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    Angus Kelleher-Ferguson • Barclays

    Angus Kelleher-Ferguson's questions to Figs Inc (FIGS) leadership

    Angus Kelleher-Ferguson's questions to Figs Inc (FIGS) leadership • Q2 2025

    Question

    Angus Kelleher-Ferguson of Barclays inquired about the primary drivers behind the 4% increase in Average Order Value (AOV) during Q2 and the company's outlook for this metric for the remainder of 2025.

    Answer

    Co-Founder & CEO Trina Spear attributed the AOV growth to customers purchasing higher-priced innovative products alongside replenishing core uniform items. CFO Sarah Oughtred added that the most significant driver was a favorable product mix shift, followed by a lower rate of returns.

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    Angus Kelleher-Ferguson's questions to Figs Inc (FIGS) leadership • Q4 2024

    Question

    Speaking for Adrienne Yih, Angus Kelleher-Ferguson asked for details on the Q4 recovery in non-scrubwear, upcoming launches, and current in-stock levels for footwear.

    Answer

    CFO Sarah Oughtred attributed the recovery to rectified supply issues in footwear that had impacted Q3. She highlighted success in loungewear and outerwear, and noted the positive reception of the new 3447 shoe with a zipper, a proprietary design with New Balance.

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    Angus Kelleher-Ferguson's questions to Cricut Inc (CRCT) leadership

    Angus Kelleher-Ferguson's questions to Cricut Inc (CRCT) leadership • Q2 2025

    Question

    Angus Kelleher-Ferguson of Barclays asked for an update on the rollout of Design Space enhancements and any early user feedback, and also questioned whether the Q2 pull-forward in orders was driven by consumers or retailers.

    Answer

    CEO Ashish Arora detailed plans to rearchitect the Design Space user experience with guided flows, noting that while overall engagement erosion is moderating, new users are showing higher engagement in their first 30 days. CFO Kimball Shill clarified the Q2 pull-forward was driven by retailers' uncertainty about supply continuity from other sources, highlighting Cricut's relative supply chain strength, and stated that overall channel inventory is in good balance.

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    Angus Kelleher-Ferguson's questions to Cricut Inc (CRCT) leadership • Q1 2025

    Question

    Angus Kelleher-Ferguson of Barclays asked about the market uptake of the new fourth-generation machines from both customer and retailer perspectives, including the timeline to full inventory ramp-up. He also inquired about the performance of the value line of materials in regaining market share and its overall product journey.

    Answer

    CFO Kimball Shill reported that the new Maker 4 and Explore 4 machines have been well-received since their late Q1 launch, and the company has sufficient stock to meet expected demand based on sell-out rates. He clarified that consumables, not machines, offer more flexibility for incremental shipments. Regarding the value line, Kimball stated it's engineered to compete online and is expanding significantly from 30 SKUs in 2024 to over 100 in 2025. CEO Ashish Arora added that the value line is a key focus for making products more affordable and is expected to become a meaningful part of the portfolio over time. Kimball also stressed that cost-reduction efforts apply to all materials, not just the value line.

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    Angus Kelleher-Ferguson's questions to Cricut Inc (CRCT) leadership • Q3 2024

    Question

    Angus Kelleher-Ferguson from Barclays inquired about the long-term margin outlook for the Platform segment and the key drivers of its performance. He also asked about retailer inventory levels and the potential for a future restocking cycle.

    Answer

    CFO Kimball Shill stated that Platform segment gross margins are being pressured by higher capitalized software development costs and increased hosting fees, a trend he expects to continue. CEO Ashish Arora added that an intentional mix shift towards discounted annual subscriptions and a higher proportion of international users also negatively impacts platform revenue and margins. Regarding inventory, Shill noted that the retail channel is in a healthier position than a year ago, though there are still pockets where more inventory would be beneficial. Arora added that increased marketing is driving traffic, which should convert during the promotional Q4 period.

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    Angus Kelleher-Ferguson's questions to Cricut Inc (CRCT) leadership • Q4 2024

    Question

    Angus Kelleher-Ferguson, on for Adrienne Yih, asked for quantification of the impact from a specialty retail partner's bankruptcy and a detailed breakdown of the drivers for the guided 2-3 percentage point decline in 2025 operating margin.

    Answer

    CFO Kimball Shill stated the bankruptcy's impact was reflected in Q4 and was not material. He detailed four drivers for the lower 2025 operating margin: continued high marketing spend, accelerated R&D for new products, increased investment in the software platform, and higher legal costs for IP protection actions. CEO Ashish Arora added that these investments reflect conviction in the long-term market opportunity, focusing on affordability and ease of use.

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    Angus Kelleher-Ferguson's questions to Ross Stores Inc (ROST) leadership

    Angus Kelleher-Ferguson's questions to Ross Stores Inc (ROST) leadership • Q1 2025

    Question

    Angus Kelleher-Ferguson of Barclays asked for elaboration on what is driving the strength in the cosmetics category. He also inquired if there have been any specific shifts in consumer behavior regarding basket size or frequency.

    Answer

    Executive James Conroy attributed the strength in cosmetics to strong execution by the buying team, a great assortment, and capitalizing on trends for better brands in that space. Regarding consumer behavior, he stated there were no significant changes to call out and that the drivers felt relatively similar to the prior quarter.

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    Angus Kelleher-Ferguson's questions to Ross Stores Inc (ROST) leadership • Q1 2025

    Question

    Angus Kelleher-Ferguson, on for Adrienne Yih, asked what was driving the strength in the cosmetics category and if that momentum is sustainable. He also asked about any shifts in basket size or frequency.

    Answer

    Executive James Conroy attributed the strength in cosmetics to strong execution by the buying team, a great assortment, and capitalizing on trends for better brands in the space. Regarding consumer behavior, he noted there were no significant changes in basket size or frequency to call out compared to the prior quarter.

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    Angus Kelleher-Ferguson's questions to American Eagle Outfitters Inc (AEO) leadership

    Angus Kelleher-Ferguson's questions to American Eagle Outfitters Inc (AEO) leadership • Q3 2024

    Question

    Angus Kelleher-Ferguson, on for Adrienne Yih, inquired about new customer acquisition trends, particularly for the American Eagle brand and its adjacent categories.

    Answer

    President Jen Foyle reported that combined new customer acquisition was up double-digits across brands. For American Eagle, she credited the revived "Live Your Life" campaign, influencer marketing, successful brand collaborations, and store renovations for attracting new shoppers and improving customer retention.

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