10-Q 1 oxm-20230729x10q.htm 10-Q
0000075288--02-032023Q2falsehttp://fasb.org/us-gaap/2023#OperatingLeaseLiabilityCurrent http://fasb.org/us-gaap/2023#OperatingLeaseLiabilityNoncurrentP8YP3DP12MP30D0000075288us-gaap:SubsequentEventMember2023-07-302023-09-010000075288us-gaap:CommonStockMember2023-04-302023-07-290000075288us-gaap:CommonStockMember2023-01-292023-04-290000075288us-gaap:CommonStockMember2022-10-302023-01-280000075288us-gaap:CommonStockMember2022-07-312022-10-290000075288us-gaap:CommonStockMember2022-05-012022-07-300000075288us-gaap:CommonStockMember2022-01-302022-04-300000075288us-gaap:RetainedEarningsMember2023-07-290000075288us-gaap:CommonStockMember2023-07-290000075288us-gaap:AdditionalPaidInCapitalMember2023-07-290000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-290000075288us-gaap:RetainedEarningsMember2023-04-290000075288us-gaap:CommonStockMember2023-04-290000075288us-gaap:AdditionalPaidInCapitalMember2023-04-290000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-2900000752882023-04-290000075288us-gaap:RetainedEarningsMember2023-01-280000075288us-gaap:CommonStockMember2023-01-280000075288us-gaap:AdditionalPaidInCapitalMember2023-01-280000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-280000075288us-gaap:RetainedEarningsMember2022-10-290000075288us-gaap:CommonStockMember2022-10-290000075288us-gaap:AdditionalPaidInCapitalMember2022-10-290000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-2900000752882022-10-290000075288us-gaap:RetainedEarningsMember2022-07-300000075288us-gaap:CommonStockMember2022-07-300000075288us-gaap:AdditionalPaidInCapitalMember2022-07-300000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-300000075288us-gaap:RetainedEarningsMember2022-04-300000075288us-gaap:CommonStockMember2022-04-300000075288us-gaap:AdditionalPaidInCapitalMember2022-04-300000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-3000000752882022-04-300000075288us-gaap:RetainedEarningsMember2022-01-290000075288us-gaap:CommonStockMember2022-01-290000075288us-gaap:AdditionalPaidInCapitalMember2022-01-290000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-290000075288oxm:RestrictedStockUnitsRsusPerformanceBasedMember2023-07-290000075288oxm:RestrictedStockAndRestrictedStockUnitsRsusExcludesTsrBasedRestrictedStockUnitsMember2023-07-290000075288oxm:RestrictedStockUnitsRsusPerformanceBasedMember2023-01-280000075288oxm:RestrictedStockAndRestrictedStockUnitsRsusExcludesTsrBasedRestrictedStockUnitsMember2023-01-280000075288oxm:RestrictedStockUnitsRsusPerformanceBasedMember2023-01-292023-07-290000075288oxm:RestrictedStockAndRestrictedStockUnitsRsusExcludesTsrBasedRestrictedStockUnitsMember2023-01-292023-07-290000075288oxm:SalesChannelOtherMember2023-04-302023-07-290000075288oxm:SalesChannelOtherMember2023-01-292023-07-290000075288oxm:SalesChannelOtherMember2022-05-012022-07-300000075288oxm:SalesChannelOtherMember2022-01-302022-07-300000075288srt:MinimumMemberoxm:JwHoldingsLlcAndItsSubsidiariesAcquisitionMemberus-gaap:CustomerRelationshipsMember2022-09-190000075288srt:MaximumMemberoxm:JwHoldingsLlcAndItsSubsidiariesAcquisitionMemberus-gaap:CustomerRelationshipsMember2022-09-190000075288us-gaap:OperatingSegmentsMemberoxm:TommyBahamaMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:LillyPulitzerMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:JohnnyWasMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:EmergingBrandsMember2023-04-302023-07-290000075288oxm:CorporateAndReconcilingItemsMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:TommyBahamaMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:LillyPulitzerMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:JohnnyWasMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:EmergingBrandsMember2023-01-292023-07-290000075288oxm:CorporateAndReconcilingItemsMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:TommyBahamaMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:LillyPulitzerMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:EmergingBrandsMember2022-05-012022-07-300000075288oxm:CorporateAndReconcilingItemsMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:TommyBahamaMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:LillyPulitzerMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:EmergingBrandsMember2022-01-302022-07-300000075288oxm:CorporateAndReconcilingItemsMember2022-01-302022-07-300000075288oxm:UsRevolvingCreditAgreementMember2023-07-290000075288oxm:UsRevolvingCreditAgreementMember2023-01-280000075288oxm:UsRevolvingCreditAgreementMember2022-07-300000075288srt:MinimumMemberoxm:UsRevolvingCreditAgreementMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-03-062023-03-060000075288srt:MinimumMemberoxm:UsRevolvingCreditAgreementMemberus-gaap:PrimeRateMember2023-03-062023-03-060000075288srt:MaximumMemberoxm:UsRevolvingCreditAgreementMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2023-03-062023-03-060000075288srt:MaximumMemberoxm:UsRevolvingCreditAgreementMemberus-gaap:PrimeRateMember2023-03-062023-03-060000075288us-gaap:RetainedEarningsMember2023-04-302023-07-290000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-302023-07-290000075288us-gaap:RetainedEarningsMember2023-01-292023-04-290000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-292023-04-290000075288us-gaap:RetainedEarningsMember2022-10-302023-01-280000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-302023-01-280000075288us-gaap:RetainedEarningsMember2022-07-312022-10-290000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-312022-10-290000075288us-gaap:RetainedEarningsMember2022-05-012022-07-300000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-05-012022-07-300000075288us-gaap:RetainedEarningsMember2022-01-302022-04-300000075288us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-302022-04-3000000752882022-01-290000075288oxm:JwHoldingsLlcAndItsSubsidiariesAcquisitionMemberus-gaap:TrademarksAndTradeNamesMember2023-07-290000075288oxm:JwHoldingsLlcAndItsSubsidiariesAcquisitionMemberus-gaap:CustomerRelationshipsMember2023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:TommyBahamaMember2023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:LillyPulitzerMember2023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:JohnnyWasMember2023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:EmergingBrandsMember2023-07-290000075288oxm:CorporateAndReconcilingItemsMember2023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:TommyBahamaMember2023-01-280000075288us-gaap:OperatingSegmentsMemberoxm:LillyPulitzerMember2023-01-280000075288us-gaap:OperatingSegmentsMemberoxm:JohnnyWasMember2023-01-280000075288us-gaap:OperatingSegmentsMemberoxm:EmergingBrandsMember2023-01-280000075288oxm:CorporateAndReconcilingItemsMember2023-01-280000075288us-gaap:OperatingSegmentsMemberoxm:TommyBahamaMember2022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:LillyPulitzerMember2022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:EmergingBrandsMember2022-07-300000075288oxm:CorporateAndReconcilingItemsMember2022-07-300000075288us-gaap:AdditionalPaidInCapitalMember2023-04-302023-07-290000075288us-gaap:AdditionalPaidInCapitalMember2023-01-292023-04-2900000752882023-01-292023-04-290000075288us-gaap:AdditionalPaidInCapitalMember2022-10-302023-01-2800000752882022-10-302023-01-280000075288us-gaap:AdditionalPaidInCapitalMember2022-07-312022-10-2900000752882022-07-312022-10-290000075288us-gaap:AdditionalPaidInCapitalMember2022-05-012022-07-300000075288us-gaap:AdditionalPaidInCapitalMember2022-01-302022-04-3000000752882022-01-302022-04-3000000752882022-05-012022-07-3000000752882022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:TommyBahamaMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:LillyPulitzerMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:JohnnyWasMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:EmergingBrandsMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:TommyBahamaMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:LillyPulitzerMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:JohnnyWasMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:EmergingBrandsMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelFoodAndBeverageMemberoxm:TommyBahamaMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:TommyBahamaMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:LillyPulitzerMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:JohnnyWasMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:EmergingBrandsMember2023-04-302023-07-290000075288oxm:SalesChannelWholesaleMember2023-04-302023-07-290000075288oxm:SalesChannelRetailMember2023-04-302023-07-290000075288oxm:SalesChannelFoodAndBeverageMember2023-04-302023-07-290000075288oxm:SalesChannelECommerceMember2023-04-302023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:TommyBahamaMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:LillyPulitzerMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:JohnnyWasMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:EmergingBrandsMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:TommyBahamaMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:LillyPulitzerMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:JohnnyWasMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:EmergingBrandsMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelFoodAndBeverageMemberoxm:TommyBahamaMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:TommyBahamaMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:LillyPulitzerMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:JohnnyWasMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:EmergingBrandsMember2023-01-292023-07-290000075288oxm:SalesChannelWholesaleMember2023-01-292023-07-290000075288oxm:SalesChannelRetailMember2023-01-292023-07-290000075288oxm:SalesChannelFoodAndBeverageMember2023-01-292023-07-290000075288oxm:SalesChannelECommerceMember2023-01-292023-07-290000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:TommyBahamaMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:LillyPulitzerMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:EmergingBrandsMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:TommyBahamaMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:LillyPulitzerMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:EmergingBrandsMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelFoodAndBeverageMemberoxm:TommyBahamaMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:TommyBahamaMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:LillyPulitzerMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:EmergingBrandsMember2022-05-012022-07-300000075288oxm:SalesChannelWholesaleMember2022-05-012022-07-300000075288oxm:SalesChannelRetailMember2022-05-012022-07-300000075288oxm:SalesChannelFoodAndBeverageMember2022-05-012022-07-300000075288oxm:SalesChannelECommerceMember2022-05-012022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:TommyBahamaMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:LillyPulitzerMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelWholesaleMemberoxm:EmergingBrandsMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:TommyBahamaMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:LillyPulitzerMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelRetailMemberoxm:EmergingBrandsMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelFoodAndBeverageMemberoxm:TommyBahamaMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:TommyBahamaMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:LillyPulitzerMember2022-01-302022-07-300000075288us-gaap:OperatingSegmentsMemberoxm:SalesChannelECommerceMemberoxm:EmergingBrandsMember2022-01-302022-07-300000075288oxm:SalesChannelWholesaleMember2022-01-302022-07-300000075288oxm:SalesChannelRetailMember2022-01-302022-07-300000075288oxm:SalesChannelFoodAndBeverageMember2022-01-302022-07-300000075288oxm:SalesChannelECommerceMember2022-01-302022-07-3000000752882023-07-2900000752882023-01-2800000752882022-07-300000075288oxm:UsRevolvingCreditAgreementMember2023-03-060000075288srt:MinimumMemberoxm:UsRevolvingCreditAgreementMember2023-03-062023-03-060000075288oxm:UsRevolvingCreditAgreementMember2023-03-062023-03-060000075288oxm:JwHoldingsLlcAndItsSubsidiariesAcquisitionMember2023-07-290000075288oxm:JwHoldingsLlcAndItsSubsidiariesAcquisitionMember2023-01-280000075288oxm:JwHoldingsLlcAndItsSubsidiariesAcquisitionMember2023-01-292023-07-2900000752882023-04-302023-07-2900000752882023-08-2800000752882023-01-292023-07-29xbrli:sharesiso4217:USDxbrli:pureiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 29, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from         to         

Commission File Number: 1-4365

OXFORD INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Georgia

   

58-0831862

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

999 Peachtree Street, N.E., Suite 688, Atlanta, Georgia 30309

(Address of principal executive offices)                               (Zip Code)

(404) 659-2424

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $1 par value

OXM

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

As of August 28, 2023, there were 15,620,354 shares of the registrant’s common stock outstanding.

OXFORD INDUSTRIES, INC.

INDEX TO FORM 10-Q

For the Second Quarter of Fiscal 2023

Page

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets (Unaudited)

5

Condensed Consolidated Statements of Operations (Unaudited)

6

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

7

Condensed Consolidated Statements of Cash Flows (Unaudited)

8

Notes to Condensed Consolidated Financial Statements (Unaudited)

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3. Quantitative and Qualitative Disclosures About Market Risk

43

Item 4. Controls and Procedures

43

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

43

Item 1A. Risk Factors

43

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

43

Item 5. Other Information

44

Item 6. Exhibits

45

SIGNATURES

45

2

CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Our SEC filings and public announcements may include forward-looking statements about future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation, demand for our products, which may be impacted by competitive conditions and/or evolving consumer shopping patterns; macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by current inflationary pressures, rising interest rates, concerns about the stability of the banking industry or general economic uncertainty; acquisition activities (such as the acquisition of Johnny Was), including our ability to integrate key functions, recognize anticipated synergies and minimize related disruptions or distractions to our business as a result of these activities; supply chain disruptions; costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food and beverage locations; costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers; energy costs; our ability to respond to rapidly changing consumer expectations; weather or natural disasters, including the ultimate impact of the recent wildfires on the island of Maui; the ability of business partners, including suppliers, vendors, wholesale customers, licensees, logistics providers and landlords, to meet their obligations to us and/or continue our business relationship to the same degree as they have historically; retention of and disciplined execution by key management and other critical personnel; cybersecurity breaches and ransomware attacks, as well as our and our third party vendors’ ability to properly collect, use, manage and secure business, consumer and employee data; the level of our indebtedness, including the risks associated with heightened interest rates on the debt and the potential impact on our ability to operate and expand our business; changes in international, federal or state tax, trade and other laws and regulations, including the potential imposition of additional duties; the timing of shipments requested by our wholesale customers; fluctuations and volatility in global financial and/or real estate markets; the timing and cost of retail store and food and beverage location openings and remodels, technology implementations and other capital expenditures, including the timing, cost and successful implementation of changes to our distribution network; pandemics or other public health crises; expected outcomes of pending or potential litigation and regulatory actions; the increased consumer, employee and regulatory focus on environmental, social and governance issues; the regulation or prohibition of goods sourced, or containing raw materials or components, from certain regions and our ability to evidence compliance; access to capital and/or credit markets; factors that could affect our consolidated effective tax rate; the risk of impairment to goodwill and other intangible assets; and geopolitical risks, including those related to the war between Russia and Ukraine. Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our Fiscal 2022 Form 10-K, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

3

DEFINITIONS

As used in this report, unless the context requires otherwise, "our," "us" or "we" means Oxford Industries, Inc. and its consolidated subsidiaries; "SG&A" means selling, general and administrative expenses; "SEC" means the United States Securities and Exchange Commission; "FASB" means the Financial Accounting Standards Board; "ASC" means the FASB Accounting Standards Codification; "GAAP" means generally accepted accounting principles in the United States; "TBBC" means The Beaufort Bonnet Company; and “Fiscal 2022 Form 10-K” means our Annual Report on Form 10-K for Fiscal 2022. Additionally, the terms listed below reflect the respective period noted:

Fiscal 2024

52 weeks ending February 1, 2025

Fiscal 2023

53 weeks ending February 3, 2024

Fiscal 2022

52 weeks ended January 28, 2023

Fiscal 2021

52 weeks ended January 29, 2022

Fourth Quarter Fiscal 2023

14 weeks ending February 3, 2024

Third Quarter Fiscal 2023

13 weeks ending October 28, 2023

Second Quarter Fiscal 2023

13 weeks ended July 29, 2023

First Quarter Fiscal 2023

13 weeks ended April 29, 2023

Fourth Quarter Fiscal 2022

13 weeks ended January 28, 2023

Third Quarter Fiscal 2022

13 weeks ended October 29, 2022

Second Quarter Fiscal 2022

13 weeks ended July 30, 2022

First Quarter Fiscal 2022

13 weeks ended April 30, 2022

First Half Fiscal 2023

26 weeks ended July 29, 2023

First Half Fiscal 2022

26 weeks ended July 30, 2022

Second Half Fiscal 2023

27 weeks ending February 3, 2024

Second Half Fiscal 2022

26 weeks ended January 28, 2023

4

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par amounts)

(unaudited)

    

July 29,

    

January 28,

    

July 30,

2023

2023

2022

ASSETS

Current Assets

Cash and cash equivalents

$

7,790

$

8,826

$

31,269

Short-term investments

154,754

Receivables, net

 

55,583

 

43,986

 

48,691

Inventories, net

 

161,866

 

220,138

 

135,483

Income tax receivable

19,401

19,440

19,743

Prepaid expenses and other current assets

 

37,740

 

38,073

 

31,308

Total Current Assets

$

282,380

$

330,463

$

421,248

Property and equipment, net

 

188,004

 

177,584

 

150,887

Intangible assets, net

 

277,114

 

283,845

 

154,853

Goodwill

 

123,079

 

120,498

 

23,861

Operating lease assets

241,452

240,690

179,217

Other assets, net

 

37,829

 

35,585

 

27,136

Total Assets

$

1,149,858

$

1,188,665

$

957,202

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

 

  

Current Liabilities

 

  

 

  

 

  

Accounts payable

$

76,216

$

94,611

$

76,974

Accrued compensation

 

20,481

 

35,022

 

28,779

Current portion of operating lease liabilities

 

67,676

 

73,865

 

53,119

Accrued expenses and other liabilities

 

68,188

 

66,141

 

63,768

Total Current Liabilities

$

232,561

$

269,639

$

222,640

Long-term debt

 

48,472

 

119,011

 

Non-current portion of operating lease liabilities

 

219,207

 

220,709

 

180,092

Other non-current liabilities

 

20,402

 

20,055

 

19,200

Deferred income taxes

 

4,587

 

2,981

 

1,254

Shareholders’ Equity

 

 

 

Common stock, $1.00 par value per share

 

15,630

 

15,774

 

15,960

Additional paid-in capital

 

170,789

 

172,175

 

166,139

Retained earnings

 

440,319

 

370,145

 

355,037

Accumulated other comprehensive loss

 

(2,109)

 

(1,824)

 

(3,120)

Total Shareholders’ Equity

$

624,629

$

556,270

$

534,016

Total Liabilities and Shareholders’ Equity

$

1,149,858

$

1,188,665

$

957,202

See accompanying notes.

5

OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

    

Second Quarter

    

First Half

Fiscal 2023

Fiscal 2022

Fiscal 2023

Fiscal 2022

Net sales

$

420,319

$

363,430

$

840,416

$

716,011

Cost of goods sold

 

151,590

 

131,281

 

296,558

 

257,485

Gross profit

$

268,729

$

232,149

$

543,858

$

458,526

SG&A

 

205,231

 

163,135

 

408,380

 

320,547

Royalties and other operating income

 

4,176

 

6,357

 

12,497

 

13,370

Operating income

$

67,674

$

75,371

$

147,975

$

151,349

Interest expense, net

 

1,297

 

274

 

3,639

 

516

Earnings before income taxes

$

66,377

$

75,097

$

144,336

$

150,833

Income tax expense

 

14,924

 

18,485

 

34,345

 

36,813

Net earnings

$

51,453

$

56,612

$

109,991

$

114,020

Net earnings per share:

 

  

 

  

 

  

 

  

Basic

$

3.31

$

3.56

$

7.06

$

7.07

Diluted

$

3.22

$

3.49

$

6.86

$

6.94

Weighted average shares outstanding:

 

  

 

  

 

  

 

Basic

 

15,550

 

15,919

 

15,589

 

16,118

Diluted

 

15,979

 

16,238

 

16,025

 

16,430

Dividends declared per share

$

0.65

$

0.55

$

1.30

$

1.10

See accompanying notes.

6

OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

    

Second Quarter

    

First Half

Fiscal 2023

Fiscal 2022

Fiscal 2023

Fiscal 2022

Net earnings

$

51,453

$

56,612

$

109,991

$

114,020

Other comprehensive income (loss), net of taxes:

 

  

 

  

 

  

 

  

Net foreign currency translation adjustment

 

319

 

(125)

 

(285)

 

352

Comprehensive income

$

51,772

$

56,487

$

109,706

$

114,372

See accompanying notes.

7

OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

First Half

    

Fiscal 2023

    

Fiscal 2022

Cash Flows From Operating Activities:

 

  

 

  

 

Net earnings

$

109,991

$

114,020

Adjustments to reconcile net earnings to cash flows from operating activities:

 

  

 

  

Depreciation

 

23,128

 

20,358

Amortization of intangible assets

 

7,331

 

454

Equity compensation expense

 

7,508

 

5,252

Gain on sale of assets

(1,756)

Amortization and write-off of deferred financing costs

 

368

 

172

Deferred income taxes

 

1,451

 

(1,657)

Changes in operating assets and liabilities, net of acquisitions and dispositions:

 

  

 

Receivables, net

 

(11,611)

 

(15,322)

Inventories, net

 

57,947

 

(17,867)

Income tax receivable

39

(15)

Prepaid expenses and other current assets

 

360

 

(11,541)

Current liabilities

 

(39,471)

 

(939)

Other balance sheet changes

 

(2,785)

 

(2,286)

Cash provided by operating activities

$

152,500

$

90,629

Cash Flows From Investing Activities:

 

  

 

  

Acquisitions, net of cash acquired

 

(3,320)

 

Purchases of property and equipment

 

(31,410)

 

(19,746)

Purchases of short-term investments

(70,000)

Proceeds from short-term investments

80,000

Proceeds from the sale of property, plant and equipment

2,125

Other investing activities

 

(33)

 

(50)

Cash used in investing activities

$

(32,638)

$

(9,796)

Cash Flows From Financing Activities:

 

  

 

  

Repayment of revolving credit arrangements

 

(334,225)

 

Proceeds from revolving credit arrangements

 

263,686

 

Deferred financing costs paid

(1,661)

Repurchase of common stock

(18,987)

(72,680)

Proceeds from issuance of common stock

 

1,090

 

882

Repurchase of equity awards for employee tax withholding liabilities

 

(9,941)

 

(3,166)

Cash dividends paid

 

(20,843)

 

(17,829)

Other financing activities

 

 

(2,010)

Cash used in financing activities

$

(120,881)

$

(94,803)

Net change in cash and cash equivalents

$

(1,019)

$

(13,970)

Effect of foreign currency translation on cash and cash equivalents

 

(17)

 

380

Cash and cash equivalents at the beginning of year

 

8,826

 

44,859

Cash and cash equivalents at the end of period

$

7,790

$

31,269

See accompanying notes.

8

OXFORD INDUSTRIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

SECOND QUARTER OF FISCAL 2023

1.    Basis of Presentation:  The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe the accompanying unaudited condensed consolidated financial statements reflect all normal, recurring adjustments that are necessary for a fair presentation of our financial position and results of operations as of the dates and for the periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year due to the seasonality of our business.

The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Fiscal 2022 Form 10-K. No recently issued guidance adopted in Fiscal 2023 had a material impact on our consolidated financial statements upon adoption or is expected to have a material impact in future periods. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2022 Form 10-K. Recent accounting pronouncements pending adoption are either not applicable or not expected to have a material impact on our consolidated financial statements.

2.    Operating Group Information:  We identify our operating groups based on the way our management organizes the components of our business for purposes of allocating resources and assessing performance. Our operating group structure reflects a brand-focused management approach, emphasizing operational coordination and resource allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable. With our acquisition of Johnny Was on September 19, 2022, our business is organized as our Tommy Bahama, Lilly Pulitzer, Johnny Was and Emerging Brands operating groups.

Corporate and Other is a reconciling category for reporting purposes and includes our corporate offices, substantially all financing activities, the elimination of any sales between operating groups, any other items that are not allocated to the operating groups, including LIFO inventory accounting adjustments, and the operations of our Lyons, Georgia distribution center and our Oxford America business, which we exited in Fiscal 2022. The accounting policies of the reportable operating segments are the same as those described in our Fiscal 2022 Form 10-K.

9

The table below presents certain financial information (in thousands) about our operating groups, as well as Corporate and Other.

    

Second Quarter

First Half

    

Fiscal 2023

    

Fiscal 2022

    

Fiscal 2023

    

Fiscal 2022

Net sales

 

 

  

 

  

 

  

 

Tommy Bahama

$

245,443

$

243,965

$

484,878

$

472,032

Lilly Pulitzer

 

91,349

 

88,665

 

188,799

 

180,710

Johnny Was (1)

52,023

101,514

Emerging Brands

 

31,580

 

29,913

 

65,571

 

61,676

Corporate and Other

 

(76)

 

887

 

(346)

 

1,593

Consolidated net sales

$

420,319

$

363,430

$

840,416

$

716,011

Depreciation and amortization

 

  

 

  

 

  

 

  

Tommy Bahama

$

6,073

$

6,916

$

12,057

$

13,534

Lilly Pulitzer

 

3,979

 

3,121

 

7,371

 

6,096

Johnny Was (1)

4,717

9,909

Emerging Brands

 

460

 

393

 

885

 

752

Corporate and Other

 

58

 

192

 

237

 

430

Consolidated depreciation and amortization

$

15,287

$

10,622

$

30,459

$

20,812

Operating income (loss)

 

  

 

  

 

  

 

  

Tommy Bahama

$

51,037

$

58,918

$

106,558

$

111,524

Lilly Pulitzer

18,566

 

21,492

 

43,082

 

47,670

Johnny Was (1)

3,847

6,331

Emerging Brands

 

3,028

 

3,991

 

6,941

 

11,727

Corporate and Other

 

(8,804)

 

(9,030)

 

(14,937)

 

(19,572)

Consolidated operating income

 

67,674

 

75,371

$

147,975

$

151,349

Interest expense, net

 

1,297

 

274

 

3,639

 

516

Earnings before income taxes

$

66,377

$

75,097

$

144,336

$

150,833

    

July 29, 2023

 

January 28, 2023

    

July 30, 2022

Assets

 

  

  

 

  

Tommy Bahama (2)

$

548,893

$

569,833

$

524,765

Lilly Pulitzer (3)

 

201,310

 

211,119

 

198,681

Johnny Was (1)

330,503

334,603

Emerging Brands (4)

 

92,675

 

91,306

 

76,368

Corporate and Other (5)

 

(23,523)

 

(18,196)

 

157,388

Consolidated Total Assets

$

1,149,858

$

1,188,665

$

957,202

(1)The Johnny Was business was acquired on September 19, 2022.
(2)Increase in Tommy Bahama total assets from July 30, 2022, includes increases in operating lease assets and inventories.
(3)Increase in Lilly Pulitzer total assets from July 30, 2022, includes increases in property and equipment partially offset by decreases in operating lease assets.
(4)Increase in Emerging Brands total assets from July 30, 2022, includes increases in operating lease assets, inventories, property and equipment and other non-current assets.
(5)Decrease in Corporate and Other total assets from July 30, 2022, includes reductions in short-term investments and cash and cash equivalents, which were used to fund a portion of the acquisition purchase price for Johnny Was.

10

The tables below quantify net sales, for each operating group and in total (in thousands), and the percentage of net sales by distribution channel for each operating group and in total, for each period presented. We have calculated all percentages below based on actual data, and percentages may not add to 100 due to rounding.

Second Quarter Fiscal 2023

 

    

Net Sales

    

Retail

    

E-commerce

    

Food & Beverage

    

Wholesale

    

Other

 

Tommy Bahama

$

245,443

 

46

%  

28

%  

12

%  

14

%  

%

Lilly Pulitzer

 

91,349

 

36

%  

50

%  

%  

14

%  

%

Johnny Was

52,023

38

%

43

%

%

19

%

%

Emerging Brands

 

31,580

 

12

%  

48

%  

%  

40

%  

%

Corporate and Other

 

(76)

 

%  

%  

%  

%  

NM

%

Total

$

420,319

 

41

%  

36

%  

7

%  

16

%  

%

Second Quarter Fiscal 2022

 

    

Net Sales

    

Retail

    

E-commerce

    

Food & Beverage

    

Wholesale

    

Other

 

Tommy Bahama

$

243,965

 

48

%  

28

%  

11

%  

13

%  

%

Lilly Pulitzer

 

88,665

 

40

%  

43

%  

%  

17

%  

%

Johnny Was (1)

%

%

%

%

Emerging Brands

 

29,913

 

7

%  

46

%  

%  

47

%  

%

Corporate and Other

 

887

 

%  

%  

%  

%  

NM

%

Total

$

363,430

 

42

%  

33

%  

8

%  

17

%  

%

First Half 2023

 

    

Net Sales

    

Retail

    

Ecommerce

    

Food & Beverage

    

Wholesale

    

Other

 

Tommy Bahama

$

484,878

 

45

%  

24

%  

13

%  

18

%  

%

Lilly Pulitzer

 

188,799

 

35

%  

49

%  

%  

16

%  

%

Johnny Was

101,514

37

%  

40

%  

%  

23

%  

%  

Emerging Brands

 

65,571

 

10

%  

42

%  

%  

48

%  

%

Corporate and Other

 

(346)

 

%  

%  

%  

%  

NM

%

Consolidated net sales

$

840,416

 

39

%  

33

%  

7

%  

21

%  

%

    

First Half 2022

 

    

Net Sales

    

Retail

    

Ecommerce

    

Food & Beverage

    

Wholesale

    

Other

 

Tommy Bahama

$

472,032

 

47

%  

24

%  

12

%  

17

%  

%

Lilly Pulitzer

 

180,710

 

37

%  

43

%  

%  

20

%  

%

Johnny Was (1)

%  

%  

%  

%  

%  

Emerging Brands

 

61,676

 

6

%  

38

%  

%  

56

%  

%

Corporate and Other

 

1,593

 

%  

%  

%  

%  

NM

%

Consolidated net sales

$

716,011

 

41

%  

30

%  

8

%  

21

%  

%

(1)The Johnny Was business was acquired on September 19, 2022.

3.    Revenue Recognition and Receivables: Our revenue consists of direct to consumer sales, including our retail store, e-commerce and food and beverage operations, and wholesale sales, as well as royalty income, which is included in royalties and other operating income in our consolidated statements of operations. We recognize revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our accounting policies related to revenue recognition for each type of contract with customers is described in the significant accounting policies described in our Fiscal 2022 Form 10-K.

11

The table below quantifies net sales by distribution channel (in thousands) for each period presented.

    

Second Quarter

    

First Half

    

Fiscal 2023

    

Fiscal 2022

    

Fiscal 2023

    

Fiscal 2022

Retail

$

170,137

$

153,976

$

327,742

$

290,056

E-commerce

 

152,264

 

118,816

 

278,028

 

215,289

Food & Beverage

 

29,503

 

27,291

 

61,535

 

58,176

Wholesale

 

68,312

 

62,799

 

173,141

 

151,415

Other

 

103

 

548

 

(30)

 

1,075

Net sales

$

420,319

$

363,430

$

840,416

$

716,011

An estimated sales return liability of $14 million, $12 million and $14 million for expected direct to consumer returns is classified in accrued expenses and other liabilities in our consolidated balance sheet as of July 29, 2023, January 28, 2023, and July 30, 2022, respectively. As of July 29, 2023, January 28, 2023, and July 30, 2022, prepaid expenses and other current assets included $4 million, $4 million and $5 million, respectively, relating to the estimated value of inventory for expected direct to consumer and wholesale sales returns.

Substantially all amounts recognized in receivables, net represent trade receivables related to contracts with customers. In the ordinary course of our wholesale operations, we offer discounts, allowances and cooperative advertising support to and accept returns from certain of our wholesale customers for certain products. As of July 29, 2023, January 28, 2023, and July 30, 2022, reserve balances recorded as a reduction to receivables related to these items were $3 million, $4 million and $4 million, respectively. As of July 29, 2023, January 28, 2023, and July 30, 2022, our provision for credit losses related to receivables included in our consolidated balance sheets was $1 million, $1 million and $1 million, respectively.

Contract liabilities for gift cards purchased by consumers and merchandise credits received by customers but not yet redeemed, less any breakage income recognized to date, is included in accrued expenses and other liabilities in our consolidated balance sheet and totaled $18 million, $19 million and $15 million as of July 29, 2023, January 28, 2023, and July 30, 2022, respectively.

4.    Leases: For the Second Quarter of Fiscal 2023, operating lease expense was $18 million and variable lease expense was $11 million, resulting in total lease expense of $29 million compared to $22 million of total lease expense in the Second Quarter of Fiscal 2022. For the First Half of Fiscal 2023, operating lease expense was $35 million and variable lease expense was $21 million, resulting in total lease expense of $56 million compared to $47 million of total lease expense in the First Half of Fiscal 2022.

Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Half of Fiscal 2023 was $41 million, while cash paid for lease amounts included in the measurement of operating lease liabilities in the First Half of Fiscal 2022 was $35 million.

The increase in lease expense and cash paid was primarily driven by the acquisition of Johnny Was.

12

As of July 29, 2023, the stated lease liability payments for the fiscal years specified below were as follows (in thousands):

    

Operating lease

Remainder of 2023

$

39,686

2024

72,199

2025

55,324

2026

 

48,295

2027

 

34,751

2028

28,479

After 2028

 

53,276

Total lease payments

$

332,010

Less: Difference between discounted and undiscounted lease payments

 

45,127

Present value of lease liabilities

$

286,883

5.    Income Taxes: Our effective income tax rate for the Second Quarter of Fiscal 2023 was 22.5% while our effective income tax rate for the Second Quarter of Fiscal 2022 was 24.6%. Our effective income tax rate for the First Half of Fiscal 2023 was 23.8% while our effective income tax rate for the First Half of Fiscal 2022 was 24.4%.

The effective tax rate for the First Half of Fiscal 2023 benefitted significantly from the vesting of restricted stock awards at a price higher than the grant date fair value and certain other items that resulted in a lower tax rate than a more typical annual effective tax rate of approximately 25%.

The First Half of Fiscal 2022 included the utilization of certain net operating loss carryforward amounts in certain state and foreign jurisdictions and certain other items.

Inflation Reduction Act of 2022

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (“IRA”) into law. The IRA implemented a corporate alternative minimum tax, subject to certain thresholds being met, and a 1% excise tax on share repurchases effective beginning January 1, 2023. We do not currently expect that the tax-related provisions of the IRA will have a material effect on our reported results, cash flows or financial position. For the First Half of Fiscal 2023, excise taxes included as part of the price of common stock repurchased during the period did not have a material effect on our reported results.

6.    Shareholders’ Equity: From time to time, we repurchase our common stock mainly through open market repurchase plans. During the Second Quarter of Fiscal 2023 and First Half of 2023, we repurchased 186,000 shares of our common stock as part of an open market repurchase program at a cost of $19 million. During the Second Quarter of Fiscal 2022 and First Half of Fiscal 2022, we repurchased 339,000 and 830,000 shares of our common stock, respectively, at a cost of $30 million and $73 million, respectively. The excise taxes included in the cost of shares repurchased during Fiscal 2023 was not material. Additionally, subsequent to July 29, 2023, we repurchased an additional 10,000 shares of our common stock for $1 million that completed the open market repurchase program as of August 31, 2023.

We also repurchase shares from our employees to cover employee tax liabilities related to the vesting of shares of our common stock. During the First Half of Fiscal 2023 and the First Half of Fiscal 2022, we repurchased $10 million and $3 million of shares, respectively, from our employees to cover employee tax liabilities related to the vesting of shares of our common stock.

13

The following tables detail the changes (in thousands) in our common stock, additional paid-in capital ("APIC"), retained earnings and accumulated other comprehensive (loss) income ("AOCI"), for each period presented.

Fiscal 2022

    

Common Stock

    

APIC

    

Retained Earnings

    

AOCI

    

Total

January 29, 2022

    

$

16,805

$

163,156

$

331,175

$

(3,472)

$

507,664

Comprehensive income

 

 

 

57,408

 

477

 

57,885

Shares issued under equity plans

 

5

 

387

 

 

 

392

Compensation expense for equity awards

 

 

2,725

 

 

 

2,725

Repurchase of shares

 

(526)

 

(3,131)

 

(42,375)

 

 

(46,032)

Dividends declared

 

 

 

(9,214)

 

 

(9,214)

April 30, 2022

$

16,284

$

163,137

$

336,994

$

(2,995)

$

513,420

Comprehensive income

 

 

 

56,612

(125)

 

56,487

Shares issued under equity plans

 

15

 

475

 

 

 

490

Compensation expense for equity awards

 

 

2,527

 

 

 

2,527

Repurchase of shares

 

(339)

 

 

(29,475)

 

 

(29,814)

Dividends declared

 

 

 

(9,094)

 

 

(9,094)

July 30, 2022

$

15,960

$

166,139