Oxford Industries announced financial results for its fourth quarter 2014 ended January 31, 2015. Q4 consolidated net sales rose 10% to $274.5 million.
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This compares to $250.4 million in the fourth quarter of fiscal 2013. Adjusted earnings per share for the quarter rose 21% to $1.08, exceeding guidance and as compared to $0.89 in the same period last year. Fourth quarter GAAP earnings per share were $0.96 compared to $0.91 in the same period of the prior year.
For the full year of fiscal 2014, consolidated net sales rose 9% to $997.8 million from $917.1 million in fiscal 2013. Full-year adjusted earnings per share rose 6% to $2.98 for the 2014 fiscal year compared to $2.81 in the prior year. Full year GAAP earnings per share increased to $2.78 from $2.75 in the prior year.
Net Sales In the fourth quarter of fiscal 2014, consolidated net sales rose 10% to $274.5 million compared to $250.4 million in the fourth quarter of fiscal 2013. For fiscal 2014, consolidated net sales rose 9% to $997.8 million from $917.1 million in fiscal 2013.
Gross Margin and Profit Adjusted gross margin in the fourth quarter of fiscal 2014 expanded slightly to 55.2% compared to 55.0% in the prior year, primarily due to a change in sales mix. Adjusted gross profit for the fourth quarter increased to $151.6 million from $137.7 million in the fourth quarter of fiscal 2013.
Fiscal 2014 adjusted gross margin declined to 55.8% from 56.1% in the prior year primarily due to a change in sales mix, with clearance and private label sales representing a greater proportion of total sales. Adjusted gross profit for fiscal 2014 increased to $556.8 million compared to $514.3 million in the prior year.
On a GAAP basis, gross margin in the fourth quarter of fiscal 2014 declined to 54.3% compared to 55.1% in the prior year period. Gross profit in the fourth quarter of fiscal 2014 was $149.0 million compared to $137.9 million in the same period of the prior year.
On a GAAP basis, fiscal 2014 gross margin was 55.6% compared to 56.0% last year. Gross profit for the year rose to $554.7 million from $513.6 million in fiscal 2013. On a GAAP basis, declines in gross margin in both the fourth quarter and the full year of fiscal 2014 reflect a negative impact from LIFO accounting.
SG&A For the fourth quarter of fiscal 2014, adjusted SG&A was $127.9 million, or 46.6% of net sales, compared to $117.0 million, or 46.8% of net sales, in the fourth quarter of fiscal 2013. Fiscal 2014 adjusted SG&A was $487.2 million, or 48.8% of net sales, compared to $446.3 million, or 48.7% of net sales.
Increases in SG&A were primarily due to the costs of operating additional retail stores, other expenses to support the growing Tommy Bahama and Lilly Pulitzer businesses and higher incentive compensation expense.
On a GAAP basis, SG&A for the fourth quarter of fiscal 2014 was $128.3 million, or 46.7% of net sales, compared to $117.8 million, or 47.0% of net sales, in the fourth quarter of fiscal 2013.
On a GAAP basis, SG&A for fiscal 2014 was $488.9 million, or 49.0% of net sales, compared to $447.6 million, or 48.8% of net sales, in the prior year.
Operating Income In the fourth quarter of fiscal 2014 adjusted operating income increased to $28.8 million compared to $25.4 million in the fourth quarter of fiscal 2013. For fiscal 2014, adjusted operating income was $87.8 million compared to $85.4 million in the prior year.
On a GAAP basis, operating income in the fourth quarter of fiscal 2014 was $25.7 million compared to $26.3 million in the fourth quarter of fiscal 2013. On a GAAP basis, operating income for fiscal 2014 was $83.6 million compared to $84.7 million in fiscal 2013. ■