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OXFORD Oxford : Owner of Tommy Bahama , Lilly Pulitzer , and Southern Tide Reports Record Second Quarter Earnings , Raises Full Year Guidance September 2 , 2021 • Record second quarter sales exceeded high end of revenue guidance range • Record second quarter GAAP EPS of $ 3.05 and adjusted EPS of $ 3.24 exceeded high end of earnings guidance range • Raises full - year EPS guidance to $ 6.03 - $ 6.28 on a GAAP basis and $ 6.45 - $ 6.70 on an adjusted basis ATLANTA , Sept. 02 , 2021 ( GLOBE NEWSWIRE ) -- Oxford Industries , Inc. ( NYSE : OXM ) today announced financial results for its fiscal 2021 second quarter ended July 31 , 2021. Due to the material impact of COVID - 19 on the Company's business in fiscal 2020 , this release includes comparisons of fiscal 2021 results to both fiscal 2019 and fiscal 2020 . Consolidated net sales in the second quarter of fiscal 2021 were $ 329 million compared to $ 192 million and $ 302 million in the second quarters of fiscal 2020 and fiscal 2019 , respectively . Earnings on a GAAP basis increased to $ 3.05 per share compared to a loss of $ 0.37 per share in the second quarter of fiscal 2020 and earnings of $ 1.76 per share in the second quarter of fiscal 2019. On an adjusted basis , earnings increased to $ 3.24 per share compared to a loss of $ 0.38 per share in the second quarter of fiscal 2020 and earnings of $ 1.84 per share in the second quarter of fiscal 2019. Both net sales and earnings per share exceeded the Company's guidance issued on June 9 , 2021 . Thomas C. Chubb III , Chairman and CEO , commented , " We are extremely pleased to be reporting record second quarter results driven by excellent performance in all five of our brands - Tommy Bahama , Lilly Pulitzer , Southern Tide , The Beaufort Bonnet Company , and Duck Head . Double - digit sales growth in all brands , combined with record gross margin and careful expense control , contributed to record operating margin and earnings per share for the quarter . All of our direct to consumer channels performed well led by our highly profitable , full - price ecommerce business , with sales growth of 49 % compared to the second quarter of fiscal 2019. As we head into the second half of the year , while being mindful of the ongoing COVID - related challenges in supply chain and store and restaurant operations , we believe that our focus on executing our long - term strategic initiatives will continue to drive strength in our business . We are grateful to our incredible team of women and men for all they do to deliver happiness to our customers and long - term value to our shareholders . " Summary of Results Net Sales by Operating Group ( $ in millions ) Tommy Bahama Lilly Pulitzer 2021 $ 208.8 87.3 14.6 8.5 9.4 $ 328.7 Second Quarter 2020 $ 95.3 73.9 8.8 8.5 5.6 $ 192.0 2019 $ 188.9 75.6 12.5 20.5 4.6 $ 302.0 Southern Tide Lanier Apparel ( exiting ) Other Total Company Second Quarter of Fiscal 2021 Compared to Second Quarter Fiscal 2019 • Full price direct to consumer sales grew 20 % to $ 223 million compared to the second quarter of fiscal 2019 , with growth in all branded businesses . • Restaurant sales grew 26 % to $ 26 million compared to the second quarter of fiscal 2019. Every location that operated in both fiscal periods posted positive comps relative to fiscal 2019 , with most at double - digit percentage increases . The quarter also benefited from the operation of five additional Marlin Bar locations . The Company's New York restaurant remains closed . • Wholesale sales of $ 62 million were 20 % lower than the second quarter of fiscal 2019. Excluding Lanier Apparel , which the Company is exiting in fiscal 2021 , wholesale sales decreased 6 % compared to the second quarter of fiscal 2019 . • Gross margin increased to 63.8 % compared to 59.5 % in the second quarter of fiscal 2019 , fueled by strong full price sales , a shift in sales mix towards direct to consumer channels , and higher initial gross margin . On an adjusted basis , gross margin increased to 64.3 % compared to 59.8 % in the second quarter of fiscal 2019 . • SG & A was $ 146 million , or 45 % of sales , compared to $ 143 million , or 48 % of sales , in the second quarter of fiscal 2019 . Increased performance - based incentive compensation and advertising expense were partially offset by decreases in other employment costs due to reduced headcount and lower occupancy costs . On an adjusted basis , SG & A was $ 144 million , or 44 % of sales , compared to $ 143 million , or 47 % of sales , in the second quarter of fiscal 2019 . • Operating income increased to $ 68 million , or 20.7 % of sales , compared to $ 40 million , or 13.3 % of sales , in the second quarter of fiscal 2019. On an adjusted basis , operating income increased to $ 72 million , or 22.0 % of sales , compared to $ 42 million , or 13.8 % of sales , in the second quarter of fiscal 2019 with operating margin expansion in all operating groups . • The effective tax rate in the second quarter of fiscal 2021 was 24 % compared to an effective tax rate of 25 % in the second quarter