NEW YORK — Aggressive asset management, capacity reductions and cost containment allowed Oxford Industries Inc. to report fourth-quarter earnings gains even as sales declined.

For the three months ended May 31, the Atlanta-based manufacturer posted a 7.1 percent increase in net income to $5.6 million, or 74 cents a diluted share. That compares with last year’s fourth-quarter profits of $5.3 million, or 70 cents.

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