Sep 9, 2008
Oxford Industries Q2 profit falls on charges
Sep 9, 2008
Sept 9 (Reuters) - Apparel maker Oxford Industries Inc posted a 83 percent drop in quarterly profit, hurt by restructuring charges, and forecast third-quarter results below market estimates.
For the second quarter ended Aug. 2, the company posted a profit of $1.5 million, or 9 cents a share, compared with $8.7 million, or 49 cents a share, a year earlier.
Excluding restructuring charges and other items, earnings for the quarter stood at 43 cents a share. Net sales slipped 6 percent to $230.5 million.
Analysts on average were expecting earnings of 34 cents a share, before exceptional items, on revenue of $228.9 million, according to Reuters Estimates.
For the third quarter ending Nov. 1, the company expects earnings of between 37 cents and 42 cents a share, including certain one-time charges of 6 cents a share. It sees net sales of $250 million to $260 million for the period.
Analysts were expecting earnings of 66 cents a share, excluding items, on revenue of $264.7 million.
Shares of the company closed at $23 Tuesday on the New York Stock Exchange. (Reporting by Sriram Iyer in Bangalore; Editing by Deepak Kannan)
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