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Funds owning Big Losers

OXFORD INDUSTRIES (OXM)SHARES FALL ON LOWER EARNINGS 10/09/2007

 OXFORD INDUSTRIES SEC FILINGS http://livermore.brand.edgar-online.com/?sym=oxm

FUNDS WHO OWN OXM SHARES

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AP
Oxford Industries 1Q Profit Drops
Tuesday October 9, 8:22 am ET

Oxford Industries 1st-Qtr Profit Falls 56 Percent Due to Declining Sales in 2 Biggest Brands

ATLANTA (AP) -- Oxford Industries Inc. said Tuesday its first-quarter profit dropped 56 percent, as it blamed declining sales in its two biggest brands in part on the weakened credit and real estate markets.

For the quarter ended Aug. 31, net income fell to $4.8 million, or 27 cents per share, from $11 million, or 62 cents per share in the prior year period.

Analysts polled by Thomson Financial expected earnings of 46 cents per share.

Revenue fell 16 percent to $237.9 million from $284.1 million in the first quarter of 2007. Analysts predicted revenue of $247.3 million.

The sales drop came largely from the clothing maker's Oxford Apparel line -- its second largest brand line -- in which sales fell 34 percent. The company said it expected the drop since the division is exiting certain businesses.

Oxford said sales of its largest brand, Tommy Bahama, fell nearly 5 percent. The company blamed the dip on the consumer credit and residential real estate markets, particularly in Florida, California, Arizona and Nevada. Those four states, Oxford said, represented about two-thirds of Tommy Bahama's retail sales in fiscal 2007.

Sales at Oxford's Ben Sherman brand slipped about 4 percent, which the company said it expected due to repositioning of the brand, tighter distribution and the discontinuation of Evisu denim.

 



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Published Tuesday, October 09, 2007 6:06 PM

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