Q1 profit drops 24% at Oxford Industries

Oxford IndustriesATLANTA—Oxford Industries said that first-quarter profit fell 24 percent to $13.6 million (82 cents per share) from last year’s first-quarter profit of $18 million ($1.09 per share). Net sales were up slightly to $234.2 million from $231.0 million in the same quarter last year.

Still, CEO Thomas Chubb III was positive. “We are pleased with what we accomplished in the first quarter of fiscal 2013,” he said. “We delivered excellent financial results driven by strength at Tommy Bahama and Lilly Pulitzer.”

He continued, “The balance of our business is performing to plan. Our Lanier Clothes division is continuing to generate strong levels of free cash flow and demonstrate stability in the challenging tailored clothing market. With respect to Ben Sherman, we have realigned the leadership team and are pleased with the progress they are making on cost control as well as on the quality of our assortments and distribution. We remain optimistic that the actions taken will result in tangible improvements in the second half of fiscal 2013.”

Oxford named Mark Maidment chief executive of its Ben Sherman business in mid-April. Maidment had been Ben Sherman’s creative director since 2005.

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