FY'12 net sales up 26% at Oxford Industries
Oxford Industries Inc. announced financial results for its fourth quarter and 2011 fiscal year ended January 28, 2012. Consolidated net sales rose 27% to $199.7 million in the fourth quarter of fiscal 2011 compared to $157.7 million in the fourth quarter of fiscal 2010, which ended January 29, 2011.
On an adjusted basis, earnings per diluted share from continuing operations for the quarter were $0.61 compared to $0.32 in the same period last year. The Company noted that only six weeks of operating results for Lilly Pulitzer, which was acquired in December 2010, are included in the Company's prior year results.
For fiscal 2011, consolidated net sales rose 26% to $758.9 million from $603.9 million in fiscal 2010. On an adjusted basis, earnings per diluted share from continuing operations were $2.41 for the 2011 fiscal year compared to $1.26 in the prior year.
On a U.S. GAAP basis, earnings per diluted share from continuing operations were $0.43 in the fourth quarter of fiscal 2011 compared to $0.10 in the same period of the prior year. For the full year, on a U.S. GAAP basis, earnings per diluted share from continuing operations increased to $1.77 from $0.98 in the prior year.
J. Hicks Lanier, Chairman and CEO of Oxford Industries, Inc. commented, “We were delighted with very strong fourth quarter results that capped an excellent performance for fiscal 2011. In particular, our Tommy Bahama and Lilly Pulitzer businesses continued the strength they had shown throughout the year in retail and e-commerce and carried it through the holiday season and into January.”
Mr. Lanier continued, “Looking ahead, the strength demonstrated by Tommy Bahama and Lilly Pulitzer gives us the confidence to make significant investments in their longterm growth. In Tommy Bahama, we expect to add 10 -12 domestic stores this year including a retail store, bar and restaurant location on Fifth Avenue in New York and a store at a premier location on Michigan Avenue in Chicago.”
“We will also begin opening company-owned stores in Asia with Macau and Singapore already slated for this year and a retail store, bar and restaurant location in the Ginza district of Tokyo scheduled to open in early 2013. We are continuing to look for other locations for Tommy Bahama in key Asian markets. In February, Lilly opened its first store since we acquired the business, at SouthPark Mall in Charlotte.”
“Phipps Plaza in Atlanta is scheduled to open later this spring and we hope to secure one or two other Lilly locations this year. In addition, we will continue to make the necessary investments to fuel continued growth in e-commerce for both Tommy and Lilly. We believe these investments will support the long-term growth of our company and help generate strong returns for our shareholders.”
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Oxford Industries Inc