The Atlanta-based company reported Wednesday afternoon that earnings per share fell to $2.77 from $3.45 in the second quarter of fiscal 2023. Sales were essentially flat at $419.9 million in the quarter compared with $420.3 million in the prior-year period. Operating income dropped to $53 million from $68 million the prior year.
“Consumer sentiment in the second quarter continued to decline from levels earlier in the year reaching an eight-month low in July,” said Tom Chubb, chairman and chief executive officer of Oxford. “The decline led to market conditions that were weaker than expected with more consumers looking for deals and promotions, as evidenced by increased sales in our outlet locations and during promotional events.”As a result, the company updated its sales and earnings per share guidance.
Third-quarter results are also expected to be impacted, the company said. Oxford now expects net sales to be between $310 million and $325 million compared to $327 million in the third quarter of fiscal 2023. Adjusted EPS is expected to be between zero and 20 compared to adjusted EPS of $1.01 in the third quarter of fiscal 2023.dropped 3.4 percent to 50.3 million from $52 million, while the emerging brands division — Southern Tide, Duck Head and others — rose 4.3 percent to $32.
Chubb said the challenging environment is causing the company to search for ways to reduce SG&A while “avoiding short-sighted reactions to current market conditions” and protecting its brands.. We use vendors that may also process your information to help provide our services. // This site is protected by reCAPTCHA Enterprise and the Google. We use vendors that may also process your information to help provide our services.