Oxford Industries posts drop in Q4 earnings

Oxford Industries net sales for the full year increased 11 percent to 1.57 billion dollars, while earnings per share (EPS) on a GAAP basis decreased 63 percent to 3.82 dollars. On an adjusted basis, EPS decreased 7 percent to 10.15 dollars.

Consolidated net sales in the fourth quarter increased 6 percent to 404 million dollars, loss per share on a GAAP basis was 3.85 dollars and on an adjusted basis, EPS decreased to 1.90 dollars compared to 2.28 dollars in the fourth quarter of fiscal 2022.

Commenting on the financial results, Tom Chubb, the company’s chairman and CEO, said in a release: “Fiscal 2023 was highlighted by the second strongest earnings year in our 82-year history and concluded a five-year period during which we delivered compound annual adjusted EPS growth exceeding 18 percent. We are equally as excited to be in a position to announce a 3 percent increase in our quarterly dividend for 2024.”

Highlights Oxford Industries full year and Q4 performance

For the 2023 fiscal year, full-price DTC sales increased 112 million dollars or 12 percent to 1 billion dollars, which included an increase of 100 million dollars of DTC sales for Johnny Was. For the fourth quarter, full-price DTC sales were 265 million dollars compared to 258 million dollars in the prior year fourth quarter.

Full-price retail sales of 533 million dollars increased 46 million dollars or 9 percent for the year, including a 47 million dollars increase for Johnny Was. For the fourth quarter, full-price retail sales of 138 million dollars increased 4 million dollars or 3 percent.

Full-price e-commerce sales of 478 million dollars increased 66 million dollars or 16 percent for the year, including a 53 million dollars increase for Johnny Was. For the fourth quarter, full-price e-commerce sales of 127 million increased 3 million dollars or 3 percent.

Outlet sales of 73 million dollars increased 7 million dollars or 10 percent for the year, including a 3 million dollars increase for Johnny Was. For the fourth quarter, outlet sales of 18 million dollars increased 2 million dollars or 10 percent.

Wholesale sales of 312 million dollars increased 30 million dollars or 11 percent for the year, including a 26 million dollars increase for Johnny Was. For the fourth quarter, wholesale sales of 70 million dollars increased 9 million dollars or 14 percent.

Oxford Industries forecasts sales and earnings growth for FY24

For fiscal 2024, the company expects net sales in a range of 1.630 billion dollars to 1.670 billion dollars compared to net sales of 1.57 billion dollars in fiscal 2023.

In fiscal 2024, GAAP EPS is expected to be between 8.80 dollars and 9.20 dollars compared to fiscal 2023 GAAP EPS of 3.82 dollars and adjusted EPS is expected to be between 9.30 dollars and 9.70 dollars compared to fiscal 2023 adjusted EPS of 10.15 dollars.

For the first quarter of fiscal 2024, the company expects net sales to be between 395 million and 415 million dollars compared to 420 million dollars in the first quarter of fiscal 2023.

GAAP EPS is expected to be in a range of 2.47 dollars to 2.67 dollars in the first quarter compared to 3.64 dollars in the first quarter of fiscal 2023. Adjusted EPS is expected to be between 2.60 dollars and 2.80 dollars compared to 3.78 dollars in the first quarter of fiscal 2023.

The company’s board of directors declared a quarterly cash dividend of 67 cents per share, a 3 percent increase above the previous dividend payment.