Oxford Industries sees sales lift on Lilly Pulitzer
Oxford Industries Inc. announced on Tuesday positive first-quarter sales results, led by a solid performance by Lilly Pulitzer, especially online.
The company saw sales increase slightly to $272.6 million in its first quarter ended May 5, 2018, compared to $272.4 million in the first quarter of fiscal 2017.
The sales performance included increased sales in the company's direct-to-consumer business, including modestly positive comparable store sales, which were offset by a planned decrease in wholesale sales.
Tommy Bahama sales were up 3.1 percent and Lilly Pulitzer 8.3 percent, while Lanier Apparel sales fell 14.8 percent. Southern Tide sales were also up 6.6 percent.
“We were pleased with the performance of our direct to consumer business, which included positive comparable sales growth led by strong gains in ecommerce. At the same time, as planned, we selectively reduced our wholesale door count to ensure a consistent customer experience across all of our distribution channels. This is an important step towards maintaining the strength and integrity of our leading brands," explained Chairman and CEO Thomas C. Chubb III.
"This year we are also continuing to build out more robust omni-channel capabilities and have achieved several major milestones across the organization,” he added.
For its second quarter, the company expects net sales to grow between $300 million and $310 million compared to net sales of $284.7 million in the second quarter of fiscal 2017.
The company's third quarter is expected to remain its smallest sales and earnings quarter due to the seasonality of its Tommy Bahama and Lilly Pulitzer direct to consumer operations.
Meanwhile, Oxford has raised its outlook for the full year fiscal 2018 and now expects GAAP earnings to grow to between $4.32 and $4.52. On an adjusted basis, earnings per share for fiscal 2018 are expected to be in a range of $4.45 to $4.65.
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