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Polo shirt manufacturer exceeds expectations

Thursday 19th of October 2006 12:00:00 PM

Polo shirt and active-wear manufacturer Oxford Industries has announced first-quarter earnings in line with its guidance.

Earnings of $0.63 per share (£0.34) are slightly higher than the mid-point of Oxford's forecast of $0.60-$0.65.

The firm said that it "made progress" in key business areas, with the Tommy Bahama Group, manufacturer of men and women's sportswear, including t-shirts, sweatshirts, polo shirts and swimwear, exceeding expectations.

Oxford's consolidated net sales from continuing operations were up 5.8 per cent to $284.1 million for the quarter ended September 30th.

The figure compares to first-quarter results of $268.5 for the previous period.

J Hicks Lanier, chairman and chief executive of Oxford Industries, said: "Once again, Tommy Bahama exceeded our expectations, generating accelerated sales growth and expanded profitability."

Results for menswear were softer than expected, Mr Lanier said the firm has positioned itself "for significant improvement in profitability" for the rest of the year.

The firm recently declared a cash dividend on its common shares which will be payable on December 4th.

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