Oxford Industries Inc. posted losses for the third quarter and cut its outlook for the year after finding itself in a “difficult environment.”
Net losses for the quarter totaled $2.1 million, or 13 cents a share, from $74,000, or breakeven, a year ago. Sales for the three months ended Oct. 31 fell 1.3 percent to $198.6 million from $201.2 million. The third quarter is typically Oxford’s lightest in terms of sales given the seasonality of its brands, Tommy Bahama as well as Lilly Pulitzer, which is under new leadership.
Shares of the company fell 2.7 percent to $66.99 in after-hours trading today.
“In the context of the difficult environment, as well as the seasonality of our brands, we are generally pleased with our third-quarter results,” said Thomas C. Chubb 3rd, chairman and chief executive officer. He said inventories, which at the end of the quarter were up 2 percent versus a year ago, were in “excellent shape.”
“While we are pleased with these results, we still have a long way to go and are cognizant of the market conditions facing all retailers this holiday season, with decreased mall traffic and a highly promotional environment,” Chubb said. “Because of this, we have moderated our guidance for the full year.”
The company now expects adjusted earnings per share of $3.53 to $3.63, down from the $3.55 to $3.70 it forecast in September.