Oxford Industries’ net sales in the first quarter decreased 5 per cent to US $ 398 million. Commenting on the first quarter results, Tom Chubb, the company’s chairman and CEO, said in a statement, “Our strong brands and 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.”
The company reported full-price direct-to-consumer (DTC) sales of US $ 257 million, a 3 per cent decline; full-price retail sales of US $ 137 million, a 2 per cent decrease from the same period last year; e-commerce sales of US $ 120 million, a 5 per cent decrease; outlet sales of US $ 18 million, a 6 per cent increase, fueled by a US $ 1 million increase in Tommy Bahama; and wholesale sales of 88 million, a 16 per cent decline.
Oxford Industries has revised its forecast for net sales for the fiscal year 2024 to be between US $ 1.59 billion and US $ 1.63 billion. The company projects net sales for the second quarter to be between US $ 430 million and U S $ 450 million.