The Johnny Was brand, which was acquired in November 2022, contributed $10m worth of wholesale sales. Credit: Shutterstock.

Oxford Industries’ net sales in the third quarter ended 28 October 2023 rose 4% to $327m whilst net sales in the first nine months increased 13% to $1.17m.

The company attributed its “solid results” to leveraging its brands and sending “clear and consistent” brand messages and services that resonated with cautious consumers.

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Chairman and CEO Tom Chubb also highlighted in the conference call that innovation and newness in the brand’s products were “selling really well.”

Oxford Industries net sales for its Tommy Bahama brand increased by 5% and its Lilly Pulitzer brand jumped by 9%.

The Johnny Was brand which was acquired in November 2022, contributed $10m worth of wholesale sales while the other brands decreased by 9%. Wholesale sales of $69m were 1% lower than the third quarter of 2022.

Outlet sales increased to $17m, a 13% or $2m increase versus prior-year results, due to the addition of Johnny Was and a 6% increase in Tommy Bahama.

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Oxford Industries recorded a gross margin of 62.9% on a GAAP basis. Its operating income was $14m or 4.4% of net sales and its adjusted operating income was $21m or 6.6% of net sales, compared to £32m in last year’s third quarter.

Chubb commented: “We are pleased to deliver another quarter of solid results which were squarely in our sales and EPS forecast ranges and come on top of 12% positive comps during the same period last year.

Key numbers from Oxford Industries Q3 results:

  • Net sales increased 4.3% to $327m compared to $313m in 2022.
  • Operating income declined to $14.5m from £27.3m the year before
  • Net income dropped to $10.8m compared to $19.7m the prior year.

Oxford Industries outlook

For fiscal 2023, ending 3 February 2024 the company anticipates net sales to fall within the range of $1.57bn to $1.59bn, with expected GAAP EPS ranging from $9.25 to $9.45. Adjusted EPS is projected to be between $10.10 and $10.30.

In terms of the fourth quarter, the company forecasts net sales to range from $403m to $423m. GAAP EPS for the quarter is expected to be within $1.67 to $1.87, while adjusted EPS is projected to fall between $1.83 and $2.03.