Oxford Industries Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended February 02, 2013. The company announced net sales of $236,246,000, operating income of $9,945,000, earnings from continuing operations before income taxes of $8,882,000, net earnings of $5,277,000 or $0.32 per diluted share against net sales of $199,679,000, operating income of $13,567,000, earnings from continuing operations before income taxes of $10,078,000, net earnings of $7,052,000 or $0.43 per diluted share a year ago. Adjusted earnings per share for the quarter were $0.65 compared to $0.61 in the same period last year.   For the year, the company announced net sales of $855,542,000, operating income of $68,971,000, earnings from continuing operations before income taxes of $31,317,000, net earnings of $31,317,000 or $1.89 per diluted share against net sales of $758,913,000, operating income of $68,807,000, earnings from continuing operations before income taxes of $43,524,000, net earnings of $29,380,000 or $1.78 per diluted share a year ago. Net cash provided by operating activities was $67,452,000 against $44,645,000 a year ago. Purchases of property and equipment were $60,702,000 against $35,310,000 a year ago. On an adjusted basis, earnings per share rose to $2.61 for the 2012 fiscal year compared to $2.41 in the prior year. The company announced that its board of directors has declared a cash dividend of $0.18 per share payable on May 3, 2013 to shareholders of record as of the close of business on April 19, 2013. This represents a 20% increase from the dividend paid in the fourth quarter of fiscal 2012. The company expects net sales in the first quarter of fiscal 2013 to be in the range of $230 to $240 million compared to net sales of $231.0 million in the first quarter of fiscal 2012.  Earnings per share for the first quarter of 2013 are expected to be in a range of $0.72 to $0.82 compared to adjusted earnings per share of $1.12 and GAAP earnings per share of $1.09 in the first quarter of fiscal 2012.  The first quarter is expected to be impacted by the pre-opening costs for the Tommy Bahama Tokyo and Chicago stores, higher international and other infrastructure expenses and first quarter sales declines at Ben Sherman and Lanier Clothes.

On March 27, 2013, the board of directors of Oxford Industries Inc. approved certain amendments to the company’s bylaws. The amendments modified: Section 2 of Article II of the bylaws to increase the number of members on the board of directors from 10 to 11; Section 3 of Article II of the bylaws to specify that special meetings of the board may be called by the chairman of the board or by the chief executive officer or by at least 30% of the directors, as opposed to by the chairman of the board or by the president or by at least 30% of the directors; Section 4 of Article II of the bylaws to clarify that notice of any board meeting may be provided to each director by email or other electronic transmissions; Section 1 of Article III of the bylaws to specify that the board has discretionary authority, as opposed to a mandatory obligation, with respect to filling the position of each of the named officers in the bylaws; Section 2 of Article III of the Bylaws to clarify that the chairman of the board need not be an employee or officer of the company; Sections 2 and 3 of Article III of the bylaws to clarify the chairman of the board’s authority and discretion with respect to designating another director or officer to preside at shareholder, board and executive committee meetings, as opposed to designating the chief executive officer to preside in case of the absence or disability of the chairman; and Article VI of the bylaws to conform to applicable Georgia Code provisions the requisite standards of conduct required of personnel entitled to indemnification and to specify the company’s authority with respect to the permissive indemnification of employees and agents of the company, advancement of expenses for indemnified personnel, maintenance of insurance for the benefit of the indemnified personnel and the effectiveness of the newly amended provisions, all of which were not expressly provided for pursuant to the bylaws, as previously in effect.

Oxford Industries Inc. Presents at 5th Annual TAG Spring Consumer Conference, Apr-09-2013 . Venue: The InterContinental Hotel New York Times Square, 300 West 44th Street at Eighth Avenue, New York, New York, United States. Speakers: K. Scott Grassmyer, Chief Financial Officer, Senior Vice President of Finance, Chief Accounting Officer and Controller, Thomas Caldecot Chubb, Chief Executive Officer, President and Director.