Amanda Douglas • JPMorgan Chase & Co.

Question 1

Amanda Douglas's questions to Boot Barn Holdings Inc (BOOT) leadership • Q4 2025

May 15, 2025

Question

Amanda Douglas inquired about the drivers behind the recent same-store sales acceleration in April and May, and how Boot Barn's pricing power has evolved since 2018-2019. She also asked for a quantification of the expected tariff headwind on margins and earnings.

Answer

CEO John Hazen noted that while Q1-to-date sales were strong, the +6% comp guidance for the full quarter does not assume further acceleration, anticipating a second-half slowdown due to price increases. CFO Jim Watkins quantified the tariff impact at approximately $8 million for the year, primarily affecting exclusive brands. He added that third-party vendors are also raising prices mid-single-digits, and while Boot Barn has historically absorbed 2-3% increases, a 5% increase is expected to soften consumer demand.

Ask Fintool Equity Research AI

Question 2

Amanda Douglas's questions to American Eagle Outfitters Inc (AEO) leadership • Q4 2024

Mar 12, 2025

Question

Amanda Douglas, on behalf of Matthew Boss at JPMorgan, asked for details on early spring sales trends comparing the American Eagle and Aerie brands, and requested a breakdown of the gross margin outlook, specifically regarding markdowns versus product costs.

Answer

President Jen Foyle explained that early trends were soft due to a strong prior-year comparison and some inventory out-of-stocks in key categories like AE denim and Aerie fleece, which she framed as a chase opportunity. CFO Mike Mathias detailed that first-half gross margin would be pressured by currency headwinds and expense deleverage, while the second half is expected to see improvement from better IMU and cost mitigation efforts, leading to a relatively flat margin year-over-year in H2.