These Analysts Revise Their Forecasts On Oxford Industries Following Q4 Results

Oxford Industries, Inc. OXM reported downbeat financial results for its fourth quarter and issued weak guidance for the first quarter on Thursday.

Oxford Industries posted adjusted earnings of $1.90 per share, missing market estimates of $1.95 per share. The company’s sales came in at $404.40 million versus expectations of $408.18 million, according to data from Benzinga Pro.

Tom Chubb, Chairman and CEO, commented, “Fiscal 2023 was highlighted by the second strongest earnings year in our 82-year history and concluded a five-year period during which we delivered compound annual adjusted EPS growth exceeding 18 percent. This strong performance included generating $244 million in cash flow from operations in fiscal 2023, allowing us to invest in both organic growth and acquisitions, return capital to our shareholders via our quarterly dividend and opportunistic share repurchases, and pay down almost all our outstanding debt.”

Oxford Industries said it sees FY24 adjusted earnings of $9.30 to $9.70 per share, versus market estimates of $10.21 per share. The company expects revenue of $1.63 billion to $1.67 billion versus expectations of $1.575 billion.

The company sees first-quarter adjusted earnings of $2.60 to $2.80 per share, versus estimates of $3.58 per share. It projects revenue of $395 million to $415 million, versus expectations of $419.196 million.

Oxford Industries shares fell 4% to trade at $107.90 on Monday.

These analysts made changes to their price targets on Oxford Industries following earnings announcement.

• Telsey Advisory Group raised the price target on Oxford Industries from $102 to $110. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• UBS cut the price target on Oxford Industries from $106 to $104. UBS analyst Mauricio Sernamaintained a Neutral rating.
• Citigroup slashed the price target on Oxford Industries from $98 to $94. Citigroup analyst Paul Lejuez downgraded the stock from Neutral to Sell.

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