Lilly Pulitzer leads strong Q4 and full year results for Oxford Industries
Oxford Industries, Inc. announced Wednesday its financial results for the fourth quarter and 2015 fiscal year ended January 30, 2016. The company bounced back from a weak third quarter to finish the year strong.
Fourth quarter net sales increased to $259.6 million from $249 million in the previous year. Adjusted earnings from continuing operations for the quarter were $1.09 per diluted share compared to $1.08 in the previous year. Tommy Bahama and Lilly Pulitzer had a mid-single digit percentage growth that was offset by a $2.8 million sales decrease at Lanier Apparel.
Full year net sales increased 5% to $969.3 million from $920.3 million, and the adjusted earnings from continuing operations increased 5% to $3.64 per diluted share versus $3.46 in the previous year. Tommy Bahama sales increased 5% to $658.5 million, with a comparable store sales increase of 3%. Lilly Pulitzer posted a huge 22% increase in sales to $204.6 million with increases in all channels of distribution and comparable store sales increase of 27%. Lanier Apparel sales decreased as expected to $105.1 million from $126.4 million in the previous year.
Thomas C. Chubb III, Chairman and Chief Executive Officer, commented, "2015 was a good year for Oxford with net sales and earnings both growing by 5% over last year. While both of our principal brands, Tommy Bahama and Lilly Pulitzer, made positive contributions to our results, 2015 was nothing less than a stellar year for Lilly Pulitzer. Lilly's resort chic brand message supported by beautiful, differentiated product, our flexible omni-channel distribution network, and innovative, on-brand communication and marketing drove a comparable store sales increase of 27%, a 22% increase in revenue and an increase in Lilly's operating margin to almost 21%."
Chubb added that the company believes that Tommy Bahama and Lilly Pulitzer perform well because of the emotional connections they have with the customer.
The company expects net sales for the first quarter to range between $265 million and $275 million and for full year net sales to range between $1.02 billion and $1.04 billion.
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