Oxford Industries Inc. posted fourth-quarter results that matched Wall Street’s earnings per share consensus, but missed revenue estimates.
For the three months ended Jan. 30, the company said net income rose 10.6 percent to $17.5 million, or $1.05 a diluted share, from $15.8 million, or 96 cents, a year ago. On an adjusted basis, earnings from continuing operations were $1.09 a diluted share versus $1.08 in the same year-ago quarter. Net sales rose 4.2 percent to $259.6 million from $249.0 million. Wall Street was expecting EPS of $1.05 on revenues on $266.1 million.
For the full year, net income was $30.6 million, or $1.85 a diluted share, on net sales of $969.3 million.
Thomas C. Chubb III, chairman and chief executive officer, said that 2015 was a good year for Oxford as both net sales and earnings grew 5 percent compared with a year ago. He added, “While both of our principal brands, Tommy Bahama and Lilly Pulitzer, made positive contributions to our results, 2015 was nothing less than a stellar year for Lilly Pulitzer.”
Chubb said the Pulitzer brand was supported by differentiated product, an omnichannel distribution network and on-brand communication and marketing that helped drive a comparable-store sales increase of 27 percent, a 22 percent rise in revenue and an increase in the brand’s operating margin to almost 21 percent.
“While we believe the opportunity is better than ever for brands like these [Bahama and Pulitzer] to grow and prosper, our industry, the consumer marketplace and the broader economy remain in a state of flux. We believe these conditions are manifesting themselves in reduced traffic in our stores. With this in mind, we think it is prudent to plan sales and earnings growth at a respectable, but moderate pace in 2016,” Chubb said.
For the first quarter of fiscal 2016, the company expects adjusted earnings per share at between $1.30 and $1.40, and estimated net sales between $265 million to $275 million. For fiscal 2016, the company is projecting adjusted earnings per share at $3.75 to $3.95, on estimated net sales of between $1.02 billion to $1.04 billion.
Shares of Oxford on Wednesday closed down 2.3 percent to $72.58 in Big Board trading. The company posted earnings results after the market closed.