Oxford Industries, Inc. (NYSE:OXM) Q2 2024 Earnings Conference Call September 11, 2024 4:30 PM ET

Company Participants

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

Conference Call Participants

Chandana Madaka - KeyBanc Capital Markets
Dana Telsey - Telsey Advisory Group
Mauricio Serna - UBS
Janine Stichter - BTIG
Paul Lejuez - Citigroup

Operator

Greetings and welcome to the Oxford Industries Second Quarter Fiscal 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded.

I would now like to turn the call over to Brian Smith. Thank you, Brian. 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 our 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 will find a reconciliation of non-GAAP to GAAP financial measures in our press release issued earlier today, which is posted under our Investor Relations tab of our website at oxfordinc.com. And 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'm going to start with an update on the execution of our plan for the second quarter of fiscal 2024 and our current expectations for the balance of the year. During the second quarter, we continued to make excellent progress on long term strategic goals, but fell short of delivering on our near term financial targets.

Sales of $420 million and adjusted EPS of $2.70 for the quarter were below our guidance range, primarily due to a continued pullback from the consumer. The pullback worsened sequentially during the quarter, coinciding with consumer sentiment hitting an eight-month low in July, with a trend continuing into August and the start of our third quarter.