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    Brandon Cheatham • Citigroup

    Brandon Cheatham's questions to Warby Parker Inc (WRBY) leadership

    Brandon Cheatham's questions to Warby Parker Inc (WRBY) leadership • Q2 2025

    Question

    Brandon Cheatham of Citigroup, on for Paul Juarez, inquired about the financial impact of sunsetting the Home Try-On program and asked for a potential go-to-market timeline for the Google AI glasses.

    Answer

    Co-CEO Dave Gilboa explained that the Home Try-On program has become less critical due to the company's large store footprint and advanced digital tools. He stated that the associated costs, historically part of marketing spend, will be reallocated to higher-ROI customer acquisition efforts. Regarding the Google partnership, he reiterated that while progress is strong, the company does not have a specific timeline to share at this moment but will provide updates in the future.

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    Brandon Cheatham's questions to Gildan Activewear Inc (GIL) leadership

    Brandon Cheatham's questions to Gildan Activewear Inc (GIL) leadership • Q2 2025

    Question

    Brandon Cheatham of Citigroup inquired about the quantification of sales shifts between Q2, Q3, and Q4, and sought details on the hosiery and underwear segment's performance, including impacts from program resets and plans for backfilling capacity.

    Answer

    EVP & CFO Luca Barile explained that while not quantifying the exact shift, the combined Q2 and Q3 performance would yield mid-single-digit growth, with Q3 guided to low-single-digit growth. He noted the hosiery and underwear segment is expected to see sequential improvement in the second half. EVP & COO Chuck Ward added that headwinds in the segment were due to temporary factors like delayed store sets and customer program resets. President & CEO Glenn Chamandy confirmed these issues are not structural.

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    Brandon Cheatham's questions to Gildan Activewear Inc (GIL) leadership • Q4 2024

    Question

    Brandon Cheatham inquired about the Q1 2025 outlook for the Activewear and Hosiery/underwear segments, asking about the impact of comps and potential sales pull-forward from Q4. He also asked for a breakdown of Q4 gross margin drivers, specifically questioning any pricing pressure and the outlook for 2025 margins.

    Answer

    EVP & CFO Rhodri Harries stated that Q1 2025 Activewear growth will moderate from Q4's double-digit pace but remain strong, with overall company sales guided to mid-single-digit growth ex-Under Armour. He confirmed Q4 gross margin improved to 30.8% due to cost controls and efficiencies from the GSG strategy, like the Bangladesh ramp-up. Harries noted pricing is stable and expects continued gross margin uplift and operating margin expansion of 50 bps in 2025.

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    Brandon Cheatham's questions to HanesBrands Inc (HBI) leadership

    Brandon Cheatham's questions to HanesBrands Inc (HBI) leadership • Q1 2025

    Question

    Brandon Cheatham, on for Paul Lejuez, asked for details on Hanesbrands' manufacturing capacity, specifically the split between its Eastern and Western hemispheres, to gauge the potential size of incremental revenue opportunities from tariff disruptions.

    Answer

    CEO Stephen Bratspies explained that while the Western Hemisphere supply chain often generates initial interest due to its speed, the company has a flexible global network and can shift production to be most efficient. He stated that despite recent streamlining efforts, the company deliberately maintained both surge capacity for short-term needs and capacity for long-term growth, expressing no concern about being able to handle the new revenue opportunities.

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    Brandon Cheatham's questions to HanesBrands Inc (HBI) leadership • Q3 2024

    Question

    Brandon Cheatham questioned the gross margin outlook, asking why Q4 guidance implies a slight dip from Q3's record high and about the sustainability of these margins into 2025. He also followed up on potential dis-synergies from the Champion divestiture and if they are fully accounted for in the 15% operating margin target.

    Answer

    CFO Scott Lewis clarified that Q4 gross margin is expected to be similar to Q3's record 41.8%. He attributed the sustainable, structural margin expansion to assortment management, including SKU reduction and margin-accretive innovation, and a comprehensive cost savings program that is accelerating. CEO Stephen Bratspies added that all Champion-related stranded costs are identified and will be removed by mid-2025, and the company is going even further with structural cost reductions.

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    Brandon Cheatham's questions to Costco Wholesale Corp (COST) leadership

    Brandon Cheatham's questions to Costco Wholesale Corp (COST) leadership • Q4 2024

    Question

    Brandon Cheatham, on for Paul Lejuez, asked about the rationale for fewer U.S. store openings in fiscal 2025 and the mix between new and infill markets. He also inquired about the timing of value reinvestments following the membership fee increase and any potential near-term P&L pressure.

    Answer

    Ron Vachris, an executive, explained that the cadence of new openings is based on project timing rather than a strategic shift, with international projects sometimes taking longer. He affirmed that infill opportunities remain strong in North America. Gary Millerchip, an executive, noted that reinvestments are continuous, citing recent wage increases and price reductions. He stated that due to deferred accounting, the fee increase benefit will be back-half weighted in FY25, and cautioned that Q1 earnings growth may be less linear due to cycling higher interest income and gas profits from the prior year.

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    Brandon Cheatham's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership

    Brandon Cheatham's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership • Q2 2025

    Question

    Brandon Cheatham, on for Paul Lejuez, asked about the performance of the Q2 'Ollie's Days' event, details on the new co-branded credit card's financial impact, and the potential cost or productivity implications of testing more full-time employees.

    Answer

    CEO John Swygert confirmed the 'Ollie's Days' event was strong and had no unexpected margin impact. CFO Robert Helm explained the new credit card is expected to be slightly accretive to both comps and margin rate, with a limited impact in fiscal 2024. Executive Vice President and COO Eric van der Valk positioned the full-time associate test as a 'tailwind' for store execution and top-line growth, not primarily an SG&A initiative, though it could help offset future wage pressures.

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