Oxford Industries reported first-quarter revenues of $391.4 million, flat year on year, meeting analyst expectations. The parent company of Tommy Bahama saw mid-single-digit positive comparable sales at that brand but faced softer results at Lilly Pulitzer. Chairman and CEO Tom Chubb noted adjusted earnings per share exceeded guidance, driven by better-than-expected gross margins. However, the company's full-year revenue guidance slightly missed analyst expectations, whilst next quarter's EPS guidance also fell short. The broader consumer discretionary apparel and accessories sector showed resilience, with the 15 tracked stocks reporting revenues that beat consensus estimates by 1.4%. Share prices across the sector have risen 5.4% on average since latest earnings results. Chubb cited weak consumer sentiment and higher energy prices as challenges affecting the quarter's performance.

Oxford Industries adjusts guidance on flat first quarter sales. U.S. fashion firm Oxford Industries on Wednesday reported flat sales for the first quarter at $391 million, with the owner of Tommy Bahamas and Johnny Was citing softer-than-expected sales at its Lilly Pulitzer brand. The Atlanta-based company said direct-to-consumer sales decreased 1% to $247 million during the quarter, due to comparatively flat retail sales of $135 million, and a 2% decline in e-commerce sales to $111 million. Outlet sales of $19 million were comparable to the prior-year period, while wholesale sales fell 5% to $88 million. By brand, Tommy Bahama was the star performer, up 3.9% to $224.6 million, outpacing Johnny Was, which dropped 12.9% to $37.9 million, and Lilly Pulitzer, whose sales fell 8.8% to $90.4 million. The company's emerging brands segment recorded growth of 12.8% to $38.6 million for the three months ending May 2. Profit-wise, first-quarter net earnings fell to $14.9 million or earnings per share of $1.01, compared to net earnings of $26.2 million, or earnings per share of $1.72 in the prior-year period. "We delivered net sales in line with our expectations, led by mid-single-digit positive comps at Tommy Bahama, and adjusted EPS above our guidance range, fueled by better-than-expected gross margins," said Tom Chubb, chairman and CEO, Oxford Industries. "Our overall performance also reflects softer than expected results at Lilly Pulitzer and a challenging environment marked by weak consumer sentiment and higher energy prices. At the same time, we made important progress during the first quarter on several strategic initiatives in our merchandising and marketing functions that we believe will enhance the operating performance of each of our brands over the long term." Looking ahead, Oxford Industries said it is narrowing its full-year sales guidance range by lowering the top end of the range, while raising the low end of its EPS guidance range, adding it expects "the current lower tariff rates to continue for the remainder of the year, together with disciplined expense and inventory management, to offset the impact of the narrowed sales outlook on profitability." The company now expects full-year net sales to be in a range of $1.475 billion to $1.505 billion, and GAAP earnings per share to be between $1.70 and $2.10.