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Oxford Industries says 1Q profit down 24 percent

ATLANTA (AP) -- Oxford Industries Inc. on Tuesday reported a 24 percent drop in its first-quarter net income as weaker sales of some of its less-popular brands, along with higher expenses and tax rates, weighed on the clothing maker.

The company, based in Atlanta, owns the Tommy Bahama, Lilly Pulitzer, Ben Sherman, Lanier Clothes and Ben Sherman clothing lines.

Oxford said after the market closed that it earned $13.6 million, or 82 cents per share, for the quarter. That compares with $18 million, or $1.09 per share, last year.

Revenue edged up to $234.2 million from $231 million, as sales of Tommy Bahama and Lilly Pulitzer offset weakness in other brands.

Analysts polled by FactSet expected 77 cents per share on revenue of $237.6 million.

CEO and President Thomas C. Chubb III said that Oxford is pleased with its accomplishments in the first quarter and continues to invest in top two brands to help encourage future growth, such as adding new stores outside the U.S.

Chubb also said Lanier Clothes continues to demonstrate stability in a challenging tailored clothing market and new leadership at Ben Sherman is doing well on controlling costs for the company.

Oxford forecast earnings of 92 cents to $1.02 per share for its second quarter on revenue of $240 million to $250 million. Analysts polled by FactSet forecast 94 cents per share on revenue of $233.8 million.

Oxford stood by its full-year forecast for earnings between $3 and $3.15 per share on revenue of $930 million to $940 million. Analysts estimated earnings of $3.09 per share on revenue of $939.2 million.

Shares rose 60 cents to close at $64.45.