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US clothing firm Oxford Industries' Q1 FY21 sales grow 66% to $266 mn

Oxford Industries, a US-based leader in the apparel industry, has announced 65.7 per cent sales growth to $265.8 million in its first quarter (Q1) FY21 that ended on May 1, 2021, compared to sales of $160.3 million in the corresponding period of previous fiscal. The company’s net earnings for the quarter was $28.4 million (Q1 FY20: loss $66.7 million).

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“We are extremely pleased with our exceptionally strong start to fiscal 2021. We took decisive actions at the start of the pandemic to protect our people, our brands and our liquidity. This combined with our focus over the past year on delivering happiness to our customers and investing in enhanced digital, marketing and store capabilities, as well as in bars and restaurants, have strengthened our foundation for profitable growth,” Thomas Chubb III, chairman and CEO at Oxford Industries, said in a press release.

 

According to the company, full price e-commerce sales grew 55 per cent to $74 million compared to Q1 FY19, with growth in all branded businesses. Retail sales of $91 million were 16 per cent lower than Q1 FY19, with a stronger performance in the Southeast and Southwest than in the rest of the country.

 

Gross profit for Q1 FY21 was $166.5 million ($94.0 million), while selling, general and administrative expenses were $137.1 million ($123.0 million). Oxford Industries incurred an operating income for the period was $34.9 million (loss: $85.5 million).

 

Sales of Tommy Bahama’s segment jumped 80.1 per cent to $156.7 million ($87.0 million), while sales of Lilly Pulitzer surged 49.7 per cent to $73.6 million ($49.1 million). Southern Tide’s sales was $15.5 million ($8.3 million), and Lanier Apparel’s sales rose to $12.0 million ($10.7 million).

 

“As consumers have become increasingly more comfortable returning to physical shopping, our overall engagement levels have greatly accelerated, leading to strong momentum across our entire portfolio of brands. We are grateful to our incredible teams for delivering record breaking first quarter earnings and look forward to the balance of what we believe is going to be an outstanding year,” Chubb III concluded.

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