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FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended May 29, 1998
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from to
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Commission file number 1-4365
OXFORD INDUSTRIES, INC.
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(Exact name of Registrant as specified in its charter)
Georgia 58-0831862
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
222 Piedmont Avenue, N.E., Atlanta, Georgia 30308
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (404) 659-2424
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Securities registered pursuant to Section 12(b) of the Act:
Title of each class Name of exchange on which registered
Common Stock, $1 par value New York Stock Exchange
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Securities registered pursuant to Section 12(g) of the Act:
NONE
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(Title of Class)
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 X No
---- ----
Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (Section 229.405 of this
chapter) is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or
any amendment to this Form 10-K. [ ]
State the aggregate market value of the voting stock held by
nonaffiliates of the Registrant: As of August 17, 1998, the aggregate
market value of the voting stock held by nonaffiliates of the
Registrant (based upon the closing price for the common stock on the
New York Stock Exchange on that date) was approximately $200,728,931.
Indicate the number of shares outstanding of each of the
Registrant's classes of common stock, as of the last practicable date.
Number of shares outstanding
Title of each class as of August 17, 1998
Common Stock, $1 par value 8,635,728
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Documents Incorporated by Reference
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(1) Sections of 1998 Annual Report to Stockholders (Incorporated in
Parts II and IV of this Report).
(2) Sections of Proxy Statement, which will be filed with the
Securities and Exchange Commission not later than 120 days after
May 29, 1998. (Incorporated in Part III of this Report).
PART I
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Item 1. Business.
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BUSINESS AND PRODUCTS
Introduction and Background
Oxford Industries, Inc. (the "Company") was incorporated
under the laws of the State of Georgia as Oxford Manufacturing
Company, Inc. on April 27, 1960. In 1967, its name was changed to
Oxford Industries, Inc. Its principal office is in Atlanta,
Georgia.
The Company's primary business, which comprises a single
industry segment, is the design, manufacture, marketing and sale
of consumer apparel products in the popular to better price
ranges. Substantially all of the Company's distribution
facilities, offices and customers are located in the United
States. Company-owned manufacturing facilities are located in the
southeastern United States, Mexico, the Caribbean, Central
America and Asia.
The Company is in a single line of business with two classes
of similar products, menswear and womenswear. The table below
sets forth, for each of the last three fiscal years, the
percentage of net sales attributable to each such class of
similar products:
Fiscal Year Ended:
May 29, May 30, May 31,
1998 1997 1996
------- ------- -------
Menswear 77% 77% 78%
Womenswear 23 23 22
------ ------- -------
100% 100% 100%
====== ======= =======
Menswear
Primary menswear products sold include men's suits, vests,
dress slacks and golfwear and men's and boys' sportswear,
sportscoats, dress shirts, woven and knitted sport shirts,
sweaters, slacks, shorts and jeans.
Womenswear
Primary womenswear products sold include women's sportswear,
dresses, suits, sweaters, shirts, blouses, t-shirts, sweatshirts,
vests, jackets, skirts, shorts and pants. Sportswear products
are marketed as coordinates, which include wardrobe items in
styles and colors designed to be worn together and/or as
separates.
DISTRIBUTION
The Company's customers include national and regional chain
stores, mail order and catalog firms, discount stores, department
stores and chain and independent specialty stores.
Customer Distribution Analysis
May 29, May 30, May 31,
1998 1997 1996
Total Sales % Total Sales % Total Sales %
Customers Customers Customers
--------- ------- --------- ------- --------- -------
Top 50 50 91.67% 50 92.70% 50 92.37%
All Other 4,187 8.33% 2,895 7.30% 3,146 7.63%
----- ----- ----- ------ ----- ------
Total 4,237 100% 2,945 100% 3,196 100%
Several product lines are designed and manufactured in
anticipation of orders for sale to department and specialty
stores and certain specialty chain and mail order customers. The
Company must make commitments for fabric and production in
connection with these lines. In the case of imports, these
commitments can be up to several months prior to the receipt of
firm orders from customers. These lines include both popular and
better price merchandise sold under brand and designer names or
customers' private labels.
The Company works closely with many customers to develop
large-volume product programs prior to commencement of
production, enabling the Company to take advantage of relative
efficiencies in planning, raw materials purchasing and
utilization of production facilities. Products sold under these
programs are in the popular price range and usually carry the
customers' trademarks, although the Company offers some branded
and designer programs for this customer market.
The Company employs a sales force consisting of salaried and
commissioned sales employees and independent commissioned sales
representatives. Apparel sales offices and showrooms are
maintained by the Company in Atlanta, New York and Dallas. Other
showrooms are maintained by independent commissioned sales
representatives. A majority of the Company's business is
conducted by direct contacts between the Company's salaried
executives and buyers and other executives of the Company's
customers.
MANUFACTURING, RAW MATERIALS AND SOURCES OF SUPPLY
Manufacturing and Raw Materials
Apparel products are manufactured from cotton, linen, wool,
silk, other natural fibers, synthetics and blends of these
materials. Materials used by the Company in its manufacturing
operations are purchased from numerous domestic and foreign
textile mills and converters in the form of woven or knitted
finished fabrics. Buttons, zippers, thread and other trim items
are purchased from both domestic and foreign suppliers. The
Company's manufacturing facilities perform cutting, sewing and
related operations to produce finished apparel products from
these materials. At the end of the 1998 fiscal year, domestic
production for the Company accounted for approximately 20% of the
Company's business, of which approximately 10% came from the
Company's United States manufacturing facilities, and
approximately 10% came from United States contractors.
The Company also purchases fabric and places it with
domestic and foreign independent contractors for production of
goods conforming to the Company's patterns, specifications and
quality standards. The Company also performs independent
contracting services for other companies to ensure maximum
utilization of its production facilities.
The Company imports finished apparel products meeting its
quality standards from suppliers in the Caribbean, Central
America, the Far East and other areas. Imported goods are
generally manufactured according to designs and specifications
furnished or approved in advance of production by the Company.
In order to place orders and monitor production, the Company
maintains buying offices in Hong Kong and Singapore. The Company
also retains unaffiliated buying agents in several other
countries.
The Company also uses its own facilities in Mexico, the
Dominican Republic, Costa Rica, Honduras, and the Philippines.
Except for the Philippines, these facilities generally assemble
apparel products from components made primarily in the United
States.
Sources of Supply
The Company regards its domestic and foreign sources of raw
materials, finished goods and outside production as adequate and
is not dependent on any single source or contractor. No single
supplier or contractor accounts for a material portion of the
Company's purchases or business. Alternative competitive sources
are available, and the Company does not anticipate significant
difficulty in meeting its supply and outside production
requirements. There are occasions, however, where the Company is
unable to take customer orders on short notice because of the
minimum lead time required to produce a garment that is
acceptable to the customer in regards to cost, quantity, quality
and service.
The Company's import business could be adversely affected by
currency exchange fluctuations, changes in United States import
duties and trade restraints, political unrest in exporting
countries, and other factors normally associated with imports.
The Company believes it has diminished potential risks in its
import business by placing import programs with suppliers in many
different countries. The Company continues to expand assembly
operations in Mexico to take greater advantage of incentives
implicit in United States trade policy.
TRADEMARKS, LICENSES AND PATENTS
Trademarks
Principal menswear trademarks owned by the Company are
"Lanier Clothes" for men's suits and sportcoats, "Oxford
Shirtings" for men's shirts, "Travelers Worsted" for mens suits,
"Everpress" for men's slacks; "928" for young men's suited
separates, and "Ely Cattleman" and "Plains" for men's western
wear.
The Company licenses its trademark "Merona" to the Target
Stores and Mervyn's divisions of the Dayton Hudson Corporation.
The license agreement calls for these divisions to pay minimum
royalties and additional royalties for sales above certain
levels. The minimum royalties due in the future have been reduced
by actual royalties paid in preceding years. Target Stores has
exercised its option to purchase the trademark in 1999.
Although the Company is not dependent on any single
trademark, it believes its trademarks in the aggregate are of
significant value to its business.
If an attractive opportunity were to present itself, the
Company would seriously consider the acquisition of significant
brands and related businesses.
Licenses
The Company also has the right to use trademarks under
license and design agreements with the trademarks' owners.
Principal menswear trademarks the Company has the right to use
are "Polo/Ralph Lauren" for Boys, including boy's shirts, suits,
shorts, sweat suits, woven and knitted sportswear, pants,
sweaters, outerwear, jackets, denim jeans and caps; "Robert
Stock" for men's suits, sport coats and dress slacks; "Oscar de
la Renta" for men's suits, sport coats, vests, and dress slacks;
"Tommy Hilfiger" for men's dress shirts and golf apparel;
"Nautica" for men's tailored suits, sport coats and dress slacks
and "Geoffrey Beene" for men's tailored suits, sport coats, vests
and dress slacks.
The above mentioned license and design agreements will expire
at various dates through 2002. Many of the Company's licensing
agreements are eligible for renewal to extend the licenses
through various dates from 1998 through 2006. In March 1998, The
Company announced that its polo/Ralph Lauren for Boys licenses
which expire on May 31, 1999 will not be renewed. The Polo/Ralph
Lauren business accounts for approximately 11% of the Company's
sales and 11% of operating profits.
Although the Company is not dependent on any single license
and design agreement, it believes its license and design
agreements in the aggregate are of significant value to its
business.
Patents
The Company owns several patents covering apparel
manufacturing processes and devices, but competitive processes
and devices are available to others, and these are not material
to the Company's business.
SEASONAL ASPECTS OF BUSINESS AND ORDER BACKLOG
Seasonal Aspects of Business
The Company's business is generally divided among four
retail selling seasons: Spring, Summer, Fall and Holiday.
Seasonal factors can cause some variance in production and sales
levels among fiscal quarters in any fiscal year, but the Company
does not regard its overall business as highly seasonal.
Order Backlog
A large portion of sales are booked in advance of each
season, and it is therefore normal for the Company to maintain a
significant order backlog. As of May 29, 1998 and May 30, 1997,
the Company had booked orders amounting to approximately
$179,709,000 and $193,950,000, respectively, all of which will be
shipped within six months after each such date. These numbers
represent only store orders on hand and do not include private-
label contract balances. The Company is experiencing a greater
percentage of at-once EDI "Quick response" programs with large
retailers. Replenishment shipments under these programs
generally possess such an abbreviated order life as to exclude
them from the order backlog completely. The Company does not
believe that this backlog information is indicative of sales to
be expected for the following year, because order backlog at the
end of May primarily represents only Fall season business.
WORKING CAPITAL
Working capital needs are affected primarily by inventory
levels, outstanding receivables and trade payables. The Company
had available for its use committed lines of credit with several
lenders aggregating $52,000,000 at May 29, 1998. These lines of
credit are used by the Company to cover fluctuations in working
capital needs. The Company had $44,000,000 outstanding under
these lines of credit at the end of the 1998 fiscal year, and
$40,000,000 outstanding at the end of the 1997 fiscal year. In
addition, at the end of fiscal 1998, the Company had $215,500,000
in uncommitted lines of credit, of which $127,500,000 was
reserved for the issuance of letters of credit. At May 29, 1998,
$7,500,000 was outstanding under these lines of credit. At the
end of fiscal 1997 the Company had $186,000,000 in uncommitted
lines of credit, of which $98,000,000 was reserved for the
issuance of letters of credit. At May 30, 1997 $4,000,000 was
outstanding under these uncommitted lines of credit. The total
amount of letters of credit outstanding totaled approximately
$96,157,000 at the end of fiscal 1998, and approximately
$67,400,000 at the end of fiscal 1997. The Company had cash of
$10,069,000 and $3,313,000 at the end of the 1998 and 1997 fiscal
years. The average interest rate on all short-term borrowings for
the 1998 fiscal year was 5.9%. The Company anticipates continued
use and availability of short-term borrowings as working capital
needs may require.
Inventory levels are affected by order backlog and
anticipated sales. It is general practice of the Company to
offer payment terms of net 30 to the majority of its customers,
from date of shipment.
The Company believes that its working capital requirements
and financing resources are comparable with those of other major,
financially sound apparel manufacturers.
MAJOR CUSTOMERS
The Company's ten largest customers accounted for
approximately 70% of the Company's net sales in fiscal 1998 and
approximately 72% in fiscal 1997. JCPenney Company, Inc.
accounted for 15% and 21% of net sales in the 1998 and 1997
fiscal years, respectively. Lands' End, Inc. accounted for 12%
and 10% of net sales in the 1998 and 1997 fiscal years,
respectively. The Company believes that its relationships with
all of its major customers, including JCPenney Company, Inc., and
Lands' End, Inc., are excellent.
COMPETITION
The Company's products are sold in a highly competitive
domestic market in which numerous domestic and foreign
manufacturers compete. No single manufacturer or small group of
manufacturers dominates the apparel industry. The Company
believes it is a major apparel manufacturing and marketing
company, but there are other apparel firms with greater sales and
financial resources.
Competition within the apparel industry is based upon
styling, marketing, price, quality, customer service and, with
respect to branded and designer product lines, consumer
recognition and preference. The Company believes it competes
effectively with other members of its industry with regard to all
of these factors. Successful competition in styling and marketing
is related to the Company's ability to foresee changes and trends
in fashion and consumer preference and to present appealing
product programs to its customers. Successful competition in
price, quality and customer service is related to its ability to
maintain efficiency in production, sourcing and distribution.
Growth in apparel imports and direct importing by retailers
present competitive risks to domestic apparel manufacturing
operations. The United States has implemented restrictive quotas
on the importation of many classifications of textiles and
textile products from certain countries and has adopted
restrictive regulations governing textile and apparel imports.
Through December of 1994, these restraints were permitted
pursuant to the Multi-Fiber Arrangement (MFA), an international
textile trade agreement to which the United States was a party.
During the Uruguay Round of the General Agreement of Tariffs and
Trade, the United States and other countries negotiated a
successor agreement to the MFA known as the Agreement on Textiles
and Clothing (ATC). The ATC became effective on January 1, 1995.
The ATC requires that importing countries gradually phase
out approximately half of the restrictive quotas on the
importation of textiles and apparel products that were in place
on December 31, 1994 over a ten year period. The remaining
quotas are to be eliminated on January 1, 2005. However, the ATC
allows importing countries such as the United States significant
discretion in determining when during the ten year period quotas
on particular products from particular countries will be
eliminated. The United States has announced a plan that will
keep quotas on the products deemed most sensitive to import
competition in place until the later stages of the ten-year
period. In addition, the ATC permits importing countries, under
certain conditions, to impose new quotas on the importation of
textile and apparel products during the ten-year phase out
period. Thus, the extent to which the ATC will liberalize trade
in textile and apparel products over the next seven years is
unclear. Reduced restrictions on the importation of textiles and
textile products could increase competitive import pressure on
the company's remaining domestic manufacturing operations, but
could also positively affect its sourcing activities in some
countries.
Congress is considering legislation this session that would
extend quota and duty-free treatment to apparel products imported
from certain Caribbean countries. If enacted this legislation
could enhance the competitive position of certain of the
Company's Caribbean plants and sourcing activities.
Congress is also considering legislation that would grant
preferential treatment to certain apparel products from certain
sub-Saharan African nations. At present, the requirements that
apparel products will have to meet to qualify for preferential
treatment under this legislation have not been settled. Thus,
the impact that this legislation will have, if adopted, is not
clear at this time.
Another source of competition is the increasing use of buying
offices by certain of the Company's customers and other
retailers. These buying offices permit the retailer to source
directly from (primarily) foreign manufacturers, by-passing
intermediate apparel manufacturing companies. The Company is
unable to quantify the effect of this trend on its sales and
profits but believes that the use of buying offices adversely
affects both. The Company believes that the relative price
advantage to retailers of direct sourcing is offset to an extent
by the Company's ownership of or long term relationships with
foreign facilities and by services provided to its customers such
as delivery flexibility and manufacturing expertise.
EMPLOYEES
As of May 29, 1998, the Company employed 8,802 persons,
approximately 80% of whom were hourly and incentive paid
production workers. The Company believes its employee relations
are excellent.
Item 2. Properties.
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At May 29, 1998 the Company operated a total of 20
production plants. Domestic plants, of which nine plants are
owned and one plant is leased, are located in Alabama, Georgia,
Mississippi and South Carolina. Foreign plants, of which four are
owned and six are leased, are located in Mexico, the Dominican
Republic, Costa Rica, Honduras, and the Philippines. In addition
the Company is starting production in two new leased facilities
in Mexico and Honduras. Subsequent to the end of the fiscal year
the Company announced that is would be closing its factory in
Camden, South Carolina.
The Company also maintains separate warehousing and
distribution facilities (in addition to space allocated for these
purposes in or adjacent to manufacturing plants) in Arizona,
Georgia, Mississippi, Tennessee and South Carolina.
Certain of the manufacturing, warehousing and distribution
facilities deemed owned by the Company are held pursuant to
long-term capital leases or lease purchase agreements, some of
which have been entered into by the Company in connection with
industrial revenue bond financing arrangements. Under this type
of financing, the facilities are subject to trust indentures or
security agreements securing the interests of the bondholders.
See Notes C and D in the Notes to Consolidated Financial
Statements forming a part of the financial statements included
under Item 8 of this Report.
General offices are maintained in a facility owned by the
Company in Atlanta, Georgia. The Company leases sales,
purchasing and administrative offices in Atlanta, Dallas, Hong
Kong, New York, Singapore, Bangladesh, the Philippines and
Indonesia.
The Company owns substantially all of its machinery and
equipment. Current facilities are adequately covered by
insurance, generally well maintained and provide adequate
production capacity for current and anticipated future
operations.
Item 3. Legal Proceedings.
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Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders.
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Not applicable.
Item 4A. Executive Officers of the Registrant.
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Name Age Office Held
- --------------------- --- -------------------------
J. Hicks Lanier 58 Chairman of the Board,
President and Chief
Executive Officer
Ben B. Blount, Jr 59 Executive Vice President --
Finance, Planning and
Development and Chief
Financial Officer
L. Wayne Brantley 56 Group Vice President
R. Larry Johnson 59 Group Vice President
Knowlton J. O'Reilly 58 Group Vice President
Robert C. Skinner, Jr. 44 Group Vice President
Messrs. J. Hicks Lanier, Ben B. Blount, Jr. and Knowlton J.
O'Reilly are also directors of the Company. The Board of
Directors of the Company elects executive officers annually.
Mr. J. Hicks Lanier has served as President of the Company
since 1977. In 1981 he was elected as Chairman of the Board.
Mr. Ben B. Blount, Jr. was Executive Vice President --
Planning and Development from 1986 - 1995. Mr. Blount was
President of Kayser Roth Apparel, an apparel manufacturer and
marketer, from 1982 to 1986. Prior to 1982 he was Group Vice
President of the Company. In 1995 he was elected to serve in his
present position as Executive Vice President of Finance, Planning
and Administration and Chief Financial Officer.
Mr. Knowlton J. O'Reilly has served as Group Vice
President of the Company since 1978.
Messrs. L. Wayne Brantley, R. Larry Johnson and Robert C.
Skinner have served as Group Vice Presidents of the Company since
1997.
PART II
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Item 5. Market for Registrant's Common Equity and Related
Stockholder Matters
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Incorporated by reference to the table presented under the
heading "Common Stock Information" on page 30 of the Company's
1998 Annual Report to Stockholders (Exhibit 13 hereto). On
August 17, 1998, there were 718 holders of record of the
Company's common stock.
Subsequent to year-end through August 17, 1998, the Company
repurchased 200,000 shares of its common stock.
Item 6. Selected Financial Data.
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Incorporated by reference to page 18 of the Company's 1998
Annual Report to Stockholders (Exhibit 13 hereto).
Item 7. Management's Discussion and Analysis of Financial
Condition and Results of Operations.
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Incorporated by reference to page 19 through 21 of the
Company's 1998 Annual Report to Stockholders (Exhibit 13 hereto).
8. Financial Statements and Supplementary Data.
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Financial statements, including selected quarterly financial
data, are incorporated by reference to pages 22 through 30 of the
Company's 1998 Annual Report to Stockholders (Exhibit 13 hereto).
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
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Not applicable.
PART III
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Item 10. Directors and Executive Officers of the Registrant.
- -------------------------------------------------------------
Information required by this item covering directors of the
Company is incorporated by reference to the information presented
under the heading "Election of Directors - Directors and
Nominees" in the Company's Proxy Statement, which will be filed
with the Securities and Exchange Commission not later than 120
days after May 29, 1998. Information required by this item
covering executive officers of the Company is set forth under
Item 4A of this Report.
Item 11. Executive Compensation.
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Incorporated by reference to the information presented under
the heading "Executive Compensation and Other Information" in the
Company's Proxy Statement, which will be filed with the
Securities and Exchange Commission not later than 120 days after
May 29, 1998.
Item 12. Security Ownership of Certain Beneficial Owners and
Management.
- -------------------------------------------------------------
Incorporated by reference to the information presented under
the heading "Beneficial Ownership of Common Stock" in the
Company's Proxy Statement, which will be filed with the
Securities and Exchange Commission not later than 120 days after
May 29, 1998.
Item 13. Certain Relationships and Related Transactions.
- ---------------------------------------------------------
Incorporated by reference to the information presented under
the heading "Executive Compensation and Other Information -
Compensation Committee Interlocks and Insider Participation" in
the Company's Proxy Statement, which will be filed with the
Securities and Exchange Commission not later than 120 days after
May 29, 1998.
PART IV
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Item 14. Exhibits, Financial Statement Schedules, and Reports on
Form 8-K.
- -----------------------------------------------------------------
(a) 1. Financial Statements
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Included on pages 18 through 31 of the 1998 Annual Report to
Stockholders (Exhibit 13 hereto) and incorporated by reference in
this Form 10-K:
Report of Independent Public Accountants.
Consolidated Balance Sheets at May 29, 1998 and
May 30, 1997
Consolidated Statements of Earnings for years ended
May 29, 1998, May 30, 1997 and May 31, 1996.
Consolidated Statements of Stockholders' Equity for
years ended May 29, 1998, May 30, 1997 and May 31,
1996.
Consolidated Statements of Cash Flows for years ended
May 29, 1998, May 30, 1997 and May 31, 1996.
Notes to Consolidated Financial Statements for years
ended May 29, 1998, May 30, 1997 and May 31, 1996.
2. Financial Statement Schedules
-----------------------------
Included herein:
Report of Independent Public Accountants on
Financial Statement Schedule.
Schedule II - Valuation and Qualifying Accounts.
3. Exhibits
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3(a) Articles of Incorporation of the Company. Incorporated
by reference to Exhibit 3(a) to the Company's Form 10-Q
for the fiscal quarter ended August 29, 1997.
3(b) Bylaws of the Company. Incorporated by reference to
Exhibit 3(b) to the Company's Form 10-K for fiscal year
ended June 3, 1994.
10(a) 1997 Stock Option Plan. Incorporated by reference to
Exhibit A, "1997 Stock Option Plan", to the Company's
Proxy Statement dated August 29, 1997.
10(b) 1997 Restricted Stock Plan. Incorporated by reference to
Exhibit B, "1997 Restricted Stock Plan", to the Company's
Proxy Statement dated August 29, 1997.
10(c) 1984 Stock Option Plan. Incorporated by reference to
Exhibit 10(c) to the Company's Form 10-Q for the fiscal
quarter ended December 1, 1995.
10(e) Summary of Executive Medical Reimbursement Plan.
Incorporated by reference to Exhibit 10(e) to the
Company's Form 10-K for the fiscal year ended June 3,
1994.
10(f) Management Incentive Bonus Program, as amended through
June 1, 1991. Incorporated by reference to Exhibit 10(f)
to the Company's Form 10-K for the fiscal year ended May
31, 1996.
10(h) 1992 Stock Option Plan. Incorporated by reference to
Exhibit 10(h) to the Company's Form 10-Q for the fiscal
quarter ended August 30, 1996.
10(i) Note Agreement between the Company and SunTrust Bank dated
February 25, 1998 covering the Company's long-term note
due August 23, 1999. Incorporated by reference to
Exhibit 10(i) to the Company's Form 10-Q for the fiscal quarter ended
February 27, 1998.
13 1998 Annual Report to Stockholders
(furnished for the information of the Commission and not
deemed "filed" or part of this Form 10-K except for those
portions expressly incorporated herein by reference).
23 Consent of Arthur Andersen LLP
24 Powers of Attorney.
27 Financial Data Schedule.
The Company agrees to file upon request of the Securities
and Exchange Commission a copy of all agreements evidencing
long-term debt of the Company and its subsidiaries omitted
from this report pursuant to Item 601(b)(4)(iii) of
Regulation S-K.
Shareholders may obtain copies of Exhibits without charge
upon written request to the Corporate Secretary, Oxford
Industries, Inc., 222 Piedmont Avenue, N.E., Atlanta,
Georgia 30308.
(b) No reports on Form 8-K were filed during the last quarter of
the period covered by this report.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the Company has duly caused this
report to be signed on its behalf by the undersigned, thereunto
duly authorized.
Oxford Industries, Inc.
/s/Thomas Caldecot Chubb III
----------------------------
J. Hicks Lanier*
Chairman and President
Date: August 24, 1998
---------------
Pursuant to the requirements of the Securities Exchange
Act of 1934, this report has been signed below by the following
persons on behalf of the Company in the capacities and on the
dates indicated.
Signature Capacity Date
- -------------------------- ----------------- ---------
/s/Thomas Caldecot Chubb,III 08/24/98
- -------------------------- President, Chief --------
J. Hicks Lanier* Executive Officer
and Director
/s/Ben B. Blount Jr. Executive 08/24/98
- -------------------------- Vice President, --------
Ben B. Blount Jr. Chief Financial
Officer and
Director
/s/Thomas Caldecot Chubb,III Director 08/24/98
- -------------------------- --------
Cecil D. Conlee*
/s/Thomas Caldecot Chubb,III Director 08/24/98
- -------------------------- --------
Thomas Gallagher*
*by power of attorney
/s/Thomas Caldecot Chubb,III Director 08/24/98
- -------------------------- --------
J. Reese Lanier*
/s/Thomas Caldecot Chubb,III Director 08/24/98
- -------------------------- --------
Knowlton J. O'Reilly*
/s/Thomas Caldecot Chubb,III Director 08/24/98
- -------------------------- --------
Clarence B. Rogers, Jr.*
/s/Thomas Caldecot Chubb,III Director 08/24/98
- -------------------------- --------
Robert E. Shaw*
/s/Thomas Caldecot Chubb,III Director 08/24/98
- -------------------------- --------
E. Jenner Wood*
*by power of attorney
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
ON FINANCIAL STATEMENT SCHEDULE
To Oxford Industries, Inc.:
We have audited, in accordance with generally accepted
auditing standards, the consolidated financial statements
included in Oxford Industries, Inc.'s 1998 Annual Report to
Stockholders incorporated by reference in this Form 10-K, and
have issued our report thereon, dated July 10, 1998. Our audits
were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The schedule listed in
Item 14(a)2 is the responsibility of the Company's management and
is presented for purposes of complying with the Securities and
Exchange Commission's rules and is not part of the basic
financial statements. This schedule has been subjected to the
auditing procedures applied in the audits of the basic financial
statements and, in our opinion, fairly states in all material
respects the financial data required to be set forth therein in
relation to the basic financial statements taken as a whole.
ARTHUR ANDERSEN LLP
Atlanta, Georgia
July 10, 1998
OXFORD INDUSTRIES, INC. AND SUBSIDIARIES
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
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Column A Column B Column C Column D Column E
- -------------------- ------------ -------------------- ----------- --------
Additions Deductions
--------------------- ----------
Balance at Charged Balance
Beginning to at End
Description of Period Income Recoveries Write-Offs of Period
- ---------------------- ---------- ---------- ---------- ---------- ----------
Reserves for losses
From accounts receivable:
Year ended May 31, 1996 $2,700,000 $234,000 $199,000 $333,000 $2,800,000
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Year ended May 30, 1997 $2,800,000 $21,000 $95,000 $116,000 $2,800,000
========== ======== ======== ======== ==========
Year ended May 29, 1998 $2,800,000 $790,000 $76,000 $568,000 $3,098,000
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