Oxford shares slide after disappointing quarter
ATLANTA (AP) — Oxford Industries Inc. reported disappointing fiscal third-quarter results and issued a modest fourth-quarter forecast Tuesday, pushing its shares down in after-hours trading.
The clothing company said strong sales of Tommy Bahama and Lilly Pulitzer brands helped offset its struggling Ben Sherman's business. It also faced problems as a result of Superstorm Sandy, which delayed an opening of a Tommy Bahama bar and restaurant in New York and affected 24 other stores to varying degrees.
The Atlanta-based company earned $3 million, or 18 cents per share, compared with $1.6 million, or 10 cents per share, a year ago. Excluding one-time items it made 19 cents per share. Revenue rose 7 percent to $181.4 million.
Analysts, who usually exclude one-time items, expected a profit of 21 cents per share on revenue of $183.3 million, according to FactSet.
Oxford expects adjusted earnings of $2.60 to $2.70 per share for the full year from its continuing operations and revenue of $845 million to $855 million. Analysts forecast $2.92 per share on revenue of $855.7 million.
The company expects adjusted earnings of 64 to 74 cents per share for the fourth quarter on revenue of $225 million to $235 million. Analysts estimated 93 cents per share on revenue of $234.6 million for the period.
Oxford shares fell $5.80, or 11 percent, to $46.98 in after-hours trading.