Oxford Industries (NYSE:OXM) rose Thursday, after the maker of the Tommy Bahama and Lily Pulitzer apparel brands reported better-than-expected quarterly results and issued an outlook that surpassed analyst predictions.
Consolidated net sales in the third quarter of fiscal 2022 increased 26% to $313 million compared to $248 million in the third quarter of fiscal 2021. Earnings per share (EPS) on a GAAP basis were $1.22 compared to $1.54 in the third quarter of fiscal 2021. On an adjusted basis, EPS increased to $1.46 compared to $1.19 in the third quarter of fiscal 2021.
CEO Tom Chubb commented, “We are very pleased to be reporting record sales, gross margin and adjusted earnings for the sixth consecutive quarter. Our exceptional third quarter results were driven by the continued strength at our largest brand, Tommy Bahama, where we increased our sales 20% year-over-year, combined with strong top line growth across our entire portfolio of brands. Importantly, our performance was highlighted by another period of robust full-price selling as our merchandise offerings continue to resonate strongly with our core consumers. We also advanced our long-term strategy with our acquisition of the Johnny
Was brand and the announcement of the first Tommy Bahama branded resort, the Tommy Bahama Miramonte Resort in Indian Wells, California, which is scheduled to open in late 2023.”
OXM shares jumped $1.69, or 1.6%, to $109.88.
