Oxford Industries stocks drops as results miss Street view

Oxford Industries stocks drops as results miss Street view

Oxford Industries Inc. shares continued to fall in the extended session Wednesday after the owner of the Tommy Bahama and Lilly Pulitzer brands reported quarterly results well below Wall Street estimates. Oxford shares fell 3.8% after hours, following a 6% drop in the regular session to close at $51.71. The company reported a fiscal first-quarter loss of $66.8 million, or $4.02 a share, compared with net income of $21.7 million, or $1.29 a share, in the year-ago period. The adjusted loss per share was $1.12. Revenue fell to $160.3 million from $282 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 27 cents a share on revenue of $172.5 million. The company said it was not providing an outlook for 2020 because of the COVID-19 pandemic. Analysts expect earnings of $1.62 a share on revenue of $917.3 million. “We temporarily closed all of our North American stores and restaurants on March 17 and quickly pivoted time and resources to staying connected with our customers through our e-commerce and digital platforms,” said Thomas Chubb, Oxford chairman and chief executive, in a statement. “We reopened our first stores in early May, and I am extremely proud of how our teams are executing our reopening playbook,” Chubb said. “As of today, we have a little more than half of our 225 locations opened and expect to have almost all locations open by the end of June.”

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