[ACCESSWIRE]
Upcoming AWS Coverage on Perry Ellis International Post-Earnings Results
LONDON, UK / ACCESSWIRE / December 13, 2016 / Active Wall St. announces its post-earnings coverage on Oxford Industries, Inc. (NYSE: OXM). The Company released its third quarter fiscal 2016 financial results on December 06, 2016. The owner of the Tommy Bahama, Lilly Pulitzer, and Southern Tide clothing lines outperformed top- and bottom-line expectations. Register with us now for your free membership at: http://www.activewallst.com/register/.
One of Oxford Industries' competitors within the Textile - Apparel Clothing space, Perry Ellis International, Inc. (NASDAQ: PERY), reported on November 17, 2016, its results for the third quarter ended October 29, 2016. AWS will be initiating a research report on Perry Ellis International in the coming days.
Today, AWS is promoting its earnings coverage on OXM; touching on PERY. Get our free coverage by signing up to:
http://www.activewallst.com/registration-3/?symbol=OXM
http://www.activewallst.com/registration-3/?symbol=PERY
Earnings Reviewed
For the three months ended on October 29th, 2016, Oxford reported that its consolidated net sales increased 12% to $222.3 million compared to $198.6 million in Q3 2015. The 12% y-o-y increase in consolidated net sales was driven by the addition of Southern Tide and increased sales in all operating groups. The revenue exceeded Wall Street's expectations of $217.6 million.
The company's net loss from continuing operations was $0.10 per share in Q3 2016 compared to a net loss from continuing operations of $0.08 in the same period of the prior year. On an adjusted basis, Oxford's net loss from continuing operations was $0.07 per share in the reported quarter compared to a net loss from continuing operations of $0.08 in the year earlier same quarter. The company's earnings results were better than analysts' forecasts for a loss of $0.08 per share. The company stated that its third quarter is typically its smallest quarter for sales and operating results due to the seasonality of its two largest brands, Tommy Bahama and Lilly Pulitzer.
Operating Metrics
Oxfords' gross profit increased 10% y-o-y in Q3 2016 to $118.3 million. The company's gross margin in the reported quarter was 111 basis points lower than the same period of the prior year as Lanier Apparel's gross margin was lower and its business represented a greater proportion of total Company sales than in the prior year. Additionally, included in Oxfords' gross margin in Q3 2016 was a $1.9 million benefit from the settlement of certain claims related to the 2010 Deepwater Horizon oil spill and a charge of $1.3 million associated with an unresolved customs matter. During Q3 2016 Oxford's royalties and other operating income were $3.1 million compared to $3.6 million in Q3 2015.
Oxford's operating results in Q3 2016 improved over the same period of the previous year. The company's operating loss was $0.3 million on a GAAP basis. On an adjusted basis, the Company had operating income of $0.2 million compared to a loss of $1.2 million on both a GAAP and adjusted basis in Q3 2015.
Balance Sheet
Oxford's Inventory increased to $136.4 million at October 29, 2016, from $120.6 million at the end of Q3 2015, with the increase attributed to the addition of Southern Tide. The Company believes that inventory levels at Tommy Bahama and Lilly Pulitzer are appropriate for planned sales in the upcoming quarter. Oxford had $142.4 million of borrowings outstanding at October 29, 2016, compared to $68.7 million of borrowings outstanding at October 29th, 2015. This increase was primarily due to the purchase of Southern Tide on April 19, 2016. The Company ended the quarter with over $125 million of availability under its $325 million revolving credit agreement.
Oxford also announced that its Board of Directors has approved a cash dividend of $0.27 per share payable on January 27, 2017, to shareholders of record as of the close of business on January 13, 2017. The Company has paid dividends every quarter since it became a publicly trade entity in 1960.
Outlook
For FY16, Oxford is forecasting net sales in the range of $1.02 billion to $1.04 billion. The company's GAAP earnings per share are expected to be in a range of $3.31 to $3.46 and adjusted earnings per share in a range of $3.50 to $3.65. Oxford's capital expenditures for FY16 are projected to be approximately $55 million, primarily related to information technology initiatives, including additional Omni-channel capabilities, new retail stores, and the relocation and remodeling of certain retail locations including the recently completed remodel of Tommy Bahama's store and restaurant in Scottsdale, Arizona.
Stock Performance
Oxford Industries' share price finished yesterday's trading session at $61.80, dropping 1.50%. A total volume of 210.30 thousand shares exchanged hands, which was higher than the 3 months average volume of 183.24 thousand shares. The stock has advanced 9.03% and 3.27% in the last six months and past twelve months, respectively. The stock is trading at a PE ratio of 17.11 and has a dividend yield of 1.75%.
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SOURCE: Active Wall Street
