Oxford Industries reduces debt by nearly $53 million in fiscal 2009

By Jennifer Lanning Drey

Portland, Ore., March 29 - Oxford Industries, Inc. reduced debt by $52.9 million, or 27%, in fiscal 2009, primarily as a result of positive cash flow from operations, chief executive officer J. Hicks Lanier said Monday during its year-end earnings conference call.

Oxford Industries reduced its total debt to $146.4 million at Jan. 30, compared with $199.3 million at the end of fiscal 2008.

Cash flow from operations was $81.6 million in fiscal 2009, compared with $90.4 million in the prior year. Fiscal 2009 cash flow from operations was driven by working capital reductions and earnings, K. Scott Grassmyer, chief financial officer of the company, reported during the call.

Oxford Industries ended fiscal 2009 with no borrowings outstanding and $112.7 million of availability on its U.S.-based revolving credit facility, Lanier said.

During 2009, the company took actions to improve its gross margins, reduce expenses and maintain appropriate inventory levels.

However, after adjusting the business for market conditions last year, Oxford Industries has shifted its focus in 2010 and will pursue renewed organic growth in lifestyle brands, Lanier said.

Oxford Industries is an Atlanta-based apparel design, sourcing and marketing company.

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