<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D. C. 20549

                                    FORM 10-Q

(Mark One)

(x) Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934

For the quarterly period ended November 27, 1999 or
                               -----------------
( ) 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   0-6708
                       -------------------------------------------------------

                            Nautica Enterprises, Inc.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)

           Delaware                                      95-2431048
--------------------------------------------------------------------------------
    (State or Other Jurisdiction of                    (I.R.S. Employer
     Incorporation or Organization)                    Identification No.)

   40 West 57th Street, New York, N.Y.                    10019
--------------------------------------------------------------------------------
  (Address of Principal Executive Offices)              (Zip Code)

Registrant's Telephone Number, including Area Code      (212)541-5757
                                                   -----------------------------

--------------------------------------------------------------------------------
   (Former Name, Former Address and Former Fiscal Year, if Changed Since Last
    Report)

     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
   -----   -----


                     APPLICABLE ONLY TO ISSUERS INVOLVED IN
                        BANKRUPTCY PROCEEDINGS DURING THE
                              PRECEDING FIVE YEARS

     Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Section 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court

Yes      No
   -----   -----

                      APPLICABLE ONLY TO CORPORATE ISSUERS

     The number of shares of Common Stock outstanding as of January 10, 2000 was
34,640,171.


<PAGE>   2

                   NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES

                                NOVEMBER 27, 1999
                                   (unaudited)




                                      INDEX

<TABLE>
<CAPTION>
                                                                                                                Page No.
                                                                                                                --------
<S>                                                                                                             <C>
Part I - Financial Information:

            Item 1.  Financial Statements (unaudited):

             Condensed Consolidated Balance Sheets
             As at November 27, 1999 and February 27, 1999...........................................................2

             Condensed Consolidated Statements of Earnings
             For the Nine and Three Month Periods Ended
             November 27, 1999 and November 28, 1998.................................................................3

             Condensed Consolidated Statements of Cash Flows
             For the Nine Month Periods Ended
             November 27, 1999 and November 28, 1998.................................................................4

            Notes to Condensed Consolidated Financial Statements.....................................................5

            Item 2.  Management's Discussion and Analysis of
                     Financial Condition and Results of Operations...................................................8

            Item 3.  Quantitative and Qualitative Disclosures About Market Risk.....................................11

Part II - Other Information.........................................................................................12
</TABLE>


<PAGE>   3

                   NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                    (amounts in thousands, except share data)

<TABLE>
<CAPTION>
          ASSETS                                                           (unaudited)
                                                                           November 27,       February 27,
                                                                               1999               1999
                                                                           ------------       ------------
<S>                                                                        <C>                <C>
Current assets:
  Cash and cash equivalents                                                   $  27,085        $  15,498
  Short-term investments                                                         33,636           55,049
  Accounts receivable - net                                                     127,092          102,471
  Inventories                                                                    69,419           70,212
  Prepaid expenses and other current assets                                       6,178            5,434
  Deferred tax benefit                                                            7,736            7,369
                                                                              ---------        ---------
                              Total current assets                              271,146          256,033

Property, plant and equipment, net of
  accumulated depreciation and amortization                                      76,229           64,524

 Other assets                                                                    13,756           11,777
                                                                              ---------        ---------

                                                                              $ 361,131        $ 332,334
                                                                              =========        =========

          LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Current maturities of long-term debt                                          $     -        $      50
  Accounts payable - trade                                                       29,240           29,596
  Accrued expenses and other current liabilities                                 57,415           40,298
  Income taxes payable                                                           11,809            6,523
                                                                              ---------        ---------
                              Total current liabilities                          98,464           76,467

Long-term debt -net                                                                   -               50

Stockholders' equity:
  Preferred stock - par value $.01; authorized,
    2,000,000 shares; no shares issued
  Common stock - par value $.10; authorized, 100,000,000 shares; issued
    42,666,000 shares at November 27, 1999 and 42,604,000 shares at
    February 27, 1999                                                             4,719            4,260
  Additional paid-in capital                                                     66,772           66,813
  Retained earnings                                                             311,978          275,882
  Accumulated other comprehensive loss                                             (240)             (35)
                                                                              ---------        ---------
                                                                                383,229          346,920
  Less:
  Common stock in treasury - at cost;
    8,041,000 shares at November 27, 1999
    and 5,596,000 at February 27, 1999                                         (120,562)         (91,103)
                                                                              ---------        ---------
                              Total stockholders' equity                        262,667          255,817
                                                                              ---------        ---------

                                                                              $ 361,131        $ 332,334
                                                                              =========        =========
</TABLE>

The accompanying notes are an integral part of these statements.



                                      -2-
<PAGE>   4

                   NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES
                  CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
                    (amounts in thousands, except share data)

<TABLE>
<CAPTION>
                                                                      (unaudited)                          (unaudited)
                                                           Nine Months        Nine Months        Three Months        Three Months
                                                              Ended              Ended               Ended              Ended
                                                         November 27, 1999  November 28, 1998  November 27, 1999  November 28, 1998
                                                         -----------------  -----------------  -----------------  -----------------
<S>                                                      <C>                <C>                <C>                <C>
Net Sales                                                  $    463,137       $    418,914        $    187,958       $    157,047
Cost of goods sold                                              242,156            218,208              96,884             80,742
                                                           ------------       ------------        ------------       ------------
  Gross profit                                                  220,981            200,706              91,074             76,305

Selling, general  and administrative expenses                   167,534            127,614              64,181             45,224
Net royalty income                                               (4,534)            (4,372)             (1,693)            (1,370)
                                                           ------------       ------------        ------------       ------------
  Operating profit                                               57,981             77,464              28,586             32,451

Investment income, net                                            1,386              3,207                 538                590
Minority interest in loss of consolidated subsidiary                  -                405                   -                120
                                                           ------------       ------------        ------------       ------------

Earnings before provision for income taxes                       59,367             81,076              29,124             33,161

Provision for income taxes                                       23,272             32,025              11,417             13,099
                                                           ------------       ------------        ------------       ------------

NET EARNINGS                                               $     36,095       $     49,051        $     17,707       $     20,062
                                                           ============       ============        ============       ============

Net earnings per share of common stock
     Basic                                                 $       1.03       $       1.27        $       0.51       $       0.53
                                                           ============       ============        ============       ============
     Diluted                                               $       0.98       $       1.20        $       0.48       $       0.51
                                                           ============       ============        ============       ============

Weighted average number of common shares outstanding
     Basic                                                   34,876,000         38,732,000          34,624,000         37,515,000
                                                           ============       ============        ============       ============
     Diluted                                                 36,836,000         40,976,000          36,579,000         39,362,000
                                                           ============       ============        ============       ============

Cash dividends per common share                                none               none                none               none
                                                           ============       ============        ============       ============
</TABLE>

The accompanying notes are an integral part of these statements.


                                      -3-
<PAGE>   5

                   NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (amounts in thousands)

<TABLE>
<CAPTION>
                                                                                          (unaudited)
                                                                               Nine Months            Nine Months
                                                                                  Ended                  Ended
                                                                             November 27, 1999     November 28, 1998
                                                                             -----------------     -----------------
<S>                                                                          <C>                   <C>
  CASH FLOWS FROM OPERATING ACTIVITIES
  Net earnings                                                                  $ 36,095               $ 49,051
                                                                                --------               --------
  Adjustments to reconcile net earnings to net cash provided by operating
    activities:
      Minority interest in net loss of consolidated subsidiary                         -                   (405)
      Deferred income taxes                                                         (231)                     -
      Depreciation and amortization                                               13,229                  9,257
      Provision for bad debts                                                        972                    714
      Changes in operating assets and liabilities
       Accounts receivable                                                       (25,593)               (18,577)
       Inventories                                                                   794                (11,824)
       Prepaid expenses and other current assets                                    (744)                   160
       Other assets                                                               (2,617)                (2,684)
       Accounts payable - trade                                                     (357)                 4,979
       Accrued expenses and other current liabilities                             17,118                  2,596
       Income taxes payable                                                        5,286                  3,325
                                                                                --------               --------
Total adjustments                                                                  7,857                (12,459)
                                                                                --------               --------

Net cash provided by operating activities                                         43,952                 36,592
                                                                                --------               --------

CASH FLOWS FROM INVESTING ACTIVITIES
  Acquisition, net of cash acquired                                                    -                 (1,650)
  Purchase of property, plant and equipment                                      (24,295)               (16,643)
  Sale of short-term investments                                                  21,071                 (1,164)
                                                                                --------               --------
Net cash used in investing activities                                             (3,224)               (19,457)
                                                                                --------               --------


CASH FLOWS FROM FINANCING ACTIVITIES
  Principal payments on long-term debt                                              (100)                   (50)
  Purchase of treasury stock                                                     (29,460)               (48,104)
  Proceeds from issuance of common stock                                             419                    921
                                                                                --------               --------
Net cash used in financing activities                                            (29,141)               (47,233)
                                                                                --------               --------

Increase (Decrease) in cash and cash equivalents                                  11,587                (30,098)

Cash and cash equivalents at beginning of period                                  15,498                 34,616
                                                                                --------               --------

Cash and cash equivalents at end of period                                      $ 27,085               $  4,518
                                                                                ========               ========

Supplemental disclosure of cash flow information:

Cash paid during the period for income taxes                                    $ 18,017               $ 28,654
                                                                                ========               ========
</TABLE>

The accompanying notes are an integral part of these statements.


                                      -4-
<PAGE>   6

                   NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 27, 1999
                                   (unaudited)
                             (amounts in thousands)

NOTE 1 -      The accompanying financial statements have been prepared without
          audit pursuant to the rules and regulations of the Securities and
          Exchange Commission. Certain information and footnote disclosures
          normally included in financial statements prepared in accordance with
          generally accepted accounting principles have been condensed or
          omitted pursuant to such rules and regulations. These statements
          include all adjustments, consisting only of normal recurring accruals,
          considered necessary for a fair presentation of financial position and
          results of operations. The financial statements included herein should
          be read in conjunction with the financial statements and notes thereto
          included in the latest annual report on Form 10-K.

NOTE 2 -      The results of operations for the nine-month period ended
          November 27, 1999 are not necessarily indicative of the results to be
          expected for the full year.

NOTE 3 -      The Company utilized the last-in, first-out "LIFO" method for
          certain wholesale inventories as at November 27, 1999 and February 27,
          1999 and for the nine and three month periods ended November 27, 1999
          and November 28, 1998. The "LIFO" inventory for the nine month periods
          ended November 27, 1999 and November 28, 1998 are based upon end of
          year estimates. Inventories at November 27, 1999 and February 27, 1999
          consist primarily of finished goods.

NOTE 4 -      The Company has adopted Statement of Financial Accounting
          Standards No. 130 ("SFAS No. 130), "Reporting Comprehensive Income."
          SFAS No. 130 establishes standards for reporting comprehensive income
          and its components in a financial statement. Accumulated other
          comprehensive income as presented on the accompanying balance sheets,
          consists of the changes in unrealized gains and losses on securities.
          Comprehensive income as defined includes all changes in equity during
          a period from non-owner sources, as follows:

<TABLE>
<CAPTION>

                                              Nine                Nine               Three                Three
                                      Months Ended        Months Ended       Months  Ended         Months Ended
                                 November 27, 1999   November 28, 1998   November 27, 1999    November 28, 1998
                                 -----------------   -----------------   -----------------    -----------------
<S>                              <C>                 <C>                 <C>                  <C>
Net earnings                               $36,095             $49,051             $17,707              $20,062
Changes in unrealized gains
    and losses on securities,
    net of tax                               (205)                (75)                (39)                   30
                                             -----                ----                ----                   --
       Comprehensive Income                $35,890             $48,976             $17,668              $20,092
                                           =======             =======             =======              =======
</TABLE>

                                       -5-


<PAGE>   7
                   NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
                                NOVEMBER 27, 1999
                                   (unaudited)
                             (amounts in thousands)

NOTE 5 -      Short-term investments consist primarily of government and agency
          bonds, tax exempt municipal bonds and corporate bonds. These
          marketable securities are classified as available-for-sale and are
          adjusted to market value at the end of each accounting period.
          Unrealized market gains and losses, net of deferred tax, are reported
          in stockholders' equity. Realized gains and losses on sales of
          investments are determined on a specific identification basis, and are
          included in the consolidated statements of earnings. For the nine
          months ended November 27, 1999 and November 28, 1998, gross realized
          gains totaled $21 and $405 and gross realized losses totaled $252 and
          $47, respectively. There were no realized gains during the three
          months ended November 27, 1999. For the three months ended November
          28, 1998, gross realized gains totaled $97. For the three months ended
          November 27, 1999 and November 28, 1998, gross realized losses totaled
          $13 and $16, respectively.

          The unrealized losses on available-for-sale securities which were
          included in accumulated other comprehensive loss were losses of $400
          (net of deferred tax of $160) and $58 (net of deferred tax of $23) as
          of November 27, 1999 and February 27, 1999, respectively.

NOTE 6 -      Basic net earnings per share excludes dilution and is computed by
          dividing income available to common shareholders by the
          weighted-average common shares outstanding for the period. Diluted net
          earnings per share reflects the weighted-average common shares
          outstanding plus the potential dilutive effect of options which are
          convertible into common shares. Options which were excluded from the
          calculation of diluted earnings per share because the exercise prices
          of the options were greater than the average market price of the
          common shares and, therefore, would be antidilutive, were 2,395,000
          and 2,460,000, during the nine months ended November 27, 1999 and
          November 28, 1998, respectively.

NOTE 7 -      The Company has adopted Statement of Financial Accounting
          Standards No. 131, "Disclosures about Segments of an Enterprise and
          Related Information," which established reporting and disclosure
          standards for an enterprise's operating segments. Operating segments
          are defined as components of an enterprise for which separate
          financial information is available and regularly reviewed by the
          Company's senior management.

          The Company has the following two reportable segments: Wholesale and
          Outlet Retail. The Wholesale segment designs, sources, markets, and
          distributes sportswear, activewear, outerwear, robes and sleepwear for
          men and robes and sleepwear for ladies to retail store customers. The
          Outlet Retail segment sells men's apparel and other Nautica-branded
          products primarily through outlet retail store locations directly to
          consumers.

                                       -6-
<PAGE>   8

                   NAUTICA ENTERPRISES, INC. AND SUBSIDIARIES
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
                                November 27, 1999
                                   (unaudited)
                             (amounts in thousands)

Segment profit is based on earnings before income taxes. The
reportable segments are distinct business units and are separately
managed with different distribution channels.

<TABLE>
<CAPTION>
                                                                     Outlet             All           Corporate/
                                                   Wholesale         Retail            Other         Eliminations          Totals
                                                   ---------         ------            -----         ------------          ------
<S>                                                <C>               <C>               <C>           <C>                   <C>
FOR THE NINE MONTHS ENDED NOVEMBER 27, 1999
Net Sales                                           $365,156          $97,981                                              $463,137
Segment operating profit (loss)                       46,953           14,164           $4,534           $(6,284)            59,367
Segment Assets                                       223,828           49,633            9,577             78,093           361,131
Depreciation expense                                  11,027              785              306                472            12,590

FOR THE NINE MONTHS ENDED NOVEMBER 28, 1998
Net Sales                                           $328,082          $90,832                                              $418,914
Segment operating profit (loss)                       59,769           18,808           $4,372           $(1,873)            81,076
Segment Assets                                       191,239           46,066           10,111             75,223           322,639
Depreciation expense                                   7,681              632              198                267             8,778
</TABLE>

<TABLE>
<CAPTION>
                                                                     Outlet             All           Corporate/
                                                   Wholesale         Retail            Other         Eliminations          Totals
                                                   ---------         ------            -----         ------------          ------
<S>                                                <C>               <C>               <C>           <C>                   <C>
FOR THE THREE MONTHS ENDED NOVEMBER 27, 1999
Net Sales                                           $152,282          $35,676                                              $187,958
Segment operating profit (loss)                       23,947            6,038           $1,693           $(2,554)            29,124
Segment Assets                                       223,828           49,633            9,577             78,093           361,131
Depreciation expense                                   3,624              286               87                160             4,157

FOR THE THREE MONTHS ENDED NOVEMBER 28, 1998
Net Sales                                           $121,788          $35,258                                              $157,046
Segment operating profit (loss)                       23,872            8,232           $1,370             $(312)            33,162
Segment Assets                                       191,239           46,066           10,111             75,223           322,639
Depreciation expense                                   2,492              237               96                 89             2,914
</TABLE>

In the Corporate/Eliminations column the segment assets primarily
consist of the Company's cash and investment portfolio and the segment
operating loss consists of corporate expenses offset by investment
income earned.

                                      - 7 -

<PAGE>   9

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
          OF OPERATIONS (unaudited)

RESULTS OF OPERATIONS

For the Nine Months Ended November 27, 1999:

     Net sales increased 10.6% to $463.1 million in the nine months ended
November 27, 1999 from $418.9 million in the comparable prior year period. The
increase in sales is due primarily to increased unit volume rather than price
increases. Wholesale sales increased 11.3% to $365.1 million from $328.1 million
due to the launch of the Nautica Sport Tech, Nautica Jeans Company and Nautica
Ladies Robes and Sleepwear product lines. Outlet Retail sales increased 7.9% to
$98.0 million from $90.8 million as a result of sales from new stores opened in
the last twelve months, offsetting negative comparable store sales.

     Gross profit for the period was 47.7% compared to 47.9% in the comparable
prior year period. This decrease is primarily due to the impact of lower margins
on new product lines.

     Total selling, general and administrative expenses increased by $39.9
million to $167.5 million from $127.6 million. Selling, general and
administrative expenses as a percentage of net sales increased to 36.2% from
30.5% in the comparable prior year period. Such increase is due to costs
associated with the launch and support of new product lines, and higher outlet
retail, general selling and retail development expenses.

     Net royalty income increased by $.1 million to $4.5 million from $4.4
million in the comparable prior year period. The increase is primarily due to
strength in boys apparel and men's accessories.

     Investment income decreased by $1.8 million to $1.4 million from $3.2
million in the comparable prior year period. The decrease is the result of lower
average cash and investment account balances, due to the Company's stock
purchase program and lower rates of returns on investments.

     The provision for income taxes decreased to 39.2% from 39.5% of earnings
before income taxes in the comparable prior year period. The decrease is due
primarily to a reduction in the effective state income tax rates.

     Net earnings decreased 26.4% to $36.1 million from $49.1 million in the
comparable prior year period as a result of the factors discussed above.



                                       -8-

<PAGE>   10

For the Three Months Ended November 27, 1999:

     Net sales increased 19.7% to $188.0 million in the three months ended
November 27, 1999 from $157.0 million in the comparable prior year period. The
increase in sales is due primarily to increased unit volume rather than price
increases. Wholesale sales increased 25.0% to $152.3 million from $121.8 million
due to the launch of the Nautica Sport Tech, Nautica Jeans Company and Nautica
Ladies Robes and Sleepwear fall product lines. Outlet Retail sales increased
1.2% to $35.7 million from $35.3 million as a result of sales from new stores
opened in the last twelve months offsetting negative comparable store sales.

     Gross profit for the period was 48.5% compared to 48.6% in the comparable
prior year period. This decrease is primarily due to the impact of lower margins
on new product lines.

     Total selling, general and administrative expenses increased by $19.0
million to $64.2 million from $45.2 million. Selling, general and administrative
expenses as a percentage of net sales increased to 34.1% from 28.8% in the
comparable prior year period. The increase in the percentage of net sales is due
to costs associated with the launch and support of new product lines, and higher
outlet retail, general selling and retail development expenses.

     Net royalty income increased by $.3 million to $1.7 million from $1.4
million in the comparable prior year period. The increase is primarily due to
strength in boys apparel and men's accessories.

     Investment income decreased by $.1 million to $.5 million from $.6 million
in the comparable prior year period. The decrease is the result of lower rates
of returns on investments.

     The provision for income taxes decreased to 39.2% from 39.5% of earnings
before income taxes in the comparable prior year period. The decrease is due
primarily to a reduction in the effective state income tax rates.

     Net earnings decreased 11.7% to $17.7 million from $20.1 million in the
comparable prior year period as a result of the factors discussed above.



                                      - 9 -
<PAGE>   11

LIQUIDITY AND CAPITAL RESOURCES

     During the nine months ended November 27, 1999, the Company generated cash
from operating activities of $44.0 million, principally from net earnings.
Increases in accounts receivable of $25.6 million, due to increased sales, were
financed principally by cash generated from net earnings and increases in
accrued expenses. Accounts receivable was 28.4% higher than the same period in
the prior year due to increased sales and the timing of shipments, with a
greater percentage occurring in the latter part of the quarter. Inventory was
11.6% lower than the same period in the prior year due to reduced outlet
inventory and the receipt of production closer to the time of customer delivery.
During the nine months ended November 28, 1998, the Company generated cash from
operating activities of $36.6 million, principally from net earnings. Increases
in accounts receivable and inventory of $18.6 and $11.8 million, respectively,
were due to increased sales, and were financed principally by cash generated
from net earnings, and increases in accounts payable. Accounts receivable and
inventory were higher by 2.9% and 15.3%, respectively, than balances in the
preceding year. These increases were related to sales increases.

     During the nine months ended November 27, 1999, the Company's principal
investing activities related primarily to the continued expansion of the Nautica
in-store shop programs. The Company expects to continue to incur capital
expenditures to support the in-store shop program, open additional outlet retail
stores, and to launch and support new product lines. At November 27, 1999, there
were no other material commitments for capital expenditures.

     During the nine months ended November 27, 1999, the Company purchased
2,444,500 shares of its outstanding common stock at a cost of $29.5 million.

     The Company has a total of $100.0 million in lines of credit with two
commercial banks available for short-term borrowings and letters of credit.
These lines are collateralized by inventory and accounts receivable. At November
27, 1999 and February 27, 1999, letters of credit outstanding under the lines
were $57.8 million and $37.9 million, respectively, and there were no short-term
borrowings outstanding.

     Historically, the Company has experienced its highest level of sales in the
second and third quarters and its lowest level in the first and fourth quarters
due to seasonal patterns. In the future, the timing of seasonal shipments may
vary by quarter. The Company anticipates that internally generated funds from
operations, existing cash balances, short-term investments and the Company's
existing credit lines will be sufficient to satisfy its cash requirements.

INFLATION AND CURRENCY FLUCTUATIONS

     The Company believes that inflation and the effect of fluctuations of the
dollar against foreign currencies have not had a material effect on the cost of
imports or the Company's results of operations.

YEAR 2000

     The Company has been engaged in a process to ensure that its systems will
recognize and process transactions for the year 2000 and beyond. The Company
believes that it has implemented successfully the systems and programming
changes necessary to address year 2000 issues with respect to its internal
systems. The cost of such actions has not had a material adverse effect on the
Company's results of operations or financial condition. The Company developed a
plan which identified all systems requiring modification or replacement,
established a timeframe for ensuring its


                                      -10-
<PAGE>   12

year 2000 compliance and appointed a responsible party in the organization for
the particular system. The Company has finished the year 2000 testing and
implementation of the systems upgrade and will be continuously monitoring and
testing the internal systems through the end of 1999 and the early part of 2000.

     The Company also has initiated discussions with its significant suppliers,
customers and financial institutions to ensure that those parties have
appropriate plans to remediate year 2000 issues when their systems interface
with the Company's systems or may otherwise impact operations. Although the
Company is not aware of any material operational issues or costs associated with
preparing its internal systems for the year 2000, there can be no assurance that
there will not be a delay in, or increased costs associated with, the
implementation of the necessary systems and changes to address the year 2000
issues. The Company's current estimate of costs to be incurred is less than
$500,000, which is mostly being incurred internally and does not reflect
significant incremental costs. The Company and its significant suppliers,
customers, and financial institutions' inability to implement such systems and
changes could have an adverse effect on future results of operations, or
financial condition of the Company.

     As of January 10, 2000, the Company has not had any adverse consequences as
a result of year 2000 issues.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

     This Quarterly Report contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E
of the Securities Exchange Act of 1934, as amended, that are not historical
facts but rather reflect the Company's current expectations concerning future
results and events. The words "believes," "anticipates," "expects" and similar
expressions, which identify forward-looking statements, are subject to certain
risks and uncertainties, including those which are economic, competitive and
technological, that could cause actual results to differ materially from those
forecast or anticipated. Readers are cautioned not to place undue reliance on
these forward-looking statements which speak only as of the date hereof. The
Company undertakes no obligation to republish revised forward-looking statements
to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events. Readers are also urged to carefully review
and consider the various disclosures made by the Company in this report, as well
as the Company's periodic reports on Forms 10-K and 10-Q and other filings with
the Securities and Exchange Commission.

ITEM 3:  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Disclosure about interest rate risk

     The Company has no long-term debt, and finances capital needs through
available capital, future earnings and bank lines of credit. The Company's
exposure to market risk for changes in interest rates is primarily in its
investment portfolio. The Company, pursuant to investing guidelines, mitigates
exposure by limiting maturity, placing investments with high credit quality
issuers and limiting the amount of credit exposure to any one issuer. During the
nine months ended November 27, 1999, the Company earned investment income of
$1.4 million. If interest rates had been 1% lower than they were during the
year, investment income would have been $.7 million lower. The market risks
associated with the investment portfolio exposure has not changed materially
since February 27, 1999.

                                      -11-

<PAGE>   13

                                     PART II

                                OTHER INFORMATION

Items 1 through 9. - All items are inapplicable except:

Item 6.      Exhibits and Reports on Form 8-K

(a)          Exhibit Index

<TABLE>
<CAPTION>
Exhibit No.                        Distribution
-----------                        ------------
<S>                 <C>
    3(a)            Registrant's By-laws as currently in effect are
                    incorporated herein by reference to Registrant's
                    Registration Statement on Form S-1 (Registration No.
                    33-21998).

    3(b)            Registrant's Certificate of Incorporation is
                    incorporated by reference to the Registration
                    Statement on Form S-3 (Registration No. 33-71926),
                    as amended by a Certificate of Amendment dated
                    June 29, 1995.

    10(iii)(a)      Registrant's Executive Incentive Stock Option Plan is
                    incorporated by reference herein from the Registrant's
                    Registration Statements on Form S-8 (Registration Number
                    33-1488), as amended by the Company's Registration
                    Statement on Form S-8 (Registration Number 33-45823).

    10(iii)(b)      Registrant's 1989 Employee Incentive Stock Plan is
                    incorporated by reference herein from the Registrant's
                    Registration Statement on Form S-8 (Registration Number
                    33-36040).

    10(iii)(c)      Registrant's 1996 Stock Incentive Plan is incorporated by
                    reference herein from Registrant's Registration Statement
                    on Form S-8 (Registration Number 333-55711).

    10(iii)(d)      Registrant's 1994 Incentive Compensation Plan is
                    incorporated herein from the Registrant's Annual Report on
                    Form 10-K for the fiscal year ended February 28, 1997.

    10(iii)(e)      Registrant's Deferred Compensation Plan is incorporated
                    herein by reference from the Registrant's Annual Report on
                    Form 10-K for the fiscal year ended February 28, 1998 .

    10(iii)(f)      Option Agreement and Royalty Agreement, each dated July 1,
                    1987, by and among the Registrant and David Chu are
                    incorporated herein by reference from the Registrant's
                    Registration Statement on Form S-1 (Registration No.
                    33-21998), and letter agreement dated May 1, 1998 between
                    Mr. Chu and the Registrant is incorporated herein by
                    reference from the Registrant's Annual Report on Form 10-K
                    for the fiscal year ended February 28, 1998.

    27              Financial Data Schedule
</TABLE>

(b)          Reports on Form 8-K.                 None




                                     - 12 -

<PAGE>   14

                                   SIGNATURES


     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.

                                                      NAUTICA ENTERPRISES, INC.


                                         By:   s/Harvey Sanders
                                            -----------------------------------
                                                    Harvey Sanders
                                                       Chairman of the Board
                                                        and President

Date:  January 11, 2000
     ------------------------


                                         By:  s/W. Donald Pennington
                                            -----------------------------------
                                                    W. Donald Pennington
                                                       Chief Financial Officer

Date:  January 11, 2000
     ------------------------




                                     - 13 -