10-Q - OXFORD INDUSTRIES INC (0000075288) (Filer)

Thu, Sep 12, 12:23 PM (30 days ago)

In the second quarter of Fiscal 2024, Oxford Industries, Inc. reported net sales of $419,886, a slight decline from $420,319 in the same period last year. Gross profit decreased to $265,011, with a gross margin of 63.1%, down from 63.9%. Operating income fell 22.4% to $52,510, primarily due to increased selling, general, and administrative (SG&A) expenses, which rose 5.7% to $216,851. Net earnings also decreased by 21% to $40,642, resulting in diluted earnings per share of $2.57, compared to $3.22 in the prior year. For the first half of Fiscal 2024, total net sales were $818,070, down 2.7% year-over-year. Operating income dropped 29.1% to $104,961, and net earnings decreased by 28.2% to $79,015. The company faced challenges including rising operational costs and a competitive retail environment, exacerbated by macroeconomic uncertainties. Cash flow from operating activities was strong at $121,738, while cash used in investing activities increased to $54,147. The working capital ratio improved to 1.27, reflecting sufficient liquidity for ongoing operations. The company remains focused on strategic investments and navigating the evolving retail landscape.