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Mar 30, 2011
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Oxford Q4 tops; sees strong Q1 on Tommy Bahama gains

By
Reuters
Published
Mar 30, 2011

Tommy Bahama
Tommy Bahama brand
March 29 - Oxford Industries Inc's quarterly results topped market expectations and the apparel maker forecast a strong first-quarter and year ahead, spurred by strong sales at its core Tommy Bahama brand.

The company, whose brands also include Lilly Pulitzer, Ben Sherman and Oxford Golf, increased its quarterly dividend 18 percent to 13 cents a share.

Oxford Industries projected a first-quarter profit of 95 cents to $1.05 a share on revenue of $200-$210 million.

Analysts, on average, expected the company to earn 81 cents a share on revenue of $198.3 million, according to Thomson Reuters I/B/E/S.

For the full-year, sales of its Tommy Bahama brand are expected to increase approximately 10 percent.

The brand's fourth-quarter sales rose 15 percent to $108.9 million, driven by more direct-to-consumer business as well as a "dramatically higher" e-commerce sales.

Net income rose to $53.4 million, or $3.22 a share, from $3.9 million, or 24 cents a share, a year ago.

Excluding items such as a gain on sale of Oxford Apparel, the company earned 35 cents a share, topping average Wall Street estimates of 31 cents a share.

Net sales rose 10 percent to $157.7 million, also surpassing expectations of $154.8 million.

Shares of the Atlanta-based company jumped 11 percent to $27.80 in extended trade. They closed at $25.01 on Tuesday on the New York Stock Exchange.

(Reporting by Viraj Nair in Bangalore; Editing by Joyjeet Das)

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