Tommy Bahama Parent Oxford Industries Sheds Some 10% After Hours on Fiscal Q2 Earnings and Sales Misses

OXM shed 9.7% to trade at $75.55 shortly before 5 p.m. ET after reporting $2.77 in adjusted earnings per share for the three months ended Aug. 3 – missing the $3 that analysts' consensus estimate had reportedly called for.

Oxford also said quarterly sales totaled $419.9 million, reportedly trailing the $420.3 million that analysts had expected.

"Consumer sentiment in the second quarter continued to decline from levels earlier in the year, reaching an eight-month low in July," Chairman and CEO Tom Chubb said in a statement releasing the latest numbers. "The decline led to market conditions that were weaker than expected, with more consumers looking for deals and promotions."

Oxford also lowered guidance for fiscal 2024 as a whole to $1.51 billion-$1.54 billion in sales, down from $1.57 billion in fiscal 2023. It also cut guidance for adjusted EPS for the year as a whole (which will end next Feb. 3) to $7-$7.30, down from $10.15 in fiscal-year 2023.

"Given the continued choppiness in the market and uncertain macroeconomic conditions, we have lowered our fiscal 2024 sales and EPS guidance to reflect current industry trends," Chubb said. "Amidst this difficult environment, we are actively seeking opportunities to reduce [selling, general & administrative] spend without impairing our long-term growth prospects."

OXM's after-hours losses added to woes during Wednesday's regular session, which saw the stock briefly hit an $80.83 intraday low – its weakest price since May 2022.

The stock's additional after-hours losses took Oxford back to levels last seen in February 2021.