Oxford Industries Reports 89 percent Increase in Earnings
Clothing company Oxford Industries Inc., Atlanta, said this week its fiscal first-quarter earnings rose 89 percent, helped by lower costs and better-than-expected sales as wholesale customers built back their inventories.
The company also raised its 2010 forecast.
Oxford Industries, which owns and licenses clothing brands, reported net income of $12.5 million, or 76 cents per share. That was up from $6.6 million, or 42 cents per share, a year ago.
Sales rose up slightly to $217 million from $216 million, helped by wholesalers that sought to restock quickly after paring back their inventories during the recession last year. Overall costs also fell to $116 million from $126 million a year ago.
Analysts surveyed by Thomson Reuters expected 60 cents per share.
The company said it now expects fiscal 2010 earnings of $1.70 to $1.80 on revenue of $790 million to $805 million. That was up from an earlier forecast of $1.40 to $1.50. Analysts expect 2010 earnings of $1.53.
For the fiscal second quarter, Oxford Industries foresees earnings per share between 30 cents to 35 cents on sales of $175 million to $185 million.