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Oxford Industries misses 3Q estimates, but holds out hope for a strong holiday season

The specialty retailer’s CEO said there’s 'a lot of opportunity to do business' between now and the end of the fiscal year
Storefront of Tommy Bahama
Oxford Industries’ brand portfolio includes Tommy Bahama, Lilly Pulitzer and Southern Tide

Oxford Industries Inc (NYSE:OXM) missed analyst estimates in its third quarter, but is hopeful that a strong holiday season will put it back on track.

The specialty retailer reported earnings of $0.11 per share compared with $0.06 in the previous year’s third quarter, falling below analyst estimates of $0.17 per share.

Quarterly net sales totaled $233.7 million compared with $236 million a year ago, short of analyst estimates of $243.37 million.

Shares of the Georgia-based company dipped more than 10% to $67.03 in Wednesday after-hours trading.

 

Oxford's brand portfolio includes Tommy Bahama, Lilly Pulitzer and Southern Tide.

“As we sit here today, we have more than half the fourth quarter still ahead of us. That includes very important holiday selling, resort selling and early spring deliveries of wholesale. We have a lot of opportunity to do business between now and the end of the quarter,” said CEO Thomas C. Chubb III in the company’s press release.

READ: Stitch Fix tops estimates in 1Q, but a miss on active users and a bleak holiday outlook sinks shares

The company expects fourth-quarter expects earnings between $0.96 to $1.11 per share on net sales between $297 million to $307 million, lower than the previous fourth quarter’s net sales of $293.2 million.

Analysts were expecting $1.33 per share on net sales of $315.8 million.

For the full-year ahead, the company lowered its net sales guidance to between $1.106 billion to $1.116 billion compared with its prior guidance of between  $1.125 billion and $1.145 billion.

GAAP earnings are expected to be between $3.89 and $4.04 per share, lower than its previous guidance of earnings between $4.13 to $4.33 per share.

Its board of directors has approved a cash dividend of $0.34 per share payable on February 1, 2019 to shareholders of record as of the close of business on January 18, 2019.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

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