Tommy Bahama owner Oxford hikes outlook on Johnny Was acquisition


Oxford Industries Inc. OXM, +3.83% hiked its outlook late Monday following an announcement it closed on its acquisition of clothing brand Johnny Was. The company said inclusion of the $270 million acquisition and strong direct-to-consumer sales at its Tommy Bahama and Lilly Pulitzer brands boosted third-quarter expectations to adjusted earnings of $1.10 to $1.30 a share on sales of $295 million to $310 million, with about two-thirds of the hike coming from anticipated results of Johnny Was, and the rest from DTC sales performance. Analysts surveyed by FactSet expect earnings of $1.02 share on revenue of $275.5 million, based on Oxford’s previous forecast of 90 cents to $1.05 a share on revenue of $270 million to $280 million. For the full year, Oxford expects adjusted earnings of $10.25 to $10.60 a share on sales of $1.38 billion to $1.41 billion, while analysts estimate earnings of $10.02 a share on revenue of $1.32 billion. Shares of Oxford were flat after hours, following a 3.9% gain in the regular session to close at $90.02.

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