Oxford Industries acquires Johnny Was for $270M, raises FY2022 guidance

OXFORD INDUSTRIES INC

Acquired Johnny Was for $270M cash; financed primarily by cash on hand and ~$100M from revolving credit facility.
Raises FY2022 guidance: sales $1.375B-$1.405B; adj. EPS $10.25-$10.60; accretion from acquisition.
Q3 FY2022 guidance: sales $295M-$310M; adj. EPS $1.10-$1.30; ~2/3 of EPS boost from Johnny Was.
Johnny Was is an affordable luxury bohemian lifestyle brand with loyal customer base; management to stay.
Expects to repay all credit facility borrowings within one year; transaction closed Sept. 19, 2022.

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