The company saw revenue grow 3% to $282 million, comfortably surpassing Street expectations of $277.3 million. Same-store sales grew 3%, and adjusted earnings grew $0.02 to $1.30 per share, while analysts had called for $1.21.
The stock was sitting pretty Thursday, rising 5% to $72.25.
A 1.4% decline in Tommy Bahama sales for the Atlanta-based company was more than offset by a 5.8% boost from Lilly Pulitzer, a 4.9% gain from Southern Tide and a more than 33% increase from Lanier Apparel.
Looking ahead, the company expects second-quarter revenue between $300 million and $310 million. Analysts are expecting $313.1 million. Adjusted earnings are estimated between $1.80 and $1.90 per share, falling short of the consensus estimate of $1.93.
For the full fiscal year, revenue is expected between $1.135 billion and $1.155 billion, compared to Street expectations of $1.14 billion. Adjusted earnings are projected to settle between $4.45 and $4.65 per share, while analysts are calling for $4.57.
“Fiscal 2019 has started well as we delivered our ninth consecutive quarter of consolidated comparable sales growth and our sales and earnings per share for the quarter were ahead of expectations,” CEO Thomas Chubb III said. “Our first quarter performance reflects the strong positioning of Tommy Bahama, Lilly Pulitzer, and Southern Tide in the marketplace coupled with positive consumer response to our current merchandise assortments.”
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