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    Aneesha Sherman

    Research Analyst at AllianceBernstein

    Aneesha Sherman is Senior Analyst at Bernstein specializing in US Apparel & Specialty Retail, responsible for deeply researched coverage of major listed companies such as TJX Companies, Tapestry, Nike, and Lululemon Athletica. She has maintained top-sector performance, with her stock recommendations and price targets tracked for accuracy and return by industry platforms, and her buy/outperform calls have demonstrated strong 12-month ROI based on tracked coverage of these names. Sherman joined Bernstein in 2019, bringing more than a decade of direct industry experience to her equity research role, and is currently based in London after previously holding senior analytical and specialized retail roles at other major firms. Professionally credentialed, she is FINRA registered and maintains the required securities licenses for institutional equity research and client advisory.

    Aneesha Sherman's questions to ROSS STORES (ROST) leadership

    Aneesha Sherman's questions to ROSS STORES (ROST) leadership • Q2 2025

    Question

    Aneesha Sherman of Bernstein sought clarification on the company's pricing strategy, asking if management is being more cautious now than a few months ago. She also asked for the key drivers behind the clear acceleration in the ladies' apparel business.

    Answer

    CEO James Conroy clarified that the strategy remains consistent: to maintain a price umbrella under mainstream retail and not be the first to raise prices. He attributed the strong performance in ladies' apparel to the buying team's effective execution of the brand strategy, which includes a greater emphasis on young contemporary styles and has led to strength in juniors and denim.

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    Aneesha Sherman's questions to ROSS STORES (ROST) leadership • Q1 2025

    Question

    Aneesha Sherman questioned why Ross's pricing approach seems different now—being willing to pass on tariff costs—compared to its past decisions to absorb costs from freight and its branded strategy, and if this risks its value perception.

    Answer

    Group President and COO Michael Hartshorn differentiated the current situation from past events. He explained that since tariffs are expected to cause broad-based inflation across the entire retail industry, Ross can pass on some costs while still maintaining its significant price and value gap versus department and specialty stores, thus preserving its value perception.

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    Aneesha Sherman's questions to ROSS STORES (ROST) leadership • Q1 2025

    Question

    Aneesha Sherman from Bernstein questioned the company's current approach to pricing, asking why they are now more willing to pass on tariff-related costs when they previously chose to absorb costs related to freight and the branded strategy.

    Answer

    Group President and COO Michael Hartshorn clarified that the branded strategy was a deliberate shift in assortment, not a refusal to raise prices. He stated that unlike category-specific inflation, the current tariffs are expected to cause broad-based inflation across all of retail, allowing Ross to raise prices while still maintaining its significant value proposition versus competitors.

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    Aneesha Sherman's questions to ROSS STORES (ROST) leadership • Q4 2024

    Question

    Aneesha Sherman asked about the new CEO's view on store opening strategy, the performance of stores in newer states, and whether the branded strategy is creating a comp inflection.

    Answer

    Group President and COO Michael Hartshorn affirmed the growth potential with existing store formats and noted stable new store productivity. CEO James Conroy stated the branded strategy is 'starting to pay some nice dividends,' contributing to four positive comp quarters and sequential improvement in ladies' apparel in Q4 after hitting branding targets.

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    Aneesha Sherman's questions to ROSS STORES (ROST) leadership • Q3 2025

    Question

    Aneesha Sherman asked about performance differences between the 'good, better, best' tiers of the brand strategy and whether sales in weather-impacted markets recovered by the estimated 1% comp impact.

    Answer

    Group President & COO Michael Hartshorn confirmed that sell-throughs improved in markets once weather became more seasonable. CEO Barbara Rentler added that product performance is driven by value, not price tier; when the right product is offered at the right value, it turns quickly regardless of whether it's 'good, better, or best'.

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    Aneesha Sherman's questions to ROSS STORES (ROST) leadership • Q2 2024

    Question

    Aneesha Sherman asked about the progress on the apparel assortment and whether incentive compensation would still benefit results in the second half given the raised guidance.

    Answer

    CEO Barbara Rentler clarified that while total apparel is now in line with the chain, the ladies' category still underperforms and remains a key area of focus for improvement. CFO Adam Orvos confirmed that despite the raised guidance, they still expect some benefit from incentive costs in the back half, as they are comparing against a very strong performance in 2023.

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    Aneesha Sherman's questions to Capri Holdings (CPRI) leadership

    Aneesha Sherman's questions to Capri Holdings (CPRI) leadership • Q1 2026

    Question

    Aneesha Sherman from Bernstein Research questioned the strategic value of Jimmy Choo within the portfolio, how it complements Michael Kors, and whether the company would consider divesting the brand as it did with Versace.

    Answer

    Chairman & CEO John Idol firmly stated that Jimmy Choo is not for sale and is a core part of Capri's future. He emphasized the brand's strong heritage, vertical integration with owned factories, and significant growth opportunity in accessories. A key new strategy is introducing more accessible luxury price points (e.g., the Curve bag at $595-$995) to broaden its consumer base. The goal is to grow the accessories business to improve the brand's margin profile and return it to double-digit operating margins.

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    Aneesha Sherman's questions to Capri Holdings (CPRI) leadership • Q4 2025

    Question

    Aneesha Sherman from Bernstein asked about Capri's pricing strategy, questioning when Michael Kors would reach a 'steady state' with its value pricing and how potential tariff-related price increases would be integrated without blurring the brand's position.

    Answer

    Chairman and CEO John Idol projected that the Michael Kors brand's pricing architecture should be in its desired state by the fall season. He noted that recent price reductions on some items impacted margins but were necessary. Regarding tariffs, Idol stated that any price increases would be approached slowly and cautiously, as the primary goal is to rebuild brand momentum. The final decision on pricing will depend on the actual tariff impact and the success of other mitigation efforts with suppliers. CFO and COO Tom Edwards reiterated that protecting brand momentum is the top priority over immediate pricing actions.

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    Aneesha Sherman's questions to Capri Holdings (CPRI) leadership • Q4 2025

    Question

    Aneesha Sherman of Bernstein asked about Capri's pricing strategy, specifically when Michael Kors is expected to reach its target price positioning and how potential price increases to mitigate tariff risks would fit into this strategy without blurring the brand's value proposition.

    Answer

    Chairman & CEO John Idol stated that the Michael Kors brand should be at its desired pricing architecture by the fall season. He noted that while some prices were lowered to align with historical value, the company is also raising certain prices in the outlet channel and reducing promotional activity. Regarding tariffs, Idol and EVP, CFO & COO Thomas Edwards both emphasized that brand momentum is the top priority. Any price increases to offset tariffs would be cautious 'tweaks' and would only be considered after exploring sourcing mitigation and gaining certainty on the final tariff levels.

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    Aneesha Sherman's questions to Stitch Fix (SFIX) leadership

    Aneesha Sherman's questions to Stitch Fix (SFIX) leadership • Q3 2025

    Question

    Aneesha Sherman inquired if the challenging macroeconomic environment presents a share gain opportunity and asked about the potential use of pricing as a lever to mitigate tariff impacts.

    Answer

    CEO Matt Baer confirmed that Stitch Fix views the current macro environment as an opportunity to gain market share by leveraging its ability to tailor offerings to individual client budgets and the strength of stylist relationships. He emphasized that marketing now highlights value, convenience, and time savings. Baer explicitly stated that the company does not plan to use price increases to offset tariffs in the current fiscal year. CFO David Aufderhaar added that as a multi-brand retailer, they are working with suppliers on country-of-origin diversification to mitigate future cost pressures.

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    Aneesha Sherman's questions to Stitch Fix (SFIX) leadership • Q2 2025

    Question

    Aneesha Sherman asked about Stitch Fix's customer demographics, particularly household income, and whether the Freestyle channel is essential for expanding the company's total addressable market (TAM) beyond the core Fix model.

    Answer

    Executive Matt Baer explained that Stitch Fix targets clients based on psychographics (needing convenience and style advice) rather than specific income levels, making the service broadly applicable. He asserted that the value proposition strengthens in a tough consumer environment by solving shopping stress. Baer positioned Freestyle as a critical, complementary channel that increases wallet share with existing clients and is key to expanding the company's overall market penetration.

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    Aneesha Sherman's questions to Stitch Fix (SFIX) leadership • Q4 2024

    Question

    Aneesha Sherman asked why current EBITDA margins are lower than in 2017-2018 despite a similar client base, and whether the cost structure could return to that level. She also followed up on whether a client referral strategy is driving new acquisition.

    Answer

    CFO David Aufderhaar responded that the current focus is on balancing cost savings with strategic reinvestments to fuel the company's transformation and return to growth. Regarding client acquisition, he clarified that client reactivation has been a more significant driver of strength than referrals, with reactivation rates growing year-over-year for the past three years.

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    Aneesha Sherman's questions to lululemon athletica (LULU) leadership

    Aneesha Sherman's questions to lululemon athletica (LULU) leadership • Q1 2026

    Question

    Asked for reasons behind the comp growth deceleration in China, whether an acceleration is expected as compares ease, and if China remains the best full-price market.

    Answer

    The China slowdown was impacted by the timing of Chinese New Year and tough comparisons to outsized growth last year. The company is still pleased with strong double-digit growth and maintains its full-year forecast. China remains the company's market with the lowest markdowns and highest full-price sell-through.

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    Aneesha Sherman's questions to lululemon athletica (LULU) leadership • Q4 2024

    Question

    Aneesha Sherman noted the guidance implies a slowdown in international growth versus 2024 and asked for color on specific markets. She also questioned the flexibility of the cost base in a tougher macro environment.

    Answer

    CFO Meghan Frank provided specific 2025 growth targets: China at 25-30% and Rest of World at approximately 20%. She characterized this as thoughtful planning based on current trends. Regarding costs, she reiterated that while the company has contingency levers, it remains focused on long-term strategic investments while navigating near-term headwinds like FX and tariffs.

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    Aneesha Sherman's questions to TJX COMPANIES INC /DE/ (TJX) leadership

    Aneesha Sherman's questions to TJX COMPANIES INC /DE/ (TJX) leadership • Q1 2026

    Question

    Aneesha Sherman of AllianceBernstein asked if the Q1 inventory hedging headwind was larger than expected and inquired about other moving parts in the gross margin. She also sought clarification on whether the Q2 margin guide is net of mitigation efforts.

    Answer

    CFO John Klinger confirmed the Q1 gross margin variance to last year was essentially the inventory hedge impact, which is a timing issue. He clarified that the Q2 gross margin forecast does include mitigation efforts. CEO Ernie Herrman added that the key difference for Q2 is that goods orders were placed before tariffs were known, preventing negotiation, which is not the case for future quarters.

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    Aneesha Sherman's questions to On Holding (ONON) leadership

    Aneesha Sherman's questions to On Holding (ONON) leadership • Q1 2025

    Question

    Aneesha Sherman from Bernstein inquired about mitigation efforts for tariff headwinds, whether price increases are factored into the margin guidance, and the company's ability to pass on costs to consumers.

    Answer

    Co-CEO Martin Hoffmann stated the outlook assumes current tariffs. He emphasized that On's premium positioning has earned it pricing power, which it will use to separate further from competitors. He announced a selective pricing round in the U.S. starting in July, which will help mitigate tariff impacts and supports the company's gross profit margin guidance.

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    Aneesha Sherman's questions to NIKE (NKE) leadership

    Aneesha Sherman's questions to NIKE (NKE) leadership • Q3 2025

    Question

    Aneesha Sherman questioned if Spring 2026 is the anticipated inflection point for wholesale growth and asked about the expected progression of gross margins through fiscal 2026, given the planned inventory liquidations.

    Answer

    President and CEO Elliott Hill conveyed growing confidence in the product pipeline but emphasized that the timing of a growth inflection depends on how quickly the marketplace can be cleaned up. CFO Matt Friend projected that Q4 would see the largest financial impact from the 'Win Now' actions, with revenue and margin headwinds moderating thereafter. He confirmed that liquidation pressures will persist into fiscal 2026 but that the company would provide updates every 90 days.

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    Aneesha Sherman's questions to NIKE (NKE) leadership • Q3 2025

    Question

    Aneesha Sherman asked if the Spring 2026 season is the expected inflection point for wholesale growth and questioned if gross margins would see a gradual recovery through fiscal 2026 following H1 liquidations.

    Answer

    CEO Elliott Hill noted gaining confidence in the product pipeline but emphasized that the key variable is the speed of cleaning up and resetting the marketplace to drive sell-through. CFO Matt Friend confirmed that Q4 will see the largest financial impact from the 'Win Now' actions, with headwinds to revenue and margin expected to moderate thereafter. He cautioned that liquidation headwinds will persist into fiscal 2026 for several quarters.

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    Aneesha Sherman's questions to TAPESTRY (TPR) leadership

    Aneesha Sherman's questions to TAPESTRY (TPR) leadership • Q1 2025

    Question

    Aneesha Sherman asked if Tapestry now expects to grow faster than the market, given its optimism on Coach, and questioned the margin impact of expanding into lifestyle categories like footwear.

    Answer

    CEO Joanne Crevoiserat responded that the company is, in fact, currently growing faster than the handbag category and sees significant runway for continued outperformance. CFO & COO Scott Roe addressed the margin question by stating that while some lifestyle categories may have different gross margin profiles, the expansion is expected to be accretive to operating margin, and the company anticipates maintaining its exceptional overall margins.

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