Tommy Bahama & Lilly Pulitzer Owner Posts Solid Q1 Earnings; Lifts FY22 Outlook

  • Oxford Industries Inc OXM reported first-quarter FY22 sales growth of 33% year-on-year to $352.6 million, beating the consensus of $329.02 million.
  • Net sales from Tommy Bahama increased 46% Y/Y, Lilly Pulitzer rose 25%, and Emerging Brands gained 42%.
  • Full price e-commerce sales grew 20% compared to Q1 FY21. Restaurant sales climbed 23%, and Wholesale sales rose 42%.
  • Gross margin on an adjusted basis increased 50 basis points to 64.5%.
  • The operating margin was 21.5% versus 13.1% a year ago, and operating income for the quarter jumped 117% to $76 million.
  • The company held $166 million in cash and equivalents as of April 30, 2022.
  • Inventories at the end of the quarter rose 12.8% Y/Y to $122.7 million.
  • Adjusted EPS of $3.50 beat the analyst consensus of $2.75.
  • The company's cash dividend of $0.55 per share is payable on July 29, 2022, to shareholders of record on July 15, 2022.
  • Outlook: Oxford raised the FY22 sales outlook to $1.285 billion - $1.325 billion (prior view $1.245 billion - $1.285 billion), above the consensus of $1.240 billion.
  • The company raised the FY22 adjusted EPS forecast to $9.60 - $10.00 (prior view $8.75 - $9.15), above the consensus of $8.86.
  • For Q2, the company expects net sales of $350 million - $370 million, above the consensus of $346.97 million.
  • Q2 adjusted EPS of $3.30 - $3.50 versus the consensus of $3.29.
  • Price Action: OXM shares closed lower by 0.36% at $91.88 on Wednesday.

Posted In: BriefsEarningsNewsGuidanceSmall Cap

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