Oxford Industries, Inc. reported net income of $12.5 million, or $0.76 per diluted share, in the first fiscal quarter ending 5/1/2010. The company earned net income of $6.6 million, or $0.42 per diluted share, in the same quarter of 2009.
Oxford Industries, Inc. reported revenues that were approximately flat on a year over year basis. The company reported revenues of $217.8 million in the first quarter of fiscal 2010, compared to revenues of $216.7 million in the first quarter of fiscal 2009.
Oxford Industries, Inc. felt confident enough in its results to raise guidance for the full fiscal year. Management indicated that earnings per share for fiscal 2010 would fall between $1.70 to $1.80, while revenues would be between $790 million and $805 million. Previous guidance was for earnings per share between $1.40 and $1.50 and revenues between $760 and $775 million.
The management of Oxford Industries, Inc. attributed the strong earnings report and increased guidance to strong demand at both the wholesale and retail level.
“Our first quarter results are solid by any measure. Increased consumer demand at both our own stores and those of our wholesale customers drove stronger than expected sales. In our retail stores, we achieved healthy comparable store sales,” said J. Hicks Lanier, the CEO of Oxford Industries, Inc.
Oxford Industries, Inc. ended the quarter with cash and cash equivalents of $18.8 million. The company designs and sells apparel under the Tommy Bahama, Ben Sherman, Lanier Clothes and Oxford Apparel brand names.
For more information on the company, go to www.oxfordinc.com