Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports Second-Quarter Results
- Second quarter sales grew 16%, with sales growth in each operating group
- Second quarter GAAP EPS of
$3.22 and adjusted EPS of$3.45
Consolidated net sales in the second quarter of fiscal 2023 increased 16% to
In the first half of fiscal 2023, net sales grew 17% year-over-year to
“Despite some near-term pressures, we are confident that our business model will drive profitable growth and long-term shareholder value well into the future.”
Second Quarter of Fiscal 2023 versus Fiscal 2022
Second Quarter | ||||||
($ in millions) | 2023 | 2022 | % Change | |||
1% | ||||||
91.3 | 88.7 | 3% | ||||
Emerging Brands | 31.6 | 29.9 | 6% | |||
Other | (0.1) | 0.9 | nm | |||
Subtotal | 368.2 | 363.4 | 1% | |||
Johnny Was (acquired 9/19/2022) | 52.0 | 0.0 | nm | |||
$420.3 | $363.4 | 16% |
- Consolidated net sales increased 16% to
$420 million .
- Full-price direct-to-consumer (DTC) sales increased 13% to
$286 million versus the second quarter of fiscal 2022, including$41 million of DTC sales in Johnny Was and a 3% aggregate decrease in full-price DTC sales in the Company’s other businesses.
- Full-price retail sales of
$150 million were 11%, or$15 million , higher than the prior-year period. This includes full-price retail sales in Johnny Was of$18 million for the second quarter of fiscal 2023. Full-price retail sales in the Company’s other businesses decreased by 3%. - Full-price e-commerce sales grew 15%, or
$17 million , to$136 million versus last year. This includes full-price e-commerce sales in Johnny Was of$22 million . Full-price e-commerce sales in the Company’s other businesses decreased by 4%.
- Full-price retail sales of
- Outlet sales were
$21 million , a 9%, or$2 million , increase versus prior-year results, primarily due to the addition of Johnny Was. - There were
$16 million ofLilly Pulitzer e-commerce flash sales in the second quarter of fiscal 2023 compared to noLilly Pulitzer flash sales in the second quarter of fiscal 2022. - Food and beverage sales grew 8%, or
$2 million , to$30 million versus last year. - Wholesale sales of
$68 million were 9%, or$6 million , higher than the second quarter of fiscal 2022. Johnny Was contributed wholesale sales of$10 million for the second quarter of fiscal 2023, with the other businesses in the aggregate decreasing by 7%.
- Full-price direct-to-consumer (DTC) sales increased 13% to
- Gross margin was 63.9% on a GAAP basis, comparable to prior-year results. Adjusted gross margin was 64.3% compared to 64.6% on an adjusted basis in the second quarter of fiscal 2022. Second quarter gross margin reflects increased e-commerce flash sales at
Lilly Pulitzer and a greater proportion of sales during loyalty award cards, flipside and end of season clearance events at Tommy Bahama, partially offset by the higher gross margin of Johnny Was and reduced freight expense. - SG&A was
$205 million compared to$163 million last year, increasing primarily due to$32 million of Johnny Was SG&A in the second quarter of 2023, which includes$3 million of amortization of intangible assets. Across all operating groups, SG&A increased due to increases in employment costs, advertising costs, variable expenses, occupancy costs and other expenses to support sales growth. On an adjusted basis, SG&A was$202 million compared to$163 million in the prior-year period. - Royalties and other operating income decreased by
$2 million to$4 million versus last year. This decrease was primarily driven by lower sales of Tommy Bahama’s licensing partners. - Operating income was
$68 million , or 16.1% of net sales, compared to$75 million in the second quarter of fiscal 2022. On an adjusted basis, operating income was$73 million , or 17.3% of net sales, compared to$78 million in last year’s second quarter. Year-over-year operating income results reflect higher SG&A as the Company invests in the business, partially offset by sales growth. - Interest expense increased by
$1 million compared to the prior-year period. The increased interest expense was due to the debt incurred in the acquisition of Johnny Was in fiscal 2022. - The effective tax rate was 22.5% compared to 24.6% for the prior-year period. The second quarter of fiscal 2023 benefitted from the vesting of restricted share awards at a value greater than the grant date stock price.
Balance Sheet and Liquidity
Inventory increased
During the first half of fiscal 2023 cash flow from operations was
As of
Dividend and Share Repurchase
The Board of Directors declared a quarterly cash dividend of
In early August, the Company completed a
Outlook
For fiscal 2023 ending on
For the third quarter of fiscal 2023, the Company expects net sales to be between
In addition to a more cautious macroeconomic environment, updated guidance reflects a negative impact from the wildfires in
The Company anticipates interest expense of
Capital expenditures in fiscal 2023, including the
Conference Call
The Company will hold a conference call with senior management to discuss its financial results at
About Oxford
Basis of Presentation
All per share information is presented on a diluted basis.
Non-GAAP Financial Information
The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods. These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others.
Management uses these non-GAAP financial measures in making financial, operational, and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release.
Safe Harbor
This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which typically are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, demand for our products, which may be impacted by competitive conditions and/or evolving consumer shopping patterns; macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by current inflationary pressures, rising interest rates, concerns about the stability of the banking industry or general economic uncertainty; acquisition activities (such as the acquisition of Johnny Was), including our ability to integrate key functions, recognize anticipated synergies and minimize related disruptions or distractions to our business as a result of these activities; supply chain disruptions; costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food and beverage locations; costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers; energy costs; our ability to respond to rapidly changing consumer expectations; weather or natural disasters, including the ultimate impact of the recent wildfires on the island of
Contact: | |
E-mail: | InvestorRelations@oxfordinc.com |
Consolidated Balance Sheets (in thousands, except par amounts)
(unaudited)
2023 |
2022 |
|||||
ASSETS | ||||||
Current Assets | ||||||
Cash and cash equivalents | $ | 7,790 | $ | 31,269 | ||
Short-term investments | — | 154,754 | ||||
Receivables, net | 55,583 | 48,691 | ||||
Inventories, net | 161,866 | 135,483 | ||||
Income tax receivable | 19,401 | 19,743 | ||||
Prepaid expenses and other current assets | 37,740 | 31,308 | ||||
Total Current Assets | $ | 282,380 | $ | 421,248 | ||
Property and equipment, net | 188,004 | 150,887 | ||||
Intangible assets, net | 277,114 | 154,853 | ||||
123,079 | 23,861 | |||||
Operating lease assets | 241,452 | 179,217 | ||||
Other assets, net | 37,829 | 27,136 | ||||
Total Assets | $ | 1,149,858 | $ | 957,202 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
Current Liabilities | ||||||
Accounts payable | $ | 76,216 | $ | 76,974 | ||
Accrued compensation | 20,481 | 28,779 | ||||
Current portion of operating lease liabilities | 67,676 | 53,119 | ||||
Accrued expenses and other liabilities | 68,188 | 63,768 | ||||
Total Current Liabilities | $ | 232,561 | $ | 222,640 | ||
Long-term debt | 48,472 | — | ||||
Non-current portion of operating lease liabilities | 219,207 | 180,092 | ||||
Other non-current liabilities | 20,402 | 19,200 | ||||
Deferred income taxes |
4,587 | 1,254 | ||||
Shareholders’ Equity | ||||||
Common stock, |
15,630 | 15,960 | ||||
Additional paid-in capital | 170,789 | 166,139 | ||||
Retained earnings | 440,319 | 355,037 | ||||
Accumulated other comprehensive loss | (2,109 | ) | (3,120 | ) | ||
Total Shareholders’ Equity | $ | 624,629 | $ | 534,016 | ||
Total Liabilities and Shareholders’ Equity | $ | 1,149,858 | $ | 957,202 | ||
Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited)
Second Quarter | First Half | ||||||||||||
Fiscal 2023 | Fiscal 2022 | Fiscal 2023 | Fiscal 2022 | ||||||||||
Net sales | $ | 420,319 | $ | 363,430 | $ | 840,416 | $ | 716,011 | |||||
Cost of goods sold | 151,590 | 131,281 | 296,558 | 257,485 | |||||||||
Gross profit | $ | 268,729 | $ | 232,149 | $ | 543,858 | $ | 458,526 | |||||
SG&A | 205,231 | 163,135 | 408,380 | 320,547 | |||||||||
Royalties and other operating income | 4,176 | 6,357 | 12,497 | 13,370 | |||||||||
Operating income | $ | 67,674 | $ | 75,371 | $ | 147,975 | $ | 151,349 | |||||
Interest expense, net | 1,297 | 274 | 3,639 | 516 | |||||||||
Earnings before income taxes | $ | 66,377 | $ | 75,097 | $ | 144,336 | $ | 150,833 | |||||
Income tax expense | 14,924 | 18,485 | 34,345 | 36,813 | |||||||||
Net earnings | $ | 51,453 | $ | 56,612 | $ | 109,991 | $ | 114,020 | |||||
Net earnings per share: | |||||||||||||
Basic | $ | 3.31 | $ | 3.56 | $ | 7.06 | $ | 7.07 | |||||
Diluted | $ | 3.22 | $ | 3.49 | $ | 6.86 | $ | 6.94 | |||||
Weighted average shares outstanding: | |||||||||||||
Basic | 15,550 | 15,919 | 15,589 | 16,118 | |||||||||
Diluted | 15,979 | 16,238 | 16,025 | 16,430 | |||||||||
Dividends declared per share | $ | 0.65 | $ | 0.55 | $ | 1.30 | $ | 1.10 | |||||
Consolidated Statements of Cash Flows (in thousands)
(unaudited)
First Half
Fiscal 2023 | Fiscal 2022 | |||||
Cash Flows From Operating Activities: | ||||||
Net earnings |
$ | 109,991 | $ | 114,020 | ||
Adjustments to reconcile net earnings to cash flows from operating activities: | ||||||
Depreciation | 23,128 | 20,358 | ||||
Amortization of intangible assets | 7,331 | 454 | ||||
Equity compensation expense | 7,508 | 5,252 | ||||
Gain on sale of assets | (1,756 | ) | — | |||
Amortization and write-off of deferred financing costs | 368 | 172 | ||||
Deferred income taxes |
1,451 | (1,657 | ) | |||
Changes in operating assets and liabilities, net of acquisitions and dispositions: | ||||||
Receivables, net | (11,611 | ) | (15,322 | ) | ||
Inventories, net | 57,947 | (17,867 | ) | |||
Income tax receivable | 39 | (15 | ) | |||
Prepaid expenses and other current assets | 360 | (11,541 | ) | |||
Current liabilities | (39,471 | ) | (939 | ) | ||
Other balance sheet changes | (2,785 | ) | (2,286 | ) | ||
Cash provided by operating activities | $ | 152,500 | $ | 90,629 | ||
Cash Flows From Investing Activities: | ||||||
Acquisitions, net of cash acquired | (3,320 | ) | — | |||
Purchases of property and equipment | (31,410 | ) | (19,746 | ) | ||
Purchases of short-term investments | — | (70,000 | ) | |||
Proceeds from short-term investments | — | 80,000 | ||||
Proceeds from the sale of property, plant and equipment | 2,125 | — | ||||
Other investing activities | (33 | ) | (50 | ) | ||
Cash used in investing activities | $ | (32,638 | ) | $ | (9,796 | ) |
Cash Flows From Financing Activities: | ||||||
Repayment of revolving credit arrangements | (334,225 | ) | — | |||
Proceeds from revolving credit arrangements | 263,686 | — | ||||
Deferred financing costs paid | (1,661 | ) | — | |||
Repurchase of common stock | (18,987 | ) | (72,680 | ) | ||
Proceeds from issuance of common stock | 1,090 | 882 | ||||
Repurchase of equity awards for employee tax withholding liabilities | (9,941 | ) | (3,166 | ) | ||
Cash dividends paid | (20,843 | ) | (17,829 | ) | ||
Other financing activities | — | (2,010 | ) | |||
Cash used in financing activities | $ | (120,881 | ) | $ | (94,803 | ) |
Net change in cash and cash equivalents | (1,019 | ) | (13,970 | ) | ||
Effect of foreign currency translation on cash and cash equivalents | (17 | ) | 380 | |||
Cash and cash equivalents at the beginning of year | 8,826 | 44,859 | ||||
Cash and cash equivalents at the end of period | $ | 7,790 | $ | 31,269 | ||
Reconciliations of Certain Non-GAAP Financial Information (in millions, except per share amounts)
(unaudited)
Second Quarter | First Half | |||||||||||||||
AS REPORTED |
Fiscal 2023 | Fiscal 2022 | % Change | Fiscal 2023 | Fiscal 2022 | % Change |
||||||||||
Net sales | $ | 245.4 | $ | 244.0 | 0.6 | % | $ | 484.9 | $ | 472.0 | 2.7 | % | ||||
Gross profit | $ | 155.3 | $ | 156.8 | (1.0 | )% | $ | 313.5 | $ | 304.1 | 3.1 | % | ||||
Gross margin | 63.3 | % | 64.3 | % | 64.7 | % | 64.4 | % | ||||||||
Operating income | $ | 51.0 | $ | 58.9 | (13.4 | )% | $ | 106.6 | $ | 111.5 | (4.5 | )% | ||||
Operating margin | 20.8 | % | 24.2 | % | 22.0 | % | 23.6 | % | ||||||||
Net sales | $ | 91.3 | $ | 88.7 | 3.0 | % | $ | 188.8 | $ | 180.7 | 4.5 | % | ||||
Gross profit | $ | 63.1 | $ | 63.3 | (0.3 | )% | $ | 131.4 | $ | 126.8 | 3.6 | % | ||||
Gross margin | 69.1 | % | 71.4 | % | 69.6 | % | 70.2 | % | ||||||||
Operating income | $ | 18.6 | $ | 21.5 | (13.6 | )% | $ | 43.1 | $ | 47.7 | (9.6 | )% | ||||
Operating margin | 20.3 | % | 24.2 | % | 22.8 | % | 26.4 | % | ||||||||
Johnny Was(1) | ||||||||||||||||
Net sales | $ | 52.0 | $ | 0.0 | 100.0 | % | $ | 101.5 | $ | 0.0 | 100.0 | % | ||||
Gross profit | $ | 35.9 | $ | 0.0 | 100.0 | % | $ | 69.5 | $ | 0.0 | 100.0 | % | ||||
Gross margin | 69.1 | % | 0.0 | % | 68.5 | % | 0.0 | % | ||||||||
Operating income | $ | 3.8 | $ | 0.0 | 100.0 | % | $ | 6.3 | $ | 0.0 | 100.0 | % | ||||
Operating margin | 7.4 | % | 0.0 | % | 6.2 | % | 0.0 | % | ||||||||
Emerging Brands | ||||||||||||||||
Net sales | $ | 31.6 | $ | 29.9 | 5.6 | % | $ | 65.6 | $ | 61.7 | 6.3 | % | ||||
Gross profit | $ | 15.8 | $ | 14.1 | 11.8 | % | $ | 31.4 | $ | 30.5 | 3.1 | % | ||||
Gross margin | 50.0 | % | 47.2 | % | 47.9 | % | 49.4 | % | ||||||||
Operating income | $ | 3.0 | $ | 4.0 | (24.1 | )% | $ | 6.9 | $ | 11.7 | (40.8 | )% | ||||
Operating margin | 9.6 | % | 13.3 | % | 10.6 | % | 19.0 | % | ||||||||
Corporate and Other | ||||||||||||||||
Net sales | $ | (0.1 | ) | $ | 0.9 | (108.6 | )% | $ | (0.3 | ) | $ | 1.6 | NM | |||
Gross profit | $ | (1.4 | ) | $ | (2.1 | ) | NM | $ | (2.0 | ) | $ | (2.9 | ) | NM | ||
Operating loss | $ | (8.8 | ) | $ | (9.0 | ) | NM | $ | (14.9 | ) | $ | (19.6 | ) | NM | ||
Consolidated | ||||||||||||||||
Net sales | $ | 420.3 | $ | 363.4 | 15.7 | % | $ | 840.4 | $ | 716.0 | 17.4 | % | ||||
Gross profit | $ | 268.7 | $ | 232.1 | 15.8 | % | $ | 543.9 | $ | 458.5 | 18.6 | % | ||||
Gross margin | 63.9 | % | 63.9 | % | 64.7 | % | 64.0 | % | ||||||||
SG&A | $ | 205.2 | $ | 163.1 | 25.8 | % | $ | 408.4 | $ | 320.5 | 27.4 | % | ||||
SG&A as % of net sales | 48.8 | % | 44.9 | % | 48.6 | % | 44.8 | % | ||||||||
Operating income | $ | 67.7 | $ | 75.4 | (10.2 | )% | $ | 148.0 | $ | 151.3 | (2.2 | )% | ||||
Operating margin | 16.1 | % | 20.7 | % | 17.6 | % | 21.1 | % | ||||||||
Earnings before income taxes | $ | 66.4 | $ | 75.1 | (11.6 | )% | $ | 144.3 | $ | 150.8 | (4.3 | )% | ||||
Net earnings | $ | 51.5 | $ | 56.6 | (9.1 | )% | $ | 110.0 | $ | 114.0 | (3.5 | )% | ||||
Net earnings per diluted share | $ | 3.22 | $ | 3.49 | (7.7 | )% | $ | 6.86 | $ | 6.9 | (1.2 | )% | ||||
Weighted average shares outstanding - diluted | 16.0 | 16.2 | (1.6 | )% | 16.0 | 16.4 | (2.5 | )% | ||||||||
Second Quarter | First Half | ||||||||||||||||
ADJUSTMENTS | Fiscal 2023 | Fiscal 2022 | % Change | Fiscal 2023 | Fiscal 2022 | % Change | |||||||||||
LIFO adjustments(2) | $ | 1.4 | $ | 2.7 | $ | 2.8 | $ | 3.7 | |||||||||
Amortization of Johnny Was intangible assets(3) | $ | 3.5 | $ | 0.0 | $ | 6.9 | $ | 0.0 | |||||||||
Gain on sale of |
$ | 0.0 | $ | 0.0 | $ | (1.8 | ) | $ | 0.0 | ||||||||
Impact of income taxes(5) | $ | (1.3 | ) | $ | (0.7 | ) | $ | (2.1 | ) | $ | (0.9 | ) | |||||
Adjustment to net earnings(6) | $ | 3.6 | $ | 2.1 | $ | 5.9 | $ | 2.8 | |||||||||
AS ADJUSTED | |||||||||||||||||
Net sales | $ | 245.4 | $ | 244.0 | 0.6 | % | $ | 484.9 | $ | 472.0 | 2.7 | % | |||||
Gross profit | $ | 155.3 | $ | 156.8 | (1.0 | )% | $ | 313.5 | $ | 304.1 | 3.1 | % | |||||
Gross margin | 63.3 | % | 64.3 | % | 64.7 | % | 64.4 | % | |||||||||
Operating income | $ | 51.0 | $ | 58.9 | (13.4 | )% | $ | 106.6 | $ | 111.5 | (4.5 | )% | |||||
Operating margin | 20.8 | % | 24.2 | % | 22.0 | % | 23.6 | % | |||||||||
Net sales | $ | 91.3 | $ | 88.7 | 3.0 | % | $ | 188.8 | $ | 180.7 | 4.5 | % | |||||
Gross profit | $ | 63.1 | $ | 63.3 | (0.3 | )% | $ | 131.4 | $ | 126.8 | 3.6 | % | |||||
Gross margin | 69.1 | % | 71.4 | % | 69.6 | % | 70.2 | % | |||||||||
Operating income | $ | 18.6 | $ | 21.5 | (13.6 | )% | $ | 43.1 | $ | 47.7 | (9.6 | )% | |||||
Operating margin | 20.3 | % | 24.2 | % | 22.8 | % | 26.4 | % | |||||||||
Johnny Was(1) | |||||||||||||||||
Net sales | $ | 52.0 | $ | 0.0 | 100.0 | % | $ | 101.5 | $ | 0.0 | 100.0 | % | |||||
Gross profit | $ | 35.9 | $ | 0.0 | 100.0 | % | $ | 69.5 | $ | 0.0 | 100.0 | % | |||||
Gross margin | 69.1 | % | 0.0 | % | 68.5 | % | 0.0 | % | |||||||||
Operating income | $ | 7.3 | $ | 0.0 | 100.0 | % | $ | 13.3 | $ | 0.0 | 100.0 | % | |||||
Operating margin | 14.1 | % | 0.0 | % | 13.1 | % | 0.0 | % | |||||||||
Emerging Brands | |||||||||||||||||
Net sales | $ | 31.6 | $ | 29.9 | 5.6 | % | $ | 65.6 | $ | 61.7 | 6.3 | % | |||||
Gross profit | $ | 15.8 | $ | 14.1 | 11.8 | % | $ | 31.4 | $ | 30.5 | 3.1 | % | |||||
Gross margin | 50.0 | % | 47.2 | % | 47.9 | % | 49.4 | % | |||||||||
Operating income | $ | 3.0 | $ | 4.0 | (24.1 | )% | $ | 6.9 | $ | 11.7 | (40.8 | )% | |||||
Operating margin | 9.6 | % | 13.3 | % | 10.6 | % | 19.0 | % | |||||||||
Corporate and Other | |||||||||||||||||
Net sales | $ | (0.1 | ) | $ | 0.9 | (108.6 | )% | $ | (0.3 | ) | $ | 1.6 | NM | ||||
Gross profit | $ | 0.1 | $ | 0.6 | NM | $ | 0.8 | $ | 0.8 | NM | |||||||
Operating loss | $ | (7.4 | ) | $ | (6.3 | ) | NM | $ | (13.9 | ) | $ | (15.8 | ) | NM | |||
Consolidated | |||||||||||||||||
Net sales | $ | 420.3 | $ | 363.4 | 15.7 | % | $ | 840.4 | $ | 716.0 | 17.4 | % | |||||
Gross profit | $ | 270.2 | $ | 234.9 | 15.0 | % | $ | 546.6 | $ | 462.3 | 18.2 | % | |||||
Gross margin | 64.3 | % | 64.6 | % | 65.0 | % | 64.6 | % | |||||||||
SG&A | $ | 201.8 | $ | 163.1 | 23.7 | % | $ | 401.5 | $ | 320.5 | 25.2 | % | |||||
SG&A as % of net sales | 48.0 | % | 44.9 | % | 47.8 | % | 44.8 | % | |||||||||
Operating income | $ | 72.6 | $ | 78.1 | (7.1 | )% | $ | 155.9 | $ | 155.1 | 0.5 | % | |||||
Operating margin | 17.3 | % | 21.5 | % | 18.6 | % | 21.7 | % | |||||||||
Earnings before income taxes | $ | 71.3 | $ | 77.8 | (8.4 | )% | $ | 152.3 | $ | 154.6 | (1.5 | )% | |||||
Net earnings | $ | 55.1 | $ | 58.7 | (6.1 | )% | $ | 115.9 | $ | 116.8 | (0.8 | )% | |||||
Net earnings per diluted share | $ | 3.45 | $ | 3.61 | (4.4 | )% | $ | 7.23 | $ | 7.11 | 1.7 | % | |||||
Second Quarter | Second Quarter | Second Quarter | First Half | First Half | |||||||||||
Fiscal 2023 | Fiscal 2023 | Fiscal 2022 | Fiscal 2023 | Fiscal 2022 | |||||||||||
Actual | Guidance(7) | Actual | Actual | Actual | |||||||||||
Net earnings per diluted share: | |||||||||||||||
GAAP basis | $ | 3.22 | $ | 3.14 - 3.34 | $ | 3.49 | $ | 6.86 | $ | 6.94 | |||||
LIFO adjustments(8) | 0.07 | 0.00 | 0.13 | 0.13 | 0.17 | ||||||||||
Amortization of Johnny Was intangible assets(9) | 0.16 | 0.16 | 0.00 | 0.32 | 0.00 | ||||||||||
Gain on sale of |
0.00 | 0.00 | 0.00 | (0.08 | ) | 0.00 | |||||||||
As adjusted(6) | $ | 3.45 | $ | 3.30 - 3.50 | $ | 3.61 | $ | 7.23 | $ | 7.11 | |||||
Third Quarter Fiscal 2023 Guidance(11) |
Third Quarter Fiscal 2022 Actual |
|||||
Net earnings per diluted share: | ||||||
GAAP basis | $ | 0.74 - |
$ | 1.22 | ||
LIFO adjustments(8) | 0.00 | (0.03 | ) | |||
Inventory step-up charges in Johnny Was(13) | 0.00 | 0.06 | ||||
Amortization of Johnny Was intangible assets(9) | 0.16 | 0.08 | ||||
Transaction expenses and integration costs associated with Johnny Was acquisition(14) | 0.00 | 0.13 | ||||
As adjusted(6) | $ | 0.90 - |
$ | 1.46 | ||
Fiscal 2023 Guidance(12) | Fiscal 2022 Actual | |||||
Net earnings per diluted share: | ||||||
GAAP basis | $ | 9.61 - |
$ | 10.19 | ||
LIFO adjustments(8) | 0.13 | 0.12 | ||||
Inventory step-up charge in Johnny Was(13) | 0.00 | 0.20 | ||||
Amortization of Johnny Was intangible assets(9) | 0.64 | 0.24 | ||||
Transaction expenses and integration costs associated with the Johnny Was acquisition(14) | 0.00 | 0.13 | ||||
Gain on sale of |
(0.08 | ) | 0.00 | |||
As adjusted(6) | $ | 10.30 - |
$ | 10.88 |
(1) Johnny Was was acquired on
(2) LIFO adjustments represents the impact of LIFO accounting adjustments. These adjustments are included in cost of goods sold in Corporate and Other.
(3) Amortization of Johnny Was intangible assets represents the amortization related to intangible assets acquired as part of the Johnny Was acquisition. These charges are included in SG&A in Johnny Was.
(4) Gain on sale of
(5) Impact of income taxes represents the estimated tax impact of the above adjustments based on the estimated applicable tax rate on current year earnings.
(6) Amounts in columns may not add due to rounding.
(7) Guidance as issued on
(8) LIFO adjustments represents the impact, net of income taxes, on net earnings per share resulting from LIFO accounting adjustments. No estimate for LIFO accounting adjustments is reflected in the guidance for any future periods.
(9) Amortization of Johnny Was intangible assets represents the impact, net of income taxes, on net earnings per share resulting from the amortization of intangible assets acquired as part of the Johnny Was acquisition.
(10) Gain on sale of
(11) Guidance as issued on
(12) Guidance as issued on
(13) Inventory step-up charge in Johnny Was represents the impact, net of income taxes, on net earnings per share of purchase accounting adjustments resulting from the step-up of inventory at acquisition of the Johnny Was business. No additional inventory step-up charge is expected in future periods.
(14) Transaction expenses and integration costs associated with the Johnny Was acquisition represents the impact of transaction costs and integration costs, net of income taxes, on net earnings per share.
Direct to Consumer Location Count | ||||||||||||
End of Q1 | End of Q2 | End of Q3 | End of Q4 | |||||||||
Fiscal 2022 | ||||||||||||
Full-price retail store | 102 | 102 | 102 | 103 | ||||||||
Retail-food & beverage | 21 | 21 | 21 | 21 | ||||||||
Outlet | 35 | 35 | 35 | 33 | ||||||||
Total |
158 | 158 | 158 | 157 | ||||||||
59 | 58 | 59 | 59 | |||||||||
Johnny Was | ||||||||||||
Full-price retail store | — | — | 64 | 65 | ||||||||
Outlet | — | — | 2 | 2 | ||||||||
Total Johnny Was |
— | — | 66 | 67 | ||||||||
Emerging Brands | ||||||||||||
Southern Tide full-price retail store | 4 | 5 | 5 | 6 | ||||||||
TBBC full-price retail store | 1 | 2 | 2 | 3 | ||||||||
Total Oxford | 222 | 223 | 290 | 292 | ||||||||
Fiscal 2023 | ||||||||||||
Full-price retail store | 103 | 101 | — | — | ||||||||
Retail-food & beverage | 21 | 22 | — | — | ||||||||
Outlet | 33 | 33 | — | — | ||||||||
Total |
157 | 156 | — | — | ||||||||
59 | 59 | — | — | |||||||||
Johnny Was | ||||||||||||
Full-price retail store | 65 | 67 | — | — | ||||||||
Outlet | 2 | 2 | — | — | ||||||||
Total Johnny Was |
67 | 69 | — | — | ||||||||
Emerging Brands | ||||||||||||
Southern Tide full-price retail store | 9 | 13 | — | — | ||||||||
TBBC full-price retail store | 3 | 3 | — | — | ||||||||
Total Oxford | 295 | 300 | — | — | ||||||||
![](https://ml.globenewswire.com/media/YWM3YTQ2OGQtZDEzZC00OGQwLTljYzAtYWQyYmIyZjRhOGRiLTEwMTkxMDc=/tiny/Oxford-Industries-Inc-.png)
Oxford Industries, Inc.