Oxford Industries (NYSE: OXM) reported Q1 EPS of ($1.12), $0.85 worse than the analyst estimate of ($0.27). Revenue for the quarter came in at $160 million versus the consensus estimate of $172.54 million.

Thomas C. Chubb III, Chairman and CEO, commented, “During these extraordinary times, our top priorities have been protecting our people and customers, supporting our brands, and preserving liquidity while never losing sight of our goal of delivering long-term value to our shareholders.”

“We temporarily closed all of our North American stores and restaurants on March 17 and quickly pivoted time and resources to staying connected with our customers through our e-commerce and digital platforms. The combination of specific actions, recent investments in digital capabilities and the overall shift toward online spending brought on by COVID-19, helped drive an acceleration in e-commerce trends. First quarter e-commerce sales grew 12% over the first quarter last year and the positive momentum has continued into the second quarter.”

Mr. Chubb continued, “We reopened our first stores in early May, and I am extremely proud of how our teams are executing our reopening playbook. Operating under state and local guidelines and with the health and safety of our associates and guests as our number one focus, we continue to offer highly differentiated experiences that delight our customers. As of today, we have a little more than half of our 225 locations opened and expect to have almost all locations open by the end of June. Customers are slowly returning to our stores and restaurants, which are operating under restricted hours and limited capacity.”

“Under these market conditions, managing inventory and expenses tightly becomes even more critical. Working closely with our vendors, we were able to cancel or defer many of our forward orders and extend payment terms. We have taken advantage of our strength in digital to redevelop our merchandising and marketing plans and added several promotional activities to ensure our inventory levels stay in check as our business begins to ramp up. Preserving our high level of liquidity is critical and we are well-positioned on that front. On the expense side, we have pulled levers and made reductions across most spending categories.”

Mr. Chubb concluded, “Oxford has been around for almost 80 years and has demonstrated its adaptability to change throughout its long and successful history. It appears that this pandemic is bringing about the next phase of change in retail and accelerating consolidation within our industry. Our strategy of operating great brands that deliver differentiated merchandise and experiences to customers through an interconnected physical and digital store network aligns well with where we believe the market is heading. I am confident that we will manage through this turbulent environment and emerge with our bright long-term future intact.”

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