Oxford Industries Results Miss Estimates, Cuts FY14 Guidance; Stock Down 4%

(RTTNews) - Apparel retailer Oxford Industries Inc (OXM) Wednesday reported third-quarter net loss of $74 thousand or $0.00 per share compared with a profit of $0.9 million or $0.05 per share last year.

Excluding items, adjusted earnings for the quarter were $0.01 per share compared with $0.10 per share a year ago.

Revenues for the quarter were up 11% at $219.5 million compared with $197.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.02 per share on revenues of $222.9 million for the quarter. Analysts' estimates typically exclude special items.

For the fourth quarter, the company expects adjusted earnings of $0.96 to $1.06 per share, while analysts expect $1.18 per share.

For the full year 2014, the company now expects adjusted earnings of $2.85 to $2.95 per share on sales of $990 million to $1 billion. It earlier expected earnings of $3.00 to $3.15 per share on sales of about $1 billion.

Analysts expect earnings of $3.09 per share on revenues of $1 billion for the year.

"Looking forward, although the retail environment has continued to be heavily promotional and traffic remains soft, we believe we are successfully navigating the holiday season and expect to report solid results. We expect to have positive comps in the fourth quarter, although not at the level originally planned, and anticipate that some early spring wholesale shipments may shift from January into February," said CEO Thomas Chubb III.

The company has declared a cash dividend of $0.21 per share.