Oxford Industries, Inc. announced its financial results for the third quarter of fiscal 2024, which ended on November 2, 2024. Consolidated net sales for the quarter were $308 million, a decrease from $327 million reported in the third quarter of fiscal 2023. The company reported a GAAP loss per share of $0.25, a notable decline from net earnings per share of $0.68 in the prior year's third quarter.
On an adjusted basis, the loss per share was $0.11, compared to net earnings per share of $1.01 in the third quarter of fiscal 2023. Management attributed the weaker performance to less frequent and more tentative consumer spending behavior, influenced by high inflation, U.S. elections, and other global events. Additionally, two major hurricanes in the Southeastern United States, a key market, resulted in an estimated $4 million in lost sales and a $0.14 per share impact.
Following these results, Oxford Industries revised its full-year fiscal 2024 sales guidance to a range of $1.50 billion to $1.52 billion, down from $1.57 billion in fiscal 2023. Adjusted EPS guidance for fiscal 2024 was also lowered to between $6.50 and $6.70, a significant reduction from $10.15 in fiscal 2023. The company declared a quarterly cash dividend of $0.67 per share, maintaining its consistent dividend history.
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