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Oxford Chief pleased with outstanding performance of D2C biz
08 Jun '11
5 min read
Lilly Pulitzer's first quarter of fiscal 2011 results were very strong, with sales of $29.9 million and operating income of $7.0 million. Lilly Pulitzer's first quarter of fiscal 2011 reflected increased sales in all channels of distribution including wholesale, retail and e-commerce. Operating income was negatively impacted by purchase accounting charges, including a $1.0 million charge to cost of goods sold resulting from the write-up of acquired inventory and a $0.6 million charge related to the change in the fair value of contingent consideration.
Ben Sherman reported net sales of $19.4 million for the first quarter of fiscal 2011 compared to $22.2 million in the first quarter of 2010. The decrease in sales was primarily due to reduced sales to certain moderate department stores in the first quarter of fiscal 2011. Additionally, the first quarter of fiscal 2010 included $1.6 million of sales related to the previously exited women's and footwear businesses with no such sales in the first quarter of fiscal 2011.
These factors were partially offset by a 5.2% increase in the average exchange rate of the British pound sterling versus the United States dollar. Ben Sherman reported an operating loss of $0.8 million in the first quarter compared to operating income of $0.5 million in the first quarter of 2010. The operating loss was primarily the result of decreased sales, which had a deleveraging effect on the existing cost structure.
Net sales for Lanier Clothes were $33.0 million in the first quarter of fiscal 2011 compared to $30.4 million in the first quarter of fiscal 2010. The increase in sales was due to increases in the branded businesses, partially offset by decreases in private label sales. For the quarter, Lanier Clothes reported operating income of $4.7 million compared to operating income of $4.4 million in the first quarter of fiscal 2010. The increase in operating income was primarily due to the increase in sales.
The Corporate and Other operating loss for the first quarter of fiscal 2010 was $4.0 million compared to an operating loss of $7.8 million in the first quarter of fiscal 2010. The first quarter of fiscal 2011 included a LIFO accounting credit of $0.6 million compared to a LIFO accounting charge of $0.7 million in the first quarter of fiscal 2010. The first quarter of fiscal 2011 benefitted from decreased employment costs and the inclusion of transition services income related to the Company's former Oxford Apparel Group.
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Ben Sherman reported net sales of $19.4 million for the first quarter of fiscal 2011 compared to $22.2 million in the first quarter of 2010. The decrease in sales was primarily due to reduced sales to certain moderate department stores in the first quarter of fiscal 2011. Additionally, the first quarter of fiscal 2010 included $1.6 million of sales related to the previously exited women's and footwear businesses with no such sales in the first quarter of fiscal 2011.
These factors were partially offset by a 5.2% increase in the average exchange rate of the British pound sterling versus the United States dollar. Ben Sherman reported an operating loss of $0.8 million in the first quarter compared to operating income of $0.5 million in the first quarter of 2010. The operating loss was primarily the result of decreased sales, which had a deleveraging effect on the existing cost structure.
Net sales for Lanier Clothes were $33.0 million in the first quarter of fiscal 2011 compared to $30.4 million in the first quarter of fiscal 2010. The increase in sales was due to increases in the branded businesses, partially offset by decreases in private label sales. For the quarter, Lanier Clothes reported operating income of $4.7 million compared to operating income of $4.4 million in the first quarter of fiscal 2010. The increase in operating income was primarily due to the increase in sales.
The Corporate and Other operating loss for the first quarter of fiscal 2010 was $4.0 million compared to an operating loss of $7.8 million in the first quarter of fiscal 2010. The first quarter of fiscal 2011 included a LIFO accounting credit of $0.6 million compared to a LIFO accounting charge of $0.7 million in the first quarter of fiscal 2010. The first quarter of fiscal 2011 benefitted from decreased employment costs and the inclusion of transition services income related to the Company's former Oxford Apparel Group.
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Oxford Industries Inc
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