Branded apparel marketer Oxford issues guidance for 2008

07 Feb '08

3 min read

Oxford Industries Inc issued guidance for both the full year and first quarter of fiscal 2008. For fiscal year 2008 which ends on January 31, 2009, the Company is projecting net sales of $1.01 billion to $1.06 billion, which is down slightly from the Company's estimate for the twelve month period ended February 2, 2008.

Diluted earnings per common share are projected to be between $2.35 and $2.50, comparable to the Company's estimate for the twelve month period ended February 2, 2008.

"We expect that the current economic issues, both in the United States and the rest of the world, will continue to impact our business at wholesale and retail," commented J. Hicks Lanier, Chairman and CEO of Oxford Industries Inc.

"Over the years we have seen our share of economic downturns and we are confident that our team is well prepared to weather this environment through conservative planning and careful, prudent inventory management."

Mr. Lanier continued, "In times like these, we believe that it is more important than ever to continue to invest in and protect our brands to foster their long-term growth and development.

We are committed to ensuring that we take appropriate actions to maximize value to our shareholders and will continue to explore strategic opportunities, both within our existing portfolio of businesses and in the broader apparel market, to achieve this goal."

The Company expects net sales for the first quarter commencing February 3, 2008 and ending May 3, 2008 to be in the range of $265 million to $270 million and first quarter diluted earnings per common share to be between $0.55 and $0.60.

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