06:24 AM EDT, 09/12/2024 (MT Newswires) -- Oxford Industries ( OXM ) cut its full-year outlook as consumer demand slid and market conditions weighed, sending shares lower early Thursday as it reported lower fiscal second-quarter results versus the year before.

The owner of Tommy Bahama, Lilly Pulitzer and other brands now expects adjusted earnings to come in between $7 and $7.30 per share for fiscal 2024, it said late Wednesday, down from the previous guidance of $8.60 to $9. The stock fell 10% in premarket activity.

Sales are pegged at $1.51 billion to $1.54 billion for the fiscal year, compared with the company's prior projections of $1.59 billion to $1.63 billion.

"Given the continued choppiness in the market and uncertain macroeconomic conditions, we have lowered our fiscal 2024 sales and EPS guidance to reflect current industry trends," Chief Executive Tom Chubb said in a statement. "Amidst this difficult environment, we are actively seeking opportunities to reduce (selling, general and administrative) spend without impairing our long-term growth prospects."

For the three months through Aug. 3, adjusted EPS slipped to $2.77 from $3.45 last year, missing Capital IQ-polled analysts' forecast for $3. Sales edged down 0.1% to $419.9 million, trailing the Street's estimate of $438.2 million.

Sales from Tommy Bahama dipped to $245.1 million from $245.4 million in the prior-year quarter, while Lilly Pulitzer nudged 0.4% higher to $91.7 million. Revenue from emerging brands rose 4.3% to $32.9 million, while Johnny Was logged a 3.4% decline in sales.

"Consumer sentiment in the second quarter continued to decline from levels earlier in the year reaching an eight month low in July," Chubb said. "The decline led to market conditions that were weaker than expected with more consumers looking for deals and promotions."

For the ongoing quarter, Oxford Industries ( OXM ) anticipates adjusted EPS to range from breaking even to $0.20 and sales to be at $310 million and $325 million. The Street is expecting adjusted EPS of $0.84 and revenue of $345.2 million.

Price: 75.02, Change: -8.64, Percent Change: -10.33