Oxford Industries (OXM) 10-Q 10 Jun 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	2-May-15	Jun. 05, 2015
Document and Entity Information
Entity Registrant Name	OXFORD INDUSTRIES INC
Entity Central Index Key	75288
Current Fiscal Year End Date	-29
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	2-May-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		16,582,661
Entity Current Reporting Status	Yes

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)	2-May-15	Jan. 31, 2015	3-May-14
In Thousands, unless otherwise specified
Current Assets:
Cash and cash equivalents	$8,913	$5,281	$8,568
Receivables, net	82,338	64,587	79,273
Inventories, net	114,376	120,613	105,751
Prepaid expenses, net	20,774	19,941	19,035
Deferred tax assets	25,219	24,424	21,697
Assets related to discontinued operations, net	70,620	48,123	37,816
Total current assets	322,240	282,969	272,140
Property and equipment, net	149,279	146,039	131,722
Intangible assets, net	145,902	146,135	148,805
Goodwill	17,313	17,295	17,440
Other non-current assets, net	22,911	22,529	23,432
Assets related to discontinued operations, net	0	31,747	33,668
Total Assets	657,645	646,714	627,207
Current Liabilities:
Accounts payable	50,945	72,785	51,583
Accrued compensation	22,449	27,075	16,827
Income tax payable	14,697	5,282	12,099
Other accrued expenses and liabilities	29,170	24,921	25,248
Contingent consideration	0	12,500	12,294
Liabilities related to discontinued operations	18,208	17,379	13,896
Total current liabilities	135,469	159,942	131,947
Long-term debt	130,572	104,842	138,601
Other non-current liabilities	56,154	56,287	49,162
Non-current deferred income taxes	29,451	29,467	29,286
Liabilities related to discontinued operations	0	5,571	5,970
Commitments and contingencies
Shareholders’ Equity:
Common stock, $1.00 par value per share	16,583	16,478	16,455
Additional paid-in capital	120,393	119,052	114,802
Retained earnings	198,333	185,229	164,849
Accumulated other comprehensive loss	-29,310	-30,154	-23,865
Total shareholders’ equity	305,999	290,605	272,241
Total Liabilities and Shareholders’ Equity	$657,645	$646,714	$627,207

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) (USD $)	2-May-15	Jan. 31, 2015	3-May-14
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$1	$1	$1

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	2-May-15	3-May-14
Income Statement [Abstract]
Net sales	$260,394	$242,566
Cost of goods sold	106,002	102,194
Gross profit	154,392	140,372
SG&A	122,680	110,840
Change in fair value of contingent consideration	0	69
Royalties and other operating income	3,770	3,270
Operating income	35,482	32,733
Interest expense, net	773	970
Earnings from continuing operations before income taxes	34,709	31,763
Income taxes	13,385	12,705
Net earnings from continuing operations	21,324	19,058
Loss from discontinued operations, net of taxes	-4,068	-4,089
Net earnings	$17,256	$14,969
Net earnings from continuing operations per share:
Basic (in dollars per share)	$1.30	$1.16
Diluted (in dollars per share)	$1.29	$1.16
Net loss from discontinued operations per share:
Basic (in dollars per share)	($0.25)	($0.25)
Diluted (in dollars per share)	($0.25)	($0.25)
Net earnings per share:
Basic (in dollars per share)	$1.05	$0.91
Diluted (in dollars per share)	$1.04	$0.91
Weighted average shares outstanding:
Basic (in shares)	16,445	16,418
Diluted (in shares)	16,525	16,450
Dividends declared per common share (in dollars per share)	$0.25	$0.21

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	2-May-15	3-May-14
Statement of Comprehensive Income [Abstract]
Net earnings	$17,256	$14,969
Other comprehensive income, net of taxes:
Foreign currency translation gain	1,236	94
Net unrealized loss on cash flow hedges	-392	-341
Total other comprehensive income, net of taxes	844	-247
Comprehensive income	$18,100	$14,722

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	2-May-15	3-May-14
Cash Flows From Operating Activities:
Net earnings	$17,256	$14,969
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation	8,906	8,512
Amortization of intangible assets	522	624
Change in fair value of contingent consideration	0	69
Amortization of deferred financing costs	96	108
Equity compensation expense	1,182	595
Deferred income taxes	-823	-647
Changes in working capital, net of acquisitions and dispositions:
Receivables, net	-12,512	-14,125
Inventories, net	12,637	15,853
Prepaid expenses, net	-2,820	-171
Current liabilities	-18,822	-12,140
Other non-current assets, net	-420	-380
Other non-current liabilities	-131	-716
Net cash provided by operating activities	5,071	12,551
Cash Flows From Investing Activities:
Purchases of property and equipment	-11,907	-6,704
Net cash used in investing activities	-11,907	-6,704
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	-81,697	-85,099
Proceeds from revolving credit arrangements	108,492	85,407
Payment of contingent consideration	-12,500	-2,500
Proceeds from issuance of common stock, including excess tax benefits	263	228
Dividends paid	-4,153	-3,463
Net cash provided by (used in) financing activities	10,405	-5,427
Net change in cash and cash equivalents	3,569	420
Effect of foreign currency translation on cash and cash equivalents	63	-335
Cash and cash equivalents at the beginning of year	5,281	8,483
Cash and cash equivalents at the end of the period	8,913	8,568
Supplemental disclosure of cash flow information:
Cash paid for interest, net	716	969
Cash paid for income taxes	$4,340	$8,112

Basis_of_Presentation

Basis of Presentation:	3 Months Ended
	2-May-15
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 for complete financial statements.  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 2014.
	Unless otherwise indicated, all references to assets, liabilities, revenues and expenses in these financial statements reflect continuing operations and exclude any amounts related to the discontinued operations of our Ben Sherman operating group, as discussed in Note 4.

Operating_Group_Information

Operating Group Information:	3 Months Ended
	2-May-15
Segment Reporting [Abstract]
Operating Group Information:	Operating Group Information:   Our business is primarily operated through our Tommy Bahama, Lilly Pulitzer, and Lanier Clothes operating groups, each of which is described in our Annual Report on Form 10-K for Fiscal 2014. 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 each 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. Beginning with the First Quarter of Fiscal 2015, amounts associated with our Ben Sherman operations are classified as discontinued operations and held for sale and therefore are excluded from the tables below.
		First Quarter Fiscal 2015			First Quarter Fiscal 2014
	Net sales
	Tommy Bahama	$	172,669		$	158,359
	Lilly Pulitzer	58,978			50,371
	Lanier Clothes	26,172			28,746
	Corporate and Other	2,575			5,090
	Total net sales	$	260,394		$	242,566
	Depreciation and amortization
	Tommy Bahama	$	6,921		$	6,659
	Lilly Pulitzer	1,281			1,054
	Lanier Clothes	110			67
	Corporate and Other	450			631
	Total depreciation and amortization	$	8,762		$	8,411
	Operating income (loss)
	Tommy Bahama	$	20,775		$	19,862
	Lilly Pulitzer	17,742			14,800
	Lanier Clothes	2,140			2,738
	Corporate and Other	(5,175		)	(4,667		)
	Total operating income	$	35,482		$	32,733
	Interest expense, net	773			970
	Earnings from continuing operations before income taxes	$	34,709		$	31,763

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss:	3 Months Ended
	2-May-15
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 2015	Foreign			Net unrealized			Accumulated
		currency			gain (loss) on			other
		translation			cash flow			comprehensive
		gain (loss)			hedges			income (loss)
	Beginning balance	$	(30,900	)	$	746		$	(30,154	)
	Total other comprehensive income, net of taxes	1,236			(392		)	844
	Ending balance	$	(29,664	)	$	354		$	(29,310	)
	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	)
	Total other comprehensive income, net of taxes	94			(341		)	(247		)
	Ending balance	$	(23,189	)	$	(676	)	$	(23,865	)

Discontinued_Operations

Discontinued Operations:	3 Months Ended
	2-May-15
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations:	Discontinued Operations: On March 24, 2015, our Board of Directors authorized our management to pursue a sale of the Ben Sherman business.  We have engaged Financo, Ltd. as our financial advisor to assist in the transaction process. We plan to operate the Ben Sherman business during the process, and although we expect to complete a sale during Fiscal 2015, no specific timetable has been set for consummation of a transaction. There can be no assurance that a transaction will take place, and our Board of Directors may consider other alternatives for the Ben Sherman business that it believes are in the best interest of shareholders. We considered the criteria for assets and liabilities to be classified as held for sale and determined that the criteria for held for sale was met as of March 24, 2015. Additionally, we considered the criteria for qualification as discontinued operations and determined the criteria for discontinued operations was met as of March 24, 2015 as well.
	We have not classified as discontinued operations any corporate or shared service expenses historically charged to Ben Sherman which we determined may not be eliminated as a result of the disposal of Ben Sherman. This approach to recognize these expenses as continuing operations in Corporate and Other reflects the uncertainty of whether there will be a reduction in such corporate or shared service expenses in the future as a result of any sale of Ben Sherman. At the time that a group of assets is classified as held for sale, which occurred on March 24, 2015 for Ben Sherman, we cease depreciation and amortization on the assets, even if the disposal group is still generating revenues. Discontinued operations includes only interest directly attributable to the discontinued operations. Income taxes for discontinued operations reflect the residual income tax after calculating the income taxes for continuing operations, excluding the discontinued operations.
	The following represents major classes of assets and liabilities related to the discontinued operations included in our consolidated balance sheets as of the following dates (in thousands):
		May 2, 2015			January 31, 2015			May 3, 2014
	Receivables, net	$	9,158		$	14,517		$	10,369
	Inventories, net	21,535			27,602			22,508
	Other current assets, net	8,058			6,004			4,939
	Property and equipment, net	8,946			9,037			8,057
	Intangible assets, net	21,910			21,635			24,394
	Other non-current assets, net	1,013			1,075			1,217
	Total assets	$	70,620		$	79,870		$	71,484
	Accounts payable	$	5,174		$	8,071		$	3,621
	Other accrued expenses and liabilities	2,136			5,182			6,893
	Short-term debt	5,259			4,126			3,382
	Non-current liabilities	1,848			1,826			1,675
	Deferred income taxes	3,791			3,745			4,295
	Total liabilities	$	18,208		$	22,950		$	19,866
	Net assets	$	52,412		$	56,920		$	51,618
	Operating results of the discontinued operations are shown below (in thousands):
		First Quarter Fiscal 2015			First Quarter Fiscal 2014
	Net sales	$	14,976		$	15,083
	Cost of goods sold	8,590			8,127
	Gross profit	6,386			6,956
	SG&A	11,736			12,391
	Royalties and other operating income	1,130			1,171
	Operating loss	(4,220		)	(4,264		)
	Interest expense, net	72			103
	Loss from discontinued operations before income taxes	(4,292		)	(4,367		)
	Income taxes	(224		)	(278		)
	Loss from discontinued operations, net of taxes	$	(4,068	)	$	(4,089	)
	Certain information pertaining to depreciation, amortization and capital expenditures of our discontinued operations has been included below (in thousands):
		First Quarter Fiscal 2015			First Quarter Fiscal 2014
	Depreciation (1)	$	639		$	674
	Amortization (1)	$	28		$	51
	Capital expenditures	$	427		$	358
	(1) For Fiscal 2015, amounts reflect expense recognized prior to classification as held for sale, which occurred on March 24, 2015. No expense for depreciation or amortization was recognized subsequent to qualifying as held for sale.

Operating_Group_Information_Ta

Operating Group Information: (Tables)	3 Months Ended
	2-May-15
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. Beginning with the First Quarter of Fiscal 2015, amounts associated with our Ben Sherman operations are classified as discontinued operations and held for sale and therefore are excluded from the tables below.
		First Quarter Fiscal 2015			First Quarter Fiscal 2014
	Net sales
	Tommy Bahama	$	172,669		$	158,359
	Lilly Pulitzer	58,978			50,371
	Lanier Clothes	26,172			28,746
	Corporate and Other	2,575			5,090
	Total net sales	$	260,394		$	242,566
	Depreciation and amortization
	Tommy Bahama	$	6,921		$	6,659
	Lilly Pulitzer	1,281			1,054
	Lanier Clothes	110			67
	Corporate and Other	450			631
	Total depreciation and amortization	$	8,762		$	8,411
	Operating income (loss)
	Tommy Bahama	$	20,775		$	19,862
	Lilly Pulitzer	17,742			14,800
	Lanier Clothes	2,140			2,738
	Corporate and Other	(5,175		)	(4,667		)
	Total operating income	$	35,482		$	32,733
	Interest expense, net	773			970
	Earnings from continuing operations before income taxes	$	34,709		$	31,763

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss: (Tables)	3 Months Ended
	2-May-15
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 2015	Foreign			Net unrealized			Accumulated
		currency			gain (loss) on			other
		translation			cash flow			comprehensive
		gain (loss)			hedges			income (loss)
	Beginning balance	$	(30,900	)	$	746		$	(30,154	)
	Total other comprehensive income, net of taxes	1,236			(392		)	844
	Ending balance	$	(29,664	)	$	354		$	(29,310	)
	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	)
	Total other comprehensive income, net of taxes	94			(341		)	(247		)
	Ending balance	$	(23,189	)	$	(676	)	$	(23,865	)

Discontinued_Operations_Tables

Discontinued Operations: (Tables)	3 Months Ended
	2-May-15
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures	The following represents major classes of assets and liabilities related to the discontinued operations included in our consolidated balance sheets as of the following dates (in thousands):
		May 2, 2015			January 31, 2015			May 3, 2014
	Receivables, net	$	9,158		$	14,517		$	10,369
	Inventories, net	21,535			27,602			22,508
	Other current assets, net	8,058			6,004			4,939
	Property and equipment, net	8,946			9,037			8,057
	Intangible assets, net	21,910			21,635			24,394
	Other non-current assets, net	1,013			1,075			1,217
	Total assets	$	70,620		$	79,870		$	71,484
	Accounts payable	$	5,174		$	8,071		$	3,621
	Other accrued expenses and liabilities	2,136			5,182			6,893
	Short-term debt	5,259			4,126			3,382
	Non-current liabilities	1,848			1,826			1,675
	Deferred income taxes	3,791			3,745			4,295
	Total liabilities	$	18,208		$	22,950		$	19,866
	Net assets	$	52,412		$	56,920		$	51,618
	Operating results of the discontinued operations are shown below (in thousands):
		First Quarter Fiscal 2015			First Quarter Fiscal 2014
	Net sales	$	14,976		$	15,083
	Cost of goods sold	8,590			8,127
	Gross profit	6,386			6,956
	SG&A	11,736			12,391
	Royalties and other operating income	1,130			1,171
	Operating loss	(4,220		)	(4,264		)
	Interest expense, net	72			103
	Loss from discontinued operations before income taxes	(4,292		)	(4,367		)
	Income taxes	(224		)	(278		)
	Loss from discontinued operations, net of taxes	$	(4,068	)	$	(4,089	)
	Certain information pertaining to depreciation, amortization and capital expenditures of our discontinued operations has been included below (in thousands):
		First Quarter Fiscal 2015			First Quarter Fiscal 2014
	Depreciation (1)	$	639		$	674
	Amortization (1)	$	28		$	51
	Capital expenditures	$	427		$	358
	(1) For Fiscal 2015, amounts reflect expense recognized prior to classification as held for sale, which occurred on March 24, 2015. No expense for depreciation or amortization was recognized subsequent to qualifying as held for sale.

Operating_Group_Information_De

Operating Group Information: (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	2-May-15	3-May-14
Operating group information
Net sales	$260,394	$242,566
Depreciation and amortization	8,762	8,411
Operating income (loss)	35,482	32,733
Interest expense, net	773	970
Earnings from continuing operations before income taxes	34,709	31,763
Tommy Bahama
Operating group information
Net sales	172,669	158,359
Depreciation and amortization	6,921	6,659
Operating income (loss)	20,775	19,862
Lilly Pulitzer
Operating group information
Net sales	58,978	50,371
Depreciation and amortization	1,281	1,054
Operating income (loss)	17,742	14,800
Lanier Clothes
Operating group information
Net sales	26,172	28,746
Depreciation and amortization	110	67
Operating income (loss)	2,140	2,738
Corporate and Other
Operating group information
Net sales	2,575	5,090
Depreciation and amortization	450	631
Operating income (loss)	($5,175)	($4,667)

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss: (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	2-May-15	3-May-14
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes
Beginning balance	($30,154)	($23,618)
Total other comprehensive income, net of taxes	844	-247
Ending balance	-29,310	-23,865
Foreign currency translation gain (loss)
Changes in the entity's accumulated other comprehensive loss by component, net of related income taxes
Beginning balance	-30,900	-23,283
Total other comprehensive income, net of taxes	1,236	94
Ending balance	-29,664	-23,189
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	746	-335
Total other comprehensive income, net of taxes	-392	-341
Ending balance	$354	($676)

Discontinued_Operations_Major_

Discontinued Operations: - Major Classes of Assets and Liabilities (Details) (USD $)	2-May-15	Jan. 31, 2015	3-May-14
In Thousands, unless otherwise specified
Discontinued Operations and Disposal Groups [Abstract]
Receivables, net	$9,158	$14,517	$10,369
Inventories, net	21,535	27,602	22,508
Other current assets, net	8,058	6,004	4,939
Property and equipment, net	8,946	9,037	8,057
Intangible assets, net	21,910	21,635	24,394
Other non-current assets, net	1,013	1,075	1,217
Total assets	70,620	79,870	71,484
Accounts payable	5,174	8,071	3,621
Other accrued expenses and liabilities	2,136	5,182	6,893
Short-term debt	5,259	4,126	3,382
Non-current liabilities	1,848	1,826	1,675
Deferred income taxes	3,791	3,745	4,295
Total liabilities	18,208	22,950	19,866
Net assets	$52,412	$56,920	$51,618

Discontinued_Operations_Operat

Discontinued Operations: - Operating Results (Details) (USD $)	3 Months Ended
	2-May-15	3-May-14
Discontinued Operations and Disposal Groups [Abstract]
Net sales	$14,976,000	$15,083,000
Cost of goods sold	8,590,000	8,127,000
Gross profit	6,386,000	6,956,000
SG&A	11,736,000	12,391,000
Royalties and other operating income	1,130,000	1,171,000
Operating loss	-4,220,000	-4,264,000
Interest expense, net	72,000	103,000
Earnings from discontinued operations before income taxes	-4,292,000	-4,367,000
Income taxes	-224,000	-278,000
Net earnings from discontinued operations, net of taxes	($4,068,000)	($4,089,000)

Discontinued_Operations_Additi

Discontinued Operations: - Additional Disclosures (Details) (USD $)	1 Months Ended	3 Months Ended
	2-May-15	2-May-15	3-May-14
Discontinued Operations and Disposal Groups [Abstract]
Depreciation		$639,000	$674,000
Amortization		28,000	51,000
Capital expenditures		427,000	358,000
Depreciation and amortization expense recognized subsequent to qualifying as held for sale	$0