Lanier
Apparel operating group. The gain is included in royalties and
other operating income in Corporate and Other.
(5) Impact of income taxes represents the estimated tax impact
of the above adjustments based on the estimated applicable tax rate
on current year earnings.
(6) Amounts in columns may not add due to rounding.
(7) Guidance as issued on March 23, 2023.
(8) LIFO adjustments represents the impact, net of income taxes,
on net earnings per share resulting from LIFO accounting
adjustments. No estimate for LIFO accounting adjustments is
reflected in the guidance for any future periods.
(9) Amortization of Johnny Was intangible assets represents the
impact, net of income taxes, on net earnings per share resulting
from the amortization of intangible assets acquired as part of the
Johnny Was acquisition.
(10) Gain on sale of Merida manufacturing facility represents
the impact, net of income taxes, on net earnings per share
resulting from the gain on sale of Oxford's last owned
manufacturing facility, which was located in Merida, Mexico and
previously operated by the Lanier Apparel operating group.
(11) Guidance as issued on June 7, 2023.
(12) Guidance as issued on June 7, 2023. Fiscal 2023 is a 53
week year ending on February 3, 2024, with the additional week
included in the fourth quarter of Fiscal 2023.
(13) Inventory step-up charge in Johnny Was represents the
impact, net of income taxes, on net earnings per share of purchase
accounting adjustments resulting from the step-up of inventory at
acquisition of the Johnny Was business. No additional inventory
step-up charge is expected in future periods.
(14) Transaction expenses and integration costs associated with
the Johnny Was acquisition represents the impact of transaction
costs and integration costs, net of income taxes, on net earnings
per share.
|
Direct to Consumer
Location Count |
|
End of Q1 |
End of Q2 |
End of Q3 |
End of Q4 |
Fiscal
2022 |
|
|
|
|
Tommy
Bahama |
|
|
|
|
Full-price retail store |
102 |
102 |
102 |
103 |
Retail-food & beverage |
21 |
21 |
21 |
21 |
Outlet |
35 |
35 |
35 |
33 |
Total Tommy
Bahama |
158 |
158 |
158 |
157 |
Lilly
Pulitzer full-price
retail store |
59 |
58 |
59 |
59 |
Johnny
Was |
|
|
|
|
Full-price retail store |
— |
— |
64 |
65 |
Outlet |
— |
— |
2 |
2 |
Total Johnny
Was |
— |
— |
66 |
67 |
Emerging
Brands |
|
|
|
|
Southern Tide full-price retail store |
4 |
5 |
5 |
6 |
TBBC full-price retail store |
1 |
2 |
2 |
3 |
Total Oxford |
222 |
223 |
290 |
292 |
Fiscal 2023 |
|
|
|
|
Tommy
Bahama |
|
|
|
|
Full-price retail store |
103 |
— |
— |
— |
Retail-food & beverage |
21 |
— |
— |
— |
Outlet |
33 |
— |
— |
— |
Total Tommy
Bahama |
157 |
— |
— |
— |
Lilly
Pulitzer full-price
retail store |
59 |
— |
— |
— |
Johnny
Was |
|
|
|
|
Full-price retail store |
65 |
— |
— |
— |
Outlet |
2 |
— |
— |
— |
Total Johnny
Was |
67 |
— |
— |
— |
Emerging
Brands |
|
|
|
|
Southern Tide full-price retail store |
9 |
— |
— |
— |
TBBC full-price retail store |
3 |
— |
— |
— |
Total Oxford |
295 |
— |
— |
— |
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