Oxford Industries Posts Q1 Beat; Q2 Guidance Looks Soft
Shares of Oxford Industries (NASDAQ: OXM) are moving lower in Tuesday's post-market trading session following the company's first-quarter results.
The company reported its quarterly earnings per share at $0.94, beating the analyst consensus estimate of 0.87. However, growth is still there as this figure represented growth of nearly 15 percent year-over-year.
Oxford saw total sales increase 10 percent from $234.2 million in the year-ago quarter to $257.6 million. Analysts had been expecting sales of $254.57 million.
Thomas Chubb, Oxford's CEO and President, said, "We were quite pleased with our first quarter results. In particular, Lilly Pulitzer's remarkable performance has continued with product assortments and a marketing campaign that are clearly resonating with consumers. Tommy Bahama, while impacted by lower traffic early in the quarter, saw a nice rebound in April and ultimately delivered a solid quarter in a very challenging market.
"Investment in the expansion of these great brands, Tommy Bahama and Lilly Pulitzer, remains our key strategic focus," according to Chubb. "At the same time, we continue to look to Lanier Clothes for strong cash flow and believe Ben Sherman is properly positioned to deliver improved results during the remainder of the year. We are confident that, as we execute our plans in each business, we will drive outstanding value to our shareholders."
Oxford is expecting second-quarter earnings per share at $0.85 to $0.95 while the Street expects $1.13. The company sees sales of $245 to $255 million, compared to the Street estimate of $253 million.
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