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US clothing company Oxford Industries’ net sales soar 24% in FY22

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Oxford Industries, a clothing company and owner of Tommy Bahama, Lilly Pulitzer, and Johnny Was, has reported consolidated net sales growth of 24 per cent to $1.41 billion in fiscal 2022 (FY22), which includes net sales of $73 million for Johnny Was. The consolidated net sales in the fourth quarter (Q4) of FY22 saw a 28 per cent increase over Q4 FY21 to $382 million, including net sales for Johnny Was of $50 million.

The company’s full-price DTC sales in FY22 grew 24 per cent to $898 million, including $56 million of DTC sales in Johnny Was. For Q4 FY22, full-price DTC sales were $258 million in fiscal 2022, including Johnny Was net sales of $38 million and an 8 per cent year-on-year (YoY) aggregate increase in full-price DTC sales in Tommy Bahama, Lilly Pulitzer and Emerging Brands, compared to $203 million in Q4 FY21, Oxford Industries said in a press release.

Oxford Industries reported a 24 per cent increase in consolidated net sales to $1.41 billion for FY22. The company’s full-price DTC, full-price retail, and e-commerce sales saw significant growth, while Lilly Pulitzer flash sales contributed $54 million for the year. Oxford Industries expects net sales to reach $1.62 billion to $1.66 billion for FY23.

Full-price retail sales increased by 26 per cent for FY22 and 23 per cent YoY for Q4 FY22, with full-price retail sales in Tommy Bahama, Lilly Pulitzer, and Emerging Brands growing 19 per cent for the year and 7 per cent YoY for the quarter. Full-price e-commerce sales grew by 22 per cent to $412 million for FY22 and 31 per cent YoY for the fourth quarter.

Lilly Pulitzer flash sales contributed $54 million for FY22 and $18 million for Q4 FY22. Furthermore, the company’s outlet sales saw a 16 per cent and 10 per cent YoY increase for the year and the quarter, respectively. Wholesale sales increased by 22 per cent for the year and 44 per cent YoY for the quarter.

The gross margin increased to 63 per cent on a GAAP basis and 63.5 per cent on an adjusted basis for FY22 compared to 61.8 per cent GAAP and 63 per cent adjusted in the prior year. For Q4 FY22, gross margin increased to 60.8 per cent GAAP and 61.5 per cent adjusted compared to 59.2 per cent GAAP and 61.3 per cent adjusted Q4 FY21.

Operating income in FY22 was $219 million, compared to $166 million in FY21, representing an operating margin increase of 100 basis points (bps) to 15.5 per cent on a GAAP basis. For the fourth quarter of fiscal 2022, operating income on a GAAP basis was $40 million compared to $32 million in the prior year, while adjusted operating income was $46 million in Q4 FY22 and $36 million in Q4 FY21.

Selling, general, and administrative expense increased to $692 million for fiscal 2022 compared to $574 million in fiscal 2021. For Q4 FY22, selling, general, and administrative expense was $196 million on a GAAP basis and $193 million on an adjusted basis compared to selling, general, and administrative expense of $153 million on a GAAP basis and $152 million on an adjusted basis in Q4 FY21.

For fiscal 2023, the company expects net sales in a range of $1.62 billion to $1.66 billion as compared to net sales of $1.41 billion in FY22. GAAP EPS is expected to be between $10.86 and $11.26 compared to FY22’s GAAP EPS of $10.19. Adjusted EPS is expected to be between $11.50 and $11.90, compared to FY22’s adjusted EPS of $10.88.

For Q1 FY23, Oxford Industries expects net sales to be between $405 million and $425 million compared to net sales of $353 million in Q1 FY22. GAAP EPS is expected to be in a range of $3.44 to $3.64 in the first quarter compared to GAAP EPS of $3.45 in Q1 FY22. Adjusted EPS is expected to be between $3.60 and $3.80 compared to adjusted EPS of $3.50 in Q1 FY22, the release added.

“I am extremely proud of our team for delivering record results for both the fourth quarter and full year. Our strategy of creating aspirational lifestyles through compelling product collections, inspiring advertising campaigns and uplifting shopping experiences is resonating with customers across our powerful portfolio of leading brands. Fiscal 2022 was highlighted by robust organic growth in all brands and all channels of distribution with sales in Tommy Bahama, our largest brand, up 22 per cent, Lilly Pulitzer up 13 per cent and the Emerging Brands Group up 29 per cent. Our performance also benefitted from Johnny Was, a fantastic brand and business we added to our portfolio in the third quarter. The combination of our top-line performance, meaningful gross margin expansion and expense leverage fuelled a 36 per cent YoY increase in adjusted earnings per share to a record $10.88,” said Tom Chubb, chairman and CEO.

Fibre2Fashion News Desk (DP)

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