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Oxford Industries announces Q2 sales results
10
Jan '08
Oxford Industries Inc announced financial results for its fiscal quarter ended November 30, 2007, the second quarter of its eight month transition period ending February 2, 2008. Consolidated net sales for the fiscal quarter increased to $294.5 million from $291.0 million in the second quarter of fiscal 2007, which ended December 1, 2006.

Diluted earnings from continuing operations per common share for the quarter ended November 30, 2007 were $0.71 compared to $0.68 in the second quarter of fiscal 2007.

For the first six months of the eight month transition period ending February 2, 2008, consolidated net sales decreased to $532.4 million from $575.1 million in the same six month period last year. Diluted earnings from continuing operations per common share in the first six months decreased to $0.98 from $1.31 in the same period last year.

“We are pleased to deliver results from operations that exceeded last year's second quarter and were in line with our expectations,” commented J. Hicks Lanier, Chairman and CEO of Oxford Industries, Inc. “However, the holiday season has been challenging for our industry and in our retail stores. At present, we expect these conditions to persist and, as a result, we are planning conservatively and managing inventory risk prudently.”

Mr. Lanier added, “Our long-term strategy remains unchanged. We will continue to invest in the Tommy Bahama and Ben Sherman brands with additional retail stores, direct to consumer expansion, and enhancements to our infrastructure to support long-term growth in our international business.”

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