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OXFORD'S SALES AND EARNINGS UP

 OXFORD'S SALES AND EARNINGS UP
 ATLANTA, March 23 /PRNewswire/ -- Oxford Industries, Inc.


(NYSE: OXM), Atlanta-based apparel marketer and manufacturer, today reported results for the third fiscal quarter which ended Feb. 28.
 Sales for the third quarter this year totaled $125,755,000, a gain of 5 percent from $120,035,000 for the same quarter last year. For the nine months, sales totaled $391,302,000, up by 1 percent from the $388,600,000 reported for the comparable period in the prior year.
 Third quarter net earnings were $2,922,000, up by 80 percent from $1,626,000 for the same quarter last year. For the nine months, net earnings were $9,312,000 compared to $3,950,000 in the prior year.
 Earnings per share for the third quarter were $.33 compared to $.18 in the prior year. For the nine months, earnings per share totaled $1.06 compared to $.44 in the prior year.
 Commenting on the results, J. Hicks Lanier, chairman of Oxford, said: "After several years of downsizing and restructuring, we were delighted to see sales gains in the past two quarters. Though our third quarter gross margin was below that of the same period in the prior year, primarily as a result of our sales mix, we more than offset this by reductions in our expense levels. We were pleased with our earnings improvement."
 Discussing the future outlook, Lanier said: "We have come through some bleak economic times but we are beginning to see an improvement in the mood of the marketplace. This leads us to expect that our fourth quarter sales and earnings will be similar to the just- completed third quarter."
 OXFORD INDUSTRIES, INC.
 Consolidated Statements of Earnings
 ($ in thousands except per-share amounts)
 (Unaudited)
 9 mos. ended 2/28/92 3/1/91
 Net sales $ 391,302 $ 388,600
 Costs and expenses:
 Cost of goods sold 311,951 312,705
 Selling, general & administrative 63,011 67,051
 Interest 1,199 2,483
 Total costs & expenses 376,161 382,239
 Earnings before income taxes 15,141 6,361
 Income taxes 5,829 2,411
 Net earnings $ 9,312 $ 3,950
 Net earnings per common share $1.06 $0.44
 Average number of shares outstanding 8,800,551 9,039,649
 Qtr. ended 2/28/92 3/1/91
 Net sales $ 125,755 $ 120,035
 Costs and expenses:
 Cost of goods sold 100,054 94,721
 Selling, general & administrative 20,542 22,041
 Interest 408 636
 Total costs & expenses 121,004 117,398
 Earnings before income taxes 4,751 2,637
 Income taxes 1,829 1,011
 Net earnings $ 2,922 $ 1,626
 Net earnings per common share $0.33 $0.18
 Average number of shares outstanding 8,792,439 8,921,965
 Consolidated Balance Sheets
 (Unaudited)
 $ in thousands 2/28/92 3/1/91
 ASSETS
 Current assets:
 Cash $ 3,352 $ 3,677
 Receivables 80,186 74,132
 Inventories 70,048 66,405
 Prepaid expenses 9,041 7,982
 Total current assets 162,627 152,196
 Property, plant and equipment 31,166 32,351
 Other assets 705 686
 Total $ 194,498 $ 185,233
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Notes payable $ --- $ 500
 Trade accounts payable 33,662 25,207
 Accrued compensation 9,186 7,756
 Other accrued expenses 11,243 11,701
 Dividends payable 1,320 ---
 Income taxes --- 584
 Current maturities of long-term debt 4,530 4,562
 Total current liabilities 59,941 50,310
 Long-term debt, less current maturities 26,631 31,291
 Deferred income taxes 1,658 2,358
 Stockholders' equity 106,268 101,274
 Total $ 194,498 $ 185,233
 -0- 3/23/92
 /CONTACT: R. William Lee Jr. of Oxford Industries, 404-653-1420/
 (OXM) CO: Oxford Industries, Inc. ST: Georgia IN: TEX SU: ERN


BN-BR -- AT019 -- 0731 03/23/92 16:14 EST
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Date:Mar 23, 1992
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