Shares of Oxford Industries (OXM 1.96%) jumped as much as 16.7% in trading on Thursday after announcing first-quarter fiscal 2021 results. Shares fell off early highs slightly but were up 9.8% at 2:10 p.m. EDT.
Revenue jumped 66% versus a year ago to $265.8 million, and the company swung from a net loss of $66.8 million to a profit of $28.5 million. Sales jumped across the product lineup, but for context, the company is still below the $282.0 million in revenue generated in the first quarter of 2019.
For the full fiscal year, management now expects revenue of $1.015 billion to $1.05 billion compared to previous guidance of $749 million to $1.12 billion in revenue. Generally accepted accounting principles (GAAP) earnings are expected to be $4.55 to $4.85 per share.
The major story here is that shoppers are coming back in droves after pulling back on spending early in the pandemic. For Oxford Industries, that means it's now expecting revenue to be on the high end of previous guidance, which was an extremely wide range.
A word of caution: Shares are now higher than they've been at any time in the last five years, so investors may have priced in an even more optimistic future than Oxford returning to pre-pandemic results.