Market Updates
Oxford, Parent of Tommy Bahama and Lilly Pulitzer Lifts Outlook
Scott Peters
20 Sep, 2022
New York City
Oxford Industries surged 6.6% to $95.98 after the parent of Tommy Bahama and Lilly Pulitzer lifted its guidance and announced an acquisition.
Oxford agreed to acquire Johnny Was for $270 million and the acquisition is expected to be earnings accretive in fiscal 2022.
The company also increased its guidance for the third quarter and full year of fiscal 2022.
Third quarter sales are now expected to be $295 million to $310 million, with adjusted earnings per share between $1.10 and $1.30.
Approximately 2/3 of the earnings per share guidance increase is driven by the anticipated results of Johnny Was, with a slightly higher proportion of the sales increase driven by the Johnny Was acquisition.
The remainder of the guidance increase is due to strong quarter-to-date performance in our full-price direct-to-consumer channels and last week
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