Net sales at young fashion brand Ben Sherman dropped by 14% during its third quarter with the axing of its womenswear collection cited as a key reason for the decline.
Oxford Industries, the US supply group which owns Ben Sherman, reported a 1.9% decrease in consolidated net sales of $139.6m (£88.5m) down from $142.3m (£90m) for the third quarter ended October 30.
Ben Sherman reported net sales of $25.5m (£16.2m) compared to $29.8m (£18.9m) for the same period in 2009. Oxford Industries said the fall in sales was due to the exit and subsequent licensing of the footwear and kids’ businesses and the closure of the British brand’s womenswear collection, which was announced in December last year.
Ben Sherman’s operating income was $1.7m (£1.1m) compared to operating income of $2.3m (£1.5m) for the comparative period in 2009.
For the first nine months of its financial year consolidated net sales from continuing operations were $446.2m (£282.8m) compared with $441.9m (£280.1m) compared with the first nine months of the previous year.
Chairman and chief executive J.Hicks Lanier said he was pleased with the year to date performance at Ben Sherman. He added: “Based on the momentum we carried from the third quarter into November, as well as holiday selling results to date in both our stores and e-commerce, we are expecting a significant increase in earnings for the fourth quarter and the year.”