Oxford Industries 2Q net income jumps
ATLANTA (AP) — Clothing maker Oxford Industries Inc. said Wednesday that its second-quarter net income nearly doubled, helped by strong sales of its two biggest clothing lines, Tommy Bahama and Lilly Pulitzer.
The company's third-quarter forecast fell short of analysts' expectations and shares fell about 8 percent in after-hours trading.
The company, whose clothing labels also include Ben Sherman and Oxford Golf, said net income for the three months ended July 28 rose 93 percent to $5 million, or 30 cents per share. That compares with $2.6 million, or 16 cents per share last year.
Excluding one-time items related to repurchasing senior notes and accounting adjustments, net income was 65 cents per share. That beat analysts' expectations of net income of 63 cents per share, according to FactSet.
Sales rose 15 percent to $206.9 million. Analysts expected $205 million.
Tommy Bahama sales rose 17 percent to $127.5 million while Lilly Pulizter sales rose 25 percent to $30.9 million.
The Atlanta-based company affirmed full year guidance for adjusted earnings of $2.85 to $2.95 per share on sales of $850 to $865 million. Analysts expect net income of $2.90 per share on sales of $857 million.
For the third quarter the company expects adjusted earnings of 18 to 23 cents per share on sales of $175 million to $185 million. Analysts expect 24 cents per share on $191.3 million.
Shares fell $4.17, or 7.9 percent, to $48.50 in after-hours trading, after closing up $1.34, or 2.6 percent, at $52.67 during the regular trading session.