Oxford net sales up 13% on Tommy Bahama, Lilly Pulitzer gains
Oxford Industries said net group sales rose 13% last financial quarter to $283 million, compared to $250.7 million in the second quarter in fiscal 2015.
The Atlanta-based group said net earnings for the quarter were $23 million, or $1.44 per diluted share, up from a loss of $2 million, or 12 cents, a year ago. On an adjusted basis, earnings from continuing operations were $1.48 per share.
"Tommy Bahama had a solid performance in the quarter with a 7% increase in comp store sales. Lilly Pulitzer also had a strong quarter with a remarkable 32% operating margin," said Thomas Chubb, Oxford Industries CEO.
For the quarter ending July 30, Tommy Bahama's net sales increased 11% to $184.1 million. Lilly Pulitzer's sales increased 8% to $69.7 million, while comparable store sales decreased 1%. Southern Tide, which was acquired on April 19 had net sales of $9.2 million. Meanwhile, Lanier Apparel sales fell to $19.5 million from $20.7 million last year, the group said.
"These contributions from our two largest brands, as well as the first full quarter of Southern Tide in our portfolio, resulted in double-digit year-over-year growth on both the top and bottom lines," continued Chubb.
"We are also mindful that the retail environment remains uncertain for many of our wholesale customers, who are taking a more cautious approach to reorders and the upcoming holiday season," he added.
Moving forward, the company said it expects the third quarter to be the light in sales, based on seasonality. Net sales are predicted to sit between $220 million and $230 million.
For the full year, Oxford affirmed its guidance for net sales in the range of $1.03 billion to $1.05 billion.
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