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

OXFORD INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Georgia (State or other jurisdiction of incorporation)		001-04365 (Commission File Number)		58-0831862 (IRS Employer Identification No.)

222 Piedmont Avenue, NE, Atlanta, GA 30308
(Address of principal executive offices) (Zip Code)

Not Applicable
(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:

 o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On October 9, 2007, Oxford Industries, Inc. (the “Company”) issued a press release announcing, among other things, its financial results for the quarter ended August 31, 2007. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

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 (the “Exchange Act”), 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 5.03 AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS; CHANGE IN FISCAL YEAR.

On October 8, 2007, the Company’s board of directors approved a change in the Company’s fiscal year end. Effective with the Company’s fiscal year which commenced on June 2, 2007, the fiscal year of the Company shall end at the end of the Saturday closest to January 31 and shall, in each case, begin at the beginning of the day next succeeding the last day of the preceding fiscal year. Accordingly, there will be a transition period from June 2, 2007 through February 2, 2008. We will file a Form 10-Q for the quarter ending August 31, 2007, a Form 10-Q for the quarter ending November 30, 2007 and a Form 10-K for the transition period from June 2, 2007 through February 2, 2008.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

EXHIBIT
NUMBER
99.1				Press Release of Oxford Industries, Inc., dated October 9, 2007.

SIGNATURES

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 hereunto duly authorized.

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 9, 2007

Oxford Industries Announces Quarterly Results

— Adopts New Fiscal Calendar —

ATLANTA, GA. — Oxford Industries, Inc. (NYSE:OXM) announced today financial results for its fiscal quarter ended August 31, 2007. Consolidated net sales for the fiscal quarter declined to $237.9 million from $284.1 million in the first quarter of fiscal 2007, which ended September 1, 2006. Diluted earnings from continuing operations per common share for the quarter ended August 31, 2007 were $0.27 compared to $0.63 in the first quarter of fiscal 2007.

“Our quarterly results reflect the difficult condition of the retailing market,” commented J. Hicks Lanier, Chairman and CEO of Oxford Industries, Inc. “However, the positioning of our key brands continues to be healthy. We continue to advance our strategy to rationalize our less profitable businesses and focus on the branded lifestyle market. We believe that the slowdown in our Tommy Bahama business is related to current market conditions, but that the Tommy Bahama brand remains strong and the business is well-positioned to rebound as these conditions abate. We are encouraged by continued progress in the repositioning of the Ben Sherman business in both the U.S. and the U.K.”

The Company also announced that it has elected to shift its fiscal calendar to end each year at the end of the Saturday closest to January 31st. The Company believes that this change will better align its reporting schedule with its industry peers and major customers and will eliminate the perceived reporting lag associated with the Company’s current fiscal calendar. The new calendar coincides with the National Retail Federation’s reporting calendar. As a result of implementing this change, the Company will report an eight month transition period that commenced on June 2, 2007 and will conclude on February 2, 2008. In this release, the Company refers to the eight month transition period ending February 2, 2008 as “transition period 2008” and refers to the fiscal quarter ended August 31, 2007 as the “first quarter of transition period 2008.”

Tommy Bahama reported a net sales decrease of 4.8% to $99.2 million for the first quarter of transition period 2008 from $104.1 million in the first quarter of fiscal 2007. The Company believes that challenging consumer credit and residential real estate markets, particularly in Florida, California, Arizona and Nevada, negatively impacted retail sales in Tommy Bahama’s own retail stores and its customers’ stores. These four states represented approximately two-thirds of Tommy Bahama’s own retail store sales in fiscal 2007.

Tommy Bahama concluded the first quarter of transition period 2008 with 69 retail stores compared to 62 stores at the end of the first quarter of fiscal 2007. Tommy Bahama’s operating income for the first quarter of transition period 2008 decreased to $13.1 million from $16.8 million in the first quarter of fiscal 2007 due to lower sales volume and a higher level of expenses associated with the operation of additional stores.

Ben Sherman reported a net sales decline of 3.9% to $37.6 million for the first quarter of transition period 2008 compared to $39.1 million in the first quarter of fiscal 2007. The sales decrease was expected as the Company continued to see the effects of tighter distribution of Ben Sherman® products associated with the brand’s re-positioning, as well as the discontinuation of the Evisu denim sales. The Company elected to cease distributing Evisu denim products following Spring 2007 deliveries. Operating income for Ben Sherman declined to $0.7 million in the first quarter of transition period 2008 from $1.9 million in the first quarter of fiscal 2007 due to lower sales volume and expenses associated with three new retail stores.

Net sales for Lanier Clothes declined 12.5% to $35.6 million in the first quarter of transition period 2008 from $40.7 million in the first quarter of fiscal 2007. Operating income for Lanier Clothes declined to $0.3 million in the first quarter of transition period 2008 from $2.5 million in the first quarter of fiscal 2007. The Company attributed the decline in net sales and operating income in this group to a very challenging environment for tailored clothing, particularly in the chain and department store channels of distribution.

Oxford Apparel was responsible for the bulk of the Company’s consolidated sales decline in the first quarter of transition period 2008. The group reported net sales of $65.3 million for the period, down 34.0% from $99.0 million in the first quarter of fiscal 2007. The net sales decline was anticipated as Oxford Apparel continued to focus on key categories and to exit certain lines of business. Operating income for Oxford Apparel was $3.6 million for the first quarter of transition period 2008, down 41.9% from $6.2 million in the first quarter of fiscal 2007. The decline in profitability was driven by lower sales volume and charges of approximately $1.0 million associated with the pending sale of Oxford Apparel’s last owned manufacturing facility.

Consolidated gross margins for the first quarter of transition period 2008 increased to 41.0% from 38.1% in the first quarter of 2007. The improvement in gross margin was driven primarily by an increase in branded and retail sales as a percentage of total net sales.

Selling, general and administrative expenses, or SG&A, for the first quarter of transition period 2008 increased to $88.9 million, or 37.3% of net sales, from $86.4 million, or 30.4% of net sales, in the first quarter of fiscal 2007. The increase in SG&A expenses as a percentage of net sales was due primarily to de-leveraging associated with lower sales volume and to the increased proportion of branded and retail sales.

Royalty and other operating income for the first quarter of transition period 2008 grew 30.8% to $3.8 million from $2.9 million in the first quarter of fiscal 2007 due to an increase in sales of licensed products.

Accounts receivable at August 31, 2007 declined to $123.0 million from $157.6 million at the end of the first quarter of fiscal 2007. Total inventories at August 31, 2007 increased by 11.3% to $155.1 million from $139.4 million at the end of the first quarter of fiscal 2007. The Company attributed the growth in Tommy Bahama’s inventory to the deferral of certain wholesale shipments and inventory to support additional retail stores. Excess inventory due to lower than planned sales in the Lanier Clothes business also contributed to the inventory increase.

The Company expects net sales and earnings for the second quarter of transition period 2008, which commenced on September 1, 2007 and will conclude on November 30, 2007, and the two month period commencing December 1, 2007 and ending February 2, 2008 to be flat to slightly higher than the comparable periods last year. For the second quarter of fiscal 2007, net sales were $291.0 million and diluted earnings from continuing operations per common share were $0.68. For the two months ended February 2, 2007, net sales were $164.4 million and diluted earnings from continuing operations per common share were $0.16. In light of the Company’s change in its fiscal year, previously announced guidance for the 12 months ending May 30, 2008 should not be relied upon.

The Company will hold a conference call with senior management to discuss its financial results at 8:30AM ET today. A live web cast 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 before the call to register for the teleconference web cast and download any necessary software. A replay of the call will be available through October 24, 2007. To access the telephone replay, participants should dial (719) 457-0820. The access code for the replay is 8309784. A replay of the web cast will also be available following the teleconference on Oxford Industries’ corporate web site at www.oxfordinc.com.

Oxford Industries, Inc. is a 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®, Indigo Palms®, Island Soft®, Ben Sherman®, Arnold Brant®, Ely & Walker® and Oxford Golf®. The Company also holds exclusive licenses to produce and sell certain product categories under the Tommy Hilfiger®, Kenneth Cole®, Nautica®, Geoffrey Beene®, Dockers®, and Oscar de la Renta® labels. Oxford’s wholesale customers are found in every major channel of distribution, including national chains, specialty catalogs, mass merchants, department stores, specialty stores and Internet retailers.

Oxford’s stock has traded on the NYSE since 1964 under the symbol OXM. For more information, please visit our website at www.oxfordinc.com.

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Various statements in this press release, in future filings by us with the Securities and Exchange Commission and in oral statements made by or with the approval of our management include forward-looking statements about future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all such forward-looking statements contained herein, the entire contents of 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). 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 and regulatory actions, competitive conditions, general economic conditions and expected synergies in connection with acquisitions and joint ventures. Forward-looking statements reflect our current expectations, based on currently available information, and are not guarantees of performance. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. You are encouraged to review the information in our Form 10-K for the fiscal year ended June 1, 2007 under the heading “Risk Factors” (and those described from time to time in our future reports filed with the Securities and Exchange Commission), which contains additional important factors that may cause our actual results to differ materially from those projected in any forward-looking statements. 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.

OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(in thousands, except per share amounts)

		First Quarter
		Transition Period
		2008				Fiscal 2007
Net sales		$	237,947			$	284,078
Cost of goods sold			140,496				175,967
Gross profit			97,451				108,111
Selling, general and administrative			88,861				86,446
Amortization of intangible assets			1,190				1,547
			90,051				87,993
Royalties and other operating income			3,784				2,892
Operating income			11,184				23,010
Interest expense, net			4,996				5,492
Earnings before income taxes			6,188				17,518
Income taxes			1,412				6,363
Net earnings from continuing operations			4,776				11,155
Earnings (loss) from discontinued operations, net of taxes			—				(205	)
Net earnings		$	4,776				10,950
Net earnings from continuing operations per common share:
Basic		$	0.27			$	0.63
Diluted		$	0.27			$	0.63
Earnings (loss) from discontinued operations per common share:
Basic		$	0.00			$	(0.01	)
Diluted		$	0.00			$	(0.01	)
Net earnings per common share:
Basic		$	0.27			$	0.62
Diluted		$	0.27			$	0.62
Weighted average common shares outstanding:
Basic			17,782				17,594
Dilutive impact of options and restricted shares			158				184
Diluted			17,940				17,778
Dividends per common share		$	0.18			$	0.15

OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except par amounts)

		August 31, 2007				September 1, 2006
Assets
Current Assets:
Cash and cash equivalents		$	15,737			$	10,742
Receivables, net			123,020				157,592
Inventories			155,135				139,444
Prepaid expenses			22,550				23,857
Current assets related to discontinued operations, net			—				18,132
Total current assets			316,442				349,767
Property, plant and equipment, net			89,058				73,527
Goodwill, net			223,474				200,228
Intangible assets, net			234,835				234,390
Other non-current assets, net			29,833				27,896
Total Assets		$	893,642			$	885,808
Liabilities and Shareholders’ Equity
Current Liabilities:
Trade accounts payable and other accrued expenses		$	90,402			$	102,428
Accrued compensation			14,592				16,367
Additional acquisition cost payable			320				—
Income taxes payable			1,671				8,468
Short-term debt and current maturities of long-term debt			407				122
Current liabilities related to discontinued operations			—				11,488
Total current liabilities			107,392				138,873
Long-term debt, less current maturities			209,139				226,864
Other non-current liabilities			49,522				32,433
Deferred income taxes			71,288				78,404
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, $1.00 par value; 30,000 authorized and none issued and outstanding at August 31, 2007 and September 1, 2006			—				—
Common stock, $1.00 par value; 60,000 authorized and 17,872 issued and outstanding at August 31, 2007 and 17,723 issued and outstanding at September 1, 2006			17,872				17,723
Additional paid-in capital			82,829				76,461
Retained earnings			343,019				309,261
Accumulated other comprehensive income			12,581				5,789
Total shareholders’ equity			456,301				409,234
Total Liabilities and Shareholders’ Equity		$	893,642			$	885,808

OXFORD INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

		First Quarter
		Transition Period
		2008				Fiscal 2007
Cash Flows from Operating Activities:
Net earnings from continuing operations		$	4,776			$	11,155
Adjustments to reconcile net earnings from continuing operations to net cash provided by (used in) operating activities:
Depreciation			4,257				3,747
Amortization of intangible assets			1,190				1,547
Amortization of deferred financing costs and bond discount			617				617
Stock compensation expense			641				840
Loss on the sale of property, plant and equipment			893				18
Equity loss (income) from unconsolidated entities			(392	)			(97	)
Deferred income taxes			(901	)			(47	)
Changes in working capital:
Receivables			15,487				(12,973	)
Inventories			(17,513	)			(15,614	)
Prepaid expenses			(750	)			(4,132	)
Current liabilities			(11,513	)			(7,975	)
Other non-current assets			654				1,356
Other non-current liabilities			2,500				2,440
Net cash used in operating activities			(54	)			(19,118	)
Cash Flows from Investing Activities:
Acquisitions, net of cash acquired			(21,562	)			(12,111	)
Investment in unconsolidated entities			(162	)			(9,063	)
Purchases of property, plant and equipment			(6,896	)			(3,556	)
Proceeds from sale of property, plant and equipment			122				—
Net cash used in investing activities			(28,498	)			(24,730	)
Cash Flows from Financing Activities:
Repayment of financing arrangements			(3,683	)			(27,048	)
Proceeds from financing arrangements			13,479				53,835
Proceeds from issuance of common stock			604				886
Dividends on common stock			(3,216	)			(5,304	)
Net cash provided by financing activities			7,184				22,369
Cash Flows from Discontinued Operations:
Net operating cash flows provided by discontinued operations			—				21,650
Net cash provided by discontinued operations			—				21,650
Net change in cash and cash equivalents			(21,368	)			171
Effect of foreign currency translation on cash and cash equivalents			223				92
Cash and cash equivalents at the beginning of period			36,882				10,479
Cash and cash equivalents at the end of period		$	15,737			$	10,742

OXFORD INDUSTRIES, INC.
OPERATING GROUP INFORMATION
(UNAUDITED)
(in thousands)

		First Quarter
		Transition Period 2008				Fiscal 2007
Net Sales
Tommy Bahama		$	99,198			$	104,148
Ben Sherman			37,557				39,092
Lanier Clothes			35,581				40,682
Oxford Apparel			65,335				99,037
Corporate and Other			276				1,119
Total Net Sales		$	237,947			$	284,078
Operating Income
Tommy Bahama		$	13,067			$	16,835
Ben Sherman			742				1,920
Lanier Clothes			307				2,496
Oxford Apparel			3,601				6,195
Corporate and Other			(6,533	)			(4,436	)
Total Operating Income			11,184				23,010
Interest expense, net			4,996				5,492
Earnings before income taxes		$	6,188			$	17,518