Oxford lowers Q4 and fiscal '13 earnings guidance

REPORT_ Oxford Industries has provided updated net sales and earnings per share

guidance for the fourth quarter and fiscal year 2013, which ended February 1, 2014, and also provided its initial net sales and earnings per share outlook for fiscal year 2014, ending January 31, 2015. The company now expects adjusted earnings per share for the fourth quarter of fiscal 2013 to be in a range of 0.83 dollars - 0.88 dollars on net sales of approximately 250 million dollars.

This compares to its previously issued guidance of adjusted earnings per share of 0.98 dollars - 1.13 dollars on net sales of 255- 265 million dollars and to the prior year's fourth quarter adjusted earnings per share of 0.65 dollars on net sales of 236.2 million dollars.

For fiscal year 2013, the company based in Atlanta anticipates adjusted earnings per share to be in a range of 2.75 dollars- 2.80 dollars on net sales of approximately 917 million dollars. This compares to its previously issued guidance of adjusted earnings per share of 2.90 dollars- 3.05 dollars on net sales of 922 - 932 million dollars and to the prior year's adjusted earnings per share of 2.61 dollars on net sales of 855.5 million dollars.

On a GAAP basis, earnings per share for the fourth quarter of fiscal 2013 are now expected to be in a range of 0.84 - 0.89 dollars compared to its previously issued guidance of 1.01 - 1.16 dollars and earnings per share of 0.32 dollars in the fourth quarter of fiscal 2012. On a GAAP basis, earnings per share for fiscal 2013 are now expected to be in a range of 2.68 - 2.73 dollars compared to its previously issued guidance of 2.85 – 3 dollars and earnings per share of 1.89 dollars in fiscal 2012.

For fiscal 2014, the company currently expects full year net sales to grow between 7 percent and 9 percent and expects adjusted earnings per share to increase between 9 percent and 14 percent.

Commenting on the outlook, Thomas C. Chubb III, Oxford's Chief Executive Officer and President, said, “While we were able to generate strong top and bottom line year-over-year growth during the fourth quarter, results ultimately fell short of our expectations. That said, our lifestyle brands performed well during the quarter, with comparable store sales increases in the mid-single digits for Tommy Bahama and over 20 percent for Lilly Pulitzer. These results reflect a very solid Holiday selling season, which was moderated by a difficult January. Tommy Bahama experienced a significant decrease in comparable store sales in the month of January driven by markedly lower traffic, which has continued into early February. Additionally, Ben Sherman's January results were weaker than expected.”

The company expects to report its financial results for the fourth quarter and fiscal year 2013 and to provide an updated outlook for fiscal 2014 on March 27, 2014 after market close.