Oxford Q2 EPS $2.57 vs $3.22; cuts FY2024 guidance amid consumer weakness

OXFORD INDUSTRIES INC

2024-Q2 EPS reported $4.99 revenue$818,070,000

Consolidated net sales $420M flat YoY; GAAP EPS $2.57 vs $3.22, adjusted $2.77 vs $3.45.
Lowers FY2024 net sales guidance to $1.51B-$1.54B (from $1.57B in FY23); adj. EPS $7.00-$7.30 vs $10.15.
Operating income margin fell to 12.5% from 16.1%; SG&A up to $217M from $205M on new stores.
Repaid all long-term debt; zero borrowings at Q2 end; cash $18M vs $8M.
Declares $0.67 dividend payable Nov 1; expects 30 net new full-price stores in FY24.

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