Oxford Industries Inc. (NYSE:OXM) Q4 2019 Earnings Conference Call - Final Transcript

Mar 26, 2020 • 04:30 pm ET


Oxford Industries Inc. (NYSE:OXM) Q4 2019 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Greetings and welcome to the Oxford Industries Fourth Quarter 2019 Earnings Call. [Operator Instructions]

I would now like to turn the conference over to your host, Anne Shoemaker, Treasurer for Oxford Industries. Thank you. You may begin.

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 Federal Security 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 our 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 per share amounts discussed on this call are on a diluted basis. Our disclosures about comparable sales include sales from our full-price stores and e-commerce sites, and excludes sales associated with outlet stores and e-commerce flash clearance sales.

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

Thank you for joining us this afternoon. Just two weeks ago, I would have wanted to spend a good amount of time on our fiscal 2019 results and share with you the details of our exciting plans for 2020. With the recent events associated with the COVID-19 outbreak that no longer seems as relevant.

First and foremost, our thoughts are with the people who have been affected by the COVID-19 virus as well as everyone who is working to protect and serve impacted communities. During these unprecedented times, our priority is and will continue to be the health and well-being of our employees, our customers and the communities in which we live and work.

To the extent it provides a framework for our current environment, I'm going to spend just a moment on our fiscal 2019 results and then spend the rest of our time on how we are responding to the current environment. Our consolidated financial results for fiscal 2019 were fairly consistent with fiscal 2018. However, looking at our performance in more detail shows that big strides were made in the right place.

Our direct businesses which are 70% of our sales were strong with positive comps in all quarters of the year by brand and on a consolidated basis. Importantly, our e-commerce business led the charge with 10% year-over-year growth and 11% comp and now represents 23% of sales.