Group 1 - The retail and fashion industries present significant challenges for investors due to various quantifiable and qualifiable factors [1] - The investment landscape includes a wide range of assets, with a focus on managing substantial funds, such as $10-20 billion in treasury assets and nearly $30 billion in outside investment management [1] Group 2 - The article does not provide specific company or industry performance metrics or forecasts [2][3]

Company Overview - Invictus Origin is a high-alpha investment management firm founded by Oliver Rodzianko in May 2025, aiming to become a globally recognized actively managed fund [1] - The firm is developing innovative portfolio strategies, particularly through its Nasdaq High-Alpha Black Swan Portfolio, designed to sustainably outperform the Nasdaq-100 [1] - The portfolio maintains approximately 20% in strategic cash reserves, providing downside protection and flexibility during market disruptions [1] Leadership and Expertise - Oliver Rodzianko has extensive experience as a macro-focused investment analyst specializing in public equities, emphasizing fundamental valuation and long-term market cycles [1] - His sector expertise includes technology, semiconductors, artificial intelligence, and energy, integrating U.S. market specialization with international market awareness [1] - Rodzianko has a strong reputation as an Investment Analyst for platforms like Seeking Alpha, TipRanks, and GuruFocus, providing actionable insights to sophisticated investors [1] Investment Strategy - The investment process at Invictus Origin focuses on capturing asymmetric upside by navigating market dislocations and intrinsic value cycles [1] - The firm is characterized by resilience, performance, and disciplined capital stewardship, supported by a complementary family office structure for lower-volatility capital preservation [1]

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing the long-term earnings potential of companies [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for purchase at any given time [1] Group 2 - The articles aim to provide valuable information for future investors while maintaining a healthy skepticism towards a generally bullish market [1]

Company Overview - Oxford Industries is a traditional American apparel company known for its brands that embody sun, leisure, and the perception of effortless wealth, including Tommy Bahama, Lilly Pulitzer, and Johnny Was [1] Business Strategy - The company has historically focused on high-margin branding and maintaining tight control over its operations to maximize profitability [1]

PART I. FINANCIAL INFORMATION [Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) Q1 Fiscal 2025 unaudited condensed consolidated financial statements reveal decreased net sales and earnings, increased long-term debt, and negative operating cash flow Condensed Consolidated Statements of Operations Highlights (Q1) | Metric | Fiscal 2025 (in thousands) | Fiscal 2024 (in thousands) | | :--- | :--- | :--- | | Net sales | $392,861 | $398,184 | | Gross profit | $252,286 | $258,361 | | Operating income | $36,206 | $52,451 | | Net earnings | $26,181 | $38,373 | | Diluted EPS | $1.70 | $2.42 | Condensed Consolidated Balance Sheets Highlights | Metric (in thousands) | May 3, 2025 | May 4, 2024 | | :--- | :--- | :--- | | Total Current Assets | $317,534 | $298,363 | | Total Assets | $1,339,706 | $1,156,976 | | Total Current Liabilities | $240,755 | $225,585 | | Long-term debt | $117,714 | $18,630 | | Total Shareholders' Equity | $592,423 | $592,875 | Condensed Consolidated Statements of Cash Flows Highlights (Q1) | Metric (in thousands) | Fiscal 2025 | Fiscal 2024 | | :--- | :--- | :--- | | Cash (used in) provided by operating activities | $(3,942) | $32,923 | | Cash used in investing activities | $(23,455) | $(12,134) | | Cash provided by (used in) financing activities | $25,959 | $(20,710) | - During Q1 2025, the company repurchased approximately **842,000 shares** of its common stock for **$50 million** under a December 2024 authorization, with a new **$100 million** repurchase plan authorized on March 24, 2025[49](index=49&type=chunk)[50](index=50&type=chunk) - Outstanding borrowings under the U.S. Revolving Credit Agreement increased to **$118 million** as of May 3, 2025, from **$19 million** as of May 4, 2024, primarily to fund share repurchases, capital expenditures for a new distribution center, and dividends[59](index=59&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 Fiscal 2025 performance, highlighting decreased consolidated net sales and operating income, increased leverage, and the impact of new U.S. tariffs [Overview](index=18&type=section&id=Overview) The company operates a portfolio of lifestyle brands, with 81% of sales from direct-to-consumer channels, navigating macroeconomic challenges by realigning operating expenses - In Fiscal 2024, **81%** of consolidated net sales were through direct-to-consumer channels (full-price retail, e-commerce, outlets, and Tommy Bahama food & beverage)[64](index=64&type=chunk) - The company is facing a challenging retail environment due to macroeconomic factors, heightened promotional activity, and geopolitical issues, including broad-based U.S. tariffs implemented in **Q1 2025**[67](index=67&type=chunk)[68](index=68&type=chunk) - In response to new tariffs, the company is accelerating its ongoing efforts to decentralize product sourcing and is considering other mitigation strategies like vendor negotiations and potential price increases[69](index=69&type=chunk) [Results of Operations](index=20&type=section&id=Results%20of%20Operations) Q1 2025 consolidated net sales fell 1.3% to **$392.9 million**, with gross margin decreasing and operating income dropping 31.0% to **$36.2 million** Net Sales by Reportable Segment (Q1 2025 vs. Q1 2024) | Segment | Q1 2025 Net Sales (in thousands) | Q1 2024 Net Sales (in thousands) | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Tommy Bahama | $216,175 | $225,617 | $(9,442) | (4.2)% | | Lilly Pulitzer | $99,042 | $88,421 | $10,621 | 12.0% | | Johnny Was | $43,473 | $51,212 | $(7,739) | (15.1)% | | Emerging Brands | $34,248 | $33,001 | $1,247 | 3.8% | | **Consolidated** | **$392,861** | **$398,184** | **$(5,323)** | **(1.3)%** | Operating Income (Loss) by Reportable Segment (Q1 2025 vs. Q1 2024) | Segment | Q1 2025 Operating Income (in thousands) | Q1 2024 Operating Income (in thousands) | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Tommy Bahama | $30,747 | $42,639 | $(11,892) | (27.9)% | | Lilly Pulitzer | $18,137 | $15,544 | $2,593 | 16.7% | | Johnny Was | $(3,410) | $333 | $(3,743) | (1124.0)% | | Emerging Brands | $1,907 | $3,798 | $(1,891) | (49.8)% | | **Consolidated** | **$36,206** | **$52,451** | **$(16,245)** | **(31.0)%** | - Consolidated gross margin decreased to **64.2%** from **64.9%** YoY, primarily due to increased freight expenses, higher markdowns, a shift in sales mix towards wholesale, and a **$1 million** impact from new U.S. tariffs[97](index=97&type=chunk) - SG&A increased by **$9.6 million** (**4.5%**) YoY, with about **59%** of the increase attributed to higher employment, occupancy, and depreciation costs from the expansion of brick-and-mortar retail locations[103](index=103&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=28&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Working capital increased to **$76.8 million**, while long-term debt significantly rose to **$117.7 million** to fund share repurchases and capital expenditures, leading to negative operating cash flow - Long-term debt increased to **$117.7 million** as of May 3, 2025, from **$18.6 million** a year prior, driven by share repurchases, increased capital expenditures, dividend payments, and working capital needs exceeding cash flow from operations[134](index=134&type=chunk) - Capital expenditures in Q1 2025 were **$23 million**, up from **$12 million** in Q1 2024, primarily for the construction of a new distribution center in Lyons, Georgia[157](index=157&type=chunk)[158](index=158&type=chunk) - In Q1 2025, the company repurchased **$51 million** of its stock and paid **$10 million** in dividends, with a new **$100 million** share repurchase authorization approved in March 2025[141](index=141&type=chunk)[155](index=155&type=chunk) - As of May 3, 2025, the company had **$118 million** of borrowings outstanding and **$203 million** in unused availability under its U.S. Revolving Credit Agreement[146](index=146&type=chunk) [Critical Accounting Policies and Estimates](index=33&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) No significant changes occurred in the company's critical accounting policies and estimates during Q1 Fiscal 2025 - There have been no significant changes to the company's critical accounting policies and estimates during the First Quarter of Fiscal 2025[163](index=163&type=chunk) [Seasonal Aspects of Our Business](index=33&type=section&id=Seasonal%20Aspects%20of%20Our%20Business) The company's business is seasonal, with the third fiscal quarter typically having the lowest net sales and earnings, meaning Q1 results are not indicative of full-year performance - The business is seasonal, with the third fiscal quarter historically being the weakest in terms of net sales and net earnings[165](index=165&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in market risk exposure since Fiscal 2024, except for increased interest rate risk due to higher borrowings - There have been no material changes in exposure to foreign currency, commodity, and inflation risks, however, exposure to interest rate risk has increased due to higher borrowings[166](index=166&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of May 3, 2025, with no material changes in internal control over financial reporting during Q1 - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of the end of the period[167](index=167&type=chunk) - No changes in internal control over financial reporting occurred during Q1 2025 that materially affected, or are reasonably likely to materially affect, internal controls[168](index=168&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal actions but is not party to any proceedings expected to have a material adverse financial effect - The company is not currently a party to any litigation or regulatory action that is reasonably expected to have a material impact on its financial position, results of operations, or cash flows[169](index=169&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors highlight new U.S. tariffs (February-April 2025) significantly impacting imports from key sourcing countries like China and Vietnam, particularly for the Johnny Was brand - A new key risk is the imposition of a broad range of new and increased U.S. tariffs between **February and April 2025**, impacting substantially all countries from which the company imports products[174](index=174&type=chunk) - Tariffs have significantly increased on imports from China (approx. **39%** of products in FY2024) and Vietnam (approx. **24%** of imports in FY2024)[174](index=174&type=chunk) - The Johnny Was brand is particularly at risk, having sourced more than **90%** of its products from China in recent years[174](index=174&type=chunk) - Mitigation efforts, including accelerating the decentralization of product sourcing, may result in increased costs and operational disruptions[175](index=175&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, the company repurchased **842,007 shares** for approximately **$50 million**, and a new **$100 million** share repurchase program was authorized Share Repurchases in Q1 Fiscal 2025 | Period | Total Shares Purchased | Average Price Paid Per Share | Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs (in millions) | | :--- | :--- | :--- | :--- | | February (2/2/25 - 3/1/25) | 28,195 | $64.89 | $98.17 | | March (3/2/25 - 4/5/25) | 813,812 | $59.19 | $100.00 (new authorization) | | April (4/6/25 - 5/3/25) | — | $— | $100.00 | | **Total** | **842,007** | **$59.38** | **$100.00** | - On March 24, 2025, the Board of Directors authorized a new **$100 million** share repurchase program, which superseded and replaced all previous authorizations[179](index=179&type=chunk) [Other Information](index=36&type=section&id=Item%205.%20Other%20Information) During Q1 Fiscal 2025, no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement - During Q1 2025, no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement[181](index=181&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including officer certifications and XBRL interactive data files - The report includes a list of filed exhibits, such as officer certifications (31.1, 31.2, 32) and XBRL interactive data files (101 series)[182](index=182&type=chunk)

Oxford Industries (OXM) reported $392.86 million in revenue for the quarter ended April 2025, representing a year-over-year decline of 1.3%. EPS of $1.82 for the same period compares to $2.66 a year ago.The reported revenue represents a surprise of +1.98% over the Zacks Consensus Estimate of $385.23 million. With the consensus EPS estimate being $1.82, the company has not delivered EPS surprise.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expec ...

Core Viewpoint - Oxford Industries reported quarterly earnings of $1.82 per share, matching the Zacks Consensus Estimate, but down from $2.66 per share a year ago [1] - The company posted revenues of $392.86 million for the quarter, exceeding the Zacks Consensus Estimate by 1.98%, but down from $398.18 million year-over-year [2] Financial Performance - Over the last four quarters, Oxford Industries has surpassed consensus EPS estimates only once [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is $2.24, with expected revenues of $410.97 million, and for the current fiscal year, the estimate is $4.68 on $1.49 billion in revenues [7] Stock Performance - Oxford Industries shares have declined approximately 30.5% since the beginning of the year, contrasting with the S&P 500's gain of 2.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Outlook - The Textile - Apparel industry, to which Oxford Industries belongs, is currently ranked in the bottom 18% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact investor sentiment [5]

Oxford Industries (OXM) Q1 2026 Earnings Call June 11, 2025 04:30 PM ET Company Participants Brian Smith - Head of Corporate Controls and Financial ReportingTom Chubb - Chairman, CEO & PresidentScott Grassmyer - EVP, CFO & COOEthan Saghi - Equity Research AssociateMauricio Serna - Executive Director Conference Call Participants Ashley Owens - Vice President & Senior Equity Research AnalystJoseph Civello - Equity Research AnalystTracy Kogan - Analyst Operator Greetings and welcome to the Oxford Industries In ...

Financial Data and Key Metrics Changes - Consolidated net sales for Q1 2025 were $393 million, down from $398 million in Q1 2024, and within the guidance range of $375 million to $395 million [18] - Adjusted gross margin contracted by 110 basis points to 64.3%, primarily due to increased freight expenses and markdowns [19] - Adjusted operating profit was $39 million, reflecting a 9.8% operating margin compared to $57 million and a 14.4% margin in the prior year [21] - Adjusted net earnings per share were $1.82, down from $6.68 in the previous year [30] Business Line Data and Key Metrics Changes - Lilly Pulitzer saw a low double-digit sales increase, driven by a focus on products resonating with core customers [19] - Tommy Bahama and Johnny Was experienced lower sales, with Johnny Was facing a mid-teens decline in Q1 [19][52] - E-commerce sales decreased by 5%, while wholesale sales increased by 4% compared to the previous year [18] Market Data and Key Metrics Changes - Sales in brick-and-mortar locations were down 1%, with a negative comp of 5% [18] - Sales in food and beverage locations decreased by 3%, while outlet sales remained comparable year-over-year [19] - The wholesale channel showed growth, particularly in major department stores and off-price retailers [19] Company Strategy and Development Direction - The company is focusing on customer happiness through brand positioning and innovative products, which is seen as essential during challenging market conditions [6][7] - A strategic shift is underway to diversify the supply chain away from China, with plans to be substantially out of China by the second half of 2026 [14][61] - The company aims to improve the profitability of the Johnny Was brand by reinforcing fundamentals and enhancing marketing efficiency [16] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer sentiment is cautious, impacting discretionary spending, but there is still consumer spending ability [4][5] - The evolving U.S. trade policy and tariffs are creating challenges, but management believes these will not pose a long-term threat to competitiveness [15] - The company expects net sales for the full year to be between $1.475 billion and $1.515 billion, reflecting a decline of 3% to slightly negative compared to the previous year [24] Other Important Information - Inventory increased by $18 million or 12% on a LIFO basis, primarily due to tariff impacts [22] - Capital expenditures for the year are expected to be approximately $120 million, with significant investments in the new distribution center and new store openings [32] Q&A Session Summary Question: What learnings have emerged from the strength in Lilly? - The focus is on committed customers, with the top 20% accounting for over 60% of sales, emphasizing the importance of delivering products that resonate with them [35][36] Question: Can you elaborate on pricing plans for other brands? - For Tommy Bahama, AUR is projected to increase by less than 3%, with initial margins expected to decrease by less than 50 basis points [38][39] Question: How did wholesale growth compare to expectations? - Wholesale growth was in line with expectations, with department stores performing well despite a challenging environment [44][45] Question: What drove the decline in Johnny Was? - The brand is not projected to rebound significantly in the near term, with ongoing efforts to improve profitability expected to impact future performance [52] Question: Can you discuss the tariff impact? - The gross impact of tariffs is now estimated at $40 million, with mitigation strategies being implemented for future seasons [59][61]

[First Quarter Fiscal 2025 Financial Results](index=1&type=section&id=First%20Quarter%20Fiscal%202025%20Financial%20Results) Oxford Industries reported a slight decline in Q1 fiscal 2025 net sales and significant EPS decreases, primarily due to tariff impacts, while Lilly Pulitzer showed strong growth and the company maintained gross margins above 64% [First Quarter Fiscal 2025 Highlights](index=1&type=section&id=First%20Quarter%20Fiscal%202025%20Highlights) Oxford Industries reported consolidated net sales of $393 million for the first quarter of fiscal 2025, a slight decrease from $398 million in the prior year, with significant declines in both GAAP and adjusted EPS primarily attributed to uncertain tariff and trade dynamics Q1 Fiscal 2025 Key Financial Metrics | Metric | Q1 Fiscal 2025 | Q1 Fiscal 2024 | % Change | | :--- | :--- | :--- | :--- | | Consolidated Net Sales | $393 million | $398 million | (1.3%) | | GAAP EPS | $1.70 | $2.42 | (29.8%) | | Adjusted EPS | $1.82 | $2.66 | (31.6%) | Q1 2025 Net Sales by Operating Group ($ in millions) | Operating Group | 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% | | **Total Company** | **$392.9** | **$398.2** | **(1.3%)** | - CEO Tom Chubb highlighted that despite industry-wide headwinds from tariffs and trade dynamics, the company delivered results within guidance. **Lilly Pulitzer's performance was a bright spot**, with its assortment resonating with consumers. The company is focused on diversifying its supply chain to reduce exposure to future tariff developments[3](index=3&type=chunk) [Detailed First Quarter 2025 Performance](index=1&type=section&id=Detailed%20First%20Quarter%202025%20Performance) The 1.3% decline in consolidated sales was driven by a 3% decrease in full-price direct-to-consumer (DTC) sales, with e-commerce sales falling 5%, while wholesale sales grew by 4%, and gross margin contracted due to higher freight costs, increased markdowns, a sales mix shift, and $1 million in new tariff charges - Sales performance by channel showed mixed results: - Full-price DTC sales **decreased 3% to $249 million** - Full-price retail sales were **down 1% to $135 million** - E-commerce sales **fell 5% to $114 million** - Wholesale sales **increased 4% to $92 million**[5](index=5&type=chunk)[6](index=6&type=chunk) - Gross margin **decreased** on both a GAAP and adjusted basis, primarily due to: - Increased freight expenses at Tommy Bahama - Higher markdowns at Lilly Pulitzer and Johnny Was - A sales mix shift to a higher proportion of wholesale - **$1 million in additional costs from new U.S. tariffs**[6](index=6&type=chunk) - SG&A expenses **increased to $223 million from $213 million**, with approximately **$6 million (59%)** of the increase driven by higher employment, occupancy, and depreciation costs related to **31 new store openings** since Q1 2024[6](index=6&type=chunk) - Operating income **fell to $36 million (9.2% of sales)** from **$52 million (13.2% of sales)** in the prior year. On an adjusted basis, operating income was **$39 million, down from $57 million**[6](index=6&type=chunk) [Financial Position, Liquidity, and Dividends](index=3&type=section&id=Financial%20Position%2C%20Liquidity%2C%20and%20Dividends) The company's Q1 2025 financial position reflects increased inventory and debt, driven by strategic purchases and capital expenditures, alongside a continued commitment to shareholder returns through a raised quarterly dividend [Balance Sheet and Liquidity](index=3&type=section&id=Balance%20Sheet%20and%20Liquidity) The company's financial position at the end of Q1 2025 showed a significant increase in both inventory and debt compared to the prior year, partly due to accelerated purchases ahead of anticipated tariffs and funding for share repurchases and capital expenditures, resulting in cash used in operations - Inventory **increased by $18 million (12% on a LIFO basis)** compared to Q1 2024. This was driven by accelerated purchases ahead of anticipated tariff increases and the capitalization of increased tariff costs[7](index=7&type=chunk) - Cash used in operations was **$4 million**, compared to cash provided by operations of **$33 million** in the prior-year quarter, reflecting lower net earnings and higher working capital needs[8](index=8&type=chunk) - Borrowings outstanding **increased significantly to $118 million**, up from **$19 million** in Q1 2024. This was primarily used to fund **$51 million in share repurchases** and **$23 million in capital expenditures**[9](index=9&type=chunk) [Dividend](index=3&type=section&id=Dividend) The Board of Directors declared a quarterly cash dividend of $0.69 per share, an increase from the prior year, payable on August 1, 2025, continuing the company's uninterrupted dividend history since 1960 - A quarterly cash dividend of **$0.69 per share** was declared, payable on August 1, 2025[10](index=10&type=chunk) - The company has paid a dividend every quarter since becoming a public company in **1960**[10](index=10&type=chunk) [Outlook and Forward-Looking Statements](index=3&type=section&id=Outlook%20and%20Forward-Looking%20Statements) Oxford Industries revised its fiscal 2025 guidance downwards due to significant tariff costs, while outlining capital expenditure plans for a new distribution center and emphasizing key risks to future performance [Fiscal 2025 and Second Quarter Outlook](index=3&type=section&id=Fiscal%202025%20and%20Second%20Quarter%20Outlook) Oxford Industries has revised its fiscal 2025 guidance downwards, citing significant tariff-related cost pressures, now expecting full-year net sales between $1.475 billion and $1.515 billion and adjusted EPS between $2.80 and $3.20, incorporating an estimated $40 million in additional tariff costs Full Fiscal 2025 Guidance (vs. Fiscal 2024 Actual) | Metric | Fiscal 2025 Guidance | Fiscal 2024 Actual | | :--- | :--- | :--- | | Net Sales | $1.475B - $1.515B | $1.52B | | GAAP EPS | $2.28 - $2.68 | $5.87 | | Adjusted EPS | $2.80 - $3.20 | $6.68 | Second Quarter Fiscal 2025 Guidance (vs. Q2 2024 Actual) | Metric | Q2 2025 Guidance | Q2 2024 Actual | | :--- | :--- | :--- | | Net Sales | $395M - $415M | $420M | | GAAP EPS | $0.92 - $1.12 | $2.57 | | Adjusted EPS | $1.05 - $1.25 | $2.77 | - The revised fiscal 2025 guidance includes an estimated **$40 million in additional tariff costs**, equating to an after-tax impact of **$2.00 per share**[11](index=11&type=chunk) [Capital Expenditures and Other Forecasts](index=4&type=section&id=Capital%20Expenditures%20and%20Other%20Forecasts) For fiscal 2025, the company anticipates capital expenditures of approximately $120 million, primarily for a new distribution center, alongside plans for a net increase of approximately 15 full-price stores, an expected interest expense of $8 million, and an effective tax rate of around 26% - Capital expenditures for fiscal 2025 are expected to be approximately **$120 million**, with **$70 million** dedicated to completing the new distribution center in Lyons, Georgia[14](index=14&type=chunk) - The company plans a net increase of approximately **15 full-price stores** in fiscal 2025, including three new Tommy Bahama Marlin Bars[14](index=14&type=chunk) - Full-year fiscal 2025 interest expense is anticipated to be **$8 million**, and the effective tax rate is expected to be approximately **26%**[13](index=13&type=chunk) [Safe Harbor Statement](index=5&type=section&id=Safe%20Harbor%20Statement) The earnings release includes forward-looking statements subject to significant risks and uncertainties, including changes in trade policies, macroeconomic factors, supply chain challenges, competitive pressures, and cybersecurity threats, which could cause actual results to differ materially from current expectations - The company identifies several key risks that could impact future performance, including: - Changes in U.S. trade policies and tariffs - Macroeconomic factors affecting consumer spending, such as inflation and interest rates - Risks related to supply chain diversification and sourcing - Competitive conditions in a highly promotional retail environment - Cybersecurity breaches and ransomware attacks[19](index=19&type=chunk)[22](index=22&type=chunk) [Financial Statements and Supplemental Data](index=7&type=section&id=Financial%20Statements%20and%20Supplemental%20Data) The consolidated financial statements for Q1 2025 show increased assets and liabilities, a decline in net earnings, negative operating cash flow, and detailed segment performance, alongside continued retail store expansion [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements for the first quarter ended May 3, 2025, show total assets increased to $1.34 billion from $1.16 billion year-over-year, primarily due to higher property and equipment and operating lease assets, with total liabilities also growing, and net earnings decreasing to $26.2 million from $38.4 million in the prior-year period Consolidated Balance Sheet Highlights (in thousands) | Account | May 3, 2025 | May 4, 2024 | | :--- | :--- | :--- | | Total Current Assets | $317,534 | $298,363 | | Total Assets | $1,339,706 | $1,156,976 | | Long-term debt | $117,714 | $18,630 | | Total Liabilities | $747,283 | $564,101 | | Total Shareholders' Equity | $592,423 | $592,875 | Consolidated Statement of Operations Highlights (in thousands) | Account | Q1 Fiscal 2025 | Q1 Fiscal 2024 | | :--- | :--- | :--- | | Net sales | $392,861 | $398,184 | | Gross profit | $252,286 | $258,361 | | Operating income | $36,206 | $52,451 | | Net earnings | $26,181 | $38,373 | Consolidated Statement of Cash Flows Highlights (in thousands) | Account | Q1 Fiscal 2025 | Q1 Fiscal 2024 | | :--- | :--- | :--- | | Cash (used in) provided by operating activities | $(3,942) | $32,923 | | Cash used in investing activities | $(23,455) | $(12,134) | | Cash provided by (used in) financing activities | $25,959 | $(20,710) | [Non-GAAP Reconciliations and Segment Performance](index=10&type=section&id=Non-GAAP%20Reconciliations%20and%20Segment%20Performance) After adjusting for LIFO accounting and amortization of Johnny Was intangible assets, the company's adjusted net earnings per diluted share for Q1 2025 was $1.82, compared to $2.66 in the prior year, with Lilly Pulitzer's operating income growing 16.7% while Tommy Bahama's fell 27.9% and Johnny Was swung to an operating loss Q1 EPS Reconciliation (GAAP to Adjusted) | Description | Q1 Fiscal 2025 | Q1 Fiscal 2024 | | :--- | :--- | :--- | | GAAP EPS | $1.70 | $2.42 | | LIFO adjustments | $0.02 | $0.11 | | Amortization of Johnny Was intangible assets | $0.09 | $0.13 | | **Adjusted EPS** | **$1.82** | **$2.66** | Q1 2025 Operating Income by Segment (As Reported, in millions) | Operating Group | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Tommy Bahama | $30.7 | $42.6 | (27.9)% | | Lilly Pulitzer | $18.1 | $15.5 | 16.7% | | Johnny Was | $(3.4) | $0.3 | (1124.0)% | | Emerging Brands | $1.9 | $3.8 | (49.8)% | [Store Network Expansion](index=14&type=section&id=Store%20Network%20Expansion) Oxford Industries continued to expand its retail presence, increasing its total direct-to-consumer locations to 353 at the end of Q1 2025, representing a net increase of 8 stores during the quarter and 31 stores year-over-year, primarily driven by the Emerging Brands segment Total Direct to Consumer Location Count | Brand Group | End of Q1 2025 | End of Q1 2024 (Implied) | | :--- | :--- | :--- | | Tommy Bahama | 165 | 160 | | Lilly Pulitzer | 65 | 60 | | Johnny Was | 80 | 78 | | Emerging Brands | 43 | 24 | | **Total Oxford** | **353** | **322** | - The company opened a net of **8 new stores** in the first quarter of fiscal 2025, contributing to a total of **353 locations**[6](index=6&type=chunk)[34](index=34&type=chunk)