Upcoming AWS Coverage on Carter's Post-Earnings Results

LONDON, UK / ACCESSWIRE / April 6, 2017 / Active Wall St. announces its post-earnings coverage on Oxford Industries, Inc. (NYSE: OXM). The Company released its financial results for the fourth quarter fiscal 2016 (Q4 FY16) and full year 2016 (FY16) on February 21, 2017. The Atlanta, Georgia-based Company's quarterly net sales grew 0.6% y-o-y, while its annual sales increased 5.5% y-o-y. Register with us now for your free membership at:

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One of Oxford Industries' competitors within the Textile - Apparel Clothing space, Carter's, Inc. (NYSE: CRI), reported on February 23, 2017, its fourth quarter and fiscal 2016 results. AWS will be initiating a research report on Carter's in the coming days.

Today, AWS is promoting its earnings coverage on OXM; touching on CRI. Get our free coverage by signing up to:

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Earnings Reviewed

In Q4 FY16, Oxford Industries' net sales rose to $261.05 million from $259.58 million reported in Q4 FY15. However, net sales for the reported quarter lagged behind market expectations of $267.2 million.

The apparel Company reported GAAP net earnings from continuing operations of $12.04 million, or $0.72 per diluted share in Q4 FY16 compared to $17.55 million, or $1.06 per diluted share, in Q4 FY15. The Company's adjusted net earnings from continuing operations for Q4 FY16 was $10.5 million, or $0.63 per diluted share, compared to $18.1 million, or $1.09 per diluted share, recorded in Q4 FY15. Meanwhile, Wall Street had expected the Company to report adjusted net income of $0.91 diluted per share.

For full year FY16, Oxford Industries' net sales grew to $1.02 billion from $969.29 million reported in FY15. The Company reported net earnings from continuing operations of $54.50 million, or $3.27 per diluted share, in FY16 compared to $58.54 million, or $3.54 per diluted share, in FY15. Additionally, the Company's adjusted net earnings from continuing operations for FY16 stood at $54.9 million, or $3.30 per diluted share, compared to $60.2 million, or $3.64 per diluted share, recorded in FY15.

Operating Metrics

During Q4 FY16, Oxford Industries reported GAAP gross profit of $146.66 million, or 56.2% of net sales, compared to $144.74 million, or 55.8% of net sales, in Q4 FY15. Meanwhile, the Company's adjusted gross margin stood at $143.6 million, or 55.0% of net sales, in Q4 FY16 versus $145.0 million, or 55.9% of net sales, in Q4 FY15.

The Company's Q4 FY16 GAAP operating income stood at $19.52 million, or 7.5% of net sales, compared to $28.45 million, or 11.0% of net sales, in Q4 FY15. Furthermore, the adjusted operating income during the reported quarter was $16.7 million, or 6.4% of net sales, compared to $29.1 million, or 11.2% of net sales, in the prior year's same quarter.

Segment Performance

Oxford Industries' Tommy Bahama segment's sales fell to $186.1 million during Q4 FY16 from $195.9 million in the prior year's comparable quarter. The segment's adjusted operating income also declined to $17.7 million, or 9.5% of the segment's sales, in Q4 FY16 from $31.7 million, or 16.2% of the segment's sales, in the year-ago same quarter.

In the reported period, the Company's Lilly Pulitzer segment's sales were $46.5 million, which rose 26.0% from $36.9 million in Q4 FY15. The segment's adjusted operating income rose to $2.3 million, or 5.0% of the segment's sales, in Q4 FY16 from $0.2 million, or 0.4% of the segment's sales in the previous year's same quarter.

During Q4 FY16, Lanier Apparel segment's sales declined to $19.5 million from $26.5 million in the last year's corresponding quarter. The segment's Q4 FY16 adjusted operating income also fell to $0.3 million, or 1.8% of the segment's sales from $1.8 million, or 6.8% of the segment's sales, in Q4 FY15.

Southern Tide segment reported net sales of $8.2 million with adjusted operating profit of $0.6 million, or 7.1% of the segment's sales in Q4 FY16.

Cash Flow & Balance Sheet

During the year ended on January 28, 2017, Oxford Industries' cash provided by operating activities was $118.57 million compared to $105.37 million in the year ago same period. Additionally, the Company reported free cash flow of $69.2 million in FY16 compared to $32.3 million in FY15.

The Company had cash and cash equivalents balance of $6.33 million as on January 28, 2017, compared to $6.32 million at the close of books on January 30, 2016. Furthermore, the Company's long-term debt increased to $91.51 million as on January 28, 2017, from $43.98 million as on January 30, 2016.

Dividend

In its earnings press release, Oxford Industries' Board of Directors declared a cash dividend of $0.27 per share payable on April 28, 2017, to shareholders of record as of the close of business on April 13, 2017

Outlook

In its guidance for full year FY17, Oxford Industries' management expects net sales to be between $1.08 billion to $1.10 billion. GAAP EPS from continuing operations for FY17 are forecasted to be in the range of $3.41 to $3.61, while adjusted EPS from continuing operations are anticipated to lie between $3.50 and $3.70. Moreover, capital expenditures in FY17 are expected to be approximately $55 million.

For quarter ending April 29, 2017, the Company projects net sales in the range of $270 million to $280 million. The Company expects GAAP EPS from continuing operations to be between $0.98 and $1.08, while adjusted EPS are projected to be between $1.00 and $1.10.

Stock Performance

At the closing bell, on Wednesday, April 05, 2017, Oxford Industries' stock marginally fell 0.37%, ending the trading session at $54.10. A total volume of 206.57 thousand shares were traded at the end of the day, which was higher than the 3-month average volume of 192.28 thousand shares. In the last month, shares of the Company have advanced slightly by 1.14%. The Company's shares are trading at a PE ratio of 16.52 and have a dividend yield of 2.00%. At Wednesday's closing price, the stock's net capitalization stands at $919.70 million.

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