Oxford Industries, a US-based leader in the apparel industry, has announced 27 per cent decrease in its net sales to $175.1 million in its third quarter (Q3) FY20 that ended on October 31, compared to sales of $241.2 million in the same period previous year. Company’s net loss for Q3 FY20 was $10.6 million (Q3 FY19: earnings $1.6 million).
“I am encouraged by our third quarter results as each of our branded businesses exceeded our internal plans. During our historically smallest quarter of the year, our full price e-commerce business grew 51 per cent, helping partially offset the headwinds in other channels due to Covid-19,” Thomas Chubb III, chairman and CEO at Oxford Industries, said in a press release.
Gross profit during Q3 FY20 was $96.2 million ($132.9 million). Selling, general and administrative expenses were down to $113.5 million ($134.2 million). Oxford Industries incurred an operating loss of $13.7 million compared to operating income of $2.6 million in Q3 FY19.
Sales of Tommy Bahama segment slipped 25.3 per cent to $94.9 million ($127.0 million). While sales of Lilly Pulitzer dropped 25.0 per cent to $53.7 million ($71.7 million). Lanier Apparel sales plunged 62.4 per cent to $10.8 million ($28.8 million).
“As we were carefully navigating this unprecedented environment, we also took steps to reinforce and build upon the strengths of Tommy Bahama, Lilly Pulitzer and Southern Tide, as well as our smaller brands like The Beaufort Bonnet Company and Duck Head. As our brands become more digitally-focused, mobile-centric, and omni-channel, they continue to add capabilities that create personalised and seamlessly integrated digital and bricks and mortar shopping experiences that serve our customers well,” Chubb III said.
