Oxford Industries Slips Despite Improved Quarterly Results

(RTTNews) - Shares of apparel manufacturer, Oxford Industries, Inc. (OXM) are down more than 5% Friday morning despite improved quarterly results. Net earnings in the second quarter increased to $56.61 million or $3.49 per share from $51.46 million or $3.05 per share last year.

On an adjusted basis, EPS was $3.61 .

Sales in the quarter increased 11% to $363 million compared to $329 million in the second quarter of fiscal 2021.

For fiscal 2022, the company raised its previously issued guidance. Oxford Industries now expects net sales in a range of $1.300 billion-$1.325 billion as compared to net sales of $1.142 billion in fiscal 2021.

Adjusted EPS is expected to be between $9.85 and $10.10. This compares with adjusted EPS of $7.99 in fiscal 2021.

For the third quarter, the company expects net sales to be between $270 million and $280 million compared to net sales of $248 million in the third quarter of fiscal 2021.

EPS for the third quarter is expected to be in a range of $0.90 to $1.05. This compares with EPS of $1.19 on an adjusted basis in the third quarter of fiscal 2021.

OXM is at $97.10 currently. It has traded in the range of $76.21-$119.50 in the last 1 year.