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Apparel maker Oxford Industries profit drops in Q3
22 Dec '08
5 min read
Ben Sherman reported net sales of $38.2 million for the third quarter of fiscal 2008 compared to $46.7 million in the same period of the prior year due to lower sales in the United Kingdom. UK sales declined primarily due to the exit from certain lower tier customer accounts that were still active last year, a difficult current economic environment and the impact of a 12% decrease in the value of the British pound versus the U.S. dollar compared to the year-ago quarter.
The decline was partially offset by increased sales in other markets. Ben Sherman reported operating income of $3.2 million in the third quarter of fiscal 2008 compared to operating income of $5.6 million in the same period of the prior year. The decrease in operating income was primarily due to the lower sales and lower royalty income, partially offset by reductions in overhead costs.
Net sales for Lanier Clothes were $44.3 million in the third quarter of fiscal 2008 compared to $52.9 million reported in the same period of the prior year due primarily to the winding down of the Oscar de la Renta and Nautica licensed businesses, the restructuring of the Arnold Brant business and the impact of weak demand in the tailored clothing market. Lanier Clothes reported operating income of $4.5 million in the third quarter of fiscal 2008 compared to $2.6 million of operating income in the same period of the prior year. The increase in operating income was the result of reductions in SG&A expenses.
Oxford Apparel reported net sales of $78.1 million for the third quarter of fiscal 2008 compared to $83.3 million in the same period of the prior year. This anticipated decrease in net sales resulted from the Company's strategy to focus on key product categories and exit underperforming lines of business. Operating income for Oxford Apparel was $7.3 million for the third quarter of fiscal 2008 compared to $7.4 million in the same period of the prior year.
The impact of the lower sales was offset by a significant reduction in SG&A expenses during the third quarter of fiscal 2008. The same period of the prior year included charges totaling $1.0 million associated with the sale of Oxford Apparel's last owned manufacturing facility.
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The decline was partially offset by increased sales in other markets. Ben Sherman reported operating income of $3.2 million in the third quarter of fiscal 2008 compared to operating income of $5.6 million in the same period of the prior year. The decrease in operating income was primarily due to the lower sales and lower royalty income, partially offset by reductions in overhead costs.
Net sales for Lanier Clothes were $44.3 million in the third quarter of fiscal 2008 compared to $52.9 million reported in the same period of the prior year due primarily to the winding down of the Oscar de la Renta and Nautica licensed businesses, the restructuring of the Arnold Brant business and the impact of weak demand in the tailored clothing market. Lanier Clothes reported operating income of $4.5 million in the third quarter of fiscal 2008 compared to $2.6 million of operating income in the same period of the prior year. The increase in operating income was the result of reductions in SG&A expenses.
Oxford Apparel reported net sales of $78.1 million for the third quarter of fiscal 2008 compared to $83.3 million in the same period of the prior year. This anticipated decrease in net sales resulted from the Company's strategy to focus on key product categories and exit underperforming lines of business. Operating income for Oxford Apparel was $7.3 million for the third quarter of fiscal 2008 compared to $7.4 million in the same period of the prior year.
The impact of the lower sales was offset by a significant reduction in SG&A expenses during the third quarter of fiscal 2008. The same period of the prior year included charges totaling $1.0 million associated with the sale of Oxford Apparel's last owned manufacturing facility.
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Oxford Industries Inc
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