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Ben Sherman sees income dip

Oxford Industries, the US supply group which owns Ben Sherman, reported consolidated net sales down 5.7% to US$230.5 million (£129.7m) and net income down 83% to US$1.5m (£844,000) for the second quarter ended August 2.

Within the results, Ben Sherman achieved net sales of US$32.5m (£18.3m), down 10% on the same period in 2007. Oxford Industries said the fall in sales was due to the continued repositioning of the brand in the UK, which has seen Ben Sherman make efforts to improve its distribution and move away from discounting.

The brand reported an operating loss of US$2m (£1.1m) for the period against an operating loss of US$1.5m (£843,000), largely because of the reduction in sales.

Oxford Industries’ Tommy Bahama brand achieved net sales of US$112m (£62.8m) over the period against US$114.2m (£64.1m) in 2007. Operating income fell to US$18.1m (£10.6m) from US$20.9m (£11.7m). The company blamed the fall on the difficult trading conditions.

Chairman and chief executive of Oxford Industries, J Hicks Lanier, said: “We are pleased with our results for the second quarter, which were particularly gratifying given the difficult tenor of the retail environment.”

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