Oxford Industries (NYSE: OXM) saw its stock price plummet 5.04% during Wednesday's trading session, as investors braced for the company's upcoming first-quarter earnings report scheduled for after market close. The sharp decline reflects 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 a year earlier. 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 painted a cautious picture for Oxford Industries. Telsey Advisory Group maintained a Market Perform rating with a price target of $52 on June 5, while Citigroup analyst Paul Lejuez maintained a Sell rating and cut the price target from $52 to $47 on April 7. These ratings suggest that experts anticipate challenges ahead for the company, further dampening investor enthusiasm.