Yahoo Finance MarketPulse: Tailored Brands, Oxford Industries Slump Rattles Retailers
Invesing.com – Tailored Brands and Oxford Industries fell after their downbeat quarterly earnings and guidance raised concerns that the crucial holiday period may not deliver the festive cheer for retailers many expect.
Apparel retailer Tailored Brands (NYSE:TLRD) fell 30% after reporting on Wednesday mixed quarterly performance as revenue missed, but earnings beat estimates.
The retailer, owner of brands such as Men's Wearhouse and Joseph A. Banks, reported earnings of $1.01 per share, above estimates for earnings of 94 cents a share, but revenue of $813 million fell short of estimates of $820 million.
It blamed the poor results on lower transactions at Men’s Wearhouse, a trend that continued into November and was expected to hurt full-year adjusted earnings per share, which were lowered to a range of $2.30 to $2.35.
Clothing company Oxford Industries; (NYSE:OXM) third-quarter revenue and earnings fell short of expectations, sending its share price 8% lower.
The company also delivered downbeat outlook on the fourth quarter, a crucial period for retailers, but Wall Street said there was still reason for cheer.
The weakness could be attributed to a "confluence of small issues," including website issues, poorer than expected gift promotions in November and December, KeyBanc Capital Markets' Edward Yruma said in a note.
The SPDR S&P Retail (NYSE:XRT) ETF was down more than 2%.
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