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SALES AND EARNINGS UP AT OXFORD

 ATLANTA, Dec. 21 /PRNewswire/ -- Oxford Industries, Inc., (NYSE: OXM) Atlanta-based apparel marketing and manufacturing company, today reported results for the second fiscal quarter that ended Nov. 27.
 Sales for the second quarter this year totaled $163,565,000, up by 14.7 percent from $142,559,000 for the same quarter last year. For the first half, sales totaled $297,865,000, up by 12.2 percent from $265,547,000 for the comparable prior year period.
 Second quarter net earnings were $4,617,000, an increase of 23.2 percent from $3,748,000 in the same quarter last year. For the first half, net earnings rose by 21 percent to $7,731,000, compared to $6,390,000 in the prior year.
 Earnings per share for the second quarter were $.53 compared to $.43 in the prior year. For the first half, earnings per share totaled $.89 compared to $.73 in the prior year.
 Commenting on the results, J. Hicks Lanier, Chairman of Oxford, said: "Our second quarter sales results are a reflection of both recent improvements in apparel retail sales and the more optimistic expectations of our customers. Once again, our menswear companies led the way. Our Oxford Shirtings and Lanier Clothes divisions had particularly strong sales during the quarter."
 Lanier continued: "Our top fifty customers accounted for more than all our sales increase. While this changing sales mix and intense competitive pressures lowered our gross margin, we more than made up for this by a substantial reduction in our expenses as a percent to sales."
 Discussing the outlook for the balance of Oxford's fiscal year, Lanier said: "During our first half, we benefited from 'pipeline filling' as many of our key retailers increased their inventory levels. We expect this will cause the rate of our sales and earnings gains to moderate in the second half."
 OXFORD INDUSTRIES, INC.
 CONSOLIDATED STATEMENTS OF EARNINGS
 (Unaudited)
 (Dollars in thousands except per share amounts)
 Six mos. ended Qtr. ended
 11/27/92 11/29/91 11/27/92 11/29/91
 Net sales $ 297,865 $ 265,547 $ 163,565 $ 142,559
 Cost and expenses:
 Cost of goods sold 239,626 211,897 131,755 113,994
 Selling, general and
 administrative 44,301 42,469 23,494 22,052
 Interest 1,160 791 643 419
 Total costs and exp. 285,087 255,157 155,892 136,465
 Earnings before
 income taxes 12,778 10,390 7,673 6,094
 Income taxes 5,047 4,000 3,056 2,346
 Net earnings $ 7,731 $ 6,390 $ 4,617 $ 3,748
 Net earnings per
 common share $ 0.08 $ 0.73 $ 0.53 $ 0.43
 Avg. number of
 shares outstanding 8,697,766 8,804,608 8,664,276 8,780,957
 OXFORD INDUSTRIES, INC.
 CONSOLIDATED BALANCE SHEETS
 (Unaudited)
 (Dollars in thousands)
 Assets 11/27/92 11/29/91
 Current Assets:
 Cash $ 4,448 $ 14,353
 Receivables 86,598 76,695
 Inventories 83,978 61,449
 Prepaid expenses 10,600 9,345
 Total current assets 185,624 161,842
 Property, plant and equipment 30,079 31,281
 Other assets 1,737 698
 Total $217,440 $193,821
 Liabilities and Stockholders' Equity
 Current Liabilities:
 Notes payable $ 16,500 $ ---
 Trade accounts payable 35,544 33,570
 Accrued compensation 10,260 9,635
 Other accrued expenses 11,961 10,523
 Income taxes 1,769 521
 Dividends payable 1,299 1,097
 Current maturities of
 long-term debt 4,691 4,629
 Total current liabilities 82,024 59,975
 Long-term debt, less current
 maturities 22,212 26,966
 Deferred income taxes 2,204 2,370
 Stockholders' equity 111,000 104,510
 Total $217,440 $193,821
 -0- 12/21/92
 /CONTACT: R. William Lee Jr. of Oxford Industries, 404-653-1420/
 (OXM)


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

RA-BR -- AT009 -- 0192 12/21/92 16:41 EST
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Date:Dec 21, 1992
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