Ongoing problems at Ben Sherman, complicated by the disruptions of Hurricane Sandy, led Oxford Industries Inc. to report third-quarter earnings that missed estimates, lower full-year guidance and terminate Ben Sherman chief executive officer Pan Philippou.
During the three months ended Oct. 27, net income at the Atlanta-based owner of Tommy Bahama and Lilly Pulitzer expanded 85.3 percent to $3 million, or 18 cents a diluted share, from $1.6 million, or 10 cents, in the year-ago period. Adjusted earnings per share hit 19 cents, 2 cents below Wall Street’s expectations. Despite double-digit contraction at Ben Sherman and the Lanier Clothes unit, sales grew 6.5 percent to $181.4 million from $170.3 million. Gross margin moved to 53.4 percent of sales from 52.1 percent a year ago.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)