Oxford Industries ( OXM) sank more than 20% Tuesday, after the licensed-apparel maker delivered lower-than-expected fiscal first-quarter (ended August) results. The company, which makes Tommy Bahama, Nautica and Geoffrey Beene clothing and accessories, earned 27 cents a share in the most recent quarter, compared with the consensus analyst estimate of 46 cents. Revenue fell 16% from the previous year to $23.78 million, which also came in about $10 million below expectations. At Wednesday's closing price of $27.44 a share, Oxford is valued at just 8.6 times expected fiscal 2008 (ending May) earnings of $3.20. This is about half the average earnings multiple of the S&P 500 and represents a 34% discount to the company's historical average valuation. With that in mind, I'm here to answer readers' questions: Should you buy shares in Oxford Industries or does the stock have further to fall? The company blamed the shortfall this quarter because of the poor retail market. Oxford sells its apparel mostly to general retailers and department stores like Target ( TGT), Sears ( SHLD) and Wal-Mart ( WMT), all of which have posted slower sales in recent months. But Oxford also suffered weakness on the high end of its portfolio -- namely Tommy Bahama, which is the company's largest brand. Sales of the casual, island-inspired clothing line fell 4.8% year over year to $99.2 million. In this case, management pointed out that about two-thirds of the 62 Tommy Bahama stores it runs are located in Florida, California, Arizona and Nevada. These are areas in which real estate prices have been particularly hard hit, which in turn can have an effect on consumer confidence and levels of disposable income. To watch David Peltier's video take of this column, click here .