Oxford Industries falls after Q3 forecast disappoints Wall St expectations

Oxford Industries

31/08/2023 22:01

** Shares of clothing co Oxford Industries  OXM.N  down 7.8%
to $93.13 in extended trading 
    ** Co forecast Q3 net sales to be between $320 mln and $335
mln vs avg analysts' est of $352.5 mln - Refinitiv
    ** OXM also expects Q3 adj. EPS to be between $0.90 and
$1.10, compared with Wall St EPS expectations of $1.48 -
Refinitiv
    ** "We have recently seen consumers become a bit more
cautious with their discretionary spending due to challenging
macroeconomic conditions" - Co 
    ** The Tommy Bahama-brand owner says the outlook reflects
negative impact from the wildfires in Maui, where Oxford has six
brick-and-mortar locations, two of which are food and beverage
locations
    ** Co's Q2 net sales of $420.3 mln also falls below est of
$424.3 mln - Refinitiv 
    ** Up to last close, stock is up 8.4% YTD 

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))