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Oxford Industries delivers decent third quarter results
08 Dec '11
5 min read
Ben Sherman reported net sales of $25.2 million for the third quarter of fiscal 2011 compared to $25.5 million in the third quarter of fiscal 2010. Ben Sherman reported operating income of $0.3 million in the third quarter of fiscal 2011 compared to operating income of $1.7 million in the third quarter of fiscal 2010.
The lower operating results were primarily due to gross margin erosion resulting from increased product costs and lower royalty income. At the end of the third quarter, Ben Sherman operated 13 full-price retail stores, including six in the United Kingdom, five in the United States and two in Germany. Ben Sherman also operated four outlet stores in the United Kingdom and one in the Netherlands.
Net sales for Lanier Clothes were $33.1 million in the third quarter of fiscal 2011 compared to $30.8 million in the third quarter of fiscal 2010. Operating income in the third quarter of fiscal 2011 was $4.3 million compared to operating income of $5.3 million in the third quarter of fiscal 2010, with the decrease primarily due to the impact of gross margin pressures and higher SG&A.
Corporate and Other reported an operating loss of $2.1 million for the third quarter of fiscal 2011 compared to an operating loss of $4.0 million in the third quarter of fiscal 2010. The improved results were primarily due to lower incentive and stock compensation costs and income from transition service fees, which were partially offset by the net impact of LIFO accounting.
The lower incentive compensation cost was due to a shift in earnings distribution among quarters as a result of the acquisition of Lilly Pulitzer and the disposal of the Oxford Apparel Group. Total incentive compensation cost for fiscal 2011 is expected to be relatively flat with last year.
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The lower operating results were primarily due to gross margin erosion resulting from increased product costs and lower royalty income. At the end of the third quarter, Ben Sherman operated 13 full-price retail stores, including six in the United Kingdom, five in the United States and two in Germany. Ben Sherman also operated four outlet stores in the United Kingdom and one in the Netherlands.
Net sales for Lanier Clothes were $33.1 million in the third quarter of fiscal 2011 compared to $30.8 million in the third quarter of fiscal 2010. Operating income in the third quarter of fiscal 2011 was $4.3 million compared to operating income of $5.3 million in the third quarter of fiscal 2010, with the decrease primarily due to the impact of gross margin pressures and higher SG&A.
Corporate and Other reported an operating loss of $2.1 million for the third quarter of fiscal 2011 compared to an operating loss of $4.0 million in the third quarter of fiscal 2010. The improved results were primarily due to lower incentive and stock compensation costs and income from transition service fees, which were partially offset by the net impact of LIFO accounting.
The lower incentive compensation cost was due to a shift in earnings distribution among quarters as a result of the acquisition of Lilly Pulitzer and the disposal of the Oxford Apparel Group. Total incentive compensation cost for fiscal 2011 is expected to be relatively flat with last year.
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Oxford Industries Inc
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