Oxford Industries (OXM) shares fell in late trading after the maker of branded and private label apparel projected a drop in adjusted EPS for the current quarter, missing Wall Street’s expectations.
Shares of the Atlanta, Georgia-based company were down 1.1% at $71.70. The stock has lost 10% so far this year.
Adjusted EPS for the fiscal second quarter ending on August 2 is expected to decline to the range of $0.85 to $0.95, from last year’s $1.01. That guidance falls short of the $1.13 average of 6 analysts’ estimates compiled by Capital IQ.
The company ascribed the expected decrease to anticipated lower levels of wholesale replenishment and re-orders due to market softness in the spring selling season, higher promotional activity in the Tommy Bahama outlet business and higher compensation expense.
Oxford also expects Q2 sales in a range from $245 to $255 million. Wall Street’s consensus was $254 million.
For the first quarter ended May 3, the company reported adjusted EPS of $0.94 and sales of $257.6 million.
The results topped Wall Street’s expectations of $0.87 in earnings and $254.6 million in revenue.
The company also reaffirmed its full-year adjusted EPS guidance of $3.00 – $3.15.