ATLANTA — Oxford Industries has lowered its guidance for the full year and first quarter of fiscal 2008 because of continuing economic issues that affect the company's business.
For the fiscal year ending Jan. 31, 2009, Oxford now is projecting net sales of $1.01 billion to $1.06 billion, which is down slightly from its estimate for the 12-month period ended Feb. 2, 2008. Oxford is projecting that diluted earnings per common share will be between $2.35 and $2.50, which is comparable to its estimate for the 12-month period ended Feb. 2, 2008.
Oxford expects net sales for the first quarter, which began Feb. 3, 2008 and ends May 3, to be in the range of $265 million to $270 million, and for first quarter diluted earnings per common share to be between 55 and 60 cents. The three-month period ended May 4, 2007, which was not a reported quarter, had net sales of approximately $292 million and diluted earnings per common share of approximately 95 cents.
Said J. Hicks Lanier, chairman and CEO, "We expect that the current economic issues, both in the United States and the rest of he world, will continue to impact our business at wholesale and retail. Over the years, we have seen our share of economic downturns and we are confident that our team is well prepared to weather this environment through conservative planning and careful, prudent inventory management."
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