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Oxford Industries achieves outstanding results in Q2
Sep '11
Oxford Industries Inc. announced financial results for its fiscal 2011 second quarter, which ended July 30, 2011. Consolidated net sales were $180.6 million in the second quarter of fiscal 2011 compared to $143.0 million in the second quarter of fiscal 2010. On an adjusted basis, earnings from continuing operations per diluted share were $0.57 compared to $0.32 in the second quarter of fiscal 2010.

The adjusted earnings per share exclude the impact of the repurchase of a portion of the Company's senior secured notes, purchase accounting charges and LIFO accounting adjustments. The Company noted that operating results for Lilly Pulitzer, which was acquired in December 2010, were not included in the Company's prior year results.

On a U.S. GAAP basis, earnings from continuing operations per diluted share were $0.21 in the second quarter of fiscal 2011 compared to $0.28 in the same period of the prior year. For reference, tables reconciling U.S. GAAP to adjusted measures are included at the end of this release.

J. Hicks Lanier, Chairman and Chief Executive Officer, commented, "We are very pleased with the outstanding results we achieved during the second quarter which were driven by especially strong performances from our Tommy Bahama and Lilly Pulitzer businesses. Our direct to consumer business continued to deliver growth in both top-line revenue and margins. We were also pleased to have used excess cash to significantly reduce our outstanding debt and interest expense while maintaining a high level of liquidity which ensures that we will have ample financial flexibility going forward."

Mr. Lanier concluded, "As we enter the second half of the year we are mindful of the macroeconomic uncertainty, but we are confident in the strength of our brands and the capability of our management team."

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Oxford Industries

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