Shares of Oxford Industries, Inc. (OXM) are gaining over 7% in extended trading session on Thursday after reporting its second quarter results and lifting its full year outlook.
Oxford Industries reported second-quarter profit of $51.5 million or $0.42 per share, compared to a loss of $6.1 million or $0.37 per share last year. On an adjusted basis, earnings increased to $3.24 per share compared to a loss of $0.38 per share last year.
Second-quarter sales rose to $328.7 million from $192.0 million last year.
Analysts polled by Thomson Reuters expected earnings of $2.33 per share on revenues of $308.19 million.
Commenting on the results, CEO Thomas Chubb said, “We are extremely pleased to be reporting record second quarter results driven by excellent performance in all five of our brands – Tommy Bahama, Lilly Pulitzer, Southern Tide, The Beaufort Bonnet Company, and Duck Head. Double-digit sales growth in all brands, combined with record gross margin and careful expense control, contributed to record operating margin and earnings per share for the quarter.”
For the full fiscal year, the company now expects sales of $1.085 billion to $1.105 billion and adjusted earnings to be between $6.45 and $6.70 per share. Analysts currently estimate an earnings of $5.22 per share on revenue of $1.05 billion.
Previously, the company expected sales of $1.015 billion to $1.05 billion and adjusted earnings between $4.85 and $5.15 per share for the full year.
For the third quarter, the company expects sales to be between $220 million and $230 million and adjusted earnings of $0.20 to $0.30 per share. Analysts currently estimate a loss of $0.25 per share on revenue of $206.07 million.
OXM closed Thursday’s trading at $93.54, up $0.66 or 0.71%, on the NYSE. The stock further gained $6.96 or 7.44% in the after-hours trading.
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