Oxford Industries, Inc. (NYSE:OXM) Q2 2021 Earnings Conference Call September 2, 2021 4:30 PM ET Company Participants Anne Shoemaker - Investor Relations Tom Chubb - Chairman and Chief Executive Officer Scott Grassmyer - Chief Financial Officer Conference Call Participants Tracy Kogan - Citigroup Susan Anderson - B. Riley Ed Yruma - KeyBanc Steve Marotta - CL King & Associates Dana Telsey - Telsey Advisory Group Operator Greetings. Welcome to the Oxford Industries, Inc. Second Quarter Fiscal 2021 Earnings C ...

[PART I. FINANCIAL INFORMATION](index=5&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company reported a significant turnaround in Q1 2021, with net earnings of **$28.5 million** compared to a net loss of **$66.8 million** in Q1 2020, driven by a **66% increase** in net sales as operations recovered from the COVID-19 pandemic Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | May 1, 2021 | May 2, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $308,739 | $423,692 | | Property and equipment, net | $157,553 | $188,568 | | **Total Assets** | **$900,982** | **$1,097,470** | | **Total Current Liabilities** | $225,090 | $153,127 | | Long-term debt | $0 | $207,618 | | **Total Liabilities** | **$473,081** | **$658,775** | | **Total Shareholders' Equity** | $427,901 | $438,695 | Condensed Consolidated Statement of Operations Highlights (in thousands, except per share data) | Account | Q1 Fiscal 2021 | Q1 Fiscal 2020 | | :--- | :--- | :--- | | Net sales | $265,762 | $160,343 | | Gross profit | $166,585 | $94,074 | | Operating income (loss) | $34,893 | $(85,489) | | Net earnings (loss) | $28,468 | $(66,784) | | Diluted earnings (loss) per share | $1.70 | $(4.02) | Condensed Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Q1 Fiscal 2021 | Q1 Fiscal 2020 | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | $41,005 | $(45,849) | | Cash used in investing activities | $(5,425) | $(8,591) | | Cash (used in) provided by financing activities | $(9,662) | $183,908 | | **Net change in cash and cash equivalents** | **$25,918** | **$129,468** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The financial statements are prepared under GAAP for interim reporting, detailing the significant impact of the COVID-19 pandemic, the ongoing exit from the Lanier Apparel business, and a favorable effective tax rate in Q1 2021 - The COVID-19 pandemic led to temporary closures of all retail and restaurant locations for about half of Q1 2020, though e-commerce saw strong growth, and while most locations have reopened, they continue to face reduced traffic and capacity limitations[22](index=22&type=chunk)[23](index=23&type=chunk) - The company is exiting its Lanier Apparel business, with the process expected to be completed in the second half of Fiscal 2021, and an additional **$1 million** in charges, primarily for severance and employee retention, were recognized in Q1 2021[47](index=47&type=chunk) - The effective income tax rate for Q1 2021 was **17.8%**, compared to a **22.5%** benefit in Q1 2020, favorably impacted by a **$2 million** reduction in uncertain tax positions and other items[39](index=39&type=chunk) Operating Income (Loss) by Segment (in thousands) | Operating Group | Q1 Fiscal 2021 | Q1 Fiscal 2020 | | :--- | :--- | :--- | | Tommy Bahama | $20,660 | $(23,362) | | Lilly Pulitzer | $19,945 | $4,146 | | Southern Tide | $3,253 | $(63,366) | | Lanier Apparel | $855 | $(2,637) | | Corporate and Other | $(9,820) | $(270) | | **Consolidated** | **$34,893** | **$(85,489)** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the strong Q1 2021 performance, with net sales up **65.7%** to **$265.8 million** and diluted EPS of **$1.70**, to the recovery from the COVID-19 pandemic, resulting in improved gross margin and a strong liquidity position with **$92 million** in cash and no debt Key Operating Results (in thousands, except per share data) | Metric | Q1 Fiscal 2021 | Q1 Fiscal 2020 | | :--- | :--- | :--- | | Net sales | $265,762 | $160,343 | | Operating income (loss) | $34,893 | $(85,489) | | Net earnings (loss) | $28,468 | $(66,784) | | Net earnings (loss) per diluted share | $1.70 | $(4.02) | - The improved Q1 2021 results were primarily due to the absence of the **$60 million** impairment charge seen in Q1 2020, higher sales and gross margin in all operating groups, and a favorable effective tax rate[69](index=69&type=chunk) - As of May 1, 2021, the company had **$92 million** in cash and cash equivalents with no borrowings outstanding and **$322 million** of unused availability under its U.S. Revolving Credit Agreement[119](index=119&type=chunk) [Results of Operations](index=24&type=section&id=RESULTS%20OF%20OPERATIONS) Q1 2021 net sales surged **65.7%** to **$265.8 million**, driven by recovery from pandemic-related closures, leading to a **400 basis point** expansion in gross margin to **62.7%** and a swing to a **$34.9 million** operating profit from an **$85.5 million** loss Consolidated Results of Operations (in thousands) | Line Item | Fiscal 2021 | % of Sales | Fiscal 2020 | % of Sales | $ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Net sales | $265,762 | 100.0% | $160,343 | 100.0% | $105,419 | | Gross profit | $166,585 | 62.7% | $94,074 | 58.7% | $72,511 | | SG&A | $137,125 | 51.6% | $123,001 | 76.7% | $14,124 | | Operating income (loss) | $34,893 | 13.1% | $(85,489) | (53.3)% | $120,382 | Net Sales by Operating Group (in thousands) | Operating Group | Q1 Fiscal 2021 | Q1 Fiscal 2020 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Tommy Bahama | $156,698 | $86,984 | $69,714 | 80.1% | | Lilly Pulitzer | $73,576 | $49,149 | $24,427 | 49.7% | | Southern Tide | $15,466 | $8,301 | $7,165 | 86.3% | | Lanier Apparel | $12,019 | $10,725 | $1,294 | 12.1% | | **Consolidated** | **$265,762** | **$160,343** | **$105,419** | **65.7%** | [Financial Condition, Liquidity and Capital Resources](index=39&type=section&id=FINANCIAL%20CONDITION,%20LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company's financial condition strengthened significantly, ending Q1 2021 with **$92 million** in cash and no debt, compared to **$182 million** in cash and **$208 million** in debt a year prior, supported by **$41.0 million** in operating cash flow and **$322 million** in available credit Key Liquidity Measures (in thousands) | Metric | May 1, 2021 | May 2, 2020 | | :--- | :--- | :--- | | Working capital | $83,649 | $270,565 | | Working capital ratio | 1.37 | 2.77 | | Debt to total capital ratio | 0% | 32% | - The decrease in debt since May 2, 2020 was due to the repayment of all outstanding borrowings using cash on hand and cash flow from operations, as the company had previously borrowed funds as a precautionary measure during the COVID-19 pandemic[123](index=123&type=chunk) - Cash from operating activities was **$41.0 million** in Q1 2021, a significant improvement from a **$45.8 million** use of cash in Q1 2020, primarily driven by the swing from a net loss to net earnings[134](index=134&type=chunk) - Anticipated capital expenditures for Fiscal 2021 are expected to be approximately **$35 million**[148](index=148&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states that there have been no material changes in its exposure to market risks, including interest rate, foreign currency, commodity, and inflation risks, during the first quarter of Fiscal 2021 - There have not been any material changes in the company's exposure to interest rate, foreign currency, commodity, and inflation risks during the First Quarter of Fiscal 2021[156](index=156&type=chunk) [Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Based on an evaluation conducted by management, including the principal executive officer and principal financial officer, the company concluded that its disclosure controls and procedures were effective as of the end of the first quarter of Fiscal 2021, with no material changes in internal control over financial reporting during the quarter - Management, including the CEO and CFO, evaluated disclosure controls and procedures and concluded they were effective as of the end of the reporting period (May 1, 2021)[157](index=157&type=chunk) - There were no changes in internal control over financial reporting during the first quarter of Fiscal 2021 that materially affected, or are reasonably likely to materially affect, internal controls[159](index=159&type=chunk) [PART II. OTHER INFORMATION](index=34&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and regulatory actions in the ordinary course of business but is not currently a party to any proceedings expected to have a material impact on its financial position, results of operations, or cash flows - The company is not currently a party to any litigation or regulatory action that it believes could reasonably be expected to have a material impact on its financial position, results of operations or cash flows[160](index=160&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) The company states that its business is subject to numerous risks and directs investors to the detailed discussion of these risks in its Fiscal 2020 Form 10-K, with no new or materially changed risk factors presented in this quarterly report - Investors are advised to consider the risk factors discussed in the Fiscal 2020 Form 10-K, as they could materially affect the business, financial condition, or operating results[161](index=161&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not make any unregistered sales of equity securities during Q1 2021, but repurchased **33,787 shares** at an average price of **$88.30** per share from employees to cover tax liabilities related to stock award vesting, with **$32 million** remaining available under the public stock repurchase program - During Q1 Fiscal 2021, the company did not make any unregistered sales of equity securities[163](index=163&type=chunk) Share Repurchases in Q1 Fiscal 2021 | Fiscal Month | Total Number of Shares Purchased | Average Price Paid per Share (in USD) | | :--- | :--- | :--- | | February | - | $ - | | March | 33,787 | $88.30 | | April | - | $ - | | **Total** | **33,787** | **$88.30** | - As of May 1, 2021, **$32 million** remained available for future repurchases under the company's stock repurchase authorization[163](index=163&type=chunk) [Defaults Upon Senior Securities](index=35&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None reported - None[164](index=164&type=chunk) [Mine Safety Disclosures](index=35&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) None reported - None[164](index=164&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) None reported - None[164](index=164&type=chunk) [Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO under Sections 302 and 906 of the Sarbanes-Oxley Act, and XBRL data files - Exhibits filed with this report include Section 302 and 906 certifications by the Principal Executive Officer and Principal Financial Officer[164](index=164&type=chunk)

Financial Data and Key Metrics Changes - First quarter sales were $266 million, down from $282 million in fiscal 2019, but above the guidance range of $220 million to $240 million [12] - Adjusted earnings per share increased to $1.89 compared to $1.30 in the first quarter of fiscal 2019 [13] - Gross margin expanded 520 basis points over 2019 to 64% [34] - Consolidated adjusted operating margin expanded 410 basis points over 2019 to 15% [36] Business Line Data and Key Metrics Changes - E-commerce sales increased by 55% compared to 2019, significantly contributing to overall sales growth [31] - Tommy Bahama's women's business outperformed the men's business, indicating strong brand loyalty and customer engagement [19] - Lilly Pulitzer's sales exceeded first quarter 2019 levels, with an operating margin of 27% compared to 21% in 2019 [21] Market Data and Key Metrics Changes - Retail sales were 16% lower than in 2019, with significant regional differences in recovery, particularly strong in the Southeast and Southwest [32] - Restaurants experienced a 7% sales increase compared to 2019, benefiting from the addition of new Marlin Bars [33] - Inventory decreased 29% on a FIFO basis compared to the end of the first quarter of 2020, indicating effective inventory management [37] Company Strategy and Development Direction - The company is focused on enhancing digital marketing and omni-channel customer service to drive growth [16] - Plans to open new retail stores and a new Marlin Bar in Las Vegas, indicating a commitment to physical expansion [49] - Continued investment in information technology initiatives and digital marketing to support growth opportunities [48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of regions that were slower to rebound, anticipating continued consumer interest in travel and social events [26] - The company expects strong revenue and earnings in the second quarter, projecting sales between $300 million to $310 million [40] - Management highlighted the importance of brand loyalty and customer engagement as key drivers for future growth [31] Other Important Information - The company is exiting the Lanier Apparel business, which is expected to impact sales negatively in the second quarter [41] - Cash provided by operating activities was $41 million in the first quarter of 2021, compared to cash used in operating activities of $46 million in the first quarter of 2020 [39] - The company has no debt and a strong liquidity position with $92 million in cash at the end of the first quarter [39] Q&A Session Summary Question: Inquiry about gross margin performance and inventory management - Management confirmed that there was no significant cost difference from carried-over inventory, which helped maintain brand health and avoid excess inventory [52][53] Question: Supply chain impact on inventory and clearance sales - Management indicated that higher sell-through rates were the primary cause of reduced inventory, with supply chain issues complicating inventory replenishment [59] Question: Performance of outlet stores versus full-price stores - Outlet sales were down, but gross margins remained healthy, indicating effective inventory management despite lower sales [60] Question: Recovery in Northern states and performance in Hawaii - Management noted improvements in the Mid-Atlantic, Northeast, and Midwest regions, with Hawaii showing mixed recovery based on tourist demographics [63][65] Question: E-commerce growth and margin impact - E-commerce is expected to continue growing as a percentage of total sales, with profitability remaining strong [70][72] Question: Operating margin expectations and efficiency improvements - Management anticipates entering low double-digit operating margins, with ongoing improvements in operational efficiency contributing to margin expansion [81][83]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 30, 2021 or ☐ 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 jurisdict ...

OXFORD OUR OBJECTIVE To maximize long-term shareholder value OUR STRATEGY To own a portfolio of lifestyle brands that, in the aggregate, create sustained, profitable growth OUR PURPOSE To make people happy NYSE: OXM OUR KEY STRATEGY Own brands that make people happy We are passionate about delighting our customers with memorable experiences and products they love. We take the long view – not surprising for a company that's been in business since 1942. Our history proves our ability to embrace change, innova ...

Oxford Industries, Inc. (NYSE:OXM) Q4 2020 Earnings Conference Call March 25, 2021 4:30 PM ET Company Participants Anne Shoemaker - VP, Capital Markets & Treasurer Thomas Chubb - Chairman, CEO & President Scott Grassmyer - EVP, Finance, CFO & Controller Conference Call Participants Paul Lejuez - Citigroup Matthew Degulis - KeyBanc Capital Markets Steven Marotta - CL King & Associates Susan Anderson - B. Riley Securities Dana Telsey - Telsey Advisory Group Operator Greetings, and welcome to Oxford Industries ...

Financial Data and Key Metrics Changes - The company reported a gross margin of 55% for the quarter, consistent with the previous year, while SG&A expenses decreased by 15% or $21 million [16][18] - Inventory was down 4% compared to last year, which the company believes is properly reserved and positions it well for future sales [18][54] Business Line Data and Key Metrics Changes - Full price e-commerce business grew by 51%, with Tommy Bahama increasing by 38%, Lilly Pulitzer by 93%, and Southern Tide by 36% [13][14] - Full price retail sales decreased by 45% due to significantly reduced traffic and operational restrictions in stores [14] Market Data and Key Metrics Changes - The company noted that traffic in malls is expected to remain significantly below 2019 levels, with department stores becoming less relevant [7][20] - E-commerce is anticipated to grow larger and more important in the post-pandemic environment [7][20] Company Strategy and Development Direction - The company is focusing on building a customer-focused, digitally driven, and mobile-centered shopping experience [9] - The decision to exit the legacy Lanier Apparel business aligns with the company's long-term vision and strategy [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's positioning for success in a post-pandemic environment, emphasizing the importance of e-commerce and digital marketing [6][9] - The company expects fourth-quarter revenue to decline similarly to the third quarter, with a smaller top line anticipated for fiscal 2021 compared to 2019 [20] Other Important Information - The company announced a quarterly dividend of $0.25 per share, maintaining its commitment to returning value to shareholders [21] - The company has closed several stores and plans to continue evaluating its store base for potential closures [19][52] Q&A Session Questions and Answers Question: Can you discuss sales trends quarter-to-date and expectations for the rest of the quarter? - Management noted strong sales trends with e-commerce continuing to perform well, although California's restrictions have impacted expectations for the fourth quarter [24][25] Question: How should we think about gross margin for Q4? - Gross margin is expected to be down slightly year-over-year for Q4, but comparable to Q4 of the previous year [27] Question: What are the implications of the promotional cadence going forward? - Management indicated that shifting the promotional cadence has been beneficial and will be considered for future strategies [44] Question: How is the home product line performing? - The home product line at Tommy Bahama is popular, particularly giftable items, although it is not a massive part of the line [37] Question: What changes have been observed in regional performance? - Florida and the Southeast have shown stronger performance, while California and Hawaii have faced challenges due to COVID-19 restrictions [39]

Financial Data and Key Metrics Changes - The company reported a 36% year-over-year decrease in sales for Q2 2020, driven by lower sales in retail, restaurant, and wholesale channels, partially offset by a 52% increase in e-commerce sales [21][7] - Gross margin decreased to 55% from 60% in the same quarter last year, attributed to more promotional activities and inventory markdowns [22] - The company ended the quarter with a strong liquidity position, having over $30 million in net cash and over $250 million available under its credit facility [20][25] Business Line Data and Key Metrics Changes - E-commerce sales increased by 52% year-over-year, with Lilly Pulitzer showing a remarkable 142% growth [7][8] - The wholesale channel, which represented approximately 30% of revenue in 2019, saw sales in Q2 drop to less than half of the previous year's figures [17] - The company plans to close approximately 10 underperforming locations by the end of 2020, while also opening new Marlin bars [13][14] Market Data and Key Metrics Changes - Key markets such as Hawaii, Las Vegas, and New York City faced significant challenges due to travel restrictions and reduced tourist traffic [11][55] - Conversely, drive-to markets like Destin, Florida, and Palm Springs showed strong performance as consumers opted for local vacations [56] Company Strategy and Development Direction - The company is focusing on enhancing its digital capabilities and e-commerce strategy, believing that the shift to online shopping will continue post-pandemic [10][6] - The management is selectively pruning underperforming locations while also exploring new store openings, particularly for the Marlin bar concept [12][14] - The company aims to return to growth and resume its long-term track record of generating increased shareholder value in 2021 and beyond [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by the pandemic but expressed optimism about the company's ability to adapt and thrive in the current environment [6][20] - The outlook for Q3 suggests a continued decline in brick-and-mortar traffic, with expectations for revenue to decline at a rate similar to Q2 [26] - For 2021, the company plans to approach the year conservatively, anticipating a smaller starting point than 2019 but on a growth trajectory [42] Other Important Information - The company incurred $10 million in adjusted losses related to credit losses and inventory markdowns during the quarter [23] - The company declared a quarterly dividend of $0.25 per share, emphasizing its commitment to shareholders [27] Q&A Session Summary Question: Inventory health and markdown risk - Management indicated that inventory levels are slightly higher than ideal but properly marked down, with Tommy Bahama's inventory expected to return below last year's levels [30][31] Question: E-commerce acceleration permanence - Management believes the shift to e-commerce is likely to be long-term, with expectations for e-commerce to be a significantly larger portion of the business in 2021 compared to 2019 [38][39] Question: Outlook for 2021 - Management plans conservatively for 2021, expecting it to be smaller than 2019 but on a growth trajectory [42] Question: Performance across geographies - Hawaii is currently shut down due to travel restrictions, while drive-to markets like Destin and Palm Springs are performing well [55][56] Question: Promotional environment in Q3 - Management plans a smaller flash sale for Lilly in Q3 compared to previous years, with an overall strategy to manage inventories without being highly promotional [60]

Oxford Industries, Inc. (NYSE:OXM) Q1 2020 Earnings Conference Call June 10, 2020 4:30 PM ET Company Participants Anne Shoemaker - VP, Capital Markets & Treasurer Thomas Chubb - Chairman, CEO & President Scott Grassmyer - EVP, Finance, CFO & Controller Conference Call Participants Rakesh Patel - Needham & Company Edward Yruma - KeyBanc Capital Markets Susan Anderson - B. Riley FBR Steven Marotta - CL King & Associates Dana Telsey - Telsey Advisory Group Operator Greetings, and welcome to Oxford Industries F ...

Oxford K AL 2019 RESULTS FISC CONSOLIDATED REVENUE Retail 39% $1.13B GROSS MARGIN 57.4% / 57.6%ADJ OPERATING MARGIN 8.3% / 8.8% ADJ EPS $4.05 / $4.32 ADJ E-Commerce 23% Restaurant 8% Tommy Bahama 60% Lilly Pulitzer 25% Lanier Apparel 9% Southern Tide 4% Wholesale 30% O TLO U AL 2020 O FISC DUE TO THE UNCERTAINTY CREATED BY THE COVID-19 PANDEMIC, THE COMPANY IS NOT PROVIDING A FINANCIAL OUTLOOK FOR FISCAL 2020 AT THIS TIME | --- | --- | |-----------------------|-------------------| | | | | OWNED BRANDS | | | ...