US: Oxford Industries Q2 profit almost doubles
- Q2 profit up 93.1% to US$5m
- Sales up 14.5% to $206.9m
- Company reconfirms FY EPS guidance
Clothing maker Oxford Industries has seen its second-quarter net profit nearly double, which it attributed to higher sales in its Tommy Bahama and Lilly Pulitzer brands.
Net earnings surged 93.1% to US$5m over the quarter ended 28 July. Operating income increased 14.7% to $20.3m, while net sales were up 14.5% to $206.9m.
Over the quarter, Tommy Bahama sales rose 16.8% to $127.5m thanks to positive comparable store sales and e-commerce growth. Operating income slipped 2.4%. Lilly Pulitzer sales jumped 24.5% to $30.9m, while adjusted operating income surged 28.9% to $8m.
Meanwhile, Ben Sherman saw sales edge down 3.8% to $20.1m, but its operating loss narrowed to $1.5m, compared to a loss of $1.8m the same period last year. At Lanier Clothes, sales increased 8.1% to $24.8m, while operating income climbed 4.3% to $2.4m.
CEO and chairman Hicks Lanier said: "We are pleased to continue to report excellent results, including strong performances in our Tommy Bahama and Lilly Pulitzer direct to consumer businesses.
"We achieved these results while continuing to make major investments in platforms for the future growth of our company. The most significant of these include Tommy Bahama's New York flagship and their international expansion."
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Clothing manufacturer Oxford Industries has cut its full-year earnings target, blaming a "disappointing performance" at its Ben Sherman brand, and the impact of Hurricane Sandy....
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