Oxford Industries results down for the third quarter

By

Obi Anyanwu

Published
Dec 9, 2015

Oxford Industries, Inc. on Tuesday released its financial results for the third quarter of fiscal 2015 ended on October 31, 2015. Lilly Pulitzer posted solid numbers for the quarter, but it could not save the company’s overall results.

Consolidated net sales were $198.6 million compared to $201.2 million in the previous year’s third quarter. Lilly Pulitzer reported a 22% sales increase to $8.0 million including a 27% comparable store sales increase, but that was offset by a $9.7 million sales decrease at Lanier Clothes and a 1% sales decline at Tommy Bahama.
 
Gross profit for the quarter was $107.9 million compared to $103.9 million in the previous year’s third quarter, and royalties and other income increased slightly to $3.6 million from $3.5 million.

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Despite the drop in sales numbers, the company is very pleased with their third quarter performance. Thomas C. Chubb III, Chairman and Chief Executive Officer, commented, "In the context of the difficult environment, as well as the seasonality of our brands, we are generally pleased with our third quarter results. Our bottom line came in at the top end of our guidance range, we finished the quarter with inventories in excellent shape, and once again, Lilly Pulitzer delivered an outstanding performance."
 
Numbers for the first nine months of the year have been very positive. Consolidated net sales increased 6% to $709.7 million from $671.3 million, and adjusted earnings from continuing operations increased 7% to $2.55 per diluted share compared to $2.39 in the prior year period.

For fiscal 2015, the company expects net sales to be in the range of $970 million to $985 million.