Oxford Industries falls after lowering FY forecasts

Oxford Industries

12/12/2024 15:36

(Updates)
** Clothing company Oxford Industries'  OXM.N  shares down as
much as 10.4% to $75.37
    ** Company on Wednesday lowered fiscal 2024 sales, profit
forecasts on weaker-than-expected consumer environment before
election and impact of hurricanes in Q4
    ** Company forecast fiscal 2024 revenue between $1.50 bln
and $1.52 bln vs previous expectation of $1.51 bln to $1.54 bln
    ** Forecast adj EPS for fiscal 2024 between $6.50 and $6.70
vs prior expectation of $7.00 to $7.30
    ** Oxford Industries also missed Q3 revenue, profit
estimates
    ** While consumers remain discerning and value-conscious,
traffic has remained healthy despite lower conversion and trends
improved after election - Telsey Advisory Group
    ** However, brokerage sees a more challenging visibility to
near-term profitability
    ** As of Wednesday's close, stock down ~16% YTD

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