Jun 12, 2018 • 04:30 pm ET



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Good day, everyone. Welcome to today's Oxford Industries, Inc. First Quarter 2018 Earnings Conference. Today's conference is being recorded. At this time for opening remarks and introductions, I'd like to turn the floor over to Ms. Anne Shoemaker. Please go ahead, ma'am.

Anne Shoemaker

Thank you, Kelly Anne, 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 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 non-GAAP to 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 operations, and all per share amounts are on a diluted basis.

Our disclosures about comparable store sales include sales from our full-price stores and e-commerce sites and including sales associated with e-commerce/clearance sales. Because fiscal 2017 had 53 weeks, each fiscal week in fiscal 2018 starts and ends one calendar week later than in fiscal 2017. To provide a more accurate assessment of our fiscal 2018 comparable store productivity, we are presenting fiscal 2018 comparable store sales on a calendar-adjusted basis by comparing the fiscal 2018 period to the comparable calendar period in the preceding year. Thus, comparable store sales for the first quarter of fiscal 2018 compares sales in the 13-week period ending May 5, 2018 to the 13-week period ending May 6, 2017.

And now I'd like to introduce today's call participants. With me today are Tom Chubb, Chairman and CEO; and Scott Grassmyer, CFO. Thank you for your attention, and I would like to turn the call over to Tom Chubb.

Thomas C. Chubb

Good afternoon, and thank you for joining us. During the first quarter of fiscal 2018, we executed well on our plans, and I'm pleased with the results that we achieved. Our sales for the quarter finished at the high end of our range, and our EPS exceeded our guidance. At the same time, we continued to enhance the ways in which our customers are able to experience our powerful portfolio of brands. There's no better way to deliver our unique brand experiences than through our stores, restaurants and websites along with our select wholesale partners.

In the first quarter, we saw solid growth in our direct-to-consumer business, highlighted by positive consolidated comparable sales. The strongest part of our direct-to-consumer business was e-commerce,