Oxford Industries (OXM) Reports Q3 EPS of $0.14, Revenues Miss; Offers FY18 Revenue Outlook

Oxford Industries (NYSE: OXM) reported Q3 EPS of $0.14, versus $0.00 reported last year. Revenue for the quarter came in at $233.7 million versus the consensus estimate of $242.45 million.

Thomas C. Chubb III, Chairman and CEO, commented, “The strong sales trends we experienced in our direct businesses during the first half of the fiscal year continued through the third quarter with a 7% comparable sales gain. While the third quarter remains our smallest volume quarter due to seasonality, it includes the incredibly popular Lilly Pulitzer 'After Party Sale,' which was a huge success this year in terms of revenue and margins. The strength of our direct to consumer businesses, particularly our e-commerce channel, was partially offset by some careful pruning in our wholesale channel of distribution. In addition, our third quarter results reflect the shift in timing of Lanier Apparel shipments coupled with some unanticipated softness in replenishment orders at Lanier Apparel.”

Mr. Chubb continued, “We are on track to deliver solid year-over-year growth for the fourth quarter and fiscal 2018. That said, we have moderated our fourth quarter comparable sales assumptions from a high single digit increase to a low single digit increase, as demand in our direct to consumer channels over the last few weeks has not been as strong as we previously expected. In addition, we have seen continued softness in our wholesale replenishment business. Based on our third quarter results and updated fourth quarter projections, we have revised our full year outlook accordingly.”

Mr. Chubb concluded, “As we sit here today, we have more than half the fourth quarter still ahead of us. That includes very important holiday selling, resort selling and early spring deliveries of wholesale. We have a lot of opportunity to do business between now and the end of the quarter. So, as we head into the final stretch, our incredible team of dedicated people is laser-focused on delighting our customers with outstanding products and memorable experiences.”

GUIDANCE:

Oxford Industries sees FY2018 EPS of $3.66. Oxford Industries sees FY2018 revenue of $1.106-1.116 billion, versus the consensus of $1.13 billion.

For earnings history and earnings-related data on Oxford Industries (OXM) click here.

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