Revenue during the quarter grew 11.92 percent to $222.31 million from $198.62 million in the previous year period. Gross margin for the quarter contracted 111 basis points over the previous year period to 53.21 percent. Operating margin for the quarter stood at negative 0.15 percent as compared to a negative 0.59 percent for the previous year period.

Operating loss for the quarter was $0.33 million, compared with an operating loss of $1.17 million in the previous year period.

However, the adjusted operating profit for the quarter stood at $0.20 million compared to operating loss of $1.20 million in prior year period.

Thomas C. Chubb III, chairman and chief executive officer, commented, "We are generally pleased with our third quarter results. We delivered solid top line growth and modestly improved operating results. We are mindful, however, that industry-wide traffic declines and an ongoing shift in consumer shopping patterns are increasingly evident features of todays retailing environment. We have seen this impact our business in the third quarter and in holiday to date, particularly for Tommy Bahama, with its larger and broader brick and mortar footprint. While also impacted by this environment, Lilly Pulitzer continued to post exceptional results in the third quarter with a sales increase of 19% including positive comp store sales growth of 12%. The energy surrounding Lilly Pulitzer continued and the team executed extremely well on all fronts - product, marketing and customer engagement."

For fiscal year 2016, Oxford Industries, Inc. forecasts revenue to be in the range of $1,020 million to $1,035 million. It expects diluted earnings per share to be in the range of $3.31 to $3.46 for the same period. It expects diluted earnings per share to be in the range of $3.50 to $3.65 on adjusted basis for the same period.

The company has spent $137.13 million cash to meet investing activities during the nine month period as against cash outgo of $4.98 million in the last year period.

Cash flow from financing activities was $82.56 million for the nine month period as against cash outgo of $62.88 million in the last year period.

Cash and cash equivalents stood at $5.35 million as on Oct. 29, 2016, down 18.41 percent or $1.21 million from $6.56 million on Oct. 31, 2015.

Working capital increases
Oxford Industries, Inc. has recorded an increase in the working capital over the last year. It stood at $142.10 million as at Oct. 29, 2016, up 20.93 percent or $24.60 million from $117.51 million on Oct. 31, 2015. Current ratio was at 2.45 as on Oct. 29, 2016, up from 1.96 on Oct. 31, 2015.

Cash conversion cycle (CCC) has decreased to 41 days for the quarter from 84 days for the last year period. Days sales outstanding went down to 26 days for the quarter compared with 27 days for the same period last year.

Days inventory outstanding has decreased to 60 days for the quarter compared with 113 days for the previous year period. At the same time, days payable outstanding went down to 44 days for the quarter from 56 for the same period last year.