UPDATE: Oxford Industries, Inc. (OXM) Tops Q1 EPS by 7c, Provides Outlook
Oxford Industries, Inc. (NYSE: OXM) reported Q1 EPS of $0.94, $0.07 better than the analyst estimate of $0.87. Revenue for the quarter came in at $255 million versus the consensus estimate of $254.57 million.Oxford Industries, Inc. reaffirmed FY2014 guidance.
Outlook for Second Quarter and Fiscal Year 2014
The Company initiated its guidance for the second quarter, ending on August 2, 2014. The Company expects net sales in a range from $245 to $255 million compared to net sales of $235.0 million in the second quarter of fiscal 2013. Adjusted earnings per share are expected to be in a range of $0.85 to $0.95 and GAAP earnings per share are expected to be in a range of $0.82 - $0.92. This compares with second quarter fiscal 2013 adjusted earnings per share of $1.01 and GAAP earnings per share of $0.96.
The expected year-over-year decrease in earnings in the second quarter is primarily due to anticipated lower levels of wholesale replenishment and re-orders due to market softness in the spring selling season, higher promotional activity in the Tommy Bahama outlet business and higher compensation expense. Additionally, the effective tax rate for the second quarter of fiscal 2014 is expected to be approximately 43% compared to 40.7% in the prior year period. In the second quarter of fiscal 2013, the Company's tax rate reflected a $0.6 million favorable impact of a reduction in the enacted tax rate in the U.K.
For fiscal 2014, the Company continues to expect net sales in the $980 million to $1 billion range and adjusted earnings per share in a range of $3.00 to $3.15. On a GAAP basis, the Company continues to expect earnings per share in a range of $2.88 to $3.03. This compares with fiscal 2013 earnings per share of $2.81 on an adjusted basis and $2.75 on a GAAP basis. The effective tax rate for fiscal 2014 is expected to be approximately 42.5% compared to 43.7% in fiscal 2013.
(Street sees Q2 ESP of $1.13 on revenue of 254 million. FY EPS is seen at $3.11 and $991.84 million)
For earnings history and earnings-related data on Oxford Industries, Inc. (OXM) click here.