Oxford Industries Reduces Outlook After Disappointing Q2 (OXM)

has reduced full-year outlook after reporting the firm's Q2 results. Second-quarter EPS came in at $0.96 versus the Street estimate of $0.98. Despite the miss, the earnings per share were still up 48 percent versus the year-ago period. Sales rose 14 percent (year-over-year) to $235 million but fell short of Wall Street's $243.48 million estimate. The company's adjusted Q2 EPS came in at $1.01. Oxford Industries announced that its full-year 2013 EPS could fall within the $2.90 to $3.05 range. This is lower than the company's original estimate of $3.00 to $3.15. It is also lower than Wall Street's estimate of $3.12. "We are quite pleased with our first half performance, which included strong top and bottom line growth at both Tommy Bahama and Lilly Pulitzer," Thomas C. Chubb III, President and CEO of Oxford Industries, said in a

. "We were particularly pleased with how our direct to consumer channels performed with comparable store sales increases of 13% at Tommy Bahama and 19% at Lilly Pulitzer in the second quarter. "Our results demonstrate the strength of these brands and the power of our direct to consumer strategy. We believe there are many more opportunities ahead for us to drive sustained, profitable growth in these businesses." Chubb went on to say that, following a strong first half, the company believes that it has an "excellent game plan for the all-important holiday and resort selling seasons and are expecting a good second half as well." "Our direct to consumer business continues to perform well, but we have seen some erosion in our wholesale business," he added. "Our second half order books came in slightly below our expectation and we've seen some choppiness in our in-season re-order business. We have factored this into our forecast for the balance of the year and have made a modest downward revision to our guidance. Even with this revision, we believe fiscal 2013 will deliver strong top and bottom line results for our shareholders." Year-to-date, shares of Oxford Industries are up more than 40 percent. The stock is currently down more than two percent in after hours trading. Disclosure: