Ben Sherman makes progress
Can Ben Sherman see the light at the end of the tunnel? After several seasons of declines, the US-based brand owned by Oxford Industries has seen its net sales rise again.
At 14.5 million euros (about 19 million dollars), the brand has recorded a nearly 15% increase in its turnover for Q2 as compared to last year. During the same period in 2013, sales declined by 19%.
First-half sales were up by almost 19% to 26 million euros. While the rise is primarily due to a favorable exchange rate, it is also due in part to the strong performance of its stores.
In terms of profitability, its operating loss, which amounted to 6.7 million euros last year, stabilized at 6 million for the half. The brand benefited from stronger sales in its store network and an improved gross margin.
Overall, the group saw its sales reach 390 million during the period, up 7% from last year. Its operating profit, meanwhile, approached 43 million euros. In terms of net sales, Tommy Bahama generated 244 million euros, Lilly Pulitzer 75 million, Lanier Clothes 39 million and its remaining business 5 million.
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