Oxford Industries falls after downbeat forecasts

Oxford Industries

11/09/2024 21:36

** Shares of clothing company Oxford Industries  OXM.N  down
8% at $77 in extended trading
    ** Oxford forecasts FY24 revenue in the range of $1.51 bln
to $1.54 bln vs LSEG ests. of $1.61 bln 
    ** Sees Q3 revenue between $310 mln and $325 mln vs ests. of
 $352.5 mln 
    ** Posts Q2 revenue of $419.9 mln, below ests. of $438.2 mln
    ** Company says consumer sentiment continued to decline from
levels earlier in the year in Q2, reaching an eight-month low in
July. 
    ** "The decline led to market conditions that were weaker
than expected with more consumers looking for deals and
promotions as evidenced by increased sales in our outlet
locations and during promotional events"- CEO Tom Chubb
    ** OXM has fallen 16.3%, YTD

 (Reporting by Juby Babu in Mexico City)
 ((Juby.Babu@thomsonreuters.com;))