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Oxford Industries Inc (NYSE:OXM)Q4 2019 Antithesis CallMar 26, 2020, 4:30 p.m. ET

Operator

Greetings and acceptable to the Oxford Industries Fourth Division 2019 Antithesis Call. [Operator Instructions]

I would now like to about-face the appointment over to your host, Anne Shoemaker, Treasurer for Oxford Industries. Acknowledge you. You may begin.

Anne M. Shoemaker — Vice President-Capital Markets and Treasurer

Thank you and acceptable afternoon. Afore we begin, I would like to admonish participants that assertive statements fabricated on today’s alarm and in the Q&A affair may accumulated advanced statements aural the acceptation of Federal Security laws. Advanced statements are not guarantees and absolute after-effects may alter materially from those bidding or adumbrated in the advanced statements.

Important factors that could account absolute after-effects of our operations or our banking action to alter are discussed in our columnist absolution issued beforehand today and in abstracts filed by us with the SEC, including the accident factors independent in our Form 10-K. We undertake no assignment to amend any advanced statements.

During this alarm we will be discussing assertive non-GAAP banking measures. You can acquisition a adaptation of non-GAAP to GAAP banking measures in our columnist absolution issued beforehand today, which is acquaint beneath the Investor Relations tab of our website at oxfordinc.com. Please agenda that all per allotment amounts discussed on this alarm are on a adulterated basis. Our disclosures about commensurable sales accommodate sales from our full-price food and e-commerce sites, and excludes sales associated with aperture food and e-commerce beam approval sales.

And now I’d like to acquaint today’s alarm participants. With me today are Tom Chubb, Chairman and CEO and Scott Grassmyer, CFO. Acknowledge you for your absorption and now I’d like to about-face the alarm over to Tom Chubb.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Thank you for abutting us this afternoon. Aloof two weeks ago, I would accept basic to absorb a acceptable bulk of time on our budgetary 2019 after-effects and allotment with you the accommodation of our agitative affairs for 2020. With the contempo contest associated with the COVID-19 beginning that no best seems as relevant.

First and foremost, our thoughts are with the bodies who accept been afflicted by the COVID-19 virus as able-bodied as anybody who is alive to assure and serve impacted communities. During these aberrant times, our antecedence is and will abide to be the bloom and abundance of our employees, our barter and the communities in which we alive and work.

To the admeasurement it provides a framework for our accepted environment, I’m action to absorb aloof a moment on our budgetary 2019 after-effects and afresh absorb the blow of our time on how we are responding to the accepted environment. Our circumscribed banking after-effects for budgetary 2019 were adequately constant with budgetary 2018. However, attractive at our achievement in added detail shows that big strides were fabricated in the adapted place.

Our absolute businesses which are 70% of our sales were able with absolute comps in all abode of the year by cast and on a circumscribed basis. Importantly, our e-commerce business led the allegation with 10% year-over-year beforehand and 11% atone and now represents 23% of sales. At the aforementioned time, our broad sales beneath in 2019 as abounding of those retailers affiliated to face cardinal challenges with sales to administration food apery alone 11% of our circumscribed revenue. We would adulation to abide to accomplice with these retailers, but in some cases their business archetypal is acceptable added arduous and our action reflects that.

Our adapted antithesis of $4.32 per share, which were collapsed with budgetary 2018 included the abrogating appulse of added tariffs as able-bodied as an access and our able tax rate, chiefly as we concluded the budgetary year with actual able liquidity, including $53 actor of banknote and no borrowings beneath our $325 actor asset-based acclaim adeptness which leads us to the affair of the day.

In our 78-year history, Oxford has asperous abounding crises and we are awful assured in our adeptness to acclimate the appulse that COVID-19 beginning is accepting on our business and the retail marketplace. We are abutting our businesses with three top priorities; our people, our brands and our liquidity.

First, we accept been and will abide to accomplish the bloom and abundance of our employees, guests and communities in which we alive and assignment our priority. All of our North American food and restaurants accept been briefly bankrupt aback March 17th and our Australian food bankrupt beforehand this week. All of our administration centers are operational and we’ve implemented a absolute affairs of advisable measures in all of our administration centers to accumulate our bodies safe. Best of our assembly in our accumulated and cast offices are alive remotely. As we appear out of this crisis, it is analytical that any accomplishments we booty bottle our adeptness to accept the aggregation we charge in abode for the future.

Second, our aspect is the backbone of our acute brands and we will acquiescently assure them. We accept a amazing portfolio led by Tommy Bahama, Lilly Pulitzer, Southern Tide as able-bodied as our accumulating of abate brands like the Beaufort Bonnet Company and Duck Head. We will not booty accomplishments to try to prop up our top band in the abbreviate run that could abuse our brands over the continued term. Each of our brands engages their barter with agitative websites and memorable agenda business programs. Our abstruse capabilities will serve us able-bodied as we break affiliated with our barter during this aeon of self-isolation.

Our third antecedence is liquidity. Importantly, we entered budgetary 2020 with the account levels in actual acceptable shape. We had a able alpha through the average of March. However, as apropos about COVID-19 virus began to appulse our business, sales accept essentially deteriorated. We are demography accomplish to abate the accident of the account increases by alive with our suppliers to abolish adjournment or abate our advanced purchases. We are additionally demography advantage of our backbone in agenda to remerchandise and remarket our melancholia offerings for this channel.

Finally, attention our clamminess will be ascendant over the abreast appellation and we are acutely able-bodied positioned on this front. As I mentioned earlier, we entered 2020 with over $50 actor in banknote and an undrawn $325 actor acclaim facility. To added bolster our banknote acknowledgment and beforehand our aerial akin of liquidity, we accept fatigued bottomward $200 actor from the facility.

On the amount side, we are affairs levers above best spending categories. One of the better is application costs which were about $260 actor in budgetary 2019. As abundance and restaurant closures persist, we are application furloughs and layoffs as bare and warranted. Area accessible our affairs will accommodate attention agent allowances at atomic for a aeon of time. At all times, our priorities will be attention the bloom of our advisers and ensuring Oxford charcoal well-positioned for the future.

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Today Tommy Bahama appear a furlough of best of its retail and restaurant aggregation to activate on March 31st. Through March 30th these advisers will accept accustomed abounding pay and benefits. During the ages of April, Tommy Bahama will abide to awning the amount and allowances for furlough employees. These are actual difficult decisions and we are attractive advanced to the time aback we can acceptable aback our advisers and our guests. We are additionally absorption efforts, including partnering with our landlords as adapted on mitigating our control costs which were over $100 actor aftermost year.

Marketing expense, which was over $50 actor aftermost year is actuality addressed in phases. Our assurance on agenda business affords us opportunities to bound adapt our messaging and our absorb as bare while continuing to break affianced with our barter and accomplish cartage for our e-commerce websites. Meanwhile reductions are actuality taken in added areas such as catalogs and photo shoots. Additionally added capricious costs such as acclaim agenda transaction fees, royalties on accountant brands, sales commissions, packaging in the food were about $50 actor in budgetary 2019. All basic expenditures are actuality reevaluated with many, including new abundance openings and remodels, as able-bodied as assertive IT projects actuality deferred in this ambiguous ambiance and our Board of Directors bargain our annual allotment from $0.37 a allotment to $0.25 per share. We accept these measures, amid others, position us able-bodied to auspiciously cross through these aberrant times.

Importantly, I appetite to accede our teams of talented, adamantine alive and airy men and women abounding of whose lives are actuality disrupted in means which we couldn’t accept absurd alone a few weeks ago. Ultimately, it’s the appearance and the affection of our bodies that will advice us cross these afflicted times.

By absorption on our people, our brands and our liquidity, we are assured in our adeptness to abide our history of carrying abiding actor value.

Melissa, we’re now accessible for questions.

Operator

Thank you. [Operator Instructions] Our aboriginal catechism comes from the band of Paul Lejuez with Citi. Please beforehand with your question.

Tracy Kogan — Citigroup — Analyst

Hey. Thanks. It’s Tracy Kogan bushing in for Paul. I had two questions. The aboriginal is, your — on your inventory. Your account levels looked to be in acceptable shape. I was aloof apprehensive if there was any aberration in levels by cast and afresh was apprehensive how your discussions with your retail ally are action and how they are planning account for the butt of this year.

And afresh aloof secondly what is your aliment capex level, like what akin can we advanced of as area you adeptness alarm out this year as you get rid of some of those arbitrary things you batten of? Thanks.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Okay. Acknowledge you actual much, Tracy and I’ll accouterment the broad ally catechism and afresh let Scott allocution to you a little bit about account by accumulation and how low we adeptness be able to go with the basic expenditures.

On the broad advanced acutely at this point, I would say apparently the majority of our customers, if not cutting majority, are bankrupt in their artery and adhesive stores. Those who are still open, and there are not abounding of them, but those who are, I think, are not accomplishing abundant business. And so acutely those bodies will accept to acknowledge with our own account plans. And I advanced as you would expect, we’re accepting lots of requests for delays in delivery, reductions in the abundance of artefact purchased, requests for continued terms, all of those things. And acutely we’re action to assignment through those issues. We accept a lot of abundant ally that we appetite to cross this bearings calm with and appear out auspiciously on the aback end.

But I advanced all of the things that you would apprehend are happening. Obviously, we’re factoring those into our own advanced account plans. And aback I mentioned our efforts to abolish or abate or contrarily adapt our advanced account purchases we’re accoutrement not alone our absolute to customer businesses with that, but additionally our broad businesses and we’ve fabricated amazing beforehand on that. It’s ongoing, but we’ve fabricated lots of beforehand on that already. Our teams are actually affianced on that.

We’ve got a aggregation of broad and added leaders from above our business, all business units, alive together, administration account and information. I am actual pleased. I advanced we’ll do a acceptable job on the — on managing those account levels as able-bodied as attention our acceptable relationships with our broad barter as we cross through a actual difficult time that neither one of us created.

Scott can abounding you in a little bit now on account by accumulation and additionally on the capex.

K. Scott Grassmyer — Executive Vice President-Finance, Chief Banking Officer and Controller

Yeah.

Tracy Kogan — Citigroup — Analyst

Thank you.

K. Scott Grassmyer — Executive Vice President-Finance, Chief Banking Officer and Controller

Tommy Bahama and Lanier Apparel were both bottomward account astute and Lilly Pulitzer was up aloof a little bit in inventory. And afresh on capex, almost $15 actor is affectionate of the aliment number. Now some of that can still be deferred alike if it’s in the aliment category, but — so there is a abundant befalling in our capex to abate spending if charge be.

Tracy Kogan — Citigroup — Analyst

Thank you. Best of luck, guys.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Thank you, Tracy.

Operator

Thank you. Our abutting catechism comes from the band of Rick Patel with Needham & Company. Please beforehand with your question.

Rick Patel — Needham & Company — Analyst

Thank you. Acceptable afternoon, everyone.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Hey, Rick.

Rick Patel — Needham & Company — Analyst

Have you apparent an dispatch in online sales aback your food bankrupt in mid-March? I’m aloof analytical if the restrictions on biking accept consumers in a captivation arrangement in agreement of affairs annihilation adapted now. And to what admeasurement are you application agenda channels today to administer abundance akin inventories?

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Thomas C. Chubb — Chairman, Chief Executive Officer and President

So with account to what we’ve apparent in e-commerce, I would say all-embracing it’s been bottomward a bit. Our articles are and our brands are awful arbitrary as you know. They’re awful activated with amusing events, amusing action and travel. So in the aboriginal phases of this, all-embracing we’ve apparent a bit of a abatement in e-commerce.

That said, it has been a little bit asperous and in some places we’re seeing actual able business and acceptable acknowledgment to some actual artistic business things that our brands are accomplishing and so we’re working. Obviously, the affairs we had for e-commerce at this time of year are affectionate of out the window and the teams are alive actual rapidly and actual creatively to appear up with letters that are adapted for the times and bell with the barter and we’ve apparent some abundant things appear on that attention this anniversary for sure.

Rick Patel — Needham & Company — Analyst

Great. And afresh additionally a catechism on the broad channel. How abundant of your first-quarter business in this approach was complete afore the virus apropos escalated in mid-March? I’m aloof analytical how abundant of your broad business is a lot against what’s accessible to actuality canceled.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

I don’t apperceive that we accept — I don’t — we didn’t advanced that catechism frankly, Rick, and I don’t apperceive that I can acquaint you. It would accept been a lot of it because bodies are acutely aggravating to get bounce account on the attic for bounce affairs and so we tend to be, I advanced it’s fair to say, adequately advanced loaded during the aboriginal quarter. But I don’t apperceive actually how much. And afresh the added affair is that it takes a little while for retailers sometimes to put on the brakes. And aftermost anniversary we were still aircraft some wholesale. Now it was bottomward over what you would accept commonly accepted but we were still aircraft it. That was bottomward from the anniversary afore and I would brainstorm that that will abide to abate down, but it didn’t dry up immediately.

Rick Patel — Needham & Company — Analyst

And aftermost catechism on the Marlin Bars abundance openings for this year. Are they affective abounding beef advanced or accept you put the brakes on those?

Thomas C. Chubb — Chairman, Chief Executive Officer and President

At the moment the brakes affectionate of on everything. We — as this affair actually best up beef I assumption action aback two or three weeks ago, we put the brakes on all capex projects. About we’re acknowledging things array of a year in advance. Scott beatific out a announcement to all of the groups that said, alike if it was accustomed afore you charge to analysis aback in with us afore you do anything.And so adapted now, accumulated is array of on hold. But what we will alpha to do is as we get a little added accuracy on area this affair is headed we’ll accent which things we appetite to absolution and acutely analytical aliment things would be at the top of the list. But afresh above that, it would be projects that are actually action to be acquirement generators. So some things in e-com and some things in retail and restaurant are apparently acceptable things.

K. Scott Grassmyer — Executive Vice President-Finance, Chief Banking Officer and Controller

Yeah. And, Rick, we did get the two Marlin Bars opened in February, so Las Olas Boulevard and we accept one at Dania Pointe, both in South Florida. So those two did get accessible in aboriginal February.

Rick Patel — Needham & Company — Analyst

Thank you. All the best and break safe everyone.

K. Scott Grassmyer — Executive Vice President-Finance, Chief Banking Officer and Controller

Thank you, Rick. You too.

Operator

Thank you. Our abutting catechism comes from the band of Ed Yruma with KeyBanc Basic Markets. Please beforehand with your question.

Ed Yruma — KeyBanc Basic Markets — Analyst

Hey, acceptable afternoon, guys and acknowledgment for demography the question. I assumption first, I’m aloof aggravating to aboveboard the comments on, acutely you’re managing receipts, but you’re additionally affectionate of committing that you’re not action to appoint in heavily promotional activity. Is it fair to accept you’re action to backpack abroad some account that doesn’t move or how should we advanced about affectionate of departure this and the disposition of inventory, one? Two, I apperceive that there is actually a bit of appropriate break items that apparently are action to be appealing weak. So if you could affectionate of contextualize how big of maybe the Lilly Pulitzer business that is that would be helpful. And afresh three, I apperceive you mentioned the Tommy Bahama furlough. Are you, at this stage, accomplishing the aforementioned at Lilly Pulitzer? Acknowledge you.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Okay. So I’ll try to accouterment those three questions. And what we’re accomplishing on the inventory, and this is one of the abundant $.25 of cerebration that’s appear out of our team, and it’s acutely we’ve got a time aeon adapted now area we’d be carrying artefact and there’s — I don’t alike apperceive if we could bear it, but if we could, it’d aloof be sitting in the aback allowance of the abundance accession dust. So what our teams accomplished is that we can actually authority on to that inventory, abolish some deliveries that are due to appear in after in the year, decidedly in December and afresh authority on to the account that was action to hit in April and bead it in December instead accepting canceled the December delivery. This is acute a little bit of remerchandising, it’s acute a little bit of cerebration about how we’re action to bazaar and that affectionate of thing. But the artefact doesn’t actually attending that altered because in December we’re alive to aboriginal bounce artefact anyway. And afresh there are abounding agnate account like that that are acceptance us to booty advantage of time to get rid of — or not get rid of but to breeze account appropriately after too abundant axle up and after accepting to get too acute on promotional blazon activities.

The additional catechism about appropriate break dresses, those are acutely actual important allotment of Lilly Pulitzer dresses in the accumulated or I advanced about 40% of the business and amusing dresses would be a cogent allotment of that although there are day dresses, accidental dresses, all kinds of added dresses too. But those about are backward abatement array of anniversary blazon is area we actually get into that a lot. And we advanced we’ve got abounding time to acknowledge to that book and change our affairs array strategies a little bit to atone for the actuality that that adeptness not be actually as able a class for us.

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And afresh the aftermost affair with account to any application accomplishments that adeptness happen, look, as we said, we do not like abolition people’s lives. These are very, actual difficult decisions for us to make. What we’re aggravating to do is to bottle as abounding jobs as accessible for as continued as accessible and the big account ambition is to accomplish abiding that we cross the Company through this biologically array of created bearings so that all of us can accept a acceptable job and career action forward. And so, I can’t — we’re array of demography it on a week-by-week basis. And the accomplishments that we ultimately accept to booty will abased in allotment on — in ample allotment actually on how continued this goes on.

Ed Yruma — KeyBanc Basic Markets — Analyst

Got it. Acknowledgment so abundant guys. Booty care.

Operator

Thank you. [Operator Instructions] Our abutting catechism comes from the band of Susan Anderson with B. Riley FBR. Please beforehand with your question.

Susan Anderson — B. Riley FBR — Analyst

Hi. Acknowledgment for demography my question. I basic to chase up on the — on Lilly and Tommy’s achievement through mid-March. Did you say both of them, I guess, were comping absolute until they started to affectionate of abatement off due to COVID-19? And afresh on the accumulation alternation front, are your winter ally actually up and active now in China so there is no affair there?

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Great questions and acknowledge you, Susan. And the acknowledgment is yes, we were attractive actually acceptable up until I assumption about two, two-and-a-half ago. It’s amazing how bound this affair has unfolded. But Tommy was actual able and Lilly was actually aloof abundantly able in the aboriginal allotment of the year. And we were actual aflame about what we were seeing, actual aflame about our affairs for the year, all of that, but that acutely has afflicted a bit. But it was — it is as we’re action through this crisis, I advanced it’s — we appetite to admonish ourselves that we were actually resonating with our barter and we actually apperceive that we can get that aback as the apple starts to appear aback to accustomed whenever it is that that happens.

And afresh the additional question?

K. Scott Grassmyer — Executive Vice President-Finance, Chief Banking Officer and Controller

Supply chain.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Supply chain. Acceptable — abundant question, too, because apparently bristles or six weeks ago that was what we were afraid about with account to the coronavirus. China was beneath all kinds of restrictions at that point. Our factories were not at anywhere abreast abounding capacity. We affectionate of formed through that and as of two to three weeks ago we were activity actual acceptable about the accumulation alternation side. China is fundamentally aback in the accumulation business at this point and we were bottomward to the point area we anticipation it was array of 5% or so with the artefact that adeptness end up actuality backward as a aftereffect of the problems on that end. So we acquainted like we array of baffled that botheration and of course, at this point, it’s not an affair at all. We can get accumulated we charge or at atomic we accept we can get accumulated we need.

Susan Anderson — B. Riley FBR — Analyst

Great. Yeah, that’s amazing how things accept changed.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Yeah.

Susan Anderson — B. Riley FBR — Analyst

I assumption one follow-up, aloof aggravating to accept the account flows. So I assumption aback attractive at your broad ally and aggravating to bottle the brand, are you cerebration about befitting now, I guess, some of your account against carrying it if they don’t appetite or if they appetite to abolish orders against I assumption giving them mark-down money to get rid of it at some point? Thanks.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Well, those are complicated discussions and there is — you can delay, you can cancel, you can do — action them terms, there are lots of altered things that we can do and it’s adamantine to generalize. But we’ve got to antithesis our interests and their interests and accomplish abiding we are attention our clamminess while accomplishing — and the candor of our brands while accomplishing accumulated we can to advice them be acknowledged and to advice them cross this crisis as well.

So I advanced the absoluteness of it is that we will — some being will be slower action out than we wanted. We will apparently see some addendum in our agreement I advanced is reasonable to assume. But these are all things that we’re factoring in as we focus on advancement our clamminess and we’re actual assured in our adeptness to do it. It’s action to be a bouldered year. There is no accepting about it. But we advanced we can auspiciously cross the array of storm and afresh be in a acceptable position as things alpha to normalize.

Susan Anderson — B. Riley FBR — Analyst

Great. That’s helpful. Well, acceptable luck abyssal this difficult ambiance and break safe and healthy.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Thank you. You too, Susan.

Operator

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I will about-face the attic aback to Mr. Chubb for any final comments.

Thomas C. Chubb — Chairman, Chief Executive Officer and President

Thank you all actual abundant for your interest. Please break safe and advantageous and we attending advanced to talking to you afresh in June.

Operator

[Operator Closing Remarks]

Duration: 32 minutes

Anne M. Shoemaker — Vice President-Capital Markets and Treasurer

Thomas C. Chubb — Chairman, Chief Executive Officer and President

K. Scott Grassmyer — Executive Vice President-Finance, Chief Banking Officer and Controller

Tracy Kogan — Citigroup — Analyst

Rick Patel — Needham & Company — Analyst

Ed Yruma — KeyBanc Basic Markets — Analyst

Susan Anderson — B. Riley FBR — Analyst

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