Tommy Bahama hinders Oxford Industries growth
Oxford Industries reported on Thursday its full year financial results that met its fiscal year net sales guidance and missed its GAAP earnings per share and adjusted earnings guidance ranges.
A strong performance from Lilly Pulitzer contributed to the company’s positive sales results, but it was greatly hindered by Tommy Bahama and Lanier Apparel. Tommy Bahama, in particular, affected several figures due to store closures and severance charges.
Full year net sales increased 6% to $1.023 billion, gross profit increased to $582.8 million, and operating income fell to $14.2 million from $14.4 million in the prior year.
Lilly Pulitzer sales increased 14% in the fiscal year to $233.3 million and Southern Tide contributed $27.4 million to the full year sales, while Tommy Bahama was flat at $658.9 million and Lanier Apparel decreased 4.1% to $100.8 million.
Tommy Bahama and Lanier Apparel performed poorer in the fourth quarter, posting decreases of 5% and 26.2%, respectively, but were offset by a 26% sales increase from Lilly Pulitzer and $8.2 million from Southern Tide.
Fourth quarter net sales and gross profit both increased slightly to $261 million and $146.7 million, respectively, and operating income dropped 31.4% to $19.5 million.
In addition, full year GAAP earnings per share from continuing operations missed expectations at $3.27, and the adjusted earnings per share also missed operations at $3.30. Fourth quarter GAAP earnings per share were $0.72 compared to $1.06 per share in the previous fourth quarter, and adjusted earnings per share were $0.63 versus $1.09 in the prior year.
Oxford expects its full year net sales to range from $1.08 billion to $1.10 billion and the GAAP earnings per share to be between $3.41 and $3.61. The company also expects to open the year with first quarter net sales between $270 million and $280 million and GAAP earnings per share ranging from $0.98 to $1.08.
Copyright © 2022 FashionNetwork.com All rights reserved.