Oxford Industries, Inc. (NYSE:OXM) Q1 2024 Earnings Call Transcript June 12, 2024 4:30 PM ET

Company Participants

Brian Smith - IR
Tom Chubb - Chairman and CEO
Scott Grassmyer - CFO and COO

Conference Call Participants

Ashley Owens - KeyBanc Capital Markets
Janine Stichter - BTIG
Mauricio Serna - UBS
Tracy Kogan - Citi

Operator

Greetings. Welcome to Oxford Industries, Inc. First Quarter Fiscal 2024 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] I will now turn the conference over to your host, Brian Smith of Oxford Industries, Inc. 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 website at oxfordinc.com.

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

Thank you, Brian. Good afternoon, and thank you for joining us. I'm going to start with an update on the execution of our plan for the first quarter of fiscal 2024 and our current expectations for the balance of the year. Our strong brands and our excellent team focused on executing our strategy allowed us to deliver sales and adjusted EPS within our guidance ranges for the first quarter despite continued macroeconomic headwinds and lower levels of consumer sentiment. While most economic indicators remain fairly positive, consumer sentiment has dropped meaningfully from levels at the start of this year and has driven the consumer to become more cautious than originally anticipated in our spending on discretionary items such as the fashion resort apparel, which is the core of our business.