m. We have invested in strong lifestyle brands and used
our operating capabilities and back-office platforms to help make those
businesses more efficient."
The Company will hold a conference call with senior management to discuss
the financial results at 4:30 p.

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1
million in the same period last year.40 billion.63 $0.

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(NYSE: OXM) today announced the Company will be presenting at the Bank of
America 2006 Consumer Conference.
Board member Anna Escobedo Cabral recently relinquished her role upon
her confirmation as Treasurer of the United States .
Net sales in Tommy Bahama's core branded business, which excludes private
label sales of $2.1 million in the second quarter from $5.9
million last year. Ben Sherman
contributed net sales of approximately $48 million for the second quarter
compared to approximately $53 million in the year-ago period.2 million in the year-ago period.85.oxfordinc. is a leading producer and marketer of branded and
private label apparel for men, women and children.
Such risks and uncertainties include, but are not limited to: (1) general
economic cycles; (2) competitive conditions in our industry; (3) price
deflation in the worldwide apparel industry; (4) our ability to identify and
respond to rapidly changing fashion trends and to offer innovative and
distinctive products; (5) changes in trade quotas or other trade regulations;
(6) our ability to continue to finance our working capital and growth on
acceptable terms; (7) unseasonable weather or natural disasters; (8) the price
and availability of raw materials and finished goods; (9) the impact of rising
energy costs on our costs and consumer spending; (10) our dependence on and
relationships with key customers; (11) consolidation among our customer base;
(12) the ability of our third party producers to deliver quality products in a
timely manner; (13) potential disruptions in the operation of our distribution
facilities; (14) any disruption or failure of our computer systems or data
network; (15) the integration of our acquired businesses; (16) our ability to
successfully implement our growth plans, including growth by acquisition; (17)
unforeseen liabilities associated with our acquisitions; (18) unforeseen costs
associated with entry into and exit from certain lines of business; (19)
economic and political conditions in the foreign countries in which we operate
or source our products; (20) increased competition from direct sourcing; (21)
our ability to maintain our licenses; (22) our ability to protect our
intellectual property and prevent our trademarks, service marks and goodwill
from being harmed by competitors' products; (23) our reliance on key
management and our ability to develop effective succession plans; (24) our
ability to develop and maintain an effective organization structure; (25)
risks associated with changes in global currency exchange rates; (26) changes
in interest rates on our variable rate debt; (27) the impact of labor
disputes, wars or acts of terrorism on our business; (28) the effectiveness of
our disclosure controls and procedures related to financial reporting; (29)
our ability to maintain current pricing on our products given competitive or
other factors; and (30) our ability to expand our retail operations.

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Firmwide,
assets under management total $479 billion.7% in last year's second quarter, reflecting margin
expansion in the Tommy Bahama Group's wholesale business and an increasing mix
of sales through company-owned retail stores."
The Tommy Bahama Group reported net sales of $90 million in the second
quarter of fiscal 2006 compared to $86 million in the same period last year. The decline
in operating income was primarily attributable to lower sales volume in the
Ben Sherman business, less favorable currency exchange rates and start up
expenses for new marketing initiatives.

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The board
is co-chaired by Stan O'Neal , Merrill Lynch chairman and chief
executive officer and Terry Kassel, senior vice president and head of
Leadership and Development. Second quarter operating income for this segment declined to
$16.
Mr.
A replay of the call will be available through January 17, 2006. These
statements are based on our management's beliefs and assumptions, which in
turn are based on currently available information.

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To access the webcast, please visit
the Oxford Industries website at http://www., Inc .
"We are very pleased to continue our strong performance for the first half
of fiscal 2006 ," commented J. The UK
business, which accounts for more than 70% of Ben Sherman's net sales, was
responsible for the net sales decline. The
access code for the replay is 4670477. Oxford's customers are found in
every major channel of distribution including national chains, specialty
catalogs , mass merchants, department stores, specialty stores and Internet
retailers. 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.240

OXFORD INDUSTRIES, INC.

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is a producer and marketer of branded and private
label apparel for men, women and children. Our focus this year on operating discipline and better execution has
led to enhanced profitability through higher margins. For the fourth quarter, ending June 2, 2006, the Company expects
sales in a range of $360 million to $370 million and diluted earnings per
common share of $1. We've been very careful to treat our intellectual
property in a manner that will generate sustainable and profitable growth.43 $0.

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"We are pleased to welcome Chief Wilma Mankiller and Janet Murguia
to our Diversity Advisory Board as they bring unique input and
expertise to our efforts to find and retain the best professional
talent for Merrill Lynch in every community ," said Mr. Merrill
Lynch has a Diversity Employee Advisory Council -- a group of 19
senior managers representing Merrill Lynch's business and support
groups and employee networks -- which works with the Diversity
Advisory Board to advise management on diversity issues.

Merrill Lynch is one of the world's leading financial management
and advisory companies with offices in 36 countries and total client
assets of approximately $1. -- Second Quarter EPS Increase 17% to $0 .07 per share of non-cash intangible asset amortization costs associated
with the Tommy Bahama and Ben Sherman acquisitions. The Company
noted that increased shipments to the segment's two largest customers,
Wal-Mart and Target, were responsible for the net sales increase.135 per share of common stock payable March 6, 2006
to shareholders of record on February 15, 2006.42 to
$3. Lanier continued , "We believe that we are succeeding in our mission to
reposition our company. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those anticipated, estimated or projected.62 $0.
SEGMENT INFORMATION
(UNAUDITED)
(in thousands)

Second Quarter of First Half of
Fiscal 2006 Fiscal 2005 Fiscal 2006 Fiscal 2005
Net Sales
Menswear Group $187,332 $181,207 $364,408 $299,944

Womenswear Group 56,749 45,097 124,752 97,555

Tommy Bahama Group 90,388 86,490 181,932 179,952

Corporate and Other 183 194 38 359

Total Net Sales $334,652 $312,988 $671,130 $577,810


Operating Income

Menswear Group $15,968 $18,048 $30,972 $26,969

Womenswear Group 1,983 208 5,888 (758)

Tommy Bahama Group 10,109 5,895 24,466 17,811

Corporate and Other (3,482) (3,340) (8,044) (5,802)

Total Operating
Income $24,578 $20,811 $53,282 $38,220

Interest expense ,
net 7,322 6,855 14,205 14,776

Earnings before
taxes $17,256 $13,956 $39,077 $23,444

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A webcast
of the presentation will be available.

Janet Murguia, president and chief executive officer of the
National Council of La Raza, the largest national Hispanic
civil rights organization in the United States.6 trillion.0 million from $9.
The Company noted that included in operating expenses for the quarter were
$0.0 million
from $0.
Accounts receivable rose 6 % over last year to $186 million which is consistent
with the second quarter sales increase of 7% .52 on net sales of approximately $1.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands)

December 2, November 26,
2005 2004
Assets
Current Assets:
Cash and cash equivalents $6,848 $19,414
Receivables, net 185,581 175,053
Inventories 166,776 161,832
Prepaid expenses 27,457 17 ,817
Total current assets 386,662 374,116
Property , plant and equipment, net 66,050 55,431
Goodwill, net 184,144 165,650
Intangible assets, net 234 ,812 239,698
Other non-current assets, net 22,949 24,657
Total Assets $894,617 $859,552

Liabilities and Shareholders' Equity
Current Liabilities:
Trade accounts payable $91,220 $96,595
Accrued compensation 25,378 22,027
Other accrued expenses 23,097 45,495
Dividends payable 2,310 2,013
Income taxes payable 3,334 1,555
Short-term debt and current maturities of
long-term debt 4,886 6,973
Total current liabilities 150,225 174,658
Long-term debt, less current maturities 298 ,989 315,608
Other non-current liabilities 27,503 13,665
Deferred income taxes 75,254 79,754
Commitments and contingencies
Shareholders' Equity:
Preferred Stock, $1.00 par value; 30,000
authorized and none issued and outstanding at
December 2, 2005 and November 26, 2004 - -
Common stock, $1.

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"The
Diversity Advisory Board has been a valuable and provocative sounding
board for us and we look forward to the active involvement of these
two leaders as we move ahead. Selling, general and
administrative expense as a percentage of net sales increased 20 basis points
to 26. Forward-looking statements involve risks
and uncertainties.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(UNAUDITED)
(in thousands, except per share amounts)

Second Quarter of First Half of
Fiscal 2006 Fiscal 2005 Fiscal 2006 Fiscal 2005

Net sales $334,652 $312,988 $671,130 $577,810
Cost of goods sold 223,223 210,647 443,669 389,773
Gross profit 111,429 102,341 227,461 188,037

Selling, general and
administrative 88,653 82,407 177,389 150,735
Amortization of
intangible assets 1,851 2,424 3,704 4,136
90,504 84,831 181,093 154,871
Royalties and other
operating income 3,653 3 ,301 6,914 5,054
Operating income 24,578 20,811 53,282 38,220

Interest expense, net 7,322 6,855 14,205 14,776
Earnings before income
taxes 17,256 13,956 39,077 23,444

Income taxes 6,248 4,884 14,186 8,204
Net earnings $11,008 $9,072 $24,891 $15,240

Earnings per common share:
Basic $0.

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Oxford provides retailers and
consumers with a wide variety of apparel products and services to suit their
individual needs.
For more information, please visit our website at http://www.
The Menswear Group reported a second quarter net sales increase of 3% to
$187 million from $181 million in the same period last year. Excluding
Ben Sherman, the Menswear Group 's historical businesses generated a net sales
increase of approximately 8% for the quarter on modest growth in tailored
clothing, dress shirts and sportswear.
Second quarter net sales for the Womenswear Group increased 26% to $57
million from $45 million in the second quarter of last year .15 from $0.
Oxford Industries, Inc. The Company
also holds exclusive licenses to produce and sell certain product categories
under the Tommy Hilfiger(R), Nautica(R), Geoffrey Beene(R), Slates (R),
Dockers(R) and Oscar de la Renta(R) labels.
The Company's common stock has traded on the NYSE since 1964 under the
symbol OXM.

OXFORD INDUSTRIES, INC.

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Murguia is
a rising star among the next generation of leaders in the
Latino community who brings a wealth of experience in academia
and Capitol Hill.
For the first half of fiscal 2006, net sales increased 16% to $671 million
from $578 million in the same period last year.80
to $0. A live webcast of the conference
call will be available on the Company's Web site at http://www.

CAUTIONARY STATEMENT FOR THE PURPOSE OF THE SAFE HARBOR PROVISIONS OF THE
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains forward-looking statements about future
events.91
Diluted $0.270 $0.

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ATLANTA, Oxford Industries, Inc.oxfordinc.

Oxford Industries, Inc.
Net earnings for the second quarter increased 21% to $11. Diluted earnings per common share for
the quarter increased 17% to $0.
Consolidated gross margins for the second quarter increased 60 basis
points to 33. ET today.
Please visit the Web site at least 15 minutes before the call to register for
the teleconference webcast and download any necessary software.135 $0.00 par value, 60,000 authorized
and 17,602 issued and outstanding at December 2,
2005 and 60,000 authorized and 16,778 issued
and outstanding at November 26, 2004 17,602 16,778
Additional paid-in capital 71,166 42,709
Retained earnings 260,977 210,367
Accumulated other comprehensive (loss) income (7,099) 6,013
Total shareholders' equity 342,646 275,867
Total Liabilities and Shareholders' Equity $894,617 $859,552

OXFORD INDUSTRIES, INC.

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(NYSE: MER), today announced two new members to the firm's Diversity
Advisory Board, an external group formed two years ago to identify
issues and make recommendations around workforce diversity."
Responsibility and accountability for workforce diversity lies
directly with Merrill Lynch's business and support groups.3% from 32.5% from 26. Hicks Lanier, Chairman and Chief Executive
Officer of Oxford. The impact has been
most notable in the Tommy Bahama Group where we saw a 72% increase in second
quarter operating income compared to last year. In the UK and continental Europe,
where Ben Sherman has implemented a program to pursue higher quality
distribution, the retail environment has remained very challenging. The Company
continues to project full year diluted earnings per common share of $3. Many of
these risks and uncertainties are beyond our ability to control or predict.

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ml. The Menswear Group also benefited from
new marketing initiatives including Orvis Signature, Solitude, Ben Sherman
dress shirts and suits and the recently acquired Arnold Brant tailored
clothing line.38 billion to $1.
You are cautioned not to place undue reliance on forward-looking
statements, which are current as of the date of this press release.

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ET at the New York Palace Hotel in New York, New York.com.

Mankiller and Murguia join current Board members Dr. Naylor Fitzhugh Professor of Business Administration at the
Harvard Graduate School of Business Administration; Dame Judith Mayhew
Jonas, provost, King's College, Cambridge; and Hugh Price , former
president and chief executive officer of the National Urban League.0 million from $18.0 million in last year's second quarter.21 to $1.m. A replay of the webcast will also be
available following the conference call on Oxford Industries' corporate
Website.oxfordinc. We intend for all such forward -looking statements to be covered by
the safe harbor provisions for forward-looking statements contained in Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934.89

Weighted average common
shares outstanding:
Basic 17,490 16,761 17,440 16,737
Dilutive impact of
options, earn -out
shares and restricted
shares 257 455 295 480
Diluted 17,747 17,216 17,735 17,217

Dividends per common
share $0.

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oxfordinc. Through Merrill Lynch Investment Managers, the company is
one of the world's largest managers of financial assets.62 from $0. These beliefs and
assumptions could prove inaccurate. Other risks or uncertainties may be
detailed from time to time in our future Securities and Exchange Commission
filings.

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Oxford's
customers are found in every major channel of distribution including national
chains, specialty catalogs, mass merchants, department stores, specialty
stores and Internet retailers. The new members are:

Chief Wilma Mankiller, former principal chief of the Cherokee
Nation of Oklahoma, and the first woman in modern history to
lead a major Native American tribe. Ms. She is a member of the Board of the
Independent Sector, a coalition of leading nonprofits,
foundations and corporations, and on the board of trustees for
YouthFriends, a school-based mentoring effort. O'Neal. As an investment bank, it is a
leading global underwriter of debt and equity securities and strategic
advisor to corporations, governments, institutions and individuals
worldwide. "All three operating segments contributed to the sales
growth.

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The Company maintained its previously issued guidance for the full fiscal
year and initiated guidance for the third and fourth quarters . Forward-looking statements
reflect our current expectations and are not guarantees of performance .53 $1.

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com.89 in the same period last
year.7 million
driven by increased sales of licensed products.8 million in last year's second quarter, increased 8% to $90
million from $84 million in the same period last year. The improvement in profitability was driven by increased
sales volume and a more disciplined approach to planning and inventory control
which resulted in lower inventories and lower off-price sales. Second
quarter operating income for the Womenswear Group increased to $2.
Oxford's board of directors declared an 11% increase in the quarterly cash
dividend to $0.26. At
the same time, we are taking important steps to enhance the capabilities and
performance of our historical businesses.120 $0.

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Oxford's brands include Tommy Bahama(R), Indigo Palms(R ),
Island Soft(R), Ben Sherman(R), Arnold Brant(R), Ely + Walker(R) and Oxford
Golf(R).

Business Editors

NEW YORK----Merrill Lynch + Co. First half diluted earnings
per common share increased 57% to $1.3% in last year's second quarter due to additional Tommy
Bahama retail stores, start-up expenses for new marketing initiatives in the
Menswear Group and slightly higher compensation costs . Operating income for
the segment increased 72% to $10. The improvement in profitability
was driven by economies of scale on the increased sales volume and improved
product sourcing. Oxford 's brands include Tommy Bahama(R), Indigo
Palms(R), Island Soft(R), Ely + Walker(R) and Oxford Golf (R). Important assumptions relating to these forward-looking
statements include, among others, assumptions regarding demand for our
products, expected pricing levels, raw material costs, the timing and cost of
planned capital expenditures, expected outcomes of pending litigation,
competitive conditions , general economic conditions and expected synergies in
connection with acquisitions and joint ventures .
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)

First Half of
Fiscal 2006 Fiscal 2005
Cash Flows from Operating Activities
Net earnings $24,891 $15,240
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Depreciation 7,254 6,305
Amortization of intangible assets 3,704 4,136
Amortization of deferred financing costs and
bond discount 1,232 3,118
(Gain) on the sale of assets (87) (106)
Equity income (39) (323 )
Deferred income taxes (1,353) (3,333)
Changes in working capital:
Receivables 10,505 25,241
Inventories 2,943 (18,703)
Prepaid expenses (5,454) 1,900
Trade accounts payable (14,627) (9,352)
Accrued expenses and other current
liabilities (13,409) (8,888)
Stock options income tax benefit 1,843 965
Income taxes payable (9,535 ) (2,852)
Other non-current assets (3,378) (1,181)
Other non-current liabilities 4,446 2,541
Net cash provided by operating activities 8,936 14,708
Cash Flows from Investing Activities
Acquisitions, net of cash acquired (11,501) (139,814)
Distribution from joint venture investment 1,856 -
Investment in deferred compensation plan (587) (593)
Purchases of property, plant and equipment (8,496) (6,508)
Proceeds from sale of property, plant
and equipment 6 413
Net cash used in investing activities (18 ,722) (146,502)
Cash Flows from Financing Activities
Repayment of financing arrangements (179,591) (154,694)
Proceeds from financing arrangements 191,059 263,832
Payments of debt issuance costs - (2,766)
Proceeds from issuance of common shares 3,862 752
Dividends on common shares (4,579) (3,896)
Net cash provided by financing activities 10,751 103,228
Net change in cash and cash equivalents 965 (28 ,566)
Effect of foreign currency translation on cash
and cash equivalents (616) 411
Cash and cash equivalents at the beginning
of period 6,499 47,569
Cash and cash equivalents at the end of period $6,848 $19,414

OXFORD INDUSTRIES, INC .

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The Company also holds exclusive licenses to produce and sell
certain product categories under the Tommy Hilfiger(R), Nautica(R), Geoffrey
Beene(R), Slates(R), Dockers(R) and Oscar de la Renta (R) labels.
Oxford's stock has traded on the NYSE since 1964 under the symbol OXM. magazine, Chief Mankiller has long been an
advocate for the rights of Native Americans and women. For more information on
Merrill Lynch, please visit www.com

62 --

-- Raises Quarterly Cash Dividend by 11% to $0.15 Per Share --

ATLANTA, Oxford Industries, Inc.com. Oxford provides retailers
and consumers with a wide variety of apparel products and services to suit
their individual needs.54 $1.

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The Company's presentation is scheduled for Thursday, March 16 , 2006, at
11:30 a.

Merrill Lynch Announces New Members to Diversity Advisory Board; Chief Wilma Mankiller and Janet Murguia Join External Board

Named "Woman of the Year"
in 1987 by Ms. She is
the author of several books, including an autobiography,
Mankiller: A Chief and Her People, and Every Day Is a Good
Day: Reflections on Contemporary Indigenous Women.

Oxford Industries Announces Record Second Quarter Fiscal 2006 Results

First half results include Ben Sherman for a full six months compared
to four months in the same period last year.com.40 $0.

Sites related to specific Native American individuals, or groups of individuals.

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Oxford Industries Announces Participation in Bank of America 2006 Consumer Conference

The Diversity
Employee Advisory Council is chaired by James Gorman, president,
Global Private Client and Greg Fleming, president, Global Markets and
Investment Banking.
(NYSE: OXM) announced today financial results for the second quarter and first
half ended December 2, 2005.
Inventories at the close of the second quarter increased 3% to $167
million from $162 million at the end of the prior year's second quarter. For the
third quarter, ending March 3, 2006, the Company expects net sales in a range
of $355 million to $365 million and diluted earnings per common share of $0. We still have a great deal of work
to do but we are confident that there are opportunities for additional
improvement ahead of us. For more information , please visit our website at
http://www.

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David Thomas,
The H. Consolidated net sales for the quarter increased
7% to $335 million from $313 million in the second quarter of fiscal 2005.53 in the second quarter of fiscal
2005.40 from $0. Royalties and other
operating income increased 11% over the same quarter last year to $3. To
access the telephone replay, Participants should dial (719) 457-0820.

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---

- - kjjkjk

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