Printer Friendly

/REPEATING FROM LATE YESTERDAY FOR POINTS NEEDING/

 OXFORD INDUSTRIES SALES AND EARNINGS UP
 ATLANTA, March 22 /PRNewswire/ -- Oxford Industries, Inc.


(NYSE: OXM), Atlanta-based apparel marketer and manufacturer, today reported results for the third fiscal quarter which ended Feb. 26, 1993.
 Sales for the third quarter this year totaled $140,651,000, a gain of 11.8 percent from $125,755,000 for the same quarter last year. For the nine months, sales totaled $438,516,000, up by 12 percent from the $391,302,000 reported for the comparable period in the prior year.
 Third quarter net earnings were $3,459,000, up by 18.4 percent from $2,922,000 for the same quarter last year. For the nine months, net earnings were $11,190,000, up by 20 percent from $9,312,000 in the prior year.
 Earnings per share for the third quarter were $.40 compared to $.33 in the prior year. For the nine months, earnings per share totaled $1.29 compared to $1.06 in the prior year.
 Commenting on the results, J. Hicks Lanier, chairman of Oxford said: "We were pleased with our third quarter sales and earnings. Continuing our emphasis on building with our larger customers, sales to our top 50 accounts were up by 17.5 percent in the quarter while sales to all other customers declined by 13.0 percent, yielding an overall sales increase of 11.8 percent. Our Oxford Shirtings, Lanier Clothes and Renny divisions turned in strong performances in the quarter."
 Discussing the outlook for the balance of Oxford's fiscal year, Lanier said: "Our fourth quarter will be negatively affected by the decision of Sears, Roebuck & Co. to discontinue their catalog operations. In addition, some of our larger customers have overbuilt their in-store inventories. These factors suggest that our fourth quarter sales will decline approximately 10 percent although we expect per share earnings for the quarter to be at or near last year's level."
 OXFORD INDUSTRIES, INC.
 Consolidated Statement of Earnings
 (Unaudited)
 $ in thousands 9 mos. ended Qtr. ended
 except per share amounts 2/26/93 2/28/92 2/26/93 2/28/92
 Net sales $438,516 $391,302 $140,651 $125,755
 Costs and expenses:
 Cost of goods sold 352,675 311,951 113,049 100,054
 Selling, gen. and admin. 65,638 63,011 21,337 20,542
 Interest 1,707 1,199 547 408
 Total costs and expenses 420,020 376,161 134,933 121,004
 Earnings before income taxes 18,496 15,141 5,718 4,751
 Income taxes 7,306 5,829 2,259 1,829
 Net earnings $ 11,190 $ 9,312 $ 3,459 $ 2,922
 Net earnings per common shr. $1.29 $1.06 $0.40 $0.33
 Avg. no. of shares outst. 8,689,263 8,800,551 8,672,059 8,792,439
 Consolidated Balance Sheets
 (Unaudited)
 $ in thousands 2/26/93 2/28/92
 Assets
 Current assets:
 Cash $ 2,584 $ 3,352
 Receivables 80,624 80,186
 Inventories 84,919 70,048
 Prepaid expenses 10,675 9,041
 Total current assets 178,802 162,627
 Property, plant & equipment 30,258 31,166
 Other assets 1,709 705
 Total $210,769 $194,498
 Liabilities and Stockholder's Equity
 Current liabilities:
 Notes payable $ 13,000 $ ---
 Trade accounts payable 31,591 33,662
 Accrued compensation 8,863 9,186
 Other accrued expenses 13,643 11,243
 Dividends payable 1,432 1,320
 Income taxes 25 ---
 Current maturities of long-term debt 4,690 4,530
 Total current liabilities 73,244 59,941
 Long-term debt, less current maturities 21,777 26,631
 Deferred income taxes 2,595 1,658
 Stockholder's equity 113,153 106,268
 Total $210,769 $194,498
 -0- 3/22/93 R
 /CONTACT: R. William Lee Jr. of Oxford Industries, 404-653-1420/
 (OXM)


CO: Oxford Industries, Inc. ST: Georgia IN: TEX SU: ERN

RA-BN -- AT012 -- 8479 03/23/93 07:45 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 23, 1993
Words:644
Previous Article:PEACHTREE FIBEROPTICS ANNOUNCES NEW MANUFACTURING FACILITY
Next Article:HEALTHTRUST, INC. SIGNS LETTER OF INTENT TO PURCHASE MEDICAL CENTER HOSPITAL
Topics:


Related Articles
/REPEATING FROM YESTERDAY'S FILE FOR POINTS NEEDING/
/REPEATING FROM LATE YESTERDAY FOR POINTS NEEDING/
/REPEATING FROM YESTERDAY'S FILE FOR POINTS NEEDING/
FINA CONFIRMS FIRE AT BIG SPRING REFINERY
EQUITABLE RESOURCES REPORTS EARNINGS/FOLLOWING REPEAT FROM YESTERDAY FOR POINTS NEEDED/
REPEATING FROM YESTERDAY FOR POINTS NEEDED:
ROYAL CONTINUES FIGHT AGAINST HOOVER'S ALLEGED MISLEADING ADVERTISING
OCOM RECEIVES NOTICE FROM BRITISH REGULATORY AGENCY /REPEATING FROM YESTERDAY TO POINTS NEEDED/
NATIONAL STEEL REPORTS $32.5 MILLION NET LOSS FOR THIRD QUARTER
QVC NETWORK, INC. ISSUES STATEMENT

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters