• Tue. Apr 23rd, 2024

Oxford Industries Adds This Luxury & Modern Bohemian Brand; Boosts Outlook – Oxford Industries (NYSE:OXM)

ByShivani Kumaresan

Sep 20, 2022
Oxford Industries Adds This Luxury & Modern Bohemian Brand; Boosts Outlook - Oxford Industries (NYSE:OXM)

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  • Oxford Industries Inc OXM has completed the acquisition of Johnny Was, a California-based affordable luxury apparel brand, for $270 million.
  • OXM expects the deal to be accretive to earnings in FY22.
  • “The addition of the Johnny Was brand to the Oxford portfolio further diversifies our business across fashion points of view, price points, seasons, and geographies,” said CEO Tom Chubb.
  • OXM funded the transaction primarily by cash on hand, with the remaining approximately $100 million financed with borrowings under its revolving credit facility.
  • It held $186 million in cash and equivalents as of July 30, 2022.
  • Outlook: OXM said it raised its Q3 and FY22 guidance reflecting the addition of Johnny Was and strong DTC sales at Tommy Bahama and Lilly Pulitzer.
  • It sees Q3 sales of $295 million – $310 million (prior view $270 million – $280 million), against the consensus of $275.52 million. Adjusted EPS of $1.10 – $1.30 (previous view $0.90 – $1.05) versus the consensus of $1.02.
  • Oxford expects FY22 sales of $1.375 billion – $1.405 billion (prior view $1.300 billion – $1.325 billion) against the consensus of $1.31 billion, Adjusted EPS of $10.25 – $10.60 (prior view $9.85 – $10.10) versus the consensus of $10.02. 
  • Price Action: OXM shares closed higher by 3.83% at $90.02 on Monday.

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Image and article originally from www.benzinga.com. Read the original article here.