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Ben Sherman swings to Q4 loss

Ben Sherman saw sales fall by almost 30% to $26.2 million (£18.2m) in the fourth quarter ended January 31 pushing the brand into the red.

Oxford Industries, which owns Ben Sherman, said that the sales decrease was partly due to shrinking orders from UK wholesale customers, and that the 26% fall in sterling against the dollar had also hit sales.

Ben Sherman swung to a loss of $2.2m (£1.5m) in the fourth quarter against a profit of $2.7m (£1.87m) for the same period last year.

“While we are not satisfied with our results for the fourth quarter, there is no question that they have been impacted by perhaps the worst retail environment in the history of our company.”

J Hicks Lanier, chairman and chief executive, Oxford Industries

Oxford Industries also owns the Tommy Bahama brand as well as operating a private label supply business.

For the full year, group sales were $947.5m (£659.3m) against $1 billion (£695.8m) in 2007.

Oxford Industries chairman and chief executive J Hicks Lanier said: “While we are not satisfied with our results for the fourth quarter, there is no question that they have been impacted by perhaps the worst retail environment in the history of our company. While we are hopeful that we will see a return to more normalised levels of consumer activity, our plans for the future incorporate a prudent and cautious view of fiscal 2009.”

“Our focus during these difficult times is first on maintaining the integrity and market positioning of our brands and second on continuing to strengthen our balance sheet.”

 

 

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