oxm-20250503

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the quarterly period ended May 3, 2025

or

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from____to____

Commission File Number: 1-4365

OXFORD INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)


Georgia						58-0831862
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

999 Peachtree Street, N.E., Suite 688, Atlanta, Georgia 30309

(Address of principal executive offices) (Zip Code)

(404) 659-2424

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1 par value	OXM	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer o

Non-accelerated filer o

Smaller reporting company o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of June 9, 2025, there were 14,935,408 shares of the registrant’s common stock outstanding.

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OXFORD INDUSTRIES, INC.

INDEX TO FORM 10-Q

For the First Quarter of Fiscal 2025


			Page

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)			6
Condensed Consolidated Statements of Operations (Unaudited)			7
Condensed Consolidated Statements of Comprehensive Income (Unaudited)			8
Condensed Consolidated Statements of Cash Flows (Unaudited)			9
Condensed Consolidated Statements of Changes in Equity (Unaudited)			10
Notes to Condensed Consolidated Financial Statements (Unaudited)			11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			18
Item 3. Quantitative and Qualitative Disclosures About Market Risk			33
Item 4. Controls and Procedures			34

PART II. OTHER INFORMATION

Item 1. Legal Proceedings			34
Item 1A. Risk Factors			34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			35
Item 5. Other Information			36
Item 6. Exhibits			36

SIGNATURES			37

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CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Our SEC filings and public announcements may include forward-looking statements about future events. 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:

•changes in the trade policies of the United States and those of other nations, including risks of potential future changes or worsening trade tensions between the United States and other countries and the impact of uncertainties surrounding U.S. trade policy on consumer sentiment;

•demand for our products, which may be impacted by macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by inflationary pressures, tariffs, volatile and/or elevated interest rates, concerns about a potential global recession, the stability of the banking industry or general economic uncertainty, and the effectiveness of measures to mitigate the impact of these factors;

•risks relating to our product sourcing decentralization efforts, including our ability to identify alternative countries to source and produce our products and to successfully implement changes in our supply chain;

•possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures;

•competitive conditions and/or evolving consumer shopping patterns, particularly in a highly promotional retail environment;

•acquisition activities (such as the acquisition of Johnny Was);

•global supply chain constraints that have, and could continue, to affect freight, transit, and other costs;

•costs and availability of labor and freight deliveries, including our ability to appropriately staff our retail stores and food & beverage locations;

•costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers;

•energy costs;

•our ability to respond to rapidly changing consumer expectations;

•unseasonal or extreme weather conditions or natural disasters, such as the 2024 hurricanes impacting the Southeastern United States;

•lack of or insufficient insurance coverage;

•the ability of business partners, including suppliers, vendors, wholesale customers, licensees, logistics providers and landlords, to meet their obligations to us and/or continue our business relationship to the same degree as they have historically;

•hiring of, retention of and disciplined execution by key management and other critical personnel;

•cybersecurity breaches and ransomware attacks, as well as our and our third party vendors’ ability to properly collect, use, manage and secure business, consumer and employee data and maintain continuity of our information technology systems;

•the effectiveness of our advertising initiatives in defining, launching and communicating brand-relevant customer experiences;

•the level of our indebtedness, including the risks associated with heightened interest rates on the debt and the potential impact on our ability to operate and expand our business;

•the timing of shipments requested by our wholesale customers;

•fluctuations and volatility in global financial and/or real estate markets;

•our ability to identify and secure suitable locations for new retail store and food & beverage openings;

•the timing and cost of retail store and food & beverage location openings and remodels, technology implementations and other capital expenditures;

•the timing, cost and successful implementation of changes to our distribution network;

•the effectiveness of recent, focused efforts to reassess and realign our operating costs in light of revenue trends, including potential disruptions to our operations as a result of these efforts;

•pandemics or other public health crises;

•expected outcomes of pending or potential litigation and regulatory actions;

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•consumer, employee and regulatory focus on sustainability issues and practices, including failures by our suppliers to adhere to our vendor code of conduct;

•the regulation or prohibition of goods sourced, or containing raw materials or components, from certain regions and our ability to evidence compliance;

•access to capital and/or credit markets;

•factors that could affect our consolidated effective tax rate, including the impact of potential changes in U.S. tax laws and regulations;

•the risk of impairment to goodwill and other intangible assets such as the recent impairment charges incurred in our Johnny Was segment; and

•geopolitical risks, including ongoing challenges between the United States and China and those related to the ongoing war in Ukraine, the Israel-Hamas war and the conflict in the Red Sea region.

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, 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.

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DEFINITIONS

As used in this report, unless the context requires otherwise, "our," "us" or "we" means Oxford Industries, Inc. and its consolidated subsidiaries; "SG&A" means selling, general and administrative expenses; "SEC" means the United States Securities and Exchange Commission; "FASB" means the Financial Accounting Standards Board; "ASC" means the FASB Accounting Standards Codification; "GAAP" means generally accepted accounting principles in the United States; "TBBC" means The Beaufort Bonnet Company; and “Fiscal 2024 Form 10-K” means our Annual Report on Form 10-K for Fiscal 2024. Additionally, the terms listed below reflect the respective period noted:


Fiscal 2026			52 weeks ending January 30, 2027
Fiscal 2025			52 weeks ending January 31, 2026
Fiscal 2024			52 weeks ended February 1, 2025
Fiscal 2023			53 weeks ended February 3, 2024
Fourth Quarter Fiscal 2025			13 weeks ending January 31, 2026
Third Quarter Fiscal 2025			13 weeks ending November 1, 2025
Second Quarter Fiscal 2025			13 weeks ending August 2, 2025
First Quarter Fiscal 2025			13 weeks ended May 3, 2025
Fourth Quarter Fiscal 2024			13 weeks ended February 1, 2025
Third Quarter Fiscal 2024			13 weeks ended November 2, 2024
Second Quarter Fiscal 2024			13 weeks ended August 3, 2024
First Quarter Fiscal 2024			13 weeks ended May 4, 2024

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par amounts)

(unaudited)


	May 3, 2025		February 1, 2025		May 4, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	8,175	$	9,470	$	7,657
Receivables, net	105,501		72,433		87,918
Inventories, net	162,334		167,287		144,373
Income tax receivable	271		5,323		19,437
Prepaid expenses and other current assets	41,253		38,269		38,978
Total Current Assets	$	317,534	$	292,782	$	298,363
Property and equipment, net	281,504		272,690		193,702
Intangible assets, net	255,768		257,915		259,147
Goodwill	27,403		27,383		27,185
Operating lease assets	372,452		364,436		319,308
Other assets, net	63,195		54,279		41,183
Deferred income taxes	21,850		20,320		18,088
Total Assets	$	1,339,706	$	1,289,805	$	1,156,976
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	86,212	$	104,825	$	73,755
Accrued compensation	21,417		22,309		19,340
Current portion of operating lease liabilities	64,119		58,711		65,366
Accrued expenses and other liabilities	69,007		62,430		67,124
Total Current Liabilities	$	240,755	$	248,275	$	225,585
Long-term debt	117,714		31,105		18,630
Non-current portion of operating lease liabilities	360,935		359,366		296,080
Other non-current liabilities	27,879		28,499		23,806
Shareholders’ Equity
Common stock, $1.00 par value per share	14,875		15,707		15,634
Additional paid-in capital	194,893		190,816		183,126
Retained earnings	385,761		419,713		396,933
Accumulated other comprehensive loss	(3,106)		(3,676)		(2,818)
Total Shareholders’ Equity	$	592,423	$	622,560	$	592,875
Total Liabilities and Shareholders’ Equity	$	1,339,706	$	1,289,805	$	1,156,976

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	First Quarter
	Fiscal 2025		Fiscal 2024
Net sales	$	392,861	$	398,184
Cost of goods sold	140,575		139,823
Gross profit	$	252,286	$	258,361
SG&A	222,708		213,103
Royalties and other operating income	6,628		7,193
Operating income	$	36,206	$	52,451
Interest expense, net	1,726		874
Earnings before income taxes	$	34,480	$	51,577
Income tax expense	8,299		13,204
Net earnings	$	26,181	$	38,373

Net earnings per share:
Basic	$	1.72	$	2.46
Diluted	$	1.70	$	2.42
Weighted average shares outstanding:
Basic	15,222		15,597
Diluted	15,404		15,844
Dividends declared per share	$	0.69	$	0.67

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	First Quarter
	Fiscal 2025		Fiscal 2024
Net earnings	$	26,181	$	38,373
Other comprehensive income (loss), net of taxes:
Net foreign currency translation adjustment	570		(83)
Comprehensive income	$	26,751	$	38,290

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	First Quarter
	Fiscal 2025		Fiscal 2024
Cash Flows From Operating Activities:
Net earnings	$	26,181	$	38,373
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation	14,529		13,586
Amortization of intangible assets	2,434		2,955
Equity compensation expense	3,605		4,051
Amortization and write-off of deferred financing costs	96		96
Deferred income taxes	(1,440)		6,059
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net	(33,078)		(24,571)
Inventories, net	5,271		15,151
Income tax receivable	5,053		112
Prepaid expenses and other current assets	(2,973)		4,051
Current liabilities	(7,376)		(15,365)
Other balance sheet changes	(16,244)		(11,575)
Cash (used in) provided by operating activities	$	(3,942)	$	32,923
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired	(28)		(240)
Purchases of property and equipment	(23,427)		(11,894)
Cash used in investing activities	$	(23,455)	$	(12,134)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(94,125)		(136,216)
Proceeds from revolving credit arrangements	180,733		125,542
Repurchase of common stock	(50,526)		—
Proceeds from issuance of common stock	482		513
Cash dividends paid	(10,381)		(10,549)
Other financing activities	(224)		—
Cash provided by (used in) financing activities	$	25,959	$	(20,710)
Net change in cash and cash equivalents	$	(1,438)	$	79
Effect of foreign currency translation on cash and cash equivalents	143		(26)
Cash and cash equivalents at the beginning of year	9,470		7,604
Cash and cash equivalents at the end of period	$	8,175	$	7,657

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands, except per share amounts)

(unaudited)


	First Quarter Fiscal 2025
	Common Stock		APIC		Retained Earnings		AOCI		Total
February 1, 2025	$	15,707	$	190,816	$	419,713	$	(3,676)	$	622,560
Net earnings and other comprehensive income	—		—		26,181		570		26,751
Shares issued under equity plans	10		472		—		—		482
Compensation expense for equity awards	—		3,605		—		—		3,605
Repurchase of shares	(842)		—		(49,684)		—		(50,526)
Dividends declared	—		—		(10,449)		—		(10,449)
May 3, 2025	$	14,875	$	194,893	$	385,761	$	(3,106)	$	592,423


	First Quarter Fiscal 2024
	Common Stock		APIC		Retained Earnings		AOCI		Total
February 3, 2024	$	15,629	$	178,567	$	369,453	$	(2,735)	$	560,914
Net earnings and other comprehensive income	—		—		38,373		(83)		38,290
Shares issued under equity plans	5		508		—		—		513
Compensation expense for equity awards	—		4,051		—		—		4,051
Repurchase of shares	—		—		—		—		—
Dividends declared	—		—		(10,893)		—		(10,893)
May 4, 2024	$	15,634	$	183,126	$	396,933	$	(2,818)	$	592,875

See accompanying notes.

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OXFORD INDUSTRIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

FIRST QUARTER OF FISCAL 2025

Note 1. Basis of Presentation:

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe the accompanying unaudited condensed consolidated financial statements reflect all normal, recurring adjustments that are necessary for a fair presentation of our financial position and results of operations as of the dates and for the periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year due to the seasonality of our business.

The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Fiscal 2024 Form 10-K. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2024 Form 10-K.

Recently Issued Accounting Standards Applicable to Future Years

Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The amendments in this update are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the standard retrospectively. We are evaluating how the expanded disclosure requirements of ASU 2023-09 will affect our presentation, and we will include the incremental disclosures upon the effective date.

In November 2024, the FASB issued ASU 2024-03 "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses" that expands the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items. The amendments in this update are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption and retrospective application are permitted. We are evaluating how the enhanced disclosure requirements of ASU 2024-03 will affect our presentation, and we will include the applicable disclosures upon the effective date.

Note 2. Operating Segments:

We identify our operating segments based on the way the chief operating decision maker ("CODM") organizes the components of our business for purposes of allocating resources and assessing performance. Our operating segment structure reflects a brand-focused management approach, emphasizing operational coordination and resource allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable.

The Tommy Bahama, Lilly Pulitzer and Johnny Was operating segments are each identified as a reportable segment. The operations of our smaller, earlier stage operating segments Southern Tide, TBBC, Duck Head and Jack Rogers are aggregated into the Emerging Brands reportable segment.

Corporate and Other is a reconciling category for reporting purposes and includes the elimination of inter-segment sales, which totaled less than $1 million in both the First Quarter of Fiscal 2025 and the First Quarter of Fiscal 2024. Corporate and Other also includes our corporate offices, substantially all financing activities, any other items that are not

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allocated to the operating segments, including LIFO inventory accounting adjustments as our LIFO pool does not correspond to our operating segment definitions, and unallocated Corporate expenses.

The table below present certain financial information (in thousands) about our reportable segments, as well as Corporate and Other.


	First Quarter
	Fiscal 2025		Fiscal 2024
Tommy Bahama
Net sales	$	216,175	$	225,617
Costs of goods sold	76,450		77,309
Gross profit	$	139,725	$	148,308
Operating costs:
Variable and distribution costs	13,300		13,891
Advertising costs	10,147		8,139
Employment costs	47,287		47,490
Occupancy costs	22,778		21,635
Depreciation and amortization	7,577		7,193
Other segment items (1)	7,889		7,321
Tommy Bahama operating income	$	30,747	$	42,639
Lilly Pulitzer
Net sales	$	99,042	$	88,421
Costs of goods sold	34,113		29,142
Gross profit	$	64,929	$	59,279
Operating costs:
Variable and distribution costs	6,048		4,885
Advertising costs	8,525		9,279
Employment costs	13,659		13,839
Occupancy costs	5,443		5,111
Depreciation and amortization	4,915		4,594
Other segment items (1)	8,202		6,027
Lilly Pulitzer operating income	$	18,137	$	15,544
Johnny Was
Net sales	$	43,473	$	51,212
Costs of goods sold	15,355		17,963
Gross profit	$	28,118	$	33,249
Operating costs:
Variable and distribution costs	2,151		3,033
Advertising costs	5,534		6,354
Employment costs	10,261		9,554
Occupancy costs	5,389		5,345
Depreciation and amortization	3,381		4,006
Other segment items (1)	4,812		4,624
Johnny Was operating (loss) income	$	(3,410)	$	333
Emerging Brands
Net sales	$	34,248	$	33,001
Costs of goods sold	13,934		13,473
Gross profit	$	20,314	$	19,528

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Operating costs:
Variable and distribution costs	2,447		2,358
Advertising costs	3,148		2,727
Employment costs	6,577		5,692
Occupancy costs	1,868		1,262
Depreciation and amortization	944		614
Other segment items (1)	3,423		3,077
Emerging Brands operating income	$	1,907	$	3,798
Corporate
Net sales	$	(77)	$	(67)
Cost of goods sold (2)	723		1,936
Gross profit	$	(800)	$	(2,003)
Depreciation and amortization	146		134
Unallocated Corporate costs and income (3)	10,229		7,726
Corporate operating loss	$	(11,175)	$	(9,863)
Consolidated Operating income	$	36,206	$	52,451
Interest expense, net	1,726		874
Earnings before income taxes	$	34,480	$	51,577

(1)For all reporting units, other segment items primarily consists of software costs, professional services costs, other selling, general, and administrative costs and royalties and other income.

(2)Cost of goods sold for Corporate and Other included a LIFO accounting charge of less than $1 million in the First Quarter of Fiscal 2025 and $2 million in the First Quarter of Fiscal 2024.

(3)Unallocated Corporate costs for Corporate and Other primarily consists of unallocated employment and other overhead expenses.

The tables below presents certain financial information (in thousands) about our reportable segments, as well as Corporate and Other.

SEC Form 10-Q filed by Oxford Industries Inc.