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Anna Glaessgen

Senior Research Analyst at B. Riley Securities

Anna Glaessgen is a Senior Research Analyst at B. Riley Securities, specializing in consumer sector research with a focus on consumer products, outdoor leisure, and specialty retail and apparel. She covers a variety of major companies including Academy Sports and Outdoors, e.l.f. Beauty, Ulta Beauty, YETI Holdings, and The Estee Lauder Companies, maintaining a track record with a 46.88% success rate and an average return of 0.44% on her recommendations. Glaessgen began her equities research career after obtaining her BSBA from the University of Richmond and has previously held roles at Jefferies as Vice President and as an associate analyst at SunTrust Robinson Humphrey and Telsey Advisory Group before joining B. Riley, where she now has over eight years of sector experience. She is a CFA charter-holder and maintains relevant securities licenses.

Anna Glaessgen's questions to SPORTSMAN'S WAREHOUSE HOLDINGS (SPWH) leadership

Anna Glaessgen's questions to SPORTSMAN'S WAREHOUSE HOLDINGS (SPWH) leadership • Q2 2026

Question

Anna Glaessgen asked about the drivers of Sportsman's Warehouse's positive comp store sales growth and the durability of this growth as the benefit from lapping out-of-stocks eases into 2026. She also inquired about the implied back-half margin improvement given tougher comps, asking for details on margin drivers and puts/takes.

Answer

Paul Stone, President, CEO & Director, attributed comp growth to strategic alignment in hunting, shooting, fishing, and personal protection, along with inventory investments. He highlighted strong momentum in firearms and fishing, and the outperformance of personal protection. Jennifer Fall Jung, CFO, explained that back-half margins would be influenced by the lower margins of the hunt category (firearms/ammunition) and the reduced penetration of higher-margin fishing sales as the season progresses, in addition to Q4's promotional environment.

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Anna Glaessgen's questions to SPORTSMAN'S WAREHOUSE HOLDINGS (SPWH) leadership • Q4 2025

Question

Inquired about the consumer trade-down in firearms as a potential market share opportunity, the current and future mix of the personal protection category, and whether the March slowdown was due to calendar shifts or broader consumer weakness from headlines like tariffs.

Answer

The company views the firearm trade-down as an opportunity to gain share by being in-stock on value-oriented items, which has led to outperformance vs. NICS data. The personal protection category is currently about 25% of sales (mostly handguns/ammo) and is seen as a major growth opportunity. The March slowdown was attributed specifically to the strategic shift of ad campaigns due to the later Easter, not to a change in consumer behavior from tariff news.

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Anna Glaessgen's questions to SPORTSMAN'S WAREHOUSE HOLDINGS (SPWH) leadership • Q3 2025

Question

Asked about the drivers of Q3 gross margin, the risk of heavy discounting in Q4 given inventory levels, and the company's exposure to tariffs.

Answer

Executives attributed softer Q3 gross margin to product mix shift towards firearms and freight costs from inventory build. They expressed high confidence in meeting Q4 guidance without intense discounting. They confirmed that direct tariff exposure is minimal (under 3%) but they are monitoring indirect impacts.

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Anna Glaessgen's questions to SPORTSMAN'S WAREHOUSE HOLDINGS (SPWH) leadership • Q3 2024

Question

Anna Glaessgen asked about Q3 gross margin performance, questioning if the refined merchandising strategy reduced clearance risk. She also inquired about the confidence level for the Q4 gross margin outlook and sought confirmation on the company's limited exposure to tariffs.

Answer

CFO Jeff White attributed the softer-than-expected Q3 gross margin to a product mix shift toward lower-margin firearms and higher freight costs from a strategic inventory build. He expressed high confidence in achieving Q4 guidance without intense discounting. He also confirmed that direct tariff exposure via private brands is minimal, under 3% of sales, though they continue to monitor the impact on branded goods.

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Anna Glaessgen's questions to SPORTSMAN'S WAREHOUSE HOLDINGS (SPWH) leadership • Q2 2024

Question

Anna Glaessgen of B. Riley Securities, noting the recent inventory cleanup, asked about the strategic investment in new inventory. She sought to understand the demand signals guiding these purchases and the guardrails in place to prevent becoming over-inventoried again.

Answer

CFO Jeffrey White stated the investment focuses on the core '20% of SKUs that drive 80% of the sales,' an area they were unable to invest in last year. CEO Paul Stone added that this open-to-buy allows them to purchase seasonal holiday goods and special buys that 'scream value,' a key differentiator from last year's liquidation focus. He expressed confidence that this targeted inventory will turn by year-end, enabling them to meet their inventory guidance.

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Anna Glaessgen's questions to MasterCraft Boat Holdings (MCFT) leadership

Anna Glaessgen's questions to MasterCraft Boat Holdings (MCFT) leadership • Q4 2025

Question

Anna Glaessgen from B. Riley Securities sought clarification on how wholesale units could increase in FY26 given the forecast for a retail decline and continued channel destocking. She also asked about the expected pacing of this destocking.

Answer

CEO Brad Nelson explained that the significant inventory reduction in FY25 allows for wholesale growth in FY26. He characterized the planned FY26 destocking as a 'fine-tuning adjustment' to increase dealer turns amid market uncertainty, not a major reduction. CFO Scott Kent added that any destocking would be modest, spread throughout the year in response to retail trends, and not necessarily front-loaded in Q1.

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Anna Glaessgen's questions to MasterCraft Boat Holdings (MCFT) leadership • Q3 2025

Question

Anna Glaessgen of B. Riley Securities inquired about MasterCraft's pricing strategy to counter tariff impacts, specifically asking if they would implement a flat increase or a more variable model.

Answer

CEO Bradley Nelson explained that the company is actively modeling scenarios that could include both traditional price adjustments and a more variable pricing model to cover input costs, though no final decisions for model year 2026 have been made. CFO Timothy Oxley added that they have discussed the variable nature of tariff-related costs with dealers, noting that the potential temporary nature of tariffs supports a variable pricing approach.

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Anna Glaessgen's questions to MasterCraft Boat Holdings (MCFT) leadership • Q3 2025

Question

Anna Glaessgen of B. Riley Securities asked for details on the company's pricing strategy in response to tariffs, specifically whether they would implement a consistent price hike or a more variable model, and if this had been discussed with dealers.

Answer

CEO Bradley Nelson stated the company is proactively modeling various scenarios to balance volume, price, and cost. He indicated a move toward a more variable pricing model is likely, in addition to traditional price adjustments, to manage tariff volatility, though no final decisions have been made. CFO Timothy Oxley added that they have discussed the variable nature of these costs with dealers, noting that the potential temporary nature of tariffs lends itself to a variable pricing approach.

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Anna Glaessgen's questions to TheRealReal (REAL) leadership

Anna Glaessgen's questions to TheRealReal (REAL) leadership • Q2 2025

Question

Anna Glaessgen from B. Riley Securities questioned whether the recent surge in new consignor growth was a temporary response to market factors like tariffs or a more permanent shift. She also asked for more specific details on the potential cost savings per unit as the Athena platform scales.

Answer

President and CEO Rati Sahi Levesque asserted that the growth is not a 'one-time benefit,' as it's the second consecutive quarter of double-digit growth and is directly attributable to internal initiatives like the referral and Reconsign programs. CFO Ajay Gopal quantified Athena's impact by pointing to the 310 basis points of leverage on the ops and tech line in Q2 and reiterated the goal of taking out 'multiple dollars of cost on a per item basis' as it scales.

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Anna Glaessgen's questions to Honest Company (HNST) leadership

Anna Glaessgen's questions to Honest Company (HNST) leadership • Q2 2025

Question

Anna Glaessgen of B. Riley Securities asked for a deeper analysis of the record gross margin, specifically the impact of the channel shift away from the direct-to-consumer business. She also inquired about the current scale and long-term contribution potential of the company's apparel business.

Answer

CFO Curtiss Bruce confirmed that the record 40.4% gross margin was driven by a favorable mix of both higher-margin products and channels, including the strategic de-emphasis of the honest.com business. Regarding apparel, he highlighted its expected contribution in the second half of the year, driven by the award-winning 'Fam Jams' line, and noted its role in the strong Q4 performance anticipated in the company's full-year guidance.

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Anna Glaessgen's questions to Honest Company (HNST) leadership • Q1 2025

Question

Anna Glaessgen inquired about the consumption deceleration observed exiting Q1, asking if it was a broader category trend or specific to Honest. She also questioned whether the company is seeing any consumer trade-down from premium natural products due to macro uncertainty.

Answer

CEO Carla Vernon clarified that the deceleration was largely isolated to their diaper business at Target, following a distribution change involving the removal of gendered prints. She contrasted this with nearly 20% consumption growth in the rest of the market. Vernon noted that while categories have slowed, Honest's 8% consumption growth significantly outpaced the competitive set's 1% decline, indicating resilient demand for their products, particularly in the sensitive skin segment.

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Anna Glaessgen's questions to Honest Company (HNST) leadership • Q4 2024

Question

Anna Glaessgen of B. Riley Securities asked for more perspective on 2025 gross margin expansion after lapping 2024's one-time benefits and questioned the margin difference between the company's DTC channel and third-party digital partners.

Answer

CFO David Loretta explained that while some 2024 pricing benefits have been lapped, the cost savings from supply chain optimization are structural and ongoing. He noted that margin expansion in 2025 will be supported by a favorable product mix and the continued, deliberate shift away from the company's less efficient DTC channel towards more scalable retail partner platforms, which offer superior cost structures.

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Anna Glaessgen's questions to Honest Company (HNST) leadership • Q3 2024

Question

Anna Glaessgen from B. Riley Securities questioned the effectiveness of Amazon Prime Day for acquiring new customers versus serving existing ones and asked for an update on the company's sourcing exposure to China, particularly for its wipes category.

Answer

CEO Carla Vernon confirmed that Prime Day is a powerful tool for acquiring new-to-brand shoppers, noting that strong performance on the platform boosts search rankings and drives trial. CFO David Loretta addressed the China sourcing risk, acknowledging that the wipes portfolio is sourced there. He stated the team is proactively working on diversification and cost-reduction plans to mitigate potential tariff impacts and does not expect a material impact in 2025.

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Anna Glaessgen's questions to Clarus (CLAR) leadership

Anna Glaessgen's questions to Clarus (CLAR) leadership • Q2 2025

Question

Anna Glaessgen of B. Riley Securities inquired about the Adventure segment's strategy, specifically balancing headcount rationalization with growth initiatives like expanding vehicle fitments. She also asked about recent promotional activities and sought clarity on the Outdoor segment's reduction in discontinued merchandise sales.

Answer

CFO Michael J. Yates explained the Adventure segment is focusing on basics, such as increasing vehicle fits to 579 and rationalizing NPD for high-return projects. He noted promotional sales of older inventory impacted margins but improved cash flow. Neil Fiske, President of Black Diamond Equipment, confirmed that reduced PFAS clearance was a factor in lower discontinued sales but also highlighted a strategic shift towards a full-price model and a healthier overall inventory mix.

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Anna Glaessgen's questions to Clarus (CLAR) leadership • Q2 2025

Question

Asked about the Adventure segment's strategy for balancing cost rationalization with growth initiatives like expanding vehicle fitments, the impact of promotional activities on domestic sales, and clarification on the reduction of discontinued merchandise sales in the Outdoor segment, particularly regarding PFAS inventory.

Answer

The company is focusing on basics in the Adventure segment, such as increasing vehicle fits for top-selling models and creating a nimbler organizational structure. Promotional sales in Adventure were to clear out old inventory, which boosted revenue but dragged on margins. The reduction in discontinued Outdoor sales was indeed impacted by clearing less PFAS inventory this year, but is also part of a broader strategic shift towards a full-price model to improve margins and buffer against tariffs.

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Anna Glaessgen's questions to Clarus (CLAR) leadership • Q1 2025

Question

Asked for an update on the Adventure segment's U.S. distribution strategy after moving away from an off-price retailer, whether distribution gains are on hold due to tariffs, and how Black Diamond's recent price increases compare to competitors.

Answer

The Adventure segment is no longer using the off-price channel and is instead focusing on specialty distribution, such as specialty auto rack and bicycle shops. Distribution is expanding, not on hold; bike rack doors have increased from 300 to 800, driven by the RockyMounts acquisition. Black Diamond believes it was one of the first in its industry to transparently raise prices to offset tariffs and expects competitors will have to follow suit.

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Anna Glaessgen's questions to Clarus (CLAR) leadership • Q4 2024

Question

Anna Glaessgen from B. Riley Securities asked for clarification on the Outdoor segment's path to double-digit EBITDA margins, the impact of tariff uncertainty on North American retail ordering, and the current inventory levels within the international distributor (IGD) business.

Answer

CFO Michael J. Yates confirmed that the Outdoor segment is targeting a double-digit EBITDA margin on its guided $175 million revenue for the full year, with performance weighted to the second half. McNeil Fiske, President of Black Diamond, stated it was too early to see a material impact from tariff discussions on ordering but noted consumer sentiment has been 'a little bit rattled.' Both Yates and Fiske explained that IGD inventories are normalizing after lagging North America, with the business exceeding expectations in Q4.

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Anna Glaessgen's questions to MARINEMAX (HZO) leadership

Anna Glaessgen's questions to MARINEMAX (HZO) leadership • Q3 2025

Question

Anna Glaessgen asked if the recent uncertainty has altered MarineMax's view on the broader retail recovery timeline and sought more color on the consumers who were driving the sales pickup in July.

Answer

CFO Mike McLamb affirmed that their long-term view on the boating lifestyle's appeal has not changed, despite the current pause. CEO Brett McGill noted that the soft June quarter necessitates ongoing inventory recalibration with manufacturers. Regarding July, McGill highlighted that innovative new models continue to sell well and that the month did not suffer from the 'cliff effect' that hampered April.

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Anna Glaessgen's questions to MARINEMAX (HZO) leadership • Q2 2025

Question

Anna Glaessgen asked if there has been an increase in cancellations of existing orders and whether potential tariff-related price increases would primarily impact the next model year.

Answer

Executive William McGill stated there has not been an increase in order cancellations. He also confirmed that current inventory levels will carry them through the season and that they are working with manufacturers to mitigate any potential price increases on future model year products. Executive Michael McLamb added that MarineMax has a history of successfully passing on necessary price increases in the premium segment.

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Anna Glaessgen's questions to FOX FACTORY HOLDING (FOXF) leadership

Anna Glaessgen's questions to FOX FACTORY HOLDING (FOXF) leadership • Q1 2025

Question

Anna Glaessgen inquired about the indirect impact of tariffs within the bike business supply chain and asked for elaboration on the product mix improvements that contributed to margin performance.

Answer

CEO Mike Dennison clarified that in the bike business, Fox delivers products to OEMs within Taiwan, so the direct tariff impact is more on their partners. He explained that product mix improvement is happening across all segments, driven by focusing innovation on higher-end, more profitable products and expanding the portfolio in categories like premium wheels, which helps the company pivot during volatile periods.

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Anna Glaessgen's questions to FOX FACTORY HOLDING (FOXF) leadership • Q4 2024

Question

Anna Glaessgen from B. Riley Securities inquired about the automotive OEM business, specifically how conversations with partners are evolving regarding potential tariffs and production adjustments. She also asked if low double-digit growth is still the correct benchmark for the Marucci business in 2025.

Answer

CEO Mike Dennison clarified that FOXF's premium truck partnerships (Ford, Toyota) are somewhat insulated, but consumer demand could be impacted by inflation from tariffs. He noted Stellantis is rebounding from 2024 lows. He affirmed that Marucci is expected to be a double-digit growth business in 2025, citing its record 2024 performance and new product pipeline.

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Anna Glaessgen's questions to FOX FACTORY HOLDING (FOXF) leadership • Q3 2024

Question

Anna Glaessgen asked about the balance between implementing significant cost-saving measures and protecting the company's long-term growth story and innovation pipeline.

Answer

CFO Dennis Schemm stated that after prolonged OEM uncertainty, the company is taking decisive action to improve margins through footprint consolidation, product portfolio optimization, and inventory reduction. CEO Mike Dennison added that returning to historical EBITDA margin levels strengthens the brand and positions the company for exponential growth when demand returns. An executive also noted that predictable margins enable continued investment in growth initiatives like the Marucci MLB partnership.

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Anna Glaessgen's questions to YETI Holdings (YETI) leadership

Anna Glaessgen's questions to YETI Holdings (YETI) leadership • Q1 2025

Question

Anna Glaessgen asked about the strategy for allocating constrained inventory between the direct-to-consumer and wholesale channels, as well as allocation practices within the wholesale channel itself.

Answer

Executive Matthew Reintjes described a multi-layered allocation strategy that is product-dependent rather than channel-biased. Decisions are based on supply levels, with some products launching internationally, others being constrained across all channels, and some being delayed to build sufficient stock. CFO Michael McMullen added that the company is using this period to learn how to operate with lower inventory levels going forward.

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Anna Glaessgen's questions to Traeger (COOK) leadership

Anna Glaessgen's questions to Traeger (COOK) leadership • Q1 2025

Question

Anna Glaessgen from B. Riley Financial, Inc. inquired about the current retail environment, specifically asking if retailers are becoming more hesitant to take on inventory and for how long current inventory levels can sustain demand.

Answer

CEO Jeremy Andrus stated they have not sensed a reluctance from retailers to take on inventory, though there has been a shift from direct import to domestic fulfillment to navigate tariff complexities. CFO Dom Blosil clarified that the company is planning inventory conservatively, reducing purchase orders to avoid a future destocking issue. He emphasized that current inventory on hand is sufficient for near-term demand, allowing them to pause new orders and react to demand signals during the peak season before re-ordering.

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Anna Glaessgen's questions to Traeger (COOK) leadership • Q4 2024

Question

Anna Glaessgen inquired about the 2025 outlook for the accessories business, specifically MEATER, asking if an inflection point is expected during the year. She also asked about the normalization of advertising return on investment post-election and whether the projected Q1 decline is isolated to MEATER or affects other segments.

Answer

CFO Dominic Blosil explained that the company is conservatively forecasting MEATER's performance and that any potential inflection would be upside to the current guidance. He noted it is too early to determine if advertising ROAS has normalized for MEATER, as Q1 is not a significant quarter for the brand. Blosil clarified that the anticipated Q1 decline is reflective of multiple segments, driven by uncertainty in order pacing related to potential tariffs, which complicates quarter-to-quarter predictions.

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Anna Glaessgen's questions to Traeger (COOK) leadership • Q3 2024

Question

Anna Glaessgen asked for clarification on the implied Q4 guidance for grills and questioned the current competitive landscape for wood pellets.

Answer

CFO Dom Blosil confirmed that Q4 grill growth is expected to moderate from Q3's strong performance but will remain positive, driven by strong sell-through and retail replenishment. CEO Jeremy Andrus added that the competitive landscape for pellets has not shifted meaningfully, and Traeger's vertical integration and brand loyalty provide a strong defense against private label and other brands.

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Anna Glaessgen's questions to Academy Sports & Outdoors (ASO) leadership

Anna Glaessgen's questions to Academy Sports & Outdoors (ASO) leadership • Q3 2024

Question

Anna Glaessgen of B. Riley Securities asked if the apparel category, which was impacted by warm weather in Q3, has improved in Q4. She also inquired about the company's outlook on gaining market share from smaller competitors.

Answer

CEO Steve Lawrence confirmed that apparel performance improved significantly with colder weather around Black Friday, leading sales during that key period. On market share, he stated their goal is to gain share across categories, noting they have held onto significant gains made since 2019. CFO Carl Ford added that the largest share opportunity comes from geographic expansion into new markets where they have no presence.

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Anna Glaessgen's questions to DTC leadership

Anna Glaessgen's questions to DTC leadership • Q3 2024

Question

Asked about the strategic balance and growth timeline for DTC versus wholesale channels, the build-out of the retail team, the company's new promotional strategy, and the performance of the Chubbies brand.

Answer

The executive detailed plans to accelerate retail growth, supported by an expanded team and a new 130-store test, while stabilizing DTC in the first half of 2025 and returning it to growth in the second half, driven by a new website and product innovation. Regarding promotions, the long-term goal is to be less promotional, but they will be very promotional in Q4 to drive sales, which is factored into guidance. The Chubbies brand is performing very well, growing, and is a key part of the company's dual-platform strategy.

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Anna Glaessgen's questions to DTC leadership • Q2 2024

Question

Asked about retailer appetite for the Chubbies brand and whether there are signs of consumer trade-down within the Solo Stove product mix.

Answer

Retailer demand for Chubbies remains strong, with key partners like DICK's Sporting Goods expanding the brand's presence and product categories. For Solo Stove, average order value is holding up despite macro pressures due to a successful bundling strategy, which offers value to consumers without eroding margins like simple discounting would.

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Anna Glaessgen's questions to VSTO leadership

Anna Glaessgen's questions to VSTO leadership • Q3 2024

Question

Asked about the outlook for the outdoor retail market in 2024, brand positioning in the mass channel, and the potential impact of a weak snow season on Q4 results.

Answer

Executives acknowledged headwinds in specialty outdoor retail but are offsetting them with strong D2C and mass channel performance. They see continued momentum for their brands in the mass channel. The impact from a weak snow season is expected to be minimal for Q4 as it's a small part of the business and the main sell-in period has passed.

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