10
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[ X ] Quarterly Report Pursuant To Section 13 or 15(d) of
The Securities Exchange Act of 1934
For the quarterly period ended November 26, 1999
------------------
OR
[ ] Transition Report Pursuant To Section 13 or 15(d) of
The Securities Exchange Act of 1934
For the transition period from to
---------------- ----------------
Commission File Number 1-4365
------
OXFORD INDUSTRIES, INC.
- ------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Georgia 58-0831862
- ------------------------------- ------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
222 Piedmont Avenue, N.E., Atlanta, Georgia 30308
--------------------------------------------------
(Address of principal executive offices)
(Zip Code)
(404) 659-2424
----------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- ------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report.)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.
Yes X No
----- -----
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.
Number of shares outstanding
Title of each class as of January 3, 2000
- --------------------------- ----------------------------
Common Stock, $1 par value 7,651,115
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
- -----------------------------
OXFORD INDUSTRIES, INC
CONSOLIDATED STATEMENT OF EARNINGS
SIX MONTHS AND QUARTERS ENDED NOVEMBER 26, 1999 AND NOVEMBER 27, 1998
(UNAUDITED)
Six Months Ended Quarter Ended
------------------------- ------------------------
$ in thousands except November 26, November 27, November 26, November 27,
per share amounts 1999 1998 1999 1998
------------ ----------- ------------ -----------
Net Sales $405,682 $431,127 $219,945 $232,521
Costs and Expenses:
Cost of goods sold 334,061 347,420 182,024 188,846
Selling, general and
administrative 51,100 58,514 25,932 29,011
Interest 1,820 2,231 940 1,482
------- ------- ------- -------
Total Costs and Expenses 386,981 408,165 208,896 219,339
------- ------- ------- -------
Earnings Before Income Taxes 18,701 22,962 11,049 13,182
Income Taxes 7,106 8,955 4,198 5,141
------- ------- ------- -------
Net Earnings $ 11,595 $14,007 $ 6,851 $ 8,041
======== ======= ======= =======
Basic Earnings Per
Common Share $1.49 $1.63 $0.89 $0.95
======= ======= ======= =======
Diluted Earnings Per
Common Share $1.48 $1.61 $0.88 $0.94
======= ======= ======= =======
Basic Number of Shares
Outstanding 7,786,850 8,590,730 7,712,159 8,406,712
========= ========= ========= =========
Diluted Number of Shares
Outstanding 7,846,805 8,719,552 7,751,611 8,512,134
========= ========= ========= =========
Dividends Per Share $0.42 $0.40 $0.21 $0.20
========= ========= ========= =========
See notes to consolidated financial statements.
OXFORD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
NOVEMBER 26, 1999, MAY 28, 1999 AND NOVEMBER 27, 1998
(UNAUDITED EXCEPT FOR MAY 28, 1999)
$ in thousands November 26, May 28, November 27,
- -------------- 1999 1999 1998
----------- ------- -----------
Assets
- ------
Current Assets:
Cash $ 10,639 $ 11,077 $ 4,042
Receivables 116,634 114,706 119,974
Inventories:
Finished goods 71,445 92,195 92,368
Work in process 22,323 24,579 26,873
Fabric, trim & supplies 29,109 30,154 31,985
-------- -------- --------
122,877 146,928 151,226
Prepaid expenses 12,231 13,791 15,442
-------- -------- --------
Total Current Assets 262,381 286,502 290,684
Property Plant and Equipment 37,075 37,347 38,333
Other Assets 13,106 11,473 12,048
-------- -------- --------
Total Assets $312,562 $335,322 $341,065
======== ======== ========
Liabilities and Stockholders' Equity
- ------------------------------------
Current Liabilities
Notes payable $16,000 $33,000 $45,500
Trade accounts payable 55,827 61,397 56,437
Accrued compensation 9,702 12,897 10,492
Other accrued expenses 26,501 22,429 21,214
Dividends payable 1,622 1,694 1,658
Income taxes 223 - 1,231
Current maturities of long-
term debt 271 351 445
-------- -------- --------
Total Current Liabilities 110,146 131,768 136,977
Long-Term Debt, less
current maturities 40,611 40,689 41,253
Noncurrent Liabilities 4,500 4,500 4,500
Deferred Income Taxes 1,625 4,014 3,849
Stockholders' Equity:
Common stock 7,651 7,932 8,289
Additional paid in capital 11,310 11,244 11,271
Retained earnings 136,719 135,175 134,926
-------- -------- --------
Total Stockholders' Equity 155,680 154,351 154,486
-------- -------- --------
Total Liabilities and
Stockholders' Equity $312,562 $335,322 $341,065
======== ======== ========
See notes to consolidated financial statements.
OXFORD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED NOVEMBER 26, 1999 AND NOVEMBER 27, 1998
(UNAUDITED)
November 26, November 27,
1999 1998
Cash Flows From Operating Activities ---------------------------------
- ------------------------------------
Net earnings $ 11,595 $ 14,007
Adjustments to reconcile net earnings to
net cash provided by (used in) operating activities:
Depreciation and amortization 4,295 4,280
Gain on sale of property, plant
and equipment (112) (47)
Changes in working capital:
Receivables (1,928) (19,133)
Inventories 24,051 9,603
Prepaid expenses 1,560 (1,724)
Trade accounts payable (5,570) (888)
Accrued expenses and other current liabilities 877 (2,709)
Income taxes payable 223 1,231
Deferred income taxes (2,389) (222)
Other noncurrent assets (833) (51)
Net cash provided by ----------- ---------
operating activities 31,769 4,347
Cash Flows From Investing Activities
- ------------------------------------
Acquisitions (1,729) (21,403)
Purchase of property, plant and equipment (3,103) (3,584)
Proceeds from sale of property, plant and
and equipment 121 187
-------- --------
Net cash used in investing activities (4,711) (24,800)
Cash Flows From Financing Activities
- ------------------------------------
Short-term borrowings (17,000) 34,000
Payments on long-term debt (158) (179)
Proceeds from exercise of stock options 314 361
Purchase and retirement of common stock (7,348) (16,267)
Dividends on common stock (3,304) (3,489)
Net cash (used in) provided by ------- -------
financing activities (27,496) 14,426
Net change in Cash and Cash Equivalents (438) (6,027)
Cash and Cash Equivalents at Beginning of Period 11,077 10,069
-------- --------
Cash and Cash Equivalents at End of Period $ 10,639 $ 4,042
======== ========
Supplemental Disclosure of Cash Flow Information
- ------------------------------------------------
Cash paid for:
Interest $ 1,920 $ 2,305
Income taxes 6,805 8,595
See notes to consolidated financial statements.
OXFORD INDUSTRIES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
QUARTERS ENDED NOVEMBER 26, 1999 AND NOVEMBER 27, 1998
1. The foregoing unaudited consolidated financial statements
reflect all adjustments which are, in the opinion of management,
necessary to a fair statement of the results for the interim
periods. All such adjustments are of a normal recurring nature.
The results for interim periods are not necessarily indicative
of results to be expected for the year.
2. The financial information presented herein should be read in
conjunction with the consolidated financial statements included
in the Registrant's Annual Report on Form 10-K for the fiscal
year ended May 28, 1999.
3. The Company is involved in certain legal matters primarily
arising in the normal course of business. In the opinion of
management, the Company's liability under any of these matters would
not materially affect its financial condition or results of
operations.
4. Oxford Industries, Inc adopted SFAS No. 131, "Disclosures
about Segments of an Enterprise and Related Information", which
requires certain financial statement footnote disclosure as to the
Company's business segments, which are the Oxford Shirt Group, Lanier
Clothes, Oxford Slacks, the Oxford Womenswear Group and corporate and
other.
The Shirt Group operations encompass dress and sport shirts, and a
broad range of men's and boys' sportswear. Lanier Clothes produces
suits, sportcoats, suit separates and dress slacks. Oxford Slacks
is a producer of private label dress and casual slacks and shorts.
The Oxford Womenswear Group is a producer of budget and moderate
priced private label women's apparel. Corporate and other includes
the Company's corporate offices, transportation and logistics and
other costs and services that are not allocated to operating
groups.
Oxford Industries, Inc
Segment Information
(unaudited)
$ in thousands Six Months Ended Three Months Ended
November 26, November 27, November 26, November 27,
1999 1998 1999 1998
Sales
Oxford Shirt Group $126,257 $176,961 $64,952 $88,080
Lanier Clothes 88,210 90,394 52,261 46,538
Oxford Slacks 49,500 51,032 26,173 24,138
Oxford Womenswear Group 141,597 111,631 76,480 73,095
Corporate and other 118 1,109 79 670
--------- --------- -------- --------
Total 405,682 431,127 219,945 232,521
Depreciation and amortization
Oxford Shirt Group 1,180 1,542 601 785
Lanier Clothes 881 987 442 504
Oxford Slacks 550 557 286 287
Oxford Womenswear Group 1,218 644 671 521
Corporate and other 466 550 231 282
--------- ------- ------ ------
Total 4,295 4,280 2,231 2,379
Oxford Industries, Inc
Segment Information
(unaudited)
$ in thousands Six Months Ended Three Months Ended
November 26, November 27, November 26, November 27,
1999 1998 1999 1998
Operating profit
Oxford Shirt Group 9,559 16,765 4,791 8,504
Lanier Clothes 6,630 5,355 4,179 2,280
Oxford Slacks 2,894 3,644 1,641 1,471
Oxford Womenswear Group 6,544 2,933 3,882 2,376
Corporate and other (5,106) (3,504) (2,504) 33
--------- ------- ------ -------
Total 20,521 25,193 11,989 14,664
Interest expense, net 1,820 2,231 940 1,482
Earnings before taxes 18,701 22,962 11,049 13,182
$ in thousands Six Months Ended
November 26, November 27,
1999 1998
ASSETS
Oxford Shirt Group $95,701 139,198
Lanier Clothes 97,120 103,109
Oxford Slacks 40,157 39,964
Oxford Womenswear Group 89,761 81,276
Corporate and other (10,177) (22,482)
------- --------
Total 312,562 341,065
Purchase of property, plant and equipment
Oxford Shirt Group 1,071 1,518
Lanier Clothes 263 1,517
Oxford Slacks 328 33
Oxford Womenswear Group 191 252
Corporate and other 1,250 264
----- ------
Total 3,103 3,584
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.
RESULTS OF OPERATIONS
The following table sets forth items in the Consolidated
Statements of Earnings as a percent of net sales and the percentage
change of those items as compared to the prior year. ($ in thousands;
Percentages are calculated based on actual data, but columns may not
add due to rounding.)
SIX MONTHS ENDED THREE MONTHS ENDED
NOVEMBER NOVEMBER
% %
1999 1998 CHANGE 1999 1998 CHANGE
NET SALES 405,682 431,127 -5.9% 219,945 232,521 -5.4%
Cost of Goods Sold 334,061 347,420 -3.8% 182,024 188,846 -3.6%
GROSS PROFIT 71,621 83,707 -14.4% 37,921 43,675 -13.2%
Selling, General & Admin 51,100 58,514 -12.7% 25,932 29,011 -10.6%
OPERATING INCOME 20,521 25,193 -18.5% 11,989 14,664 -18.2%
Interest 1,820 2,231 -18.4% 940 1,482 -36.6%
EARNINGS BEFORE
INCOME TAXES 18,701 22,962 -18.6% 11,049 13,182 -16.2%
Income Taxes 7,106 8,955 -20.6% 4,198 5,141 -18.3%
NET EARNINGS 11,595 14,007 -17.2% 6,851 8,041 -14.8%
AS A PERCENTAGE OF SALES:
NET SALES 100.0% 100.0% 100.0% 100.0%
Cost of Goods Sold 82.3% 80.6% 82.8% 81.2%
GROSS PROFIT 17.7% 19.4% 17.2% 18.8%
Selling, General & Admin 12.6% 13.6% 11.8% 12.5%
OPERATING INCOME 5.1% 5.8% 5.5% 6.3%
Interest 0.4% 0.5% 0.4% 0.6%
EARNINGS BEFORE
INCOME TAXES 4.6% 5.3% 5.0% 5.7%
Income Taxes 1.8% 2.1% 1.9% 2.2%
NET EARNINGS 2.9% 3.2% 3.1% 3.5%
Total Company
Net sales for the second quarter decreased 5.4% from the second
quarter of the prior year. The absence of Polo for Boysr, due to the
expiration of the license agreement, was responsible for the sales
decline. Second quarter unit sales increased 0.9% and the average
unit selling price declined 6.3% reflecting a shift in product mix.
The Polo business which carried an average unit selling price higher
than the Company average was replaced by a growing mass merchant
business with an average unit selling price below the Company average.
Excluding Polo from the prior period, unit sales actually increased
10.7% in the second quarter. Total branded sales excluding Polo
increased 29.6% in the second quarter. Total private label sales were
even with last year. Mass merchant sales increased 26.2% from the
second quarter in the prior year. Direct mail customer sales
increased 10.5% from the same quarter in the prior year.
Gross profit declined to 17.2% of net sales in the second quarter
of the current year from 18.8% in the second quarter of the prior
year. The shift in sales mix had a negative impact on gross profit.
Under absorbed manufacturing costs and higher than anticipated
markdown activity also negatively impacted gross profit.
Selling, general and administrative expenses decreased in both
absolute terms and as a percent of net sales. The decline was
primarily attributable to the change in sales mix.
Interest expense declined from 0.6% of net sales in the prior
year to 0.4% of sales in the current quarter. The reduction in
interest expense was due to decreased working capital, primarily
inventory and receivables.
The Company's effective tax rate was 39.0% in the prior year and
38.0% in the current year and does not differ significantly from the
Company's statutory rate.
Segment Results
Effective with the Company's 1999 fiscal year, the Company adopted Statement
of Financial Accounting Standards No. 131 "Disclosures about Segments
of an Enterprise and Related Information", as disclosed in footnote 4.
All data with respect to the Company's specific segments included
within "Management Discussion and Analysis" is presented before
applicable intercompany eliminations. ($ in thousands; percentages
are calculated based on actual data, but columns may not add due to
rounding.)
SIX MONTHS ENDED THREE MONTHS ENDED
NOVEMBER NOVEMBER
% %
NET SALES 1999 1998 CHANGE 1999 1998 CHANGE
Oxford Shirt Group 126,257 176,961 -28.7% 64,952 88,080 -26.3%
Lanier Clothes 88,210 90,394 -2.4% 52,261 46,538 12.3%
Oxford Slacks 49,500 51,032 -3.0% 26,173 24,138 8.4%
Oxford Womenswear Group 141,597 111,631 26.8% 76,480 73,095 4.6%
Corporate and Other 118 1,109 -89.4% 79 670 -88.2%
-------- ------- ------ ------- ------- ------
Total Net Sales 405,682 431,127 -5.9% 219,945 232,521 -5.4%
AS A PERCENTAGE OF TOTAL SALES:
Oxford Shirt Group 31.1% 41.0% 29.5% 37.9%
Lanier Clothes 21.7% 21.0% 23.8% 20.0%
Oxford Slacks 12.2% 11.8% 11.9% 10.4%
Oxford Womenswear Group 34.9% 25.9% 34.8% 31.4%
Corporate and Other 0.0% 0.3% 0.0% 0.3%
------- ------- ------ ------
Total Net Sales 100.0% 100.0% 100.0% 100.0%
SIX MONTHS ENDED THREE MONTHS ENDED
NOVEMBER NOVEMBER
OPERATING INCOME 1999 1998 CHANGE 1999 1998 CHANGE
Oxford Shirt Group 9,559 16,765 -43.0% 4,791 8,504 -43.7%
Lanier Clothes 6,630 5,355 23.8% 4,179 2,280 83.3%
Oxford Slacks 2,894 3,644 -20.6% 1,641 1,471 11.6%
Oxford Womenswear Group 6,544 2,933 123.1% 3,882 2,376 63.4%
Corporate and Other -5,106 -3,504 -45.7% -2,504 33 nm
------- ------ ------- ------ ------ ------
Total Operating Income 20,521 25,193 -18.5% 11,989 14,664 -18.2%
AS A PERCENTAGE OF NET SALES:
Oxford Shirt Group 7.6% 9.5% 7.4% 9.7%
Lanier Clothes 7.5% 5.9% 8.0% 4.9%
Oxford Slacks 5.8% 7.1% 6.3% 6.1%
Oxford Womenswear Group 4.6% 2.6% 5.1% 3.3%
Corporate and Other nm nm nm nm
------ ------ ------ -------
Total 5.1% 5.8% 5.5% 6.3%
Oxford Shirt Group
The Oxford Shirt Group reported net sales of $64,952,000 down
26.3% from last year's total of $88,080,000. Unit sales decreased
24.8% and average unit selling price declined 1.9%. The Tommy
Hilfiger Golf and Dress Shirt divisions posted sales increases and
OxSport, Ely & Walker and Oxford Shirtings posted sales declines. The
absence of Polo for Boys was responsible for the sales decline and
severely impacted profitability. Operating profit declined 43.7% to
$4,791,000 from $8,504,000 last year. In addition to the loss of Polo
gross profit dollars, the loss of Polo unit volume resulted in the
group's manufacturing service company and distribution center
operating below capacity. The addition of the Izod Clubr Golf
business will help improve this situation in subsequent quarters.
Operating expenses decreased 35.9% resulting in an operating margin of
7.4%, down from 9.7% last year.
Lanier Clothes
Net sales for Lanier Clothes increased 12.3% to $52,261,000
in the second quarter. Unit sales increased 14.0% and average unit
selling price declined 1.5%. A sales decline in National Accounts was
more than offset by sales increases in Specialty Catalog, Nautica,
Geoffrey Beene and Oscar de la Renta. Operating profit increased
83.3% to $4,179,000. The improvement in profitability was
attributable to growth in the branded businesses, reduced
manufacturing variances and the leveraging of operating expenses.
Operating margin improved significantly to 8.0% from 4.9% last year.
Oxford Slacks
Oxford Slacks posted a second quarter sales increase of 8.4%
to $26,173,000. The group benefited from a 7.5% increase in unit
sales and a 0.9% increase in average unit selling price. Sales
increases in the Specialty Catalog and Mass Merchants divisions offset
sales declines in the Mature Men's and Young Men's divisions. Sales
to specialty catalog customers improved over the first quarter but
sales to major chains declined. Operating profit increased 11.6% to
$1,641,000 from $1,471,000 last year, despite the closing of this group's
last remaining domestic plant and the start-up costs for a new plant
in the Dominican Republic. Operating margin improved to 6.3% from 6.1%
last year.
Oxford Womenswear Group
The Womenswear Group reported a second quarter sales increase
of 4.6% to $76,480,000. Unit sales increased 16.4% and average unit
selling price declined 10.1%. Sportswear Collections and Next Day
Apparel reported sales increases. Sportswear Separates and Women's
Catalog & Special Markets reported sales declines. Operating profit
increased 63.4% to $3,882,000 from $2,376,000 last year. The
improvement in profitability stems primarily from reduced
manufacturing variances and lower markdowns. The operating margin
increased to 5.1% from 3.3% last year.
FUTURE OPERATING RESULTS
During the second quarter, the Company obtained substantially
all of the Izod Club Golf assets and has licensed the Izod Club name
for men's, women's and junior golf apparel. The Izod Club lines will
continue to be distributed through pro shops, resorts and golf
specialty retailers. The Izod Club Golf business is expected to add
an additional $30 million in sales on an annualized basis.
Unfavorable year-over-year comparisons are expected to
continue into the third quarter. The Company projects a strong fourth
quarter and remains optimistic that full year earnings per share will
approach last year's results.
LIQUIDITY AND CAPITAL RESOURCES
Operating Activities
Operating activities generated $31,769,000 in the first half
of the current year and $4,347,000 in the first half of the prior
year. The primary factors contributing to this change were a smaller
increase in receivables and a larger decrease in inventory than in the
prior year partially offset by a larger increase in trade payables than
in prior year.
Investing Activities
Investing activities used $4,711,000 in the first half of the
current year and $24,800,000 in the first half of the prior year. The
primary difference was the acquisition of Next Day Apparel in the
prior year.
Financing Activities
Financing activities used $27,496,000 in the first half of
the current year and generated $14,426,000 in the first half of the
prior year. The primary difference was the change in short term
borrowings and reduced purchases of the Company's common stock.
During the quarter, the Company purchased and retired 71,500
shares of the Company's common stock acquired in the open market.
Working Capital
Working capital increased from $153,707,000 at the end of the
second quarter of the prior year to $154,734,000 at the end of the
1999 fiscal year and decreased to $152,235,000 at the end of the
second quarter of the current year. The ratio of current assets to
current liabilities was 2.1 at the end of the second quarter of the
prior year, 2.2 at the end of the 1999 fiscal year and 2.4 at the end
of the second quarter of the current year.
FUTURE LIQUIDITY AND CAPITAL RESOURCES
The Company believes it has the ability to generate cash
and/or has available borrowing capacity to meet its foreseeable needs.
The sources of funds primarily include funds provided by operations
and both short-term and long-term borrowings. The uses of funds
primarily include working capital requirements, capital expenditures,
acquisitions, stock repurchases, dividends and repayment of short-term
and long-term debt. The Company regularly utilizes committed bank
lines of credit and other uncommitted bank resources to meet working
capital requirements. On November 26, 1999 the Company had available
for its use lines of credit with several lenders aggregating
$52,000,000. The Company has agreed to pay commitment fees for these
available lines of credit. On November 26, 1999, $52,000,000 was in
use under these lines, of which $40,000,000 was long-term. In
addition, the Company has $226,500,000 in uncommitted lines of credit,
of which $128,500,000 is reserved exclusively for letters of credit.
The Company pays no commitment fees for these available lines of
credit. On November 26, 1999, $4,000,000 was in use under these lines
of credit. Maximum borrowings from all these sources during the
current year were $82,500,000 of which $40,000,000 was long-term. The
Company anticipates continued use and availability of both committed
and uncommitted resources as working capital needs may require.
The Company considers possible acquisitions of apparel-
related businesses that are compatible with its long-term strategies.
The Company's Board of Directors has authorized the Company to
purchase shares of the Company's common stock on the open market and
in negotiated trades as conditions and opportunities warrant. There
are no present plans to sell securities (other than through employee
stock option plans and other employee benefits) or enter into off-
balance sheet financing arrangements.
YEAR 2000 UPDATE
The Year 2000 issue, which is common to most businesses, concerns
the inability of information systems to properly recognize and process
dates and date sensitive information on and beyond January 1, 2000.
In 1996, the Company began a Company-wide assessment of the
vulnerability of its systems to the Year 2000 issue. Based on such
assessment, the Company developed a Year 2000 compliance plan, under
which all primary information systems have been tested, and non-
compliant software or technology modified or replaced. As the Company
regularly adds new customers and suppliers, the Company is continuing
to survey the Year 2000 compliance status and compatibility of
customers and suppliers systems which interface with the Company's
systems or could otherwise impact the Company's operations.
While the Company has modified or replaced all affected systems,
the failure of the Company's major customers and suppliers to modify
or replace their affected systems could have a material adverse impact
on the Company's results of operations, liquidity or consolidated
financial positions in the future. The most reasonably likely worst
case scenario of failure by the Company or its customers or suppliers
to resolve the Year 2000 issue would be a temporary slow down or
cessation of manufacturing operations at one or more of the Company's
facilities and a temporary inability on the part of the Company to
timely process orders and billing and to deliver finished product to
customers. The Company believes it has taken the necessary
precautions which will allow the Company to minimize the risks of any
unresolved Year 2000 problems on its operations, and to minimize the
effect of any unforeseen Year 2000 failures. The Company currently
estimates the incremental cost of the work needed to resolve the Year
2000 issue, since the inception of the project in 1996 to its
completion, to be approximately $1,600,000. These costs are being
expensed as incurred. As of the time of this filing the Company has
experienced only minor Year 2000 issues which had no impact on
operations. The Company does not anticipate any Year 2000 issues in
the future.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995
Certain statements included herein contain forward-looking
statements with respect to anticipated future results, which are
subject to risks and uncertainties that could cause actual results to
differ materially from anticipated results. These risks and
uncertainties include, but are not limited to, general economic and
apparel business conditions, continued retailer and consumer
acceptance of Company products, and global manufacturing costs.
ADDITIONAL INFORMATION
For additional information concerning the Company's operations,
cash flows, liquidity and capital resources, this analysis should be
read in conjunction with the Consolidated Financial Statements and the
Notes to Consolidated Financial Statements contained in the Company's
Annual Report for the fiscal year ended May 28, 1999.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K.
- ------------------------------------------
(a) Exhibits.
---------
27 Financial Data Schedule.
(b) Reports on Form 8-K.
--------------------
The Registrant did not file any reports on Form 8-K during the
quarter ended November 26, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
OXFORD INDUSTRIES, INC.
-----------------------
(Registrant)
/s/Ben B. Blount, Jr.
--------------------------
Date: January 7, 2000 Ben B. Blount, Jr.
--------------- Chief Financial Officer
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This schedule contains summary financial information extracted from SEC Form
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<COMMON> 7,651
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<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,820
<INCOME-PRETAX> 18,701
<INCOME-TAX> 7,106
<INCOME-CONTINUING> 7,106
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,106
<EPS-BASIC> 1.49
<EPS-DILUTED> 1.48
</TABLE>
EXHIBIT 99
INDEX OF EXHIBITS
INCLUDED HERIN, FORM 10-Q
NOVEMBER 26, 1999
SEQUENTIAL
EXHIBIT PAGE
NUMBER DESCRIPTION NUMBER
- -----------------------------------------------------------------
27 Financial Data Schedule 15
