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Oxford Industries 1Q Profit Jumps

*OXM was higher in afterhours by +2.40%...

Oxford Industries 1Q Profit Jumps
Thursday October 6, 6:27 pm ET
Oxford Industries First-Quarter Earnings More Than Double on Tommy Bahama Strength

ATLANTA (AP) -- Oxford Industries Inc., a maker of dress shirts and clothing for a number of licensed brands, said Thursday that earnings more than doubled in its fiscal first quarter on strong profit at its Tommy Bahama brand.

The company also raised its year-end outlook and its shares rose 98 cents, or 2.2 percent, to $45.90 in after-hours trading.

Oxford's brands also include Indigo Palms, Island Soft, Ely & Walker and Oxford Golf. In addition, it licenses brands including Tommy Hilfiger and Nautica.

For the three months ended Sept. 2, Oxford's profit jumped to $13.9 million, or 79 cents per share, from $6.2 million, or 36 cents per share, a year ago.

Revenue climbed 27 percent to $336.5 million from $264.8 million. Oxford said Tommy Bahama sales actually slipped about $1 million to $92 million, but profit rose 21 percent because of improvement procurement and inventory operations.

Analysts surveyed by Thomson Financial were looking for profit of 61 cents per share on sales of $329.6 million.

Oxford said it now foresees year-end profit of $3.42 to $3.52 per share on sales of $1.38 billion to $1.4 billion. Previously, the company had forecast earnings of $3.25 to $3.35 per share on sales of $1.37 billion to $1.39 billion.

Analysts expect profit of $3.33 per share on sales of $1.41 billion.

For the second quarter, Oxford expects earnings of 55 cents to 60 cents per share on sales of $320 million to $330 million. Analysts foresee earnings of 60 cents per share on sales of $328.5 million.


LINK: http://biz.yahoo.com/ap/051006/earns_oxford_industries.html?.v=1