Interviews
News Flash
Oxford Industries delivers decent third quarter results
08 Dec '11
5 min read
Oxford Industries Inc. announced financial results for its fiscal 2011 third quarter, which ended October 29, 2011. Consolidated net sales were $170.3 million in the third quarter of fiscal 2011 compared to $139.6 million in the third quarter of fiscal 2010. On an adjusted basis, earnings from continuing operations per diluted share were $0.16 compared to $0.07 in the third 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 $0.10 in the third quarter of fiscal 2011 compared to $0.08 in the same period of the prior year.
J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford Industries, Inc., commented, “We are very pleased with the results that we delivered for the third quarter. While the third quarter remains our smallest, our results exceeded both our prior year and our plan. We continue to develop a more meaningful fall seasonal business, particularly in Tommy Bahama, with positive momentum in all channels of distribution.”
Mr. Lanier concluded, “We have also been delighted with the results we are achieving during the early part of the very important holiday selling season. Our retail stores as well as our e-commerce websites are performing very well and, as a result, we are increasing our adjusted EPS estimate from continuing operations for the year from a range of $2.20 -$2.30 to $2.30 - $2.35”
Operating Results
Tommy Bahama reported strong results with increases in both sales and operating income. Net sales for the third quarter of fiscal 2011 were $92.5 million compared to $81.1 million in the third quarter of fiscal 2010.
The 14% increase in net sales was attributable to higher retail sales, including high single-digit comparable store sales increases and revenues associated with additional retail stores, continued growth in ecommerce sales and an increase in wholesale sales. At the end of the third quarter, Tommy Bahama operated 94 retail stores, including 63 full-price stores, 13 restaurantretail locations and 18 outlet stores. This compares to 86 retail stores on October 30, 2010.
Tommy Bahama's operating income for the third quarter of fiscal 2011 was $4.6 million compared to $3.4 million in the third quarter of fiscal 2010. The increase in operating income was primarily due to the higher sales partially offset by increased SG&A associated with the costs of operating additional retail stores.
While the third quarter is Lilly Pulitzer's smallest quarter, its net sales of $16.7 million represented a 17.2% increase over the same period last year. Lilly Pulitzerreported an operating loss of $0.4 million, which was negatively impacted by a $0.6 million purchase accounting charge related to the change in the fair value of contingent consideration. At the end of the third quarter, Lilly Pulitzer operated 16 full-price retail stores.
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 $0.10 in the third quarter of fiscal 2011 compared to $0.08 in the same period of the prior year.
J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford Industries, Inc., commented, “We are very pleased with the results that we delivered for the third quarter. While the third quarter remains our smallest, our results exceeded both our prior year and our plan. We continue to develop a more meaningful fall seasonal business, particularly in Tommy Bahama, with positive momentum in all channels of distribution.”
Mr. Lanier concluded, “We have also been delighted with the results we are achieving during the early part of the very important holiday selling season. Our retail stores as well as our e-commerce websites are performing very well and, as a result, we are increasing our adjusted EPS estimate from continuing operations for the year from a range of $2.20 -$2.30 to $2.30 - $2.35”
Operating Results
Tommy Bahama reported strong results with increases in both sales and operating income. Net sales for the third quarter of fiscal 2011 were $92.5 million compared to $81.1 million in the third quarter of fiscal 2010.
The 14% increase in net sales was attributable to higher retail sales, including high single-digit comparable store sales increases and revenues associated with additional retail stores, continued growth in ecommerce sales and an increase in wholesale sales. At the end of the third quarter, Tommy Bahama operated 94 retail stores, including 63 full-price stores, 13 restaurantretail locations and 18 outlet stores. This compares to 86 retail stores on October 30, 2010.
Tommy Bahama's operating income for the third quarter of fiscal 2011 was $4.6 million compared to $3.4 million in the third quarter of fiscal 2010. The increase in operating income was primarily due to the higher sales partially offset by increased SG&A associated with the costs of operating additional retail stores.
While the third quarter is Lilly Pulitzer's smallest quarter, its net sales of $16.7 million represented a 17.2% increase over the same period last year. Lilly Pulitzerreported an operating loss of $0.4 million, which was negatively impacted by a $0.6 million purchase accounting charge related to the change in the fair value of contingent consideration. At the end of the third quarter, Lilly Pulitzer operated 16 full-price retail stores.
Popular News
Leave your Comments
Editor’s Pick
Dr. Michael Duetsch & Man Woo Lee
UPM Biochemicals and Dongsung Chemical
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
