Shares of apparel products provider Oxford Industries (NYSE:OXM) are trending lower today after the company announced first-quarter numbers.
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In Q1, revenue rose 19.1% year-over-year to $420 million, outperforming estimates by about $1 million. EPS at $3.78 too scaled past expectations by $0.04. The company witnessed sales gains across each of its operating groups with gross margin expanding by 130 basis points to 65.5%.
Despite these metrics, the company’s financial outlook disappointed investors.
It now expects fiscal 2023 net sales to hover between $1.59 billion and $1.63 billion. Adjusted EPS for the year is anticipated between $10.80 and $11.20. In comparison, the Street had pegged the company’s fiscal 2023 adjusted EPS at $11.76 on a top line of $1.64 billion.
Overall, the Street has a $130 consensus price target on OXM alongside a Moderate Buy consensus rating. This points to a nearly 21.3% potential upside in the stock.
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