Sep 2, 2009
Oxford Industries second quarter profit beats Street, shares up
Sep 2, 2009
Sept 2 (Reuters) - Oxford Industries Inc (OXM.N) posted a higher-than-expected quarterly profit, helped by improved cost controls, and forecast full-year earnings ahead of market expectations, sending its shares up 10 percent.
Tommy Bahama from Oxford Industries - Photo: www.tommybahama.com
The company, which had not offered an outlook since March citing the lack of visibility in the current economic environment, now expects full-year profit in a range of 90 cents a share to $1.05 a share, excluding items. Analysts were looking for 66 cents a share.
Oxford Industries said its Tommy Bahama, Lanier Clothes and Oxford apparel businesses performed well in the quarter mostly due to lower expenses.
The company posted second-quarter net income of $533,000, or 3 cents a share, compared with $1.5 million, or 9 cents a share, a year ago.
Excluding items, it earned 30 cents a share, topping analysts' average estimate of 7 cents, according to Reuters Estimates.
Revenue fell 16.3 percent to $192.9 million. Selling, general and administrative expenses fell 17.3 percent to $73.6 million.
Shares of the Atlanta-based company were up $1.02 at $15.12 after the bell. They closed at $14.10 Wednesday 2 September on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Maju Samuel)
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