Q1 2024 Oxford Industries Inc Earnings Call Transcript
Key Points
- Oxford Industries Inc (OXM) delivered sales and adjusted EPS within guidance ranges despite macroeconomic headwinds.
- The company expects to make up about half of the first quarter shortfall in wholesale over the remaining three quarters of the year.
- Positive comps are expected for the full year, with growth in all brands and direct-to-consumer channels.
- Strong cash flow is anticipated for 2024, enabling continued investments in the business.
- New store openings and distribution capacity rebalancing are expected to support future growth.
- Net sales were down $22 million or 5% compared to the first quarter of fiscal 2023.
- Wholesale sales declined by $17 million year-over-year in the first quarter.
- Direct-to-consumer businesses experienced a 7% negative comp due to cautious consumer spending.
- Adjusted gross margin contracted by 40 basis points to 65.4%, driven by higher promotional events.
- SG&A expenses increased by 5% due to investments in new stores and the addition of the Jack Rogers brand.
Greetings. Welcome to Oxford Industries, Inc., first-quarter fiscal 2024 earnings conference Call. (Operator Instructions) I will now turn the conference over to your host, Brian Smith of Oxford Industries, Inc. You may begin.
Thank you, and good afternoon. Before we begin, I would like to remind participants that certain statements made on today's call and in the Q&A session may constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in the forward-looking statements.
Important factors that could cause actual results of operations or our financial condition to differ are discussed in our press release issued earlier today and in documents filed by us with the SEC, including the risk factors contained in our Form 10-K.
We undertake no duty to update any forward-looking statements. During this call, we will be discussing certain non
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