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# OXFORD INDUSTRIES Cuts Fiscal 2026 Guidance as Lilly Pulitzer Sales Slip
- URL: https://redfiled.com/oxford-industries-cuts-fiscal-2026-guidance-as-lilly-pulitzer-sales-slip/
- Published: 2026-09-04T14:52:35.000Z
- Updated: 2026-09-04T15:34:49.000Z
- Description: Tommy Bahama's owner posted $394M in Q2 sales and a $42M tariff refund boost, but lowered full-year sales and adjusted EPS guidance.
- Author: William Hayes
- Tags: OXM, Earnings

**Oxford Industries (OXM)**, the owner of Tommy Bahama, Lilly Pulitzer and Johnny Was, reported second-quarter fiscal 2026 net sales of **$394 million**, down from **$403 million** a year earlier, and cut its full-year outlook on continued weakness at Lilly Pulitzer and softer consumer spending. GAAP earnings came in at **$3.25 per share** versus **$1.12** last year, boosted by a **$2.07 per share tariff-related refund**, while adjusted EPS rose to **$1.34** from **$1.26**.

By brand, Tommy Bahama sales edged up **0.8% to $230.9 million**, while Lilly Pulitzer fell **5.6% to $85.2 million**, Johnny Was dropped **8.8% to $41.4 million** and Emerging Brands slipped **3.7% to $37.1 million**. Full-price direct-to-consumer sales were down 1% at **$289 million**, and wholesale sales fell **14% to $52 million**, driven mainly by lower off-price volume.

Gross margin jumped to **73.8%** from 61.4%, largely because the company recognized **$42 million of tariff refund claims** as a reduction of cost of goods sold. Excluding tariff refunds and LIFO accounting, adjusted gross margin was **63.1%** versus 61.7%. GAAP operating income was **$69 million**, or 17.4% of sales, with adjusted operating income at **$29 million**, or 7.4%.

Chairman and CEO Tom Chubb said results were *in-line with our expectations*, but noted that Tommy Bahama's momentum is *being offset by softness in other parts of our portfolio, particularly Lilly Pulitzer*, which he attributed to *addressable product and marketing challenges in a fashion merchandising business*. The company plans to increase promotional activity at Lilly Pulitzer in coming months to spur demand and prevent slow-moving inventory build-up.

On the balance sheet, borrowings fell to **$73 million** at quarter-end from **$143 million** at the end of the first quarter and **$116 million** at the end of fiscal 2025\. First-half operating cash flow was **$97 million** versus $80 million a year earlier, against **$32 million** of capital expenditure and **$22 million** in dividends. Inventory was down 12% on a LIFO basis.

For fiscal 2026, Oxford now expects net sales of **$1.430 billion to $1.470 billion**, below fiscal 2025's $1.478 billion, with GAAP EPS of **$3.07 to $3.47** and adjusted EPS of **$1.60 to $2.00**, down from **$2.11** last year. Third-quarter sales are guided to **$280 million to $300 million** with an adjusted loss per share of **$1.40 to $1.20**, versus a $0.92 loss a year ago.

The board declared a quarterly dividend of **$0.70 per share**, payable **October 30, 2026** to holders of record on October 16\. Oxford has paid a dividend every quarter since going public in 1960\. Full-year capital expenditure is now expected at roughly **$60 million**, down from $108 million in fiscal 2025, reflecting fewer store openings and completion of the Lyons, Georgia distribution center.

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