The company’s full-price direct-to-consumer (DTC) sales rose by 1 per cent to $305 million, while full-price retail sales increased by 1 per cent to $152 million. E-commerce sales remained steady at $153 million, matching the prior year’s performance.

Oxford’s outlet sales saw a 4 per cent rise, reaching $21 million, while wholesale sales experienced a 5 per cent decline to $65 million compared to Q2 FY23, the company said in a press release.

The gross margin for Q2 FY24 was 63.1 per cent on a GAAP basis, slightly down from 63.9 per cent in the second quarter of fiscal 2023. Selling, general, and administrative expenses rose to $217 million, up from $205 million in the same quarter last year. Royalties and other operating income remained flat at $4 million.

Operating income for the quarter decreased to $53 million, or 12.5 per cent of net sales, compared to $68 million, or 16.1 per cent, in Q2 FY23. On an adjusted basis, operating income dropped to $57 million, or 13.5 per cent of net sales, down from $73 million, or 17.3 per cent, in the prior-year period.

“Consumer sentiment in the second quarter continued to decline from levels earlier in the year reaching an eight-month low in July. The decline led to market conditions that were weaker than expected with more consumers looking for deals and promotions as evidenced by increased sales in our outlet locations and during promotional events. Despite the challenging consumer environment, our teams continue to focus on our strategy of delivering new and compelling products and experiences for our customers,” said Tom Chubb, chairman and CEO.

Fibre2Fashion News Desk (DP)