Oxford Industries (OXM) Q1 2026 earnings summary

Executive summary

• First quarter fiscal 2025 net sales were $393 million, down 1.3% year-over-year, with operating income of $36.2 million, a 31% decrease from Q1 2024; adjusted EPS was $1.82, down from $2.66.

• Results met guidance despite challenging market conditions, evolving U.S. trade policy, and new tariffs.

• Growth at Lilly Pulitzer and Emerging Brands partially offset declines at Tommy Bahama and Johnny Was.

• Gross margin remained above 64%, supported by supply chain diversification efforts.

• SG&A expenses rose due to new store openings, higher employment, occupancy, and IT costs.

Financial highlights

• Q1 consolidated net sales were $393 million (down 1.3% year-over-year), near the high end of guidance.

• Adjusted gross margin contracted to 64.3% (down 110 bps), mainly due to higher freight, markdowns, and sales mix.

• Adjusted operating profit was $39 million (9.8% margin) versus $57 million (14.4% margin) last year.

• Adjusted net earnings per share were $1.82; GAAP EPS was $1.70, down from $2.42.

• Cash from operations was negative $4 million, down from $33 million provided in the prior year.

Outlook and guidance

• Full-year 2025 net sales expected between $1.475 billion and $1.515 billion, a 3% decline to flat versus 2024.

• Adjusted EPS forecasted at $2.80–$3.20, down from $6.68 last year, reflecting $40 million in additional tariff costs.

• Q2 2025 sales expected at $395–$415 million, with adjusted EPS of $1.05–$1.25.

• Capital expenditures for 2025 projected at $120 million, mainly for the Lyons, Georgia distribution center and new stores.

• Management remains cautious due to macroeconomic uncertainty, ongoing tariff impacts, and heightened promotional activity.