Oxford's sales and earnings beat pre-pandemic results

Full fiscal 2021 consolidated net sales at Oxford Industries increased to 1.142 billion dollars compared to 749 million dollars in fiscal 2020 and 1.123 billion dollars in fiscal 2019.

On a GAAP basis, the company reported earnings per share of 7.78 dollars compared to a loss of 5.77 dollars in fiscal 2020 and earnings of 4.05 dollars in fiscal 2019. On an adjusted basis, earnings per share were 7.99 dollars compared to a loss of 1.81 dollars in fiscal 2020 and earnings of 4.32 dollars in fiscal 2019.

The company’s consolidated net sales increased in the fourth quarter to 300 million dollars compared to 221 million dollars and 298 million dollars in the fourth quarters of fiscal 2020 and fiscal 2019, respectively.

For the fourth quarter, on a GAAP basis, the company reported earnings of 1.50 dollars per share compared to a loss of 74 cents per share in the same period of the prior year and earnings of 90 cents per share in fiscal 2019. Adjusted earnings were 1.68 dollars per share compared to 13 cents per share in the fourth quarter of fiscal 2020 and 1.09 dollars in the fourth quarter of fiscal 2019.

Commenting on the company’s trading performance, Thomas C. Chubb III, the company’s chairman and CEO, said: “All five brands posted strong top and bottom-line growth, not only over 2020, but also as compared to pre-pandemic 2019 levels. While a terrific year for all, the biggest contributor to our record earnings was the performance of our largest brand, Tommy Bahama, where sales grew 7 percent versus 2019 to a record 724 million dollars and adjusted operating margin nearly doubled to 16 percent over the same timeframe.”

Summary of Oxford’s Q4 and full year results against 2019

Compared to fiscal 2019, net sales increased 9 percent for the full fiscal year and 8 percent during the fourth quarter, excluding Lanier Apparel. Consolidated net sales, which includes Lanier Apparel, increased 2 percent in fiscal 2021 and 1 percent in the fourth quarter compared to fiscal 2019.

For the full fiscal year, compared to fiscal 2019, full-price direct to consumer sales grew 21 percent to 723 million dollars, including growth of 58 percent in full-price e-commerce and 1 percent in full-price retail. In the fourth quarter full-price direct to consumer sales grew 23 percent to 203 million dollars, including growth of 48 percent in full-price e-commerce and 7 percent in full-price retail.

Wholesale sales, excluding Lanier Apparel, decreased to 207 million dollars compared to 239 million dollars in fiscal 2019. In the fourth quarter, wholesale sales, excluding Lanier Apparel, decreased to 42 million dollars compared to 57 million dollars during the fourth quarter of fiscal 2019.

Oxford expects to report sales and earnings growth in fiscal 2022

For the full 2022 fiscal year, ending on January 28, 2023, the company expects net sales to grow to between 1.245 billion dollars and 1.285 billion dollars compared to net sales of 1.142 billion dollars in fiscal 2021.

In fiscal 2022, GAAP and adjusted earnings per share are expected to be between 8.75 dollars and 9.15 dollars. This compares to earnings on a GAAP basis of 7.78 dollars per share and on an adjusted basis of 7.99 dollars per share in fiscal 2021.

For the first quarter of fiscal 2022, ending April 30, 2022, the company expects net sales in a range of 315 million dollars to 335 million dollars compared to 266 million dollars in the first quarter of fiscal 2021.

In the first quarter of fiscal 2021, GAAP and adjusted earnings per share are expected to be between 2.65 dollars and 2.85 dollars. This compares to earnings on a GAAP basis of 1.70 dollars per share and adjusted earnings of 1.89 dollars per share in the first quarter of fiscal 2021.

The company’s board of directors has declared a quarterly cash dividend of 55 cents per share, a 31 percent increase, payable on April 29, 2022 to shareholders of record as of the close of business on April 14, 2022.