Oxford Industries Inc (NYSE: OXM) rose after the company reported better-than-expected earnings for its first quarter on Wednesday.
Consolidated net sales increased 3% to $282.0 million compared to $272.6 million in the first quarter of fiscal 2018. Earnings on a GAAP basis were $1.29 per share in the first quarter of fiscal 2019 compared to $1.23 in the same period of the prior year.
On an adjusted basis, earnings were $1.30 per share in the first quarter of fiscal 2019 compared to $1.28 in the first quarter of fiscal 2018. Both net sales and earnings per share were above the top end of the Company’s previously issued guidance ranges.
Gross profit in the first quarter increased to $165.8 million compared to $164.1 million in the same period of the prior year. Gross margin in the first quarter of fiscal 2019 was 58.8% compared to 60.2% in the first quarter of fiscal 2018.
For the first quarter of fiscal 2019, royalties and other operating income were $3.8 million compared to $3.9 million in the first quarter of fiscal 2018.
Said Chairman Thomas Chubb III, "Fiscal 2019 has started well as we delivered our ninth consecutive quarter of consolidated comparable sales growth and our sales and earnings per share for the quarter were ahead of expectations.
"Our first quarter performance reflects the strong positioning of Tommy Bahama, Lilly Pulitzer, and Southern Tide in the marketplace coupled with positive consumer response to our current merchandise assortments."
Shares zoomed $5.28, or 7.7%, to $74.08 to begin Thursday trade.
