Investing.com -- Boosted by stellar comparable store sales from its Lilly Pulitzer brand, high-end retailer Oxford Industries Inc (NYSE:OXM) reported a spike of more than 8% on Tuesday in adjusted earnings during the first quarter.
Oxford Industries, an Atlanta-based clothing retailer which carries a number of high-end products including: Tommy Bahama, Oxford Golf, Lanier Clothes and Lilly Pulitzer, saw its consolidated net sales increase by approximately 7% on the quarter to $260.4 million, up from $242.6 million during the same period last year. Lilly Pulitzer, a designer of women's clothing, beachwear and resortwear, increased its net sales to $59 million on the quarter, helped by gains across multiple product lines. While Lilly Pulitzer operated four additional stores in the period, up from 26 during the prior quarter, the brand still increased comparable store sales by 20%. It also realized gains in operating profit by 20% to $17.7 million as gross margin increased by 212 basis points.
Oxford Industries' Tommy Bahama line saw its net sales increase by 9%, spurred by the opening of 15 new stores.
"We are delighted with our results as the strength exhibited by our brands in the fourth quarter continued into the first quarter of fiscal 2015," Oxford Industries CEO Tommy Chubb III said in a statement. "We exceeded our forecast, led by a superb performance from Lilly Pulitzer and solid top-line growth in our direct to consumer business at Tommy Bahama."
In terms of forward guidance, Oxford Industries is anticipating second quarter EPS of 1.15-1.25, above analysts' forecasts of a 1.13 EPS.
Shares in Oxford Industries surged 4.24 or 5.23% to 81.06 in after-hours trading.