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Oxford Industries Quarterly Results To Be Hurt By Hurricane Matthew, Hanjin Bankruptcy

By Markets MarketWatch Pulse

Oxford Industries Inc. disclosed in a filing Wednesday that it expects results for the fiscal third quarter ending in October to be hurt Hurricane Matthew and the recent bankruptcy filing by South Korea's Hanjin Shipping. The company didn't provide details, but said the hurricane resulted in lost sales for Tommy Bahama, Lilly Pulitzer and Southern Tide in Florida, as well as the coastal regions of Georgia, South Carolina and North Carolina. The company said the Hanjin bankruptcy will delay the shipping of some Lilly Pulitzer product into the fourth quarter that would have shipped during the third quarter. Still, Oxford affirmed its previously-provided guidance for the fiscal year, for revenue of $1.03 billion to $1.05 billion and adjusted earnings per share of $3.65 to $3.80. The FactSet consensus is for revenue of $1.04 billion and EPS of $3.74. The stock, which was still inactive in premarket trade, has gained 2.1% year to date, while the S&P 500 has climbed 4.7%.

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