OXFORD INDUSTRIES INCOXM
OXFORD INDUSTRIES INC Segments Disclosure
Operating Segments
We identify our operating segments based on the way the chief operating decision maker ("CODM") organizes the components of our business for purposes of allocating resources and assessing performance. Our operating segment structure reflects a brand-focused management approach, emphasizing operational coordination and resource allocation across each brand’s direct to consumer, wholesale and licensing operations, as applicable.
Tommy Bahama, Lilly Pulitzer and Johnny Was each design, source, market and distribute apparel and related products bearing their respective trademarks and may license their trademarks for other product categories and each is identified as a reportable segment.
The operations of our smaller, earlier stage operating segments Southern Tide, TBBC, Duck Head and Jack Rogers are aggregated into the Emerging Brands reportable segment since they have similar economic characteristics, products, type and class of customers, and distribution methods. Each of the brands included in Emerging Brands designs, sources, markets and distributes apparel and related products bearing its respective trademarks and is supported by our emerging brands team that provides certain support functions to these smaller brands, including marketing and advertising execution, analysis and other functions, and in some instances, our larger brands. The shared resources provide for operating efficiencies and enhanced knowledge sharing across the brands.
Corporate and Other is a reconciling category for reporting purposes and includes the elimination of inter-segment sales that totaled less than $1 million, less than $1 million and $1 million in Fiscal 2025, Fiscal 2024, and Fiscal 2023, respectively. Corporate and Other also includes our corporate offices, substantially all financing activities, any other items that are not allocated to the operating segments, including LIFO inventory accounting adjustments as our LIFO pool does not correspond to our operating segment definitions, unallocated Corporate expenses and the operations of our Lyons, Georgia distribution center.
We changed our segment profit margin measure in the Fourth Quarter of Fiscal 2025 to segment earnings before interest, taxes, depreciation and amortization ("EBITDA"). Segment EBITDA also excludes infrequent operating charges, including impairments of goodwill, intangible assets and equity method investments. We believe that segment EBITDA is a useful measure because it allows management, analysts, investors, and other interested parties to evaluate the profitability of our business operations before the effects of certain net expenses that directly arise from our capital investment decisions (depreciation and amortization), financing decisions (interest), tax strategies (income taxes), and infrequent operating charges (impairments of goodwill, intangible assets and equity method investments). As a result of this change in segment profit measure, prior periods have been restated to conform to the current period presentation. The change in the segment profit measure did not affect the total consolidated profit or loss of the Company.
The company’s chief operating decision maker is our Chairman, Chief Executive Officer and President. The CODM is responsible for allocating resources and assessing performance of the consolidated company and each operating segment. The profitability measure the CODM uses to assess operating segment performance and allocate resources is segment EBITDA. Our CODM uses segment EBITDA to evaluate performance by comparing historical, actual, and forecasted amounts on a regular basis. The tables below present certain financial information (in thousands) about our reportable segments, as well as Corporate and Other.
| Fiscal 2025 | Fiscal 2024 | Fiscal 2023 | |||||||||||||||
| Tommy Bahama | |||||||||||||||||
| Net sales | $ | 828,543 | $ | 869,604 | $ | 898,807 | |||||||||||
| Costs of goods sold | 316,401 | 320,738 | 319,689 | ||||||||||||||
| Gross profit | $ | 512,142 | $ | 548,866 | $ | 579,118 | |||||||||||
| Operating costs: | |||||||||||||||||
| Variable and distribution costs | 52,347 | 53,491 | 53,475 | ||||||||||||||
| Advertising costs | 41,279 | 40,801 | 37,812 | ||||||||||||||
| Employment costs | 188,097 | 183,297 | 187,325 | ||||||||||||||
| Occupancy costs | 94,230 | 90,373 | 85,174 | ||||||||||||||
Other segment items (1) | 41,603 | 34,625 | 28,656 | ||||||||||||||
| Tommy Bahama Segment EBITDA | $ | 94,586 | $ | 146,279 | $ | 186,676 | |||||||||||
| Lilly Pulitzer | |||||||||||||||||
| Net sales | $ | 337,792 | $ | 323,917 | $ | 343,499 | |||||||||||
| Costs of goods sold | 125,928 | 114,892 | 117,293 | ||||||||||||||
| Gross profit | $ | 211,864 | $ | 209,025 | $ | 226,206 | |||||||||||
| Operating costs: | |||||||||||||||||
| Variable and distribution costs | 22,188 | 19,328 | 19,993 | ||||||||||||||
| Advertising costs | 29,841 | 31,744 | 33,895 | ||||||||||||||
| Employment costs | 52,723 | 51,350 | 53,777 | ||||||||||||||
| Occupancy costs | 23,127 | 21,153 | 19,855 | ||||||||||||||
Other segment items (1) | 31,846 | 27,302 | 25,973 | ||||||||||||||
| Lilly Pulitzer Segment EBITDA | $ | 52,139 | $ | 58,148 | $ | 72,713 | |||||||||||
| Johnny Was | |||||||||||||||||
| Net sales | $ | 169,065 | $ | 194,978 | $ | 202,859 | |||||||||||
| Costs of goods sold | 63,859 | 67,884 | 65,292 | ||||||||||||||
| Gross profit | $ | 105,206 | $ | 127,094 | $ | 137,567 | |||||||||||
| Operating costs: | |||||||||||||||||
| Variable and distribution costs | 8,806 | 11,818 | 12,023 | ||||||||||||||
| Advertising costs | 20,361 | 26,743 | 24,795 | ||||||||||||||
| Employment costs | 39,167 | 38,927 | 35,847 | ||||||||||||||
| Occupancy costs | 20,487 | 22,627 | 20,814 | ||||||||||||||
Other segment items (1) | 24,923 | 19,450 | 18,934 | ||||||||||||||
| Johnny Was Segment EBITDA | $ | (8,538) | $ | 7,529 | $ | 25,154 | |||||||||||
| Emerging Brands | |||||||||||||||||
| Net sales | $ | 142,879 | $ | 128,428 | $ | 126,825 | |||||||||||
| Costs of goods sold | 65,353 | 54,753 | 65,027 | ||||||||||||||
| Gross profit | $ | 77,526 | $ | 73,675 | $ | 61,798 | |||||||||||
| Operating costs: | |||||||||||||||||
| Variable and distribution costs | 11,882 | 9,902 | 10,096 | ||||||||||||||
| Advertising costs | 12,245 | 11,790 | 8,426 | ||||||||||||||
| Employment costs | 26,364 | 23,819 | 18,528 | ||||||||||||||
| Occupancy costs | 8,152 | 6,300 | 3,392 | ||||||||||||||
Other segment items (1) | 14,140 | 11,972 | 10,164 | ||||||||||||||
| Emerging Brands Segment EBITDA | $ | 4,743 | $ | 9,892 | $ | 11,192 | |||||||||||
| Corporate | |||||||||||||||||
| Net sales | $ | (445) | $ | (326) | $ | (515) | |||||||||||
Cost of goods sold (2) | 8,555 | 3,763 | 8,589 | ||||||||||||||
| Gross profit | $ | (9,000) | $ | (4,089) | $ | (9,104) | |||||||||||
Unallocated Corporate costs and income (3) | 38,335 | 30,851 | 27,972 | ||||||||||||||
| Corporate EBITDA | $ | (47,335) | $ | (34,940) | $ | (37,076) | |||||||||||
| Adjusted EBITDA | $ | 95,595 | $ | 186,908 | $ | 258,659 | |||||||||||
(1)For all reportable segments, other segment items primarily consists of software costs, professional services costs, other selling, general and administrative costs, royalties and other income and provisions for credit losses.
(2)Cost of goods sold for Corporate and Other included a LIFO accounting charge of $8 million, $3 million and $10 million in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively.
(3)Unallocated Corporate costs for Corporate and Other primarily consists of unallocated employment and other overhead expenses.
The following table presents a reconciliation from Adjusted EBITDA to consolidated operating income (loss), earnings (loss) before income taxes, and total net earnings (loss):
| Fiscal 2025 | Fiscal 2024 | Fiscal 2023 | |||||||||||||||
| Adjusted EBITDA | $ | 95,595 | $ | 186,908 | $ | 258,659 | |||||||||||
| Impairment of goodwill, intangible assets and equity method investments | 60,980 | — | 113,611 | ||||||||||||||
| EBITDA | $ | 34,615 | $ | 186,908 | $ | 145,048 | |||||||||||
| Depreciation and amortization | 65,899 | 67,872 | 64,066 | ||||||||||||||
| Operating income (loss) | $ | (31,284) | $ | 119,036 | $ | 80,982 | |||||||||||
| Interest expense, net | 6,870 | 2,468 | 6,036 | ||||||||||||||
| Earnings (loss) before income taxes | $ | (38,154) | $ | 116,568 | $ | 74,946 | |||||||||||
| Income tax expense (benefit) | (10,265) | 23,595 | 14,243 | ||||||||||||||
| Net earnings (loss) | $ | (27,889) | $ | 92,973 | $ | 60,703 | |||||||||||
The tables below present certain financial information (in thousands) about our reportable segments, as well as Corporate and Other.
| Fiscal 2025 | Fiscal 2024 | Fiscal 2023 | |||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Tommy Bahama | $ | 30,957 | $ | 29,012 | $ | 26,133 | |||||||||||
| Lilly Pulitzer | 17,752 | 19,053 | 16,603 | ||||||||||||||
| Johnny Was | 12,516 | 16,292 | 18,794 | ||||||||||||||
| Emerging Brands | 3,887 | 2,993 | 2,003 | ||||||||||||||
| Corporate and Other | 787 | 522 | 533 | ||||||||||||||
| Depreciation and amortization | $ | 65,899 | $ | 67,872 | $ | 64,066 | |||||||||||
| Purchases of Property and Equipment | |||||||||||||||||
| Tommy Bahama | $ | 37,222 | $ | 44,027 | $ | 39,060 | |||||||||||
| Lilly Pulitzer | 9,256 | 6,178 | 24,100 | ||||||||||||||
| Johnny Was | 690 | 3,475 | 6,105 | ||||||||||||||
| Emerging Brands | 2,709 | 11,125 | 3,768 | ||||||||||||||
Corporate and Other (1) | 58,462 | 69,426 | 1,065 | ||||||||||||||
| Purchases of Property and Equipment | $ | 108,339 | $ | 134,231 | $ | 74,098 | |||||||||||
| January 31, 2026 | February 1, 2025 | ||||||||||
| Total Assets | |||||||||||
Tommy Bahama (2) | $ | 693,069 | $ | 681,730 | |||||||
Lilly Pulitzer (3) | 214,411 | 205,398 | |||||||||
Johnny Was (4) | 161,255 | 235,558 | |||||||||
Emerging Brands (5) | 122,465 | 121,574 | |||||||||
Corporate and Other (1) | 117,758 | 45,545 | |||||||||
| Total Assets | $ | 1,308,958 | $ | 1,289,805 | |||||||
(1)The Fiscal 2025 increase in Corporate and Other total assets relates primarily to the purchase of new equipment related to the project to build a new distribution center in Lyons, Georgia.
(2)The Fiscal 2025 increase in Tommy Bahama total assets includes increases in operating lease assets and property, plant and equipment related to the opening of new food and beverage and retail locations partially offset by a decrease in receivables.
(3)The Fiscal 2025 increase in Lilly Pulitzer total assets includes increases in operating lease assets and software related assets partially offset by a decrease in property, plant and equipment.
(4)The Fiscal 2025 decrease in Johnny Was total assets relates primarily to the $57 million impairment charge for intangible assets, amortization of acquired intangible assets and a decrease in operating lease assets, inventories and receivables.
(5)The Fiscal 2025 increase in Emerging Brands total assets includes an increase in inventories partially offset by the $4 million impairment charge for goodwill and intangible assets related to Jack Rogers.
Net book value of our property and equipment and net sales by geographic area are presented in the tables below (in thousands). The other foreign amounts primarily relate to our Tommy Bahama operations in Canada and Australia.
| January 31, 2026 | February 1, 2025 | ||||||||||
| Net Book Value of Property and Equipment | |||||||||||
| United States | $ | 320,240 | $ | 268,996 | |||||||
| Other foreign | 5,357 | 3,694 | |||||||||
| $ | 325,597 | $ | 272,690 | ||||||||
| Fiscal 2025 | Fiscal 2024 | Fiscal 2023 | |||||||||||||||
| Net Sales | |||||||||||||||||
| United States | $ | 1,440,345 | $ | 1,477,294 | $ | 1,532,100 | |||||||||||
| Other foreign | 37,489 | 39,307 | 39,375 | ||||||||||||||
| $ | 1,477,834 | $ | 1,516,601 | $ | 1,571,475 | ||||||||||||
The tables below quantify net sales, for each reportable segment, as well as Corporate and Other, and in total (in thousands), and the percentage of net sales by distribution channel for each operating segment and in total, for each period presented. We have calculated all percentages below based on actual data, and percentages may not add to 100 due to rounding.
| Fiscal 2025 | |||||||||||||||||||||||||||||||||||
| Net Sales | Retail | E‑commerce | Food and Beverage | Wholesale | Other | ||||||||||||||||||||||||||||||
| Tommy Bahama | $ | 828,543 | 45 | % | 25 | % | 15 | % | 15 | % | — | % | |||||||||||||||||||||||
| Lilly Pulitzer | 337,792 | 34 | % | 49 | % | — | % | 17 | % | — | % | ||||||||||||||||||||||||
| Johnny Was | 169,065 | 38 | % | 43 | % | — | % | 19 | % | — | % | ||||||||||||||||||||||||
| Emerging Brands | 142,879 | 19 | % | 47 | % | — | % | 34 | % | — | % | ||||||||||||||||||||||||
| Corporate and Other | (445) | — | % | — | % | — | % | — | % | NM % | |||||||||||||||||||||||||
| Consolidated net sales | $ | 1,477,834 | 40 | % | 34 | % | 8 | % | 18 | % | — | % | |||||||||||||||||||||||
| Fiscal 2024 | |||||||||||||||||||||||||||||||||||
| Net Sales | Retail | E‑commerce | Food and Beverage | Wholesale | Other | ||||||||||||||||||||||||||||||
| Tommy Bahama | $ | 869,604 | 45 | % | 26 | % | 13 | % | 16 | % | — | % | |||||||||||||||||||||||
| Lilly Pulitzer | 323,917 | 35 | % | 48 | % | — | % | 17 | % | — | % | ||||||||||||||||||||||||
Johnny Was | 194,978 | 38 | % | 43 | % | — | % | 19 | % | — | % | ||||||||||||||||||||||||
| Emerging Brands | 128,428 | 17 | % | 44 | % | — | % | 39 | % | — | % | ||||||||||||||||||||||||
| Corporate and Other | (326) | — | % | — | % | — | % | — | % | NM % | |||||||||||||||||||||||||
| Consolidated net sales | $ | 1,516,601 | 39 | % | 34 | % | 8 | % | 19 | % | — | % | |||||||||||||||||||||||
| Fiscal 2023 | |||||||||||||||||||||||||||||||||||
| Net Sales | Retail | E‑commerce | Food and Beverage | Wholesale | Other | ||||||||||||||||||||||||||||||
| Tommy Bahama | $ | 898,807 | 45 | % | 25 | % | 13 | % | 17 | % | — | % | |||||||||||||||||||||||
| Lilly Pulitzer | 343,499 | 33 | % | 51 | % | — | % | 16 | % | — | % | ||||||||||||||||||||||||
| Johnny Was | 202,859 | 38 | % | 41 | % | — | % | 21 | % | — | % | ||||||||||||||||||||||||
| Emerging Brands | 126,825 | 11 | % | 43 | % | — | % | 46 | % | — | % | ||||||||||||||||||||||||
| Corporate and Other | (515) | — | % | — | % | — | % | — | % | NM % | |||||||||||||||||||||||||
| Consolidated net sales | $ | 1,571,475 | 39 | % | 34 | % | 7 | % | 20 | % | — | % | |||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 27, 2026 | Showing above |
| 2025 | Mar 31, 2025 | |
| 2024 | Apr 1, 2024 | |
| 2023 | Mar 28, 2023 | |
| 2019 | Apr 1, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.