Oxford enthusiastic about growth opportunities for lifestyle brands
04 Apr '07
3 min read
Oxford Industries Inc announced financial results for its fiscal 2007 third quarter ended March 2, 2007. Results for Oxford's Womenswear Group, the assets of which were sold in the fourth quarter of fiscal 2006, have been classified as discontinued operations for all periods presented.
Consolidated net sales declined 3.1% to $266.6 million in the third quarter of fiscal 2007 from $275.2 million in the third quarter of fiscal 2006. Diluted earnings from continuing operations per common share declined 14.3% to $0.54 in the third quarter of fiscal 2007 from $0.63 in the third quarter of fiscal 2006.
J. Hicks Lanier, Chairman and CEO of Oxford Industries Inc, commented, “Our third quarter performance was as anticipated, with a continued strong performance from Tommy Bahama. We have continued to work towards a recovery in Ben Sherman's U.S. business and to work through a very challenging environment for our historical menswear business."
"We remain very enthusiastic about the growth opportunities for our lifestyle brands, which include wider wholesale distribution, additional retail locations, expansion into new product categories and new licenses, and international expansion. At the same time, we are committed to focus and to transition our historical business, through both additions and deletions, to improve its strategic positioning and profitability.”
The Tommy Bahama Group reported a third quarter net sales increase of 9.8% to $119.2 million from $108.6 million in the third quarter of fiscal 2006. The sales growth was driven by the introduction of new product offerings in Tommy Bahama Relax, Tommy Bahama Golf 18 and Tommy Bahama Swim as well as by continuing strength in the Tommy Bahama, Indigo Palms and Island Soft brands.
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