• Home
  • News
  • Business
  • Oxford Industries' net sales and earnings jump in FY15

Oxford Industries' net sales and earnings jump in FY15

By Prachi Singh

loading...

Scroll down to read more

Business |REPORT

Oxford Industries fourth quarter, consolidated net sales increased to 259.6 million dollars as compared to 249 million dollars in the fourth quarter of fiscal 2014. For the full year of fiscal 2015, consolidated net sales increased 5 percent to 969.3 million dollars against 920.3 million dollars in fiscal 2014.

Q4 and FY earnings witness a rise

Adjusted earnings from continuing operations were 1.09 dollars per diluted share compared to 1.08 dollars in the same period of the prior year. Fourth quarter GAAP earnings from continuing operations were 1.06 dollars per diluted share compared to 0.95 dollar in the same period of the prior year. Full year adjusted earnings from continuing operations increased 5 percent to 3.64 dollars per diluted share and full year GAAP earnings from continuing operations increased to 3.54 dollars per diluted share.

In the fourth quarter, the company reported mid-single digit percentage growth at both Tommy Bahama and Lilly Pulitzer partially offset by a 2.8 million dollars sales decrease at Lanier Apparel. For the full year of fiscal 2015, Tommy Bahama sales increased 5 percent to 658.5 million dollars, with a comparable store sales increase for the year of 3 percent. Lilly Pulitzer's sales increased 22 percent to 204.6 million dollars with increases in all channels of distribution and a comparable store sales increase of 27 percent. Lanier Apparel reported sales of 105.1 million dollars compared to 126.4 million dollars in the prior year.

Adjusted gross margin in the fourth quarter was 55.9 percent compared to 56.2 percent in the fourth quarter of fiscal 2014. Adjusted gross profit increased to 145 million dollars from 140 million dollars in the fourth quarter of fiscal 2014. Fiscal 2015 adjusted gross margin increased 109 basis points to 57.6 percent from 56.5 percent in the prior year. Adjusted gross profit for fiscal 2015 increased to 558.4 million dollars compared to 520.1 million dollars in the prior year.

On a GAAP basis, gross margin in the fourth quarter was 55.8 percent and gross profit was 144.7 million dollars compared to 137.4 million dollars in the prior year period. On a GAAP basis, fiscal 2015 gross margin was 57.6 percent as compared to 56.3 percent last year and gross profit rose to 558.1 million dollars from 517.9 million dollars in fiscal 2014.

Outlook for the full year and Q1 2016

For fiscal year 2016, which ends on January 28, 2017, the company currently expects net sales of 1.02 billion dollars to 1.04 billion dollars. Adjusted earnings per share are expected to be between 3.75 dollars and 3.95 dollars. Fiscal 2015 net sales were 969.3 million dollars and adjusted earnings from continuing operations were 3.64 dollars per share. On a GAAP basis, earnings from continuing operations in fiscal 2015 were 3.54 dollars per share.

For the first quarter of fiscal 2016, the company currently expects net sales of 265 million dollars to 275 million dollars. Adjusted earnings per share are expected to be between 1.30 dollars and 1.40 dollars.

The company also announced that its Board of Directors has approved a cash dividend of 0.27 dollar per share payable on April 29, 2016 to shareholders of record as of the close of business on April 15, 2016. This represents an 8 percent increase from the dividend paid in the fourth quarter of fiscal 2015.

Oxford Industries