Oxford dips after warning of impact from Hurricane Matthew, Hanjin bankruptcy
Shares of Oxford Industries (OXM) dipped Wednesday after the apparel company warned of lower-than-expected quarterly results in the wake of Hurricane Matthew and the bankruptcy of South Korean shipping company Hanjin. OXFORD WARNS OF HURRICANE, SHIPPING TROUBLES: In a regulatory filing submitted Wednesday morning, Oxford affirmed its previously-issued guidance for the full year, which calls for earnings of $3.43-$3.58 on revenue of $1.03B-$1.05B, while also warning that it expects Q3 results "to be negatively impacted by Hurricane Matthew and the recent bankruptcy filing by Hanjin Shipping." The company explained that Matthew resulted in lost sales for its Tommy Bahama, Lilly Pulitzer and Southern Tide brands in Florida and the coastal regions of Georgia, South Carolina and North Carolina, while the Hanjin bankruptcy will result in shipping delays for Lilly Pulitzer product into Q4 that otherwise would have shipped during Q3. PRICE ACTION: Shares of Oxford are down 4% to $62.54 in afternoon trading.