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Oxford Industries Inc. (OXM-0.63%) has submitted its 10-Q filing for the quarterly period ended November 2, 2024.
The filing reports net sales of $308 million for the third quarter of Fiscal 2024, a decrease from $327 million in the same quarter the previous year. The decline in sales was observed across all operating groups.
Gross profit for the quarter was $194 million, down from $205 million in the previous year. The decrease in gross profit was primarily due to lower net sales and changes in sales mix.
Selling, general, and administrative expenses increased to $205 million from $195 million, driven by higher costs associated with new retail locations and increased software and consulting expenses.
The company reported an operating loss of $6 million compared to an operating income of $14 million in the previous year. This change was attributed to decreased sales and increased operating expenses.
Net loss for the quarter was $4 million, compared to net earnings of $11 million in the previous year. The loss per diluted share was $0.25, down from earnings of $0.68 per diluted share.
For the first nine months of Fiscal 2024, net sales were $1,126 million, a decrease from $1,167 million in the same period of Fiscal 2023. Operating income for the period was $99 million, down from $162 million.
The company reported net earnings of $75 million for the first nine months, compared to $121 million in the previous year. Earnings per diluted share were $4.74, down from $7.57.
Oxford Industries highlighted its ongoing capital expenditures, including a multi-year project to build a new distribution center in Lyons, Georgia, and investments in new retail locations and technology systems.
The company declared a cash dividend of $0.67 per share, payable on January 31, 2025, to shareholders of record as of January 17, 2025.
Oxford Industries maintains access to a $325 million revolving credit agreement, with $58 million in borrowings outstanding as of November 2, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oxford Industries Inc. quarterly 10-Q report dated December 12, 2024. To report an error, please email earnings@qz.com.