Shares of Oxford Industries (NYSE: OXM) plummeted 5.04% in intraday trading on Wednesday, as investors brace for the company's first-quarter earnings report scheduled for release after the market close. The sharp decline comes amid growing concerns about the company's financial performance and recent analyst downgrades.

Analysts expect Oxford Industries to report quarterly earnings of $1.82 per share, a significant decrease from $2.66 per share in the same period last year. Revenue is projected to come in at $384.77 million, down from $398.18 million in the year-ago quarter. The anticipated decline in both earnings and revenue has likely contributed to the stock's negative sentiment.

Adding to the pressure, recent analyst actions have been less than favorable for Oxford Industries. Telsey Advisory Group maintained a Market Perform rating with a price target of $52, while Citigroup reiterated a Sell rating and lowered its price target from $52 to $47 in early April. These cautious stances from analysts may be fueling investor concerns and contributing to the stock's downward movement ahead of the earnings announcement.