Oxford Industries Sees Q1 Profits Dip Despite Sales Bump

Oxford Industries Sees Q1 Profits Dip Despite Sales Bump Kali Hays Oxford Industries Inc. saw sales rise in the first quarter while profits dipped slightly. The operator of Tommy Bahama and Lilly Pulitzer posted an operating income of $30 million, compared with $32 million during the same quarter last year, despite a 6 percent bump in net sales to $272.4 million, from $256.2 million a year ago. Earnings for the quarter also fell to $1.03 per share from $1.21. Chief executive officer Thomas Chubb III admitted that the company is still "facing formidable challenges in the consumer marketplace" but characterized the first-quarter results as a "good start" to 2017. Chubb attributed the quarter's sales increase to last year's addition of preppy men's sportswear brand Southern Tide, as well as sales associated with "new, full-price retail stores," which led to an overall 2 percent increase in comparable-store sales. While those increases were "partially offset" by a decrease in Oxford's wholesale business, as many retailers and department stores are consolidating their store base amid traffic declines and an increasing shift to e-commerce, Chubb said the company is working to "carefully manage and control our exposure to department stores." Looking ahead to the second quarter, Oxford said it's expecting a similar boost in sales, with projections in the range Follow WWD on Twitter or become a fan on Facebook. Read More... Fashion 3