Oxford Industries net sales in the first quarter decreased 5 percent to 398 million dollars.

The company’s EPS on a GAAP basis decreased to 2.42 dollars, while on an adjusted basis, EPS decreased to 2.66 dollars.

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 a full-price direct-to-consumer (DTC) sales decrease of 3 percent to 257 million dollars, full-price retail sales of 137 million dollars were 2 percent lower than the prior-year period, e-commerce sales decreased 5 percent to 120 million dollars, outlet sales were 18 million dollars, a 6 percent increase, driven by a $1 million increase in Tommy Bahama and wholesale sales of 88 million dollars declined 16 percent.

“Given the continued choppiness in the market and lack of sustained positive momentum, coupled with the drop in consumer sentiment, we believe it is prudent to adopt a more conservative outlook for the balance of the year and therefore are lowering our fiscal 2024 sales and EPS guidance,” added Chubb.

For fiscal 2024, Oxford Industries now expects net sales in a range of 1.59 billion dollars to 1.63 billion dollars, GAAP EPS to be between 7.99 dollars and 8.39 dollars and adjusted EPS to be between 8.60 dollars and 9 dollars.

For the second quarter, the company expects net sales to be between 430 million dollars and 450 million dollars, GAAP EPS to be in a range of 2.82 dollars to 3.02 dollars and adjusted EPS to be between 2.95 dollars and 3.15 dollars.

The company’s board of directors declared a quarterly cash dividend of 67 cents per share payable on August 2, 2024 to shareholders of record as of the close of business on July 19, 2024.