Oxford Industries delivered a solid third quarter amid a challenging environment. The company demonstrated strong cash flow and inventory management, while customer engagement metrics remained positive. However, the wholesale segment faced headwinds, and there was choppiness in the direct-to-consumer market, leading to moderated guidance for the fourth quarter.

Company Guidance

During the Oxford Industries, Inc. third quarter fiscal 2023 earnings call, the company reported consolidated net sales of $327 million, reflecting a 4% growth from the previous year, with Johnny Was contributing $49 million to sales. The company saw a low single-digit decrease in comparable store sales, within the context of a challenging consumer environment. Positive indicators included an increase in active customer count and new customer acquisition, both up mid-single digits, while average spend remained flat. Adjusted gross margin improved by 60 basis points to 64%, supported by a decrease in inventory markdowns and reduced freight costs. Cash flow from operations was robust at $169 million year-to-date, allowing for significant debt reduction. Looking ahead, net sales for the full year are expected to reach between $1.57 billion and $1.59 billion, with a modest gross margin expansion anticipated. The company is planning to increase its store count by over 25 net new stores in 2024, including 6 Marlin Bars, and is investing in a new distribution center to enhance long-term capabilities.

Solid Third Quarter Performance

Oxford Industries reported low single-digit sales growth in Q3 2023, with comps down slightly but still favorable compared to peers. The company opened the Tommy Bahama Miramonte Resort and launched a new Johnny Was website, contributing to healthy traffic and full-price selling.

Strong Cash Flow and Inventory Management

Cash flow from operations was $169 million year-to-date, and inventory was reduced year-over-year, contributing to a 60 basis point increase in adjusted gross margin.

Brand and Customer Engagement

Active customer count and new customer add rate both increased mid-single digits, with average annual spend remaining flat, indicating strong brand strength and customer retention.

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Oxford Industries (OXM) Earnings, Revenues Date & History

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OXM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Sep 12, 2018	2018 (Q2)	- / 1.83	1.44	27.08% (+0.39)	―	―
Dec 12, 2018	2018 (Q3)	- / 0.14	0.17	-17.65% (-0.03)	―	―
Mar 28, 2019	2018 (Q4)	- / 1.08	0.93	16.13% (+0.15)	―	―
Jun 12, 2019	2019 (Q1)	- / 1.30	1.28	1.56% (+0.02)	―	―
Sep 11, 2019	2019 (Q2)	- / 1.84	1.83	0.55% (+0.01)	―	―
Dec 11, 2019	2019 (Q3)	- / 0.10	0.14	-28.57% (-0.04)	―	―
Mar 26, 2020	2019 (Q4)	- / 1.09	1.08	0.93% (+0.01)	―	―
Jun 10, 2020	2020 (Q1)	- / -1.12	1.3	-186.15% (-2.42)	―	―
Sep 03, 2020	2020 (Q2)	- / -0.38	1.84	-120.65% (-2.22)	―	―
Dec 09, 2020	2020 (Q3)	- / -0.44	0.1	-540.00% (-0.54)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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OXM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Dec 11, 2024	$84.11	$76.87	-8.61%
Sep 11, 2024	$82.96	$83.38	+0.51%
Jun 12, 2024	$99.50	$100.32	+0.82%
Mar 28, 2024	$109.99	$105.96	-3.66%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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