Oxford Industries Profit Rises, Lifts FY Guidance; Stock Up 4%

(RTTNews) - Apparel company Oxford Industries Inc (OXM) on Tuesday reported first-quarter net earnings of $17.3 million or $1.29 per share compared with $15 million or $1.16 per share last year.

Excluding items, adjusted earnings for the quarter were $1.30 per share compared with $1.19 per share a year ago.

Revenues for the quarter were $260.4 million compared with $242.6 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $1.21 per share on revenues of $256.4 million for the quarter. Analysts' estimates typically exclude special items.

"We are delighted with our results as the strength exhibited by our brands in the fourth quarter continued into the first quarter of fiscal 2015. We exceeded our forecast, led by a superb performance from Lilly Pulitzer and solid top-line growth in our direct to consumer business at Tommy Bahama," said CEO Thomas Chubb III.

Gross margin in the quarter rose to 59.3% from 57.9% in the prior year.

For the second quarter, the company expects adjusted earnings of $1.15 to $1.25 per share on revenues of $245 million to $255 million. Analysts expect earnings of $1.14 per share on revenues of $243.8 million.

For the full year 2015, the company now expects adjusted earnings of $3.50 to $3.65 per share on revenues of $970 million to $985 million. Earlier it expected earnings of $3.45 and $3.60 per share share on revenues of $965 million to $980 million.

Analysts expect earnings of $3.55 per share on revenues of $974.1 million for the year.