Oxford exceeds expectations for Q1 2015

By

Obi Anyanwu

Published
Jun 10, 2015

Global apparel company, Oxford Industries, Inc. on Wednesday announced its financial results for its first quarter of 2015, ended on May 2nd. The company’s sales increased overall, especially for its premier brands, Tommy Bahama and Lilly Pulitzer.

 Consolidated net sales increased to $260.4 million, up 7% from $242.6 million in the previous year’s first quarter. Tommy Bahama, which operates 156 stores—100 full-price stores, 15 restaurant-retail locations and 41 outlets—reported sales of $172.7 million. Lilly Pulitzer had an increase in net sales of 17% to $59 million. Lanier Clothes had a decrease in sales to $26.2 million from $28.7 million, and had a lower operating income of $2.1 million compared to $2.7 million in the previous year. Adjusted gross profit also increased to $154.1 million from $140.5 million.
 
Thomas C. Chubb III, CEO and President, commented, "We are delighted with our results as the strength exhibited by our brands in the fourth quarter continued into the first quarter of fiscal 2015. We exceeded our forecast, led by a superb performance from Lilly Pulitzer and solid top-line growth in our direct to consumer business at Tommy Bahama. We continue to support growth at both Tommy Bahama and Lilly Pulitzer as we make significant investments in these two terrific businesses. This, we believe, is key to delivering long-term value to our shareholders."

Oxford expects its second quarter net sales to range from $245 million and $255 million, and increased its net sales expectations for the year to range from $970 million and $985 million.