- Top-line Growth Continues at Tommy Bahama and Lilly Pulitzer -
- First Quarter EPS of $0.82; Top End of Guidance -
- Expects Q2 EPS of $0.92 - $1.02 Compared to Adjusted EPS of $0.65 and GAAP EPS of $0.30 Last Year -
- Reaffirms Full Year EPS Guidance of $3.00 - $3.15 -
Consolidated net sales were $234.2 million compared to $231.0 million in the first quarter of fiscal 2012. Earnings per share were $0.82 in the first quarter of fiscal 2013, at the top end of previously issued guidance and as compared to $1.09 in the same period of the prior year.
Thomas C. Chubb III, CEO and President, commented, "We are pleased with what we accomplished in the first quarter of fiscal 2013. We delivered excellent financial results driven by strength at Tommy Bahama and Lilly Pulitzer.
"In addition, our commitment to growing long-term shareholder value is evident in the continuing investment we are making in these two businesses. We continue to make significant capital and operating expense investments in these businesses and believe that they will pay off by supporting sustained, profitable growth.
"During the quarter we made steady progress with respect to Tommy Bahama's Asia-Pacific store roll-out with the opening of our first two stores in Japan. In addition, early in the second quarter we expanded our presence in North America with the acquisition of nine stores in Canada, previously operated by a licensee. Combined with a good pace of new Lilly Pulitzer store openings, we are looking forward to leveraging a significant increase in our overall retail presence.
Mr. Chubb continued, "The balance of our business is performing to plan. Our Lanier Clothes division is continuing to generate strong levels of free cash flow and demonstrate stability in the challenging tailored clothing market.
"With respect to Ben Sherman, we have realigned the leadership team and are pleased with the progress they are making on cost control as well as on the quality of our assortments and distribution. We remain optimistic that the actions taken will result in tangible improvements in the second half of fiscal 2013.
Mr. Chubb concluded, "We are excited by the strong start to fiscal 2013 and believe that we have an excellent opportunity to drive our growth, increase our profitability and, in the process, build an enduring business that will generate significant value for our shareholders."
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