Oxford Industries inventory falls 5% after reducing outlook as gross sales decline

ATLANTA – Oxford Industries (NYSE:OXM) reported disappointing third quarter outcomes Wednesdat and lowered its full-year steering, sending shares down 5.7% in after-hours buying and selling.

The attire firm posted an adjusted lack of $0.11 per share for Q3, lacking analyst estimates of $0.11 revenue. Income fell 5.7% year-over-year to $308 million, beneath expectations of $317.8 million.

Oxford Industries CEO Tom Chubb (NYSE:CB) cited a “troublesome third quarter” attributable to cautious shopper spending and impacts from hurricanes within the Southeast. He famous the corporate’s key markets have been affected by “two main hurricanes in fast succession that resulted in estimated misplaced gross sales of $4 million.”

Trying forward, the corporate reduce its fiscal 2024 outlook, now anticipating earnings per share of $6.50-$6.70 on income of $1.50-$1.52 billion. That is down from earlier steering and beneath analyst consensus.

For This autumn, Oxford Industries forecasts EPS of $1.18-$1.38 on income of $375-$395 million, additionally beneath expectations.

“Because of the weaker than anticipated shopper setting earlier than the election and the fourth quarter influence of the hurricanes, which we challenge will embody a further $3 million of misplaced income and $0.11 per share, we’ve got lowered our fiscal 2024 gross sales and EPS steering,” Chubb defined.

Regardless of near-term headwinds, administration expressed confidence within the firm’s long-term development prospects. Oxford Industries operates manufacturers together with Tommy Bahama, Lilly Pulitzer and Johnny Was.

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