Oxford Industries announces Q2 sales results

10 Jan '08

3 min read

“We remain focused on refining our operations and reducing our exposure to low-margined businesses, and remain committed to developing our portfolio of branded businesses. We are committed to providing value to shareholders and, among our other efforts, are pleased to have had the opportunity during the second quarter to enter into a $60 million accelerated share repurchase program.”

Tommy Bahama reported a net sales increase of 2.3% to $110.3 million for the second quarter of transition period 2008 from $107.8 million in the second quarter of fiscal 2007. The sales increase was driven by additional retail stores and the launch of the e-commerce site. Tommy Bahama's operating income for the second quarter of transition period 2008 increased to $14.3 million from $13.9 million in the second quarter of fiscal 2007.

The increase in operating income was due to increased sales and an increase in royalty income, partially offset by higher selling, general and administrative expenses associated with operating additional retail stores.

Ben Sherman reported a net sales increase of 4.0% to $45.6 million for the second quarter of transition period 2008 compared to $43.8 million in the second quarter of fiscal 2007 due primarily to favorable foreign currency exchange translation rates.

Operating income for Ben Sherman increased to $5.8 million in the second quarter of transition period 2008 from $4.7 million in the second quarter of fiscal 2007. The improvement in operating income was primarily due to increased royalty income for the brand.

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