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Another very solid quarter from Lanier Clothes
09 Dec '10
2 min read
Oxford Industries Inc announced financial results for its fiscal 2010 third quarter, which ended October 30, 2010. Consolidated net sales and earnings were consistent with estimates reported on November 22, 2010. Diluted net earnings per share were $0.33 compared to $0.26 in the third quarter of fiscal 2009.
J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford Industries, Inc., commented, "We are pleased with our third quarter results, particularly the strong top and bottom line performance from our Tommy Bahama Group and another very solid quarter from Lanier Clothes, as well as the year to date improvement at Ben Sherman. Based on the momentum we carried from the third quarter into November, as well as holiday selling results to date in both our stores and e-commerce, we are expecting a significant increase in earnings for the fourth quarter and the year."
On November 22, 2010, the Company announced that it has signed a definitive agreement to sell substantially all of Oxford Apparel, one of its operating groups, to LF USA, a subsidiary of Hong Kong-based Li & Fung Limited, for $121.7 million. The transaction, which is structured as an asset sale, is expected to close by the end of the calendar year and is subject to customary closing conditions. The Company expects to report a gain of approximately $2.80 per diluted share on the sale and expects the net cash proceeds to approximate $90 million. The Company's Oxford Golf business and a distribution center in Lyons, GA, which are a part of Oxford Apparel, are not included in the transaction and will continue to be operated by the Company.
As a result of the planned disposal of the assets and operations of the Oxford Apparel Group, the results of operations for Oxford Apparel other than the operations relating to the Oxford Golf business and the Lyons, Georgia distribution center, have been classified as discontinued operations for all periods presented. The Company noted that the third quarter results for the discontinued operations reflect $64.9 million of sales and $0.26 of diluted earnings per share. For the third quarter, sales from continuing operations were $139.6 million and diluted earnings from continuing operations were $0.08 per share.
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J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford Industries, Inc., commented, "We are pleased with our third quarter results, particularly the strong top and bottom line performance from our Tommy Bahama Group and another very solid quarter from Lanier Clothes, as well as the year to date improvement at Ben Sherman. Based on the momentum we carried from the third quarter into November, as well as holiday selling results to date in both our stores and e-commerce, we are expecting a significant increase in earnings for the fourth quarter and the year."
On November 22, 2010, the Company announced that it has signed a definitive agreement to sell substantially all of Oxford Apparel, one of its operating groups, to LF USA, a subsidiary of Hong Kong-based Li & Fung Limited, for $121.7 million. The transaction, which is structured as an asset sale, is expected to close by the end of the calendar year and is subject to customary closing conditions. The Company expects to report a gain of approximately $2.80 per diluted share on the sale and expects the net cash proceeds to approximate $90 million. The Company's Oxford Golf business and a distribution center in Lyons, GA, which are a part of Oxford Apparel, are not included in the transaction and will continue to be operated by the Company.
As a result of the planned disposal of the assets and operations of the Oxford Apparel Group, the results of operations for Oxford Apparel other than the operations relating to the Oxford Golf business and the Lyons, Georgia distribution center, have been classified as discontinued operations for all periods presented. The Company noted that the third quarter results for the discontinued operations reflect $64.9 million of sales and $0.26 of diluted earnings per share. For the third quarter, sales from continuing operations were $139.6 million and diluted earnings from continuing operations were $0.08 per share.
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Oxford Industries Inc
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