Home / Knowledge / News / Apparel/Garments / Oxford Industries delivers decent third quarter results
Oxford Industries delivers decent third quarter results
08
Dec '11
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.


Must ReadView All

Israeli minister announces tax cuts on consumer goods

Apparel/Garments | On 14th Dec 2017

Israeli minister announces tax cuts on consumer goods

The Israeli Government will slash taxes by $227 million, finance...

Courtesy: Kelvin Techstyles

Apparel/Garments | On 14th Dec 2017

Kelvin Techstyles fuses style and function in city apparel

Fusing style and function in outdoor clothing, Roseville,...

India’s WPI inflation for textiles up 0.3% in Nov 2017

Textiles | On 14th Dec 2017

India’s WPI inflation for textiles up 0.3% in Nov 2017

India’s annual rate of inflation, based on monthly wholesale price...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Top executives
Textile industry

The foremost issue is bridging the skill gap

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search