Oxford Industries, Inc. reported its financial results for the second quarter and first half of fiscal 2024, highlighting a decline in net sales and profitability compared to the previous fiscal period. For the second quarter of fiscal 2024, net sales were $419.9 million, a slight decrease of 0.1% from $420.3 million in the same quarter of fiscal 2023. In the first half of fiscal 2024, net sales totaled $818.1 million, down 2.7% from $840.4 million in the first half of fiscal 2023.
Gross profit for the second quarter of fiscal 2024 was $265.0 million, representing a decrease of 1.4% from $268.7 million in the prior year. The gross margin also declined to 63.1% from 63.9%. Operating income fell significantly, with the second quarter reporting $52.5 million, down 22.4% from $67.7 million in the second quarter of fiscal 2023. For the first half, operating income was $105.0 million, a decrease of 29.1% from $148.0 million.
Net earnings for the second quarter of fiscal 2024 were $40.6 million, down 21.0% from $51.5 million in the same quarter of the previous year. This resulted in a diluted earnings per share of $2.57, compared to $3.22 in the second quarter of fiscal 2023. For the first half, net earnings were $79.0 million, a decline of 28.2% from $110.0 million, leading to a diluted earnings per share of $4.99, down from $6.86.
The company’s operating groups showed varied performance. Tommy Bahama's net sales were relatively stable at $245.1 million, while Lilly Pulitzer saw a slight increase to $91.7 million. Conversely, Johnny Was experienced a 3.4% decline in net sales to $50.3 million, attributed to decreased wholesale sales. Emerging Brands reported a 4.3% increase in net sales to $32.9 million, driven by strong performance from Jack Rogers and Duck Head.
Oxford Industries also reported a decrease in total current assets to $287.2 million as of August 3, 2024, from $293.1 million on February 3, 2024, while total assets increased to $1.17 billion. Current liabilities decreased to $226.9 million, contributing to improved working capital.
The company continues to invest in its growth strategy, with anticipated capital expenditures of approximately $150 million for fiscal 2024, including a significant investment in a new distribution center in Georgia. The company remains focused on enhancing its direct-to-consumer capabilities and expanding its retail footprint.
About OXFORD INDUSTRIES INC
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