Oxford Industries (OXM) Q4 2026 earnings summary

Executive summary

• Fiscal 2025 net sales declined 3% year-over-year to $1.48 billion, with adjusted EPS of $2.11 and a net loss of $27.9 million, impacted by $61 million in noncash impairment charges, mainly for Johnny Was, and a $0.19 per share charge from the Saks Global bankruptcy.

• Fourth quarter net sales and adjusted EPS landed at the midpoint of guidance, excluding charges from the Saks Global bankruptcy.

• Consumer environment was uneven during the holiday season, but late Q4 trends improved, especially at Tommy Bahama.

• Actions to strengthen supply chain and diversify sourcing protected gross margins despite higher tariffs; sourcing from China reduced from 40% to 15% entering 2026.

• New state-of-the-art distribution center in Lyons, Georgia, completed post-year-end, marking a major infrastructure investment.

Financial highlights

• Fiscal 2025 consolidated net sales decreased 3% to $1.48 billion year-over-year; adjusted gross margin contracted 190 bps to 61.3%, mainly due to $30 million in higher tariffs.

• Adjusted EBITDA was $107 million (7.2% margin), down from $193 million (12.7%) in prior year; full-year EBITDA was $36 million, down from $187 million.

• Adjusted EPS was $2.11, including $0.19 in charges from the Saks bankruptcy; GAAP loss per share was $1.86.

• SG&A expenses rose to $818 million from $787 million, mainly due to new retail locations and higher costs.

• Long-term debt rose to $116 million from $31 million, with $120 million in operating cash flow and $108 million in capex.

Outlook and guidance

• Fiscal 2026 net sales expected at $1.475–1.53 billion, flat to up 4% year-over-year; adjusted EPS guidance of $2.10–$2.70, GAAP EPS of $1.83–$2.43.

• First quarter 2026 net sales guidance: $385–$395 million; adjusted EPS $1.20–$1.30.

• Tariff headwinds of $50 million expected in 2026, with $12 million impact in Q1; guidance includes $20 million impact from higher tariffs and $5 million in increased depreciation.

• Gross margin projected to expand modestly to ~62% due to price increases and higher DTC mix.

• SG&A to grow low single digits; capex to decrease to $65 million, mainly for Lyons DC completion and select new stores.

• Cash flow from operations expected at $130 million, supporting debt reduction and dividend payments.