Oxford Industries reports Q2 FY20 sales of $192 mn

Oxford Industries, a US-based leader in the apparel industry, has announced 36 per cent decrease in its net sales to $191.9 million in its second quarter (Q2) for fiscal 2020 ended on August 1, compared to sales of $302.0 million in the same period previous fiscal. However, e-commerce grew 52 per cent with growth in all the company’s branded businesses.

 

Oxford Industries, a US-based leader in the apparel industry, has announced 36 per cent decrease in its net sales to $191.9 million in its second quarter (Q2) for fiscal 2020 ended on August 1, compared to sales of $302.0 million in the same period previous fiscal. However, e-commerce grew 52 per cent with growth in all the company's branded businesses.#

“During the second quarter we leaned heavily into our advanced digital capabilities to capitalise on the accelerated shift to online spending,” Thomas Chubb III, chairman and CEO at Oxford Industries, said in a press release. “All of our brands positively contributed to the 52 per cent year-over-year increase in e-commerce sales, with Lilly Pulitzer as the standout, up an extraordinary 142 per cent. The Lilly Pulitzer product collection this summer was very strong, and in many ways offered exactly what the customer was looking for fun, happy, easy to wear apparel.”

 

Oxford Industries, a US-based leader in the apparel industry, has announced 36 per cent decrease in its net sales to $191.9 million in its second quarter (Q2) for fiscal 2020 ended on August 1, compared to sales of $302.0 million in the same period previous fiscal. However, e-commerce grew 52 per cent with growth in all the company's branded businesses.#

Gross profit for the quarter dropped to $104.7 million (Q2 FY19: $179.8 million). Selling, general & administrative expenses during Q2 FY20 declined to $115.6 million ($143.4 million). Company incurred an operating loss of $8.0 million compared to operating income of $40.2 million. Net loss during the period was $6.0 million compared to net earnings of $29.8 million. 

 

Oxford Industries, a US-based leader in the apparel industry, has announced 36 per cent decrease in its net sales to $191.9 million in its second quarter (Q2) for fiscal 2020 ended on August 1, compared to sales of $302.0 million in the same period previous fiscal. However, e-commerce grew 52 per cent with growth in all the company's branded businesses.#

Sales of Tommy Bahama segment slipped 49.6 per cent to $95.3 million ($188.9 million). However, sales of Lilly Pulitzer remained stagnant at $73.9 million ($75.6 million). Lanier Apparel sales plunged 58.7 per cent to $8.5 million ($20.5 million).

 

Oxford Industries, a US-based leader in the apparel industry, has announced 36 per cent decrease in its net sales to $191.9 million in its second quarter (Q2) for fiscal 2020 ended on August 1, compared to sales of $302.0 million in the same period previous fiscal. However, e-commerce grew 52 per cent with growth in all the company's branded businesses.#

“As we move into the back half of the year, we will continue to face the challenges and uncertainties created by the pandemic. In the third quarter, which is typically our smallest quarter each year, we are expecting the year-over-year decline in bricks and mortar traffic to be slightly less pronounced than it was in the second quarter.  In addition, our Lilly Pulitzer flash sale, which has been a bright spot in the third quarter, is expected to be significantly smaller as some of the inventory that would have been available for the September event was pulled forward into the non-comp event in June,” Chubb III said.