Home / Knowledge / News / Apparel/Garments / Another very solid quarter from Lanier Clothes

Another very solid quarter from Lanier Clothes

09
Dec '10
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.

Click here for more details

Oxford Industries Inc


Must ReadView All

Pic: Shutterstock

Textiles | On 22nd Feb 2020

Pharr sells Pharr High Performance to Coats Group

Pharr, a provider of differentiated textile products and assorted...

Pic: Shutterstock

Textiles | On 22nd Feb 2020

TOAI highlights importance of textiles in auto industry

The first edition of the conference 'Textile Opportunities in a...

Pic: Shutterstock

Textiles | On 22nd Feb 2020

Cocona's 37.5 fibres to have new biodegradable additive

All of the 37.5 staple fibres and filament yarns by Cocona, will now...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal, Madhuram Fincap Pvt Ltd

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Md Hanifur Rahman, Aman Group

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Veronique Lee, Modavanti

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Manoj Sorathiya,

Manoj Sorathiya

Surat-based Sunrise Imports & Exports Co is a manufacturer and...

Vikas Banduke,

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Urs Stalder, Sanitized AG

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Robert Brookins, Alexium International

Robert Brookins
Alexium International

Alexium International is a specialty chemical development company...

Sweta Tantia, Tahweave & Garo

Sweta Tantia
Tahweave & Garo

Designer Sweta Tantia owns Garo, a couture indutva or ethnicwear brand,...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

Leave your Comments


February 2020

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


Advanced Search