oxm-20260502

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the quarterly period ended May 2, 2026

or

o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from____to____

Commission File Number: 1-4365

OXFORD INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)


Georgia						58-0831862
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

999 Peachtree Street, N.E., Suite 1225, Atlanta, Georgia 30309

(Address of principal executive offices) (Zip Code)

(404) 659-2424

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, $1 par value	OXM	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer o

Accelerated filer

Non-accelerated filer o

Smaller reporting company o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of June 8, 2026, there were 14,930,932 shares of the registrant’s common stock outstanding.

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OXFORD INDUSTRIES, INC.

INDEX TO FORM 10-Q

For the First Quarter of Fiscal 2026


			Page

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)			6
Condensed Consolidated Statements of Operations (Unaudited)			7
Condensed Consolidated Statements of Comprehensive Income (Unaudited)			8
Condensed Consolidated Statements of Cash Flows (Unaudited)			9
Condensed Consolidated Statements of Changes in Equity (Unaudited)			10
Notes to Condensed Consolidated Financial Statements (Unaudited)			11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			19
Item 3. Quantitative and Qualitative Disclosures About Market Risk			36
Item 4. Controls and Procedures			37

PART II. OTHER INFORMATION

Item 1. Legal Proceedings			37
Item 1A. Risk Factors			37
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			37
Item 5. Other Information			37
Item 6. Exhibits			38

SIGNATURES			39

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CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING STATEMENTS

Our SEC filings and public announcements may include forward-looking statements about future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. We intend for all forward-looking statements contained herein, in our press releases or on our website, and all subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf, to be covered by the safe harbor provisions for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Such statements are subject to a number of risks, uncertainties and assumptions including, without limitation:

•changes in the trade policies of the United States and those of other nations, including risks of potential future changes or worsening trade tensions between the United States and other countries and the impact of uncertainties surrounding U.S. trade policy on consumer sentiment;

•our ability to mitigate current and potential future tariffs imposed and realize tariff refunds;

•demand for our products, which may be impacted by macroeconomic factors that may impact consumer discretionary spending and pricing levels for apparel and related products, many of which may be impacted by inflationary pressures, tariffs, interest rates, the stability of the banking industry or general economic uncertainty, and the effectiveness of measures to mitigate the impact of these factors;

•risks relating to our product sourcing efforts, including our ability to identify alternative countries to source and produce our products and to successfully implement changes in our supply chain;

•possible changes in governmental monetary and fiscal policies, including, but not limited to, Federal Reserve policies in connection with continued inflationary pressures or other factors;

•competitive conditions and/or evolving consumer shopping patterns, particularly in a highly promotional retail environment, including those related to shifts in technology;

•global supply chain constraints that have affected, and could continue to affect, transit, and other costs, including those related to disruptions of land or sea transportation routes or distribution or shipping channels;

•the impact of inflationary pressures on labor costs, including wages, healthcare and other benefit-related costs;

•costs of products as well as the raw materials used in those products, as well as our ability to pass along price increases to consumers;

•energy costs, including rising fuel prices and their impact on the costs of raw materials and our distribution and logistics operations;

•our ability to respond to rapidly changing consumer expectations;

•unseasonal or extreme weather conditions or natural disasters;

•financial difficulties for our business partners, including suppliers, vendors, wholesale customers, licensees, logistics providers and landlords, that may impact their ability to meet their obligations to us and/or continue our business relationship to the same degree as they have historically;

•hiring of, retention of and disciplined execution by key management and other critical personnel, as well as the effective transition of executive level responsibilities;

•the execution of key strategic initiatives to drive operating performance, such as the organizational realignment initiatives being undertaken at Johnny Was;

•cybersecurity breaches and ransomware attacks, as well as our and our third party vendors’ ability to properly collect, use, manage and secure business, consumer and employee data and maintain continuity of our information technology systems;

•inability or failure to successfully and effectively implement new information technology systems and supporting controls, including artificial intelligence-enabled tools, and risks associated with third-party service providers and interconnected systems;

•the effectiveness of our advertising initiatives in defining, launching and communicating brand-relevant customer experiences;

•the level of our indebtedness, including the risks associated with heightened interest rates on the debt and the potential impact on our ability to operate and expand our business;

•the timing of shipments requested by our wholesale customers;

•fluctuations and volatility in global financial and/or real estate markets;

•our ability to identify and secure suitable locations for new retail store and food and beverage openings;

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•the timing and cost of retail store and food and beverage location openings and remodels, technology implementations and other capital expenditures, including those related to enhancing artificial intelligence capabilities;

•the timing, cost and successful implementation of changes to our distribution network, including the possibility that we may not realize the anticipated benefits of our new state-of-the-art distribution center in Lyons, Georgia;

•the effectiveness of recent, focused efforts to reassess and realign our operating costs in light of revenue trends, including potential disruptions to our operations as a result of these efforts;

•pandemics or other public health crises;

•expected outcomes of pending or potential litigation and regulatory actions;

•consumer, employee and regulatory focus on sustainability issues and practices, including failures by our suppliers to adhere to our vendor code of conduct;

•the regulation or prohibition of goods sourced, or containing raw materials or components, from certain regions and our ability to evidence compliance;

•access to capital and/or credit markets;

•factors that could affect our consolidated effective tax rate, including the impact of recent changes in U.S. tax laws and regulations and the interpretation and application of such laws and regulations;

•the risk of impairment to goodwill and other intangible assets such as the impairment charges incurred in our Johnny Was and Jack Rogers reporting units during the Third Quarter of Fiscal 2025; and

•geopolitical risks, including the U.S.-Iran conflict as well as other hostilities in the Middle East, ongoing challenges between the United States and China and those related to the ongoing war in Ukraine.

Forward-looking statements reflect our expectations at the time such forward-looking statements are made, based on information available at such time, and are not guarantees of performance.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these expectations could prove inaccurate as such statements involve risks and uncertainties, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties, or other risks or uncertainties not currently known to us or that we currently deem to be immaterial, materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. Important factors relating to these risks and uncertainties include, but are not limited to, those described in Part I. Item 1A. Risk Factors contained in our Fiscal 2025 Form 10-K, and those described from time to time in our future reports filed with the SEC. We caution that one should not place undue reliance on forward-looking statements, which speak only as of the date on which they are made. We disclaim any intention, obligation or duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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DEFINITIONS

As used in this report, unless the context requires otherwise, "our," "us" or "we" means Oxford Industries, Inc. and its consolidated subsidiaries; "SG&A" means selling, general and administrative expenses; "SEC" means the United States Securities and Exchange Commission; "FASB" means the Financial Accounting Standards Board; "ASC" means the FASB Accounting Standards Codification; "GAAP" means generally accepted accounting principles in the United States; "TBBC" means The Beaufort Bonnet Company; and “Fiscal 2025 Form 10-K” means our Annual Report on Form 10-K for Fiscal 2025. Additionally, the terms listed below reflect the respective period noted:


Fiscal 2027			52 weeks ending January 29, 2028
Fiscal 2026			52 weeks ending January 30, 2027
Fiscal 2025			52 weeks ended January 31, 2026
Fiscal 2024			52 weeks ended February 1, 2025
Fourth Quarter Fiscal 2026			13 weeks ending January 30, 2027
Third Quarter Fiscal 2026			13 weeks ending October 31, 2026
Second Quarter Fiscal 2026			13 weeks ending August 1, 2026
First Quarter Fiscal 2026			13 weeks ended May 2, 2026
Fourth Quarter Fiscal 2025			13 weeks ended January 31, 2026
Third Quarter Fiscal 2025			13 weeks ended November 1, 2025
Second Quarter Fiscal 2025			13 weeks ended August 2, 2025
First Quarter Fiscal 2025			13 weeks ended May 3, 2025

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except par amounts)

(unaudited)


	May 2, 2026		January 31, 2026		May 3, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	9,360	$	8,129	$	8,175
Receivables, net	93,533		72,957		105,772
Inventories, net	147,488		165,284		162,334
Prepaid expenses and other current assets	52,312		46,076		41,253
Total Current Assets	$	302,693	$	292,446	$	317,534
Property and equipment, net	341,800		325,597		281,504
Intangible assets, net	187,605		189,411		255,768
Goodwill	25,611		25,604		27,403
Operating lease assets	387,987		379,898		372,452
Other assets, net	61,578		61,838		63,195
Deferred income taxes	30,579		34,164		21,850
Total Assets	$	1,337,853	$	1,308,958	$	1,339,706
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	102,672	$	104,622	$	86,212
Accrued compensation	23,075		28,805		21,417
Current portion of operating lease liabilities	66,274		64,506		64,119
Accrued expenses and other liabilities	66,372		67,370		69,007
Total Current Liabilities	$	258,393	$	265,303	$	240,755
Long-term debt	142,717		116,443		117,714
Non-current portion of operating lease liabilities	383,438		382,492		360,935
Other non-current liabilities	29,915		29,883		27,879
Shareholders’ Equity
Common stock, $1.00 par value per share	14,900		14,887		14,875
Additional paid-in capital	209,841		205,689		194,893
Retained earnings	300,286		295,974		385,761
Accumulated other comprehensive loss	(1,637)		(1,713)		(3,106)
Total Shareholders’ Equity	$	523,390	$	514,837	$	592,423
Total Liabilities and Shareholders’ Equity	$	1,337,853	$	1,308,958	$	1,339,706

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)


	First Quarter
	Fiscal 2026		Fiscal 2025
Net sales	$	391,402	$	392,861
Cost of goods sold	147,519		140,575
Gross profit	$	243,883	$	252,286
Operating expenses
SG&A	210,888		205,745
Depreciation and amortization	16,380		16,963
Total Operating expenses	227,268		222,708
Royalties and other operating income	5,748		6,628
Operating income	$	22,363	$	36,206
Interest expense, net	2,282		1,726
Earnings before income taxes	$	20,081	$	34,480
Income tax expense	5,093		8,299
Net earnings	$	14,988	$	26,181

Net earnings per share:
Basic	$	1.01	$	1.72
Diluted	$	1.00	$	1.70
Weighted average shares outstanding:
Basic	14,892		15,222
Diluted	15,005		15,404
Dividends declared per share	$	0.70	$	0.69

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)


	First Quarter
	Fiscal 2026		Fiscal 2025
Net earnings	$	14,988	$	26,181
Other comprehensive income, net of taxes:
Net foreign currency translation adjustment	76		570
Comprehensive income	$	15,064	$	26,751

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)


	First Quarter
	Fiscal 2026		Fiscal 2025
Cash Flows From Operating Activities:
Net earnings	$	14,988	$	26,181
Adjustments to reconcile net earnings to cash flows from operating activities:
Depreciation	14,573		14,529
Amortization of intangible assets	1,807		2,434
Impairment of property and equipment	849		—
Equity compensation expense	3,727		3,605
Amortization of deferred financing costs	96		96
Deferred income taxes	3,596		(1,440)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Receivables, net	(24,281)		(33,078)
Inventories, net	17,870		5,271
Income tax receivable	3,547		5,053
Prepaid expenses and other current assets	(6,239)		(2,973)
Current liabilities	(15,709)		(7,376)
Other balance sheet changes	(6,922)		(16,244)
Cash provided by (used in) operating activities	$	7,902	$	(3,942)
Cash Flows From Investing Activities:
Acquisitions, net of cash acquired	—		(28)
Purchases of property and equipment	(22,771)		(23,427)
Cash used in investing activities	$	(22,771)	$	(23,455)
Cash Flows From Financing Activities:
Repayment of revolving credit arrangements	(115,975)		(94,125)
Proceeds from revolving credit arrangements	142,249		180,733
Repurchase of common stock	—		(50,526)
Proceeds from issuance of common stock	438		482
Cash dividends paid	(10,605)		(10,381)
Other financing activities	—		(224)
Cash provided by financing activities	$	16,107	$	25,959
Net change in cash and cash equivalents	$	1,238	$	(1,438)
Effect of foreign currency translation on cash and cash equivalents	(7)		143
Cash and cash equivalents at the beginning of year	8,129		9,470
Cash and cash equivalents at the end of period	$	9,360	$	8,175

See accompanying notes.

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OXFORD INDUSTRIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(in thousands)

(unaudited)


	First Quarter Fiscal 2026
	Common Stock		APIC		Retained Earnings		AOCI		Total
January 31, 2026	$	14,887	$	205,689	$	295,974	$	(1,713)	$	514,837
Net earnings and other comprehensive income	—		—		14,988		76		15,064
Shares issued under equity plans	13		425		—		—		438
Compensation expense for equity awards	—		3,727		—		—		3,727
Repurchase of shares	—		—		—		—		—
Dividends declared	—		—		(10,676)		—		(10,676)
May 2, 2026	$	14,900	$	209,841	$	300,286	$	(1,637)	$	523,390


	First Quarter Fiscal 2025
	Common Stock		APIC		Retained Earnings		AOCI		Total
February 1, 2025	$	15,707	$	190,816	$	419,713	$	(3,676)	$	622,560
Net earnings and other comprehensive income	—		—		26,181		570		26,751
Shares issued under equity plans	10		472		—		—		482
Compensation expense for equity awards	—		3,605		—		—		3,605
Repurchase of shares	(842)		—		(49,684)		—		(50,526)
Dividends declared	—		—		(10,449)		—		(10,449)
May 3, 2025	$	14,875	$	194,893	$	385,761	$	(3,106)	$	592,423

See accompanying notes.

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OXFORD INDUSTRIES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

FIRST QUARTER OF FISCAL 2026

Note 1. Basis of Presentation:

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial reporting and the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. We believe the accompanying unaudited condensed consolidated financial statements reflect all normal, recurring adjustments that are necessary for a fair presentation of our financial position and results of operations as of the dates and for the periods presented. Results of operations for interim periods are not necessarily indicative of results to be expected for a full fiscal year due to the seasonality of our business.

The preparation of our unaudited condensed consolidated financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the amounts reported as assets, liabilities, revenues and expenses in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Certain prior year amounts are reclassified to conform to the current year presentation. These reclassifications had no impact on our previously reported total assets, total liabilities, results of operations, comprehensive income or net cash flows from operating, financing or investing activities.

The significant accounting policies applied during the interim periods presented are consistent with the significant accounting policies described in our Fiscal 2025 Form 10-K. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Fiscal 2025 Form 10-K.

Recently Issued Accounting Standards Applicable to Future Years

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 modernize the accounting for software costs to better align with the evolution of software development. The ASU is effective for fiscal years beginning after December 15, 2027, and interim reporting periods within fiscal years beginning after December 15, 2027. Early adoption is permitted as of the beginning of an annual reporting period. We are evaluating how the enhanced disclosure requirements of ASU 2025-06 will affect our presentation, and we will include the applicable disclosures upon the effective date.

Note 2. 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.

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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 to segment earnings before interest, taxes, depreciation and amortization (“segment EBITDA”). Segment EBITDA also excludes certain infrequent operating charges, including impairments of goodwill, intangible assets and equity method investments. Our CODM uses segment EBITDA to assess operating segment performance and allocate resources. As a result of this change, prior periods have been recast to conform to the current period presentation. The change in segment profit measure did not affect the total consolidated profit or loss of the Company.

We believe segment EBITDA and our consolidated measures of EBITDA and Adjusted EBITDA provide useful supplemental information to management, analysts, investors and other interested parties in evaluating the profitability and operating performance of our business. We use EBITDA and Adjusted EBITDA, when applicable, to facilitate the evaluation of our consolidated results before the effects of certain expenses that directly arise from our capital investment decisions, financing decisions and tax strategies, including depreciation and amortization, interest expense and income taxes. Adjusted EBITDA excludes certain infrequent operating charges, if any, that we do not believe are reflective of our ongoing business performance, including impairments of goodwill, intangible assets and equity method investments.

We use consolidated EBITDA, and Adjusted EBITDA when impairments of goodwill, intangible assets and equity method investments are incurred, to forecast our performance, evaluate actual results against our forecasts and compare our results to others in the industries we serve. These measures should not be considered in isolation from, or as a substitute for, financial measures prepared in accordance with GAAP. See the reconciliation below of EBITDA to net earnings, the most directly comparable GAAP financial measure.

The table below presents certain financial information (in thousands) about our reportable segments, as well as Corporate and Other.


	First Quarter
	Fiscal 2026		Fiscal 2025
Tommy Bahama
Net sales	$	224,636	$	216,175
Cost of goods sold	77,107		76,450
Gross profit	$	147,529	$	139,725
Operating costs:
Variable and distribution costs	14,299		13,300
Advertising costs	10,674		10,147
Employment costs	49,095		47,287
Occupancy costs	24,376		22,778
Other segment items (1)	8,967		7,889
Tommy Bahama Segment EBITDA	$	40,118	$	38,324
Lilly Pulitzer
Net sales	$	90,373	$	99,042
Cost of goods sold	35,090		34,113
Gross profit	$	55,283	$	64,929
Operating costs:

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Variable and distribution costs	5,379		6,048
Advertising costs	8,654		8,525
Employment costs	13,610		13,659
Occupancy costs	5,098		5,443
Other segment items (1)	7,535		8,202
Lilly Pulitzer Segment EBITDA	$	15,007	$	23,052
Johnny Was
Net sales	$	37,850	$	43,473
Cost of goods sold	12,968		15,355
Gross profit	$	24,882	$	28,118
Operating costs:
Variable and distribution costs	2,211		2,151
Advertising costs	4,198		5,534
Employment costs	9,429		10,261
Occupancy costs	4,898		5,389
Other segment items (1)	5,355		4,812
Johnny Was Segment EBITDA	$	(1,209)	$	(29)
Emerging Brands
Net sales	$	38,624	$	34,248
Cost of goods sold	17,917		13,934
Gross profit	$	20,707	$	20,314
Operating costs:
Variable and distribution costs	3,456		2,447
Advertising costs	2,872		3,148
Employment costs	5,812		6,577
Occupancy costs	1,666		1,868
Other segment items (1)	3,925		3,423
Emerging Brands Segment EBITDA	$	2,976	$	2,851
Corporate
Net sales	$	(81)	$	(77)
Cost of goods sold (2)	4,437		723
Gross profit (loss)	$	(4,518)	$	(800)
Unallocated Corporate costs and income (3)	13,631		10,229
Corporate EBITDA	$	(18,149)	$	(11,029)
EBITDA	$	38,743	$	53,169

(1)For all reportable segments, other segment items primarily consist 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 $4 million in the First Quarter of Fiscal 2026 and less than $1 million in the First Quarter of Fiscal 2025.

(3)Unallocated Corporate costs for Corporate and Other primarily consist of unallocated employment and other overhead expenses.

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The following table presents a reconciliation (in thousands) from EBITDA to consolidated operating income, earnings before income taxes, and total net earnings:


	First Quarter
	Fiscal 2026		Fiscal 2025
EBITDA	$	38,743	$	53,169
Depreciation and amortization	16,380		16,963
Operating income	$	22,363	$	36,206
Interest expense, net	2,282		1,726
Earnings before income taxes	$	20,081	$	34,480
Income tax expense	5,093		8,299
Net earnings	$	14,988	$	26,181

The tables below present certain financial information (in thousands) about our reportable segments, as well as Corporate and Other.


	First Quarter
	Fiscal 2026		Fiscal 2025
Depreciation and amortization
Tommy Bahama	$	7,730	$	7,577
Lilly Pulitzer	3,703		4,915
Johnny Was	2,380		3,381
Emerging Brands	918		944
Corporate and Other	1,649		146
Depreciation and amortization	$	16,380	$	16,963
Purchases of Property and Equipment
Tommy Bahama	$	10,589	$	6,

SEC Form 10-Q filed by Oxford Industries Inc.