An increase in social events and travel and the rise of more casual workplaces spelled good news this quarter for Oxford Industries, parent company of lifestyle brands Tommy Bahama and Lilly Pulitzer.
According to an earnings release, Oxford saw sales for both brands increase in the first quarter of 2022 after what it called a record 2021.
“As more and more people are returning to social events, leisure travel and even the more casually-attired post-pandemic physical workplace[s], consumers are increasingly attracted to our happy, upbeat brands and the beautiful products we provide, which are both true to our brands’ unique DNA and relevant to today’s consumer and marketplace,” CEO Thomas Chubb said in the release.
Chubb reiterated the point about workplace attire during a conference call with investors.
“Even going back to the workplace, which is more casual than it’s ever been before, and our brands are more appropriate than they’ve ever been before for the workplace,” he said.
Tommy Bahama’s sales increased by 46% between the first quarter of 2021 and the first quarter of this year, from $156.7 million to $228.1 million, according to the release. Lilly Pulitzer’s sales rose 25% year-over-year, from $73.6 million to $92 million.
See also: Consumers Pay Full Price for Brands That Make Them Happy, Tommy Bahama Parent Says
Retail sales — $136 million — were 49% higher than the first quarter of fiscal 2021, while full price eCommerce sales rose 20% to $89 million compared to the first quarter of fiscal 2021, across all brands, the release stated.
On the conference call, Chubb said the company is planning to open several new stores throughout the southern states this year and in 2023. Oxford will also invest in its “ship-from-store” capabilities with a new project to “significantly enhance those capabilities” set to go live sometime next year.
