Shares Of Tommy Bahama Parent Oxford Industries Fall After Earnings Miss
Shares of Oxford Industries Inc. fell more than 4% late Tuesday after the clothing company behind brands such as Tommy Bahama and Lilly Pulitzer reported adjusted fiscal first-quarter earnings and sales below expectations. The company said it earned $17.2 million, or $1.03 a share, in the quarter, compared with $20.2 million, or $1.21 a share, in the year-ago period. Adjusted for one-time items, the company earned $1.12 a share, compared with $1.26 a year ago. Net sales rose to $272.4 million, compared to $256.2 million in the first quarter of fiscal 2016. Analysts polled by FactSet had expected adjusted earnings of $1.04 a share on sales of $274 million. Oxford Industries said it expects net sales in a range of $285 million to $295 million for the next quarter, compared with net sales of $283 million in the second quarter of fiscal 2016.
Copyright © 2017 MarketWatch, Inc.