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By Dhirendra Tripathi
Investing.com – Shares of Oxford Industries (NYSE:OXM) jumped more than 11% in Thursday’s trade as the company raised its fiscal guidance, prompted by a record quarterly performance that exceeded its own expectations.
The company rode the consumer splurge on clothing and food as they stepped out after a year of the pandemic.
The company’s fiscal 2021 ends January 29, 2022.
The clothing retailer, which also operates the Tommy Bahama and Lilly Pulitzer brands, expects fiscal 2021 net sales in a range of $1.01 billion to $1.05 billion as compared to net sales of $749 million in fiscal 2020.
The company expects sales in Lanier Apparel to be lower as it exits the business.
It also raised the full-year EPS guidance to $4.85 to $5.15 on an adjusted basis.
Record first quarter adjusted EPS of $1.89 exceeded the high end of earnings guidance range, the company said. This was higher than company’s own guidance of 95 cents to $1.15.
Consolidated net sales in the first quarter of fiscal 2021 were $266 million compared to $160 million in the first quarter of fiscal 2020.