Jun 8, 2011
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Oxford Industries Q1 profit beats market; ups FY outlook

Jun 8, 2011

June 7 - Oxford Industries Inc's quarterly results beat market estimates helped by strong demand primarily for its Tommy Bahama brand and the apparel maker raised its full-year outlook, sending its shares up 10 percent in extended trade.

Oxford Industries
Ben Sherman (Oxford Industries Inc)

For 2011, the company now expects adjusted earnings from continuing operations of $2.15-$2.25 a share, on sales of $730 to $745 million.

Analysts on average were expecting Oxford to earn $2.04 a share on sales of $732.19, according to Thomson Reuters I/B/E/S.

For the latest first quarter, the company, whose brands also include Ben Sherman, Oxford Golf and Lilly Pulitzer, earned $17.1 million, or $1.03 a share, compared with $8.5 million, or 52 cents a share, a year ago.

On an adjusted basis, the company earned $1.07 per share from continuing operations, beating expectations for earnings of $1 a share.

Net sales rose 27 percent to $208.3 million, largely in line with market expectations of $208.8 million.

Shares of the company -- which acquired Lilly Pulitzer in December -- were up 4 percent in trading after the bell. They closed at $34.51 on Tuesday on the New York Stock Exchange.

(Reporting by Abhishek Takle in Bangalore; Editing by Gopakumar Warrier)

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