OXM - Earnings call transcript Q1 2020 | Oxford Industries, Inc.

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Operator

Greetings, and welcome to Oxford Industries First Quarter Fiscal 2020 Earnings Conference Call. [Operator Instructions]. Please note, this conference is being recorded. I would now like to turn the conference over to your host, Anne Shoemaker, Treasurer. Thank you.

begin. may You

Anne Shoemaker

good and Thank afternoon. you,

statements Before we that Q&A to of forward-looking participants would statements I session federal made laws. constitute the like certain in on remind and meaning begin, today's securities the within may the call

in guarantees cause not results actual operations condition our actual expressed results XX-K. press documents SEC, update our discussed are from no release with statements. factors Important today and duty statements. to may by issued the financial implied the of filed in statements forward-looking in including materially differ factors contained those earlier us and in We to Forward-looking risk the differ forward-looking our any or that Form are could or undertake

discussing be financial During we certain this will measures. non-GAAP call,

non-GAAP at a Investor GAAP I'd With turn And today press is Tom And over find for to in our today, introduce CFO. of I'd Scott website issued me you the Tom Chubb. like posted are: to and call today's under can our measures to Chubb, like oxfordinc.com. CEO; reconciliation release your of now financial Thank earlier which now, attention. Grassmyer, and the participants. call tab to Relations Chairman You

Thomas Chubb

us. and afternoon, you Good for thank joining

is country support we minutes into over to education. update recent and fearful inequality our can and change and few economic happened opportunity our address COVID-XX mind, a to years chance to frequently, heartbroken, aspiration sharp events. or successful. providing million We financial the in regardless still you success additional circumstance, help time that action Before It Oxford and race child, we, equal too get things of racial short of future. to next What with feel focus uncomfortable, a child equality an the the falling local of first education. well not take the communities that quality on all. through and exist. the our $X racial all weeks and act. commitment and in All Every is a going making across does of but listen, to a disadvantaged on us increases X or over for of few busy national must spend quarter for communities a economically With response are country, learn has to as operating for this our has color, I'm deserves has last learn results, likelihood economic particularly The access and exponentially of communities to when access economic brought be

to history disadvantaged Our communities. commitment education education that use builds on economically Oxford's improve programs in access predominantly quality supporting long African-American of for

talk that very year the growth sustained about year. year, value. any what's a long-term goes key other our shareholder business. let's In going is in profitable Now that this without saying our is on It objective unusual always delivering drives

a and furloughs, situation, resulting respect this These objective. and included liquidity, and in reductions incredibly a face. at we from very our exceeded the to To is and and personal COVID appreciative the number achieve hoped people, to other brands very and have we will shutdown pleased do the layoffs, through actions, both including these have focus this objectives, focusing and a work but liquidity, makes professional impossible people this the have of of That to X lives. response for given the on is We and in resourcefulness difficult that could take accomplished said, our emerge year. respect painful, year brands March that to has have actions it With teams disruption the challenges since year the track our for us situation disruptive almost business, deeply have in lightly navigate marketplace. all, Their on the we actions take I that pandemic have not the to are pay level. am the am rest have added pandemic, home this well have of the at been by nature our COVID we I of and commitment, temporary added for. from that with thrive people's people, the With shutdown these what people With positioned necessary this to new post-COVID the people, how to and what rallied. far had we our that possibly of for different I economy to believe

the are industry. As the believe shutdown, and recovery, from the our beginning I we suited ever to of stages to stronger early our than on in new facing team emerge better is challenges take are

have preserving shutdown homeschooled reduced we orders, our a our mitigate efforts bricks-and-mortar digital We our in of really and protecting brands an actions Secondly, could help messages orders, living we terrific the and our over great require the in position, forward to that from this of took shape we our done optimism quarantine for leaned inventory key of planned is we us position pipeline. in with that has delayed ensure, we the in canceled ways several and re-merchandised our marketing those put already and of strong was our operations us only for home, previously the for brands relationship beginning unusual the their post-COVID to of the time. the job reduced substantially The also to Customers the heavy brands. keeping our the future reopen, months, We now, of in truly and where remain amount marketplace. realities omni-channel. our were that our our work the the effective our escape accelerated brands a and undoubtedly great of takeaway damage with an become inventory existing have that slowly To some that all with shutdown most discounting are customers. Through which customers that into promotional and a and we job engage to integrity would of engaged activity really e-commerce of integrity the from during look relevant and also ahead. brands some happiness. from messages to actions We done lies a in believe Reemergence our brands capabilities, as these of world. and consumer

a carefully going the very importantly, and shutdown. managed as Finally, result, and strong the reserved our cash outflows we very add have we into have liquidity

that year more going with liquidity adequate the to will grow and We we than finish thrive are confident forward.

over the of Some capital equitable that are in a reductions cash to for current sure and year we've our liquidity work with are in key taken believe situation. excellent and the of to year. the have and marketplace. and the I'll the the expenditures, of accomplished and painful, commitments, bonuses elimination the executive reiterate, in reduction these key as landlords, negotiating Scott other position of included call reductions post-shutdown ongoing, for inventory salaries, expense, people, steps making discussions including reducing compensation. proud towards our we and track with employee including forward employment arrangements necessary we've remainder critical our resolve these now our the To cash achieving slowing Board very more right landlords, objectives rent turn we of are Directors' consumer I'm the details. on brands our actions of down focus dividend is but an this what over Many to the

Scott Grassmyer

Thank you, Tom.

February, In Bahama were XXXX Our very Marlin both strongly. Fort new first area. quarter open Lauderdale of X excited in to we began the bars, Tommy

to were to trend. and a posting multiyear positive positive Our track businesses retail add and on e-commerce were comps we comp

approach From the began the we to spread customers, restaurants. COVID-XX of health of As North of and stores started employees protect accelerate we the our March temporarily our all marketplace. XXth, mid-March, and retail closed impacting American and to

and Oxford have all COVID-XX from exacerbated to successfully measures centers we seasonality safety been the is the distribution open. place, our corporate crisis The our with in Our work-from-home offices business. strategies to impact of able appropriate keep of by adopted

Tide of June March spring/summer, Tommy brands of year. the Lilly are with and oriented X months through Pulitzer Our strongest Southern Bahama, being our primarily to

XX% and sales overall of locations all stores of XXXX in reopen restaurants, by our early to make began of our have May, end just almost the in Our which expect to up opened we and June.

open our significant regional that stores with on consumer variations. As operating many at year slowly. that open, operating however, about The are are restrictions stores half and they with are is average place levels in rebuilding traffic prior

and shopping. restrictions any comfort don't ease levels While time revenue we consumers' year prior stores and improvement anticipate around during to reach increases travel level steady from as at XXXX, we do expect

closure Turning It of that likely accelerate to to of our number wholesale pandemic department specialty channel. stores. and the a appears is the

XXXX, of the first exposure connected as a beneficial to managed last to lower Throughout they has XX% while our wholesale as Over we investments and revenue work the Tommy several to Most what basis we new a can points product to inventory and Bahama the period, benefits systems. margins we our platforms in and with engine, our the be difficult business. and digital for the as successfully quarter, stay quarter Lilly which increasingly demand have activities. and enterprise XXXX, quarter, through e-commerce, therefore, believe on promotional grew than the to and We maintain reap made it were customers. the modest revenue. carefully with second have wholesale search of challenging this take them declined increase years, will first decreased expect these new websites, in of to of Pulitzer, XX% we have and we significantly XX% positive order XXXX, XXX long-term hand. it revenue, of due the we enhanced have In into believe will revenue accounts management by in In of at to find sales a momentum upgrades digital redesigns mutually use at whom to partners in was continued be our and adjusted optimization such wholesale become partners E-commerce, markdowns gross very XXXX. excess able softened higher our inventory, XX% we

of be throughout to the rest gross pressure expect margin more as modestly year. to experience promotional the to we We continue expect on

We we million most year. all our match XXX(k) compared strides in last first by and in quarter difficult employees, have programs. $XX across that retail Employment eliminate throughout furloughed expenses of and $XX by reducing spending and the our quarter, with for reduced costs SG&A affected salaries first the categories. were made our the Reducing organization, employees. decisions restaurant bonus positions certain the reduced employees, suspended substantially We made we in significant to million reductions as

meaningful defer inventory, spring/summer extend to taken a with And resort XX% Bahama's our We to expected quarters, SG&A percentage expect the forward locations decreases in reduce Then been Tommy have to as opened repurposing of actions second to line we SG&A in in collection, year-over-year the our are million orders. for of critical the vendors health percentage brands, we've ensuring of terms. the year-over-year to out in have component By with and with taken expect be December. decrease and and quarter. payment be working Bahama the we Managing we full orders moved lower reduction it some Tommy is the narrow. inventory a inventory of approximately all largest fourth $XX to third about

at the We are decline. with end despite increased pleased inventory and sales efforts only our significant quarter X%

difficult in the our top first significant remainder a year. Timing line uncertain color this created in quarter the we sales. it's on add we pandemic the environment, I of headwinds and decrease to While some want similar expect to the to view second currently to results of significant project year-over-year incredibly how quarter, COVID-XX

in larger decrease expect first the loss a smaller resulting in quarter. SG&A, in in we quarter, than However, second the percentage year-over-year

in and projecting Right our The third direct-to-consumer are be the be still even year. year. last to quarter channel, quarter some expect now, with will but always difficult we difficult modestly below sales fourth a profitable quarter it due more this is recovery to we be seasonality, to

preserving we the we is ample COVID-XX have liquidity taken liquidity mentioned, the recent Tom balance requirements, of pandemic uncertain As the reflecting a impact. essential our during well sheet as to high-level actions meet entering these our have to strength times, cash as mitigate the ongoing

and $XXX and cash During unused million to measure availability equivalents. million oyster $XXX we cash credit drew of facility. of cash, our borrowings the million million additional we and March first had XXXX, million $XXX as revolving proactive quarter, $XXX the of end outstanding, of a down an asset-based of $XXX At

Our cash prior flow from period. the of in in the quarter first year $X a $XX million operations used million to compared use

we cash throughout we decreased the XXXX. to fiscal burn second expect and remainder rate As quarter, levels it has of continue entered lower the at our

each each group Pulitzer. XXXX quarter groups resulting prior fiscal first operating in The results including of periods, from operating net losses in lower decreased significantly of sales other in than Lilly operating our

result, this policies. first in a goodwill asset As indefinite and our intangible assessments accounting accordance with triggered lot quarter impairment

also at per to on XX% your everyone, challenging included the per for assessments Devin, from July of are the $XX charge. payable the Board The Board these fair time has has appropriate $X.XX reduced share. year. its Southern now resulting May goodwill Directors by reduce is did indefinite-lived your Our quarter, the dividend compensation not support. appreciate Thanks, Please assets cash to in share. of it carrying fiscal and at quarterly for Tide per exceed Board determined their Last respective $X.XX dividend keep ready the questions. of remainder values as stay elected today. impairment times. We a values during for to X, XX intangible safe million noncash The that the share $X.XX of XXXX, our we

Operator

[Operator Instructions].

Our with first Rick from the Patel comes question & line of Needham Company.

Rakesh Patel

wholesale on store-level still to reaching stores I'd of XXXX. think have same expect assuming we by provide versus Can touched quarters? additional next during sales love e-com you any may you you as higher, on productivity the few about last as You level year get some be to channel? the color not but I'm color sales

Thomas Chubb

Yes.

to So the e-com, It strong respect been I with in in it's think was quarter. -- strong. first

stores, environment. frankly emotional stronger for we On well But year. the is don't Second is what with our our still far, strong is I worse going quarter than restricted actually a really, gas connection all. turn so as the ever. see a acting it. in throughout really that you're remain I seeing at we we're brands that and really expect reopen very taking

You've going got couple a of considerations kind of on.

make that our and all sure our First we're the customers. protect and to should we safety we health want to of that doing employees foremost, be and the things

we're are in year, XX% from that restrictions they couple that as guidelines we've you're you're the first Secondly, the as of back in getting comply are did it bringing been with. Texas complying you the some day, like is what seeing back, third, and back level stores in consumer places, year. sort and slower. And some you've receptive And what and build previous XX% places of general you governmental doing And you're and or start to we're up days up we're on more really the to maybe there. And then got and and And what did tracks, sort tends even have of cases, sentiment and about then of trying actually comping much just news not in on we out with but what our -- seeing seeing that, places, Arizona last and places that reopening other experience many to Florida we're, days. it's approaching about. every days, specific

moment, face On than lot at the tough same challenges of where and on inventory that, to the they really are lot that. a wholesale, need a of got in them through top they more they've lot need inventory work a of positions the they

they be be to to year really. for don't did in suppressed I close the at the there just level demand or expect goods we So same last of think balance taking the year. they'll what

continue probably you... most the good. channels, sequentially challenged e-com, think, think, build through year. the really So be I direct Scott, the year. to of will And own be wholesale, -- I anything Retail, through our will

Rakesh Patel

heard planning you from to even that Tom, expect perspective? a other severe? they're the approaching last Are or given on be order their on inventory just point wholesale. not planning touching books fault that issue do same way it the We've from the some you're you brands XX% Or that on. it more, down

Thomas Chubb

we And won't order not wholesale idea forward-order-wise, not for we're it goods seen our to are less with forward on we're back planning has been a ready with certainly to they're where We way force them. not wholesale. approached and -- the basis buying all people try XX% on be channels up. slow very up -- it down be the to that have But will our start we own a back something

-- So it will think time and I to correct the itself. inventory some take for

Rakesh Patel

about ask to going was I margin. it. Got gross the

it's a yes, It's other but X,XXX companies XXX points. of north basis points. as from where as like seen So it's down of basis we've severe it's not what lot -- down, down nearly

kind curious, of and deterioration? see terms it XQ gross just And forward? should to bad is your thoughts getting that it to in margin So is severe assume ability margin gross safe most limit on decline we less the of going the the

Scott Grassmyer

As we clearing. are get probably into there season clearance periods, more goods

And goods our to bit have season. to that the bus, taken actions That summer, so them. bit it did a now, think -- pleased current with bit delay groups inventory have has being them the a we little a really canceling over I on only get quarter, XX% less will We're to groups So be out reduction. fourth got by it We're resort up, more when pressure. Hopefully, able of were in scheduled I and reduce remerchandise X% push maybe think the quarters we into and of some pressure. for there pressure sales go right those some early, taken. little off. could inventory with able we're deferring little with But

Operator

Our line Yruma of the comes from Edward KeyBanc. next question with

Edward Yruma

catch the around then permanently are any you in as opportunity changes that of rent? of store of you the you're question, I that a on later the thoughts first in close footprint, taking the current size guess And and the quarters? some to in stores the Or full quarter? may given expensed footprint? I mentioned the of negotiations up know kind Have housekeeping you first of you amount for do rent some occur,

Thomas Chubb

Yes.

answer first quarter. it's and account thank the are very for rent -- one Ed, today, first the during answer, fully I'll being the much the that that's expensing we the straightforward you the and because on So most got call -- or last first

through So rent unless us landlord, giving ran we the kind income the a statement. with deal of expense break, the had we signed some full

later coming surprise no there's So on on, rent.

Secondly, think like what future. looks got in the a thinking store store we're I I conclusions And on lot the we've know about all the the footprint, don't that less.

way size strength we've didn't end I I are of one that think service over We they're that in stores. in staff think advance. in stores were to committed expertise a we their And people to and for the see looking going then in going to going was lot that store the But the about done into of we changing overstored. of to time, the hard stores going the that a there, we want less shutdown of more it terms But to probably, when I that our to may be going they drawn not that. They're up don't them. count, buying. layout things is They're the stores. physically of be those And that marginal. research in have any were know conclusions this get have great

as put but stores pressure of close won't on but close reopen, expect don't lot won't this, a I lot of say down term. think has to short we'll in a small situation So a I don't of can't that that while stores there a the I result definitely handful, be things, this down

Edward Yruma

if I follow-up, other may. one Just

this but fantastic, I You see entertain know talk of would a guys to been about potential get bought Are more opportunistic probably reasonable it's something there this a pressured at during time time. very macro, you starting very at historically point? target you Is you tough valuation? buyer, Lilly have to disciplined

Thomas Chubb

probably opportunity was right bit the We Lilly of of did XXXX What now just at buy will be might crisis. of and going into that opportunities, an best were things eyes I open are again. the there rebound, further underway crisis where end and there and situations we're And for them. little hopefully, had them. think we the be to on that recovery is months our over not financial when start like more have the good right. in was strain to and it that's But a sort seeing think we're of distressed as could after the definitely think we the be -- some kind I businesses looking shape coming the

Operator

Anderson B. Riley comes next line of Our from FBR. Susan the with question

Susan Anderson

performing maybe improving, across can I think guess, the is I slower? maybe in Hawaii about, base? XX% I I opening about just some that opening maybe or you comment regions an you're the average differences just seeing? the is maybe the you that that how talk down regions you the And that and to were little stores And the on California then start one, differences seeing and out, versus guess, better average are said if up was guess, talk a you're then doing? it that that bit are could

Thomas Chubb

from really driving of it are Yes. Sure. away doing to Beach. for kind people that ones all something with The in get stores in the do are best has place to, that that a locations and that the question. to are are that Thanks are sunny

in example, are Carolina little and We've that quite Beach, all from well. right a got stores we've a Destin, of in around away to little very are we Kiawah, that's the Kiawah now, on those area the that a about Head of Resort stores and get South things to doing a one So locations on Myrtle have Sandestin got places down variety vacation. couple We've and are very from very, outlet think break for doing Hilton and couple in that country Florida a got well. to people driving doing well

those malls, types is is well, it's slower are more ones is Hawaii to that the the frankly, too. are completely a the doing stores interior in still Then stores know, harder respect locations enclosed doing of places back. the those doing well. well. a later, are Naples of that And those the Palm where little of of open Beach are our types country, in that down. Hawaii, So with were as little shut coming sort tending Those that are are to the bit you are

you If you for there go were fly to today, to quarantine days. XX the in would have

So We're it's there's fundamentally it reopens. to in very at We're of looking a Hawaii, going tourist little for The when point. this forward no levels low it this business at doing be think level hard business. business to but back the our bit COVID We tourist normal us point. without to is to will. case get

before reasonably that business that, leave. that hoping stock Hawaii little good bit of a West then a is people who Coast are they has California And on on up we're are of and Hawaii bit because an So effect headed echo they vacation California will our come soon. based

a the even to those drive we to from California a have the other that over during that in up California summer, really to have there will Palm locations as there should us they're just benefit well. in people on to are On during weekend, begin lot I do markets. break very and Springs, of want hand, Palm out think the open things hot some Southern -- though I Desert still think going

drivable outdoor and sunny, pluses all definitely big location, right So warm, by now. are bag a mixed

Susan Anderson

you in of not about I helpful. first business quarter? brands maybe can Great. but if the That's talk in I in missed the Did And that you see it, I'm you general, very then And by online also? the think all said, across sure brand accelerate then second quarter. online

Thomas Chubb

second the XX% to of board, the up pleased lot it's later we've think quarter, I was up into till lot. up a out in the we year it has say with that good going the it good got quarantine, for it So quarter-to-date, would calendar had be even we've was a good. be picked really that and but leading Lilly, is Lilly's the what the for across can start were really say I that pack, the would Tommy, the a board. been so it and shift in it a latest, Lilly can think I And Than then Day I this We parts earlier earliest, would looks been big which quarter. seen Father's on Again, across in the last you've of choppier. versus far. we terms as but strongest, that point year. And I got now, the

for there in quite that to which next We're good. you're and actually have there to So date, Day of a pleased tracking Father's with e-com. will be how up in to not sets We really quarter we're it us. good a months there, event good because should lead that's a pretty anticipate for going big we're yet such coming Bahama couple big Day comp Father's and weeks Tommy with

Susan Anderson

I guess last And one Great. question.

there you're to you in had order maybe that planning I product half. because going -- demand then little I'm I launching guess, stronger back that if first were in a And is said the offsets ability I you XX some what -- is all than think that, half guess, any think chase? you to half that back or I that save bit? down assuming that originally at

Thomas Chubb

I Well, things, couple doing you're doing inventory. think with the of a -- we're what Susan,

is You're to business for significantly planning that, smaller. going year be the for a

that of use So need you That's that's to too kind trying this quarantine still in just have you to for. is you adjust some the inventory. you're need And inventory thing point. second at all been one less

So you you forward orders, cancel reduce forward orders.

couple again, delay we've pipeline, You smaller trying for already -- in it But and there buy you there less for and But forward. you're And remerchandise to you take do. planned effectively the that year. in things to a quarters. of later what's it the are then business a

I'm a in of on to quarter. we've high-class things not still take inventory first the the off everything And with short up front, if there's be chase even done quarter, to we would the of some problem ability product. in the short third being it think in worried about -- I ended inventory really if really start

Operator

CLK line Our next the of with comes question Steve Marotta from Associates.

Steven Marotta

if opening? if performance versus have average in variance mention store you any Marlin Could the And reopened? material the of bars those there's locations any

Thomas Chubb

We've we're is we of question that Yes. -- that Marlin perfect glad and We I'm doing couple a you Marlin actually got the really Bar bars for the they're open situation because asked think well. reason, humid a spread comfortable lot that more health hot People a good that lot will climate. especially outdoors, tell the are for in. in is experts lower risk a you outside, of all

didn't And places for that the their a bars. our business really we ever fundamentally it's So heard items this is is of the we really menu out. thing, Marlin a last before. that right I byproduct great sets about and to second of takeout much, very, had take now, think more much before. We and XX% total really the then that quarantine than very running well robust in are suited And up well build in Marlin we of those XX% to business work in bars the sort

takeout. think -- new people crisis kind how I that business models talk live in forever. and about go creates backwards been innovation we'll on that's So don't of results on

be nice very a team there, of short keep a on has our of legacy time, and way. proud going situation. think very doing they've we to been focused takeout. I I think -- Bahama a that's little accomplished this in we'll amount doing that in of And Tommy Very what

Steven Marotta

any Tom, a have efforts is truly of to you the quarter talk since that little your also, quarter become is you may opening about closed? in first there those biomarkers that That's very you in remarks, accelerated omni-channel. reached Can some And helpful. mentioned or the bit

Thomas Chubb

Yes.

we've first are reopened, reopening, the So -- the we of in-store done that a cases. things not but couple I as buy pickup in had step is of everywhere, sort in think online lot we've done of a

So that's been a step in that direction.

also think we'll public. appointment-only, of yet, have people live is scenario We open in not digitally, and cases, and that some really where shipping to were store by beyond doing something then associates as that's a communicating been their stores appointment. from open really store, coming We've That the weren't in we a we've the appointment where on done, I fully lot even the maybe this. also the and booking for with done they're are

So there part and then have that of overall it made presence more store more that that, that I of e-commerce are and is different supporting a the effort. becoming and digital like things such is lot the important think even

Operator

Dana Our comes from of line question the final Group. Advisory Telsey, Telsey

Dana Telsey

think margin? see packing inventory you holding you lining next how you As you the it about impact much levels, do inventory we take year? up forward? reserves? and And any move And gross as Where any for did are did

Scott Grassmyer

additional in of first reserves million We took about the quarter. inventory markdown $X

QX. sales did it than probably margin Hopefully, on land, higher with So a whole year-over-year on not year some. Depending the we inventories. our lot the weigh where end higher

However, kind much by really standpoint, spring/summer things from We standpoint, with having not billed cash to vendors way lot those us not goods the from did of inventory brand too shipped than inventory a or a and not of so be inventory, better the but vendors of in, lot work could in we've accelerates to on payments, Asia different. us, delaying happened. both marketplace baked the those deferring of protection a only would that a held and

So the overall, groups this we're pleased now, way and on got our where really immediately. happy we're just we are

because really soon more we as do was acted, arising, was inventory, had. priority priority what was quicker opportunity the we this two situation the we it Safety priority. one, As can was

Dana Telsey

at Where And how Scott, look where talked And does coming you you coming that? more SG&A in reduction this? is fit marketing about that from? do

Scott Grassmyer

during the capping QX. Yes. A lot of actions

So happened QX. Maybe than digital. some more right dollars. little in QX of a some We'll are we during are we'll sometime we benefit that reshuffling a a catalogs get but the probably spending less spend And marketing now. lot little less, of in full marketing, actions

some is before it's of We've left there the So the spent. budget, shifting. a majority but thoughtful very are being in marketing

we might it's So If those might an them. spend have less if but we opportunity. rechannel not planned. it's we working, And it's spend than working, dollars,

Dana Telsey

you about the do how And for year? think CapEx

Scott Grassmyer

CapEx originally deferred bars. we million were year. believe This I $XX-ish maybe still going things, some a and million, We've high but planning was or more. $XX pretty little around to be be we have a should We Marlin

work. had We going Fashion under in still San have in forward. Diego. as Jacksonville the We're well one Valley We

down up, That finished So Marlin construction. in one's Hawaii. Lahaina we've about Bar got under

Systems that forward some So worth wise, project with. those just with. revenue going things forward year, we it's deferring were can things get next some to a good but ones we had for to really we there's move there's that are believe we boost

near-term, can So we're we're help time, not with. we've being and deferred smart we what the really same and -- we've be to in about tightened up the forward on drive revenue gone but things we could, trying that at

Dana Telsey

the permanent and sales how is the think the as could the my what When the quarter, run you complexion the in quarter is, for you SG&A up reduction business to coming it? and second changes be as great last first out of the this? make of then second of helped And question decline

Scott Grassmyer

take early. that's in a correct. shipped most lot first When I'll -- of first wholesale we the quarter, on SG&A, remember, the that quarter you in

wholesale. don't really wholesales of lot we Now a whole second in expect -- life quarter

decline, first very it obviously And could project. And So significant difficult SG&A said, you sales. a be that. as the in -- see I as but helping mean, we sales to quarter. -- the decrease as we big offset it's do

Thomas Chubb

Yes.

E-com to In business change, continue permanently part that. stores -- probably will going important terms that be to the wholesale of going its very Dana, own important the and of will way world a our sort to continue really is -- think it's important to to that center the it's us. is of of rise our a decline be and very will stores I

works anywhere progress and inventory, from single truly fulfill great towards the happening. the view making the inventory to ability of have already. omni-channel are in accelerated demand from Most of we being view with those already customer a with on great that think shutdown quarantine, trends sort that I anywhere, It's of really we're was were just making things. that of the just progress single

Operator

call to Chubb reached any the our have like turn for of to would session and remarks. over end Mr. closing Tom back I the question-and-answer We

Thomas Chubb

we'll you months. and of you Thank safe appreciate in forward of and a to talking Devin. couple your to the being on enjoyable all for much very We Okay, summer, call to much you wish today. look a you again interest. very We

Operator

today's teleconference. concludes This

have this participation, day. lines disconnect You and Thank now a may wonderful time. your your for you at

Oxford Industries (OXM) 10 Jun 202020 Q1 Earnings call transcript