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Oxford Industries sales and earnings up, raises outlook

By Prachi Singh


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Image: Tommy Bahama, Facebook

Second quarter net sales at Oxford Industries, Inc. increased 11 percent to 363 million dollars.

The company said in a release that earnings per share (EPS) on a GAAP basis increased to 3.49 dollars, while on an adjusted basis, EPS increased to 3.61 dollars compared to 3.24 dollars in the second quarter of fiscal 2021.

Commenting on the results, Tom Chubb, the company’s chairman and CEO, said: “We are extremely pleased to be reporting record earnings for the sixth consecutive quarter. The strength of our brands, our products and our customer experiences fueled 14 percent comparable direct-to-consumer sales growth and expansion of our already robust gross margin.”

Review of Oxford Industries Q2 performance

The company added that full-price DTC comp sales increased 14 percent, full-price retail sales of 135 million dollars were 14 percent higher than the second quarter of fiscal 2021, full price e-commerce sales grew 13 percent to 119 million dollars and outlet sales were 19 million dollars, an 8% increase versus the second quarter of 2021.

Wholesale sales of 63 million dollars were 17 percent higher than the second quarter of fiscal 2021, excluding 8 million dollars of prior-period sales related to Lanier Apparel, driven by stronger orders this year.

Gross margin increased to 63.9 percent and on an adjusted basis, gross margin increased to 64.6 percent compared to the second quarter of fiscal 2021.

Oxford Industries raises guidance

For fiscal 2022, the company raised its previously issued guidance and now expects net sales in a range of 1.300 billion dollars to 1.325 billion dollars compared to 1.142 billion dollars in fiscal 2021.

In fiscal 2022, GAAP EPS is expected to be between 9.68 dollars and 9.93 dollars and adjusted EPS is expected to be between 9.85 dollars and 10.10 dollars.

For the third quarter, the company expects net sales to be between 270 million dollars and 280 million dollars compared to net sales of 248 million dollars in the third quarter of fiscal 2021, which included 4 million dollars of Lanier Apparel sales.

Both GAAP and adjusted EPS are expected to be in a range of 90 cents to 1.05 dollars in the third quarter.

The company’s board of directors declared a quarterly cash dividend of 55 cents per share payable on October 28, 2022 to shareholders of record as of the close of business on October 14, 2022.

Lilly Pulitzer
Oxford Industries
Southern Tide
Tommy Bahama