US: Oxford Industries Q4 profit up on higher sales
- Q4 earnings US$15m versus $5.3m
- Sales rise 6% to $250m from $236.2m
- FY profit jumps 44.6% to $45.3m
Higher sales helped Oxford Industries, owner of the Tommy Bahama and Lilly Pulitzer brands, to more than double its fourth-quarter profit.
Sales at Tommy Bahama grew 7% during the three months to 1 February, while Lilly Pulitzer posted a 3.1% increase and Lanier Clothes saw a 34% jump. Ben Sherman, however, reported an 18.6% decline in sales.
During the full year, net earnings jumped 44.6% to $45.3m from $31.3m, while sales reached $917.1m, up 7% over $855.5m in the prior year.
CEO and president Thomas Chubb III said: "Looking forward to fiscal 2014, we are excited by the remarkable strength we are seeing at Lilly Pulitzer. This business is off to a fantastic start with an exceptional product offering and outstanding communication with our consumers."
For Tommy Bahama, the company remains confident it has the right product and marketing strategy to take advantage of more normalised traffic patterns.
Oxford Industries said it expects first-quarter earnings per share to be $0.77-0.87, compared to the prior year's $0.82. Sales are forecast to range from $250m to $260m, over $234.2m last year.
For the full year, earnings per share are estimated to reach $2.88-3.03, compared to $2.75 in the previous year. Sales are expected to be between $980m and $1bn, over $917.1m in fiscal 2013.
Oxford Industries, the owner of the Tommy Bahama and Lilly Pulitzer brands, has booked an increase in first-quarter earnings and reaffirmed its guidance for the full year....
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