By  on April 1, 2008

ATLANTA — The tough retail environment continues to dampen sales and earnings for Oxford Industries, which reported a fall in net earnings to $509,000, or 3 cents per diluted share in the two-month stub period, ended Feb. 2, from $2.8 million, or 16 cents, in the two-month period a year ago.

Consolidated net sales slipped to $163.4 million from $164.4 million in the two-month period, which completes Oxford’s transition to a new fiscal calendar.

Net earnings for the eight-month transition period fell about 26 percent to $19.2 million, or $1.11 per diluted share, in the eight month transition period, from $26.1 million, or $1.47 per diluted share, in the prior year’s eight month period. Sales fell about 6 percent to $695.8 million from $739.5 million.

Even Oxford’s star performer, Tommy Bahama, reported sales in the eight-month transition period slightly lower from a year ago, slipping to $284.6 million from $286.8 million. Oxford said current difficult macro-economic environment negatively impacted the results of Tommy Bahama’s wholesale operations and resulted in lower productivity than has been historically realized in the group’s retail sector.

Ben Sherman reported a modest sales increase of 2.1 percent to $101.6 million in the eight-month transition period from $99.5 million. Lanier Clothes reported a net sales decline of 4 percent to $107.5 million in the period from $111.9 million in the prior year’s eight-month period, which Oxford attributed to sluggish demand for moderate tailored clothing.

Oxford Apparel also saw sales fall in the eight months to $201.3 million from $239.9 million, which Oxford attributed to planned sales reductions as underperforming businesses were rationalized.

To access this article, click here to subscribe or to log in.

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus