Oxford Industries reports Q4 and FY results, plans to sell Ben Sherman
Fourth quarter sales at Oxford Industries rose 10% to $274.5m and consolidated net sales rose 9% to $997.8 million for the full fiscal 2014, the company has announced.
The company also stated that it will pursue a sale of its Ben Sherman brand, which had net sales of $25.4m in Q4 2014 compared to $20.1m in the fourth quarter of fiscal 2013. Net sales for the full fiscal year at Ben Sherman increased to $77.5m compared to $67.2m in fiscal 2013.
Thomas C. Chubb III, CEO and President commented: "Ben Sherman made great progress in 2014 and left the year with positive momentum, which we believe now positions it as an attractive acquisition target. With the aim of achieving long-term value for our shareholders, we have concluded that the sale of Ben Sherman is the right course of action. We have initiated a sale process and expect a timely conclusion."
The Company expects to complete the sale of Ben Sherman during fiscal 2015.
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