Oxford Industries second-quarter comps lift on Lilly Pulitzer
Oxford Industries said on Thursday that consolidated net sales in the second quarter of fiscal 2018 increased 6% to $302.6 million, with increases across its Tommy Bahama, Lilly Pulitzer and Southern Tide brands.
The Atlanta, Georgia-based Oxford said comparable sales for the three months ending August 4 shot forward 7%, helped by the incremental sales associated with additional stores added to its Lilly Pulitzer folio.
Net earnings were $1.61 per share in the second quarter, compared to $1.36 in the same period last year. On an adjusted basis, earnings were $1.83 per share, up from $1.44 in the second quarter of fiscal 2017.
The company added that it incurred $3.7 million, or $0.19 per share, of charges related to the restructuring and downsizing of Tommy Bahama’s operations in Japan, which included the pending closure of its Tommy Bahama Ginza flagship retail-restaurant location.
The company’s selling, general and administrative expenses for the quarter rose to $146.3 million from $132.9 million, again thanks to a rollout out of Lilly Pulitzer stores, which has ten more on last year.
“We continue to invest in our business to ensure that we reach and delight our customers by having both a strong digital and strong physical presence that are woven together to provide a seamless omnichannel experience," said Thomas C. Chubb III, Chairman and CEO.
"We are achieving this by executing our multi-year IT infrastructure projects, continuing to open beautiful stores and restaurants in iconic locations and supporting all our channels with increased investments in marketing."
For the third quarter, Oxford expects increases in direct to consumer sales and reductions in wholesale sales. Net sales are expected to be in a range from $235 million to $245 million.
Net earnings per share are expected to be in a range of $0.07 to $0.17 in the third quarter, it said.
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