oxford industries inc (OXM) Key Developments
Oxford Industries Inc. Announces Board Changes
May 14 15
Oxford Industries Inc. announced that, after more than a half century of service to the company, Chairman J. Hicks Lanier is retiring from its board of directors when his current term expires at the annual shareholders meeting on June 17, 2015. Pursuant to the board of directors' succession plan, the company expects Thomas C. Chubb III, Oxford's CEO and President and a current board member, to succeed Mr. Lanier as Chairman.
BlueGem Capital Reportedly Mulls Acquisitions Of Ben Sherman From Oxford Industries
May 3 15
BlueGem Capital Partners LLP reportedly is seeking acquisition of Ben Sherman Limited from Oxford Industries Inc. BlueGem is said to be preparing a bid after the brand's American owners, Oxford Industries, put the label up for sale. US corporate advisory outfit Financo is said to be fielding interest on behalf of Oxford Industries. BlueGem declined to comment.
Oxford Industries Inc. Declares Quarterly Cash Dividend, Payable on May 1, 2015; Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Fiscal Year Ended January 31, 2015; Provides Earnings Guidance for the First Quarter and Full Year of 2015
Mar 26 15
Oxford Industries Inc. announced that its board of directors has declared a cash dividend of $0.25 per share payable on May 1, 2015 to shareholders of record as of the close of business on April 17, 2015. This represents a 19% increase from the dividend paid in the fourth quarter of fiscal 2014.
The company reported unaudited consolidated earnings results for the fourth quarter and fiscal year ended January 31, 2015. For the quarter, the company reported net sales in the fourth quarter of fiscal 2014, consolidated net sales rose 10% to $274.5 million compared to $250.4 million in the fourth quarter of fiscal 2013. Operating Income in the fourth quarter of fiscal 2014 adjusted operating income increased to $28.8 million compared to $25.4 million in the fourth quarter of fiscal 2013. Adjusted earnings per share for the quarter rose 21% to $1.08, exceeding guidance and as compared to $0.89 in the same period last year. Fourth quarter GAAP earnings per share were $0.96 compared to $0.91 in the same period of the prior year. Operating income was $25.703 million against $26.346 million a year ago. Earnings before income taxes were $25.002 million against $25.350 million a year ago. Net earnings were $15.794 million or $0.96 per basic and diluted share against $14.973 million or $0.91 per basic and diluted share a year ago. Adjustment to net earnings was $2.066 million against adjustment to net loss of $0.333 million a year ago.
For fiscal 2014, consolidated net sales rose 9% to $997.8 million from $917.1 million in fiscal 2013. Adjusted operating income was $87.8 million compared to $85.4 million in the prior year. Full-year adjusted earnings per share rose 6% to $2.98 for the 2014 fiscal year compared to $2.81 in the prior year. Full year GAAP earnings per share increased to $2.78 from $2.75 in the prior year. Operating income was $83.603 million against $84.670 million a year ago. Earnings before income taxes were $80.120 million against $80.501 million a year ago. Net earnings were $45.758 million or $2.78 per diluted share against $45.291 million or $2.75 per diluted share a year ago. Cash provided by operating activities was $95.409 million against $52.734 million a year ago. Purchases of property and equipment were $50.355 million against $43.372 million a year ago. These expenditures consisted primarily of investments associated with new retail stores, information technology investments, store remodeling and investments in its facilities. Adjustment to net earnings was $3.244 million against $1.093 million a year ago.
For the first quarter of fiscal 2015, the Company currently expects net sales of $250 million to $260 million. Adjusted earnings per share are expected to be between $1.15 and $1.25. In the first quarter of fiscal 2014, net sales, as adjusted, were $242.6 million and adjusted EPS was $1.19. On a GAAP basis, which includes Ben Sherman, first quarter fiscal 2014 net sales were $257.6 million and earnings per share were $0.91.
Fiscal 2015 net sales and earnings for fiscal year 2015, which ends on January 30, 2016, the Company currently expects net sales of $965 million to $980 million. Adjusted earnings per share are expected to be between $3.45 and $3.60. Fiscal 2014 net sales, as adjusted, were $920.3 million and adjusted earnings per share were $3.46. On a GAAP basis, which includes Ben Sherman, fiscal 2014 net sales were $997.8 million and earnings per share were $2.78. Fiscal 2015 Capital Expenditures Capital expenditures are expected to be approximately $70 million in fiscal 2015. Of this amount, the company anticipates approximately $13 million will be funded by landlords through tenant improvement allowance reimbursements. Capital expenditures for fiscal 2015 include the Company's typical expenditures associated with opening new retail stores and remodeling existing retail stores, as well as investments in information technology initiatives. In addition, capital expenditure estimates include the relocation of the Tommy Bahamaheadquarters, additional distribution facility space forLilly Pulitzerand the Tommy BahamaWaikiki restaurant-retail location.
Oxford Industries Receives Board Approval To Sell Ben Sherman Business
Mar 26 15
Oxford Industries Inc. (NYSE:OXM) reported that it received board approval to pursue a sale of Ben Sherman Limited. The company expects to complete the sale in fiscal 2015 and noted it hired Financo Ltd as its financial advisor to assist in the process.
Oxford Industries Inc. to Report Q4, 2015 Results on Mar 26, 2015
Mar 12 15
Oxford Industries Inc. announced that they will report Q4, 2015 results at 4:30 PM, US Eastern Standard Time on Mar 26, 2015