Oxford Industries, Inc. (NYSE:OXM) Q1 2023 Earnings Conference Call June 7, 2023 4:30 PM ET

Company Participants

Jevon Strasser - IR

Tom Chubb - Chairman and CEO

Scott Grassmyer - CFO and COO

Conference Call Participants

Edward Yruma - Piper Sandler

Noah Zatzkin - KeyBanc Capital Markets

Dana Telsey - Telsey Group

Paul Lejuez - Citigroup

Tracy Kogan - Citigroup

Operator

Greetings. Welcome to the Oxford Industries, Inc. First Quarter Fiscal 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note this conference is being recorded.

I will now turn the conference over to your host, Jevon Strasser of Investor Relations. You may begin.

Jevon Strasser

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 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.

And now I'd like to introduce today's call participants. With me today are Tom Chubb, Chairman and CEO; and Scott Grassmyer, CFO and COO.

Thank you for your attention, and now I'd like to turn the call over to Tom Chubb.

Tom Chubb

Good afternoon, and thank you for joining us. We appreciate your interest in our Company.

We are pleased to be reporting a solid first quarter of fiscal 2023, which happens to be our eighth consecutive record quarter. Sales of $420 million were up 19% over the prior year, with 14% of the growth coming from the addition of Johnny Was, which we acquired last year, and 5% organic growth in our other five brands.

Our adjusted EPS was $3.78 for the quarter compared to $3.50 for the first quarter of last year. Our trailing 12-month active customer count at quarter end was $2.6 million, which increased 9% compared to the end of the first quarter last year, while our new customer add rate on a trailing 12-month basis was 6% higher than it was at the end of the first quarter in fiscal 2022, and the average annual spend with our consumers is more than $400. We believe these results are directly attributable to our North Star pillars, our objective, our strategy, our purpose, and our focus, our formula for delivering on these pillars, and our execution of that formula.