Oxford Industries, Inc. (OXM) has reported 42.73 percent plunge in profit for the quarter ended Jan. 28, 2017. The company has earned $10.01 million, or $0.60 a share in the quarter, compared with $17.47 million, or $1.05 a share for the same period last year. On the other hand, adjusted net income from continuing operations for the quarter stood at $10.50 million, or $0.63 a share compared with $18.10 million or $1.09 a share, a year ago.

Revenue during the quarter went up marginally by 0.57 percent to $261.05 million from $259.58 million in the previous year period. Gross margin for the quarter expanded 42 basis points over the previous year period to 56.18 percent. Total expenses were 92.52 percent of quarterly revenues, up from 89.04 percent for the same period last year. That has resulted in a contraction of 348 basis points in operating margin to 7.48 percent.

Operating income for the quarter was $19.52 million, compared with $28.45 million in the previous year period.

However, the adjusted operating income for the quarter stood at $16.70 million compared to $29.10 million in the prior year period. At the same time, adjusted operating margin contracted 481 basis points in the quarter to 6.40 percent from 11.21 percent in the last year period.

Thomas C. Chubb III, chairman and chief executive officer, commented, "Our portfolio of businesses has attributes that are true competitive advantages in the new retailing paradigm. Our brands, Tommy Bahama, Lilly Pulitzer and Southern Tide, are focused, clear and unwavering in how they are positioned in the marketplace. We would rather be the first choice of a few than the second choice of many. Each of these brands also has a meaningful and profitable e-commerce business, and we play to that strength."

For the first-quarter, Oxford Industries forecasts revenue to be in the range of $270 million to $280 million. The company expects diluted earnings per share to be in the range of $0.98 to $1.08. On an adjusted basis, the company expects diluted earnings per share to be in the range of $1.00 to $1.10.

For fiscal year 2017, Oxford Industries forecasts revenue to be in the range of $1,080 million to $1,100 million. The company expects diluted earnings per share to be in the range of $3.41 to $3.61. The company expects diluted earnings per share to be in the range of $3.50 to $3.70 on adjusted basis.

The company has spent $146.49 million cash to meet investing activities during the year as against cash outgo of $13.95 million in the last year.

Cash flow from financing activities was $27.37 million for the year as against cash outgo of $91.47 million in the last year period.

Cash and cash equivalents stood at $6.33 million as on Jan. 28, 2017, up 0.14 percent or $0.01 million from $6.32 million on Jan. 30, 2016.

Working capital increases
Oxford Industries, Inc. has recorded an increase in the working capital over the last year. It stood at $100.23 million as at Jan. 28, 2017, up 14.03 percent or $12.34 million from $87.90 million on Jan. 30, 2016. Current ratio was at 1.76 as on Jan. 28, 2017, up from 1.68 on Jan. 30, 2016.

Cash conversion cycle (CCC) has increased to 36 days for the quarter from 34 days for the last year period. Days sales outstanding were almost stable at 10 days for the quarter, when compared with the last year period.

Days inventory outstanding has increased to 57 days for the quarter compared with 51 days for the previous year period. At the same time, days payable outstanding went up to 31 days for the quarter from 27 for the same period last year.