ATLANTA - Oxford Industries (NYSE:OXM) reported disappointing third quarter results Wednesdat and lowered its full-year guidance, sending shares down 5.7% in after-hours trading.
The apparel company posted an adjusted loss of $0.11 per share for Q3, missing analyst estimates of $0.11 profit. Revenue fell 5.7% year-over-year to $308 million, below expectations of $317.8 million.
Oxford Industries CEO Tom Chubb (NYSE:CB) cited a "difficult third quarter" due to cautious consumer spending and impacts from hurricanes in the Southeast. He noted the company's key markets were affected by "two major hurricanes in quick succession that resulted in estimated lost sales of $4 million."
Looking ahead, the company cut its fiscal 2024 outlook, now expecting earnings per share of $6.50-$6.70 on revenue of $1.50-$1.52 billion. This is down from previous guidance and below analyst consensus.
For Q4, Oxford Industries forecasts EPS of $1.18-$1.38 on revenue of $375-$395 million, also below expectations.
"Due to the weaker than expected consumer environment before the election and the fourth quarter impact of the hurricanes, which we project will include an additional $3 million of lost revenue and $0.11 per share, we have lowered our fiscal 2024 sales and EPS guidance," Chubb explained.
Despite near-term headwinds, management expressed confidence in the company's long-term growth prospects. Oxford Industries operates brands including Tommy Bahama, Lilly Pulitzer and Johnny Was.
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