Stock Monitor: UniFirst Post Earnings Reporting
LONDON, UK / ACCESSWIRE / July 10, 2018 / If you want access to our free earnings report on Oxford Industries, Inc. (NYSE: OXM) ("Oxford"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=OXM. The Company reported its first quarter fiscal 2018 operating and financial results on June 12, 2018. The owner of the Tommy Bahama, Lilly Pulitzer, and Southern Tide clothing lines surpassed earnings estimates. Additionally, the Company provided its guidance for the upcoming quarter and full fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the first quarter of the fiscal year 2018, ended May 05, 2018, Oxford's consolidated net sales increased marginally to $272.6 million compared to $272.4 million in Q1 FY17, as increased sales in the Company's direct-to-consumer business, including modestly positive comparable store sales, were offset by a planned decrease in wholesale sales. Oxford's net sales lagged analysts' estimates of $273.9 million.
During Q1 FY18, Oxford's gross profit increased 4% to $164.1 million compared to $159.4 million in Q1 FY17. The Company's gross margin grew to 60.2% in the reported quarter compared to 58.5% in the prior year's same quarter. Oxford’s adjusted gross margin expanded 120 basis points (bps) to 60.4% in Q1 FY18 from 59.2% in Q1 FY17. The Company's gross margin improved as its higher margin direct-to-consumer businesses comprised a greater proportion of sales.
For Q1 FY18, Oxford's selling, general, and administrative expenses (SG&A) as a percentage of net sales was 51.2%, or $139.7 million, compared to 48.9%, or $133.2 million, in Q1 FY17. The increase in SG&A was primarily attributed to an increased investment in marketing and incremental costs associated with operating additional retail stores.
During Q1 FY18, Oxford's operating income totaled $28.4 million compared to $30.0 million in Q1 FY17. On an adjusted basis, the Company's operating income was $29.4 million in the reported quarter versus $32.1 million in the year earlier comparable quarter.
Oxford reported GAAP earnings of $20.6 million, or $1.23 per diluted share, in Q1 FY18 compared to $17.2 million, or $1.03 per diluted share, in Q1 FY17. The Company's adjusted earnings per share (EPS) advanced to $1.28 in the reported quarter compared to $1.12 in the year earlier corresponding quarter, and were ahead of Wall Street's estimates $1.24.
As of May 05, 2018, Oxford's inventory was $132.3 million compared to $127.1 million at the end of Q1 FY17. As of May 05, 2018, the Company had $72 million of borrowings outstanding under its $325 million revolving credit agreement compared to $93 million at the end of the year earlier same quarter, with the decline in borrowings attributable to a strong cash flow from operations in the past twelve months. Oxford ended Q1 FY18 with $211 million of unused availability under its credit agreement.
For the second quarter of the fiscal year 2018, ending August 04, 2018, Oxford is forecasting net sales to grow in the range of $300 million and $310 million compared to net sales of $284.7 million in Q2 FY17. The Company’s GAAP EPS are expected to be in the band of $1.72 to $1.82, while its adjusted EPS are estimated to be in the range of $1.75 to $1.85 for the upcoming quarter. This compares to GAAP EPS of $1.36 and adjusted EPS of $1.44 in Q2 FY17.
Oxford is forecasting its third quarter fiscal 2018 to remain its smallest sales and earnings quarter due to the seasonality of its Tommy Bahama and Lilly Pulitzer direct-to-consumer operations. Therefore, the Company expects its third quarter earnings to be comparable to the year ago same period and is projecting to see meaningful direct-to-consumer growth in Q4 FY18.
For the full fiscal year 2018, Oxford is forecasting net sales to grow to between $1.125 billion and $1.145 billion compared to net sales of $1.086 billion in FY17. The Company is expecting GAAP EPS to be in the band of $4.32 and $4.52, and adjusted EPS to be in the range of $4.45 to $4.65. This compares to GAAP EPS of $3.87 and adjusted EPS of $3.66 in FY17.
Stock Performance Snapshot
July 09, 2018 - At Monday's closing bell, Oxford Industries' stock slightly rose 0.58%, ending the trading session at $85.60.
Volume traded for the day: 70.88 thousand shares.
Stock performance in the last three-month - up 15.79%; previous six-month period - up 6.99%; past twelve-month period - up 42.60%; and year-to-date - up 13.84%
After yesterday's close, Oxford Industries' market cap was at $1.43 billion.
Price to Earnings (P/E) ratio was at 25.34.
The stock has a dividend yield of 1.59%.
The stock is part of the Consumer Goods sector, categorized under the Textile - Apparel Clothing industry. This sector was up 0.5% at the end of the session.
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