Oxford Industries Reports 4th-quarter Loss

ATLANTA (AP) — Clothing maker Oxford Industries Inc. on Monday reported a loss for the fourth quarter, due to hefty impairment and other charges, and said it would halve its quarterly dividend.

Quarterly loss totaled $281.6 million, or $18.17 per share, compared with a profit of $5.9 million, or 36 cents per share, last year. Excluding one-time items, however, net profit was 6 cents per share, above analyst predictions of 3 cents per share. Analyst estimates typically exclude one-time items.

Revenue fell 24 percent to $199.9 million from $261.9 million last year, while analysts expected revenue of $199.6 million.

Sales fell across most of the company's brands, including Tommy Bahama, Ben Sherman and Lanier clothes.

J. Hicks Lanier, chief executive and chairman, said results were affected "by perhaps the worst retail environment in the history of our company."

Apparel makers have seen lower orders from cautious retailers amid the recession and consumer-spending slowdown.

For the year, losses totaled $265.8 million, or $17 per share, compared with a profit of $45.4 million, or $2.59 per share last year.

Revenue fell 13 percent to $947.5 million from $108.5 million last year.

Oxford Industries cut its dividend in half to 9 cents from 18 cents for the first quarter. The company also said that given "the lack of visibility caused by the highly uncertain economic environment," it would not provide sales or profit guidance for 2009.

Shares fell 17 cents, or 2.6 percent, to $6.29 during aftermarket electronic trading.