Oxford Industries, Inc. (NYSE:OXM) Q3 2023 Results Conference Call December 6, 2023 4:30 PM ET

Company Participants

Brian Smith - IR

Tom Chubb - Chairman and CEO

Scott Grassmyer - CFO and COO

Conference Call Participants

Edward Yruma - Piper Sandler

Ashley Owens - KeyBanc Capital Markets

Dana Telsey - Telsey Advisory Group

Mauricio Serna - UBS

Tracy Kogan - Citi

Jeff Lick - B. Riley Financial

Janine Stitcher - BTIG

Operator

Greetings. Welcome to Oxford Industries, Inc. Third 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 would now turn the conference over to your host, Brian Smith of Oxford Industries. You may begin.

Brian Smith

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 Web site 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. I want to spend just a few minutes talking about the third quarter, then move to our expectations and plans for the fourth quarter and finally give you a bit of a sneak preview on our plans for 2024. We are pleased to be reporting solid results for the third quarter of fiscal 2023. Our results reflect low single digit sales growth, inclusive of the comps that were down low single digits, which come on top of a 12% positive comp in the third quarter of last this year. While the consumer has clearly become more judicious in their discretionary spending, we believe our performance, especially on a two year stack basis compares favorably to our peer group. Despite a more difficult backdrop, we delivered these results as our people have remained focused on leveraging our strong brands to deliver clear and consistent messages that inspire and resonate with customers, creating strong desire for our products and services. A great example of this during the third quarter includes the opening of the Tommy Bahama Miramonte Resort in Indian Wells, California. This jewel box resort in the Coachella Valley leverages the credibility that Tommy Bahama has built over nearly 30 years in the hospitality space through our very popular restaurants and bars, as well as the overall strength of Tommy Bahama as one of America's premier lifestyle brands. The resort will have a meaningful impact on reinforcing and even strengthening the lifestyle positioning of the Tommy Bahama brand, ultimately helping us reach new customers, retain existing ones and increase the engagement of all customers, while at the same time, generating meaningful but modest royalty income over time.