• Q3 net income down 11% to US$4.2m
  • Net sales down 17.9% to $200.5m
  • Raises full-year sales and earnings guidance

Apparel group Oxford Industries is taking a positive line despite a narrowing of third quarter profit and a double-digit sales decline.

Chairman and CEO J Hicks Lanier said he was pleased with the company's progress, and encouraged by "modest" same store sales growth experienced by the Tommy Bahama brand during September, October and November.

Oxford's net sales fell 17.9% to US$200.5m in the three months to 31 October, while net income declined 11% to $4.2m, hit by a $1.3m accounting charge.

Tommy Bahama sales fell 9.9% to $75.4m, Ben Sherman slumped 22% to $29.8m, Lanier Clothes declined 19.6% to $35.6m and the Oxford Apparel brand slid 22.9% to $60.2m.

For the first nine months of the year, sales fell 18.4% to $610.2m, the company said.

"We continue to be pleased with the positioning and strength of our brands and the way our teams have executed our strategies," said Lanier.

"Effective risk management, inventory control and operating discipline allowed each of our operating groups to contribute positive operating results."

Oxford raised its full-year sales projection to $790-800m, up from the previous forecast of $765-780m, and increased its full-year earnings forecast to $1.20-1.25 per share, up from $0.90-1.05.