Oxford Industries, Inc. ( (OXM) ) has released its Q3 earnings. Here is a breakdown of the information Oxford Industries, Inc. presented to its investors.
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Oxford Industries, Inc. is a prominent player in the apparel industry, owning and marketing brands such as Tommy Bahama, Lilly Pulitzer, and Johnny Was. The company is known for its lifestyle brands that cater to a diverse customer base, and its stock is listed on the New York Stock Exchange under the symbol OXM.
In its latest earnings report, Oxford Industries, Inc. reported a challenging third quarter with consolidated net sales of $308 million, down from $327 million in the same period last year. The company experienced a loss per share of $0.25 on a GAAP basis, compared to net earnings of $0.68 per share in the previous year. The company attributed these results to decreased consumer spending and the impact of hurricanes in its key Southeastern U.S. market.
Despite the decline in sales, the company reported a slight increase in gross margin to 63.1% from 62.9% last year, aided by lower LIFO accounting charges and reduced discounts at Lilly Pulitzer. However, the operating income turned into a loss of $6 million from an income of $14 million in the previous year due to increased SG&A expenses related to new store openings and investments in future growth.
Looking ahead, Oxford Industries has revised its fiscal 2024 sales and EPS guidance, anticipating full-year net sales between $1.50 billion and $1.52 billion, with adjusted EPS expected to be between $6.50 and $6.70. The company remains optimistic about its long-term growth potential, driven by its strategic investments and new product introductions that have been well-received by consumers.
