OXFORD INDUSTRIES INC

Previous wording

In addition, compounding the uncertainty and challenges in the current macroeconomic environment, since the start of Fiscal 2025, the U.S. government has announced broad-based, reciprocal tariffs on foreign imports, with the potential for further increases or revisions. The reciprocal tariffs, which in some cases are compounded by newly implemented “penalty” or “secondary” tariffs on a country-by-country basis, impact substantially all of the countries from which we import products, although at varying rates. These announcements, along with the potential for future changes, has created significant uncertainty in the global trade environment. As previously disclosed, we have been proactively taking steps to mitigate our tariff exposure regardless of the outcome of the U.S. government’s trade decisions. These mitigation efforts include an acceleration in our ongoing efforts to decentralize our product sourcing, coordinating production and shipments into the U.S. during potential periods of delayed application of newly implemented or increased tariffs, negotiations with our vendors and potential price increases. The duration and scope of the tariffs are difficult to predict, along with the extent to which we will be able to offset the impact, and there could be a material negative impact on our results of operations depending on the outcome of the government’s trade decisions.

Current wording

In addition, compounding the uncertainty and challenges in the current macroeconomic environment, since the start of Fiscal 2025, the U.S. government has announced broad-based, reciprocal tariffs on foreign imports, with the potential for further increases or revisions. The reciprocal tariffs, which in some cases are compounded by “penalty” or “secondary” tariffs on a country-by-country basis, impact substantially all of the countries from which we import products, although at varying rates. These announcements, along with the potential for future changes, has created significant uncertainty in the global trade environment. As previously disclosed, we have been proactively taking steps to mitigate our tariff exposure regardless of the outcome of the U.S. government’s trade decisions. These mitigation efforts include an acceleration in our ongoing efforts to decentralize our product sourcing, coordinating production and shipments into the U.S. during potential periods of delayed application of newly implemented or increased tariffs, negotiations with our vendors and potential price increases. The duration and scope of the tariffs are difficult to predict, along with the extent to which we will be able to offset the impact, and there could be a material negative impact on our results of operations depending on the outcome of the government’s trade decisions.

Previous wording

The following table sets forth our consolidated operating results (in thousands, except per share amounts) for the First Half of Fiscal 2025 compared to the First Half of Fiscal 2024:

Current wording

The following table sets forth our consolidated operating results (in thousands, except per share amounts) for the First Nine Months of Fiscal 2025 compared to the First Nine Months of Fiscal 2024:

Previous wording

The discussion and tables below compare our statements of operations for the Second Quarter of Fiscal 2025 to the Second Quarter of Fiscal 2024. Each dollar and percentage change provided reflects the change between these fiscal periods unless indicated otherwise. Each dollar and share amount included in the tables is in thousands except for per share amounts. We have calculated all percentages based on actual data, and percentage columns in tables may not add due to rounding. Individual line items of our consolidated statements of operations, including gross profit, may not be directly comparable to those of our competitors, as classification of certain expenses may vary by company.

Current wording

The discussion and tables below compare our statements of operations for the Third Quarter of Fiscal 2025 to the Third Quarter of Fiscal 2024. Each dollar and percentage change provided reflects the change between these fiscal periods unless indicated otherwise. Each dollar and share amount included in the tables is in thousands except for per share amounts. We have calculated all percentages based on actual data, and percentage columns in tables may not add due to rounding. Individual line items of our consolidated statements of operations, including gross profit, may not be directly comparable to those of our competitors, as classification of certain expenses may vary by company.

Previous wording

The following table sets forth the specified line items in our unaudited condensed consolidated statements of operations both in dollars (in thousands) and as a percentage of net sales as well as the dollar change and the percentage change as compared to the same period of the prior year. The table also includes net earnings per diluted share and diluted weighted average shares outstanding (in thousands), as well as the change and the percentage change for each of these items as compared to the same period of the prior year.

Current wording

The following table sets forth the specified line items in our unaudited condensed consolidated statements of operations both in dollars (in thousands) and as a percentage of net sales as well as the dollar change and the percentage change as compared to the same period of the prior year. The table also includes net loss per diluted share and diluted weighted average shares outstanding (in thousands), as well as the change and the percentage change for each of these items as compared to the same period of the prior year.

Previous wording

Consolidated net sales were $403 million in the Second Quarter of Fiscal 2025 compared to net sales of $420 million in the Second Quarter of Fiscal 2024. The decrease in net sales included decreased sales in Tommy Bahama, Johnny Was and Lilly Pulitzer. These decreases were partially offset by increased sales in Emerging Brands.

Current wording

Consolidated net sales were $307 million in the Third Quarter of Fiscal 2025 compared to net sales of $308 million in the Third Quarter of Fiscal 2024. The decrease in net sales included decreased sales in Tommy Bahama and Johnny Was. These decreases were partially offset by increased sales in Lilly Pulitzer and Emerging Brands.

Previous wording

•a decrease in full-price retail sales of $9 million, or 6%, including (1) a $6 million decrease in Tommy Bahama, (2) a $3 million decrease in Johnny Was and (3) a $2 million decrease in Lilly Pulitzer. These decreases were partially offset by a $2 million increase in Emerging Brands;

Current wording

•a decrease in wholesale sales of $8 million, or 11%, including (1) a $6 million decrease in Tommy Bahama, (2) a $1 million decrease in Johnny Was and (3) a $1 million decrease in Lilly Pulitzer. These decreases were partially offset by a $1 million increase in Emerging Brands;

Previous wording

•a decrease in food & beverage sales of $1 million, or 1%;

Current wording

•an increase in food & beverage sales of $1 million, or 3%; and

Previous wording

Tommy Bahama net sales decreased $16 million, or 7%, in the Second Quarter of Fiscal 2025, with a decrease in (1) full-price retail sales of $6 million, or 7%, (2) e-commerce sales of $6 million, or 8%, (3) wholesale sales of $3 million, or 10%, and (4) outlet sales of $1 million, or 4%. Food & beverage sales in the Second Quarter of Fiscal 2025 were comparable to the Second Quarter of Fiscal 2024. The following table presents the proportion of net sales by distribution channel for Tommy Bahama for each period presented:

Current wording

Tommy Bahama net sales decreased $7 million, or 4%, in the Third Quarter of Fiscal 2025, with a decrease in (1) wholesale sales of $6 million, or 19%, and (2) e-commerce sales of $1 million, or 5%. These decreases were partially offset by an increase in food & beverage sales of $1 million, or 3%. Full-price retail sales and outlet sales in the Third Quarter of Fiscal 2025 were comparable to the Third Quarter of Fiscal 2024. The following table presents the proportion of net sales by distribution channel for Tommy Bahama for each period presented:

Previous wording

Lilly Pulitzer net sales decreased $1 million, or 2%, in the Second Quarter of Fiscal 2025, with a decrease in (1) wholesale sales of $2 million, or 15%, and (2) retail sales of $2 million, or 6%. These decreases were partially offset by an increase in e-commerce sales of $3 million, or 7%. The following table presents the proportion of net sales by distribution channel for Lilly Pulitzer for each period presented:

Current wording

Lilly Pulitzer net sales increased $5 million, or 7%, in the Third Quarter of Fiscal 2025, with an increase in (1) retail sales of $3 million, or 12%, and (2) e-commerce sales of $3 million, or 9%. These increases were partially offset by a decrease in wholesale sales of $1 million, or 10%. The following table presents the proportion of net sales by distribution channel for Lilly Pulitzer for each period presented:

Previous wording

Johnny Was net sales decreased $13 million, or 12%, in the First Half of Fiscal 2025, with a decrease in (1) e-commerce sales of $6 million, or 13%, (2) retail sales of $5 million, or 14%, (3) wholesale sales of $1 million, or 5%, and (4) outlet sales of $1 million, or 29%. The following table presents the proportion of net sales by distribution channel for Johnny Was for each period presented:

Current wording

Johnny Was net sales decreased $4 million, or 8%, in the Third Quarter of Fiscal 2025, with a decrease in (1) retail sales of $2 million, or 9%, (2) wholesale sales of $1 million, or 14%, and (3) e-commerce sales of $1 million, or 5%. The following table presents the proportion of net sales by distribution channel for Johnny Was for each period presented:

Previous wording

Emerging Brands net sales increased $6 million, or 17% in the Second Quarter of Fiscal 2025. Increases included increased sales in Southern Tide and TBBC. Net sales for Duck Head and Jack Rogers in the Second Quarter of Fiscal 2025 were comparable to the Second Quarter of Fiscal 2024. By distribution channel, the increase in net sales in Emerging Brands included increases in (1) retail sales of $2 million, or 33%, as we opened new retail locations, (2) wholesale sales of $2 million, or 23%, and (3) e-commerce sales of $1 million, or 8%. The following table presents the proportion of net sales by distribution channel for Emerging Brands for each period presented:

Current wording

Emerging Brands net sales increased $5 million, or 17%, in the Third Quarter of Fiscal 2025 including increases in all brands. By distribution channel, the increase in net sales in Emerging Brands included increases in (1) e-commerce sales of $3 million, or 29%, (2) retail sales of $1 million, or 20%, and (3) wholesale sales of $1 million, or 6%. The following table presents the proportion of net sales by distribution channel for Emerging Brands for each period presented:

Previous wording

The tables below present gross profit by reportable segment and Corporate and Other and in total for the Second Quarter of Fiscal 2025 and the Second Quarter of Fiscal 2024, as well as the dollar change and percentage change between those two periods, and gross margin by reportable segment and Corporate and Other and in total. Our gross profit and gross margin, which is calculated as gross profit divided by net sales, may not be directly comparable to those of our competitors, as the statement of operations classification of certain expenses may vary by company.

Current wording

The tables below present gross profit by reportable segment and Corporate and Other and in total for the Third Quarter of Fiscal 2025 and the Third Quarter of Fiscal 2024, as well as the dollar change and percentage change between those two periods, and gross margin by reportable segment and Corporate and Other and in total. Our gross profit and gross margin, which is calculated as gross profit divided by net sales, may not be directly comparable to those of our competitors, as the statement of operations classification of certain expenses may vary by company.

Previous wording

The decreased gross profit of 7% was primarily due to (1) the 4% decrease in net sales and (2) decreased consolidated gross margin. The decreased gross margin was primarily due to approximately $9 million of increased cost of goods sold from additional tariffs implemented in Fiscal 2025, net of mitigation efforts. This decrease was partially offset by (1) improved gross margin during promotional events at Tommy Bahama, (2) a change in sales mix with full-price retail and e-commerce sales representing a higher proportion of net sales at Lilly Pulitzer and Johnny Was and (3) a change in sales mix with wholesale sales representing a lower proportion of net sales.

Current wording

The decreased gross profit of 5% was primarily due to decreased consolidated gross margin. The decreased gross margin was primarily due to (1) approximately $8 million of increased cost of goods sold from additional tariffs implemented in Fiscal 2025, net of mitigation efforts, (2) a change in sales mix with a higher proportion of net sales occurring during promotional and clearance events at Tommy Bahama and Lilly Pulitzer and (3) a $3 million higher LIFO accounting charge in the Third Quarter of Fiscal 2025 compared to the Third Quarter of Fiscal 2024. These decreases were partially offset by (1) lower freight costs to customers due to improved carrier rates from contract renegotiations, (2) a change in sales mix with wholesale sales representing a lower proportion of net sales and (3) decreased freight rates associated with shipping our products from our vendors.

Previous wording

The lower gross margin for Lilly Pulitzer was primarily due to increased cost of goods sold from additional tariffs implemented in Fiscal 2025. This decrease was partially offset by (1) a change in sales mix with full-price retail and e-commerce sales representing a higher proportion of net sales and (2) a change in sales mix with wholesale sales representing a lower proportion of net sales.

Current wording

The lower gross margin for Lilly Pulitzer was primarily due to (1) increased cost of goods sold from additional tariffs implemented in Fiscal 2025 and (2) a change in sales mix with e-commerce flash sales representing a higher proportion of net sales. These decreases were partially offset by (1) less significant markdowns during e-commerce flash sales, (2) decreased freight costs to customers due to improved carrier rates from contract renegotiations, (3) decreased freight rates associated with shipping our products from our vendors and (4) a change in sales mix with wholesale sales representing a lower proportion of net sales.

Previous wording

The lower gross margin for Emerging Brands was primarily due to higher markdowns during promotional and clearance events.

Current wording

The lower gross margin for Emerging Brands was primarily due to (1) increased cost of goods sold from additional tariffs implemented in Fiscal 2025 and (2) higher markdowns during promotional and clearance events. These decreases were partially offset by (1) decreased freight costs to customers due to improved carrier rates from contract renegotiations and (2) a change in sales mix with e-commerce sales representing a higher proportion of net sales.

Previous wording

The gross profit in Corporate and Other primarily reflects the impact of LIFO accounting adjustments that resulted in a $1 million charge in both the Second Quarter of Fiscal 2025 and the Second Quarter of Fiscal 2024. The LIFO accounting impact in Corporate and Other in each period includes the net impact of (1) a charge in Corporate and Other when inventory that had been marked down in an operating segment in a prior period was ultimately sold, (2) a credit in Corporate and Other when inventory had been marked down in an operating segment in the current period, but had not been sold as of period end and (3) the change in the LIFO reserve, if any.

Current wording

The gross profit in Corporate and Other primarily reflects the impact of LIFO accounting adjustments that resulted in a $3 million higher charge in the Third Quarter of Fiscal 2025 than the Third Quarter of Fiscal 2024. The LIFO accounting impact in Corporate and Other in each period includes the net impact of (1) a charge in Corporate and Other when inventory that had been marked down in an operating segment in a prior period was ultimately sold, (2) a credit in Corporate and Other when inventory had been marked down in an operating segment in the current period, but had not been sold as of period end and (3) the change in the LIFO reserve, if any.

Previous wording

SG&A was $226 million in the Second Quarter of Fiscal 2025 compared to $217 million in the Second Quarter of Fiscal 2024, with approximately $4 million, or 51%, of the expenses that increased during the Second Quarter of Fiscal 2025 due to increases in employment costs, occupancy costs and depreciation expense attributable to the increase in brick and mortar retail locations. The 4% increase in total SG&A in the Second Quarter of Fiscal 2025 included the following, which, where applicable, includes the SG&A of the new brick and mortar locations:

Current wording

SG&A was $213 million in the Third Quarter of Fiscal 2025 compared to $205 million in the Third Quarter of Fiscal 2024, with approximately $5 million, or 68%, of the expenses that increased during the Third Quarter of Fiscal 2025 due to increases in employment costs, occupancy costs and depreciation expense attributable to the increase in brick and mortar retail locations. The 4% increase in total SG&A in the Third Quarter of Fiscal 2025 included the following, which, where applicable, includes the SG&A of the new brick and mortar locations:

Previous wording

•$6 million increase in employment costs driven primarily by increased incentive compensation and new brick and mortar retail locations;

Current wording

•$5 million increase in employment costs driven primarily by new brick and mortar retail locations and increased incentive compensation;

Previous wording

•$3 million increase in software subscription and consulting related costs;

Current wording

•$2 million increase in software subscription and consulting related costs;

Previous wording

•$2 million increase in occupancy costs;

Current wording

•$1 million increase in occupancy costs driven primarily by new brick and mortar retail locations

Previous wording

•$3 million decrease in advertising related costs;

Current wording

•$4 million decrease in advertising related costs;

Previous wording

•$1 million decrease from the absence of Johnny Was Distribution Center relocation costs incurred in the Second Quarter of Fiscal 2024; and

Current wording

•$1 million decrease from the absence of Johnny Was Distribution Center relocation costs incurred in the Third Quarter of Fiscal 2024.

Previous wording

Royalties and other operating income typically consists primarily of income received from third parties from the licensing of our brands. The decreased royalties and other operating income in the Second Quarter of Fiscal 2025 was primarily due to decreased royalty income in Tommy Bahama reflecting the lower sales of our licensing partners.

Current wording

Royalties and other operating income typically consists primarily of income received from third parties from the licensing of our brands. The decreased royalties and other operating income in the Third Quarter of Fiscal 2025 was primarily due to decreased royalty income in Tommy Bahama reflecting the lower sales of our licensing partners.

Previous wording

Operating income was $25 million in the Second Quarter of Fiscal 2025 compared to $53 million in the Second Quarter of Fiscal 2024. The decreased operating income included lower operating results in Tommy Bahama, Corporate and Other, Lilly Pulitzer and Johnny Was. Changes in operating income (loss) by reportable segment and Corporate and Other are discussed below.

Current wording

Operating loss was $85 million in the Third Quarter of Fiscal 2025 compared to $6 million in the Third Quarter of Fiscal 2024. The increased operating loss included lower operating results in all reportable segments and Corporate and Other. Changes in operating results by reportable segment and Corporate and Other are discussed below.

Previous wording

The decreased operating income for Tommy Bahama was due to (1) decreased net sales, (2) lower gross margin and (3) increased SG&A. The increased SG&A was primarily due to $2 million of higher SG&A associated with new retail store and Marlin Bar locations with retail and food & beverage operations, including related employment costs, occupancy costs, administrative expenses and depreciation expense.

Current wording

The lower operating results for Tommy Bahama were due to (1) decreased net sales, (2) increased SG&A and (3) lower gross margin. The increased SG&A was primarily due to (1) $3 million of higher SG&A associated with new retail store and Marlin Bar locations with retail and food & beverage operations, including related employment costs, occupancy costs, administrative expenses and depreciation expense and (2) a $1 million increase in software subscription and consulting costs. These increases were partially offset by $1 million of lower advertising costs.

Previous wording

The decreased operating results for Johnny Was were primarily due to (1) decreased net sales and (2) lower gross margin. These decreases were partially offset by decreased SG&A. The decreased SG&A was primarily due to (1) $1 million of decreased advertising costs, (2) $1 million of decreased amortization of intangible assets and (3) the absence of $1 million in Johnny Was Distribution Center costs incurred in the Second Quarter of Fiscal 2024.

Current wording

The lower operating results for Johnny Was were primarily due to (1) the $57 million impairment charge for intangible assets in the Third Quarter of Fiscal 2025, (2) decreased net sales and (3) lower gross margin. These decreases were partially offset by decreased SG&A. The decreased SG&A was primarily due to (1) $3 million of decreased advertising costs, (2) $1 million of decreased amortization of intangible assets, (3) the absence of $1 million in Johnny Was Distribution Center costs incurred in the Third Quarter of Fiscal 2024 and (4) $1 million of decreased occupancy costs associated with the closure of retail store locations. These decreases were partially offset by $2 million of costs associated with Third Quarter of Fiscal 2025 organizational realignment initiatives.

Previous wording

Operating income for Emerging Brands in the Second Quarter of Fiscal 2025 was comparable to the Second Quarter of Fiscal 2024. The increase in net sales was partially offset by (1) higher SG&A and (2) lower gross margin. The increased SG&A was primarily due to new retail store operations, including related employment costs, occupancy costs, administrative expenses and depreciation expense.

Current wording

The lower operating results for Emerging Brands were primarily due to (1) the $4 million impairment charge for goodwill and intangible assets associated with Jack Rogers in the Third Quarter of Fiscal 2025, (2) increased SG&A and (3) lower gross margin. These decreases were partially offset by increased net sales. The increased SG&A was primarily due to new retail store operations, including related employment costs, occupancy costs, administrative expenses and depreciation expense.

Previous wording

The lower operating results in Corporate and Other were primarily a result of increased SG&A. This decrease was partially offset by a $1 million lower LIFO accounting charge in the First Half of Fiscal 2025 relative to the First Half of Fiscal 2024. The increased SG&A was primarily due to (1) $4 million of increased employment costs primarily driven by increased incentive compensation, (2) $2 million of increased professional and consulting costs and (3) $1 million of increased costs associated with the project to build a new distribution center in Lyons, Georgia.

Current wording

The lower operating results in Corporate and Other were primarily due to (1) increased SG&A and (2) a higher LIFO accounting charge. The increased SG&A was primarily due to (1) $1 million of increased professional and consulting costs and (2) $1 million of increased costs associated with the project to build a new distribution center in Lyons, Georgia.

Previous wording

The increased interest expense in the Second Quarter of Fiscal 2025 was primarily due to a higher average outstanding debt balance during the Second Quarter of Fiscal 2025 than the Second Quarter of Fiscal 2024.

Current wording

The increased interest expense in the Third Quarter of Fiscal 2025 was primarily due to a higher average outstanding debt balance during the Third Quarter of Fiscal 2025 than the Third Quarter of Fiscal 2024.

Previous wording

Our effective tax rate will vary from period to period from a typical annual effective tax rate of approximately 25% based on various factors including, but not limited to, the geographic mix of earnings, enacted tax legislation, state and local taxes, tax audit findings and settlements, and the interaction of various global tax strategies.

Current wording

Our effective tax rate will vary from period to period from a typical annual effective tax rate of approximately 25% based on various factors including, but not limited to, the geographic mix of earnings, enacted tax legislation, state and local taxes, tax audit findings and settlements, and the interaction of various global tax strategies. Due to lower earnings during the third quarter as compared to our other fiscal quarters, certain discrete or other items recognized in the third quarter typically have a more pronounced impact and result in the effective tax rate of the third quarter not being indicative of the effective tax rate for the full fiscal year. Non-cash impairment charges further reduced earnings in the Third Quarter of Fiscal 2025.

Previous wording

Net earnings per diluted share was $2.83 in the First Half of Fiscal 2025 compared to $4.99 in the First Half of Fiscal 2024 reflecting (1) decreased net sales, (2) increased SG&A, (3) lower gross margin, (4) increased interest expense, (5) decreased royalties and other operating income and (6) a higher effective tax rate. These decreases were partially offset by a reduction in weighted average shares outstanding due to share repurchases made in the First Half of Fiscal 2025. Net earnings and gross margin in the First Half of Fiscal 2025 were impacted by approximately $10 million of increased cost of goods sold from additional tariffs enacted in Fiscal 2025, net of mitigation efforts.

Current wording

Net loss per diluted share was $4.28 in the Third Quarter of Fiscal 2025 compared to $0.25 in the Third Quarter of Fiscal 2024 reflecting (1) noncash impairment charges of $61 million primarily related to Johnny Was recognized in the Third Quarter of Fiscal 2025, (2) lower gross margin, (3) increased SG&A, (4) increased interest expense, (5) decreased net sales and (6) decreased royalties and other operating income. Net earnings and gross margin in the Third Quarter of Fiscal 2025 were impacted by approximately $8 million of increased cost of goods sold from additional tariffs enacted in Fiscal 2025, net of mitigation efforts.

Previous wording

The discussion and tables below compare our statements of operations for the First Half of Fiscal 2025 to the First Half of Fiscal 2024. Each dollar and percentage change provided reflects the change between these fiscal periods unless indicated otherwise. Each dollar and share amount included in the tables is in thousands except for per share amounts. We have calculated all percentages based on actual data, and percentage columns in tables may not add due to rounding.

Current wording

The discussion and tables below compare our statements of operations for the First Nine Months of Fiscal 2025 to the First Nine Months of Fiscal 2024. Each dollar and percentage change provided reflects the change between these fiscal periods unless indicated otherwise. Each dollar and share amount included in the tables is in thousands except for per share amounts. We have calculated all percentages based on actual data, and percentage columns in tables may not add due to rounding. Individual line items of our consolidated statements of operations, including gross profit, may not be directly comparable to those of our competitors, as classification of certain expenses may vary by company.

Previous wording

The following table sets forth the specified line items in our unaudited condensed consolidated statements of operations both in dollars (in thousands) and as a percentage of net sales as well as the dollar change and the percentage change as compared to the same period of the prior year. The table also includes net earnings per diluted share and diluted weighted average shares outstanding (in thousands), as well as the change and the percentage change for each of these items as compared to the same period of the prior year.

Current wording

The following table sets forth the specified line items in our unaudited condensed consolidated statements of operations both in dollars (in thousands) and as a percentage of net sales as well as the dollar change and the percentage change as compared to the same period of the prior year. The table also includes net earnings (loss) per diluted share and diluted weighted average shares outstanding (in thousands), as well as the change and the percentage change for each of these items as compared to the same period of the prior year.

Previous wording

Consolidated net sales were $796 million in the First Half of Fiscal 2025 compared to net sales of $818 million in the First Half of Fiscal 2024. The decrease in net sales included decreased sales in Tommy Bahama and Johnny Was. These decreases were partially offset by increased sales in Lilly Pulitzer and Emerging Brands.

Current wording

Consolidated net sales were $1,103 million in the First Nine Months of Fiscal 2025 compared to net sales of $1,126 million in the First Nine Months of Fiscal 2024. The decrease in net sales included decreased sales in Tommy Bahama and Johnny Was. These decreases were partially offset by increased sales in Lilly Pulitzer and Emerging Brands.

Previous wording

•a decrease in full-price retail sales of $11 million, or 4%, including (1) an $11 million decrease in Tommy Bahama and (2) a $5 million decrease in Johnny Was. These decreases were partially offset by (1) a $4 million increase in Emerging Brands and (2) a $1 million increase in Lilly Pulitzer;

Current wording

•a decrease in full-price retail sales of $10 million, or 2%, including (1) a $12 million decrease in Tommy Bahama and (2) a $7 million decrease in Johnny Was. These decreases were partially offset by (1) a $5 million increase in Emerging Brands and (2) a $4 million increase in Lilly Pulitzer;

Previous wording

•a decrease in e-commerce sales of $9 million, or 3%, including (1) an $11 million decrease in Tommy Bahama and (2) a $6 million decrease in Johnny Was. These decreases were partially offset by (1) a $4 million increase in Lilly Pulitzer and (2) a $3 million increase in Emerging Brands;

Current wording

•a decrease in e-commerce sales of $5 million, or 1%, including (1) a $12 million decrease in Tommy Bahama and (2) a $7 million decrease in Johnny Was. These decreases were partially offset by (1) an $8 million increase in Lilly Pulitzer and (2) a $6 million increase in Emerging Brands;

Previous wording

•a decrease in outlet sales of $1 million, or 2%, including a $1 million decrease in Johnny Was; and

Current wording

•a decrease in outlet sales of $1 million, or 1%, reflecting a $1 million decrease in Johnny Was; and

Previous wording

Tommy Bahama net sales decreased $26 million, or 5%, in the First Half of Fiscal 2025, with a decrease in (1) full-price retail sales of $11 million, or 6%, (2) e-commerce sales of $11 million, or 9%, (3) wholesale sales of $3 million, or 3%, and (4) food & beverage sales of $1 million, or 1%. The following table presents the proportion of net sales by distribution channel for Tommy Bahama for each period presented:

Current wording

Tommy Bahama net sales decreased $33 million, or 5%, in the First Nine Months of Fiscal 2025, with a decrease in (1) e-commerce sales of $12 million, or 8%, (2) full-price retail sales of $12 million, or 5%, and (3) wholesale sales of $9 million, or 8%. Food & beverage sales and outlet sales in the First Nine Months of Fiscal 2025 were comparable to the First Nine Months of Fiscal 2024. The following table presents the proportion of net sales by distribution channel for Tommy Bahama for each period presented:

Previous wording

Lilly Pulitzer net sales increased $9 million, or 5%, in the First Half of Fiscal 2025, with an increase in each channel of distribution. The increase in net sales in Lilly Pulitzer included increases in (1) e-commerce sales of $4 million, or 5%, (2) wholesale sales of $3 million, or 10%, and (3) retail sales of $1 million, or 2%. The following table presents the proportion of net sales by distribution channel for Lilly Pulitzer for each period presented:

Current wording

Lilly Pulitzer net sales increased $14 million, or 6%, in the First Nine Months of Fiscal 2025, with an increase in each channel of distribution. The increase in net sales in Lilly Pulitzer included increases in (1) e-commerce sales of $8 million, or 7%, (2) retail sales of $4 million, or 5%, and (3) wholesale sales of $2 million, or 6%. The following table presents the proportion of net sales by distribution channel for Lilly Pulitzer for each period presented:

Previous wording

Johnny Was net sales decreased $5 million, or 10%, in the Second Quarter of Fiscal 2025, with a decrease in (1) retail sales of $3 million, or 14%, and (2) e-commerce sales of $2 million, or 8%. Wholesale sales in the Second Quarter of Fiscal 2025 were comparable to the Second Quarter of Fiscal 2024. The following table presents the proportion of net sales by distribution channel for Johnny Was for each period presented:

Current wording

Johnny Was net sales decreased $16 million, or 11%, in the First Nine Months of Fiscal 2025, with a decrease in each channel of distribution. The decrease in net sales in Johnny Was included decreases in (1) full-price retail sales of $7 million, or 13%, (2) e-commerce sales of $7 million, or 11%, (3) wholesale sales of $2 million, or 8%, and (4) outlet sales of $1 million, or 23%. The following table presents the proportion of net sales by distribution channel for Johnny Was for each period presented: