: Maui wildfires, ‘cautious macroeconomic environment’ weigh on Tommy Bahama maker’s outlook


Shares of Oxford Industries Inc. OXM, -0.35% — the owner of apparel brands Tommy Bahama and Lilly Pulitzer — fell 5.9% after hours on Thursday after the company grew more cautious on its sales and profit for the rest of its fiscal year, citing a “more cautious macroeconomic environment” and the impact of the wildfires in Maui. Executives said they expected full-year sales of $1.57 billion to $1.6 billion, compared with a forecast given in June for $1.59 billion to $1.63 billion. They said they expected adjusted earnings per share of between $10.30 and $10.60; in June, they’d forecast between $10.80 and $11.20. “In addition to a more cautious macroeconomic environment, updated guidance reflects a negative impact from the wildfires in Maui, where Oxford has six brick-and-mortar locations, two of which are food and beverage locations,” the company said. The company reported second-quarter net income of $51.4 million, or $3.22 a share, compared with $56.6 million, or $3.49 a share, in the same quarter last year. Adjusted earnings per share came in at $3.45. Revenue rose 16% to $420.3 million. Analysts polled by FactSet expected adjusted earnings per share of $3.39, on revenue of $424.3 million. Chief Executive Tom Chubb said that “we have recently seen consumers become a bit more cautious with their discretionary spending due to challenging macroeconomic conditions.”

This article was originally published by Marketwatch.com. Read the original article here.

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