US: Oxford lowers Q4 view based on weak suit business
Oxford Industries said late Tuesday (5 June) that continued weakness in its tailored clothing business had led it to reduce its guidance for fourth quarter results, despite improvements at Ben Sherman and a continued strong performance at Tommy Bahama.
The company cut its fourth quarter profit guidance to US$1.00 to $1.05 a diluted share from an earlier range of $1.07 to $1.14.
The estimate doesn't include an additional $0.03 per share in severance costs as a result of efforts to "rationalise" its underperforming tailored clothing business
Analysts had originally expected EPS of $1.03 for the quarter, which ended last month.
Atlanta, Georgia-based Oxford also said that sales in the fourth quarter would land in the lower half of its revenue estimate of $285m to $295m.
The company said that both the Tommy Bahama and Ben Sherman brands achieved their fourth quarter plans, representing a "dramatic improvement in profitability" at Ben Sherman.
Sales for the first quarter now are budgeted at $245m to $255m, with diluted EPS of $0.46 to $0.51, versus the current analyst estimate of $0.68.
By Arnold J Karr.
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