: Oxford Industries stock falls more than 5% after weaker quarterly guidance


Shares of Oxford Industries Inc. OXM, -0.78% dropped nearly 6% in the extended session Thursday after the owner of Tommy Bahama, Lilly Pulitzer and other apparel brands beat expectations for its fiscal fourth quarter but guided for a weaker fiscal first-quarter 2023 profit. Oxford earned $32 million, or $2 a share, in the quarter, compared with $24 million, or $1.50 a share, in the year-ago period. Adjusted for one-time items, Oxford Industries earned $2.28 a share. Revenue rose to $382 million, from $300 million a year ago. FactSet consensus called for EPS of $2.14 on sales of $379 million. Oxford guided for 2023 revenue of $1.62 billion to $1.66 billion and adjusted adjusted EPS of $11.50 to $11.90 for the year. For fiscal first quarter, the company guided for sales between $405 million and $425 million, and an adjusted EPS between $3.60 and $3.80. FactSet consensus calls for a current-quarter adjusted EPS of $4.09 on sales of $411 million. “We are excited about our plans for 2023 and believe continued consumer interest in elegant casualwear, moving to warmer climates and travel are all macro trends that play to our strengths,” Chief Executive Tom Chubb said. “We believe these factors position us well to deliver another year of excellent results.” Shares of Oxford Industries ended the regular trading day down 0.8%.

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

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