The owner of the Lilly Pulitzer and Tommy Bahama brands reported a net loss of $66.8 million.
Oxford Industries saw a sales bump from its e-commerce channels in the first quarter but it wasn’t enough to keep the Atlanta-based company’s bottom line from turning red.
Thomas Chubb, chairman and chief executive officer, said after the company closed all of its North American stores and restaurants on March 17, it “quickly pivoted time and resources to staying connected with our customers through our e-commerce and digital platforms.” That resulted in a sales increase of 12 percent over the first quarter of last year “and the positive momentum has continued into the second quarter.” E-commerce accounted for 23 percent of the company’s overall sales last year.
He said stores that are in “warm, sunny, drivable” locations such as those in Florida and South Carolina, are performing best. Retail accounted for 47 percent of Oxford’s business in 2019.Turning to wholesale, the company is expecting soft demand to continue through the balance of the year.
During March, Oxford drew down $200 million of its $325 million asset-based revolving credit facility. It is also working with landlords on rent reductions wherever possible.
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