The Chicago Entrepreneur

Shares of Tommy Bahama, Lilly Pulitzer maker jump on stronger forecast

Shares of clothing maker Oxford Industries Inc. rose 6.3% after hours on Wednesday after the company raised its full-year outlook, following strong demand for its Tommy Bahama brand, gains from “another period of robust full-price selling” and confidence heading into the holidays. The company, which also owns the Lilly Pulitzer resort-wear brand, said it expected full-year net sales of between $1.395 billion and $1.410 billion, up from a prior forecast of between $1.3 billion and $1.325 billion. The company said it expected to report adjusted earnings per share of between $10.60 and $10.75 for the full year, compared with an earlier outlook for a range of $9.85 to $10.10. “We kicked off the holiday season with excellent Thanksgiving weekend selling and are optimistic that we can deliver a strong fourth quarter to complete an excellent year,” Chief Executive Tom Chubb said in a statement. For the third quarter, Oxford reported net income of $19.7 million, or $1.22 a share, compared with around $26 million, or $1.54 a share, in the same quarter last year. Sales rose 26% to $313 million, compared with $247.7 million in the prior-year quarter. Adjusted for the inventory charges for women’s apparel maker Johnny Was and charges related to the September acquisition of that company, Oxford earned $1.46 a share. Analysts polled by FactSet expected adjusted earnings of $1.22 a share and sales of $303 million.

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