Earnings Feed

Consumer

Scholastic's Real Estate Monetization and Strategic Asset Sales

Scholastic is actively progressing with its real estate monetization process, with significant investor interest in its SoHo headquarters and Jefferson City distribution center.
The company remains on track with its timeline for these asset sales, aiming to conclude transactions by fall 2026.
Management views these sales as part of a capital allocation strategy to reduce debt and optimize the balance sheet.
The proceeds from these sales are expected to support debt reduction and shareholder returns, including share buybacks.
This strategic move is a notable shift towards leveraging real estate assets for financial flexibility and long-term value creation.

DRI

Consumer

Strategic Focus on Menu Innovation and Affordability at Olive Garden

Olive Garden launched a Create Your Own Pasta platform featuring bold flavors like Spicy 3-Meat Sauce, which was well received and increased guest preference.
The brand introduced a limited-time Calabrian Steak and Shrimp Bucatini that quickly became a top 10 favorite, indicating successful culinary innovation.
Olive Garden is testing a lighter portion menu with reduced prices, which has increased affordability scores by 15 percentage points and improved guest satisfaction.
Management believes these menu initiatives will drive long-term traffic growth, despite potential short-term check dilution.
Delivery through Uber Direct is helping Olive Garden attract younger, affluent guests, with delivery orders remaining 40% above pre-campaign levels post-promotion.

MLKN

Consumer

Leadership Transitions and Strategic Succession Planning

MillerKnoll announced a leadership transition with John Hoke succeeding Mike Volkema as board chair, reflecting a strategic focus on leadership stability after 25 years of Volkema's tenure.
The company promoted Jeff Stutz to Chief Operating Officer, emphasizing internal talent development and operational continuity.
Kevin Veltman was introduced as interim CFO, leveraging his decade of experience with MillerKnoll to ensure financial stability during leadership changes.
Management highlighted the importance of leadership in executing strategic initiatives and maintaining investor confidence amid organizational changes.

AZO

Consumer

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.

CarMax, Inc.

KMX

Consumer

Strategic Inventory Reserve and Transfer Policies to Manage Customer Demand and Title Issues

CarMax employs a reserve inventory policy where about 40% of online inventory is reserved for interested customers.
Reserved inventory generally involves customers actively interested in specific vehicles, benefiting transfer logistics.
The company monitors the duration of reservations and is considering adjustments to reduce hold times.
Transfer delays are often due to title issues, which vary by state, affecting inventory availability.
Management believes active reserve policies help optimize sales and customer satisfaction without significantly impacting inventory turnover.

SFIX

Consumer

Discipline in Growth Investments and Navigating a Challenging Macro Environment

Stitch Fix plans to continue disciplined growth investments while navigating an increasingly complex macro environment.
The company is focusing on efficiency, cost management, and strategic investments in client experience and assortment.
Guidance for FY '26 includes returning to revenue growth and being free cash flow positive.
Management expressed confidence in the company's agility, data-driven approach, and strong financial foundation to capitalize on strategic opportunities.

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General Mills, Inc.

GIS

Consumer

Strategic Focus on Organic Growth Amid Market Uncertainty

Management emphasized their laser focus on returning to profitable organic growth despite global market uncertainties.
The company is executing well on divestitures like Yoplait and acquisitions such as Whitebridge, which are part of their strategic realignment.
Leadership highlighted their confidence in their approach, citing positive early signs and category share gains.
The strategy includes significant investments in innovation, new product launches, and renovation across top categories to drive long-term growth.
Cost savings initiatives like industry-leading HMM are supporting transformational benefits, enhancing competitiveness.

Oxford Industries, Inc.

OXM

Dave & Buster's Entertainment, Inc.

Consumer

Impact of Tariffs on Margins and Supply Chain Strategies

Oxford Industries faced an incremental $9 million in tariffs in fiscal 2025, affecting gross margins.
The company mitigated roughly half of the $80 million tariff exposure through supply chain shifts and early inventory receipts.
Management expects inventory levels to decrease in the second half as tariff pressures stabilize.
Tariff-related costs are being offset by vendor concessions and selective price increases on certain products.
The company anticipates a net tariff impact of approximately $25 million to $35 million after mitigation efforts.
Despite tariff headwinds, Oxford remains committed to long-term investments like the Lyons distribution center.

PLAY

Consumer

Leadership Transition and Strategic Vision of New CEO Tarun Lal

Tarun Lal, with over 30 years of leadership experience at Yum! and international markets, officially joined Dave & Buster's in July 2025.
Lal emphasized his focus on driving innovation, growth, and operational excellence based on his extensive turnaround experience.
He highlighted the importance of brand clarity, guest-first culture, and executing a focused strategic plan to unlock value.
Lal's background in managing high-performing teams and successful turnarounds suggests a potential shift in company strategy and culture.
He expressed confidence in overcoming addressable challenges through disciplined execution and strategic focus.

The Kroger Co.

Consumer

Strategic Store Utilization for E-commerce Fulfillment and Delivery Speed

Kroger is heavily using its existing stores to fulfill e-commerce orders, with delivery now surpassing store pickup in sales.
The company is evaluating its automated fulfillment centers to optimize high-density area performance.
Most e-commerce orders are fulfilled directly from stores, with minimal need for reworking store layouts.
Delivery times are being reduced to under two hours, aligning with customer demand for speed.
The strategic review on e-commerce fulfillment is nearly complete, with an update expected in the third quarter.
Kroger aims to leverage its store footprint to expand rapid delivery without significant capital investment.

The Hain Celestial Group, Inc.

Consumer

European Expansion and RH Paris Grand Opening Impact

RH Paris, located on the Champs-Élysées, is described as the company's most innovative and immersive brand experience to date, opening in September 2025.
The Paris gallery has exceeded RH New York in daily traffic since opening, indicating strong market reception.
The design pipeline in Paris during the first 6 days surpasses the combined pipeline of the first five European galleries, signaling rapid growth potential.
RH Paris features a multi-level, architecturally stunning space with rare art, a library, and hospitality concepts, emphasizing a blend of art, design, and luxury.
Management views RH Paris as a global destination that will generate desire, inspire, and elevate the RH brand, with plans to expand in London and Milan.
Early results suggest that RH Paris is a significant inflection point for the European market, with expectations to double the size of RH in Europe over 5-7 years.

HAIN

Cracker Barrel Old Country Store, Inc.

Consumer

Hain's Strategic Restructuring and Operating Model Shift

Hain is actively shifting from a global to a regional operating model to increase agility and decision-making speed.
The company is reducing layers, increasing spans of regional leaders, and moving functions like supply chain and innovation closer to the consumer.
Most restructuring changes are targeted to be effective between October and November 2025, with full benefits expected by the end of the year.
The restructuring aims to create a leaner organization, cut costs, and empower regional teams to drive growth and innovation.

CBRL

Consumer

Reversal of Modern Store Remodels and Signage Changes

Cracker Barrel has paused and begun reverting from modern store designs to traditional Americana decor after testing in 4 locations, indicating a strategic shift away from recent remodel experiments.
Management confirmed that the modern design stores will not be rolled out further, emphasizing a focus on traditional store aesthetics that resonate more with guests.
The company has taken a cautious approach, pausing remodels in less than 10% of stores to evaluate guest feedback and operational impact.
This reversal reflects a responsive strategy to guest preferences and feedback, prioritizing brand heritage and customer nostalgia over recent modernization efforts.
The process of reverting signage and interiors is ongoing and will take time due to permitting and logistical constraints, signaling a disciplined approach to capital spending.

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MLKN

Consumer

Financial Performance Summary

Adjusted EPS increased 25% to $0.45, significantly outperforming expectations.
Cash flow from operations was $9 million; liquidity ended at $481 million.
Consolidated net sales grew 10.9% year-over-year to $956 million, exceeding guidance midpoint.
Global Retail segment sales grew 6.4% to $254 million but operating margin declined to 0.6% due to new store costs and tariffs.
Gross margin was 38.5%, including an $8 million net tariff-related impact.
International Contract segment sales increased 14.4% to $168 million, with adjusted operating margin at 8.5%.
Net debt to EBITDA ratio was 2.92, well below covenant limits.
North America Contract segment sales rose 12% to $534 million with operating margin improving to 10.7%.

SFIX

Consumer

Return to Revenue Growth in Q4

4.4% adjusted revenue growth

Q4 revenue of $311.2 million exceeded guidance and marked the second consecutive quarter of revenue growth, reversing prior declines.

DRI

Consumer

Olive Garden Same-Restaurant Sales Growth

5.9%

Olive Garden same-restaurant sales grew 5.9%, outperforming industry benchmarks and driven by culinary innovation and delivery growth.

AZO

Consumer

Domestic Commercial Sales Acceleration

12.5% growth on a 16-week basis

Commercial sales were up 12.5% year over year on a 16-week basis, accelerating from 10.7% in Q3 and 7.3% in Q2, driven by improved execution and parts availability.

PVH Corp.

PVH

Consumer

1mo

Operational Turnaround in Calvin Klein Global Product Capabilities

The company successfully addressed initial operational challenges in setting up Calvin Klein's global product capabilities in New York during Q2 2025.
Sequential improvements were achieved in Fall 2025, with the Spring 2026 product season already secured with margin improvements and on-time deliveries.
The Calvin Klein team, led by David, has effectively worked through the setup challenges, restoring the global product engine to full operational capacity.
This operational turnaround is expected to have long-term benefits, strengthening the brand's global relevance and product consistency.
Management emphasized that the setup was a strategic investment that will pay off in future years, enhancing product quality and delivery reliability.

Copart, Inc.

CPRT

Consumer

Impact of AI and Advanced Technologies on Copart's Operations

Copart has integrated AI and large language models into decision support tools, enabling faster and more informed total loss decisions for insurance claims.
AI deployment at the auction level includes search results and vehicle recommendation systems, improving buyer experience and efficiency.
Management believes that ongoing AI enhancements will significantly increase operational efficiency and unlock new business opportunities.
The use of AI has contributed to improved cycle times, especially in title procurement and claims processing, reducing friction for clients.

Macy's, Inc.

Consumer

Macy's Bold New Chapter Strategy Yields Strong Q2 Results

Macy's reported its strongest comparable sales in 12 quarters, driven by enterprise-wide improvements and strategic execution.
The company's GoForward business, including reimagined stores and digital, achieved 2.2% comparable sales growth, indicating successful transformation efforts.
Bloomingdale's and Bluemercury continued their positive momentum with 5.7% and 1.2% comparable sales growth respectively, highlighting luxury segment strength.
Management emphasized that the multi-brand, multi-category, and multi-channel model provides sourcing flexibility, economies of scale, and product diversification, supporting growth.
The results reflect the effectiveness of the Bold New Chapter strategy in improving product offerings and omnichannel customer experiences.

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Designer Brands Inc.

DBI

Sportsman's Warehouse Holdings, Inc.

Consumer

Rebranding and Store Experience Innovation with 'Let Us Surprise You' Campaign

The company launched a new brand campaign titled 'Let Us Surprise You' on September 2, 2025, aimed at reinvigorating the DSW brand identity.
The campaign emphasizes a whimsical, engaging shopping experience designed to deepen customer loyalty and brand differentiation.
A reimagined DSW store in Framingham, Massachusetts, serves as a pilot with immersive features like augmented reality try-on kiosks and customization stations.
Early feedback from customers and associates has been very positive, with strong impressions and increased store engagement.
The new store format integrates advanced technologies and services to create a modern, personalized shopping environment.
The company plans to use insights from this pilot to further evolve its retail experience and potentially expand innovative store formats.

SPWH

Consumer

Strategic Inventory Build Ahead of Hunting Season to Capture Market Share

Sportsman's Warehouse intentionally increased inventory levels by Q2 to be store-ready for the peak fall hunting season, ahead of previous years.
The company strategically moved inventory earlier to avoid missing out on seasonal demand and to outpace competitors.
This inventory build was a deliberate decision to ensure in-stock levels are strong, especially in core categories like hunt and fish.
Management expects to finish the year with lower total inventory than last year, indicating a planned sell-down.
The early inventory positioning is aimed at capturing market share and improving sales performance during the critical season.
This approach contrasts with prior years where inventory was often late to the season, risking lost sales.

Caleres, Inc.

CAL

MasterCraft Boat Holdings, Inc.

Consumer

Impact of Tariffs and Mitigation Strategies on Margins

Management highlighted ongoing tariff impacts, estimating a 250 basis point gross margin pressure due to tariffs in the Brand Portfolio segment.
Mitigation efforts include sourcing country mix adjustments, factory concessions, and selective price increases, but lag effects mean pressure persists into the second half of 2025.
The company expects gross margin pressure from tariffs to continue into the third quarter, with some normalization anticipated in the fourth quarter as mitigation strategies take effect.
Approximately $10 million of sales in Q2 were negatively impacted by tariffs, split evenly between cancellations and delayed receipts, with recovery expected in Q3.
Management emphasized the lag between tariff enactment and mitigation effectiveness, which complicates short-term margin recovery efforts.
The company is actively exploring additional cost savings and efficiency measures to offset tariff-related margin pressures.

MCFT

Consumer

1mo

Dealer Network Optimization and Market Coverage Strategies

MasterCraft is working on strengthening distribution, including expanding coverage in key markets.
The company has added rooftops in growing markets like Dallas, Houston, and St. George, to increase dealer density.
Dealer inventory levels are healthier, with efforts to improve turns and market coverage.
Strategic dealer adjustments are aimed at capturing demographic shifts and traffic patterns.
The company is cautious about inventory levels but remains focused on expanding dealer presence in high-growth areas.

Five Below, Inc.

FIVE

Consumer

1mo

Operational Excellence and Supply Chain Agility in a Volatile Tariff Environment

The company is actively managing supply chain and sourcing strategies to mitigate tariff impacts and accelerate receipts.
Management highlighted the importance of agility, diversification, and global sourcing to navigate tariff volatility.
Physical inventory counts and shrink management are ongoing to improve inventory accuracy and reduce losses.
The company is leveraging its vendor relationships and flexible sourcing to adapt to changing trade conditions.
Operational improvements, including labor efficiency and inventory flow, are supporting sales and margin stability.

Chewy, Inc.

CHWY

Consumer

Chewy's Private Brand 'Get Real' Launch and Market Potential

Chewy launched 'Get Real', a new private brand of healthy, fresh dog food, in August 2025, with customer reception already strong after a few weeks.
The product line includes three recipes with minimal ingredients, targeting the premium segment driven by humanization and health trends.
Capacity has been built through 2028 to support growth in the fresh frozen segment, supporting the company's long-term margin and EBITDA goals.
Get Real is exclusively an Autoship subscription, which supports high gross profit per unit at scale and operational leverage.
Management expects to scale this product to a national footprint by the end of 2025, with delivery within 1-day transit for most customers.
The company plans to introduce additional Chewy-branded innovations later in 2025, emphasizing its focus on private label growth.

Genesco Inc.

GCO

Consumer

1mo

Journeys' Strategic Product Diversification and Market Expansion

Journeys has successfully achieved four consecutive quarters of positive comps, driven by a strategic focus on product diversification and newness.
The company has expanded its target market at Journeys to include a broader teen audience, increasing the total addressable market by 6 to 7 times.
Recent market research and campaigns like 'Life on Loud' are aimed at attracting a wider, style-conscious teen demographic.
The store remodels to the Journeys 4.0 format have significantly boosted traffic, conversion, and transaction size, with over 55 stores converted so far.
The company plans to open more than 80 Journeys 4.0 stores by year-end, emphasizing a modern aesthetic and enhanced customer experience.
This transformation aims to serve a larger, more diverse customer base and to leverage the strength of premium footwear brands.

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Lululemon Athletica Inc.

LULU

Destination XL Group, Inc.

Consumer

Impact of Tariffs and De Minimis Removal on Margins and Pricing Strategy

Management highlighted a $240 million mitigated impact on gross margin due to tariffs and the removal of the de minimis exemption, representing approximately 220 basis points of margin decline for 2025.
The removal of the de minimis exemption is expected to have a significant impact, accounting for about 170 basis points of the tariff-related decline.
The company is implementing strategic pricing actions and supply chain initiatives to mitigate increased tariff costs, but these will take time to fully realize benefits.
For 2026, the net impact of tariffs and de minimis removal is projected to be around $320 million, affecting operating margins.
The company is actively managing inventory placement and supply chain adjustments to offset some of the tariff-related costs.
Pricing increases are being cautiously rolled out on a small portion of the assortment, with ongoing evaluation planned.

DXLG

Consumer

1mo

Strategic Shift Toward Private Brands and Margin Impact

The company is shifting its product assortment to prioritize private brands, aiming to increase penetration from 56.5% to over 60% in 2026 and over 65% in 2027.
This strategic shift involves reducing investment in underperforming national brands to drive higher profitability and leverage promotional opportunities.
Private brands currently offer a higher initial IMU (upper sixties to mid-seventies) compared to national brands (low fifties), providing a significant margin advantage.
Management believes that private brands can deliver better quality and value, which is crucial as customers migrate from designer brands to private labels.
The company expects that this shift will not only improve margins but also enhance customer loyalty through better storytelling and strategic marketing.
This transition is a major strategic move that aims to differentiate DXL in a competitive market by controlling design, inventory, and profitability.

Movado Group, Inc.

MOV

Consumer

1mo

Impact of U.S.-Switzerland Tariffs on Inventory and Supply Chain

Movado built a strong inventory position of Swiss-made watches in the U.S. in anticipation of a 39% tariff rate on Swiss imports implemented after the quarter.
Management expects a substantial portion of the year's inventory needs are already covered by the current stock, mitigating immediate supply disruptions.
Approximately $28 million of inventory was accumulated, with $16 million in the U.S., to offset tariff impacts and manage supply chain risks.
The company has taken proactive measures such as pricing adjustments and supplier negotiations to mitigate tariff effects, though some impacts will only be seen in future periods.
Movado plans to reduce inventory levels by the end of the year to more reasonable levels, aiming to offset the increased costs caused by tariffs.
Management remains optimistic that the U.S. and Switzerland will negotiate to lower tariff rates in the coming months, which could further ease supply chain pressures.

Ermenegildo Zegna N.V.

ZGN

Consumer

Strategic Expansion of Zegna in the U.S. Market

Zegna announced the opening of a new store in Miami Design District, marking a key step in its U.S. expansion strategy.
The company also opened a permanent by-appointment store in Shanghai's Plaza 66, emphasizing personalized luxury experiences.
These new stores aim to strengthen Zegna’s presence in high-growth markets and cater to exclusive clientele.
Management highlighted the importance of these openings in supporting long-term growth and brand positioning in key regions.

Urban Outfitters, Inc.

URBN

Consumer

1mo

Nuuly's Record Profitability and Expansion Plans

Nuuly achieved its most profitable quarter ever, with a 300 basis point increase in operating profit rate compared to last year.
The brand's 48% subscriber growth significantly contributed to a 53% revenue increase, adding 4 percentage points to total URBN sales.
Nuuly is expanding logistics capacity in Kansas City from 600,000 to 1 million square feet, expected to be completed by mid-2026.
Investments include new sortation automation to improve operational efficiency, targeted for delivery in the second half of 2026.
Management sees a large and growing opportunity in apparel rental in the US, reinforcing confidence in Nuuly's long-term growth.
The company plans to continue marketing efforts to build brand awareness and subscriber base, viewing rental apparel as a sizable market opportunity.

Best Buy Co., Inc.

BBY

Casey's General Stores, Inc.

Consumer

1mo

Meta Partnership and AI Glasses Launch in Fall 2026

Best Buy is expanding its partnership with Meta to bring AI glasses and immersive experiences to over 50 store locations in the fall of 2026.
Meta AI glasses from Ray-Ban and Oakley will be available, aiming to be popular holiday gift items.
The company is creating dedicated showcase areas with expert support to demo new technology, enhancing customer engagement.
This initiative represents a strategic push into augmented reality and AI-driven consumer electronics, differentiating Best Buy from competitors.

CASY

Consumer

Impact of Fikes Acquisition on Fuel and Prepared Foods Margins

The Fikes acquisition has contributed to a 110 basis point drag on prepared foods margins, which management expects to improve as stores are remodeled.
Remodeling and full integration of Fikes stores are projected to take over a year, with initial synergies mainly from fuel and G&A savings.
The company has made adjustments to the Fikes stores' assortment and promotional strategies to improve margins and sales performance.
Progress on converting Fikes stores to Casey's food proposition is ongoing, with full benefits expected post-remodeling and kitchen upgrades.
Management remains confident that the full integration and remodeling will eventually lead to margin accretion and higher profitability.

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Mission Produce, Inc.

AVO

Ollie's Bargain Outlet Holdings, Inc.

Consumer

Strategic International Sourcing and Market Diversification

Mission's global sourcing strategy was on full display this quarter, with optimized sourcing mix across Peru, Mexico, and other countries.
The company leveraged improved Peruvian production and Mexican supply to support year-round avocado sourcing and category growth.
European sales increased by 37% in Q3, driven by enhanced customer penetration and facility utilization in the UK.
Investments in international markets, including Europe and Asia, are aimed at supporting demand and expanding market share.
The company’s focus on strategic sourcing and international diversification creates greater financial consistency and resilience.
Future plans include expanding in Europe through potential inorganic growth and strengthening Asian partnerships.

OLLI

Petco Health and Wellness Company, Inc.

Consumer

1mo

Rapid Store Expansion Driven by Market Disruption and Bankruptcies

Ollie's opened 54 new stores in the first 6 months of 2025, exceeding their previous full-year high and quadrupling last year's openings.
The company celebrated its 600th store and expanded into its 33rd and 34th states, leveraging market disruptions from bankruptcies.
Management is committed to double-digit annual unit growth, with an updated target of 85 new stores for 2025.
The accelerated growth is partly fueled by acquiring well-suited stores from bankrupt competitors, especially those closed by retail bankruptcies.
The company has invested in flexible store models to generate strong returns across diverse geographies and demographics.
The store expansion is supported by a strategic focus on opportunistic acquisitions and organic growth, with plans to further expand distribution capacity.

WOOF

Consumer

Market and Customer Insights Drive Merchandise and Service Innovation

Petco's research revealed strong customer interest in pet-themed products, leading to new product launches under $20.
Customer feedback and surveys are guiding the merchandise overhaul, focusing on surprise, relevance, and giftability.
The company is working on a new loyalty program with personalized rewards to deepen customer relationships.
Management noted the opportunity to grow the share of wallet through services and repeat delivery enhancements.
Customer sentiment improvements and increased engagement indicate that marketing and in-store experiences are effectively connecting with pet parents.

Dollar Tree, Inc.

DLTR

Consumer

Impact of Family Dollar Sale on Dollar Tree Strategy and Focus

The sale of Family Dollar marked a significant milestone, allowing Dollar Tree to fully focus on its core Dollar Tree brand and operations.
Management highlighted that the divestiture has led to faster decision-making and a sharper strategic focus on growth and efficiency.
The proceeds from the Family Dollar sale, totaling $668 million, are being used to fund store expansion, share repurchases, and strengthen the balance sheet.
The divestiture has enabled the company to streamline its resources and prioritize initiatives like assortment expansion and cost mitigation.
Leadership emphasized that every aspect of the business was involved in the sale process, reflecting its importance to long-term strategy.

Ulta Beauty, Inc.

ULTA

Consumer

Ulta Beauty's International Expansion via Space NK Acquisition

Ulta entered the UK market through the acquisition of Space NK, which operates 83 stores and a vibrant online platform, marking a strategic move into international markets.
Space NK will operate as a stand-alone subsidiary, allowing Ulta to leverage its high street location expertise and prestige market presence.
The acquisition was funded with cash and borrowings, and is not material to overall financials, but it signifies a key step in Ulta's global growth strategy.
Ulta plans to share best practices and transfer learnings between the UK and US markets, focusing on assortment, guest experience, and scaling growth.
The company also launched its first store in Mexico and plans to open in the Middle East later this year, indicating a broader international footprint.

Campbell Soup Company

CPB

Consumer

Shift in Reporting of Chips Categories Starting 2026

Campbell announced a change in how it reports share of chips for brands like Cape Cod, Kettle Brand, and Late July starting in fiscal 2026.
The new reporting will compare these brands against the total potato chip and tortilla chip categories, replacing previous category comparisons.
Management believes this change will better reflect the brands' performance and highlight their positioning within broader categories.
This strategic adjustment aims to provide clearer insights into brand performance and consumer preferences in the chips segment.

Malibu Boats, Inc.

MBUU

Consumer

1mo

Introduction of 11 New Model Year 2026 Boats and Innovation Focus

Malibu Boats plans to introduce 11 new model year '26 boats, emphasizing innovation and quality.
Highlights include the Cobia 245 and 305 center consoles, unveiled at the recent dealer meeting.
The new Malibu 22 LSV is positioned as the most complete compact wake boat, targeting ease of use.
The Axis T250 is the largest and most powerful Axis model, with room for 18 riders, aimed at value-focused buyers.
The Pursuit S388 offers more storage, premium upgrades, and performance enhancements.
The company will unveil 6 more models and roll out an all-new Monsoon engine with improved power and efficiency.

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Zumiez Inc.

ZUMZ

Consumer

Private Label Penetration Reaches Historic Highs Amid Trend Cycle Shifts

Zumiez's private label performance reached 30% of total sales year-to-date, the highest in company history, driven by strategic focus on key categories like denim.
Management attributes the growth in private label to rapid brand cycling in the consumer market, requiring deeper ownership of core categories.
The company emphasizes its premium positioning in private label, differentiating from value players and targeting specific consumer niches.
Private label brands are benefiting from trend responsiveness and exclusive product offerings, which are fueling sales and margin expansion.
The company has been actively developing private label brands to own categories with fast-moving trend cycles, especially in denim and apparel.
This strategic shift reflects a broader response to the fast-paced brand cycle environment and consumer demand for unique, trend-leading products.

America's Car-Mart, Inc.

CRMT

Consumer

Impact of Tariffs on Inventory Costs and Capital Planning

Tariffs caused a $500 per unit increase in procurement costs during Q1 2026, adding to last quarter's $300 increase.
Management expects the tariff-related price increases to smooth out but anticipates ongoing pressure on inventory capacity.
The company is actively exploring actions to expand inventory capacity to prevent sales limitations due to rising vehicle prices.
Tariff impacts have led to a temporary constraint on retail volume, influencing overall unit sales and inventory management.
Leadership indicated that the industry is dealing with a 5-6% increase in used car prices relative to the prior year, affecting margins and planning.

Burlington Stores, Inc.

BURL

Consumer

1mo

Impact of Burlington 2.0 Initiatives on Q2 Performance and Future Growth

Management attributes the strong Q2 sales and earnings to the successful execution of Burlington 2.0 initiatives, which include Merchandising 2.0, Stores 2.0, and new store openings.
These initiatives have enabled rapid response to external headwinds such as tariffs, demonstrating strategic agility.
Merchandising 2.0 provided enhanced visibility and tools that allowed the company to pivot assortments quickly amid tariff disruptions.
Stores 2.0 has significantly improved customer experience, operational efficiency, and associate engagement, contributing to a 5% comp store sales growth.
The company expects the impact of Burlington 2.0 to grow over time, supporting long-term performance despite external uncertainties.

Kohl's Corporation

KSS

Consumer

1mo

Rebalancing Proprietary Brands to Drive Growth and Customer Loyalty

Kohl's has significantly increased its focus on proprietary brands, with a 500 basis point improvement in sales from Q1 to Q2.
The company is actively reinvesting in proprietary brands like Sonoma, Lauren Conrad, and FLX, which are key to its value proposition.
Recent launches of new home brands Mariana, Hotelier, and Mingle & Co. have received strong initial responses, boosting bedding and bath categories.
Expansion of FLX into the kids category in Q3 is expected to further enhance proprietary brand performance and relevance.
The company is adopting a thoughtful, customer-driven approach to proprietary brand assortment, emphasizing depth in essentials and fashion.
Proprietary brands' higher margin contribution is expected to accelerate as the company increases penetration, positively impacting gross margins.

Signet Jewelers Limited

SIG

G-III Apparel Group, Ltd.

Consumer

Signet's Strategic Focus on Grow Brand Love and Differentiation

Signet is making early progress on its grow brand love strategy through distinct merchandise, enhanced marketing, and unique customer experiences, emphasizing differentiation across brands.
The company is expanding collections like Unspoken and Shy Creation at Jared, and milestone gifting at Kay, to attract new customers and increase relevance.
Management highlighted the importance of brand modernization, especially at Kay, to appeal to a younger generation and foster emotional connections.
The reorganization placing store operations under brand leaders aims to create more personalized and engaging customer experiences, starting with Jared.
Leadership expressed confidence that these strategic initiatives will drive growth and customer loyalty, especially during the holiday season.

GIII

Consumer

Impact of Tariffs on G-III's Inventory and Margins

Management highlighted that higher-than-expected tariff costs, primarily from increased shipments from Vietnam, India, and Indonesia, impacted gross margins in Q2 2026.
The company is actively mitigating tariff pressures through vendor participation, sourcing shifts, and targeted price increases, but is currently absorbing some costs to stay competitive.
Tariff impact was estimated at approximately $75 million unmitigated, with a total incremental tariff cost of about $155 million for fiscal 2026.
The company’s strategic decision to hold and reroute product from India, where tariffs reached 50%, was aimed at protecting margins despite affecting the year-end topline.
Management expects gross margins to normalize and expand as they exit lower-margin licenses and increase penetration of owned brands.
Tariffs have influenced inventory decisions, leading to a 5% increase in inventory levels and a cautious approach to inventory buybacks.
The impact of tariffs on margins is expected to be most pronounced in the fourth quarter, with some relief anticipated in the second half of next year.

Victoria's Secret & Co.

VSCO

Academy Sports and Outdoors, Inc.

Consumer

1mo

Impact of Digital Outage and Tariffs on Q2 Performance

Victoria's Secret & Co. experienced a digital outage in May that negatively impacted net sales by approximately $20 million in Q2 2025.
Despite the outage, the company achieved a 3% net sales increase and a 4% comp sales growth, indicating resilience.
Tariff impacts added an estimated $50 million to the total $100 million net tariff impact for 2025, with mitigation strategies in place.
The company is actively working on cost mitigation, including diversifying sourcing and optimizing freight mix, to counteract tariff pressures.
Tariff mitigation efforts are expected to be more impactful in 2026, with additional measures like shifting to ocean freight being planned.

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ASO

Consumer

Impact of Recent Flooding Event and Community Support Efforts

The Texas Hill Country flooding in early July prompted Academy Sports and Outdoors to donate supplies and funds, demonstrating strong community engagement.
Management highlighted the company's quick response to the disaster, including donations of sleeping bags, cots, and support to first responders.
The company maintained that none of its stores or team members were directly impacted, but community support remains a priority.
Leadership emphasized the importance of showing up for team members and customers during times of need, reinforcing corporate social responsibility.

Hormel Foods Corporation

HRL

Consumer

1mo

Impact of Commodity Price Surge on Profitability and Margins

The company experienced approximately 400 basis points of raw material cost inflation in Q3 2025, significantly exceeding expectations.
Commodity markets, including pork and beef, surged by 10-30%, creating substantial headwinds for margins.
Management highlighted that the sharp run-up in input costs was both sudden and major, affecting profitability.
Pricing actions have been announced to offset commodity inflation, but the benefits are expected to lag into 2026.
Despite the inflationary pressures, the company remains committed to long-term growth and margin recovery.
The elevated commodity prices have led to increased inventory levels, which were intentionally built to meet demand.

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Scholastic Corporation

SCHL

Consumer

Scholastic's Real Estate Monetization and Strategic Asset Sales

Scholastic is actively progressing with its real estate monetization process, with significant investor interest in its SoHo headquarters and Jefferson City distribution center.
The company remains on track with its timeline for these asset sales, aiming to conclude transactions by fall 2026.
Management views these sales as part of a capital allocation strategy to reduce debt and optimize the balance sheet.
The proceeds from these sales are expected to support debt reduction and shareholder returns, including share buybacks.
This strategic move is a notable shift towards leveraging real estate assets for financial flexibility and long-term value creation.

DRI

Consumer

Strategic Focus on Menu Innovation and Affordability at Olive Garden

Olive Garden launched a Create Your Own Pasta platform featuring bold flavors like Spicy 3-Meat Sauce, which was well received and increased guest preference.
The brand introduced a limited-time Calabrian Steak and Shrimp Bucatini that quickly became a top 10 favorite, indicating successful culinary innovation.
Olive Garden is testing a lighter portion menu with reduced prices, which has increased affordability scores by 15 percentage points and improved guest satisfaction.
Management believes these menu initiatives will drive long-term traffic growth, despite potential short-term check dilution.
Delivery through Uber Direct is helping Olive Garden attract younger, affluent guests, with delivery orders remaining 40% above pre-campaign levels post-promotion.

MLKN

Consumer

Leadership Transitions and Strategic Succession Planning

MillerKnoll announced a leadership transition with John Hoke succeeding Mike Volkema as board chair, reflecting a strategic focus on leadership stability after 25 years of Volkema's tenure.
The company promoted Jeff Stutz to Chief Operating Officer, emphasizing internal talent development and operational continuity.
Kevin Veltman was introduced as interim CFO, leveraging his decade of experience with MillerKnoll to ensure financial stability during leadership changes.
Management highlighted the importance of leadership in executing strategic initiatives and maintaining investor confidence amid organizational changes.

AZO

Consumer

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.

CarMax, Inc.

KMX

Consumer

Strategic Inventory Reserve and Transfer Policies to Manage Customer Demand and Title Issues

CarMax employs a reserve inventory policy where about 40% of online inventory is reserved for interested customers.
Reserved inventory generally involves customers actively interested in specific vehicles, benefiting transfer logistics.
The company monitors the duration of reservations and is considering adjustments to reduce hold times.
Transfer delays are often due to title issues, which vary by state, affecting inventory availability.
Management believes active reserve policies help optimize sales and customer satisfaction without significantly impacting inventory turnover.

SFIX

Consumer

Discipline in Growth Investments and Navigating a Challenging Macro Environment

Stitch Fix plans to continue disciplined growth investments while navigating an increasingly complex macro environment.
The company is focusing on efficiency, cost management, and strategic investments in client experience and assortment.
Guidance for FY '26 includes returning to revenue growth and being free cash flow positive.
Management expressed confidence in the company's agility, data-driven approach, and strong financial foundation to capitalize on strategic opportunities.

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General Mills, Inc.

GIS

Consumer

Strategic Focus on Organic Growth Amid Market Uncertainty

Management emphasized their laser focus on returning to profitable organic growth despite global market uncertainties.
The company is executing well on divestitures like Yoplait and acquisitions such as Whitebridge, which are part of their strategic realignment.
Leadership highlighted their confidence in their approach, citing positive early signs and category share gains.
The strategy includes significant investments in innovation, new product launches, and renovation across top categories to drive long-term growth.
Cost savings initiatives like industry-leading HMM are supporting transformational benefits, enhancing competitiveness.

Oxford Industries, Inc.

OXM

Dave & Buster's Entertainment, Inc.

Consumer

Impact of Tariffs on Margins and Supply Chain Strategies

Oxford Industries faced an incremental $9 million in tariffs in fiscal 2025, affecting gross margins.
The company mitigated roughly half of the $80 million tariff exposure through supply chain shifts and early inventory receipts.
Management expects inventory levels to decrease in the second half as tariff pressures stabilize.
Tariff-related costs are being offset by vendor concessions and selective price increases on certain products.
The company anticipates a net tariff impact of approximately $25 million to $35 million after mitigation efforts.
Despite tariff headwinds, Oxford remains committed to long-term investments like the Lyons distribution center.

PLAY

Consumer

Leadership Transition and Strategic Vision of New CEO Tarun Lal

Tarun Lal, with over 30 years of leadership experience at Yum! and international markets, officially joined Dave & Buster's in July 2025.
Lal emphasized his focus on driving innovation, growth, and operational excellence based on his extensive turnaround experience.
He highlighted the importance of brand clarity, guest-first culture, and executing a focused strategic plan to unlock value.
Lal's background in managing high-performing teams and successful turnarounds suggests a potential shift in company strategy and culture.
He expressed confidence in overcoming addressable challenges through disciplined execution and strategic focus.

The Kroger Co.

Consumer

Strategic Store Utilization for E-commerce Fulfillment and Delivery Speed

Kroger is heavily using its existing stores to fulfill e-commerce orders, with delivery now surpassing store pickup in sales.
The company is evaluating its automated fulfillment centers to optimize high-density area performance.
Most e-commerce orders are fulfilled directly from stores, with minimal need for reworking store layouts.
Delivery times are being reduced to under two hours, aligning with customer demand for speed.
The strategic review on e-commerce fulfillment is nearly complete, with an update expected in the third quarter.
Kroger aims to leverage its store footprint to expand rapid delivery without significant capital investment.

The Hain Celestial Group, Inc.

Consumer

European Expansion and RH Paris Grand Opening Impact

RH Paris, located on the Champs-Élysées, is described as the company's most innovative and immersive brand experience to date, opening in September 2025.
The Paris gallery has exceeded RH New York in daily traffic since opening, indicating strong market reception.
The design pipeline in Paris during the first 6 days surpasses the combined pipeline of the first five European galleries, signaling rapid growth potential.
RH Paris features a multi-level, architecturally stunning space with rare art, a library, and hospitality concepts, emphasizing a blend of art, design, and luxury.
Management views RH Paris as a global destination that will generate desire, inspire, and elevate the RH brand, with plans to expand in London and Milan.
Early results suggest that RH Paris is a significant inflection point for the European market, with expectations to double the size of RH in Europe over 5-7 years.

HAIN

Cracker Barrel Old Country Store, Inc.

Consumer

Hain's Strategic Restructuring and Operating Model Shift

Hain is actively shifting from a global to a regional operating model to increase agility and decision-making speed.
The company is reducing layers, increasing spans of regional leaders, and moving functions like supply chain and innovation closer to the consumer.
Most restructuring changes are targeted to be effective between October and November 2025, with full benefits expected by the end of the year.
The restructuring aims to create a leaner organization, cut costs, and empower regional teams to drive growth and innovation.

CBRL

Consumer

Reversal of Modern Store Remodels and Signage Changes

Cracker Barrel has paused and begun reverting from modern store designs to traditional Americana decor after testing in 4 locations, indicating a strategic shift away from recent remodel experiments.
Management confirmed that the modern design stores will not be rolled out further, emphasizing a focus on traditional store aesthetics that resonate more with guests.
The company has taken a cautious approach, pausing remodels in less than 10% of stores to evaluate guest feedback and operational impact.
This reversal reflects a responsive strategy to guest preferences and feedback, prioritizing brand heritage and customer nostalgia over recent modernization efforts.
The process of reverting signage and interiors is ongoing and will take time due to permitting and logistical constraints, signaling a disciplined approach to capital spending.

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MLKN

Consumer

Financial Performance Summary

Adjusted EPS increased 25% to $0.45, significantly outperforming expectations.
Cash flow from operations was $9 million; liquidity ended at $481 million.
Consolidated net sales grew 10.9% year-over-year to $956 million, exceeding guidance midpoint.
Global Retail segment sales grew 6.4% to $254 million but operating margin declined to 0.6% due to new store costs and tariffs.
Gross margin was 38.5%, including an $8 million net tariff-related impact.
International Contract segment sales increased 14.4% to $168 million, with adjusted operating margin at 8.5%.
Net debt to EBITDA ratio was 2.92, well below covenant limits.
North America Contract segment sales rose 12% to $534 million with operating margin improving to 10.7%.

SFIX

Consumer

Return to Revenue Growth in Q4

4.4% adjusted revenue growth

Q4 revenue of $311.2 million exceeded guidance and marked the second consecutive quarter of revenue growth, reversing prior declines.

DRI

Consumer

Olive Garden Same-Restaurant Sales Growth

5.9%

Olive Garden same-restaurant sales grew 5.9%, outperforming industry benchmarks and driven by culinary innovation and delivery growth.

AZO

Consumer

Domestic Commercial Sales Acceleration

12.5% growth on a 16-week basis

Commercial sales were up 12.5% year over year on a 16-week basis, accelerating from 10.7% in Q3 and 7.3% in Q2, driven by improved execution and parts availability.

PVH Corp.

PVH

Consumer

1mo

Operational Turnaround in Calvin Klein Global Product Capabilities

The company successfully addressed initial operational challenges in setting up Calvin Klein's global product capabilities in New York during Q2 2025.
Sequential improvements were achieved in Fall 2025, with the Spring 2026 product season already secured with margin improvements and on-time deliveries.
The Calvin Klein team, led by David, has effectively worked through the setup challenges, restoring the global product engine to full operational capacity.
This operational turnaround is expected to have long-term benefits, strengthening the brand's global relevance and product consistency.
Management emphasized that the setup was a strategic investment that will pay off in future years, enhancing product quality and delivery reliability.

Copart, Inc.

CPRT

Consumer

Impact of AI and Advanced Technologies on Copart's Operations

Copart has integrated AI and large language models into decision support tools, enabling faster and more informed total loss decisions for insurance claims.
AI deployment at the auction level includes search results and vehicle recommendation systems, improving buyer experience and efficiency.
Management believes that ongoing AI enhancements will significantly increase operational efficiency and unlock new business opportunities.
The use of AI has contributed to improved cycle times, especially in title procurement and claims processing, reducing friction for clients.

Macy's, Inc.

Consumer

Macy's Bold New Chapter Strategy Yields Strong Q2 Results

Macy's reported its strongest comparable sales in 12 quarters, driven by enterprise-wide improvements and strategic execution.
The company's GoForward business, including reimagined stores and digital, achieved 2.2% comparable sales growth, indicating successful transformation efforts.
Bloomingdale's and Bluemercury continued their positive momentum with 5.7% and 1.2% comparable sales growth respectively, highlighting luxury segment strength.
Management emphasized that the multi-brand, multi-category, and multi-channel model provides sourcing flexibility, economies of scale, and product diversification, supporting growth.
The results reflect the effectiveness of the Bold New Chapter strategy in improving product offerings and omnichannel customer experiences.

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Designer Brands Inc.

DBI

Sportsman's Warehouse Holdings, Inc.

Consumer

Rebranding and Store Experience Innovation with 'Let Us Surprise You' Campaign

The company launched a new brand campaign titled 'Let Us Surprise You' on September 2, 2025, aimed at reinvigorating the DSW brand identity.
The campaign emphasizes a whimsical, engaging shopping experience designed to deepen customer loyalty and brand differentiation.
A reimagined DSW store in Framingham, Massachusetts, serves as a pilot with immersive features like augmented reality try-on kiosks and customization stations.
Early feedback from customers and associates has been very positive, with strong impressions and increased store engagement.
The new store format integrates advanced technologies and services to create a modern, personalized shopping environment.
The company plans to use insights from this pilot to further evolve its retail experience and potentially expand innovative store formats.

SPWH

Consumer

Strategic Inventory Build Ahead of Hunting Season to Capture Market Share

Sportsman's Warehouse intentionally increased inventory levels by Q2 to be store-ready for the peak fall hunting season, ahead of previous years.
The company strategically moved inventory earlier to avoid missing out on seasonal demand and to outpace competitors.
This inventory build was a deliberate decision to ensure in-stock levels are strong, especially in core categories like hunt and fish.
Management expects to finish the year with lower total inventory than last year, indicating a planned sell-down.
The early inventory positioning is aimed at capturing market share and improving sales performance during the critical season.
This approach contrasts with prior years where inventory was often late to the season, risking lost sales.

Caleres, Inc.

CAL

MasterCraft Boat Holdings, Inc.

Consumer

Impact of Tariffs and Mitigation Strategies on Margins

Management highlighted ongoing tariff impacts, estimating a 250 basis point gross margin pressure due to tariffs in the Brand Portfolio segment.
Mitigation efforts include sourcing country mix adjustments, factory concessions, and selective price increases, but lag effects mean pressure persists into the second half of 2025.
The company expects gross margin pressure from tariffs to continue into the third quarter, with some normalization anticipated in the fourth quarter as mitigation strategies take effect.
Approximately $10 million of sales in Q2 were negatively impacted by tariffs, split evenly between cancellations and delayed receipts, with recovery expected in Q3.
Management emphasized the lag between tariff enactment and mitigation effectiveness, which complicates short-term margin recovery efforts.
The company is actively exploring additional cost savings and efficiency measures to offset tariff-related margin pressures.

MCFT

Consumer

1mo

Dealer Network Optimization and Market Coverage Strategies

MasterCraft is working on strengthening distribution, including expanding coverage in key markets.
The company has added rooftops in growing markets like Dallas, Houston, and St. George, to increase dealer density.
Dealer inventory levels are healthier, with efforts to improve turns and market coverage.
Strategic dealer adjustments are aimed at capturing demographic shifts and traffic patterns.
The company is cautious about inventory levels but remains focused on expanding dealer presence in high-growth areas.

Five Below, Inc.

FIVE

Consumer

1mo

Operational Excellence and Supply Chain Agility in a Volatile Tariff Environment

The company is actively managing supply chain and sourcing strategies to mitigate tariff impacts and accelerate receipts.
Management highlighted the importance of agility, diversification, and global sourcing to navigate tariff volatility.
Physical inventory counts and shrink management are ongoing to improve inventory accuracy and reduce losses.
The company is leveraging its vendor relationships and flexible sourcing to adapt to changing trade conditions.
Operational improvements, including labor efficiency and inventory flow, are supporting sales and margin stability.

Chewy, Inc.

CHWY

Consumer

Chewy's Private Brand 'Get Real' Launch and Market Potential

Chewy launched 'Get Real', a new private brand of healthy, fresh dog food, in August 2025, with customer reception already strong after a few weeks.
The product line includes three recipes with minimal ingredients, targeting the premium segment driven by humanization and health trends.
Capacity has been built through 2028 to support growth in the fresh frozen segment, supporting the company's long-term margin and EBITDA goals.
Get Real is exclusively an Autoship subscription, which supports high gross profit per unit at scale and operational leverage.
Management expects to scale this product to a national footprint by the end of 2025, with delivery within 1-day transit for most customers.
The company plans to introduce additional Chewy-branded innovations later in 2025, emphasizing its focus on private label growth.

Genesco Inc.

GCO

Consumer

1mo

Journeys' Strategic Product Diversification and Market Expansion

Journeys has successfully achieved four consecutive quarters of positive comps, driven by a strategic focus on product diversification and newness.
The company has expanded its target market at Journeys to include a broader teen audience, increasing the total addressable market by 6 to 7 times.
Recent market research and campaigns like 'Life on Loud' are aimed at attracting a wider, style-conscious teen demographic.
The store remodels to the Journeys 4.0 format have significantly boosted traffic, conversion, and transaction size, with over 55 stores converted so far.
The company plans to open more than 80 Journeys 4.0 stores by year-end, emphasizing a modern aesthetic and enhanced customer experience.
This transformation aims to serve a larger, more diverse customer base and to leverage the strength of premium footwear brands.

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Lululemon Athletica Inc.

LULU

Destination XL Group, Inc.

Consumer

Impact of Tariffs and De Minimis Removal on Margins and Pricing Strategy

Management highlighted a $240 million mitigated impact on gross margin due to tariffs and the removal of the de minimis exemption, representing approximately 220 basis points of margin decline for 2025.
The removal of the de minimis exemption is expected to have a significant impact, accounting for about 170 basis points of the tariff-related decline.
The company is implementing strategic pricing actions and supply chain initiatives to mitigate increased tariff costs, but these will take time to fully realize benefits.
For 2026, the net impact of tariffs and de minimis removal is projected to be around $320 million, affecting operating margins.
The company is actively managing inventory placement and supply chain adjustments to offset some of the tariff-related costs.
Pricing increases are being cautiously rolled out on a small portion of the assortment, with ongoing evaluation planned.

DXLG

Consumer

1mo

Strategic Shift Toward Private Brands and Margin Impact

The company is shifting its product assortment to prioritize private brands, aiming to increase penetration from 56.5% to over 60% in 2026 and over 65% in 2027.
This strategic shift involves reducing investment in underperforming national brands to drive higher profitability and leverage promotional opportunities.
Private brands currently offer a higher initial IMU (upper sixties to mid-seventies) compared to national brands (low fifties), providing a significant margin advantage.
Management believes that private brands can deliver better quality and value, which is crucial as customers migrate from designer brands to private labels.
The company expects that this shift will not only improve margins but also enhance customer loyalty through better storytelling and strategic marketing.
This transition is a major strategic move that aims to differentiate DXL in a competitive market by controlling design, inventory, and profitability.

Movado Group, Inc.

MOV

Consumer

1mo

Impact of U.S.-Switzerland Tariffs on Inventory and Supply Chain

Movado built a strong inventory position of Swiss-made watches in the U.S. in anticipation of a 39% tariff rate on Swiss imports implemented after the quarter.
Management expects a substantial portion of the year's inventory needs are already covered by the current stock, mitigating immediate supply disruptions.
Approximately $28 million of inventory was accumulated, with $16 million in the U.S., to offset tariff impacts and manage supply chain risks.
The company has taken proactive measures such as pricing adjustments and supplier negotiations to mitigate tariff effects, though some impacts will only be seen in future periods.
Movado plans to reduce inventory levels by the end of the year to more reasonable levels, aiming to offset the increased costs caused by tariffs.
Management remains optimistic that the U.S. and Switzerland will negotiate to lower tariff rates in the coming months, which could further ease supply chain pressures.

Ermenegildo Zegna N.V.

ZGN

Consumer

Strategic Expansion of Zegna in the U.S. Market

Zegna announced the opening of a new store in Miami Design District, marking a key step in its U.S. expansion strategy.
The company also opened a permanent by-appointment store in Shanghai's Plaza 66, emphasizing personalized luxury experiences.
These new stores aim to strengthen Zegna’s presence in high-growth markets and cater to exclusive clientele.
Management highlighted the importance of these openings in supporting long-term growth and brand positioning in key regions.

Urban Outfitters, Inc.

URBN

Consumer

1mo

Nuuly's Record Profitability and Expansion Plans

Nuuly achieved its most profitable quarter ever, with a 300 basis point increase in operating profit rate compared to last year.
The brand's 48% subscriber growth significantly contributed to a 53% revenue increase, adding 4 percentage points to total URBN sales.
Nuuly is expanding logistics capacity in Kansas City from 600,000 to 1 million square feet, expected to be completed by mid-2026.
Investments include new sortation automation to improve operational efficiency, targeted for delivery in the second half of 2026.
Management sees a large and growing opportunity in apparel rental in the US, reinforcing confidence in Nuuly's long-term growth.
The company plans to continue marketing efforts to build brand awareness and subscriber base, viewing rental apparel as a sizable market opportunity.

Best Buy Co., Inc.

BBY

Casey's General Stores, Inc.

Consumer

1mo

Meta Partnership and AI Glasses Launch in Fall 2026

Best Buy is expanding its partnership with Meta to bring AI glasses and immersive experiences to over 50 store locations in the fall of 2026.
Meta AI glasses from Ray-Ban and Oakley will be available, aiming to be popular holiday gift items.
The company is creating dedicated showcase areas with expert support to demo new technology, enhancing customer engagement.
This initiative represents a strategic push into augmented reality and AI-driven consumer electronics, differentiating Best Buy from competitors.

CASY

Consumer

Impact of Fikes Acquisition on Fuel and Prepared Foods Margins

The Fikes acquisition has contributed to a 110 basis point drag on prepared foods margins, which management expects to improve as stores are remodeled.
Remodeling and full integration of Fikes stores are projected to take over a year, with initial synergies mainly from fuel and G&A savings.
The company has made adjustments to the Fikes stores' assortment and promotional strategies to improve margins and sales performance.
Progress on converting Fikes stores to Casey's food proposition is ongoing, with full benefits expected post-remodeling and kitchen upgrades.
Management remains confident that the full integration and remodeling will eventually lead to margin accretion and higher profitability.

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Mission Produce, Inc.

AVO

Ollie's Bargain Outlet Holdings, Inc.

Consumer

Strategic International Sourcing and Market Diversification

Mission's global sourcing strategy was on full display this quarter, with optimized sourcing mix across Peru, Mexico, and other countries.
The company leveraged improved Peruvian production and Mexican supply to support year-round avocado sourcing and category growth.
European sales increased by 37% in Q3, driven by enhanced customer penetration and facility utilization in the UK.
Investments in international markets, including Europe and Asia, are aimed at supporting demand and expanding market share.
The company’s focus on strategic sourcing and international diversification creates greater financial consistency and resilience.
Future plans include expanding in Europe through potential inorganic growth and strengthening Asian partnerships.

OLLI

Petco Health and Wellness Company, Inc.

Consumer

1mo

Rapid Store Expansion Driven by Market Disruption and Bankruptcies

Ollie's opened 54 new stores in the first 6 months of 2025, exceeding their previous full-year high and quadrupling last year's openings.
The company celebrated its 600th store and expanded into its 33rd and 34th states, leveraging market disruptions from bankruptcies.
Management is committed to double-digit annual unit growth, with an updated target of 85 new stores for 2025.
The accelerated growth is partly fueled by acquiring well-suited stores from bankrupt competitors, especially those closed by retail bankruptcies.
The company has invested in flexible store models to generate strong returns across diverse geographies and demographics.
The store expansion is supported by a strategic focus on opportunistic acquisitions and organic growth, with plans to further expand distribution capacity.

WOOF

Consumer

Market and Customer Insights Drive Merchandise and Service Innovation

Petco's research revealed strong customer interest in pet-themed products, leading to new product launches under $20.
Customer feedback and surveys are guiding the merchandise overhaul, focusing on surprise, relevance, and giftability.
The company is working on a new loyalty program with personalized rewards to deepen customer relationships.
Management noted the opportunity to grow the share of wallet through services and repeat delivery enhancements.
Customer sentiment improvements and increased engagement indicate that marketing and in-store experiences are effectively connecting with pet parents.

Dollar Tree, Inc.

DLTR

Consumer

Impact of Family Dollar Sale on Dollar Tree Strategy and Focus

The sale of Family Dollar marked a significant milestone, allowing Dollar Tree to fully focus on its core Dollar Tree brand and operations.
Management highlighted that the divestiture has led to faster decision-making and a sharper strategic focus on growth and efficiency.
The proceeds from the Family Dollar sale, totaling $668 million, are being used to fund store expansion, share repurchases, and strengthen the balance sheet.
The divestiture has enabled the company to streamline its resources and prioritize initiatives like assortment expansion and cost mitigation.
Leadership emphasized that every aspect of the business was involved in the sale process, reflecting its importance to long-term strategy.

Ulta Beauty, Inc.

ULTA

Consumer

Ulta Beauty's International Expansion via Space NK Acquisition

Ulta entered the UK market through the acquisition of Space NK, which operates 83 stores and a vibrant online platform, marking a strategic move into international markets.
Space NK will operate as a stand-alone subsidiary, allowing Ulta to leverage its high street location expertise and prestige market presence.
The acquisition was funded with cash and borrowings, and is not material to overall financials, but it signifies a key step in Ulta's global growth strategy.
Ulta plans to share best practices and transfer learnings between the UK and US markets, focusing on assortment, guest experience, and scaling growth.
The company also launched its first store in Mexico and plans to open in the Middle East later this year, indicating a broader international footprint.

Campbell Soup Company

CPB

Consumer

Shift in Reporting of Chips Categories Starting 2026

Campbell announced a change in how it reports share of chips for brands like Cape Cod, Kettle Brand, and Late July starting in fiscal 2026.
The new reporting will compare these brands against the total potato chip and tortilla chip categories, replacing previous category comparisons.
Management believes this change will better reflect the brands' performance and highlight their positioning within broader categories.
This strategic adjustment aims to provide clearer insights into brand performance and consumer preferences in the chips segment.

Malibu Boats, Inc.

MBUU

Consumer

1mo

Introduction of 11 New Model Year 2026 Boats and Innovation Focus

Malibu Boats plans to introduce 11 new model year '26 boats, emphasizing innovation and quality.
Highlights include the Cobia 245 and 305 center consoles, unveiled at the recent dealer meeting.
The new Malibu 22 LSV is positioned as the most complete compact wake boat, targeting ease of use.
The Axis T250 is the largest and most powerful Axis model, with room for 18 riders, aimed at value-focused buyers.
The Pursuit S388 offers more storage, premium upgrades, and performance enhancements.
The company will unveil 6 more models and roll out an all-new Monsoon engine with improved power and efficiency.

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Zumiez Inc.

ZUMZ

Consumer

Private Label Penetration Reaches Historic Highs Amid Trend Cycle Shifts

Zumiez's private label performance reached 30% of total sales year-to-date, the highest in company history, driven by strategic focus on key categories like denim.
Management attributes the growth in private label to rapid brand cycling in the consumer market, requiring deeper ownership of core categories.
The company emphasizes its premium positioning in private label, differentiating from value players and targeting specific consumer niches.
Private label brands are benefiting from trend responsiveness and exclusive product offerings, which are fueling sales and margin expansion.
The company has been actively developing private label brands to own categories with fast-moving trend cycles, especially in denim and apparel.
This strategic shift reflects a broader response to the fast-paced brand cycle environment and consumer demand for unique, trend-leading products.

America's Car-Mart, Inc.

CRMT

Consumer

Impact of Tariffs on Inventory Costs and Capital Planning

Tariffs caused a $500 per unit increase in procurement costs during Q1 2026, adding to last quarter's $300 increase.
Management expects the tariff-related price increases to smooth out but anticipates ongoing pressure on inventory capacity.
The company is actively exploring actions to expand inventory capacity to prevent sales limitations due to rising vehicle prices.
Tariff impacts have led to a temporary constraint on retail volume, influencing overall unit sales and inventory management.
Leadership indicated that the industry is dealing with a 5-6% increase in used car prices relative to the prior year, affecting margins and planning.

Burlington Stores, Inc.

BURL

Consumer

1mo

Impact of Burlington 2.0 Initiatives on Q2 Performance and Future Growth

Management attributes the strong Q2 sales and earnings to the successful execution of Burlington 2.0 initiatives, which include Merchandising 2.0, Stores 2.0, and new store openings.
These initiatives have enabled rapid response to external headwinds such as tariffs, demonstrating strategic agility.
Merchandising 2.0 provided enhanced visibility and tools that allowed the company to pivot assortments quickly amid tariff disruptions.
Stores 2.0 has significantly improved customer experience, operational efficiency, and associate engagement, contributing to a 5% comp store sales growth.
The company expects the impact of Burlington 2.0 to grow over time, supporting long-term performance despite external uncertainties.

Kohl's Corporation

KSS

Consumer

1mo

Rebalancing Proprietary Brands to Drive Growth and Customer Loyalty

Kohl's has significantly increased its focus on proprietary brands, with a 500 basis point improvement in sales from Q1 to Q2.
The company is actively reinvesting in proprietary brands like Sonoma, Lauren Conrad, and FLX, which are key to its value proposition.
Recent launches of new home brands Mariana, Hotelier, and Mingle & Co. have received strong initial responses, boosting bedding and bath categories.
Expansion of FLX into the kids category in Q3 is expected to further enhance proprietary brand performance and relevance.
The company is adopting a thoughtful, customer-driven approach to proprietary brand assortment, emphasizing depth in essentials and fashion.
Proprietary brands' higher margin contribution is expected to accelerate as the company increases penetration, positively impacting gross margins.

Signet Jewelers Limited

SIG

G-III Apparel Group, Ltd.

Consumer

Signet's Strategic Focus on Grow Brand Love and Differentiation

Signet is making early progress on its grow brand love strategy through distinct merchandise, enhanced marketing, and unique customer experiences, emphasizing differentiation across brands.
The company is expanding collections like Unspoken and Shy Creation at Jared, and milestone gifting at Kay, to attract new customers and increase relevance.
Management highlighted the importance of brand modernization, especially at Kay, to appeal to a younger generation and foster emotional connections.
The reorganization placing store operations under brand leaders aims to create more personalized and engaging customer experiences, starting with Jared.
Leadership expressed confidence that these strategic initiatives will drive growth and customer loyalty, especially during the holiday season.

GIII

Consumer

Impact of Tariffs on G-III's Inventory and Margins

Management highlighted that higher-than-expected tariff costs, primarily from increased shipments from Vietnam, India, and Indonesia, impacted gross margins in Q2 2026.
The company is actively mitigating tariff pressures through vendor participation, sourcing shifts, and targeted price increases, but is currently absorbing some costs to stay competitive.
Tariff impact was estimated at approximately $75 million unmitigated, with a total incremental tariff cost of about $155 million for fiscal 2026.
The company’s strategic decision to hold and reroute product from India, where tariffs reached 50%, was aimed at protecting margins despite affecting the year-end topline.
Management expects gross margins to normalize and expand as they exit lower-margin licenses and increase penetration of owned brands.
Tariffs have influenced inventory decisions, leading to a 5% increase in inventory levels and a cautious approach to inventory buybacks.
The impact of tariffs on margins is expected to be most pronounced in the fourth quarter, with some relief anticipated in the second half of next year.

Victoria's Secret & Co.

VSCO

Academy Sports and Outdoors, Inc.

Consumer

1mo

Impact of Digital Outage and Tariffs on Q2 Performance

Victoria's Secret & Co. experienced a digital outage in May that negatively impacted net sales by approximately $20 million in Q2 2025.
Despite the outage, the company achieved a 3% net sales increase and a 4% comp sales growth, indicating resilience.
Tariff impacts added an estimated $50 million to the total $100 million net tariff impact for 2025, with mitigation strategies in place.
The company is actively working on cost mitigation, including diversifying sourcing and optimizing freight mix, to counteract tariff pressures.
Tariff mitigation efforts are expected to be more impactful in 2026, with additional measures like shifting to ocean freight being planned.

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ASO

Consumer

Impact of Recent Flooding Event and Community Support Efforts

The Texas Hill Country flooding in early July prompted Academy Sports and Outdoors to donate supplies and funds, demonstrating strong community engagement.
Management highlighted the company's quick response to the disaster, including donations of sleeping bags, cots, and support to first responders.
The company maintained that none of its stores or team members were directly impacted, but community support remains a priority.
Leadership emphasized the importance of showing up for team members and customers during times of need, reinforcing corporate social responsibility.

Hormel Foods Corporation

HRL