Oxford Industries shares unravel further after report

Oxford Industries

02/09/2022 19:26

** Clothing co Oxford Industries  OXM.N  shares down 8.1% on
Friday, on track for fourth consecutive day of losses and
biggest one-day pct decline since June 16
    ** Drop follows quarterly report after Thursday's market
close; co raised lower end of FY financial guidance target range
    ** KeyBanc analyst Noah Zatzkin raised PT to $120 from $110
after the report, kept overweight rating
    ** The owner of Tommy Bahama and Lilly Pulitzer brands
reported adj. EPS of $3.61 vs Street view of $3.48 while rev of
$363.43 was slightly below mean expectation for $364 mln, per
Refinitiv, which lists four analysts covering the company
 urn:newsml:reuters.com:*:nTUA1TP3RT
    ** OXM changed FY sales and EPS targets, now sees 2022 GAAP
EPS of $9.68-$9.93 vs target issued in June of $9.55-$9.95, now
sees adj FY EPS of $9.85-$10.00 vs June target of $9.60-$10.00 
    ** Set 2022 net sales target range of $1.3 bln-$1.325 bln vs
target issued in June of $1.285bln -1.325 bln
    ** OXM last traded at $94.15 vs median PT of $120, according
to Refinitiv, which lists just 4 analysts covering the stock,
with 3 'buy' ratings and 1 'hold' rating
    ** For the week the stock was down 17%, on track for its
biggest weekly loss since June 2020
    ** Even with Friday's move, OXM was still outperforming with
a YTD decline of 7.4%, vs the S&P 600 index  .SPCY  16.5% YTD
decline, the S&P 500's ~17% drop and the S&P 600 consumer
discretionary index  .SPSMCD  28.5% drop​​​
    ** Keybanc's Zatzkin writes that OXM 2Q results underscore 
his belief that its combination of higher-end customer, strong
brands, footprint that benefits from strong travel trends will
insulate co from many macro headwinds the broader space sees

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com;))