Oxford Industries falls after lowering FY forecasts

Oxford Industries

12/12/2024 13:46

** Shares clothing company Oxford Industries  OXM.N  down
4.5% at $80.36 premarket
    ** Co, after market close on Wednesday, lowered fiscal 2024
sales, profit forecasts on weaker-than-expected consumer
environment before election and impact of hurricanes in Q4
    ** Co forecasts fiscal 2024 revenue between $1.50 bln and
$1.52 bln vs. previous expectations of $1.51 bln to $1.54 bln 
    ** Adjusted EPS expectations for fiscal 2024 are now between
$6.50 and $6.70, compared with previous $7.00 to $7.30 forecast
    ** Co also missed Q3 revenue, profit estimates
    ** Says high inflation, impact of two hurricanes, and
distractions from elections and other world events led to less
frequent, more tentative consumer spending leading to
"difficult" Q3
    ** Up to Wednesday's close, stock has fallen ~16% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))