Why Oxford Industries Stock Jumped 23% Today
Shares of Oxford Industries (NYSE: OXM) looked stylish on Thursday morning. The company behind popular clothing brands like Tommy Bahama and Duck Head reported mixed second-quarter results on Wednesday evening. That was good enough to lift Oxford's stock as much as 23.3% in the early morning session.
Oxford's second-quarter sales fell 4.1% year over year to $403 million. On the bottom line, adjusted earnings fell from $2.77 to $1.26 per diluted share.
These sharp drops look out of place next to the resulting surge in Oxford's stock price, but investors were prepared for an even worse report -- the analyst consensus called for earnings of roughly $1.18 per share and sales near $406 million. Oxford breezed past the earnings target and set the midpoint of its full-year guidance range firmly above current Street views. The small revenue miss was forgivable in that context.
Source Fool.com
