Oxford reports second quarter sales just shy of guidance
Oxford follows its favorable first quarter performance with a soft second quarter performance that just missed its consolidated net sales guidance.
Net sales in the quarter increased 1% to $284.7 million, just shy of Oxford’s second quarter guidance range of $285 million to $295 million. The sales performance included a 1.9% increase from Tommy Bahama and a 2.6% increase from Southern Tide. Consolidated net sales from Lilly Pulitzer and Lanier Apparel offset the performance with 0.4% and 8.7% decreases, respectively.
“We are pleased with our second quarter results, particularly for Tommy Bahama, and in the health of each our brands,” said Chairman and CEO Thomas C. Chubb III.
“Our dynamic portfolio of strong lifestyle brands continues to differentiate our business and fuel our success in a highly competitive and rapidly evolving consumer marketplace. The value our brands deliver to customers as well as our continued focus on execution gives us confidence in our ability to achieve our full-year financial, operational and strategic objectives.”
Oxford also in the second quarter acquired the In the Pink and Pink Palm licensed Lilly Pulitzer stores, which will help the brand leverage its position as a resort lifestyle brand.
The company issued its outlook for the third quarter and expects net sales to range from $240 million to $250 million.
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