Q2 2024 Oxford Industries Inc Earnings Call Transcript
Key Points
- Oxford Industries Inc (OXM) reported strong cash flows, allowing for continued investment in the business, debt repayment, and shareholder dividends.
- The company saw a positive response to new and differentiated products, particularly in fashion, during the quarter.
- Inventories were down year-over-year, indicating effective inventory management.
- The launch of the Tommy Bahama Indigo Palms collection has shown early success, boosting optimism for future growth.
- Oxford Industries Inc (OXM) is making strategic investments, such as relocating Johnny Was' distribution center to reduce operating costs.
- Sales of $420 million and adjusted EPS of $2.70 fell below guidance due to a continued consumer pullback.
- The company experienced a slowdown in its Florida market, which accounts for over one-third of its brick-and-mortar business.
- Gross margin was pressured by a higher proportion of sales occurring during promotional events.
- Adjusted SG&A expenses increased by 5.7%, driven by investments in new stores and the acquisition of Jack Rogers.
- The company revised its full-year forecast downward, expecting net sales to decline by 2% to 4% compared to the previous year.
Greetings and welcome to the Oxford Industries second-quarter fiscal 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded.
I would now like to turn the call over to Brian Smith. Thank you, Brian. 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, they 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 our 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.
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