Shares of Oxford Industries (OXM) slumped 8% Thursday, a day after the parent of Tommy Bahama, Lilly Pulitzer, and Johnny Was apparel brands reported a surprising loss and cut its outlook as hurricanes and a consumer spending pullback hurt sales.

Oxford posted a third-quarter adjusted loss of $0.11 per share, while analysts surveyed by Visible Alpha were looking for an adjusted profit of $0.09 per share. Revenue fell nearly 6% year-over-year to $308.0 million, also below forecasts. 

Sales dropped 5.2% to $161.3 million at Tommy Bahama; sank 8.5% to $69.8 million at Lilly Pulitzer; and fell 6.1% to $46.1 million at Johnny Was. Emerging brands sales slipped 1% to $30.9 million.

CEO Attributes Results To Inflation, 'Distractions From the US Elections'

Chief Executive Officer (CEO) Tom Chubb said the "cumulative effects of several years of high inflation combined with distractions from the U.S. elections and other world events, led to less frequent and more tentative consumer spending behavior."

In addition, Chubb noted that Hurricanes Helene and Milton negatively impacted sales in the Southeast U.S., the company's "most significant and important market." Chubb explained that the storms caused an estimated $4 million in lost sales, creating a $0.14-per-share profit decline. 

Oxford now sees full-year sales of $1.50 billion to $1.52 billion, down from the earlier estimate of $1.51 billion to $1.54 billion. It anticipates adjusted profit of $6.50 to $6.70 per share, compared with the previous outlook of $7.00 to $7.30.

Oxford Industries shares are down more than 20% year-to-date.