US: Oxford Industries lowers Q4 & FY guidance
Oxford Industries, the owner of the Tommy Bahama and Lilly Pulitzer brands, has lowered its guidance for the fourth quarter and full-year.
In a trading update, the company said it expects adjusted earnings per share for the fourth quarter of fiscal 2013 to be in a range of US$0.83-$0.88 on net sales of around $250m. This compares to previous guidance of $0.98-$1.13 on net sales of $255-$265m.
CEO Thomas Chubb said: "While we were able to generate strong top and bottom line year over year growth during the fourth quarter, results ultimately fell short of our expectations.
For the full year, EPS is expected to be in a range of $2.75-$2.80 on net sales of around $917m. This compares to previous guidance of $2.90-$3.05 on net sales of $922-$932m.
Despite the lower guidance, Chubb added: "We remain as confident as ever in our strategy and believe the investments we have made in 2013 and will continue to make in 2014 in our lifestyle brands will deliver long-term value to our shareholders."
For fiscal 2014, the company expects full-year net sales to grow between 7%-9%, and adjusted earnings per share to increase between 9% and 14%.
Higher sales helped Oxford Industries, owner of the Tommy Bahama and Lilly Pulitzer brands, to more than double its fourth-quarter profit....
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