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Oxford Industries (OXM) Misses Q4 EPS by 1c; Not Providing Guidance

March 26, 2020 4:08 PM EDT

Oxford Industries (NYSE: OXM) reported Q4 EPS of $1.09, $0.01 worse than the analyst estimate of $1.10. Revenue for the quarter came in at $297.6 million versus the consensus estimate of $306.75 million.

Thomas C. Chubb III, Chairman and Chief Executive Officer, commented, “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. We have broadly and successfully implemented work from home capabilities and our stores and restaurants are temporarily closed. We have also taken decisive actions which leverage the strength of our balance sheet and our prowess in e-commerce and digital.”

“Looking back on fiscal 2019, our consolidated results somewhat mask the important progress that was made in our critically important direct to consumer businesses. Fourth quarter comparable sales increased 4%, marking our 12th consecutive quarter of positive gains. For the year, comps also increased 4%, driven by e-commerce, our fastest growing channel, which grew 10% and represented 23% of our total sales. In fiscal 2019, our wholesale sales declined as those retailers continued to face strategic challenges, with sales to department stores representing only 11% of our consolidated revenue.”

Mr. Chubb continued, “Through early March, both Tommy Bahama and Lilly Pulitzer were off to a great start in the spring selling season. Our e-commerce businesses were strong, and our stores were doing well, as traffic held in resorts, lifestyle centers and on prestigious street fronts, where most of our stores are located. As we began to feel the impact of COVID-19 over the last few weeks, we have had to make significant changes in how we operate our business. Our strength in digital has played a critical role in allowing us to continue to deliver our brands’ messages and compelling product collections to our customers. To mitigate inventory risks, we are working with our suppliers on forward orders and redeveloping our merchandising and marketing plans for future seasons.”

Mr. Chubb concluded, “While COVID-19 has created a great deal of near-term uncertainty, we are well-positioned to handle the challenges ahead thanks to our strong balance sheet and liquidity and our advanced digital capabilities that keep us closely connected to the consumer. And most importantly, I want to acknowledge our teams of talented, hard-working and resilient men and women, many of whose lives are being disrupted in ways we couldn’t have imagined a few weeks ago. Ultimately, it’s the character and the quality of our people that will help us navigate these troubled times and achieve long-term success.”

GUIDANCE:

Due to the uncertainty created by the COVID-19 pandemic, the Company is not providing a financial outlook for fiscal 2020 at this time.

For earnings history and earnings-related data on Oxford Industries (OXM) click here.



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