Oxford Industries, Parent Company Of Tommy Bahama And Lilly Pulitzer, Sees Stock Drop Following Q2 Results

Oxford Industries, Inc. OXM reported its second-quarter financial results after Wednesday's closing bell. Here's a look at the details from the report. 

The Details: Oxford Industries reported quarterly earnings of $2.77 per share which missed the analyst consensus estimate of $3.00 by 7.67%. Quarterly sales of $419.886 million missed the analyst consensus estimate of $438.176 million by 4.17% and is a slight decrease in sales from the same period last year.

• Full-price direct-to-consumer (DTC) sales increased 1% to $305 million versus the second quarter of fiscal 2023.
  • Full-price retail sales of $152 million were 1% higher than the prior-year period.
  • E-commerce sales of $153 million were comparable to last year.
• Outlet sales were $21 million, a 4% increase versus prior-year results.
• Food and beverage sales of $29 million were comparable to last year.
• Wholesale sales of $65 million were 5% lower than the second quarter of fiscal 2023.

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“Consumer sentiment in the second quarter continued to decline from levels earlier in the year reaching an eight month low in July. The decline led to market conditions that were weaker than expected with more consumers looking for deals and promotions as evidenced by increased sales in our outlet locations and during promotional events,” said Tom Chubb, Chairman and CEO.

“Despite the challenging consumer environment, our teams continue to focus on our strategy of delivering new and compelling products and experiences for our customers,” he added.

Outlook: Oxford Industries lowered its third-quarter guidance to earnings of between 0 cents and 20 cents per share and net sales in a range of $310 million to $325 million. The company sees fiscal year 2024 earnings of between $7.00 and $7.30 per share and net sales in a range of $1.51 billion to $1.54 billion.

OXM Price Action: According to Benzinga Pro, Oxford Industries shares are down 7.68% after-hours at $77.20 at the time of publication Wednesday.

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Image: Courtesy of Oxford Industries, Inc.