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Oxford Industries posts drop in Q1 sales and profit

By Prachi Singh

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Oxford Industries, Inc., for its first quarter, reported consolidated net sales of 160 million dollars compared to 282 million dollars in the first quarter of fiscal 2019. The company said in a statement that loss for the quarter was 4.02 dollars per share on a GAAP basis, and 1.12 dollars on an adjusted basis compared with earnings per share of 1.29 dollars on a GAAP basis and 1.30 dollars on an adjusted basis in the first quarter of fiscal 2019.

Commenting on the first quarter trading, Thomas C. Chubb III, the company’s Chairman and CEO, said: “The combination of specific actions, recent investments in digital capabilities and the overall shift toward online spending brought on by Covid-19, helped drive an acceleration in e-commerce trends. First quarter e-commerce sales grew 12 percent and the positive momentum has continued into the second quarter. As of today, we have a little more than half of our 225 locations opened and expect to have almost all locations open by the end of June.”

The company’s board of directors has declared a quarterly cash dividend of 25 cents per share, payable on July 31, 2020 to shareholders of record as of the close of business on July 17, 2020.

Picture:Facebook/Southern Tide

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