Oxford Industries Profit Top Estimates; Q2 Outlook Weak - Update

(RTTNews) - Apparel retailer Oxford Industries Inc (OXM), Tuesday reported an increase in first-quarter profit, helped mainly by growth at its Tommy Bahama and Lilly Pulitzer brands. Results for the quarter topped Wall Street estimates.

The company provided a weak outlook for the second quarter, but kept its expectations for the full year unchanged.

Atlanta, Georgia-based Oxford posted quarterly net earnings of $15 million or $0.91 per share, compared with $13.6 million or $0.82 per share last year.

Excluding items, adjusted earnings for the quarter were $15.5 million or $0.94 per share. On average, six analysts polled by Thomson Reuters expected earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.

Sales for the first quarter climbed 10 percent to $257.6 million from $234 in the prior year. Analysts expected sales of $254.57 million for the quarter.

Sales at the company's Tommy Bahama brand climbed 5 percent year-over-year but same-store sales fell 1 percent. Among smaller brands, sales at Lilly Pulitzer gained 28 percent, and Lanier Clothes and Ben Sherman brands saw some growth too.

For the second quarter, Oxford expects net earnings in the range of $0.82 to $0.92 per share, adjusted earnings of $0.85 to $0.95 per share and sales of $245 million to $255 million. Analysts currently expect earnings of $1.13 per share on sales of $254 million for the quarter.

For fiscal year 2014, the company continues to expect net earnings of $2.88 to $3.03 per share, adjusted earnings of $3.00 to $3.15 per share and sales of $980 million to $1 billion. Analysts currently expect earnings of $3.11 per share on sales of $991.84 million for the full year.

Oxford Industries stock closed Thursday at $72.41, up $3.66 or 5.32%, on a volume of 0.31 million shares on the NYSE. In after hours, the stock dropped $0.22 or 0.30%.