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

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

See notes to consolidated financial statements.

See notes to consolidated financial statements.

See notes to consolidated financial statements.

1. The foregoing unaudited consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods. All such adjustments are of a normal recurring nature. The results for interim periods are not necessarily indicative of results to be expected for the year.

2. The financial information presented herein should be read in conjunction with the consolidated financial statements included in the Registrant's Annual Report on Form 10-K for the fiscal year ended June 1, 2001.
3. The Company is involved in certain legal matters primarily arising in the normal course of business. In the opinion of management, the Company's liability under any of these matters would not materially affect its financial condition or results of operations.
4. The Company's business segments are the Oxford Shirt Group, Lanier Clothes, Oxford Slacks and the Oxford Womenswear Group.

The following table sets forth items in the Consolidated Statements of Earnings as a percent of net sales and the percentage change of those items as compared to the prior year. All dollar amounts are expressed in thousands. (Percentages are calculated based on actual data, but percentage columns may not add due to rounding.) Certain prior year information has been restated to be consistent with the current presentation.

Net sales decreased 12.2% from the first quarter of the prior year. The unit sales decline of 15.9% was partially offset by a 4.4% increase in the average selling price per unit. The sales decline was primarily caused by deteriorating economic conditions, continuing weakness in apparel sales at retail and lagging consumer demand for replenishment merchandise. Licensed and owned brands made up a larger percentage of total sales than in the prior year, effectively shifting the sales mix to higher margin products with higher average selling prices.

Cost of goods sold declined from 81.7% of net sales in the prior year to 79.8% in the current year. Part of this decline was due to the increased proportion of higher margin licensed and owned brands mentioned previously. The Company also benefited from favorable costing variances resulting from a shift in sourcing mix to lower cost locations. The Company also contributed approximately $1,600 in previously marked down inventory to a charitable organization, which resulted in a $1,600 decrease in cost of goods sold with a corresponding increase in charitable contributions (S,G & A).

Selling, general and administrative expenses (S,G & A) increased from 15.0% of net sales in the prior year to 17.4% in the current year. The increase was due in part to the sales decline and the higher percentage of branded business, which carries a higher expense structure. Under the Company's trade receivables securitization program, financing costs were reflected on the income statement as S,G & A expenses rather than as interest expense. These costs increased S,G & A and decreased interest expense by approximately $551 in the first quarter. Higher energy, transportation, employee benefits and severance costs in addition to the charitable contribution also added to S,G & A in the current year.

Interest expense declined in the first quarter of this year compared to the first quarter of last year due to lower average borrowing requirements and lower average interest rates. Approximately $551 of financing cost for the trade receivables securitization program were reflected as S,G & A rather than interest expense.

The Company's effective tax rate was 38.0% in the prior year and in the current year and does not differ significantly from the Company's statutory rates.

The Company's business segments are the Oxford Shirt Group, Lanier Clothes, Oxford Slacks and the Oxford Womenswear Group. The Shirt Group operations encompass dress and sport shirts, golf and children's apparel. Lanier Clothes produces suits, sportscoats, suit separates and dress slacks. Oxford Slacks is a producer of private label dress and casual slacks and shorts. The Oxford Womenswear Group is a producer of budget and moderate-priced private label women's apparel. Corporate and other is a reconciling category for reporting purposes and includes the Company's corporate offices and other costs and services that are not allocated to operating groups. All data with respect to the Company's specific segments included within "Management's Discussion and Analysis" is presented before applicable intercompany eliminations. (See Note 4 of Notes to Consolidated Financial Statements for additional segment information.)

The Oxford Shirt Group posted a first quarter sales decline of 11.5% to $54,469. The unit sales decline of 12.3% was minimally offset by a 0.9% increase in the average selling price per unit. The largest sales declines came in westernwear and private label dress and sport shirts. Higher initial margins and cost containment initiatives resulted in a 52.9% increase in EBIT to $1,427.

Lanier Clothes, the Company's tailored clothing group, posted a first quarter sales decline of 6.1% to $40,711. The decline in the average selling price per unit of 7.4% was slightly offset by a 1.3% increase in unit sales. Lower private label shipments to direct mail customers primarily accounted for the sales decline. The group benefited from a more profitable product mix and favorable costing variances. EBIT increased 47.8% to $4,407.

Oxford Slacks posted a first quarter sales decline of 17.7% to $22,002. The decline in unit sales of 11.0% was compounded by a decline in the average unit sales price of 7.5%. The sales decline was attributable to lower shipments to specialty catalogs and mass merchants. As a result of the sales shortfall, EBIT declined 37.1% to $1,095.

The Womenswear Group posted a first quarter sales decline of 14.3% to $62,227. The unit sales decline of 19.5% was partially offset by an increase in the average selling price per unit of 6.4%. Slower sell-throughs on replenishment programs and reduced shipments to direct mail customers accounted for the sales decline. EBIT increased 0.5% to $4,036.

The Corporate and other reduction in EBIT was due to underabsorbed cost as the result of reduced volume, increased employee benefits and LIFO accounting.

Prior to the tragic events of September 11, 2001,the Company's order bookings and backlog indicated an anticipated second quarter sales decline of 10% - 15% and earnings per share even with last year. The uncertainties created by those events, however, do not allow the Company to forecast future sales and earnings with a reasonable level of confidence at this time.

None of the Company's personnel, facilities or suppliers were directly impacted by the events. The Company believes the strategies it has been diligently pursuing for the past several years have positioned it well to meet the challenges it foresees at this time. As soon as the Company's customers are able to ascertain the impact on their businesses, the Company is confident that it can adapt its operations to continue to meet their needs efficiently.

Operating activities used $3,792 in the first quarter of the current year and $12,576 in the first quarter of the prior year. The primary differences were a smaller increase in accounts receivable and a larger decrease in inventory partially offset by a larger decrease in trade payables.

Investing activities used $272 in the first quarter of the current year and $1,319 in the first quarter of the prior year. The primary difference was decreased capital expenditures.

Financing activities generated $209 in the first quarter of the current year and $12,960 in the first quarter of the prior year. The primary difference was decreased short term borrowings.

The Company established a $90,000 accounts receivable securitization program on May 3, 2001, under which the Company sells a defined pool of its accounts receivable to a securitization conduit. The Company used the proceeds from the receivables securitization to eliminate outstanding bank borrowings. The receivables securitization program expires May 2, 2002, but may be extended from time to time by the mutual agreement of both parties. As of August 31, 2001, the Company had $53,000 outstanding from the securitization conduit.

On October 1, 2001, the Company's Board of Directors declared a cash dividend of $0.21 payable on December 1, 2001 to shareholders of record on November 15, 2001.

The Company did not purchase shares of its common stock during the first quarter of the current year.

Cash flow from operations is the Company's primary source of liquidity. The Company supplements operating cash with its $90,000 accounts receivable securitization program and committed and uncommitted bank lines of credit. On August 31, 2001, $53,000 was outstanding under the securitization program. On August 31, 2001, the Company had available for its use a committed line of credit aggregating $5,000. The Company has agreed to pay commitment fees for this available line of credit. At August 31, 2001, there were no borrowings under this line. In addition, the Company had $184,500 in uncommitted lines of credit, of which $123,500 was reserved exclusively for letters of credit. The Company pays no commitment fees for these available lines of credit. At August 31, 2001, there were no direct borrowings and approximately $53,334 in trade letters of credit outstanding under these lines. The Company anticipates use and availability of both committed and uncommitted resources as working capital needs may require.

The uses of funds primarily include working capital requirements, capital expenditures, acquisitions, stock repurchases, dividends and repayment of short-term debt. The Company considers possible acquisitions of apparel-related businesses that are compatible with its long-term strategies. The Company's Board of Directors has authorized the Company to purchase shares of the Company's common stock on the open market and in negotiated trades as conditions and opportunities warrant.

This Quarterly Report contains forward-looking statements of the Company's beliefs or expectations regarding anticipated future results of the Company. These statements are based on numerous assumptions and are subject to risks and uncertainties. Although the Company feels that the beliefs and expectations in the forward-looking statements are reasonable, it does not and cannot give any assurance that the beliefs and expectations will prove to be correct. Many factors could significantly affect the Company's operations and cause the Company's actual results to be substantially different from the Company's expectations. Those factors include, but are not limited to: (i) general economic and apparel business conditions; (ii) continued retailer and consumer acceptance of the Company's products; (iii) global manufacturing costs; (iv) the financial condition of customers or suppliers; (v) changes in capital market conditions; (vi) governmental and business conditions in countries where the Company's products are manufactured; (vii) changes in trade regulations; (viii) the impact of acquisition activity; (ix) changes in the Company's plans, strategies, objectives, expectations or intentions, which may happen at any time in the discretion of the Company; and (x) other risks and uncertainties indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company does not have an obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.

For additional information concerning the Company's operations, cash flows, liquidity and capital resources, this analysis should be read in conjunction with the Consolidated Financial Statements and the Notes to Consolidated Financial Statements contained in the Company's Annual Report for the fiscal year ended June 1, 2001.

The Registrant did not file any reports on Form 8-K during the quarter ended August 31, 2001.

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

(Registrant)