September 2, 2009 / 9:23 PM / 10 years ago

UPDATE 1-Oxford Industries Q2 profit beats Street, shares up

* Q2 adj EPS $0.30 vs est $0.07

* Q2 rev falls 16.3 pct to $192.9 mln

* Sees adj FY EPS $0.90-$1.05 vs est $0.66

* Shares rise 10 pct after the bell

Sept 2 (Reuters) - Oxford Industries Inc (OXM.N) posted a higher-than-expected quarterly profit, helped by improved cost controls, and forecast full-year earnings ahead of market expectations, sending its shares up 10 percent.

The company, which had not offered an outlook since March citing the lack of visibility in the current economic environment, now expects full-year profit in a range of 90 cents a share to $1.05 a share, excluding items. Analysts were looking for 66 cents a share.

Oxford Industries said its Tommy Bahama, Lanier Clothes and Oxford apparel businesses performed well in the quarter mostly due to lower expenses.

The company posted second-quarter net income of $533,000, or 3 cents a share, compared with $1.5 million, or 9 cents a share, a year ago.

Excluding items, it earned 30 cents a share, topping analysts’ average estimate of 7 cents, according to Reuters Estimates.

Revenue fell 16.3 percent to $192.9 million. Selling, general and administrative expenses fell 17.3 percent to $73.6 million.

Shares of the Atlanta-based company were up $1.02 at $15.12 after the bell. They closed at $14.10 Wednesday on the New York Stock Exchange. (Reporting by Mihir Dalal in Bangalore; Editing by Maju Samuel)

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