Group 1 - Analysts project that Oxford Industries (OXM) will announce quarterly earnings of $1.21 per share, a decline of 56.3% year over year [1] - Revenues are expected to reach $407.65 million, declining 2.9% from the same quarter last year [1] - The consensus EPS estimate for the quarter has remained unchanged over the past 30 days, indicating a reassessment by covering analysts [1] Group 2 - The combined assessment suggests 'Net Sales- Emerging Brands' will likely reach $33.95 million, indicating a change of +3.2% year over year [4] - 'Net Sales- Lilly Pulitzer' is estimated to reach $98.15 million, reflecting a change of +7% year over year [4] - 'Net Sales- Tommy Bahama' is projected at $229.15 million, indicating a change of -6.5% from the prior-year quarter [4] Group 3 - 'Net Sales- Johnny Was' is predicted to reach $46.55 million, suggesting a change of -7.5% year over year [5] - Shares of Oxford Industries have demonstrated returns of +10% over the past month, outperforming the Zacks S&P 500 composite's +2.8% change [5] - With a Zacks Rank 3 (Hold), OXM is expected to mirror the overall market performance in the near future [5]

Core Viewpoint - Oxford Industries, Inc. is set to release its second quarter fiscal 2025 financial results on September 10, 2025, after market close, followed by a conference call to discuss the results [1]. Group 1: Financial Results Announcement - The company will announce its second quarter fiscal 2025 financial results after the market closes on September 10, 2025 [1]. - A conference call will be held at 4:30 p.m. ET on the same day, hosted by key executives including the Chairman and CEO, Thomas C. Chubb III, and CFO, K. Scott Grassmyer [1]. Group 2: Webcast Information - A live webcast of the conference call will be available on the company's website [2]. - The replay of the webcast will be accessible on the website until September 24, 2025, and by phone using a specific access code [2]. Group 3: Company Overview - Oxford Industries is a leader in the apparel industry, owning several well-known brands such as Tommy Bahama®, Lilly Pulitzer®, and Johnny Was® [3]. - The company's stock has been traded on the New York Stock Exchange since 1964 under the symbol OXM [3].

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)

Core Insights - Oxford Industries reported revenue of $392.86 million for the quarter ended April 2025, reflecting a year-over-year decline of 1.3% and an EPS of $1.82, down from $2.66 a year ago, with a revenue surprise of +1.98% over the Zacks Consensus Estimate of $385.23 million [1] Financial Performance - The company’s net sales for Emerging Brands were $34.20 million, exceeding the average estimate of $33.70 million, representing a year-over-year increase of +3.6% [4] - Net Sales for Lilly Pulitzer reached $99 million, surpassing the two-analyst average estimate of $91.10 million, with a year-over-year change of +12% [4] - Tommy Bahama's net sales were reported at $216.20 million, slightly above the average estimate of $214.30 million, but showed a year-over-year decline of -4.2% [4] - Johnny Was reported net sales of $43.50 million, below the estimated $46.10 million, indicating a year-over-year decrease of -15% [4] Stock Performance - Over the past month, shares of Oxford Industries have returned -6.4%, contrasting with the Zacks S&P 500 composite's +6.9% change, and the stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

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]

Financial Data and Key Metrics Changes - Consolidated net sales for Q1 fiscal 2025 were $393 million, down from $398 million in Q1 fiscal 2024, aligning with guidance of $375 million to $395 million [20] - Adjusted gross margin contracted by 110 basis points to 64.3%, primarily due to increased freight expenses and markdowns [21] - 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 [24] - Adjusted net earnings per share were $1.82, down from $6.68 in the previous year [25][33] 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 [21] - Tommy Bahama and Johnny Was experienced lower sales, with Tommy Bahama's performance impacted by a negative comp of 5% [20][21] - E-commerce sales decreased by 5%, while wholesale channel sales increased by 4% [20] Market Data and Key Metrics Changes - Sales in brick-and-mortar locations were down 1%, with a negative comp of 5% [20] - Sales in food and beverage locations decreased by 3%, while outlet sales remained comparable year-over-year [20] - The wholesale channel showed resilience with a 4% increase, particularly in major department stores [21] Company Strategy and Development Direction - The company is focusing on delivering happiness through its brands, emphasizing innovative and differentiated products [5][8] - 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 [15][31] - The company aims to improve profitability in the Johnny Was brand, shifting focus from rapid growth to reinforcing fundamentals [18] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer sentiment is cautious, impacting discretionary spending [5][6] - The evolving U.S. trade policy and tariffs are creating challenges but are not seen as long-term threats to competitiveness [17] - 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 [27] Other Important Information - The company incurred $1 million in additional charges due to U.S. tariffs, impacting gross margin [21] - Inventory increased by $18 million or 12% on a LIFO basis, primarily due to tariff impacts [25][26] - Capital expenditures for the year are expected to be approximately $120 million, including ongoing investments in the new distribution center [35] Q&A Session Summary Question: What learnings have emerged from the strength in Lilly? - The key is focusing on the most committed customers, who account for over 60% of sales, and delivering products consistent with the brand's DNA while remaining relevant [39] 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 [41][43] Question: How did wholesale growth compare to expectations? - Wholesale growth of 4% was pleasing, with performance tracking expectations, although specialty stores remain challenged [48][49] 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 [56] Question: Can you discuss the tariff impact and mitigation strategies? - The gross impact of tariffs is now estimated at $40 million, with ongoing efforts to reduce sourcing from China and mitigate costs in future seasons [62][64] Question: How did sales trend in February versus March and April? - April was the strongest month, with sequential improvement through the quarter, while February was the weakest [73]