Oxford Industries Shares Rise On 1Q Earnings

NEW YORK (AP) — Shares of Oxford Industries Inc., the clothing maker behind brands such as Tommy Bahama and Ben Sherman, rose on Wednesday, after the company said first-quarter profit fell but beat analyst expectations.

Shares rose $1.43, or 11.8 percent, to $13.59. The stock has traded between $3.14 and $29.02 over the past 52 weeks.

Late Tuesday, the Atlanta-based company said profit fell 32 percent, totaling 42 cents per share, but that was much better than the 25 cents per share analysts were expecting.

SunTrust Robinson Humphrey analyst Robin Murchison said in a note to investors that she predicted 28 cents per share.

"The upside versus our estimate was a function of revenues of $217 million, $9 million higher than our model, lower-than-expected (expenses) and a lower-than-expected tax rate," Murchison wrote.

She rates the company "Neutral" but added she is "encouraged" by the company's execution.

"Like most in the consumer discretionary sector, the company announced a broad-based restructuring program at year-end that is driving the substantial increase in earnings vis-a-vis expectations," Murchison wrote. "We expect Oxford to remain prudent with inventory, foregoing sales volume if necessary in this uncertain environment. This may bode well for margins as the year progresses."