The Atlanta, Georgia-based company, which makes the Tommy Bahama, Lilly Pulitzer, and Southern Tide brands, reported net earnings of $21.6 million or $1.30 a share, up from $20.6 million or $1.24 a share a year. Analysts had forecasts a profit of $1.21 a share.
Revenue grow 3% to $282 million, beating Wall Street's expectations of $277.3 million. Same-store sales grew 3%. The results included a 2% increase in direct to consumer comparable sales as well as a year-over-year increase in Lanier Apparel sales.
"The company continues to mitigate the risks associated with potential tariff increases on apparel and related products made in China by shifting production out of China, negotiating price reductions with factories, planning selective price increases on its products and accelerating the delivery of Fall 2019 product," Oxford Industries said in a statement. "The company has made good progress on each of these initiatives."
For the second quarter, Oxford Industries said it expects net sales to range from $300 million to $310 million, compared with net sales of $302.6 million a year ago. Adjusted earnings are expected to range from $1.80 to $1.90 a share. This compares with adjusted earnings per share of $1.83.
For the full 2019 fiscal year, the company expects net sales to grow to between $1.14 billion and $1.16 billion as compared with $1.11 billion a year ago. Adjusted earnings share are expected to be between $4.45 and $4.65 a share, up from adjusted earnings of $4.32 a share a year ago.
The proposed China tariffs have created some near-term uncertainty in the marketplace and our efforts are well-underway to mitigate the potential impact.