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    Adrienne Yih-Tennant • Barclays

    Adrienne Yih-Tennant's questions to Urban Outfitters Inc (URBN) leadership

    Adrienne Yih-Tennant's questions to Urban Outfitters Inc (URBN) leadership • Q1 2026

    Question

    Adrienne Yih-Tennant inquired about the status of implementing smaller, more productive store formats for Urban Outfitters, the rationale for bringing in inventory early, and the impact of shifting from air to boat freight on the company's speed model.

    Answer

    CFO Melanie Marein-Efron explained that for Q2, the company plans to bring in less fashion-sensitive fall inventory early as a prudent measure against tariff uncertainty and potential supply chain disruptions. Executive Richard Hayne acknowledged that shifting to boat freight adds about 30 days to delivery times but noted they are using advanced technologies to mitigate the impact. Executive Shea Jensen stated that while no major store format adjustments have been made yet, they have flexibility with upcoming lease renewals to downsize or relocate, citing a Houston store as a future example.

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    Adrienne Yih-Tennant's questions to Urban Outfitters Inc (URBN) leadership • Q3 2025

    Question

    Adrienne Yih-Tennant inquired about the ongoing fashion silhouette shift, particularly with wider pants, and asked about the strategic priority for Urban Outfitters between margin recapture and sales recovery.

    Answer

    CEO Richard Hayne confirmed the continued success of fuller and wider pant shapes. Co-President and COO Francis Conforti clarified that the immediate focus for Urban Outfitters is on improving the quality of earnings through regular-price selling and margin improvement, with top-line sales growth being the next phase of the turnaround.

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    Adrienne Yih-Tennant's questions to Urban Outfitters Inc (URBN) leadership • Q2 2025

    Question

    Adrienne Yih-Tennant inquired about potential price resistance from higher-end consumers, how initial retail prices compare to 2019 levels, and whether increased promotions at Anthropologie suggest a need to adjust pricing strategy.

    Answer

    CEO Richard Hayne explained that a lower average order value (AOV) is due to a product mix shift, as customers at Anthropologie and Free People are purchasing new, lower-priced lines like 'daily practice' and FP Movement. Tricia Smith, Global CEO of Anthropologie Group, clarified that Anthropologie's average unit retail (AUR) is not significantly higher than in FY'19 because of this mix, and the brand remains focused on driving full-price sales.

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    Adrienne Yih-Tennant's questions to TJX Companies Inc (TJX) leadership

    Adrienne Yih-Tennant's questions to TJX Companies Inc (TJX) leadership • Q1 2026

    Question

    Adrienne Yih-Tennant of Barclays asked for a comparison to the 2018-2019 tariff period, specifically if vendors tried to pass on costs then. She also explored TJX's flexibility to either maintain its value gap by raising prices or absorb margin hits to drive comps.

    Answer

    CEO Ernie Herrman recalled that in 2018, TJX was mostly able to negotiate out of tariff impacts but noted the current environment is different due to widespread inflation. Herrman explained that while adjusting retails is a lever, their primary strengths are advantageous buying in a chaotic market and their increasing importance to vendors. He emphasized the "art form" of their pricing, sometimes making items feel "too cheap" to create a "wow factor," driven by buyers who work retail-backwards.

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    Adrienne Yih-Tennant's questions to TJX Companies Inc (TJX) leadership • Q4 2025

    Question

    Adrienne Yih-Tennant inquired about the long-term store growth strategy, including location selection between banners and the potential for smaller footprints. She also asked about the business model for the Grupo Axo and Brands for Less ventures.

    Answer

    CEO Ernie Herrman confirmed that smaller markets and smaller footprint stores are an opportunity and that site selection is handled opportunistically on a case-by-case basis. CFO John Klinger clarified that Brands for Less is an investment, not a joint venture, while the Grupo Axo partnership is a JV. He noted it's early days but they are optimistic about the long-term potential in Mexico.

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    Adrienne Yih-Tennant's questions to TJX Companies Inc (TJX) leadership • Q3 2025

    Question

    Adrienne Yih-Tennant posed a strategic question on whether a pressured or healthy economic backdrop is better for TJX, and asked about the outlook for the Home business in a potential rate-cutting cycle.

    Answer

    CEO Ernie Herrman stated he slightly favors a healthier environment, noting that it doesn't necessarily lead to cleaner inventory long-term. He attributed current HomeGoods strength to strong execution but agreed that a better housing market resulting from lower rates could provide a tailwind for the business next year.

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    Adrienne Yih-Tennant's questions to VF Corp (VFC) leadership

    Adrienne Yih-Tennant's questions to VF Corp (VFC) leadership • Q4 2025

    Question

    Adrienne Yih-Tennant asked for clarification on the duration of Vans' sales headwinds and whether comp progress could offset them. She also inquired about end-consumer demand at Vans DTC and the potential pricing required to mitigate tariffs.

    Answer

    President and CEO Bracken Darrell confirmed Vans' headwinds will persist through H1, lessen in Q3, and annualize in Q4. He acknowledged soft DTC traffic is a key issue being addressed through product and marketing. On tariffs, he stated the company will use a strategic mix of pricing, cost cuts, and sourcing moves to more than offset the impact, viewing it as an opportunity. EVP and CFO Paul Vogel noted the tariff impact would be concentrated in the second half of fiscal '26.

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    Adrienne Yih-Tennant's questions to VF Corp (VFC) leadership • Q3 2025

    Question

    Adrienne Yih-Tennant asked about customer feedback for Vans, the strategy for targeting a broader audience, the timing of demand creation investments, and the company's supply chain sourcing exposure.

    Answer

    President and CEO Bracken Darrell deferred detailed Vans strategy to the upcoming Investor Day but confirmed they are broadening into action sports and are in a 'deep learning mode' on marketing. EVP and CFO Paul Vogel stated that VFC has 'very minimal exposure' to tariffs from China, Mexico, or Canada and that the company is looking at all areas for supply chain efficiencies.

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    Adrienne Yih-Tennant's questions to VF Corp (VFC) leadership • Q2 2025

    Question

    Adrienne Yih-Tennant inquired about the key drivers behind the company's increased business predictability, particularly for the top line and the Vans brand, and asked about the focus of incremental investments.

    Answer

    CEO Bracken Darrell highlighted that improved forecasting accuracy, demonstrated by 10 consecutive months of meeting internal plans in the Americas, is driving predictability across revenue and margins. CFO Paul Vogel added that incremental investments are being directed toward product and marketing, funded by savings from the 'Reinvent' program.

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    Adrienne Yih-Tennant's questions to Skechers USA Inc (SKX) leadership

    Adrienne Yih-Tennant's questions to Skechers USA Inc (SKX) leadership • Q1 2025

    Question

    Adrienne Yih-Tennant of Barclays asked about the feasibility and speed of redirecting all China-based sourcing to non-U.S. markets. She also inquired about the outlook for inventory dynamics in the second half of the year and whether Skechers is seeing any changes in marketplace orders from wholesale partners.

    Answer

    Executive John Vandemore stated that 'all cards are on the table' for optimizing production globally to achieve the lowest landed cost, but absolutes are being avoided to maintain flexibility. He noted that current inventory levels are primarily impacted by Suez Canal transit times, not business challenges. Regarding orders, he acknowledged some customer nervousness but highlighted a tremendously positive response to the new product assortment, suggesting strong underlying interest.

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    Adrienne Yih-Tennant's questions to Skechers USA Inc (SKX) leadership • Q4 2024

    Question

    Adrienne Yih-Tennant of Barclays asked about the drivers of higher demand creation spending, signs of stabilization in China, and the company's mitigation strategies for potential U.S. tariffs.

    Answer

    John Vandemore (executive) explained the marketing spend is heavier in Q1, partly due to a Super Bowl ad, to reinforce new categories and comfort technologies. On China, he noted it's a macroeconomic issue and the company is actively managing inventory to make way for new products. For tariffs, the strategy involves redirecting production, negotiating with vendors, and considering price adjustments. David Weinberg (executive) added that the company has extensive experience managing tariffs globally and is stepping up marketing in China to reinforce its position.

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    Adrienne Yih-Tennant's questions to Ulta Beauty Inc (ULTA) leadership

    Adrienne Yih-Tennant's questions to Ulta Beauty Inc (ULTA) leadership • Q4 2025

    Question

    Adrienne Yih-Tennant asked about growth opportunities in underpenetrated categories, specifically focusing on the emerging trend of health and wellness.

    Answer

    CEO Kecia Steelman identified wellness as a significant growth opportunity where beauty and wellness are merging. She outlined plans for 2025 that include adding at least 20 new wellness brands and testing expanded in-store presentations in select locations.

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    Adrienne Yih-Tennant's questions to American Eagle Outfitters Inc (AEO) leadership

    Adrienne Yih-Tennant's questions to American Eagle Outfitters Inc (AEO) leadership • Q4 2024

    Question

    Adrienne Yih-Tennant from Barclays focused on the potential impact of tariffs, asking about the company's sourcing exposure to China and Vietnam, and whether guidance assumes margin impact or price pass-through. She also inquired about the current denim cycle and promotional levels.

    Answer

    CEO Jay Schottenstein urged calm, citing past experience with tariff uncertainty. CFO Mike Mathias stated China exposure is in the high teens and planned to be reduced to single digits, with guidance assuming no price pass-through to consumers, relying instead on mitigation with vendor partners. President Jen Foyle noted diversity in denim fits is a positive trend and that the company will remain competitive on promotions while managing lean inventory.

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    Adrienne Yih-Tennant's questions to American Eagle Outfitters Inc (AEO) leadership • Q2 2024

    Question

    Adrienne Yih-Tennant inquired about the early performance of the Back-to-School season, seeking details on Aerie versus American Eagle and any impacts from silhouette shifts. She also asked about the expected duration of the season and questioned if the SG&A guidance for Q3 represented a change from prior expectations.

    Answer

    Jen Foyle, President and Executive Creative Director, highlighted strong Back-to-School acceleration, noting momentum in AE Women's denim with new looser silhouettes and robust Aerie performance in soft dressing and OFFLINE, excluding swim. Mike Mathias, CFO, confirmed the SG&A guidance is consistent with previous plans, reflecting successful expense initiatives, and that the company anticipates an elongated Back-to-School season similar to recent years.

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    Adrienne Yih-Tennant's questions to DICK'S Sporting Goods Inc (DKS) leadership

    Adrienne Yih-Tennant's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q4 2024

    Question

    Adrienne Yih-Tennant inquired about the potential impact of tariffs, including how brand partners might handle pricing, and asked for more detail on the quarterly cadence of preopening expenses.

    Answer

    CEO Lauren Hobart emphasized the company's strong momentum and confidence in delivering on guidance regardless of tariff outcomes. CFO Navdeep Gupta added that new tariffs are not contemplated in the guidance, noting that the company and its partners have diversified sourcing away from China over several years. He deferred providing a specific quarterly breakdown for preopening expenses.

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    Adrienne Yih-Tennant's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q3 2024

    Question

    Adrienne Yih-Tennant asked why DICK'S is successfully executing a full-price, multi-brand retail strategy in a promotional environment and inquired about the company's exposure to potential tariffs.

    Answer

    President and CEO Lauren Hobart attributed the success to strong execution of long-term strategies, including differentiated product access and serving an athlete demographic that prioritizes health and sports. She noted a broader 'sport moment' in culture is driving demand. CFO Navdeep Gupta added that tariff exposure is negligible for its vertical brands due to a diversified supply chain and that the company will navigate the situation with its national brand partners, referencing its successful 2018-2019 playbook.

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    Adrienne Yih-Tennant's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q2 2024

    Question

    Adrienne Yih-Tennant asked for a high-level overview of the key strategies driving DICK'S Sporting Goods' post-COVID success and market share gains, and inquired about the rationale behind the Q2 inventory increase.

    Answer

    President and CEO Lauren Hobart attributed the company's strong performance to its long-term strategic pillars: differentiated product assortment, an enhanced omnichannel athlete experience through formats like House of Sport, and strong brand engagement. She noted that growth was seen across all income demographics. CFO Navdeep Gupta explained that the 11% inventory increase was a conscious, strategic investment in high-demand, clean inventory with a long sales life to fuel growth into the second half of 2024 and early 2025.

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    Adrienne Yih-Tennant's questions to Foot Locker Inc (FL) leadership

    Adrienne Yih-Tennant's questions to Foot Locker Inc (FL) leadership • Q4 2025

    Question

    Adrienne Yih-Tennant asked about the Nike relationship, including the level of recent promotional activity, the progress of managing key franchises, and visibility into new product innovation. She also questioned the company's direct exposure to potential tariffs from China, Mexico, and Canada.

    Answer

    CEO Mary Dillon and CFO Michael Baughn stated that direct tariff exposure is minimal, at a low single-digit percentage of sales. Regarding Nike, Dillon expressed confidence in the partnership, noting a return to allocation growth in Q4. EVP & CCO Frank Bracken added that the Nike business is considered 'reset' and that Foot Locker is supportive of Nike's actions to manage key franchises, expressing excitement for the innovation pipeline in Shox, running, and Max Air.

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    Adrienne Yih-Tennant's questions to Foot Locker Inc (FL) leadership • Q2 2024

    Question

    Adrienne Yih-Tennant inquired about the operational details of the headquarters relocation to St. Petersburg, FL, and asked about the company's inventory purchasing strategy for Spring 2025, specifically regarding its 'open-to-buy'.

    Answer

    CEO Mary Dillon stated the move builds on an existing presence in St. Petersburg to enhance collaboration. CCO Frank Bracken explained that for 2025, the company will maintain inventory discipline while planning for growth, using opportunistic buys and partner replenishment programs to react to demand.

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    Adrienne Yih-Tennant's questions to Ross Stores Inc (ROST) leadership

    Adrienne Yih-Tennant's questions to Ross Stores Inc (ROST) leadership • Q4 2024

    Question

    Adrienne Yih-Tennant asked about direct sourcing exposure to tariffs, negotiating power, and whether the company is now anniversarying its branded product penetration and seeing higher transaction values as a result.

    Answer

    Group President and COO Michael Hartshorn stated direct tariff exposure is small and that market disruptions can be beneficial for off-price. EVP and CFO Adam Orvos confirmed they are at an inflection point with the branded mix and saw a slight AUR increase in Q4 from better branded goods.

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    Adrienne Yih-Tennant's questions to Ross Stores Inc (ROST) leadership • Q3 2025

    Question

    Adrienne Yih-Tennant asked for quantification of the new brand penetration, the margin differential for these brands, and how the company plans to achieve historical operating margin levels if merchandise margin remains pressured.

    Answer

    CEO Barbara Rentler stated that brand penetration is not a fixed target and is determined by customer response, making a global quantification difficult. Group President & COO Michael Hartshorn reiterated that the path to higher operating margins relies on the company's historical model of comp growth, new store expansion, and broad-based cost initiatives, not solely on merchandise margin expansion.

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    Adrienne Yih-Tennant's questions to Ross Stores Inc (ROST) leadership • Q2 2024

    Question

    Adrienne Yih-Tennant inquired about changes in consumer behavior, the strategy for maintaining value spreads in a promotional environment, and the relationship between the branded strategy, AUR, and merchandise margins.

    Answer

    Group President and COO Michael Hartshorn noted no significant shift in customer traffic patterns. CEO Barbara Rentler explained their pricing is not based on a fixed spread but on dynamic competitive shopping to be as sharp as possible. CFO Adam Orvos reiterated that the merchandise margin pressure is a direct result of the increased penetration of branded products.

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    Adrienne Yih-Tennant's questions to National Vision Holdings Inc (EYE) leadership

    Adrienne Yih-Tennant's questions to National Vision Holdings Inc (EYE) leadership • Q4 2024

    Question

    Adrienne Yih-Tennant asked about the gross margin implications of the growing managed care business and the key drivers for gross margin going forward. She also requested a breakdown of the planned store closures between the America's Best and Eyeglass World brands.

    Answer

    CFO Melissa Rasmussen stated that the 2025 gross margin is expected to be 'pretty consistent year-over-year' with 2024 on a continuing operations basis. She clarified that for 2025, the closure plan includes 3 America's Best stores and 9 Fred Meyer locations, with details on the financial impact previously provided in a November press release.

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    Adrienne Yih-Tennant's questions to National Vision Holdings Inc (EYE) leadership • Q3 2024

    Question

    Adrienne Yih-Tennant of Barclays inquired about the 2,500-store white space opportunity, the potential impact of a lower interest rate environment on demand, the outlook for 2025 SG&A growth, and whether a consumer trade-down effect is still prevalent.

    Answer

    CEO Reade Fahs confirmed the long-term 2,500-store potential remains intact and agreed a lower rate environment should help the cash-pay consumer. He also noted the consumer trade-down effect is stable, with the more significant trend being the shift to managed care. CFO Melissa Rasmussen reiterated that the 2025 SG&A outlook will be impacted by a headwind from the reset of incentive compensation.

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    Adrienne Yih-Tennant's questions to Crocs Inc (CROX) leadership

    Adrienne Yih-Tennant's questions to Crocs Inc (CROX) leadership • Q4 2024

    Question

    Adrienne Yih-Tennant asked about the 2-3 year growth opportunities for the Crocs brand in North America versus international markets, and about confidence in the HEYDUDE brand's turnaround given its full-year negative sales guidance.

    Answer

    CEO Andrew Rees explained that the most significant near-term growth for the Crocs brand will come from international markets, where market share is substantially lower than in developed regions. He noted that substantial North American growth requires penetrating new wearing occasions. For HEYDUDE, Rees expressed strong confidence in the long-term potential and turnaround plan, citing positive 'greenshoots' and characterizing the current guidance as prudent.

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    Adrienne Yih-Tennant's questions to Crocs Inc (CROX) leadership • Q3 2024

    Question

    Adrienne Yih-Tennant of Barclays inquired about the current consumer shopping environment, particularly the shift to event-driven purchasing, and its impact on retail partners and potential holiday pull-forward. She also asked about the timeline for working through HEYDUDE's sell-through challenges.

    Answer

    CEO Andrew Rees confirmed the consumer has returned to pre-pandemic, need-based shopping patterns, and he believes retail partners are adept at managing this shift. He stated that while Crocs' order books are aligned with sell-out, HEYDUDE has had excess inventory in the channel, and while good progress has been made in working it down, more work remains.

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    Adrienne Yih-Tennant's questions to Tapestry Inc (TPR) leadership

    Adrienne Yih-Tennant's questions to Tapestry Inc (TPR) leadership • Q2 2025

    Question

    Adrienne Yih-Tennant asked for a definition of the target consumer for Kate Spade under its new strategy and questioned the drivers of Coach's AUR lift over the last five years, specifically the mix between lower markdowns and higher initial prices.

    Answer

    CEO Joanne Crevoiserat explained that the Kate Spade strategy is focused on sharpening execution to build relevancy with a target younger consumer by streamlining assortments and reducing promotions. For Coach, CEO and Brand President Todd Kahn noted consistent AUR growth for nearly 19 of the last 20 quarters, driven by a compelling value proposition against European luxury and a focus on fewer, deeper iconic product stories, which naturally reduces the need for markdowns.

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    Adrienne Yih-Tennant's questions to Nike Inc (NKE) leadership

    Adrienne Yih-Tennant's questions to Nike Inc (NKE) leadership • Q2 2025

    Question

    Adrienne Yih-Tennant questioned whether NIKE has proven innovation at scale for Fall 2025 to replace liquidated products and asked for clarification on inventory provisions and the implication for fiscal 2026 sales.

    Answer

    President and CEO Elliott Hill detailed a strong upcoming product portfolio across running, training, and basketball, highlighting new signature shoes and a gender-specific offense as proof of innovation. CFO Matt Friend confirmed that the financial impact of these accelerated reset actions is reflected in the Q3 guidance, which includes a 300-350 basis point gross margin decline. He also stated that the financial headwinds are expected to be even greater in Q4 than in Q3.

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    Adrienne Yih-Tennant's questions to Victoria's Secret & Co (VSCO) leadership

    Adrienne Yih-Tennant's questions to Victoria's Secret & Co (VSCO) leadership • Q3 2024

    Question

    Adrienne Yih-Tennant asked about the mix of new versus reactivated customers, particularly Gen-Z, sought clarification on what the 'discount rate' metric includes, and inquired about learnings from the brand's historical approach to bra franchise launches.

    Answer

    CEO Hillary Super believes Gen-Z customers are mostly new to the brand, drawn in by the fashion show, while reactivated customers are likely millennials. She emphasized a renewed focus on product innovation as a core principle, similar to the brand's heyday, but adapted for today's world. CFO Tim Johnson clarified that the discount rate is an all-inclusive metric covering promotional events, offers like 'buy two, get one,' and the semi-annual sales.

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    Adrienne Yih-Tennant's questions to Deckers Outdoor Corp (DECK) leadership

    Adrienne Yih-Tennant's questions to Deckers Outdoor Corp (DECK) leadership • Q2 2025

    Question

    Adrienne Yih-Tennant of Barclays questioned the HOKA door growth strategy with U.S. national retailers like DICK'S Sporting Goods and Foot Locker. She also asked how the demand creation budget is being allocated between HOKA and UGG.

    Answer

    CEO Stefano Caroti reiterated that their expansion is selective and productivity-driven, declining to provide specific door counts. CFO Steven Fasching explained that improved gross margins are funding increased marketing spend for both brands, with a focus on creating more localized content for international markets to drive further demand.

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    Adrienne Yih-Tennant's questions to Burlington Stores Inc (BURL) leadership

    Adrienne Yih-Tennant's questions to Burlington Stores Inc (BURL) leadership • Q2 2024

    Question

    Adrienne Yih-Tennant asked for a reconciliation of the 4% increase in comp inventory against forward guidance and also requested details on the accounting and dilutive impact of the company's convertible notes.

    Answer

    CFO Kristin Wolfe explained the comp inventory figure was a point-in-time snapshot influenced by a calendar shift and a back-to-school build; on an adjusted and average basis, inventory was leaner. An executive then detailed the 'if-converted' accounting method for the notes, stating they added 163,000 shares to the diluted count in Q2, which was more than offset by share repurchases.

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