Atlanta based branded and private label apparel marketer Oxford Industries Inc announced financial results for the first quarter ended September 2, 2005. Consolidated net sales for the quarter increased 27 percent to $336 million from $265 million in the first quarter of fiscal 2005.
Diluted earnings per share for the quarter increased 119 percent to $0.79 versus $0.36 in the first quarter of fiscal 2005.While each of the Company's segments showed strong results.
Diluted earnings per share in the year-ago quarter were affected by the write-off of deferred financing fees of $1.8 million, or $0.07 per share on a tax-effected basis, in connection with the acquisition of Ben Sherman.
The Menswear Group reported first quarter sales of $177 million compared to sales of $119 million last year. Ben Sherman contributed approximately $44 million for the quarter, versus only $17 million for a partial quarter's contribution in the year-ago period.
First quarter sales for the Womenswear Group increased 30 percent to $68 million from $52 million last year.
Inventory at the close of the first quarter increased 18 percent to $169 million from $143 million at the end of the prior year's first quarter. The increase was driven by additional inventory to support new replenishment programs and growth in the Menswear Group, offset by declines in the Womenswear and Tommy Bahama Groups. Accounts Receivable rose 25 percent against a 27 percent increase in first quarter sales.
marketing@alchempro.com
