Financial Analysis

"Business Combinations 2023 During Fiscal 2023, we completed business combinations that were insignificant, individually and in the aggregate, to the consolidated financial statements for an aggregate purchase price of $11 million. The business combinations included the acquisition of certain assets from Jack Rogers LLC and Jack Rogers Holding Company LLC and their subsidiaries (collectively Jack Rogers) and the acquisition of six former Southern Tide signature stores. The assets acquired and liabilities assumed were recorded based on the provisional estimated fair values, including intangible assets of $5 million, inventory of $3 million and goodwill of $3 million. See ""Note 5Intangible Assets and Goodwill"" for the allocation of goodwill to the respective segments. The operating results of each acquisition have been included in the consolidated financial statements since the respective acquisition dates. We did not recognize any significant measurement period adjustments related to the Fiscal 2023 business combinations."

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Debt On March 6, 2023, we entered into a Second Amendment to the Fourth Amended and Restated Credit Agreement (the U.S. Revolving Credit Agreement). The U.S. Revolving Credit Agreement provides for a revolving credit facility of up to $325 million, which may be used to fund working capital, to fund future acquisitions and for general corporate purposes. The U.S. Revolving Credit Agreement amended and restated our Fourth Amended and Restated Credit Agreement (the Prior Credit Agreement). The U.S. Revolving Credit Agreement (1) extended the maturity of the facility from July 2024 to March 2028 and (2) modified certain provisions of the agreement. During Fiscal 2023, we capitalized debt issuance costs of $2 million in other non-current assets in connection with commitments upon entering into the U.S. Revolving Credit Agreement. Pursuant to the U.S. Revolving Credit Agreement, the interest rate applicable to our borrowings under the U.S. Revolving Credit Agreement is based on either the Term Secured Overnight Financing Rate plus an applicable margin of 135 to 185 basis points or prime plus an applicable margin of 25 to 75 basis points. The U.S. Revolving Credit Agreement generally (1) is limited to a borrowing base consisting of specified percentages of eligible categories of assets, (2) accrues variable-rate interest (weighted average interest rate of 5% as of January 31, 2026), unused line fees and letter of credit fees based upon average utilization or unused availability, as …

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The table below quantifies the amount of net sales by distribution channel (in thousands) for each period presented. Fiscal 2025 Fiscal 2024 Fiscal 2023 Retail $ 583,054 $ 599,706 $ 605,486 E-commerce 506,238 519,283 538,224 Food and Beverage 121,160 116,821 115,766 Wholesale 267,827 281,115 311,910 Other (445) (324) 89 Net sales $ 1,477,834 $ 1,516,601 $ 1,571,475

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"Equity Compensation Long-Term Stock Incentive Plan and Equity Compensation Expense As of January 31, 2026, shares available for issuance under our Long-Term Stock Incentive Plan (the Long- Term Stock Incentive Plan) were less than 1 million shares. The Long-Term Stock Incentive Plan allows us to grant equity-based awards to employees and non-employee directors in the form of, among other things, stock options, stock appreciation rights, restricted shares and/or restricted share units. No additional shares are available under any predecessor plans. The specific provisions of restricted share awards are evidenced by agreements with the employee as determined by the compensation committee of our Board of Directors. Restricted shares and restricted share units granted to officers and other key employees in recent years generally vest three years from the date of grant if (1) the performance or market threshold, if any, was met and (2) the employee is still employed by us on the vesting date. The employee generally is restricted from transferring or selling any restricted shares or restricted share units and forfeits the awards upon the termination of employment prior to the end of the vesting period. The restricted share unit awards granted during Fiscal 2025, Fiscal 2024 and Fiscal 2023 include certain clauses related to accelerated vesting upon the occurrence of qualifying retirement, death or disability of the employee prior to the vesting date, while the restricted share awa …

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"Intangible Assets and Goodwill Intangible assets by category are summarized below (in thousands): January 31, 2026 February 1, 2025 Intangible assets with finite lives $ 118,719 $ 120,616 Accumulated amortization and impairment (85,808) (76,201) Total intangible assets with finite lives, net 32,911 44,415 Intangible assets with indefinite lives: Tommy Bahama Trademark $ 110,700 $ 110,700 Lilly Pulitzer Trademark 27,500 27,500 Johnny Was Trademark 9,000 66,000 Southern Tide Trademark 9,300 9,300 Total intangible assets with indefinite lives $ 156,500 $ 213,500 Total intangible assets, net $ 189,411 $ 257,915 Intangible assets, by reportable segment, as well as Corporate and Other, and in total, for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are as follows (in thousands): Tommy Bahama Lilly Pulitzer Johnny Was Emerging Brands Corporate and Other Total Balance, January 28, 2023 $ 110,700 $ 27,859 $ 129,446 $ 15,840 $ $ 283,845 Acquisition 4,899 4,899 Impairment (11,900) (11,900) Amortization (227) (13,852) (664) (14,743) Balance, February 3, 2024 $ 110,700 $ 27,632 $ 103,694 $ 20,075 $ $ 262,101 Acquisition 7,814 7,814 Impairment Amortization (244) (10,870) (886) (12,000) Balance, February 1, 2025 $ 110,700 $ 35,202 $ 92,824 $ 19,189 $ $ 257,915 Acquisition 274 32 306 Impairment (57,000) (2,127) (59,127) Amortization (1,104) (7,734) (845) (9,683) Balance, January 31, 2026 $ 110,700 $ 34,372 $ 28,090 $ 16,249 $ $ 189,411 Based on the current estimated useful lives assigned to our …

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Income Taxes The following table summarizes our distribution between domestic and foreign earnings (loss) before income taxes and the provision (benefit) for income taxes (in thousands): Fiscal 2025 Fiscal 2024 Fiscal 2023 Earnings (loss) before income taxes: Domestic $ (41,924) $ 110,862 $ 62,772 Foreign 3,770 5,706 12,174 Earnings (loss) before income taxes $ (38,154) $ 116,568 $ 74,946 Income tax expense (benefit): Current tax expense (benefit): Federal $ (634) $ 14,229 $ 28,183 State 3,657 4,848 7,530 Foreign 319 825 2,419 Total current tax expense (benefit) 3,342 19,902 38,132 Deferred tax expense (benefit): Federal (8,052) 2,546 (19,348) State (5,273) 1,017 (4,735) Foreign $ (282) $ 130 $ 194 Total deferred tax expense (benefit) (13,607) 3,693 (23,889) Income tax expense (benefit) $ (10,265) $ 23,595 $ 14,243 We adopted ASU 2023-09 prospectively in Fiscal 2025. See Note 1 Business and Summary of Significant Accounting Policies for additional details on the adoption of ASU 2023-09. Our effective tax rate, as updated for ASC 2023-09, differed from the federal statutory rate for Fiscal 2025 as follows: Fiscal 2025 Amount (in thousands) Percentage Pre-tax book income $ (38,154) U.S. federal statutory tax rate (8,013) 21.0 % State and local income tax, net of federal (national) income tax effect (1) (2,370) 6.2 % Foreign tax effects 57 (0.2 %) Effect of changes in tax laws or rates enacted in the current period: (236) 0.6 % Effect of changes in cross-border tax laws: 230 (0. …

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Leases and Other Commitments For Fiscal 2025, operating lease expense, which includes amounts used in determining the operating lease liability and operating lease asset was $88 million and variable lease expense was $41 million, resulting in total lease expense of $129 million. For Fiscal 2024, operating lease expense was $82 million and variable lease expense was $47 million, resulting in total lease expense of $129 million. For Fiscal 2023, operating lease expense was $71 million and variable lease expense was $48 million, resulting in total lease expense of $119 million. The weighted-average remaining operating lease term was eight years as of both January 31, 2026 and February 1, 2025. The weighted-average discount rate for operating leases was 6.2% and 6.1% as of January 31, 2026 and February 1, 2025, respectively. Cash paid for lease amounts included in the measurement of operating lease liabilities in Fiscal 2025, Fiscal 2024 and Fiscal 2023 was $84 million, $87 million and $89 million, respectively. As of January 31, 2026, the required lease liability payments, which include base rent amounts but excludes payments for real estate taxes, sales taxes, insurance, other operating expenses and contingent rents incurred under operating lease agreements, for the fiscal years specified below were as follows (in thousands): Operating lease 2026 88,253 2027 80,072 2028 77,550 2029 62,212 2030 52,266 After 2030 211,948 Total lease payments $ 572,301 Less: Difference between dis …

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"Accounting Standards Adopted in Fiscal 2025 In December 2023, the FASB issued ASU 2023-09 ""Income Taxes (Topic 740): Improvements to Income Tax Disclosures"" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid by jurisdiction. We adopted ASU 2023-09 during the year ended January 31, 2026. See Note 11 ""Income Taxes"" in the accompanying notes to the consolidated financial statements for further detail. No other recently issued guidance adopted in Fiscal 2025 had a material impact on our consolidated financial statements upon adoption or is expected to have a material impact in future periods. Recently Issued Accounting Standards Applicable to Future Years In November 2024, the FASB issued ASU 2024-03 ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"" and in January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date. These updates expand the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items. The amendments in this update are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption and retrospective application are permitted. We are evaluating how the enhanced disclosure requirements of ASU 2024-03 will affec …

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"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 brands 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 …

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Shareholders Equity Common Stock We had 60 million shares of $1.00 par value per share common stock authorized for issuance as of January 31, 2026 and February 1, 2025. As of January 31, 2026 and February 1, 2025, we had 15 million shares and 16 million shares, respectively, of common stock issued and outstanding. Dividends During Fiscal 2025, Fiscal 2024 and Fiscal 2023, we paid $42 million, $43 million and $42 million, respectively, of dividends to our shareholders. Although we have paid dividends in each quarter since we became a public company in July 1960, we may discontinue or modify dividend payments at any time if we determine that other uses of our capital, including payment of outstanding debt, funding of acquisitions, funding of capital expenditures or repurchases of outstanding shares, may be in our best interest; if our expectations of future cash flows and future cash needs outweigh the ability to pay a dividend; or if the terms of our credit facility, other debt instruments or applicable law limit our ability to pay dividends. Share Repurchases From time to time, we repurchase our common stock mainly through open market repurchase plans. On December 10, 2024, our Board of Directors authorized us to spend up to $100 million to repurchase shares of our stock. This authorization superseded and replaced all previous authorizations to repurchase shares of our stock. During Fiscal 2025, we repurchased 842,007 shares of our common stock at an average price of $59.38 f …

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Subsequent Events On February 20, 2026, the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act (IEEPA). Following the Supreme Court decision, the U.S. Administration announced a new 10% global tariff under Section 122 of the Trade Act of 1974, subject to certain carveouts. It is unclear, as of the filing date, what impact these decisions will have on our future financial results, including whether we will be able to obtain refunds of amounts previously paid for the IEEPA tariffs or any fluctuations of the level of replacement tariffs imposed or the addition of any new tariffs through other means.

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"Commitments and Contingencies: On February 20, 2026, the U.S. Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (""IEEPA""). During Fiscal 2025 and the First Quarter of Fiscal 2026, we paid approximately $40 million and $5 million, respectively, of IEEPA tariffs before the Supreme Court decision. We also recorded $30 million and $12 million of additional cost of goods sold relating to these tariffs during Fiscal 2025 and the First Quarter of Fiscal 2026, respectively. During the First Quarter of Fiscal 2026, we filed for refunds of previously paid tariffs assessed under IEEPA in an aggregate amount of approximately $25 million under Phase I of the refund process established by U.S. Customs and Border Protection (""CBP""). We expect to file refund claims for the remaining amount of tariffs paid when a formal process is established. The financial impact of the Supreme Court ruling as of May 2, 2026 was uncertain as it was unclear to what extent duties would be refunded by the CBP, the status of our filed claims, or if it was probable that we would collect related paid amounts. As such, we did not record any adjustments to our financial statements during the First Quarter of Fiscal 2026. Subsequent to the end of the First Quarter of Fiscal 2026, we began to receive refunds of filed claims and received approximately $5 million through the date of the filing of this report. We are working with the CBP and are contin …

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"Debt: Our Fourth Amended and Restated Credit Agreement (as amended, the ""U.S. Revolving Credit Agreement"") provides for a revolving credit facility of up to $325 million, which may be used to fund working capital requirements, capital expenditures, share repurchases, future acquisitions and for general corporate purposes. The U.S. Revolving Credit Agreement matures in March 2028. Pursuant to the U.S. Revolving Credit Agreement, the interest rate applicable to our borrowings under the U.S. Revolving Credit Agreement is based on either the Term Secured Overnight Financing Rate plus an applicable margin of 135 to 185 basis points or prime plus an applicable margin of 25 to 75 basis points. The U.S. Revolving Credit Agreement generally (1) is limited to a borrowing base consisting of specified percentages of eligible categories of assets, (2) accrues variable-rate interest (weighted average interest rate of 5% as of May 2, 2026), unused line fees and letter of credit fees based upon average utilization or unused availability, as applicable, (3) requires periodic interest payments with principal due at maturity and (4) is secured by a first priority security interest in substantially all of the assets of Oxford Industries, Inc. and its domestic subsidiaries, including accounts receivable, books and records, chattel paper, deposit accounts, equipment, certain general intangibles, inventory, investment property (including the equity interests of certain subsidiaries), negotiable …

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The table below quantifies net sales by distribution channel (in thousands) for each period presented. First Quarter Fiscal 2026 Fiscal 2025 Retail $ 154,110 $ 153,809 E-commerce 111,499 113,643 Food and Beverage 38,077 33,532 Wholesale 87,797 91,954 Other (81) (77) Net sales $ 391,402 $ 392,861

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Leases: For the First Quarter of Fiscal 2026, operating lease expense was $22 million and variable lease expense was $14 million, resulting in total lease expense of $36 million. In the First Quarter of Fiscal 2025, operating lease expense was $22 million and variable lease expense was $11 million, resulting in total lease expense of $33 million. Cash paid for lease amounts included in the measurement of operating lease liabilities in the First Quarter of Fiscal 2026 and the First Quarter of Fiscal 2025 was $29 million and $23 million, respectively. As of May 2, 2026, the stated lease liability payments for the fiscal years specified below were as follows (in thousands): Operating lease Remainder of 2026 $ 61,233 2027 83,823 2028 81,474 2029 65,535 2030 55,742 2031 45,717 After 2031 182,321 Total lease payments $ 575,845 Less: Difference between discounted and undiscounted lease payments 126,133 Present value of lease liabilities $ 449,712

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"Changes to U.S. GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standards Updates (ASUs) to the FASB Accounting Standards Codification (ASC). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to not be applicable or are expected to have an immaterial impact on our Condensed Consolidated Financial Statements. In November 2024, the FASB issued ASU 2024-03 ""Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses"" and in January 2025, the FASB issued ASU 2025-01, Clarifying the Effective Date. These updates expand the disclosure requirements about specific expense categories, primarily through disaggregated information on income statement line items. The amendments in this update are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption and retrospective application are permitted. We are evaluating how the enhanced disclosure requirements of ASU 2024-03 will affect our presentation, and we will include the incremental disclosures upon the effective date. In September 2025, the FASB issued ASU 2025-06, ""Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software."" The ASU is intended to improve and mod …

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Revenue Recognition and Receivables: Our revenue consists of direct to consumer sales, including our retail store, e-commerce and food and beverage operations, and wholesale sales, as well as royalty income, which is included in royalties and other operating income in our consolidated statements of operations. We recognize revenue when performance obligations under the terms of the contracts with our customers are satisfied. Our accounting policies related to revenue recognition for each type of contract with customers are described in the significant accounting policies in our Fiscal 2025 Form 10-K. The table below quantifies net sales by distribution channel (in thousands) for each period presented. First Quarter Fiscal 2026 Fiscal 2025 Retail $ 154,110 $ 153,809 E-commerce 111,499 113,643 Food and Beverage 38,077 33,532 Wholesale 87,797 91,954 Other (81) (77) Net sales $ 391,402 $ 392,861 An estimated sales return liability of $9 million, $9 million and $12 million for expected direct to consumer returns is classified in accrued expenses and other liabilities in our consolidated balance sheets as of May 2, 2026, January 31, 2026, and May 3, 2025, respectively. As of May 2, 2026, January 31, 2026, and May 3, 2025, prepaid expenses and other current assets included $3 million, $3 million and $4 million, respectively, relating to the estimated value of inventory for expected direct to consumer and wholesale sales returns. Substantially all amounts recognized in receivables, n …

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"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 brands direct to consumer, wholesale and licensing operations, as applicable. The Tommy Bahama, Lilly Pulitzer and Johnny Was operating segments are each 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. Corporate and Other is a reconciling category for reporting purposes and includes the elimination of inter-segment sales, which totaled less than $1 million in both the First Quarter of Fiscal 2026 and the First Quarter of Fiscal 2025. 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 and unallocated Corporate expenses, and our Lyons, Georgia distribution center operations. In the Fourth Quarter of Fiscal 2025, we changed the measure we use to assess the profitability of our operating segments from segment operating income …

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