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Ecommerce drives Q3FY'12 sales at Oxford Industries
Dec '12
Oxford Industries, Inc. announced financial results for its fiscal 2012 third quarter, which ended October 27, 2012. Consolidated net sales increased 7% to $181.4 million in the third quarter of fiscal 2012. On an adjusted basis, earnings per share increased 19% to $0.19 compared to $0.16 in the third quarter of fiscal 2011. Adjusted earnings per share exclude charges related to repurchases of senior secured notes, a change in the fair value of contingent consideration and LIFO accounting adjustments.

On a U.S. GAAP basis, earnings per share were $0.18 in the third quarter of fiscal 2012 compared to $0.10 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 of Oxford Industries, Inc., commented,  "Our growth continues to be driven by strong sales increases at Tommy Bahama and Lilly Pulitzer and we are  pleased that early holiday results at both of these brands have been strong."

Mr. Lanier continued, "Despite the good performances of these businesses, our overall results for the third quarter were negatively impacted by Ben Sherman's disappointing performance, which has continued into the fourth quarter. We also are experiencing a fourth-quarter impact from Hurricane Sandy, which delayed the opening of our high-profile Tommy Bahama bar and restaurant in New York and affected 24 of our other stores to varying degrees. Additionally, we have experienced delayed openings for our Hong Kong and Chicago stores."

Mr. Lanier concluded, "While we have moderated our near-term guidance as a result of these factors, we remain confident and well-positioned for growth. We will continue to make significant strategic investments in Tommy Bahama and Lilly Pulitzer, each an outstanding brand, and are moving quickly to address the issues with Ben Sherman's performance. We remain focused, across our organization, on growth, efficiency and creating value for our shareholders."

Operating Results 

Tommy Bahama reported net sales for the third quarter of fiscal 2012 of $103.2 million compared to $92.5 million in the third quarter of fiscal 2011. The 12% increase in net sales was attributable to increases in all channels of distribution, with e-commerce delivering the highest percentage gains. At the end of the third quarter, Tommy Bahama operated 110 retail stores, which includes seven international stores. This compares to 94 retail stores on October 29, 2011. 

Tommy Bahama's operating income for the third quarter of fiscal 2012 was $3.4 million compared to $4.6 million in the third quarter of fiscal 2011. The benefit of higher sales was offset by the planned $5.1 million of SG&A related to Tommy Bahama's international expansion and pre-opening expenses for the New York store. This compares to $1.2 million of SG&A related to international expansion in the third quarter of fiscal 2011.

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