Oxford Industries (OXM) 10-Q 12 Jun 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	3-May-14	Jun. 06, 2014
Document and Entity Information	'	'
Entity Registrant Name	'OXFORD INDUSTRIES INC	'
Entity Central Index Key	'0000075288	'
Current Fiscal Year End Date	'--01-31	'
Entity Filer Category	'Large Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	3-May-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	16,452,836
Entity Current Reporting Status	'Yes	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	3-May-14	Feb. 01, 2014	4-May-13
In Thousands, unless otherwise specified
Current Assets:	'	'	'
Cash and cash equivalents	$8,568	$8,483	$28,325
Receivables, net	89,642	75,277	82,196
Inventories, net	128,259	143,712	95,798
Prepaid expenses, net	23,206	23,095	21,508
Deferred tax assets	21,803	20,465	20,686
Total current assets	271,478	271,032	248,513
Property and equipment, net	139,779	141,519	135,613
Intangible assets, net	173,199	173,023	163,813
Goodwill	17,440	17,399	17,267
Other non-current assets, net	24,649	24,332	23,209
Total Assets	626,545	627,305	588,415
Current Liabilities:	'	'	'
Accounts payable	55,204	75,527	49,862
Accrued compensation	17,327	18,412	14,651
Income tax payable	11,437	6,584	0
Other accrued expenses and liabilities	31,641	26,030	27,921
Contingent consideration	12,294	2,500	0
Short-term debt	3,382	3,993	5,825
Total current liabilities	131,285	133,046	98,259
Long-term debt	138,601	137,592	159,294
Non-current contingent consideration	0	12,225	14,519
Other non-current liabilities	50,837	51,520	46,340
Non-current deferred income taxes	33,581	32,759	35,498
Commitments and contingencies	'	'	'
Shareholders’ Equity:	'	'	'
Common stock, $1.00 par value per share	16,455	16,416	16,387
Additional paid-in capital	114,802	114,021	111,882
Retained earnings	164,849	153,344	131,120
Accumulated other comprehensive loss	-23,865	-23,618	-24,884
Total shareholders’ equity	272,241	260,163	234,505
Total Liabilities and Shareholders’ Equity	$626,545	$627,305	$588,415

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	3-May-14	Feb. 01, 2014	4-May-13
Statement of Financial Position [Abstract]	'	'	'
Common stock, par value (in dollars per share)	$1	$1	$1

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	3-May-14	4-May-13
Income Statement [Abstract]	'	'
Net sales	$257,649	$234,203
Cost of goods sold	110,321	100,128
Gross profit	147,328	134,075
SG&A	123,231	113,025
Change in fair value of contingent consideration	69	69
Royalties and other operating income	4,441	5,080
Operating income	28,469	26,061
Interest expense, net	1,073	936
Net earnings before income taxes	27,396	25,125
Income taxes	12,427	11,502
Net earnings	$14,969	$13,623
Net earnings per share:	'	'
Basic (in dollars per share)	$0.91	$0.82
Diluted (in dollars per share)	$0.91	$0.82
Weighted average shares outstanding:	'	'
Basic (in shares)	16,418	16,586
Diluted (in shares)	16,450	16,611
Dividends declared per common share (in dollars per share)	$0.21	$0.18

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Statement of Comprehensive Income [Abstract]	'	'
Net earnings	$14,969	$13,623
Other comprehensive income (loss), net of taxes	'	'
Foreign currency translation gain (loss)	94	-661
Net unrealized gain (loss) on cash flow hedges	-341	362
Total other comprehensive income, net of taxes	-247	-299
Comprehensive income	$14,722	$13,324

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Cash Flows From Operating Activities:	'	'
Net earnings	$14,969	$13,623
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:	'	'
Depreciation	8,512	7,015
Amortization of intangible assets	624	211
Change in fair value of contingent consideration	69	69
Amortization of deferred financing costs	108	108
Equity compensation expense	595	782
Deferred income taxes	-647	3,443
Excess tax benefits related to equity-based compensation	0	-5,994
Changes in working capital, net of acquisitions and dispositions:	'	'
Receivables, net	-14,125	-19,707
Inventories, net	15,853	13,600
Prepaid expenses, net	-171	-2,002
Current liabilities	-12,140	-17,376
Other non-current assets, net	-380	-124
Other non-current liabilities	-716	1,772
Net cash provided by (used in) operating activities	12,551	-4,580
Cash Flows From Investing Activities:	'	'
Purchases of property and equipment	-6,704	-13,860
Net cash used in investing activities	-6,704	-13,860
Cash Flows From Financing Activities:	'	'
Repayment of revolving credit arrangements	-85,099	-67,428
Proceeds from revolving credit arrangements	85,407	116,171
Payment of contingent consideration amounts earned	-2,500	0
Proceeds from issuance of common stock, including excess tax benefits	228	6,214
Repurchase of equity awards for employee tax withholding liabilities	0	-12,637
Dividends paid	-3,463	-3,024
Net cash (used in) provided by financing activities	-5,427	39,296
Net change in cash and cash equivalents	420	20,856
Effect of foreign currency translation on cash and cash equivalents	-335	-48
Cash and cash equivalents at the beginning of year	8,483	7,517
Cash and cash equivalents at the end of the period	8,568	28,325
Supplemental disclosure of cash flow information:	'	'
Cash paid for interest, net	969	860
Cash paid for income taxes	$8,112	$1,113

Basis_of_Presentation

Basis of Presentation:	3 Months Ended
	3-May-14
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation:	'
	Basis of Presentation:  The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP.  We believe the accompanying unaudited condensed consolidated financial statements reflect all normal, recurring adjustments that are necessary for a fair presentation of our financial position and results of operations as of the dates and for the periods presented.  Results of operations for the interim periods presented are not necessarily indicative of results to be expected for our full fiscal year.  The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Annual Report on Form 10-K for Fiscal 2013.
	In May 2014, the FASB issued revised guidance on revenue recognition. The standard provides a single revenue recognition model which is intended to improve comparability over a range of industries, companies and geographical boundaries and will also result in enhanced disclosures. The changes are effective for the first quarter of our fiscal year 2017. We are currently reviewing the revised guidance and assessing the potential impact on our consolidated financial statements.

Inventories

Inventories:	3 Months Ended
	3-May-14
Inventory Disclosure [Abstract]	'
Inventories:	'
	Inventories: The components of inventories as of the dates specified are summarized in the following table (in thousands):
		May 3,			February 1,			May 4,
		2014			2014			2013
	Finished goods	$	177,022		$	187,689		$	143,193
	Work in process	4,659			9,606			4,447
	Fabric, trim and supplies	3,243			3,082			4,605
	LIFO reserve	(56,665		)	(56,665		)	(56,447		)
	Total	$	128,259		$	143,712		$	95,798
	LIFO accounting adjustments, which we consider to include changes in the LIFO reserve as well as the impact of changes in inventory reserves related to lower of cost or market adjustments that do not exceed the LIFO reserve, were a charge of $0.1 million in the First Quarter of Fiscal 2014 and a charge of $0.0 million in the First Quarter of Fiscal 2013.

Operating_Group_Information

Operating Group Information:	3 Months Ended
	3-May-14
Segment Reporting [Abstract]	'
Operating Group Information:	'
	Operating Group Information:   Our business is primarily operated through four operating groups: Tommy Bahama, Lilly Pulitzer, Lanier Clothes and Ben Sherman, each of which is described in our Annual Report on Form 10-K for Fiscal 2013. We identify our operating groups based on the way our management organizes the components of our business for purposes of allocating resources and assessing performance. Our operating group structure reflects a brand-focused management approach, emphasizing operational coordination and resource allocation across the brand’s direct to consumer, wholesale and licensing operations. The tables below present certain information (in thousands) about our operating groups, as well as Corporate and Other, which is a reconciling category for reporting purposes.
		First Quarter Fiscal 2014			First Quarter Fiscal 2013
	Net sales
	Tommy Bahama	$	158,359		$	150,426
	Lilly Pulitzer	50,371			39,449
	Lanier Clothes	28,746			27,260
	Ben Sherman	15,083			12,236
	Corporate and Other	5,090			4,832
	Total net sales	$	257,649		$	234,203
	Depreciation and amortization
	Tommy Bahama	$	6,659		$	5,150
	Lilly Pulitzer	1,054			663
	Lanier Clothes	67			103
	Ben Sherman	725			725
	Corporate and Other	631			585
	Total depreciation and amortization	$	9,136		$	7,226
	Operating income (loss)
	Tommy Bahama	$	19,862		$	21,381
	Lilly Pulitzer	14,800			11,033
	Lanier Clothes	2,738			2,461
	Ben Sherman	(4,675		)	(4,824		)
	Corporate and Other	(4,256		)	(3,990		)
	Total operating income	$	28,469		$	26,061
	Interest expense, net	1,073			936
	Net earnings before income taxes	$	27,396		$	25,125

Income_Taxes

Income Taxes:	3 Months Ended
	3-May-14
Income Tax Disclosure [Abstract]	'
Income Taxes:	'
	Income Taxes: Income tax expense reflects effective tax rates of 45.4% and 45.8% for the First Quarter of Fiscal 2014 and the First Quarter of Fiscal 2013, respectively. The effective tax rates for both periods were unfavorably impacted by losses in foreign jurisdictions for which we were not able to recognize an income tax benefit.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss:	3 Months Ended
	3-May-14
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]	'
Accumulated Other Comprehensive Loss:	'
	Accumulated Other Comprehensive Loss: The following tables detail the changes in our accumulated other comprehensive loss by component (in thousands), net of related income taxes, for the periods specified:
	First Quarter Fiscal 2014	Foreign			Net unrealized			Accumulated
		currency			gain (loss) on			other
		translation			cash flow			comprehensive
		gain (loss)			hedges			income (loss)
	Beginning balance	$	(23,283	)	$	(335	)	$	(23,618	)
	Other comprehensive income (loss) before reclassifications	94			(324		)	(230		)
	Amounts reclassified from accumulated other comprehensive income (loss) for gain realized	—			(17		)	(17		)
	Total other comprehensive income, net of taxes	94			(341		)	(247		)
	Ending balance	$	(23,189	)	$	(676	)	$	(23,865	)
	First Quarter Fiscal 2013	Foreign			Net unrealized			Accumulated
		currency			gain (loss) on			other
		translation			cash flow			comprehensive
		gain (loss)			hedges			income (loss)
	Beginning balance	$	(23,986	)	$	(599	)	$	(24,585	)
	Other comprehensive income (loss) before reclassifications	(661		)	332			(329		)
	Amounts reclassified from accumulated other comprehensive income (loss) for loss realized	—			30			30
	Total other comprehensive income (loss), net of taxes	(661		)	362			(299		)
	Ending balance	$	(24,647	)	$	(237	)	$	(24,884	)

Inventories_Tables

Inventories: (Tables)	3 Months Ended
	3-May-14
Inventory Disclosure [Abstract]	'
Summary of components of inventories	'
	The components of inventories as of the dates specified are summarized in the following table (in thousands):
		May 3,			February 1,			May 4,
		2014			2014			2013
	Finished goods	$	177,022		$	187,689		$	143,193
	Work in process	4,659			9,606			4,447
	Fabric, trim and supplies	3,243			3,082			4,605
	LIFO reserve	(56,665		)	(56,665		)	(56,447		)
	Total	$	128,259		$	143,712		$	95,798

Operating_Group_Information_Ta

Operating Group Information: (Tables)	3 Months Ended
	3-May-14
Segment Reporting [Abstract]	'
Schedule of information pertaining to the operating groups	'
	The tables below present certain information (in thousands) about our operating groups, as well as Corporate and Other, which is a reconciling category for reporting purposes.
		First Quarter Fiscal 2014			First Quarter Fiscal 2013
	Net sales
	Tommy Bahama	$	158,359		$	150,426
	Lilly Pulitzer	50,371			39,449
	Lanier Clothes	28,746			27,260
	Ben Sherman	15,083			12,236
	Corporate and Other	5,090			4,832
	Total net sales	$	257,649		$	234,203
	Depreciation and amortization
	Tommy Bahama	$	6,659		$	5,150
	Lilly Pulitzer	1,054			663
	Lanier Clothes	67			103
	Ben Sherman	725			725
	Corporate and Other	631			585
	Total depreciation and amortization	$	9,136		$	7,226
	Operating income (loss)
	Tommy Bahama	$	19,862		$	21,381
	Lilly Pulitzer	14,800			11,033
	Lanier Clothes	2,738			2,461
	Ben Sherman	(4,675		)	(4,824		)
	Corporate and Other	(4,256		)	(3,990		)
	Total operating income	$	28,469		$	26,061
	Interest expense, net	1,073			936
	Net earnings before income taxes	$	27,396		$	25,125

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss: (Tables)	3 Months Ended
	3-May-14
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]	'
Schedule of changes in the entity's accumulated other comprehensive loss by component, net of related income taxes	'
	The following tables detail the changes in our accumulated other comprehensive loss by component (in thousands), net of related income taxes, for the periods specified:
	First Quarter Fiscal 2014	Foreign			Net unrealized			Accumulated
		currency			gain (loss) on			other
		translation			cash flow			comprehensive
		gain (loss)			hedges			income (loss)
	Beginning balance	$	(23,283	)	$	(335	)	$	(23,618	)
	Other comprehensive income (loss) before reclassifications	94			(324		)	(230		)
	Amounts reclassified from accumulated other comprehensive income (loss) for gain realized	—			(17		)	(17		)
	Total other comprehensive income, net of taxes	94			(341		)	(247		)
	Ending balance	$	(23,189	)	$	(676	)	$	(23,865	)
	First Quarter Fiscal 2013	Foreign			Net unrealized			Accumulated
		currency			gain (loss) on			other
		translation			cash flow			comprehensive
		gain (loss)			hedges			income (loss)
	Beginning balance	$	(23,986	)	$	(599	)	$	(24,585	)
	Other comprehensive income (loss) before reclassifications	(661		)	332			(329		)
	Amounts reclassified from accumulated other comprehensive income (loss) for loss realized	—			30			30
	Total other comprehensive income (loss), net of taxes	(661		)	362			(299		)
	Ending balance	$	(24,647	)	$	(237	)	$	(24,884	)

Inventories_Details

Inventories: (Details) (USD $)	3 Months Ended
	3-May-14	4-May-13	Feb. 01, 2014
Inventory Disclosure [Abstract]	'	'	'
Finished goods	$177,022,000	$143,193,000	$187,689,000
Work in process	4,659,000	4,447,000	9,606,000
Fabric, trim and supplies	3,243,000	4,605,000	3,082,000
LIFO reserve	-56,665,000	-56,447,000	-56,665,000
Total	128,259,000	95,798,000	143,712,000
Charge (credit) for LIFO accounting adjustments	$100,000	$0	'

Operating_Group_Information_De

Operating Group Information: (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
	operatinggroup
Segment Reporting [Abstract]	'	'
Number of operating groups	4	'
Operating group information	'	'
Net sales	$257,649	$234,203
Depreciation and amortization	9,136	7,226
Operating income (loss)	28,469	26,061
Interest expense, net	1,073	936
Net earnings before income taxes	27,396	25,125
Tommy Bahama	'	'
Operating group information	'	'
Net sales	158,359	150,426
Depreciation and amortization	6,659	5,150
Operating income (loss)	19,862	21,381
Lilly Pulitzer	'	'
Operating group information	'	'
Net sales	50,371	39,449
Depreciation and amortization	1,054	663
Operating income (loss)	14,800	11,033
Lanier Clothes	'	'
Operating group information	'	'
Net sales	28,746	27,260
Depreciation and amortization	67	103
Operating income (loss)	2,738	2,461
Ben Sherman	'	'
Operating group information	'	'
Net sales	15,083	12,236
Depreciation and amortization	725	725
Operating income (loss)	-4,675	-4,824
Corporate and Other	'	'
Operating group information	'	'
Net sales	5,090	4,832
Depreciation and amortization	631	585
Operating income (loss)	($4,256)	($3,990)

Income_Taxes_Details

Income Taxes: (Details)	3 Months Ended
	3-May-14	4-May-13
Income Tax Disclosure [Abstract]	'	'
Effective tax rate (as a percent)	45.40%	45.80%

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss: (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	3-May-14	4-May-13
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes	'	'
Beginning balance	($23,618)	($24,585)
Other comprehensive income (loss) before reclassifications	-230	-329
Amounts reclassified from accumulated other comprehensive income (loss) for gain realized	-17	30
Total other comprehensive income, net of taxes	-247	-299
Ending balance	-23,865	-24,884
Foreign currency translation gain (loss)	'	'
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes	'	'
Beginning balance	-23,283	-23,986
Other comprehensive income (loss) before reclassifications	94	-661
Amounts reclassified from accumulated other comprehensive income (loss) for gain realized	0	0
Total other comprehensive income, net of taxes	94	-661
Ending balance	-23,189	-24,647
Net unrealized gain (loss) on cash flow hedges	'	'
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes	'	'
Beginning balance	-335	-599
Other comprehensive income (loss) before reclassifications	-324	332
Amounts reclassified from accumulated other comprehensive income (loss) for gain realized	-17	30
Total other comprehensive income, net of taxes	-341	362
Ending balance	($676)	($237)