Lower sales in all divisions, and lower profits in all but one, combined with hefty restructuring charges to lower Oxford Industries’ second-quarter earnings more than 80 percent from year-ago levels.
Net income for the three months ended Aug. 2 fell to $1.5 million, or 9 cents a diluted share, 83.1 percent below the $8.7 million, or 49 cents, registered during the second quarter of 2007. Eliminating reorganization charges totaling 38 cents a share, as well as a one-time 4-cent gain, adjusted EPS was 43 cents, 9 cents higher than analysts’ estimates and above the 31- to 36-cent range provided by Oxford in earlier guidance.
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