Oxford Industries, a US-based leader in the apparel industry, posted 43 per cent sales decline to $160.3 million in first quarter (Q1) FY 20 that ended on May 2, 2020, compared to sales of $281.9 million in same period prior year. Company reported a net loss of $66.7 million during the quarter compared to net earnings of $21.6 million in Q1 FY19. “We temporarily closed all of our North American stores and restaurants on March 17 and quickly pivoted time and resources to staying connected with our customers through our e-commerce and digital platforms. The combination of specific actions, recent investments in digital capabilities and the overall shift toward online spending brought on by Covid-19, helped drive an acceleration in e-commerce trends,” Thomas Chubb III, chairman and CEO, said in a press release.
First quarter e-commerce sales grew 12 per cent over the first quarter last year and the positive momentum has continued into the second quarter.” Gross profit for the period were $94.0 million (Q1 FY19: $165.7 million). Selling, general and administrative expenses were $123.0 million ($139.8 million). Operating loss for Q1 FY20 were $86.1 million compared to operating income of $29.7 million in same period prior year. Net sales of Tommy Bahama were down 47.2 per cent to $87.0 million ($164.7 million). Lilly Pulitzer sales fell 32.3 per cent to $49.1 million ($72.6 million). Lanier Apparel sales decreased 59 per cent to $10.7 million ($26.2 million). Southern Tide sales were $8.3 million ($14.1 million).
“We reopened our first stores in early May, and I am extremely proud of how our teams are executing our reopening playbook. As of today, we have a little more than half of our 225 locations opened and expect to have almost all locations open by the end of June. Customers are slowly returning to our stores and restaurants, which are operating under restricted hours and limited capacity,” Chubb said.
