You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Our disclosures about comparable sales include sales from our full-price stores and e-commerce sites, and excludes sales associated with outlet stores and e-commerce flash clearance sales.
Just two weeks ago, I would have wanted to spend a good amount of time on our fiscal 2019 results and share with you the details of our exciting plans for 2020.
With the recent events associated with the COVID-19 outbreak that no longer seems as relevant.
First and foremost, our thoughts are with the people who have been affected by the COVID-19 virus as well as everyone who is working to protect and serve impacted communities.
During these unprecedented times, our priority is and will continue to be the health and well-being of our employees, our customers and the communities in which we live and work.
To the extent it provides a framework for our current environment, I'm going to spend just a moment on our fiscal 2019 results and then spend the rest of our time on how we are responding to the current environment.
Our consolidated financial results for fiscal 2019 were fairly consistent with fiscal 2018.
However, looking at our performance in more detail shows that big strides were made in the right place.
Our direct businesses which are 70% of our sales were strong with positive comps in all quarters of the year by brand and on a consolidated basis.
Importantly, our e-commerce business led the charge with 10% year-over-year growth and 11% comp and now represents 23% of sales.
At the same time, our wholesale sales declined in 2019 as many of those retailers continued to face strategic challenges with sales to department stores representing only 11% of our consolidated revenue.
We would love to continue to partner with these retailers, but in some cases their business model is becoming more challenging and our strategy reflects that.
Our adjusted earnings of $4.32 per share, which were flat with fiscal 2018 included the negative impact of increased tariffs as well as an increase and our effective tax rate, importantly as we ended the fiscal year with very strong liquidity, including $53 million of cash and no borrowings under our $325 million asset-based credit facility which leads us to the topic of the day.
In our 78-year history, Oxford has weathered many crises and we are highly confident in our ability to weather the impact that COVID-19 outbreak is having on our business and the retail marketplace.
We are approaching our businesses with three top priorities; our people, our brands and our liquidity.
First, we have been and will continue to make the health and well-being of our employees, guests and communities in which we live and work our priority.
All of our North American stores and restaurants have been temporarily closed since March 17th and our Australian stores closed earlier this week.
All of our distribution centers are operational and we've implemented a comprehensive program of prudent measures in all of our distribution centers to keep our people safe.
Most of our associates in our corporate and brand offices are working remotely.
As we come out of this crisis, it is critical that any actions we take preserve our ability to have the team we need in place for the future.
Second, our lifeblood is the strength of our compelling brands and we will zealously protect them.
We have a tremendous portfolio led by Tommy Bahama, Lilly Pulitzer, Southern Tide as well as our collection of smaller brands like the Beaufort Bonnet Company and Duck Head.
We will not take actions to try to prop up our top line in the short run that could harm our brands over the long term.
Each of our brands engages their customers with exciting websites and memorable digital marketing programs.
Our technological capabilities will serve us well as we stay connected with our customers during this period of self-isolation.
Our third priority is liquidity.
Importantly, we entered fiscal 2020 with the inventory levels in very good shape.
We had a strong start through the middle of March.
However, as concerns about COVID-19 virus began to impact our business, sales have substantially deteriorated.
We are taking steps to mitigate the risk of the inventory increases by working with our suppliers to cancel delay or reduce our forward purchases.
We are also taking advantage of our strength in digital to remerchandise and remarket our seasonal offerings for this channel.
Finally, preserving our liquidity will be paramount over the near term and we are extremely well positioned on this front.
As I mentioned earlier, we entered 2020 with over $50 million in cash and an undrawn $325 million credit facility.
To further bolster our cash concession and maintain our high level of liquidity, we have drawn down $200 million from the facility.
On the expense side, we are pulling levers across most spending categories.
One of the largest is employment costs which were approximately $260 million in fiscal 2019.
As store and restaurant closures persist, we are using furloughs and layoffs as needed and warranted.
Where possible our plans will include preserving employee benefits at least for a period of time.
At all times, our priorities will be protecting the health of our employees and ensuring Oxford remains well-positioned for the future.
Today Tommy Bahama announced a furlough of most of its retail and restaurant team to begin on March 31st.
Through March 30th these employees will have received full pay and benefits.
During the month of April, Tommy Bahama will continue to cover the cost and benefits for furlough employees.
We are also focusing efforts, including partnering with our landlords as appropriate on mitigating our occupancy costs which were over $100 million last year.
Marketing expense, which was over $50 million last year is being addressed in phases.
Our reliance on digital marketing affords us opportunities to quickly modify our messaging and our spend as needed while continuing to stay engaged with our customers and generate traffic for our e-commerce websites.
Meanwhile reductions are being taken in other areas such as catalogs and photo shoots.
Also other variable costs such as credit card transaction fees, royalties on licensed brands, sales commissions, packaging in the supplies were approximately $50 million in fiscal 2019.
All capital expenditures are being reevaluated with many, including new store openings and remodels, as well as certain IT projects being deferred in this uncertain environment and our Board of Directors reduced our quarterly dividend from $0.37 a share to $0.25 per share.
We believe these measures, among others, position us well to successfully navigate through these unprecedented times.
Ultimately, it's the character and the quality of our people that will help us navigate these troubled times.
By focusing on our people, our brands and our liquidity, we are confident in our ability to continue our history of delivering long-term shareholder value.

user
oxford industries - during march 2020 has drawn down $200 million of $325 million asset-based revolving credit facility.
oxford industries - due to uncertainty created by covid-19 pandemic, is not providing financial outlook for fiscal 2020 at this time.
oxford industries - board declared quarterly cash dividend of $0.25 per share, a reduction from previous level of $0.37 per share.

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