Oxford Industries, Inc. (OXM), Monday announced a loss for the fourth quarter, compared to the prior year. The quarterly result was hurt by one-time charges as well as lower net sales. Further, the company said its board of directors declared a cash dividend.
Atlanta, Georgia-based Oxford Industries' net loss for the fourth quarter was $281.577 million or $18.17 per share, compared to profit of $5.908 million or $0.36 per share in the corresponding quarter last year. On an adjusted basis, earnings were $0.06 per share. On average, four analysts polled by Thomson Reuters expected earnings of $0.03 per share. Analysts' estimates typically exclude special items such as one-time charges or gains.
Net sales for the fourth quarter dropped to $199.868 million from $261.929 million in the same quarter last year, hurt by a difficult economic environment as well as the company's strategy to focus on key product categories and exit underperforming lines of business. Wall Street estimated revenues of $199.57 million for the fourth quarter.
Operating loss for the fourth quarter was $302.973 million, compared to operating income of $14.946 million in the same quarter last year.
The company's segmental sales for the fourth quarter were also down from the corresponding quarter a year ago. Tommy Bahama's net sales for the fourth quarter declined to $96.7 million from $113.8 million in the same quarter last year, while net sales from Ben Sherman declined to $26.2 million from $36.5 million. Net sales for Lanier Clothes were $24.4 million, down from $33.6 million in the same quarter a year ago. Net sales from Oxford apparel declined to $52.3 million from $77.9 million in the corresponding quarter last year.
However, Oxford Industries recoded a gain of $7.767 million for the fourth quarter related to the repurchase of senior notes and also recorded a decline in interest expenses to $4.948 million from $6.354 million in the same quarter a year ago. Selling, general and operating expenses for the fourth quarter also declined to $84.828 million from $91.171 million in the same quarter last year.
For the full year 2008, net loss was $265.812 million or $17 per share, compared to earnings of $45.410 million or $2.59 per share a year ago, primarily hurt by a decline revenues. Wall Street analysts expected earnings of $1.44 per share for the full year.
Revenues for the 12-month period plunged to $947.516 million from $1.085 billion last year, but remained above The Street's view of $947.21 million.
In addition, The company said that its board has reduced its quarterly cash dividend to $0.09 per share from $0.18 per share for the first quarter of fiscal 2009. The dividend is payable on May 1, 2009 to shareholders of record as of the close of business on April 15, 2009.
In view of the challenging economic environment, and "lack of visibility" the company did not provide any guidance for the full year 2009 and said its plans are conservative.
OXM closed Monday's trading at $6.46, down $0.72 or 10.03% on a volume of 137k shares on the NYSE. In after hours, Stock further lost $0.17, or 2.63%, trading at $6.29.
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