Oxford Industries Q1 earnings rise 15 percent

REPORT_ Oxford Industries has announced that its consolidated net sales increased 10 percent to 257.6 million dollars compared to 234.2 million

dollars in the first quarter of fiscal 2013. On an adjusted basis, earnings grew 15 percent to 0.94 dollars per share in the first quarter of fiscal 2014 compared to 0.82 dollars in the first quarter of fiscal 2013. On a GAAP basis, earnings grew to 0.91 dollars per share compared to 0.82 dollars in the same period of the prior year.

Commenting on the results, Thomas C. Chubb III, CEO and President, said, “We were quite pleased with our first quarter results. In particular, Lilly Pulitzer's remarkable performance has continued with product assortments and a marketing campaign that are clearly resonating with consumers. Tommy Bahama, while impacted by lower traffic early in the quarter, saw a nice rebound in April and ultimately delivered a solid quarter in a very challenging market.”

Tommy Bahama delivered a 5 percent year-over-year net sales increase to 158.4 million dollars in the first quarter of fiscal 2014. The increased sales were primarily due to the operation of additional stores and the 2013 acquisition of the Tommy Bahama Canadian business, partially offset by a 1 percent decrease in comparable store sales and weakness in the outlet store business. At the end of the first quarter of fiscal 2014, Tommy Bahama operated 141 stores including 91 full-price stores, 14 restaurant-retail locations and 36 outlets. This compares to 121 stores at the end of the first quarter of fiscal 2013.

Lilly Pulitzer's net sales in the first quarter of fiscal 2014 rose 28 percent to 50.4 million dollars, with strength across multiple product categories and increases in all channels of distribution, including a comparable store sales increase of 34 percent. As of May 3, 2014, Lilly Pulitzer operated 26 retail stores, including three stores opened during the first quarter of fiscal 2014, compared to 21 retail stores as of May 4, 2013.

For the first quarter of fiscal 2014, Ben Sherman's net sales were 15.1 million dollars compared to 12.2 million dollars in the first quarter of fiscal 2013. For the first quarter of fiscal 2014, Corporate and Other reported an adjusted operating loss of 4.1 million dollars, comparable to an adjusted operating loss of 4 million dollars in the first quarter of fiscal 2013.

For the first quarter of fiscal 2014, consolidated net sales grew by 10 percent to 257.6 million dollars compared to 234.2 million dollars in the first quarter of fiscal 2013, reflecting increases in all operating groups. For the first quarter of fiscal 2014, consolidated gross margin of 57.2 percent was comparable with the prior year period. Gross profit for the first quarter of fiscal 2014 increased to 147.3 million dollars from 134.1 million dollars in the first quarter of fiscal 2013.

The Atlanta-based company expects net sales in a range from 245 to 255 million dollars compared to net sales of 235 million dollars in the second quarter of fiscal 2013. Adjusted earnings per share are expected to be in a range of 0.85 dollars to 0.95 dollars and GAAP earnings per share are expected to be in a range of 0.82 dollars - 0.92 dollars. For fiscal 2014, the company continues to expect net sales in the 980 million dollars to 1 billion dollars range and adjusted earnings per share in a range of 3 dollars to 3.15 dollars. On a GAAP basis, the company continues to expect earnings per share in a range of 2.88 dollars to 3.03 dollars.