UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): October 6, 2005 OXFORD INDUSTRIES, INC. (Exact name of registrant as specified in its charter) Georgia 001-04365 58-0831862 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 222 Piedmont Avenue, NE, Atlanta, GA. 30308 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (404) 659-2424 ___________________________________________________________________________ (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
INFORMATION TO BE INCLUDED IN THE REPORT ITEM 2.02. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 6, 2005, Oxford Industries, Inc., (the "Company") issued a press release announcing, among other things, its financial results for the quarter ended September 2, 2005. The press release is incorporated herein to this Form 8-K by reference and a copy of this press release is attached hereto as Exhibit 99.1. The information contained in this Form 8-K (including Exhibit 99.1) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. EXHIBIT NUMBER - ------- 99.1 Press Release of Oxford Industries, Inc., dated October 6, 2005. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934. The registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. OXFORD INDUSTRIES, INC. October 6, 2005 By: /s/ Thomas Caldecot Chubb III ------------------------------------ Thomas Caldecot Chubb III Executive Vice President
EXHIBIT 99.1 OXFORD INDUSTRIES, INC. PRESS RELEASE 222 PIEDMONT AVENUE, N.E. - ATLANTA, GEORGIA 30308 Contact: J. Reese Lanier, Jr. Telephone: (404) 653-1446 Fax: (404) 653-1545 E-Mail: rlanier@oxfordinc.com FOR IMMEDIATE RELEASE --------------------- October 6, 2005 OXFORD INDUSTRIES ANNOUNCES RECORD FIRST QUARTER FISCAL 2006 RESULTS -- REPORTS FIRST QUARTER EARNINGS INCREASE 119% TO $0.79 -- -- IMPROVED PROFITABILITY IN TOMMY BAHAMA GROUP DRIVES OUT-PERFORMANCE VERSUS GUIDANCE -- ATLANTA, GA. - Oxford Industries, Inc. (NYSE:OXM) announced today financial results for the first quarter ended September 2, 2005. Consolidated net sales for the quarter increased 27% to $336 million from $265 million in the first quarter of fiscal 2005. Diluted earnings per share for the quarter increased 119% to $0.79 versus $0.36 in the first quarter of fiscal 2005. While each of the Company's segments showed strong results, strategies to enhance the profitability of the Tommy Bahama Group took hold earlier than expected and resulted in significantly higher profitability than projected. Diluted earnings per share in the year-ago quarter were affected by the write-off of deferred financing fees of $1.8 million, or $0.07 per share on a tax-effected basis, in connection with the acquisition of Ben Sherman. Additionally, the Company noted that included in SG&A expenses for the quarter were $0.07 per share of non-cash intangible asset amortization costs associated with the Tommy Bahama and Ben Sherman acquisitions. J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford, Inc. commented, "We are very pleased to be off to a strong start for fiscal 2006, with each of our operating segments reporting positive results for the first quarter. Not only do our branded businesses remain very strong, but our legacy business continues to improve. We have continued to reach new levels of efficiency in our operations and, despite a challenging retail and macro-economic environment, we are positioned to continue to perform well." The Tommy Bahama Group reported net sales of $92 million in the first quarter compared to $93 million in the same period last year. An increase in retail sales was offset by a decline in wholesale revenues and the discontinuation of the private label business. Operating income for this segment was $14.4 million during the quarter, an increase of 21% over the same quarter last year. This increase was the result of a focus on improving the procurement and flow of inventory and the utilization of more effective sourcing strategies. The Company had originally anticipated that the benefits of this renewed focus would not occur until the second quarter.
The Menswear Group reported first quarter sales of $177 million compared to sales of $119 million last year. Ben Sherman contributed approximately $44 million for the quarter, versus only $17 million for a partial quarter's contribution in the year-ago period. Excluding the impact of Ben Sherman, the Menswear Group's historical businesses generated a sales increase of 30% for the quarter on continuing strength in tailored clothing, dress shirts and sportswear as well as the addition of the Orvis Signature and Nick(it) brands. Operating income in this segment for the first quarter was $15.0 million, an increase of 68% versus the same period last year. First quarter sales for the Womenswear Group increased 30% to $68 million from $52 million last year. The Company noted that increased shipments to Wal-Mart and Target represented the bulk of the sales increase. Operating earnings for the Womenswear Group increased to $3.9 million from a loss in the year-ago period of $1.0 million. Inventory at the close of the first quarter increased 18% to $169 million from $143 million at the end of the prior year's first quarter. The increase was driven by additional inventory to support new replenishment programs and growth in the Menswear Group, offset by declines in the Womenswear and Tommy Bahama Groups. Accounts Receivable rose 25% against a 27% increase in first quarter sales. The company commented that despite some near term challenges that may result from a challenging economic climate and an increasingly competitive retail environment, it is now comfortable with a full year range of diluted earnings per share of $3.42 to $3.52 on sales of approximately $1.38 billion to $1.40 billion. This compares to the Company's prior guidance of $3.25 to $3.35 in earnings per share on sales of approximately $1.37 to $1.39 billion. For the second quarter, ending on December 2, 2005, the company anticipates sales in a range from $320 million to $330 million and earnings per share of $0.55 to $0.60. Mr. Lanier continued, "While the trends in our business are strong and our near-term outlook remains favorable, a combination of low visibility in the private label business and the uncertain nature of the current retail environment are prompting us to remain somewhat cautious with respect to our full-year guidance. Even so, we believe that we have excellent opportunities and good momentum in each of our individual businesses that, if sustained, will result in strong returns for the remainder of the fiscal year." The company will hold a conference call with senior management to discuss the financial results at 4:30 p.m. ET today. A live Webcast of the conference call will be available on the Company's Web site at www.oxfordinc.com. Please visit the Web site at least 15 minutes early to register for the teleconference Web cast and download any necessary software. A replay of the call will be available through October 13, 2005. To access the telephone replay, Participants should dial (719) 457-0820. The access code for the replay is 4262582. A replay of the Webcast will also be available following the conference call on Oxford Industries' corporate Website.
Oxford Industries, Inc. is a leading producer and marketer of branded and private label apparel for men, women and children. Oxford provides retailers and consumers with a wide variety of apparel products and services to suit their individual needs. Oxford's brands include Tommy Bahama(R), Indigo Palms (R), Island Soft(R), Ely & Walker(R) and Oxford Golf(R). The Company also holds exclusive licenses to produce and sell certain product categories under the Tommy Hilfiger(R), Nautica(R), Geoffrey Beene(R), Slates(R), Dockers(R) and Oscar de la Renta(R) labels. Oxford's customers are found in every major channel of distribution including national chains, specialty catalogs, mass merchants, department stores, specialty stores and Internet retailers. The Company's common stock has traded on the NYSE since 1964 under the symbol OXM. For more information, please visit our website at www.oxfordinc.com. CAUTIONARY STATEMENT FOR THE PURPOSE OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This press release contains forward-looking statements about future events. We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Important assumptions relating to these forward-looking statements include, among others, assumptions regarding demand for our products, expected pricing levels, raw material costs, the timing and cost of planned capital expenditures, expected outcomes of pending litigation, competitive conditions, general economic conditions and expected synergies in connection with acquisitions and joint ventures. Forward-looking statements reflect our current expectations and are not guarantees of performance. These statements are based on our management's beliefs and assumptions, which in turn are based on currently available information. These beliefs and assumptions could prove inaccurate. Forward-looking statements involve risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Many of these risks and uncertainties are beyond our ability to control or predict. Such risks and uncertainties include, but are not limited to: (1) general economic cycles; (2) competitive conditions in our industry; (3) price deflation in the worldwide apparel industry; (4) our ability to identify and respond to rapidly changing fashion trends and to offer innovative and upgraded products; (5) changes in trade quotas or other trade regulations, including "safeguard" quotas; (6) our ability to continue to finance our working capital and growth on acceptable terms; (7) significant changes in weather patterns (e.g., an unseasonably warm autumn) or natural disasters such as hurricanes, fires or flooding; (8) the price and availability of raw materials and finished goods; (9) the impact of rising energy costs on our costs and consumer spending; (10) our dependence on and relationships with key customers; (11) consolidation among our customer base; (12) the ability of our third party producers to deliver quality products in a timely manner; (13) potential disruptions in the operation of our distribution facilities; (14) any disruption or failure of our computer systems or data network; (15) the integration of our acquired businesses; (16) our ability to successfully implement our growth plans, including growth by acquisition; (17) unforeseen liabilities associated with our acquisitions; (18) economic and political conditions in the foreign countries in which we operate or source our products; (19) increased competition from direct sourcing; (20) our ability to maintain our licenses; (21) our ability to protect our intellectual property and prevent our trademarks, service marks and goodwill from being harmed by competitors' products; (22) our reliance on key management and our ability to develop effective succession plans; (23) our ability to develop and maintain an effective organizational structure; (24) risks associated with changes in global currency exchange rates; (25) changes in interest rates on our variable rate debt; (26) the impact of labor disputes, wars or acts of terrorism on our business; (27) the effectiveness of our disclosure controls and procedures related to financial reporting; (28) our ability to maintain current pricing on our products given competitive or other factors; and (29) our ability to expand our retail operations. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Other risks or uncertainties may be detailed from time to time in our future Securities and Exchange Commission filings.
OXFORD INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) (In thousands except per share amounts)
OXFORD INDUSTRIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In thousands except per share amounts)
OXFORD INDUSTRIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In thousands)
OXFORD INDUSTRIES, INC. SEGMENT INFORMATION (UNAUDITED) (In thousands)