Oxford Industries announced financial results for its fiscal 2015 first quarter ended May 2, 2015. Consolidated net sales increased 7% to $260.4 million compared to $242.6 million in the first quarter of fiscal 2014.
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Adjusted earnings from continuing operations grew 9% to $1.30 per diluted share in the first quarter of fiscal 2015 compared to $1.19 in the first quarter of fiscal 2014.
On a GAAP basis, earnings from continuing operations grew to $1.29 per diluted share in the first quarter of fiscal 2015 compared to $1.16 in the same period of the prior year.
Tommy Bahama delivered a 9% year-over-year net sales increase to $172.7 million in the first quarter of fiscal 2015. The increased sales were primarily due to the operation of additional stores and an 8% increase in comparable store sales.
At the end of the first quarter of fiscal 2015, Tommy Bahama operated 156 stores including 100 full-price stores, 15 restaurant-retail locations and 41 outlets. This compares to 141 stores at the end of the first quarter of fiscal 2014.
Tommy Bahama's adjusted operating income for the first quarter of fiscal 2015 was $21.2 million compared to $20.3 million in the first quarter of fiscal 2014, reflecting the increased sales and a comparable gross margin. On a GAAP basis, Tommy Bahama's operating income for the first quarter of fiscal 2015 was $20.8 million compared to $19.9 million in the first quarter of fiscal 2014.
Lilly Pulitzer's net sales in the first quarter of fiscal 2015 rose 17% to $59.0 million, with strength across multiple product categories and increases in all channels of distribution, including a comparable store sales increase of 20%.
At the end of the first quarter of fiscal 2015, Lilly Pulitzer operated 30 retail stores compared to 26 retail stores at the end of the first quarter of fiscal 2014.
Lilly Pulitzer's operating income in the first quarter of fiscal 2015 increased 20% to $17.7 million driven by the increased sales and a 212 basis point increase in gross margin.
Lanier Clothes Net sales for Lanier Clothes in the first quarter of fiscal 2015 were $26.2 million compared to $28.7 million in the first quarter of fiscal 2014 with the decline primarily due to the exit from certain programs.
Operating income for the quarter was $2.1 million compared to $2.7 million in the first quarter of fiscal 2014 primarily due to the decrease in sales.
Corporate and Other For the first quarter of fiscal 2015, Corporate and Other incurred an adjusted operating loss of $5.5 million compared to an adjusted operating loss of $4.5 million in the first quarter of fiscal 2014. The increased loss was primarily due to lower Oxford Golf sales.
On a GAAP basis, Corporate and Other incurred a loss of $5.2 million in the first quarter of fiscal 2015 compared to a loss of $4.7 million in the same period of the prior year. ■