Oxford Industries Inc. (NYSE:OXM) Q1 2019 Earnings Conference Call Transcript

Jun 12, 2019 • 04:31 pm ET


Oxford Industries Inc. (NYSE:OXM) Q1 2019 Earnings Conference Call Transcript


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Good day, everyone. Welcome to today's Oxford Industries Inc, First Quarter Fiscal 2019 Earnings Conference Call. 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 M. Shoemaker

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 operation 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 operation 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 excludes sales associated with outlet stores and e-commerce flash clearance sale.

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 now I'd like to turn the call over to Tom Chubb.

Thomas C. Chubb III

Thank you for joining us this afternoon. Our first quarter results represent a very good start to the year as both sales and earnings exceeded our expectations. These solid results exemplify the successful execution of the Oxford's strategy to own, develop and use powerful emotional brands like Tommy Bahama, Lilly Pulitzer and Southern Tide to deliver value to our shareholders. While we are very pleased with our recent performance, our focus remains firmly on the future. We are confident that the steps we've taken to build a strong foundation by judiciously adding and pruning businesses over time will allow us to achieve our long term goals. As the consumers' shopping behavior continues to evolve, we believe the way we have positioned our brands in the marketplace has created important competitive advantages. In particular, we have maintained a disciplined, well-managed approach to the distribution of our products which not only protects and strengthens our brands but also ensures our customer can experience our brands where, when and how he or she wants.

I'll start with direct to consumer. This is our largest and fastest growing channel of distribution and we just delivered our ninth consecutive quarter of positive comparable sales. This business has two components, bricks and mortar and e-commerce. Our