Oxford Industries swings to profit in fourth quarter, sales slip but profits improve

Oxford Industries posts profit in fourth quarter

ATLANTA — Oxford Industries Inc., an owner and licenser of clothing brands, swung to a profit in the fourth quarter as the company sold less but made more money.

Shares slipped in after-market trading as the company offered guidance for 2010 below analysts’ estimates.

The company earned $3.9 million, or 24 cents a share, in the three-month period ended Jan. 31. That’s after a loss of $2.9 million, or $18.19 a share, in the same period last year.

Analysts expected earnings per share of 16 cents.

Revenue fell 4.7 percent to $190.5 million from $199.9 million in the same period last year.

Oxford owns brands including Tommy Bahama, Ben Sherman, Oxford Golf and others. It also licenses brands.

For fiscal 2009, the company earned $14.6 million, or 90 cents a share. That’s up from a loss of $271.5 million, or $17 a share in the prior fiscal year.

The company’s revenue fell 15.5 percent to $800.7 million from $947.5 million last year.

The company, based in Atlanta, expects to see growth in its Tommy Bahama line because of improvements in retail and wholesale businesses.

“We will set the stage for future growth primarily through store openings, ongoing development of our e-commerce business and an expanded international rollout,” CEO J. Hicks said in a news release.

For fiscal 2010, the company said it expects earnings per share to range from $1.40 to $1.50, and net sales to range between $760 million to $775 million.

It predicts first-quarter earnings per share to range from 55 cents to 60 cents, on revenue between $200 million to $210 million.

Analysts expect earnings per share of $1.51 in fiscal 2010, according to Thomson.

Shares closed up 2 cents to $23.41 in the regular session Monday. But after the results were released after market close, shares slipped $3.06, or 13 percent, to $20.45.

Separately, the company said its board of directors declared a cash dividend of 11 cents per share, payable on April 30 to shareholders of record as of April 15.