Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports Fourth Quarter and Full-Year Fiscal 2025 Results

ATLANTA, March 26, 2026 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its fourth quarter and full fiscal year 2025 ended January 31, 2026 and initiated guidance for the first quarter and full fiscal year 2026.

Consolidated net sales in the fourth quarter of fiscal 2025 were $374 million compared to $391 million in the fourth quarter of fiscal 2024. Diluted loss per share on a GAAP basis was $0.48, which includes $0.24 per share of charges related to an increased LIFO reserve compared to earnings per share (EPS) of $1.13 in the fourth quarter of fiscal 2024. On an adjusted basis, loss per share was $0.09 compared to EPS of $1.37 in the fourth quarter of fiscal 2024. For the fourth quarter of fiscal 2025, loss per share on both a GAAP and adjusted basis includes a $0.19 charge related to the Saks Global bankruptcy.

Consolidated net sales for the full fiscal year 2025 decreased 3% to $1.48 billion compared to $1.52 billion in fiscal 2024. Loss per share was $1.86 compared to EPS of $5.87 in fiscal 2024. Fiscal 2025 results included noncash impairment charges totaling $61 million, or $3.02 per share primarily associated with the Johnny Was trademark. On an adjusted basis, EPS was $2.11 in fiscal 2025 compared to $6.68 in fiscal 2024.

Tom Chubb, Chairman and CEO, commented, “Momentum in our largest business, Tommy Bahama, improved as the quarter progressed, with trends strengthening beginning in late January. This momentum helped us deliver fourth quarter net sales and adjusted earnings per share within our guidance ranges, excluding charges associated with the bankruptcy of Saks Global, against the backdrop of an uneven consumer environment. While traffic and conversion trends were pressured across much of our portfolio during the holiday season, and higher tariffs increased our costs, the strategic actions we took to strengthen our supply chain and diversify our sourcing allowed us to protect our strong gross margins. We also adjusted our merchandise assortments to better match customer expectations, important actions that helped return overall comparable sales to positive territory as fiscal 2025 concluded.”

Mr. Chubb concluded, “Fiscal 2026 is off to a good start, with the improving top-line momentum driven by mid single digit positive comps at Tommy Bahama starting in late January continuing first quarter to-date during the start of our important resort and early spring seasons. We expect this momentum, together with the actions we took in fiscal 2025, to support improved earnings in fiscal 2026. While uncertainty persists across the consumer and macroeconomic environment, including tariffs and the conflicts in the Middle East, we are entering the year with a stronger operational foundation. Our investments in technology and infrastructure, including our recently opened Lyons, Georgia distribution center, support that foundation and are expected to provide meaningful financial and strategic benefits over time. As always, we remain focused on disciplined execution, with an emphasis on improving profitability and strengthening our brands for the long term. We are proud of the teams across our organization that make this all possible.”

Fiscal 2025 versus Fiscal 2024

Balance Sheet and Liquidity

Inventory decreased $2 million, or 1%, on a LIFO basis and increased $6 million, or 2%, on a FIFO basis compared to the end of fiscal 2024 primarily due to slight inventory increases in all operating segments, with the exception of Johnny Was. The increase on a FIFO basis was driven primarily by increased tariffs. As of January 31, 2026, the Company had $11 million of additional costs capitalized into inventory related to the U.S. tariffs implemented in Fiscal 2025.

During fiscal 2025, cash flow from operations was $120 million compared to $194 million in fiscal 2024. The decrease in cash flow from operations reflects the result of lower net earnings and working capital needs.

Borrowings outstanding increased to $116 million at the end of fiscal 2025 as lower earnings, capital expenditures, share repurchases, dividends and working capital needs exceeded cash flows from operations. At the end of fiscal 2025, the Company had $8 million of cash and cash equivalents versus $9 million of cash and cash equivalents at the end of fiscal 2024.

Capital expenditures of $108 million in fiscal 2025 decreased from $134 million in fiscal 2024. The decrease in fiscal 2025 was primarily due to the opening of fewer new retail stores and Tommy Bahama Marlin Bars in fiscal 2025 than in fiscal 2024. We also spent $54 million of capital expenditures related to the new distribution center in Lyons, Georgia in fiscal 2025 compared to $69 million in fiscal 2024. Approximately $20 million of spending originally expected in fiscal 2025 to complete the Lyons, Georgia project is now expected to occur in fiscal 2026.

Dividend

On March 23, 2026, the Board of Directors declared a quarterly cash dividend of $0.70 per share, or a 1% increase above the previous dividend payment. The dividend is payable on May 1, 2026 to shareholders of record as of the close of business on April 17, 2026. The Company has paid dividends every quarter since it became publicly owned in 1960.

Outlook

The Company initiated sales and EPS guidance for fiscal 2026. The Company expects net sales in a range of $1.475 billion to $1.530 billion compared to net sales of $1.478 billion in fiscal 2025. In fiscal 2026, GAAP EPS is expected to be between $1.83 and $2.43 compared to fiscal 2025 GAAP loss per share of $1.86. Adjusted EPS is expected to be between $2.10 and $2.70, compared to fiscal 2025 adjusted EPS of $2.11. The fiscal 2026 guidance also includes:

For the first quarter of fiscal 2026, the Company expects net sales to be between $385 million and $395 million compared to net sales of $393 million in the first quarter of fiscal 2025. GAAP EPS is expected to be in a range of $1.13 to $1.23 in the first quarter compared to GAAP EPS of $1.70 in the first quarter of fiscal 2025. Adjusted EPS is expected to be between $1.20 and $1.30 compared to adjusted EPS of $1.82 in the first quarter of fiscal 2025. The first quarter fiscal 2026 guidance also includes:

Capital expenditures in fiscal 2026 are expected to be approximately $65 million, including approximately $20 million to complete the new Lyons, Georgia facility, compared to $108 million in fiscal 2025. The decrease is due to reductions in expenditures related to the completion of the new distribution center in Lyons, Georgia in the first quarter of fiscal 2026 along with fewer new store openings.

Conference Call

The Company will hold a conference call with senior management to discuss its financial results at 4:30 p.m. ET today. A live web cast of the conference call will be available on the Company’s website at www.oxfordinc.com. A replay of the call will be available through April 9, 2026 by dialing (412) 317-6671 access code 13758689.

About Oxford

Oxford Industries, Inc., a leader in the apparel industry, owns and markets the distinctive Tommy Bahama ®, Lilly Pulitzer ®, Johnny Was®, Southern Tide ®, The Beaufort Bonnet Company ®, Duck Head ® and Jack Rogers ® lifestyle brands. Oxford's stock has traded on the New York Stock Exchange since 1964 under the symbol OXM. For more information, please visit Oxford's website at www.oxfordinc.com.

Basis of Presentation

All per share information is presented on a diluted basis.

Non-GAAP Financial Information

The Company reports its consolidated financial statements in accordance with generally accepted accounting principles (GAAP). To supplement these consolidated financial results, management believes that a presentation and discussion of certain financial measures on an adjusted basis, which exclude certain non-operating or discrete gains, charges or other items, may provide a more meaningful basis on which investors may compare the Company’s ongoing results of operations between periods. These measures include EBITDA, adjusted EBITDA, adjusted segment EBITDA, adjusted net earnings (loss), adjusted net earnings (loss) per diluted share, adjusted gross profit, adjusted gross margin, adjusted SG&A and adjusted operating income (loss), among others.

Management uses these non-GAAP financial measures in making financial, operational, and planning decisions to evaluate the Company’s ongoing performance. Management also uses these adjusted financial measures to discuss its business with investment and other financial institutions, its board of directors and others. As noted, below in the fourth quarter of fiscal 2025, we changed our segment profitability metric to segment EBITDA. As a supplement to this metric, we also present adjusted segment EBITDA, which excludes certain non-operating, non-cash or extraordinary items such as LIFO adjustments, the amortization of Johnny Was intangible assets, Johnny Was organizational realignment initiatives, Johnny Was Distribution Center movement costs, Johnny Was impairment charges, Emerging Brands impairment charges and the impact of income taxes. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables in this release.

Safe Harbor

This press release includes statements that constitute forward-looking statements within the meaning of the federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation:

Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our fiscal 2024 Form 10-K, as updated by Part II, Item 1A. Risk Factors in our Quarterly Report on Form 10-Q for the first quarter of fiscal 2025, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

The following table presents a reconciliation from segment EBITDA to net earnings (loss) (in millions):

The table below summarizes adjustments made to the as reported figures shown above (in millions):

The table below clarifies where the items that have been adjusted above to improve comparability of the financial information from period to period are presented in the consolidated statements of operations (in millions):

(1) LIFO adjustments represents the impact of LIFO accounting adjustments. These adjustments are included in cost of goods sold in Corporate and Other.

(2) Amortization of Johnny Was intangible assets represents the amortization related to intangible assets acquired as part of the Johnny Was acquisition. These charges are included in depreciation and amortization in Johnny Was.

(3) Johnny Was organizational realignment initiatives include severance costs, consulting fees and store closure related costs. These charges are included in SG&A and depreciation and amortization in Johnny Was.

(4) Johnny Was distribution center relocation costs relate to the transition of Johnny Was distribution center operations from Los Angeles, California to Lyons, Georgia including systems integrations, employee bonuses and severance agreements, moving costs and occupancy expenses related to the vacated distribution centers. These charges are included in SG&A and depreciation and amortization in Johnny Was.

(5) Johnny Was impairment charges represent the impairment of the Johnny Was intangible asset balances. These charges were included in impairment of goodwill and intangible assets in Johnny Was.

(6) Emerging Brands impairment charges represent the impairment of the Jack Rogers goodwill and intangible asset balances. These charges were included in impairment of goodwill and intangible assets in Emerging Brands.

(7) Impact of income taxes represents the estimated tax impact of the above adjustments based on the estimated applicable tax rate on current year earnings.

(8) Amounts in columns may not add due to rounding.

(9) Guidance as issued on December 10, 2025.

(10) Adjustments shown net of income taxes.

(11) No estimate for LIFO accounting adjustments is reflected in the guidance for any future periods.

(12) Guidance as issued on March 26, 2026.

We changed our segment profit margin measure in the fourth quarter of fiscal 2025 to segment earnings before interest, taxes, depreciation and amortization ("segment EBITDA"). Segment EBITDA also excludes infrequent operating charges, including impairments of goodwill, intangible assets and equity method investments.

Further, effective as of the beginning of the fourth quarter of fiscal 2025, we revised the presentation of depreciation and amortization expense within the consolidated statements of operations to present it separately from SG&A, where it had previously been included. The consolidated statements of operations for prior periods have been reclassified to conform to the current year presentation. This change in presentation had no effect on previously reported operating income (loss), earnings (loss) before income taxes, net earnings (loss), or basic and diluted earnings (loss) per share for any period presented.

The tables below present depreciation and amortization and segment EBITDA by quarter for Fiscal 2025 and Fiscal 2024 (in millions):