Oxford Industries cuts FY24 adjusted EPS view to $7.00-$7.35 from $8.60-$9.00

Consensus $8.66. Cuts FY24 revenue view to $1.51B-$1.54B from $1.59B-$1.63B, consensus $1.61B. The company said, “However, given the continued choppiness in the market and uncertain macroeconomic conditions, we have lowered our fiscal 2024 sales and EPS guidance to reflect current industry trends. Amidst this difficult environment, we are actively seeking opportunities to reduce SG&A spend without impairing our long-term growth prospects as our playbook to achieving forecasted results will be, as always, protecting the strength and integrity of our brands and avoiding short-sighted reactions to current market conditions. From a cash flow perspective, we expect strong 2024 cash flow from operations, as evidenced by the repayment of our outstanding debt balance at the end of the second quarter. Simultaneously, we continue to invest in supporting the future of our business to deliver profitable growth on a sustained basis.”