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Brian William Nagel

Research Analyst at Oppenheimer & Co. Inc.

Brian W. Nagel is Managing Director and Senior Analyst for Consumer Growth and eCommerce at Oppenheimer & Co. Inc., where he has covered leading companies such as CarMax (KMX), Lovesac (LOVE), and several other major consumer growth and e-commerce firms. With over 20 years of experience, Nagel has demonstrated strong performance with a track record that includes a 61% success rate on stock recommendations and an average return of 19.5% as reported by TipRanks. He began his career as a Senior Associate Analyst at Credit Suisse in 2000, moved to UBS where he progressed to Executive Director, and has been at Oppenheimer since 2009. A CFA charterholder, his credentials also include an Advanced Finance Program certificate from The Wharton School and a BSBA in Finance/Economics from Creighton University.

Brian William Nagel's questions to CARMAX (KMX) leadership

Brian William Nagel's questions to CARMAX (KMX) leadership • Q2 2026

Question

Brian William Nagel asked about the impact of demand pull-forward on used unit sales in Q2 FY26, seeking to quantify the disruption and understand if sales have returned to a normal run rate. He also inquired about CarMax's pricing strategy in a competitive market.

Answer

President and CEO Bill Nash explained that both inventory depreciation (approximately $1,000 over a month) and a pull-forward of demand into Q1 impacted Q2 performance. He noted that September sales were stronger than Q2 but still soft year-over-year. Nash emphasized the company's focus on competitive and nimble pricing in an aggressive market environment.

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Brian William Nagel's questions to CARMAX (KMX) leadership • Q2 2026

Question

Brian William Nagel asked about the primary factors impacting CarMax's used unit sales in fiscal Q2 2026, specifically inquiring about the pull-forward demand from Q1 and the subsequent sales run rate. He also questioned CarMax's pricing strategy, asking if the company is becoming more aggressive due to market competition.

Answer

Bill Nash, President and CEO, explained that Q2 performance was impacted by two main factors: ramping inventory ahead of the quarter followed by a $1,000 depreciation, and a pull-forward of demand into Q1. He noted that September sales are stronger than Q2 but still soft year-over-year, with improved inventory and pricing. Regarding pricing, Mr. Nash affirmed CarMax's continuous focus on competitive and nimble pricing in an aggressive market.

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Brian William Nagel's questions to RH (RH) leadership

Brian William Nagel's questions to RH (RH) leadership • Q2 2026

Question

Brian William Nagel sought clarification on inventory growth moderation and its potential impact as a headwind to sales. He also asked about RH's tariff mitigation efforts, specifically if price increases are implemented as tariffs hit or if adjustments are made proactively.

Answer

Chairman and CEO Gary Friedman explained that RH's investments in new concepts, galleries (London, Milan), and compounds are setting the company up for the next 10 years, creating optionality and breakthrough potential. He emphasized that the success of RH Paris is generating significant inbound interest for global expansion, including potential licensing deals in the Middle East and Asia. CFO Jack Preston stated that tariff mitigation involves a mix of both proactive and reactive price adjustments, with a strategic and thoughtful approach to balance margin protection and revenue impact, drawing on experience from previous tariff periods.

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Brian William Nagel's questions to RH (RH) leadership • Q2 2026

Question

Brian William Nagel asked if the moderation in inventory growth observed in Q2, which helps drive cash, could potentially become a headwind to sales if inventories remain tighter in the second half of the year. He also followed up on RH's tariff mitigation efforts, specifically regarding the timing of price adjustments.

Answer

Chairman & CEO Gary Friedman outlined various offsets to potential sales headwinds from tighter inventory, including the launch of new concepts, new galleries in London and Milan, and the creation of an 'RH ecosystem' in Los Angeles. He emphasized that RH Paris is generating significant global interest and creating optionality for future expansion. CFO Jack Preston explained that tariff mitigation involves a strategic mix of price increases and other measures, following a proven playbook from past tariff challenges.

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