UPDATE: Oxford Industries Posts 93% Surge In Q2 Net Income, Issues Downbeat Q3 Forecast

Oxford Industries

reported a rise in its second-quarter net income and issued a downbeat third-quarter forecast. Oxford Industries' quarterly net income surged 93% to $5 million, or $0.30 per share, from $2.6 million, or $0.16 per share, in the year-ago period. Excluding one-time items, Oxford Industries' net income came in at $0.65 per share, beating analysts' estimates of $0.63 per share. Its sales climbed 15% to $206.9 million, versus analysts' expectations of $205 million. Oxford Industries expects Q3 adjusted earnings of $0.18 to $0.23 per share on sales of $175 million to $185 million. However, analysts were expecting earnings of $0.24 per share on sales of $191.3 million. Oxford Industries shares dropped 8.83% to $48.02 in after-hours trading.