Oxford Industries Inc OXM announced financial results Wednesday for its fiscal 2014 third quarter, which ended November 1, 2014. Consolidated net sales increased 11 percent to $219.5 million, below estimates of $222.85 million and above the $197.5 million reported in the third quarter of fiscal 2013.
Adjusted earnings per share in the third quarter of fiscal 2014 were $0.01, below estimates of $0.02 and the $0.10 reported in the third quarter of fiscal 2013.
On a GAAP basis, earnings per share in the third quarter of fiscal 2014 were breakeven compared to $0.05 in the same period of the prior year.
Thomas C. Chubb III, CEO and President, commented, "We are pleased to have delivered a solid increase to our top line and to have met our earnings expectations in the difficult environment we faced in the third quarter. Looking forward, although the retail environment has continued to be heavily promotional and traffic remains soft, we believe we are successfully navigating the holiday season and expect to report solid results.
“We expect to have positive comps in the fourth quarter, although not at the level originally planned, and anticipate that some early spring wholesale shipments may shift from January into February. Given this backdrop, we expect fourth quarter adjusted EPS in a range of $0.96 to $1.06 compared to $0.89 last year and, for the full year, adjusted EPS of $2.85 - $2.95.”
Oxford Industries traded at $59.00 after hours, down 3.7 percent.
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