Home / Knowledge / News / Apparel/Garments / Lanier Clothes reports breakeven operating results
Lanier Clothes reports breakeven operating results
11
Jun '08
Oxford Industries Inc announced financial results for its fiscal 2008 first quarter ended May 3, 2008. Consolidated net sales were $272.9 million in the first quarter compared to $292.4 million in the same period of the prior year, which was the three months ended May 4, 2007.

Diluted net earnings per common share were $0.59 in the first quarter compared to $0.95 in the same period of the prior year and were in line with the Company's previously issued guidance range of $0.55 to $0.60.

J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford Industries Inc, commented, "Our first quarter results were consistent with our expectations and, importantly, we were able to exert careful control over our inventory levels during the quarter.

In the quarter, we had strong cash flow from operating activities, inventories were down 17% from last year and we experienced a slight uptick in our overall gross margins. As a result, total debt was reduced by $33 million during the quarter."

Mr. Lanier continued, "Unfortunately, as our guidance revision reflects, the external environment has become increasingly challenging. We believe that it is prudent to assume that we will see continued deterioration in sales in our company-owned retail stores as well as in our wholesale business. We will continue to manage our business conservatively with regard to inventory and are reducing expenses across the organization."

Tommy Bahama reported net sales of $129.3 million for the first quarter compared to $131.8 million in the same period of the prior year. The slight sales decrease was driven by softness in both wholesale sales and company-owned retail stores.

Tommy Bahama's operating income for the first quarter was $19.5 million compared to $26.5 million in the same period of the prior year. While gross margins remained strong, the impact of lower sales and increased marketing expenses were the primary factors in the reduction in operating income.

Click here to view more:

Oxford Industries Inc


Must ReadView All

Textiles | On 23rd Sep 2017

SIMA urges Centre to re-look duty drawback rates

he Southern India Mills’ Association (SIMA) has appealed to the...

Textiles | On 23rd Sep 2017

Pakistan’s textile exports up 5.81% in July-August 2017

The value of textile and garment exports from Pakistan increased by...

Apparel/Garments | On 22nd Sep 2017

Govt announces new duty drawback rates for garments

The Government of India has today announced the new duty drawback...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Victor Chao
Esmetex

‘In future, clothing boundary lines will become increasingly blurred.’

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search