Oxford Industries sales soar 24% in 2022

Oxford Industries, a clothing company and owner of Tommy Bahama, Lilly Pulitzer, and Johnny Was, has reported consolidated net sales growth of 24 per cent to $1.41 billion in fiscal 2022, which included net sales of $73 million for Johnny Was. The consolidated net sales in the fourth quarter saw a 28% increase over last year to $382 million, including net sales for Johnny Was of $50 million.

The company's full-price DTC sales in 2022 grew 24% to $898 million, including $56 million of DTC sales in Johnny Was. For the fourth quarter, full-price DTC sales were $258 million in fiscal 2022, including Johnny Was net sales of $38 million and an 8 per cent year-on-year aggregate increase in full-price DTC sales in Tommy Bahama, Lilly Pulitzer and Emerging Brands, compared to $203 million in the fourth quarter, Oxford Industries said in a press release.

Full-price retail sales increased by 26% for 2022 and 23% for the fourth quarter with full-price retail sales in Tommy Bahama, Lilly Pulitzer, and Emerging Brands growing 19% for the year and 7% for the quarter. Full-price e-commerce sales grew by 22% to $412 million in 2022 and 31% for the fourth quarter.

Lilly Pulitzer flash sales contributed $54 million for 2022 and $18 million for the fourth quarter. Furthermore, the company’s outlet sales saw a 16% and 10% increase for the year and the quarter, respectively. Wholesale sales increased by 22% for the year and 44% for the quarter.

“I am extremely proud of our team for delivering record results for both the fourth quarter and full year. Our strategy of creating aspirational lifestyles through compelling product collections, inspiring advertising campaigns and uplifting shopping experiences is resonating with customers across our powerful portfolio of leading brands," said Tom Chubb, chairman and CEO.

"Fiscal 2022 was highlighted by robust organic growth in all brands and all channels of distribution with sales in Tommy Bahama, our largest brand, up 22%, Lilly Pulitzer up 13% and the Emerging Brands Group up 29%. Our performance also benefited from Johnny Was, a fantastic brand and business we added to our portfolio in the third quarter. The combination of our top-line performance, meaningful gross margin expansion and expense leverage fuelled a 36 per cent YoY increase in adjusted earnings per share to a record $10.88."

For fiscal 2023, the company expects net sales in a range of $1.62 billion to $1.66 billion as compared to net sales of $1.41 billion in 2022. GAAP EPS is expected to be between $10.86 and $11.26 in 2023.