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Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports First Quarter Results

globenewswire.com
OXM The company reported mixed results with net sales in line with expectations but lower EPS compared to the previous year, impacted by tariff costs. While Tommy Bahama showed positive comps, Lilly Pulitzer underperformed. The outlook is cautious due to macroeconomic pressures and consumer sentiment, leading to narrowed sales guidance but raised EPS guidance.

ATLANTA, June 10, 2026 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its first quarter of fiscal 2026 ended May 2, 2026.

Consolidated net sales in the first quarter of fiscal 2026 were $391 million compared to $393 million in the first quarter of fiscal 2025. EPS on a GAAP basis was $1.00 compared to $1.70 in the first quarter of fiscal 2025. On an adjusted basis, EPS was $1.39 compared to $1.82 in the first quarter of fiscal 2025. Both GAAP and adjusted EPS in the first quarter of fiscal 2026 included $11 million, or $0.55 per share, of incremental tariff costs compared to the first quarter of fiscal 2025.

Tom Chubb, Chairman and CEO, commented, “We delivered net sales in line with our expectations, led by mid-single-digit positive comps at Tommy Bahama, and adjusted EPS above our guidance range, fueled by better-than-expected gross margins. Our overall performance also reflects softer than expected results at Lilly Pulitzer and a challenging environment marked by weak consumer sentiment and higher energy prices. At the same time, we made important progress during the first quarter on several strategic initiatives in our merchandising and marketing functions that we believe will enhance the operating performance of each of our brands over the long term."

Mr. Chubb concluded, “As we look to the remainder of the year, we expect macroeconomic pressures to continue weighing on consumer sentiment, and we are allowing time for our corrective actions at Lilly Pulitzer to gain traction. In light of these factors and recent comparable sales trends, we are narrowing our full-year sales guidance range by lowering the top end of the range. We are also raising the low end of our EPS guidance range, as we expect the current lower tariff rates to continue for the remainder of the year, together with disciplined expense and inventory management, to offset the impact of the narrowed sales outlook on profitability."

First Quarter of Fiscal 2026 versus Fiscal 2025

Balance Sheet and Liquidity

Inventory as of the end of the first quarter of fiscal 2026 decreased $15 million, or 9%, on a LIFO basis compared to the end of the first quarter of fiscal 2025 primarily as a result of an increase to the LIFO reserve due to inflation in inventory costs. On a FIFO basis, inventory decreased $3 million, or 1%, compared to the end of the first quarter of fiscal 2025. Inventory as of May 2, 2026 included $9 million of additional costs capitalized into inventory related to the incremental U.S. tariffs implemented starting in fiscal 2025 compared to $3 million as of May 3, 2025.

During the first quarter of fiscal 2026, cash provided by operations was $8 million compared to cash used in operations of $4 million in the first quarter of fiscal 2025. The increase in cash flow from operations reflects disciplined working capital management partially offset by lower earnings.

Borrowings outstanding increased to $143 million at the end of the first quarter of fiscal 2026 compared to $118 million of borrowings outstanding at the end of the first quarter of fiscal 2025 and $116 million of borrowings outstanding at the end of fiscal 2025. During the first quarter of fiscal 2026, capital expenditures of $23 million, primarily associated with the new distribution center in Lyons, Georgia, and the opening of new brick and mortar locations, dividend payments of $11 million, and working capital requirements collectively exceeded cash flow from operations. The Company had $9 million of cash and cash equivalents at the end of the first quarter of fiscal 2026 versus $8 million of cash and cash equivalents at the end of the first quarter of fiscal 2025.

Dividend

The Board of Directors declared a quarterly cash dividend of $0.70 per share. The dividend is payable on July 31, 2026 to shareholders of record as of the close of business on July 17, 2026. The Company has paid dividends every quarter since it became publicly owned in 1960.

Outlook

For fiscal 2026, the Company is narrowing its full-year sales outlook by lowering the high end of the previous range and also tightening its adjusted EPS guidance by raising the low end of the previous guidance range. The Company now expects net sales in a range of $1.475 billion to $1.505 billion as compared to net sales of $1.478 billion in fiscal 2025. The Company expects GAAP earnings per share to be between $1.70 and $2.10, compared to fiscal 2025 GAAP net loss per share of $1.86, which included noncash impairment charges primarily associated with Johnny Was totaling $61 million, or $3.02 per share. Adjusted EPS is now expected to be between $2.30 and $2.70, compared to fiscal 2025 adjusted EPS of $2.11.

For the second quarter of fiscal 2026, the Company expects net sales to be between $380 million and $400 million compared to net sales of $403 million in the second quarter of fiscal 2025. GAAP EPS is expected to be between $1.13 and $1.33 in the second quarter of fiscal 2026 compared to $1.12 in the second quarter of fiscal 2025. Adjusted EPS is expected to be in a range of $1.20 to $1.40 compared to $1.26 in the second quarter of fiscal 2025.

The Company anticipates interest expense of $7 million in fiscal 2026, including $2 million in the second quarter of fiscal 2026. The Company’s effective tax rate is expected to be approximately 28% for the full year of fiscal 2026 and approximately 29% for the second quarter primarily reflecting the unfavorable net discrete tax expense related to shortfalls from stock-based compensation vesting during the quarter.

Capital expenditures in fiscal 2026, including the $23 million in the first quarter of fiscal 2026, are expected to be approximately $60 million compared to $108 million in fiscal 2025. The planned year-over-year decrease relates to the completion of the new distribution center in Lyons, Georgia and fewer new store openings expected in fiscal 2026.

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 June 24, 2026 by dialing (412) 317-6671 access code 13760616.

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 (when applicable), adjusted segment EBITDA, adjusted net earnings (loss), adjusted net earnings (loss) per share, adjusted gross profit, adjusted gross margin, adjusted SG&A, and adjusted operating income, 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. Reconciliations of these adjusted measures to the most directly comparable financial measures calculated in accordance with GAAP are presented in tables included at the end of 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 2025 Form 10-K, 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 (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):