Oxford Industries Profit Falls 64 Percent In 2Q

ATLANTA (AP) — Oxford Industries Inc. on Wednesday reported that its profit fell 64 percent in its fiscal second quarter on softer sales and several charges.

The apparel company — which makes brands such as Tommy Bahama, Oxford Apparel and others — said total sales fell 16 percent to $192.9 million from $230.5 million a year earlier.

Oxford's profit fell to $533,000, or 3 cents per share, for the quarter ended Aug. 1, compared with $1.5 million, or 9 cents per share, in the prior year.

Excluding the impact of restructuring and several other charges, the company earned 30 cents per share for the quarter, down from 37 cents per share in the prior year.

Analysts polled by Thomson Reuters expected the company to earn 7 cents per share for the quarter on revenue of $189.9 million. Analyst expectations typically exclude one-time items.

J. Hicks Lanier, CEO of the company, said Oxford has carefully managed its inventory and cost-control measures to deliver for the quarter during these difficult times, which have hurt many retail companies.

For the full 2009 fiscal year, the company said it expects adjusted earnings of 90 cents per share on revenue of $765 to $780 million.

Analysts expect the company to earn 67 cents per share on revenue of $794.4 million.

Shares rose $1.02, or 7.2 percent, to $15.12 in after-hours trading following the release of the earnings report. The stock gained 58 cents, or 4.3 percent, to a close at $14.10 in the regular session.