RTTNews | Jun 9, 2021 05:01PM EDT

17:01 Wednesday, June 9, 2021 (RTTNews.com) - Shares of Oxford Industries, Inc. (OXM) gained nearly 15% in extended session Wednesday after the company reported first-quarter results that trounced Wall Street estimates as well as lifted its full-year outlook.

First-quarter net earnings were $28.5 million or $1.70 per share, compared to a loss of $66.8 million or $4.02 per share last year. On an adjusted basis, earnings increased to $1.89 per share compared to a loss of $1.12 last year.

First-quarter sales rose to $265.8 million from $160.3 million last year.

Analysts polled by Thomson Reuters expected an earnings of $1.05 per share on revenues of $233.07 million.

Full price e-commerce sales grew 55% to $74 million compared to the first quarter of 2019, with growth in all branded businesses. Gross margin improved 390 basis points to 62.7%.

Looking forward to second quarter, the company expects sales to be between $300 million and $310 million and adjusted earnings of $2.15 to $2.35 per share. Analysts currently estimates earnings of $1.16 per share on revenues of $255.78 million.

For the third quarter, the company expects adjusted earnings of $0.20 to $0.35 per share.

The company raised its full-year outlook and now expects sales of $1.015 billion to $1.05 billion, and adjusted earnings of $4.85 to $5.15 per share. Previously, the company expected sales of $940 million to $980 million and adjusted earnings of $2.80 to $3.20 per share.

Analysts currently estimate earnings of $3.05 per share on revenues of $968.86 million.

OXM closed Wednesday's trading at $98.10, up $0.31 or 0.32%, on the NYSE. The stock further gained $14.39 or 14.67% in the after-hours trade.

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