Oxford Industries Reports 32 Pct Drop In 1Q Profit

ATLANTA (AP) — Oxford Industries Inc., the clothing maker behind brands such as Tommy Bahama and Ben Sherman, said Tuesday its first-quarter profit dropped 32 percent amid the broader pullback in consumer spending.

For the three months ending May 2, the company earned $6.5 million, or 42 cents per share, compared with $9.5 million, or 59 cents per share, a year earlier. Sales for the quarter dropped 21 percent to $216.7 million from $272.9 million in the year-earlier period.

The earnings performance nevertheless beat Wall Street expectations. Analysts polled by Thomson Reuters had forecast earnings of 25 cents per share on revenue of $219 million.

J. Hicks Lanier, Oxford's chairman and chief executive officer, noted that profit remained solid despite the economic conditions. Still, sales fell across all Oxford's brands.

Tommy Bahama reported sales of $98.4 million for the quarter, down from $129.3 million in 2008. Ben Sherman reported sales of $24.2 million, compared with $36.6 million last year.

Sales for Lanier Clothes were $31.5 million, compared with $38.7 million the same time last year. Oxford Apparel had $63.2 million in sales, down from $68.7 million a year earlier.