Oxford Industries Beats Q1 Views, Shares Surge

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Shares of
Oxford Industries Inc
OXM
surged over 3 percent in after-hours trading after the company reported stronger-than-expected results for the first quarter. The Atlanta, Georgia-based company reported quarterly earnings of $17.3 million, or $1.04 per share, compared to $15 million, or $0.91 per share, in the year-ago period. Excluding one-time items, its adjusted earnings from continuing operations gained 9 percent to $1.30 per share from $1.19 per share. Its revenue climbed 7 percent year-over-year to $260.4 million from $242.6 million. However, analysts were expecting earnings of $1.21 per share on revenue of $256.37 million. The average estimate among 8 Estimize users was for earnings of $1.18 per share and revenue of $263.34 million. Net sales for Tommy Bahama rose 9 percent year-over-year to $172.7 million, while Lilly Pulitzer's net sales surged 17 percent to $59.0 million. Net sales for Lanier Clothes slipped to $26.2 million from $28.7 million. Its adjusted gross margin widened 124 basis points to 59.2 percent in the latest quarter. Adjusted operating income rose 7 percent to $35.5 million from $33.4 million. Thomas C. Chubb III, CEO and President, said, "We are delighted with our results as the strength exhibited by our brands in the fourth quarter continued into the first quarter of fiscal 2015. We exceeded our forecast, led by a superb performance from Lilly Pulitzer and solid top-line growth in our direct to consumer business at Tommy Bahama." For the current quarter, Oxford Industries projects earnings of $1.15 to $1.25 per share, on revenue of $245 million to $255 million. Analysts had expected earnings of $1.14 per share on revenue of $243.77 million. For the full year, Oxford Industries projects earnings of $3.50 to $3.65 per share, on revenue of $970 million to $985 million. Analysts had expected earnings of $3.55 per share on revenue of $974.13 million. Oxford Industries shares surged 3.52 percent to $83.86 in the after-hours trading session.
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Posted In: EarningsNewsGuidanceprofit
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