Revenue during the quarter grew 6.29 percent to $272.36 million from $256.24 million in the previous year period. Gross margin for the quarter contracted 58 basis points over the previous year period to 58.53 percent. Total expenses were 89 percent of quarterly revenues, up from 87.51 percent for the same period last year. That has resulted in a contraction of 149 basis points in operating margin to 11 percent.

Operating income for the quarter was $29.96 million, compared with $32.01 million in the previous year period.

However, the adjusted operating income for the quarter stood at $32.10 million compared to $33 million in the prior year period. At the same time, adjusted operating margin contracted 109 basis points in the quarter to 11.79 percent from 12.88 percent in the last year period.

Thomas C. Chubb III, Chairman and Chief executive officer, commented, “Oxford, with its dynamic portfolio of lifestyle brands, is positioned well to succeed in this challenging marketplace and I am very pleased with our first quarter results. Our top line increased 6%, driven by several factors including the addition of Southern Tide to our portfolio, sales associated with new, full-price retail stores, increased sales in our restaurants and a 2% increase in comparable store sales. These increases were partially offset by a decrease in wholesale sales as we carefully manage and control our exposure to department stores, a strategy critical to maintaining the strength of our brands. We also delivered on the bottom line with first quarter earnings that exceeded our guidance.”

For the second-quarter 2017, Oxford Industries, Inc projects revenue to be in the range of $285 million to $295 million and diluted earnings per share to be in the range of $1.33 to $1.43 and adjusted diluted earnings per share to be in the range of $1.35 to $1.45.

For fiscal year 2017, the company expects diluted earnings per share to be in the range of $3.33 to $3.53 and its adjusted diluted earnings per share to be in the range of $3.50 to $3.70.

The company has spent $8.77 million cash to meet investing activities during the quarter as against cash outgo of $104.48 million in the last year period.

The company has spent $4.59 million cash to carry out financing activities during the quarter as against cash inflow of $103.16 million in the last year period.

Cash and cash equivalents stood at $6.55 million as on Apr. 29, 2017, down 6.02 percent or $0.42 million from $6.97 million on Apr. 30, 2016.

Debt comes down significantly
Oxford Industries, Inc has recorded a decline in total debt over the last one year. It stood at $93.29 million as on Apr. 29, 2017, down 38.99 percent or $59.62 million from $152.90 million on Apr. 30, 2016. Oxford Industries has recorded a decline in long-term debt over the last one year. It stood at $93.29 million as on Apr. 29, 2017, down 38.99 percent or $59.62 million from $152.90 million on Apr. 30, 2016. Interest coverage ratio deteriorated to 32.21 for the quarter from 52.13 for the same period last year.