Oxford Industries Q2 sales up on Johnny Was acquisition

Oxford Industries clocked net sales of US $ 420 million in the second quarter, up 16 per cent, on the back of double-digit growth in full-price direct-to-consumer sales and the addition of Johnny Was to its portfolio.

The American company that owns the Tommy Bahama and Lilly Pulitzer brands reported a 13 per cent growth in full-price direct-to-consumer sales to US $ 286 million, which included US $ 41 million in Johnny Was sales when it purchased the brand in late 2022.

Retail sales at full price increased 11 per cent to US $ 150 million, including US $ 18 million from Johnny Was. The other companies of the corporation saw a 3 per cent decline in full-price retail sales.

In comparison to last year, e-commerce sales increased by 15 per cent to US $ 136 million, while outlet sales increased by 9 per cent to US $ 21 million, mostly as a result of the inclusion of Johnny Was.

Comparing the current quarter to the same period last year, net earnings decreased to US $ 51.5 million from US $ 56.6 million.

“We are pleased to have delivered second quarter results that are up significantly on a multi-year basis and within our forecasted range given the choppy operating environment,” ​said Tom Chubb, chairman and CEO.

Looking ahead, the company moderated its sales and EPS guidance. It now expects net sales in a range of US $ 1.57 billion to US $ 1.6 billion as compared to net sales of US $ 1.41 billion in fiscal 2022.