Shares of Oxford Industries Inc. dropped more than 9% in the extended session Wednesday after the parent company of Tommy Bahama and Lilly Pulitzer reported better-than-expected quarterly earnings but lowered its guidance for the year, saying it was under “macroeconomic pressures.”
Oxford Industries
OXM,
earned $58.6 million, or $3.64 a share, in the quarter, compared with $57.4 million, or $3.45 a share, in the year-ago quarter. Adjusted for one-time items, Oxford earned $3.78 a share.
Revenue rose to $420 million, compared with $353 million a year ago, the company said. Analysts polled by FactSet expected adjusted earnings of $3.74 a share on sales of $419 million.
“While the year started strong, as the quarter progressed, we did see macroeconomic pressures drive the consumer to become more cautious in her discretionary spending and a high level of promotional activity within the marketplace,” Chief Executive Tom Chubb said. “In light of these factors, we are moderating our growth forecast for the year.”
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Oxford guided for fiscal 2023 net sales in a range between $1.59 billion and $1.63 billion, and adjusted EPS between $10.80 and $11.20.
In March, when the company reported fourth-quarter earnings, it said it expected net sales in a range between $1.62 billion and $1.66 billion, and adjusted EPS between $11.50 and $11.90.
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Shares of Oxford Industries have gained 15% so far this year, compared with gains of around 11% for the S&P 500 index
SPX,
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