Oxford Industries Q2 sales up on Johnny Was acquisition

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

The U.S. owner of Tommy Bahama and Lilly Pulitzer brands said ​full-price direct-to-consumer sales increased 13% to $286 million, including $41 million of DTC sales in Johnny Was, which it acquired in late 2022.

Full-price retail sales grew 11% to $150 million, including $18 million in retail sales from Johnny Was. Full-price retail sales in the company’s other businesses decreased by 3%.

E-commerce sales grew 15% to $136 million versus last year, while outlet sales were $21 million, a 9%, increase versus prior-year results, primarily due to the addition of Johnny Was.

During the quarter, net earnings fell to $51.5 million, compared to $56.6 million in the prior-year period.

“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.

“Our solid top-line performance was achieved through winning execution within our six brands, each of which saw sales growth this quarter driven by strong emotional connections to consumers, inspiring brand voices, and balanced omnichannel distribution delivering exceptional products to our customers. While these factors remain strong across our business, we have recently seen consumers become a bit more cautious with their discretionary spending due to challenging macroeconomic conditions. We are also feeling the impacts of wildfires on Maui due to Oxford’s significant presence on the island. In consideration of these factors, we are moderating our outlook for the second half of the year. Despite some near-term pressures, we are confident that our business model will drive profitable growth and long-term shareholder value well into the future.”

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