Tuesday, Oxford Industries Inc. (OXM),an apparel maker, reported a fall in first quarter earnings from a year ago, as revenues declined due to reduced demand.
The Atlanta, Georgia-based company's first quarter net income declined to $6.51 million or $0.42 per share from $9.52 million or $0.59 per share in the prior-year period. On average, four analysts polled by Thomson Reuters expected the company to earn $0.25 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly consolidated net sales dipped to $216.73 million from $272.94 million in the same period last year. The Street estimated revenues of $218.95 million for the quarter.
Segment wise, Tommy Bahama reported net sales of $98.4 million for the quarter, down from $129.3 million a year ago primarily due to the impact of difficult retail environment on both sales at wholesale and in its owned retail stores. Ben Sherman's net sales decreased to $24.2 million from $36.6 million, while Oxford Apparel reported net sales of $63.2 million, down from $68.7 million last year. Net sales for Lanier Clothes was down at $31.5 million, compared to $38.7 million in the prior-year period.
Oxford Industries noted that it would not be providing 2009 sales and earnings guidance given the lack of visibility caused by the highly uncertain economic environment.
OXM closed Tuesday's trading at $12.16, up $1.12 or 10.14%, on a volume of about 276 thousand shares. In the after hours, the share gained $0.79 or 6.50% and traded at $12.95.
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