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winph3 ATLANTA, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its third quarter of fiscal 2024 ended November 2, 2024. Consolidated net sales in the third quarter of fiscal 2024 were $308 million compared to $327 million in the third quarter of fiscal 2023. Loss per share on a GAAP basis was $0.25 compared to net earnings per share of $0.68 in the third quarter of fiscal 2023. On an adjusted basis, loss per share was $0.11 compared to net earnings per share of $1.01 in the third quarter of fiscal 2023. Tom Chubb, Chairman and CEO, commented, “Following a difficult third quarter, we are pleased with the beginning of the holiday season now that some recent headwinds have started to abate. The cumulative effects of several years of high inflation combined with distractions from the U.S. elections and other world events, led to less frequent and more tentative consumer spending behavior during the third quarter which is traditionally our smallest volume quarter of the year. Additionally, our most significant and important market, the Southeastern United States, was impacted by two major hurricanes in quick succession that resulted in estimated lost sales of $4 million and an estimated impact of $0.14 per share. When combined with a highly competitive and promotional environment, these headwinds led to financial performance that was weaker than expected.” Mr. Chubb concluded, “Encouragingly, consumers have responded favorably to our recent product introductions and marketing campaigns, driving a nice improvement in comp store trends once the holiday season got underway. However, due to the weaker than expected consumer environment before the election and the fourth quarter impact of the hurricanes, which we project will include an additional $3 million of lost revenue and $0.11 per share, we have lowered our fiscal 2024 sales and EPS guidance. We are confident that our business model will drive profitable growth and long-term shareholder value well into the future. We could not do this without our exceptional team of people, to whom we extend our sincere gratitude.” Third Quarter of Fiscal 2024 versus Fiscal 2023 Consolidated net sales of $308 million decreased compared to sales of $327 million in the third quarter of fiscal 2023. Full-price direct-to-consumer (DTC) sales decreased 8% to $200 million versus the third quarter of fiscal 2023. Full-price retail sales of $99 million were 6% lower than prior-year period. E-commerce sales of $101 million were 11% lower than prior-year period. Outlet sales of $17 million were 3% higher than prior-year period. Food and beverage sales were $24 million, a 4% increase versus prior-year period. Wholesale sales of $67 million were 2% lower than the third quarter of fiscal 2023. Gross margin was 63.1% on a GAAP basis, compared to 62.9% in the third quarter of fiscal 2023. The increase in gross margin was primarily due to a $4 million lower LIFO accounting charge and lower discounts at Lilly Pulitzer. This was partially offset due to full-price retail and e-commerce sales representing a lower proportion of net sales at Tommy Bahama, Lilly Pulitzer and Johnny Was with more sales occurring during promotional and clearance events. Adjusted gross margin, which excludes the effect of LIFO accounting, decreased to 63.0% compared to 64.0% on an adjusted basis in the prior-year period. SG&A was $205 million compared to $195 million last year. On an adjusted basis, SG&A was $201 million compared to $191 million in the prior-year period. The increase in SG&A was primarily driven by: Expenses related to 33 new store openings since the third quarter of fiscal 2023, including four Tommy Bahama Marlin Bars. Pre-opening expenses related to approximately five additional stores planned to open in the fourth quarter of fiscal 2024, including two additional Tommy Bahama Marlin Bars that are expected to open in the next few months. The addition of Jack Rogers. Royalties and other operating income of $4 million were comparable to the third quarter of fiscal 2023. Operating loss was $6 million, or (2.0%) of net sales, compared to operating income of $14 million, or 4.4% of net sales, in the third quarter of fiscal 2023. On an adjusted basis, operating income decreased to an operating loss of $3 million, or (1.1%) of net sales, compared to operating income of $21 million, or 6.6% of net sales, in the third quarter of fiscal 2023. The decreased operating income includes the impact of decreased net sales and increased SG&A as the Company continues to invest in the business. Interest expense decreased from $1 million in the prior year period. The decreased interest expense was primarily due to a lower average outstanding debt balance during the third quarter of fiscal 2024 than the third quarter of fiscal 2023. Due to lower earnings during the third quarter as compared to our other fiscal quarters, certain discrete or other items have a more pronounced impact on the effective tax rate. Our effective income tax rate of 42.5% for the third quarter of fiscal 2024 included the impact of discrete, favorable US federal return-to-provision adjustments primarily related to an increase in the research and development tax credit and certain adjustments to the US taxation on foreign earnings. For the third quarter of fiscal 2023, our effective income tax rate of 18.6% included the favorable utilization of the research and development tax credit and adjustments to the US taxation on foreign earnings which reduced the effective tax rate. Balance Sheet and Liquidity Inventory decreased $3 million, or 2%, on a LIFO basis and increased $2 million, or 1%, on a FIFO basis compared to the end of the third quarter of fiscal 2023. Inventory balances were comparable in all operating groups. During the first nine months of fiscal 2024, cash flow from operations was $104 million compared to $169 million in the first nine months of fiscal 2023. The cash flow from operations in the first nine months of fiscal 2024, along with borrowings of $29 million, provided sufficient cash to fund $92 million of capital expenditures and $33 million of dividends. During the third quarter of fiscal 2024, long-term debt decreased to $58 million compared to $66 million of borrowings outstanding at the end of the third quarter of fiscal 2023 as cash flow from operations exceeded increased capital expenditures primarily associated with the project to build a new distribution center in Lyons, Georgia, payments of dividends and working capital requirements. The Company had $7 million of cash and cash equivalents versus $8 million of cash and cash equivalents at the end of the third quarter of fiscal 2023. Dividend The Board of Directors declared a quarterly cash dividend of $0.67 per share. The dividend is payable on January 31, 2025 to shareholders of record as of the close of business on January 17, 2025. The Company has paid dividends every quarter since it became publicly owned in 1960. Outlook For fiscal 2024 ending on February 1, 2025, the Company revised its sales and EPS guidance. The Company now expects net sales in a range of $1.50 billion to $1.52 billion as compared to net sales of $1.57 billion in fiscal 2023. In fiscal 2024, GAAP EPS is expected to be between $5.78 and $5.98 compared to fiscal 2023 GAAP EPS of $3.82. Adjusted EPS is expected to be between $6.50 and $6.70, compared to fiscal 2023 adjusted EPS of $10.15. For the fourth quarter of fiscal 2024, the Company expects net sales to be between $375 million and $395 million compared to net sales of $404 million in the fourth quarter of fiscal 2023. GAAP EPS is expected to be between $1.02 and $1.22 in the fourth quarter compared to a GAAP loss per share of $3.85 in the fourth quarter of fiscal 2023 that included noncash impairment charges totaling $114 million, or $5.31 per share. Adjusted EPS is expected to be between $1.18 and $1.38 compared to adjusted EPS of $1.90 in the fourth quarter of fiscal 2023. The Company anticipates interest expense of $3 million in fiscal 2024, with interest expense expected to be $1 million in the fourth quarter of fiscal 2024. The Company’s effective tax rate is expected to be approximately 23% for the full year of fiscal 2024. Capital expenditures in fiscal 2024, including the $92 million in the first nine months of fiscal 2024, are expected to be approximately $150 million compared to $74 million in fiscal 2023. The planned year-over-year increase in capital expenditures includes approximately $75 million now budgeted in fiscal 2024 for the distribution center project in Lyons, Georgia. Additionally, we have been investing in new brick and mortar locations, relocations and remodels of existing locations resulting in a year-over-year net increase of full price stores of approximately 30 by the end of fiscal 2024, which includes approximately five planned to open in the fourth quarter of the year. We will also continue with our investments in our various technology systems initiatives, including e-commerce and omnichannel capabilities, data management and analytics, customer data and insights, cybersecurity, automation, including artificial intelligence, and infrastructure. Conference Call The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Company’s website at www.oxfordinc.com. A replay of the call will be available through December 25, 2024 by dialing (412) 317-6671 access code 13750235. About Oxford Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama ® , Lilly Pulitzer ® , Johnny Was®, Southern Tide ® , The Beaufort Bonnet Company ® , Duck Head ® and Jack Rogers ® lifestyle brands. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com. Basis of Presentation All per share information is presented on a diluted basis. Non-GAAP Financial Information The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods. These measures include adjusted earnings, adjusted earnings per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, among others. Management uses these non-GAAP financial measures in making financial, operational, and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of this release. Safe Harbor This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. 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 macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by inflationary pressures, elevated interest rates, concerns about the stability of the banking industry or general economic uncertainty, and the effectiveness of measures to mitigate the impact of these factors; possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures and the impact of the recent elections in the United States; competitive conditions and/or evolving consumer shopping patterns, particularly in a highly promotional retail environment; 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; changes in trade policies and regulations, including the potential for increases or changes in duties, current and potentially new tariffs or quotas; costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food & 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; unseasonal or extreme weather conditions or natural disasters, such as the September and October 2024 hurricanes impacting the Southeastern United States; lack of or insufficient insurance coverage; 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 and maintain continuity of our information technology systems; the effectiveness of our advertising initiatives in defining, launching and communicating brand-relevant customer experiences; 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; the timing of shipments requested by our wholesale customers; fluctuations and volatility in global financial and/or real estate markets; our ability to identify and secure suitable locations for new retail store and food & beverage openings; the timing and cost of retail store and food & beverage location openings and remodels, technology implementations and other capital expenditures; the timing, cost and successful implementation of changes to our distribution network; the effectiveness of recent, focused efforts to reassess and realign our operating costs in light of revenue trends, including potential disruptions to our operations as a result of these efforts; pandemics or other public health crises; expected outcomes of pending or potential litigation and regulatory actions; the increased consumer, employee and regulatory focus on sustainability issues and practices, including failures by our suppliers to adhere to our vendor code of conduct; 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 such as the recent impairment charges incurred in our Johnny Was segment; and geopolitical risks, including ongoing challenges between the United States and China and those related to the ongoing war in Ukraine, the Israel-Hamas war and the conflict in the Red Sea region. 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 2023 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.Country singer Caleb Kennedy, who competed in American Idol Season 19, has been sentenced to eight years in prison following his involvement in a 2022 car crash that killed a man in Pacolet, South Carolina. Kennedy pled guilty last week to the felony charge of driving under the influence resulting in death, according to the Greenville News . He was initially sentenced to 25 years in prison and a $25,100 fine, but he had that sentence and fine reduced to eight years and $15,100, with three of those years served in home detention. He also received credit for the nearly three years he has already served. Additionally, the singer will serve five years of probation, and he is required to attend mental health and substance abuse counseling. The legal update comes nearly three years after Kennedy, then 17, struck and killed 54-year-old Larry Duane Parris while driving his Ford F-150 on February 8, 2022. Warrants alleged that Kennedy was under the influence of marijuana at the time, and he was arrested on the DUI charge on the day of the crash. Ryan Beasley, Kennedy’s attorney, told the News that the sentencing was fair. “He’s got no record, and he was a minor when this happened,” Beasley said. “This wasn’t such an egregious act that you see most of the time, where people were drinking and driving then they hit somebody at night or going the wrong way down the road. This was a weird reaction from his prescription medicine and possibly THC.” Beasley also said that Kennedy is “very remorseful” and that the sentencing “starts the healing process for everybody involved in this situation.” (The News notes that Parris’ family wanted the maximum 25-year sentence.) Kennedy made it to the Top 7 of American Idol Season 19 but withdrew from the competition after a video of him standing next to a person wearing a Ku Klux Klan-style hood resurfaced. “I was younger and did not think about the actions, but that’s not an excuse,” Kennedy said, in part, on social media at the time. “I wanna say I’m sorry to all my fans and everyone who I have let down.” More Headlines:Attorney General Ken Paxton sues companies over “forever chemicals”

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Camara 8-13 0-0 21, Jones 2-3 0-0 4, Kelly 10-18 0-0 20, Berry 1-7 4-4 7, R.Johnson 8-14 4-6 23, Gibson 1-2 0-1 2, Oden 2-6 0-0 6. Totals 32-63 8-11 83. B.Johnson 7-13 3-5 23, Kidd 4-8 1-1 9, Bethea 3-8 0-0 6, Blackmon 4-11 0-0 9, Staton-McCray 4-8 3-4 13, Swartz 4-6 4-4 15, Cleveland 1-2 0-0 2, Djobet 1-2 0-0 2, Ugochukwu 0-1 0-0 0. Totals 28-59 11-14 79. Halftime_Charleston Southern 45-37. 3-Point Goals_Charleston Southern 11-24 (Camara 5-10, R.Johnson 3-6, Oden 2-4, Berry 1-3, Kelly 0-1), Miami 12-33 (B.Johnson 6-12, Swartz 3-4, Staton-McCray 2-4, Blackmon 1-8, Cleveland 0-1, Djobet 0-1, Ugochukwu 0-1, Bethea 0-2). Rebounds_Charleston Southern 31 (Kelly 11), Miami 27 (B.Johnson 8). Assists_Charleston Southern 15 (Kelly 6), Miami 16 (Kidd, Djobet 4). Total Fouls_Charleston Southern 14, Miami 13.

Optex Systems Announces $6.5 Million Order for Laser Protected PeriscopesCountry singer Caleb Kennedy, who competed in American Idol Season 19, has been sentenced to eight years in prison following his involvement in a 2022 car crash that killed a man in Pacolet, South Carolina. Kennedy pled guilty last week to the felony charge of driving under the influence resulting in death, according to the Greenville News . He was initially sentenced to 25 years in prison and a $25,100 fine, but he had that sentence and fine reduced to eight years and $15,100, with three of those years served in home detention. He also received credit for the nearly three years he has already served. Additionally, the singer will serve five years of probation, and he is required to attend mental health and substance abuse counseling. The legal update comes nearly three years after Kennedy, then 17, struck and killed 54-year-old Larry Duane Parris while driving his Ford F-150 on February 8, 2022. Warrants alleged that Kennedy was under the influence of marijuana at the time, and he was arrested on the DUI charge on the day of the crash. Ryan Beasley, Kennedy’s attorney, told the News that the sentencing was fair. “He’s got no record, and he was a minor when this happened,” Beasley said. “This wasn’t such an egregious act that you see most of the time, where people were drinking and driving then they hit somebody at night or going the wrong way down the road. This was a weird reaction from his prescription medicine and possibly THC.” Beasley also said that Kennedy is “very remorseful” and that the sentencing “starts the healing process for everybody involved in this situation.” (The News notes that Parris’ family wanted the maximum 25-year sentence.) Kennedy made it to the Top 7 of American Idol Season 19 but withdrew from the competition after a video of him standing next to a person wearing a Ku Klux Klan-style hood resurfaced. “I was younger and did not think about the actions, but that’s not an excuse,” Kennedy said, in part, on social media at the time. “I wanna say I’m sorry to all my fans and everyone who I have let down.” More Headlines:

As 2024 comes to an end and we reflect on the past year, a trendy quote comes to my mind. “Two things can be true.” I have heard this often in reference to politics and pop culture. As it applies to our work here at United Way, it is true that we are incredibly thankful for those who support the work of our community partners. We are grateful for monetary donations, volunteers who give their precious time, and those who are vocal and proud advocates of United Way. We are also looking to 2025 with a desire for continued and greater impact and the hope for continued support. The need in southern West Virginia is great and our theme for the 2024/2025 campaign is “United for IMPACT!” This theme represents the outstanding impact United Way creates, identifying the needs of our neighbors, and addressing those needs with our community partners. With the advent of a new year, our community partners are a reminder that hope for the future is what our work is about. Parents on tight budgets who receive car seats, formula, or diapers from baby pantries have great hope for the health and future of their children. Home-delivered meals provide nutrition, interaction, and hope to isolated seniors in our communities. Children who have been abused and the loved ones who suffer with them are given hope for healing by child advocacy centers. Recovery programs offer lifelines to those who struggle with substance use disorders. Hope is the common denominator among the agencies who provide services to our friends, neighbors, colleagues, and family members. Our direct services, the 2-1-1 Information and Referral Hotline and the Equal Footing Shoe Fund provide hope to thousands of southern West Virginia residents. Over 1,000 requests are made annually by school personnel for new, athletic shoes for children without proper footwear. Providing shoes offers local children hope for similar learning experiences as their classmates. In southern West Virginia, over 8,000 connections are made yearly by our 2-1-1 resource specialist, providing hope to those who don’t know where to turn when they have unmet needs. Your donation is critical. With your help we can bring significant change to our communities. If you have made your 2025 gift or pledge, thank you. If not, please consider giving today. Every dollar is vital to helping our community reach its $850,000 campaign goal. You can donate safely online at unitedwayswv.org , pledge conveniently and securely by calling 304-253-2111, ext. 105, to speak with a United Way representative, or mail your contribution today to United Way of Southern West Virginia, PO Box 5456, Beckley, WV 25801. Contributions made to United Way of Southern West Virginia stay in southern West Virginia to fund the programs that support our friends, neighbors, family, and colleagues. We are United for IMPACT!DALLAS — Delta and United became the most profitable U.S. airlines by targeting premium customers while also winning back a significant share of travelers on a tight budget. That is squeezing smaller low-fare carriers like Spirit Airlines , which recently filed for bankruptcy protection. Some travel-industry experts think Spirit’s troubles indicate that travelers on a budget will be left with fewer choices and higher prices. Other discount airlines are on much better financial footing than Spirit, but they too are lagging far behind the full-service airlines when it comes to recovering from the COVID-19 pandemic . Most industry experts think Frontier Airlines and other so-called ultra-low-cost carriers will fill the vacuum if Spirit shrinks , and that there is still plenty of competition to prevent prices from spiking. Spirit Airlines lost more than $2.2 billion since the start of 2020. Frontier has not reported a full-year profit since 2019, though that slump might end this year. Allegiant Air’s parent company is still profitable, but less so than before the pandemic. Those kind of numbers led United Airlines CEO Scott Kirby to declare recently that low-cost carriers were using “a fundamentally flawed business model” and customers hate flying on them. Kirby’s touchdown dance might turn out to be premature, but many analysts are wary about the near-term prospects for budget airlines, which charge cheaper fares but more fees than the big airlines. A traveler speaks with a Spirit Airlines agent May 24 at Hartsfield-Jackson Atlanta International Airport ahead of Memorial Day in Atlanta. Low-cost airlines grew in the last two decades by undercutting big carriers on ticket prices, thanks in large part to lower costs, including hiring younger workers who were paid less than their counterparts at Delta Air Lines, United and American Airlines . Wages soared across the industry in the past two years, however, narrowing that cost advantage. The big airlines rolled out and refined their no-frills, “basic economy” tickets to compete directly with Spirit, Frontier and other budget carriers for the most price-sensitive travelers. The budget airlines became less efficient at using planes and people. As their growth slowed, they wound up with more of both than they needed. In 2019, Spirit planes were in the air an average of 12.3 hours every day. By this summer, the planes spent an average of two more hours each day sitting on the ground, where they don't make money. Spirit's costs per mile jumped 32% between 2019 and 2023. Another issue is that airlines added too many flights. Budget airlines and Southwest Airlines were among the worst offenders, but full-service airlines piled on. To make up for a drop in business travel, the big carriers added more flights on domestic leisure routes. The result: Too many seats on flights into popular tourist destinations such as Florida and Las Vegas, which drove down prices, especially for economy-class tickets. Rows of seats are shown Sept. 26 on a retrofitted Southwest Airlines jet at Love Field in Dallas. Low-cost airlines are responding by following the old adage that if you can't beat them, join them. That means going premium, following the rapidly growing household wealth among upper-income people. The top one-fifth of U.S. households by income added $35 trillion in wealth since 2019 and holds nearly nine times the wealth of the middle fifth, according to the Federal Reserve . Frontier Airlines organized its fares into four bundles in May, with buyers of higher-priced tickets getting extras such as priority boarding, more legroom and checked bags. The airline dropped ticket-change or cancellation fees except for the cheapest bundle. Spirit followed in August with similar changes, blocking middle seats and charging passengers more for the comfort of aisle and window seats. Spirit Airlines CEO Ted Christie received a $3.8 million retention bonus a week before the Florida-based carrier filed for Chapter 11 bankruptcy. Christie will retain the bonus if he remains with the company for another year. The airline's stock has dropped over 90% this year. It has faced challenges including a blocked $3.8 billion merger with JetBlue and failed talks with Frontier. The pandemic disrupted Spirit's operations and travel patterns, reducing its daily aircraft utilization and increasing costs. Demand has shifted to full-service airlines as higher-income travelers vacation more, while inflation impacts lower-income consumers. JetBlue Airways , which began flying more than 20 years ago as a low-cost carrier but with amenities, is digging out from years of steady losses. Under new CEO Joanna Geraghty, the first woman to lead a major U.S. airline, JetBlue is cutting unprofitable routes, bolstering core markets that include the Northeast and Florida, and delaying deliveries of $3 billion worth of new planes. Starting next year, Southwest Airlines will toss out a half-century tradition of “open seating” — passengers picking their own seat after boarding the plane. Executives say extensive surveying showed 80% of customers preferred an assigned seat, and that's especially true with coveted business travelers. More crowded planes also might be pushing passengers to spend more to escape a middle seat in the back of the plane. A Frontier Airlines jet takes off July 5, 2022, from Denver International Airport in Denver. In other parts of the world, budget carriers are doing just fine. They bounced back from the pandemic just like their more highbrow competitors. Some industry experts say low-cost carriers in Asia and Europe have always attracted a more diverse mix of passengers, while in the U.S., affluent and middle-class travelers look down their noses at low-cost carriers. Jamie Baker, an analyst for JPMorgan, says he has many college friends who work in London and fly Irish airline Ryanair all the time, but he hardly knows anyone who has ever been on a Spirit or Frontier plane. A small plane tows a banner April 13, 2016, over Flint Bishop International Airport as part of ceremonies marking Allegiant Air joining the airport. Delta CEO Ed Bastian is less dismissive of the “lower-end carriers” in the U.S. than United's Kirby. "I don’t see that segment ever disappearing,” Bastian said after Spirit’s bankruptcy filing. “I think there’s a market for it.” At the same time, he said the upscale moves by ultra-low-cost carriers are having no effect on his airline. Delta targets upscale travelers but also introduced basic-economy fares a decade ago, when discounters emerged as a growing threat to poach some of Delta's customers. “Just calling yourself a premium carrier and actually being a premium carrier are two totally different things,” Bastian said “It's not the size of the seat or how much room you have; it's the overall experience.” As frequent flyers know, air travel isn't cheap. With the summer months in full swing, demand for air travel is expected to reach record numbers in 2024 as airlines continue to recover after the COVID-19 pandemic. Luckily for those who are looking for ways to save on travel , one way to cut costs on your next vacation may be in finding the right places to fly in and out of. FinanceBuzz looked at average domestic airfares from the 45 busiest airports in the U.S. to learn which airports are best for travelers on a budget, as well as which ones to avoid if you are trying to travel affordably. Overall, the national average airfare cost decreased by 3.1% from 2022 to 2023 when adjusted for inflation (which translates to a 0.9% increase in non-adjusted dollars). The last time inflation-adjusted airfare costs dropped year-over-year was during the start of the COVID-19 pandemic, when it fell 18% between 2019 and 2020. Largely, this is good news for consumers who can spend less on airfare and have more room in their budget for hotels , restaurants, and other travel fees. In addition to earning rewards on airfare, most travel credit cards offer rewards for spending in these areas, which can offset overall vacation costs. Based on Bureau of Transportation Statistics, the above chart shows inflation-adjusted average airline fares over the past 25 years. For this report, we compared domestic airfares from the 45 busiest airports in the U.S. using data published by the U.S. Department of Transportation . Orlando International Airport (MCO) had the lowest airfare cost in the country at $265.58 on average. Home to iconic theme parks like Universal Studios, Sea World, and most notably, Walt Disney World, Orlando is one of America's top tourist destinations. This is welcome news for those bracing for expensive park tickets and food prices at the House of Mouse. Beyond saving with a Disney credit card on park-related purchases, visitors can also maximize savings by using a credit card like the Chase Sapphire Reserve which offers an annual travel credit, or even using a 0% APR credit card if you don't want to pay for your entire vacation at once. Another Florida-based airport, Fort Lauderdale-Hollywood International Airport (FLL), has the second-lowest average airfare cost in the country — tickets here are only about $5 more expensive than Orlando's. Just a few dollars behind FLL is Las Vegas's Harry Reid International (LAS), where fares cost $272.15 on average. LAS is also the last airport on our list where average airfare costs are less than $300. Oakland International Airport (OAK) has the fourth-lowest average airfare costs in the country at $303.79. And the fifth-least expensive airport, Chicago Midway International (MDW), comes in at $308.27. For the third year in a row, Dulles International Airport (IAD) and San Francisco International Airport (SFO) have the two highest average fares in the country. Flights from Dulles cost $488.40 on average in 2023, while flights from San Francisco cost $444.59. Some silver lining for travelers who need to travel through Dulles: IAD is home to some of the best airport lounges in the country, including the recently-opened Capital One Lounge, available to Capital One Venture X or Venture Rewards credit card holders. With free food, drinks, and recharging stations, lounges can be one easy way to offset otherwise-expensive airport costs. Salt Lake City International Airport (SLC) has the third-highest average airfare in the country, with an average cost of $438.34. Last on our top-five list of the most expensive airports are Charlotte Douglas International Airport (CLT) and Detroit Metro Airport (DTW). Average airfare from Charlotte cost $436.80 last year, while flights from Detroit had an average price tag of $427.05. Seattle-Tacoma International Airport (SEA) was the biggest affordability winner over the last year, dropping prices by more than $18 on average. SEA jumped from 36th most-affordable place last year to 28th place this year — an increase of eight spots. Raleigh-Durham International Airport (RDU) and Portland International Airport (PDX) experienced similar jumps, rising by seven spots each. RDU went from 24th place in 2022 to 17th in 2023, while PDX went from 42nd to 35th. Two different airports fell by eight spots in our affordability rankings, tied for the biggest drop of the year. The average fare at Sacramento International Airport (SMF) rose by $18.66 year-over-year, which led SMF to go from 18th in last year's affordability rankings to 26th this year. Prices rose even more at St. Louis Lambert International Airport (STL), going up by $19.64 on average from one year to the next. Consequently, STL fell from 21st to 29th place in terms of affordability. As you plan your travel, you'll find costs can vary widely at a single airport. With a little research and smart planning, you can find a deal at any airport. Here are a few tips to save on airfare: We looked at 2023 airfare data released by the U.S. Department of Transportation in May 2024 to compare domestic airfares by origin city. This report calculated average fares based on domestic itinerary fares. "Itinerary fares" consist of round-trip fares, unless only a one-way ticket was purchased. In that case, the one-way fare was used. Fares are based on total ticket value, including the price charged by the airline plus any additional taxes and fees levied at the time of purchase. Fares include only the price paid at booking and do not include fees for optional services like baggage fees. Averages also do not include frequent-flyer or "zero fares" or a few abnormally high reported fares. This stor y was produced by FinanceBuzz and reviewed and distributed by Stacker Media. Receive the latest in local entertainment news in your inbox weekly!Driving through the Medical Innovation District in Fort Worth’s Near Southside, it’s impossible to overlook the various construction layouts, workers, vehicles and cranes turning dirt and moving projects forward. After all, every major health system in Fort Worth — Baylor Scott & White Health, Cook Children’s Health Care System, JPS Health Network, Medical City Healthcare, Moncrief Cancer Institute and Texas Health Resources — is undergoing a major expansion that will help grow the city’s medical capabilities in the coming years. Robert Sturns, the city’s director of economic development, said these plans are driven by “a need for these institutions to expand their capacity based on the massive population growth that Fort Worth — and North Texas in general — has seen over the past several years.” “It’s important that Fort Worth’s medical ecosystem continues to keep pace with its population growth, so high-quality patient care is accessible to as many people as possible,” he said in a statement. Major health systems across Tarrant County say their expansion projects will provide upgraded technology and better care to patients, officials said in interviews with the Report. “I don’t think it’s an overstatement to say it’s probably the most exciting time in the history of the Near Southside’s Medical District,” Mike Brennan, president of Near Southside Inc., said. Get essential daily news for the Fort Worth area. Sign up for insightful, in-depth stories — completely free. Here’s what you can expect to see. Baylor Scott & White to raise new Fort Worth garage, building Baylor Scott & White All Saints Medical Center is currently undergoing construction on a new five-story parking garage that will improve access and parking as part of “a long-term plan to grow our campus,” according to the hospital’s website . Baylor Scott & White All Saints Medical Center is the Fort Worth branch of Baylor Scott & White Health. The Fort Worth hospital has 538 beds and offers a range of medical services, which include emergency care, labor and delivery, surgery and cancer care. The Fort Worth hospital is also constructing a new four-story office building called Baylor All Saints Professional Pavilion II that will sit on top of the parking garage. The office building, which totals 100,000 square feet, is expected to be complete in the first quarter of 2025, according to LoopNet. Charles Williams , president of Baylor Scott & White All Saints, said he is proud to be building on a legacy “of more than 100 years of service in our communities.” “For us, growth isn’t just physical buildings,” he said in a statement. “That means we want to help our patients and customers with what they need to live better, whether it is high-quality care in a hospital setting, convenient care when and where they want it, like on their smartphones or in the comfort of their homes, or wellness offerings to avoid needing ‘sick care’ altogether.” Cook Children’s lays groundwork for 10-year expansion plan Cook Children’s Health Care System is setting the stage for growth by embarking on a 10-year master plan to expand and enhance its Fort Worth medical center located in the heart of the Medical District. The plan will kick off with the construction of a 700,000-square-foot medical tower that is currently labeled as the West Tower. The facility will be an extension of the existing medical center — which currently spans 2.5 million square feet — and make way for an expansion of the neonatal intensive care with an additional 37 beds. The West Tower also allows for an expansion and redesign of the pediatric intensive care unit and increases capacity for hematology and oncology services. The building will add additional operating rooms and imaging services. Cook Children’s anticipates it will start construction of the West Tower by the end of 2025. The health system previously declined to provide information about the total cost of the tower. “It’s an ambitious plan, but it’s exactly what we need to support the growing population and demand for services in our area,” Rick W. Merrill, president and CEO of Cook Children’s Health Care System, said in a statement. The pediatric health system’s master plan will add a total of 1 million square feet to the medical campus over the span of 10 years. JPS nears completion of first project in master facility plan Since 2018, JPS Health Network — also known as the Tarrant County Hospital District — has been undergoing construction on its master facility plan . The hospital system’s master facility plan is supported by an $800 million bond package voters approved in 2018. The plan details new facilities, including a medical home , psychiatric emergency center , medical outpatient building, pavilion expansion and a new hospital. JPS leaders originally estimated the total cost of the plan at roughly $1.2 billion with the county hospital prepared to contribute $400 million to ensure the expansion. But progress on the master facility plan slowed because of the COVID-19 pandemic, JPS president and CEO Dr. Karen Duncan previously told the Report. Six years later, the hospital district estimated the total cost of the plan would jump to $2.1 billion due to increased labor costs, price of materials and inflation affecting the health care industry. Because of financial changes and reprioritization , JPS has since removed three medical homes that were included in the original proposal from its master facility plan. The only medical home currently in the plan is set to open in southwest Fort Worth in early 2025. This will be the first JPS master facility plan project to be completed. “Texas has one of the highest populations of uninsured individuals , so for JPS to be able to provide that access for those individuals who would have no opportunity to have access to health care ... is really exciting for us,” Duncan told the Report in a follow-up interview. Per the original plans, JPS’ next project, the psychiatric emergency center, is set to open in summer 2025. That project will increase the hospital district’s behavioral health capacity from 30 beds to roughly 90. The master facility plan will conclude with new hospital towers in winter 2029 — more than a decade after the approval of the bond package. “Whether it’s building the design or starting construction, all of those (master facility plan) projects have now started,” she said. “We are still working through the towers. Is it one? Is it two? Is it three? That doesn’t have an answer yet.” Medical City Fort Worth to grow its Tarrant reach Medical City Fort Worth recently confirmed to the Report it is in the planning stages of a $37 million expansion project that will include a cardiac laboratory and four operating rooms. Construction, which is budgeted at $18 million, is set to begin in early 2025. The new laboratory and operating rooms will take up roughly 17,380 square feet within the existing hospital, according to a filing with the Texas Department of Licensing and Regulation. In a follow-up interview with the Report, Medical City Fort Worth CEO John Hoover said the hospital decided to expand its services to keep up with the population growth in Tarrant and surrounding Parker and Johnson counties. Hoover did not provide additional information about the remaining $19 million of the expansion plans, but said some of those costs are linked to permitting and architectural fees. Medical City Fort Worth is also in the early stages of exploring an expansion of its Tower B , which currently houses emergency services, surgical patient rooms and neuro intensive care unit rooms, Hoover added. “We’ve begun the beginning phases of engagement with our architects and some contractors around a vertical tower expansion, so that could range anywhere from 30 to up close to 100 incremental beds,” he told the Report. Moncrief Cancer Institute looks to expand its facility UT Southwestern is looking to grow its Moncrief Cancer Institute with a $177 million expansion project. Moncrief Cancer Institute offers medical and surgical oncology, chemotherapy, imaging and a compounding pharmacy. UT Southwestern currently owns a parcel across the street from the cancer center and intends to use the property to expand by nearly 65,000 square feet to accommodate a new radiation oncology facility and parking garage. Before its plan can become a reality, the cancer center has to navigate several government entities for the nod on one major request that is necessary for the expansion: to permanently close a block of South Jennings Avenue . In late June, representatives for UT Southwestern received unanimous approval from Fort Worth’s Urban Design Commission for the street closure recommendation. The proposal will head to Fort Worth City Council at a later date for final approval. Dr. Jonathan Efron, executive vice president for health system affairs at UT Southwestern, said the medical center wants to grow the capabilities of cancer services in Fort Worth. “What we have found is that within the Fort Worth area, unlike in Dallas, there is a shortage of the machines that provide radiation therapy,” he told the Report. “Some patients are having to travel elsewhere every day and we’re excited to fill that void.” If Moncrief Cancer Institute receives the final necessary approval, the project is expected to break ground in spring 2025 and complete construction in spring 2028. Texas Health Fort Worth to renovate floors in its Justin Tower Texas Health Harris Methodist Hospital Fort Worth completed work on its nine-story Jane and John Justin Tower in early 2022. The $300 million expansion project — the largest in the history of the nonprofit Texas Health Resources — added 440,00 square feet, 144 patient beds, 15 surgical suites and new preoperative and post-operative units to the Fort Worth campus. Jared Shelton, who was named president of Texas Health Fort Worth in September, told the Report the addition of the Justin Tower has been “an unbelievable success” as the hospital grows its service areas to patients from across Texas. “Everybody who’s been in (Justin Tower) recognizes what a blessing it is for our campus to be able to offer the latest and greatest in health care, larger rooms — the most up-to-date technology,” he said. “It’s really a legacy project for Texas Health Fort Worth.” With the success of Justin Tower has come a growing need for more services. The tower has almost immediately filled up, Shelton added. Texas Health Fort Worth is in the planning process of building out areas on the fourth and fifth floors of the tower. Renovations are set to begin at the end of the first quarter of 2025 and will last through 2026, Shelton said. “Those (floors) were shelled out for us to be able to grow into as there was patient demand, and we’re already seeing that demand,” he said. “It’ll add around 70 beds to Justin Tower.” David Moreno is the health reporter for the Fort Worth Report. His position is supported by a grant from Texas Health Resources. Contact him at david.moreno@fortworthreport.org or @davidmreports . At the Fort Worth Report, news decisions are made independently of our board members and financial supporters. Read more about our editorial independence policy here . Your support makes TWICE the impact today. As November draws to a close , time is running out to double your impact. Thanks to the generosity of the Nicholas Martin Jr. Family Foundation, every dollar you give will be matched—up to $15,000. Will you give today to help trusted, local reporting thrive in Fort Worth and Tarrant County? 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Any web site our stories appear on must include a contact for your organization. If you use our stories in any other medium — for example, newsletters or other email campaigns — you must make it clear that the stories are from the Fort Worth Report. In all emails, link directly to the story at fortworthreport.org and not to your website. If you share our stories on social media, please tag us in your posts using @FortWorthReport on Facebook and @FortWorthReport on Twitter. You have to credit Fort Worth Report. Please use “Author Name, Fort Worth Report” in the byline. If you’re not able to add the byline, please include a line at the top of the story that reads: “This story was originally published by Fort Worth Report” and include our website, fortworthreport.org . You can’t edit our stories, except to reflect relative changes in time, location and editorial style. Our stories may appear on pages with ads, but not ads specifically sold against our stories. You can’t sell or syndicate our stories. You can only publish select stories individually — not as a collection. Any web site our stories appear on must include a contact for your organization. If you share our stories on social media, please tag us in your posts using @FortWorthReport on Facebook and @FortWorthReport on Twitter. by David Moreno, Fort Worth Report November 24, 2024

Smith scores 18 in Bellarmine's 80-68 win against Bowling GreenAudi Crooks' winning shot leads No. 8 Iowa State to 80-78 win over Drake

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