Oxford Industries posts Q3 loss, revenues down 27 percent

Oxford Industries, Inc. said consolidated net sales were 175 million dollars, down 27 percent, compared to 241 million dollars in the third quarter of fiscal 2019, while loss for the quarter was 64 cents per share on a GAAP basis and 44 cents on an adjusted basis compared with earnings per share of 10 cents on both a GAAP and adjusted basis in the third quarter of fiscal 2019. The company also announced its decision to exit the Lanier Apparel business, which is expected to be complete in the second half of fiscal 2021.

Commenting on the third quarter trading, Thomas C. Chubb III, the company’s Chairman and CEO, said in a statement: “During our historically smallest quarter of the year, our full price e-commerce business grew 51 percent, helping partially offset the headwinds in other channels due to Covid-19. Lanier’s business model does not fit our long-term vision for the enterprise and the challenges presented by the pandemic have amplified the misalignment. Exiting this business will result in a portfolio that is completely in synch with our strategy.”

The company added that full price e-commerce sales grew 51 percent in the third quarter with growth in all the company’s branded businesses. Full price retail sales and restaurant sales were 45 percent and 30 percent lower, respectively, and the wholesale channel decreased 37 percent year over year. Gross margin was comparable with last year at 55 percent. The company’s board of directors declared a quarterly cash dividend of 25 cents per share, payable on January 29, 2021 to shareholders of record as of the close of business on January 15, 2021.

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