Oxford Industries sales soar 24% in 2022

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.

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.

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.

“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,” said Tom Chubb, chairman and CEO.

“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 benefited 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,”