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Costco Wholesale Corporation

COST

Consumer

1w

Financial Performance Summary

Capital expenditures were approximately $1.97 billion in Q4 and nearly $5.5 billion for the full fiscal year, supporting warehouse growth and remodels.
Comparable sales grew 5.7% (6.4% adjusted for gas deflation and FX); e-commerce comparable sales rose 13.6% (13.5% adjusted for FX).
Gross margin improved by 13 basis points to 11.13%, with core margins up 29 basis points year over year.
Inflation remained in the low to mid-single-digit range, with fresh and food & sundries stable and nonfoods seeing a return of inflation.
Membership fee income increased 14% to $1.72 billion, driven by membership growth and fee increases.
Q4 net income was $2.61 billion or $5.87 per diluted share, up 11% year over year; excluding a non-recurring tax benefit last year, net income grew 14%.
Q4 net sales increased 8% to $84.43 billion from $78.18 billion last year.
SG&A rate increased by 17 basis points to 9.21%, impacted by wage increases and liability charges but partially offset by productivity gains.

AZO

Consumer

2w

Impact of Non-Cash LIFO Charge on Q4 Results and Future Margins

AutoZone recorded an $80 million non-cash LIFO charge in Q4, which significantly impacted gross margin and EPS.
Excluding the LIFO charge, EPS would have increased by 8.7% on a 16-week basis, indicating underlying operational strength.
The company expects a $120 million LIFO charge in the upcoming quarter, with a potential total of around $520 million for the full year.
Management indicated that the LIFO charges are driven by tariffs and inflation, which are expected to influence costs throughout FY 2026.
As tariffs and costs fluctuate, the company plans to negotiate with vendors and adjust retail prices to maintain margins.
The LIFO cycle is viewed as a bellwether for inflation trends, with potential margin reversion as inflation subsides.

General Mills, Inc.

GIS

Consumer

2w

Financial Performance Summary

Gross margin benefited from about 2% lighter inflation phasing and a $20 million trade expense timing benefit in international.
New product volumes increased by 25% year-over-year in North America Retail.
North America Retail volume was down 1%, despite pound share gains in 8 of 10 top categories.
Operating profit and EPS were slightly better than expected, helped by lighter inflation phasing and international trade expense timing benefits.
Pet segment experienced a shipment timing headwind of about 4 points, impacting overall volume.
Q1 included one month of sales and profit from the recently divested U.S. yogurt business.
Q1 profit results were pressured by increased investment, yogurt divestiture impact, and phasing comparisons but were in line with expectations.

Casey's General Stores, Inc.

CASY

Consumer

4w

Financial Performance Summary

Diluted EPS increased 19% to $5.77 per share compared to prior year.
Fuel gallons sold grew 1.7% same-store with a fuel margin of $0.41 per gallon, up $0.03 from prior year.
Gross profit increased 16.5% to $1.11 billion, with inside gross profit margin up 20 basis points to 41.9%.
Net income rose 20% to $215 million, and EBITDA increased 20% to $414 million year-over-year.
Net interest expense increased due to financing related to the Fikes acquisition, with a debt-to-EBITDA ratio of 1.8x.
Operating expenses rose 14.6%, partly due to 8% more stores and modest wage increases.
Same-store inside sales increased 4.3%, with a 6.7% increase on a 2-year stack basis.
Total revenue grew 11.5% to $4.6 billion, driven by higher inside sales and fuel gallons sold.

RH

Consumer

3w

Financial Performance Summary

Adjusted operating margin improved by 340 basis points to 15.1%, and adjusted EBITDA margin rose to 20.6%.
Demand grew 13.7% in the quarter, with a 2-year revenue increase of 12% and demand increase of 21%.
Free cash flow generation was $81 million for the quarter, with full-year guidance of $250 million to $300 million.
Inventory reduction efforts are ongoing, with a $200 million to $300 million target over the next 12 to 18 months.
Investments for European expansion caused a 170 basis point drag on margins.
Net income surged 79% year-over-year, reflecting strong profitability.
Revenue increased 8.4% year-over-year despite challenging housing market conditions and tariff uncertainties.

Cracker Barrel Old Country Store, Inc.

CBRL

Consumer

2w

Financial Performance Summary

Adjusted EBITDA for Q4 was $55.7 million or 6.4% of total revenue, an 8% increase excluding the prior year's 53rd week impact.
Comparable store restaurant sales grew 5.4% in Q4, marking the fifth consecutive quarter of positive growth.
Full year revenue grew 2.2% excluding the 53rd week, with adjusted EBITDA growth of 9%.
GAAP earnings per diluted share were $0.30; adjusted earnings per diluted share were $0.74.
General and administrative expenses increased to 5.8% of revenue due to strategic investments and normalized incentive compensation.
Labor expenses improved by 100 basis points to 36.5% of revenue, driven by pricing, productivity, and turnover improvements.
Restaurant cost of goods sold increased slightly to 26.3% due to commodity inflation and higher promotion-driven waste.
Total Q4 revenue was $868 million, with restaurant revenue at $718.2 million and retail revenue at $149.8 million.

Stitch Fix, Inc.

SFIX

Consumer

1w

Financial Performance Summary

Active clients ended Q4 at 2.3 million, down 7.9% year-over-year but with improving year-over-year active client growth rates for five consecutive quarters.
Adjusted EBITDA for Q4 was $8.7 million or 2.8% margin, exceeding guidance but down slightly year-over-year and quarter-over-quarter.
Average order value (AOV) grew 12% year-over-year in Q4, driven by higher items per Fix and a 7.6% increase in average unit retail (AUR).
FY 2025 adjusted EBITDA was $49.1 million or 3.9% margin, up 170 basis points from FY 2024.
FY 2025 net revenue was $1.27 billion, down 3.7% year-over-year adjusted, with second half revenue growing 2.5%.
Gross margin for FY 2025 was 44.4%, the highest since FY 2021, up 10 basis points year-over-year.
Q4 gross margin was 43.6%, down 100 basis points year-over-year due to higher transportation costs and mix shift to non-apparel.
Q4 revenue was $311.2 million, up 4.4% year-over-year on an adjusted basis, marking the second consecutive quarter of revenue growth.

Designer Brands Inc.

DBI

Consumer

4w

Financial Performance Summary

Adjusted diluted EPS was $0.34, up from $0.29 last year, despite a slight decline in adjusted net income to $16.7 million from $17.1 million.
Adjusted operating expenses decreased by over $14 million year over year, achieving 350 basis points of leverage compared to Q1.
Brand portfolio sales declined 23.8%, driven by lower internal sales, but external wholesale sales grew 7%.
Canadian retail sales were flat year over year with comps down 0.6%, showing sequential improvement and turning positive in July.
Comparable sales were down 5%, a 280 basis point improvement from Q1 comps.
Gross margin was 43.7%, down 30 basis points year over year but leveraged 70 basis points from Q1.
Total sales declined 4.2% year over year to $739.8 million in Q2 2025, improving sequentially from an 8% decline in Q1.
U.S. retail comps declined 4.9%, improving from Q1, with total sales down 4.8%.