US fashion company Oxford Industries has raised its full-year outlook after reporting robust revenue and earnings in the first quarter of the year.
In the three months ended April 30, the company’s net earnings increased to 57.4 million dollars from 28.5 million dollars a year earlier.
That came as its sales increased 33 percent to 353 million dollars, exceeding the high end of its revenue guidance range.
“After posting record earnings throughout fiscal 2021, we are delighted to be reporting a terrific first quarter in fiscal 2022,” chair and CEO Thomas C. Chubb III told investors.
He continued: “Across our entire portfolio we drove excellent results, with all brands and all channels of distribution delivering strong year-over-year gains.”
Breaking it down by brand, sales at Tommy Bahama increased 46 percent to 228.1 million dollars, while sales at Lilly Pulitzer were up 25 percent to 92 million dollars.
Sales at the company’s Emerging Brands division increased 42 percent to 31.8 million dollars.
Chubb said the company benefited from the return of social events and leisure travel, as people sought more “happy” and “upbeat” fashion items.
Based on its first-quarter results, Oxford increased its full-year guidance. It now expects net sales in the range of 1.285 billion dollars to 1.325 billion dollars.
The company expects full-year GAAP earnings per share of between 9.55 dollars and 9.95 dollars, and adjusted earnings per share of between 9.60 dollars and 10 dollars per share.