Oxford Industries Inc. (NYSE:OXM) Q1 2015 Earnings Conference Call - Final Transcript
Jun 09, 2015 • 04:30 pm ET
Good day and welcome to the Oxford Industries Incorporated First Quarter 2015 Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Anne Shoemaker. Please go ahead, ma'am.
Thank you, Blake, and good afternoon, everyone.
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 fiscal 2014 Form 10-K. We undertake no duty to update any forward-looking statements.
During this call, we will be discussing certain non-GAAP financial measures. You can find a reconciliation of GAAP financial measures to certain non-GAAP financial measures in our press release issued earlier today, which is posted under the Investor Relations tab of our website at oxfordinc.com.
Please note that all financial results and outlook information discussed on this call unless otherwise noted are from continuing operation and all earnings per share amount are on a diluted basis. As a remainder, in March we announced that we are pursuing a sale of the Ben Sherman business, therefore the results from the Ben Sherman business are now reflected as discontinued operations for all periods presented.
And now, I'd like to introduce today's call participants. With me today are Tom Chubb, CEO and President; Scott Grassmyer, CFO; Terry Pillow, CEO of Tommy Bahama; and Doug Wood, President of Tommy Bahama.
Thank you for your attention, and now I'd like to turn the call over to Tom Chubb.
Good afternoon and thank you for joining us. I'm very pleased with our first quarter results which exceeded the prior year and our forecast for the quarter. On the heels of what is a very good start to the year, we have increased our 2015 earnings guidance. This performance and our confidence in the future flows directly from our strategy of owning and growing strong lifestyle brands that make an emotional connection to our consumers.
As Terry will discuss in more detail, Tommy Bahama had a solid first quarter. The brand's relaxed island lifestyle continues to resonate well with consumers. Our 9% top line growth was fueled by an 8% comp increase as well as solid performances by stores opened during 2014. This included our retail restaurant in Jupiter, Florida which beautifully reinforces the brands image and has clearly struck a chord with the consumer.
The passion, enthusiasm and emotion exhibited from Lilly lovers this spring was clear. We had an incredibly strong spring offering in our stores and online. In addition, our collaboration with target and the capsule collection it featured wildly exceeded expectations and was a