- Prachi Singh |
Oxford Industries, Inc. reported decrease in consolidated net sales to 297.6 million dollars in the fourth quarter compared to 298.5 million dollars in the fourth quarter of fiscal 2018, while comparable sales increased 4 percent. Earnings on a GAAP basis were 90 cents per share in the quarter compared to 99 cents per share in the same period of the prior year, while the company said, adjusted earnings increased to 1.09 dollars per share from 1.08 dollar per share in the fourth quarter of fiscal 2018.
Commenting on the results, Thomas C. Chubb III, the company’s Chairman and Chief Executive Officer, said in a statement: “Looking back on fiscal 2019, our consolidated results somewhat mask the important progress that was made in our critically important direct to consumer businesses. As we began to feel the impact of COVID-19 over the last few weeks, we have had to make significant changes in how we operate our business. To mitigate inventory risks, we are working with our suppliers on forward orders and redeveloping our merchandising and marketing plans for future seasons.”
Full year comparable sales up at Oxford Industries, initiates measures in response to COVID-19
Full fiscal year consolidated net sales increased to 1.123 billion dollars compared to 1.107 billion dollars in fiscal 2018 with comparable sales increase of 4 percent. Full fiscal year earnings per share on a GAAP basis increased to 4.05 dollars compared to 3.94 dollars in the prior year, while adjusted earnings were 4.32 dollars per share in both fiscal 2019 and fiscal 2018.
The company added that in response to the disruption and uncertainty related to the COVID-19 outbreak, it has temporarily closed all of its North American retail stores and restaurants on March 17 and is furloughing a significant number of employees, and has broadly implemented a strategy for associates in its corporate and brand offices to work remotely. During March 2020, as a proactive measure to bolster its cash position and maintain maximum liquidity, the company has drawn down 200 million dollars of its 325 million dollars asset-based revolving credit facility.
The company’s board of directors declared a quarterly cash dividend of 25 cents per share, a reduction from the previous level of 37 cents per share payable on May 1, 2020 to shareholders of record as of the close of business on April 17, 2020.