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Oxford Industries Provides Downbeat Guidance (OXM)

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Oxford Industries Inc. (NYSE: OXM) reported late on Tuesday that fiscal second quarter net income rose sharply due to higher sales of its Lilly Pulitzer and Tommy Bahama brands and favorable quarter-over-quarter comparable (company booked huge loss for repurchasing senior notes in the year earlier quarter).

However, shares fell sharply in premarket trading on Wednesday as the outlook for the fiscal third quarter fell short of analysts’ consensus estimate. The Company also downwardly revised its full-year guidance.

For the full-year fiscal, Oxford Industries expects non-GAAP earnings of $2.90 to $3.05 a share on revenue of $920 million to $930 million down from its previous projection for $3 to $3.15 a share on revenue of $930 million to $940 million.

For the current quarter, Oxford anticipates adjusted earnings of 8 cents to 13 cents a share on revenue of $195 million to $205 million while analysts surveyed by Thomson Reuters had expectations for earnings of 21 cents a share on revenue of $200 million.

For the recently concluded period, the Company posted a net income of $15.8 million or 96 cents a share compared to a profit of $5 million or 30 cents a share, in the year-earlier quarter.  In the same quarter of last year, the company took a charge of $9.1 million linked to the repurchase of senior notes.

Stripping out onetime items, adjusted earnings stood at $1.01 a share from 65 cents a share, in the same period of last year.

Sales rose 14% to $235 million.

Earlier in June, the Company projected EPS of 92 cents a share to $1.02 a share on revenue of $240 million to $250 million.

Gross margin widened to 58.2% from 57.2%.

 








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Post Written By: Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.

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Ed Liston

Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing.

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