ECONOMY

Oxford Industries posts strong 1Q Tommy Bahama and Lilly Pulitzer sales, and stock jumps

Shares of Oxford Industries rose in after-hours trading Tuesday after the apparel maker reported strong results for its Tommy Bahama and Lilly Pulitzer brands.

The company's first-quarter profit and revenue surpassed Wall Street estimates, and Oxford Industries raised its estimates for the rest of the year. Its shares rose $5.80, or 7.2 percent, to $86.81 in late trading.

Oxford Industries Inc. said its net income grew 15 percent to $17.3 million, or $1.04 per share. Excluding one-time items, the company said it earned $1.30 per share. Losses from its Ben Sherman line, which it plans to sell, made up most of those costs. Its revenue rose 7 percent to $260.4 million.

Analysts expected net income of $1.21 per share and $256.4 million in revenue, according to Zacks Investment Research. The company's fiscal quarter ended on May 2.

The Atlanta-based company said revenue from the Tommy Bahama business rose 9 percent to $172.7 million and Lilly Pulitzer sales climbed 17 percent to $59 million. Revenue from Lanier Clothes fell 9 percent to $26.2 million.

Oxford Industries is now calling for an annual profit of $3.50 to $3.65 per share with revenue of $970 million to $985 million. It had forecast a profit of $3.45 to $3.60 per share and $965 million to $980 million in revenue.

FactSet says analysts expect a profit of $3.55 per share on $974.1 million in revenue, on average.

Oxford Industries shares have risen 47 percent since the beginning of the year, closing at $81.01 on Tuesday.

_____

Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OXM at http://www.zacks.com/ap/OXM

_____

Keywords: Oxford Industries, Earnings Report