Oxford Industries Adds This Luxury & Modern Bohemian Brand; Boosts Outlook - Oxford Industries (NYSE:OXM)

Oxford Industries Inc OXM has completed the acquisition of Johnny Was, a California-based affordable luxury apparel brand, for $270 million.
OXM expects the deal to be accretive to earnings in FY22.
"The addition of the Johnny Was brand to the Oxford portfolio further diversifies our business across fashion points of view, price points, seasons, and geographies," said CEO Tom Chubb.
OXM funded the transaction primarily by cash on hand, with the remaining approximately $100 million financed with borrowings under its revolving credit facility.
It held $186 million in cash and equivalents as of July 30, 2022.
Outlook: OXM said it raised its Q3 and FY22 guidance reflecting the addition of Johnny Was and strong DTC sales at Tommy Bahama and Lilly Pulitzer.
It sees Q3 sales of $295 million - $310 million (prior view $270 million - $280 million), against the consensus of $275.52 million. Adjusted EPS of $1.10 - $1.30 (previous view $0.90 - $1.05) versus the consensus of $1.02.
Oxford expects FY22 sales of $1.375 billion - $1.405 billion (prior view $1.300 billion - $1.325 billion) against the consensus of $1.31 billion, Adjusted EPS of $10.25 - $10.60 (prior view $9.85 - $10.10) versus the consensus of $10.02.
Price Action: OXM shares closed higher by 3.83% at $90.02 on Monday.