OXM - Oxford Industries Fails To Meet Analyst Expectations: Is A Lower Price Target Justified? | Benzinga
Telsey Advisory Group analyst Dana Telsey reiterated a Market Perform rating on Oxford Industries, Inc. (NYSE: OXM), lowering the price target to $107 from $115.
The company reported second-quarter FY23 sales growth of 16% year-on-year to $420.32 million, missing the analyst consensus of $424.27 million.
The earnings beat came from better expense management and a ten-cent benefit from a lower tax rate relative to consensus, partially offset by lower-than-expected sales and slightly worse gross margin performance for the quarter, notes the analyst.
The quarter also benefited from the inclusion of Johnny Was (acquired September last year), while organic sales from existing brands increased by 1% for the quarter ...