Oxford: Owner of Tommy Bahama, Lilly Pulitzer and Johnny Was Reports First Quarter Results
- Lilly Pulitzer achieved strong 12% sales growth, showing brand resonance with core consumers
- Maintained strong gross margin above 64%
- Wholesale sales increased 4% to $92 million
- Company continues quarterly dividend payments, declaring $0.69 per share
- Planning expansion with approximately 15 new full-price stores by end of fiscal 2025
- Overall net sales decreased 1.3% to $393M from $398M year-over-year
- GAAP EPS declined 29.8% to $1.70 from $2.42
- Tommy Bahama sales declined 4.2% and Johnny Was sales fell 15.1%
- E-commerce sales decreased 5% compared to prior year
- Significant impact from tariffs with $40M in additional costs expected for fiscal 2025
- Borrowings increased substantially to $118M from $19M in Q1 2024
Insights
Oxford reports mixed Q1 results with reduced guidance amid significant tariff headwinds impacting margins and future performance.
Oxford Industries delivered Q1 results within guidance but showed notable pressure points across its brand portfolio. Consolidated net sales of
The company maintained relatively strong gross margins at
Oxford's balance sheet shows deterioration with inventory increasing
The most substantial red flag is Oxford's drastically reduced full-year guidance. The company now expects fiscal 2025 adjusted EPS of
Despite these challenges, management maintains its
ATLANTA, June 11, 2025 (GLOBE NEWSWIRE) -- Oxford Industries, Inc. (NYSE:OXM) today announced financial results for its first quarter of fiscal 2025 ended May 3, 2025.
Consolidated net sales in the first quarter of fiscal 2025 were
Tom Chubb, Chairman and CEO, commented, “We were able to deliver sales and adjusted EPS within our guidance ranges for the first quarter despite uncertain tariff and trade dynamics that are significantly impacting our industry and operating landscape. Despite the increasing headwinds, we were led by a low double digit increase at Lilly Pulitzer as the brand’s current assortment is resonating strongly with its core consumer, and overall sales were only modestly lower than last year. At the same time, we were able to maintain strong gross margins above
Mr. Chubb concluded, “I am proud of the way the teams across our Company have responded swiftly to rapidly changing trade and tariff developments. Our teams have made meaningful progress in diversifying and shifting our supply chain to reduce our exposure to future tariff developments. We believe that our portfolio of differentiated lifestyle brands and strong balance sheet will enable us to navigate this uncertain period, manage the business to drive long-term shareholder value and provide an opportunity to gain market share in the current environment. We will continue to focus on what we can control, including executing our strategy and servicing our customers.”
First Quarter of Fiscal 2025 versus Fiscal 2024
| Net Sales by Operating Group | First Quarter | |||||||
| ($ in millions) | 2025 | 2024 | % Change | |||||
| Tommy Bahama | $ | 216.2 | $ | 225.6 | (4.2 | %) | ||
| Lilly Pulitzer | 99.0 | 88.4 | 12.0 | % | ||||
| Johnny Was | 43.5 | 51.2 | (15.1 | %) | ||||
| Emerging Brands | 34.2 | 33.0 | 3.8 | % | ||||
| Other | (0.1 | ) | (0.1 | ) | NM | |||
| Total Company | $ | 392.9 | $ | 398.2 | (1.3 | %) | ||
- Consolidated net sales of
$393 million decreased compared to sales of$398 million in the first quarter of fiscal 2024.- Full-price direct-to-consumer (DTC) sales decreased
3% to$249 million versus the first quarter of fiscal 2024.- Full-price retail sales of
$135 million were1% lower than the prior-year period. - E-commerce sales of
$114 million were5% lower than the prior-year period.
- Full-price retail sales of
- Outlet sales of
$18 million were comparable to the prior period. - Food and beverage sales were
$34 million , a3% decrease versus the prior-year period. - Wholesale sales increased
4% to$92 million versus the first quarter of fiscal 2024.
- Full-price direct-to-consumer (DTC) sales decreased
- Gross margin was
64.2% on a GAAP basis, compared to64.9% in the first quarter of fiscal 2024. On an adjusted basis, gross margin was64.3% compared to65.4% in the first quarter of fiscal 2024. The decreased gross margin on a GAAP basis was primarily due to (1) increased freight expenses to e-commerce customers at Tommy Bahama, (2) increased markdowns during clearance events at Lilly Pulitzer and Johnny Was and (3) a change in sales mix with wholesale sales, including off-priced wholesale sales, representing a higher proportion of net sales. We also incurred$1 million of additional charges in cost of goods sold in the first quarter of fiscal 2025 resulting from the U.S. tariffs on imported goods implemented in the first quarter of fiscal 2025. These decreases were partially offset by a$2 million lower LIFO accounting charge in the first quarter of fiscal 2025 compared to the first quarter of fiscal 2024. - SG&A was
$223 million compared to$213 million last year with approximately$6 million , or59% , of the increase is related to increases in employment costs, occupancy costs and depreciation expense due to the opening of 31 new brick and mortar retail locations since the first quarter of fiscal 2024. This includes the 8 net new stores including 2 Tommy Bahama Marlin Bars opened in the first quarter of fiscal 2025. We also incurred pre-opening expenses related to some of the approximately 7 additional stores planned to open during the remainder of fiscal 2025, including an additional Tommy Bahama Marlin Bar. On an adjusted basis, SG&A was$221 million compared to$210 million in the prior-year period. - Royalties and other operating income decreased
$1 million to$7 million in the first quarter of fiscal 2025 primarily due to decreased royalty income in Tommy Bahama reflecting the lower sales of our licensing partners. - Operating income was
$36 million , or9.2% of net sales, compared to$52 million , or13.2% of net sales, in the first quarter of fiscal 2024. On an adjusted basis, operating income decreased to$39 million , or9.8% of net sales, compared to$57 million , or14.4% of net sales, in the first quarter of fiscal 2024. - Interest expense increased to
$2 million from$1 million in the prior year period. The increased interest expense was primarily due to a higher average outstanding debt balance during the first quarter of fiscal 2025 than the first quarter of fiscal 2024. - The effective income tax rate in the first quarter of fiscal 2025 was
24.1% which primarily reflects the benefit derived from a reduction in income tax expense as a result of the receipt of interest from a U.S. federal income tax receivable and the remeasurement of deferred tax balances due to changes in state tax rates partially offset by a net increase to uncertain tax positions during the quarter. The effective tax rate in the first quarter of fiscal 2024 was25.6% which primarily reflects the unfavorable remeasurement of deferred tax assets and an increase to uncertain tax positions partially offset by a favorable return-to-provision adjustment for a foreign subsidiary.
Balance Sheet and Liquidity
Inventory increased
During the first quarter of fiscal 2025, cash used in operations was
Borrowings outstanding increased to
Dividend
The Board of Directors declared a quarterly cash dividend of
Outlook
For fiscal 2025 ending on January 31, 2026, the Company revised its sales and EPS guidance. The Company now expects net sales in a range of
For the second quarter of fiscal 2025, the Company expects net sales to be between
The Company anticipates interest expense of
Capital expenditures in fiscal 2025, including the
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 25, 2025 by dialing (412) 317-6671 access code 13753975.
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 net adjusted earnings, adjusted net earnings 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:
- 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;
- 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.
| Contact: E-mail: | Brian Smith InvestorRelations@oxfordinc.com | |
| Oxford Industries, Inc. | ||||||
| Consolidated Balance Sheets | ||||||
| (in thousands, except par amounts) | ||||||
| (unaudited) | ||||||
| May 3, | May 4, | |||||
| 2025 | 2024 | |||||
| ASSETS | ||||||
| Current Assets | ||||||
| Cash and cash equivalents | $ | 8,175 | $ | 7,657 | ||
| Receivables, net | 105,501 | 87,918 | ||||
| Inventories, net | 162,334 | 144,373 | ||||
| Income tax receivable | 271 | 19,437 | ||||
| Prepaid expenses and other current assets | 41,253 | 38,978 | ||||
| Total Current Assets | $ | 317,534 | $ | 298,363 | ||
| Property and equipment, net | 281,504 | 193,702 | ||||
| Intangible assets, net | 255,768 | 259,147 | ||||
| Goodwill | 27,403 | 27,185 | ||||
| Operating lease assets | 372,452 | 319,308 | ||||
| Other assets, net | 63,195 | 41,183 | ||||
| Deferred income taxes | 21,850 | 18,088 | ||||
| Total Assets | $ | 1,339,706 | $ | 1,156,976 | ||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current Liabilities | ||||||
| Accounts payable | $ | 86,212 | $ | 73,755 | ||
| Accrued compensation | 21,417 | 19,340 | ||||
| Current portion of operating lease liabilities | 64,119 | 65,366 | ||||
| Accrued expenses and other liabilities | 69,007 | 67,124 | ||||
| Total Current Liabilities | $ | 240,755 | $ | 225,585 | ||
| Long-term debt | 117,714 | 18,630 | ||||
| Non-current portion of operating lease liabilities | 360,935 | 296,080 | ||||
| Other non-current liabilities | 27,879 | 23,806 | ||||
| Shareholders’ Equity | ||||||
| Common stock, | 14,875 | 15,634 | ||||
| Additional paid-in capital | 194,893 | 183,126 | ||||
| Retained earnings | 385,761 | 396,933 | ||||
| Accumulated other comprehensive loss | (3,106 | ) | (2,818 | ) | ||
| Total Shareholders’ Equity | $ | 592,423 | $ | 592,875 | ||
| Total Liabilities and Shareholders’ Equity | $ | 1,339,706 | $ | 1,156,976 | ||
| Oxford Industries, Inc. | ||||||
| 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 | ||
| Oxford Industries, Inc. | ||||||
| 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 | ||
| Oxford Industries, Inc. | |||||||||
| Reconciliations of Certain Non-GAAP Financial Information | |||||||||
| (in millions, except per share amounts) | |||||||||
| (unaudited) | |||||||||
| First Quarter | |||||||||
| AS REPORTED | Fiscal 2025 | Fiscal 2024 | % Change | ||||||
| Tommy Bahama | |||||||||
| Net sales | $ | 216.2 | $ | 225.6 | (4.2 | )% | |||
| Gross profit | $ | 139.7 | $ | 148.3 | (5.8 | )% | |||
| Gross margin | 64.6 | % | 65.7 | % | |||||
| Operating income | $ | 30.7 | $ | 42.6 | (27.9 | )% | |||
| Operating margin | 14.2 | % | 18.9 | % | |||||
| Lilly Pulitzer | |||||||||
| Net sales | $ | 99.0 | $ | 88.4 | 12.0 | % | |||
| Gross profit | $ | 64.9 | $ | 59.3 | 9.5 | % | |||
| Gross margin | 65.6 | % | 67.0 | % | |||||
| Operating income | $ | 18.1 | $ | 15.5 | 16.7 | % | |||
| Operating margin | 18.3 | % | 17.6 | % | |||||
| Johnny Was | |||||||||
| Net sales | $ | 43.5 | $ | 51.2 | (15.1 | )% | |||
| Gross profit | $ | 28.1 | $ | 33.2 | (15.4 | )% | |||
| Gross margin | 64.7 | % | 64.9 | % | |||||
| Operating (loss) income | $ | (3.4 | ) | $ | 0.3 | (1124.0 | )% | ||
| Operating margin | (7.8 | )% | 0.7 | % | |||||
| Emerging Brands | |||||||||
| Net sales | $ | 34.2 | $ | 33.0 | 3.8 | % | |||
| Gross profit | $ | 20.3 | $ | 19.5 | 4.0 | % | |||
| Gross margin | 59.3 | % | 59.2 | % | |||||
| Operating income | $ | 1.9 | $ | 3.8 | (49.8 | )% | |||
| Operating margin | 5.6 | % | 11.5 | % | |||||
| Corporate and Other | |||||||||
| Net sales | $ | (0.1 | ) | $ | (0.1 | ) | NM | ||
| Gross profit | $ | (0.8 | ) | $ | (2.0 | ) | NM | ||
| Operating loss | $ | (11.2 | ) | $ | (9.9 | ) | NM | ||
| Consolidated | |||||||||
| Net sales | $ | 392.9 | $ | 398.2 | (1.3 | )% | |||
| Gross profit | $ | 252.3 | $ | 258.4 | (2.4 | )% | |||
| Gross margin | 64.2 | % | 64.9 | % | |||||
| SG&A | $ | 222.7 | $ | 213.1 | 4.5 | % | |||
| SG&A as % of net sales | 56.7 | % | 53.5 | % | |||||
| Operating income | $ | 36.2 | $ | 52.5 | (31.0 | )% | |||
| Operating margin | 9.2 | % | 13.2 | % | |||||
| Earnings before income taxes | $ | 34.5 | $ | 51.6 | (33.1 | )% | |||
| Net earnings | $ | 26.2 | $ | 38.4 | (31.8 | )% | |||
| Net earnings per diluted share | $ | 1.70 | $ | 2.42 | (29.8 | )% | |||
| Weighted average shares outstanding - diluted | 15.4 | 15.8 | (2.8 | )% | |||||
| First Quarter | |||||||||
| ADJUSTMENTS | Fiscal 2025 | Fiscal 2024 | % Change | ||||||
| LIFO adjustments(1) | $ | 0.5 | $ | 2.2 | |||||
| Amortization of Johnny Was intangible assets(2) | $ | 1.9 | $ | 2.7 | |||||
| Impact of income taxes(3) | $ | (0.6 | ) | $ | (1.3 | ) | |||
| Adjustment to net earnings(4) | $ | 1.8 | $ | 3.7 | |||||
| AS ADJUSTED | |||||||||
| Tommy Bahama | |||||||||
| Net sales | $ | 216.2 | $ | 225.6 | (4.2 | )% | |||
| Gross profit | $ | 139.7 | $ | 148.3 | (5.8 | )% | |||
| Gross margin | 64.6 | % | 65.7 | % | |||||
| Operating income | $ | 30.7 | $ | 42.6 | (27.9 | )% | |||
| Operating margin | 14.2 | % | 18.9 | % | |||||
| Lilly Pulitzer | |||||||||
| Net sales | $ | 99.0 | $ | 88.4 | 12.0 | % | |||
| Gross profit | $ | 64.9 | $ | 59.3 | 9.5 | % | |||
| Gross margin | 65.6 | % | 67.0 | % | |||||
| Operating income | $ | 18.1 | $ | 15.5 | 16.7 | % | |||
| Operating margin | 18.3 | % | 17.6 | % | |||||
| Johnny Was | |||||||||
| Net sales | $ | 43.5 | $ | 51.2 | (15.1 | )% | |||
| Gross profit | $ | 28.1 | $ | 33.2 | (15.4 | )% | |||
| Gross margin | 64.7 | % | 64.9 | % | |||||
| Operating (loss) income | $ | (1.5 | ) | $ | 3.1 | (148.4 | )% | ||
| Operating margin | (3.4 | )% | 6.0 | % | |||||
| Emerging Brands | |||||||||
| Net sales | $ | 34.2 | $ | 33.0 | 3.8 | % | |||
| Gross profit | $ | 20.3 | $ | 19.5 | 4.0 | % | |||
| Gross margin | 59.3 | % | 59.2 | % | |||||
| Operating income | $ | 1.9 | $ | 3.8 | (49.8 | )% | |||
| Operating margin | 5.6 | % | 11.5 | % | |||||
| Corporate and Other | |||||||||
| Net sales | $ | (0.1 | ) | $ | (0.1 | ) | NM | ||
| Gross profit | $ | (0.3 | ) | $ | 0.2 | NM | |||
| Operating loss | $ | (10.7 | ) | $ | (7.6 | ) | NM | ||
| Consolidated | |||||||||
| Net sales | $ | 392.9 | $ | 398.2 | (1.3 | )% | |||
| Gross profit | $ | 252.8 | $ | 260.6 | (3.0 | )% | |||
| Gross margin | 64.3 | % | 65.4 | % | |||||
| SG&A | $ | 220.8 | $ | 210.4 | 4.9 | % | |||
| SG&A as % of net sales | 56.2 | % | 52.8 | % | |||||
| Operating income | $ | 38.6 | $ | 57.4 | (32.8 | )% | |||
| Operating margin | 9.8 | % | 14.4 | % | |||||
| Earnings before income taxes | $ | 36.9 | $ | 56.5 | (34.8 | )% | |||
| Net earnings | $ | 28.0 | $ | 42.1 | (33.5 | )% | |||
| Net earnings per diluted share | $ | 1.82 | $ | 2.66 | (31.6 | )% | |||
| First Quarter | First Quarter | First Quarter | ||||
| Fiscal 2025 | Fiscal 2025 | Fiscal 2024 | ||||
| Actual | Guidance(5) | Actual | ||||
| Net earnings per diluted share: | ||||||
| GAAP basis | $ | 1.70 | $ | 1.61 - 1.81 | $ | 2.42 |
| LIFO adjustments(1)(6) | 0.02 | 0.00 | 0.11 | |||
| Amortization of Johnny Was intangible assets(2)(6) | 0.09 | 0.09 | 0.13 | |||
| As adjusted(4) | $ | 1.82 | $ | $ | 2.66 | |
| Second Quarter | Second Quarter | |||||
| Fiscal 2025 | Fiscal 2024 | |||||
| Guidance(7) | Actual | |||||
| Net earnings per diluted share: | ||||||
| GAAP basis | $ | 0.92 - 1.12 | $ | 2.57 | ||
| LIFO adjustments(8) | 0.00 | 0.03 | ||||
| Amortization of Johnny Was intangible assets(2)(6) | 0.13 | 0.13 | ||||
| Johnny Was distribution center relocation costs(9)(6) | 0.00 | 0.04 | ||||
| As adjusted(4) | $ | 1.05 - 1.25 | $ | 2.77 | ||
| Fiscal 2025 | Fiscal 2024 | |||||
| Guidance(7) | Actual | |||||
| Net earnings per diluted share: | ||||||
| GAAP basis | $ | 2.28 - 2.68 | $ | 5.87 | ||
| LIFO adjustments(8) | 0.02 | 0.16 | ||||
| Amortization of Johnny Was intangible assets(2)(6) | 0.50 | 0.51 | ||||
| Johnny Was distribution center relocation costs(9)(6) | 0.00 | 0.14 | ||||
| As adjusted(4) | $ | 2.80 - 3.20 | $ | 6.68 | ||
(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 SG&A in Johnny Was.
(3) Impact of income taxes represents the estimated tax impact of the above adjustments based on the estimated applicable tax rate on current year earnings.
(4) Amounts in columns may not add due to rounding.
(5) Guidance as issued on March 27, 2025.
(6) Adjustments shown net of income taxes.
(7) Guidance as issued on June 11, 2025.
(8) No estimate for LIFO accounting adjustments is reflected in the guidance for any future periods.
(9) 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 in Johnny Was.
| Direct to Consumer Location Count | ||||
| End of Q1 | End of Q2 | End of Q3 | End of Q4 | |
| Fiscal 2024 | ||||
| Tommy Bahama | ||||
| Full-price retail store | 102 | 103 | 106 | 106 |
| Retail-food & beverage | 23 | 23 | 25 | 24 |
| Outlet | 35 | 36 | 37 | 36 |
| Total Tommy Bahama | 160 | 162 | 168 | 166 |
| Lilly Pulitzer full-price retail store | 60 | 60 | 61 | 64 |
| Johnny Was | ||||
| Full-price retail store | 75 | 76 | 77 | 77 |
| Outlet | 3 | 3 | 3 | 3 |
| Total Johnny Was | 78 | 79 | 80 | 80 |
| Emerging Brands | ||||
| Southern Tide full-price retail store | 20 | 24 | 28 | 30 |
| TBBC full-price retail store | 4 | 5 | 5 | 5 |
| Total Oxford | 322 | 330 | 342 | 345 |
| Fiscal 2025 | ||||
| Tommy Bahama | ||||
| Full-price retail store | 103 | |||
| Retail-food & beverage | 26 | |||
| Outlet | 36 | |||
| Total Tommy Bahama | 165 | |||
| Lilly Pulitzer full-price retail store | 65 | |||
| Johnny Was | ||||
| Full-price retail store | 77 | |||
| Outlet | 3 | |||
| Total Johnny Was | 80 | |||
| Emerging Brands | ||||
| Southern Tide full-price retail store | 35 | |||
| TBBC full-price retail store | 8 | |||
| Total Oxford | 353 | |||
FAQ
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