Tommy Bahama & Lilly Pulitzer push Oxford Industries sales
06 Jun '12
2 min read
Oxford Industries Inc. announced financial results for its fiscal 2012 first quarter ended April 28, 2012. Consolidated net sales rose 11% to $231.0 million compared to $208.3 million in the first quarter of fiscal 2011.
On an adjusted basis, earnings per diluted share from continuing operations increased 5% to $1.12 from $1.07 in the first quarter of fiscal 2011. On a U.S. GAAP basis, earnings per diluted share from continuing operations were $1.09 in the first quarter of fiscal 2012 compared to $1.03 in the same period of the prior year.
For reference, tables reconciling U.S. GAAP to adjusted measures are included at the end of this release.
"We are pleased to report excellent first quarter results driven, in particular, by strength in our direct to consumer businesses at Tommy Bahama and Lilly Pulitzer. Perhaps even more significant to our long-term growth strategy were some key store openings that happened during the first quarter.
“Notably, Lilly Pulitzer opened its first new company-owned store since we acquired them with a store in Charlotte and Tommy Bahama opened its first company-owned international store with an opening in Macau," commented J. Hicks Lanier, Chairman and Chief Executive Officer of Oxford Industries, Inc.
"Our retail expansion has continued in May with the opening of a Lilly Pulitzer store in Atlanta and a Tommy Bahama store in Singapore. In the next twelve months, Tommy Bahama expects to open, among other locations, high profile stores in New York on Fifth Avenue, Chicago on Michigan Avenue, Hong Kong and the Ginza district of Tokyo . Lilly Pulitzer is slated to open one more store this year and is working on securing leases for additional retail locations."
Mr. Lanier continued, "Continued growth in our direct to consumer business and development of an international business are two critical elements of our strategy to drive long term profitable growth. We are delighted with the progress we are making on both fronts and believe it bodes well for our future prospects."
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