US clothing firm Oxford Industries sales grow 71% in May-July

Oxford Industries, a US-based leader in the apparel industry, has posted a 71.2 per cent sales growth to $328.7 million in the second quarter (Q2) of FY21 ended on July 31, 2021, against the sales of $192.0 million in the corresponding period of last fiscal. Net earnings for the quarter rose to $51.4 million (Q2 FY20: loss $6.0 million).

 

Oxford Industries, a US-based leader in the apparel industry, has posted a 71.2 per cent sales growth to $328.7 million in the second quarter (Q2) of FY21 ended on July 31, 2021, against the sales of $192.0 million in the corresponding period of last fiscal. Net earnings for the quarter rose to $51.4 million (Q2 FY20: loss $6.0 million). #

“We are extremely pleased to be reporting record second quarter results driven by excellent performance in all five of our brands – Tommy Bahama, Lilly Pulitzer, Southern Tide, The Beaufort Bonnet Company, and Duck Head. Double-digit sales growth in all brands, combined with record gross margin and careful expense control, contributed to record operating margin and earnings per share for the quarter,” Thomas Chubb III, chairman and CEO at Oxford Industries, said in a press release.

 

Oxford Industries, a US-based leader in the apparel industry, has posted a 71.2 per cent sales growth to $328.7 million in the second quarter (Q2) of FY21 ended on July 31, 2021, against the sales of $192.0 million in the corresponding period of last fiscal. Net earnings for the quarter rose to $51.4 million (Q2 FY20: loss $6.0 million). #

“All of our direct-to-consumer channels performed well led by our highly profitable, full-price ecommerce business, with sales growth of 49 per cent compared to the second quarter of fiscal 2019,” Chubb III added.

 

Oxford Industries, a US-based leader in the apparel industry, has posted a 71.2 per cent sales growth to $328.7 million in the second quarter (Q2) of FY21 ended on July 31, 2021, against the sales of $192.0 million in the corresponding period of last fiscal. Net earnings for the quarter rose to $51.4 million (Q2 FY20: loss $6.0 million). #

According to American designer and marketer of apparel, the company's full price direct-to-consumer sales increased by 20 per cent to $223 million against Q2 FY19, with growth in all branded businesses. However, wholesale sales slipped 20 per cent to $62 million against second quarter of 2019.

 

Oxford Industries, a US-based leader in the apparel industry, has posted a 71.2 per cent sales growth to $328.7 million in the second quarter (Q2) of FY21 ended on July 31, 2021, against the sales of $192.0 million in the corresponding period of last fiscal. Net earnings for the quarter rose to $51.4 million (Q2 FY20: loss $6.0 million). #

Sales from Tommy Bahama’s brand during Q2 FY21 more than doubled to $208.8 million compared to $95.3 million in the same period of 2020. Lilly Pulitzer sales expanded 18.2 per cent to $87.3 million ($73.9 million). Southern Tide sales improved 65.5 per cent to $14.6 million ($8.8 million), while Lanier Apparel sales remained constant at $8.5 million.

 

Oxford Industries, a US-based leader in the apparel industry, has posted a 71.2 per cent sales growth to $328.7 million in the second quarter (Q2) of FY21 ended on July 31, 2021, against the sales of $192.0 million in the corresponding period of last fiscal. Net earnings for the quarter rose to $51.4 million (Q2 FY20: loss $6.0 million). #

The company’s gross profit in the three-month period increased to $209.6 million ($104.7 million). Operating income grew to $67.9 million (loss: $8.0 million).

 

Oxford Industries, a US-based leader in the apparel industry, has posted a 71.2 per cent sales growth to $328.7 million in the second quarter (Q2) of FY21 ended on July 31, 2021, against the sales of $192.0 million in the corresponding period of last fiscal. Net earnings for the quarter rose to $51.4 million (Q2 FY20: loss $6.0 million). #

“As we head into the second half of the year, while being mindful of the ongoing COVID-related challenges in supply chain and store and restaurant operations, we believe that our focus on executing our long-term strategic initiatives will continue to drive strength in our business. We are grateful to our incredible team of women and men for all they do to deliver happiness to our customers and long-term value to our shareholders,” Chubb III concluded in the release.

 

Oxford Industries, a US-based leader in the apparel industry, has posted a 71.2 per cent sales growth to $328.7 million in the second quarter (Q2) of FY21 ended on July 31, 2021, against the sales of $192.0 million in the corresponding period of last fiscal. Net earnings for the quarter rose to $51.4 million (Q2 FY20: loss $6.0 million). #

In its outlook, Oxford said that its strength and profitability in direct-to-consumer business, which contributed to its outstanding first half results, is expected to continue in the second half of 2021. For the full fiscal year, the company anticipates its sales to be in a range of $1.085 billion to $1.105 billion as compared $1.12 billion in 2019.