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    Chad Britnell • Morgan Stanley

    Chad Britnell's questions to On Holding AG (ONON) leadership

    Chad Britnell's questions to On Holding AG (ONON) leadership • Q1 2025

    Question

    Chad Britnell, on behalf of Morgan Stanley, asked for details on the improved constant currency growth outlook, questioning which regions were outperforming and the expected shape of growth by channel.

    Answer

    Co-CEO Martin Hoffmann explained that while the outlook remains prudent, the company saw its strongest month ever in April. He emphasized that growth is broad-based across all channels, with D2C outperforming wholesale in Q1, and across all regions. He described the momentum as a 'global story,' with significant acceleration in Asia-Pacific, Europe, and the U.S., all contributing to the strong performance.

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    Chad Britnell's questions to TJX Companies Inc (TJX) leadership

    Chad Britnell's questions to TJX Companies Inc (TJX) leadership • Q4 2025

    Question

    Chad Britnell, on for Alex Straton, asked about the segment margin gap between HomeGoods and Marmaxx, questioning if anything structural prevents HomeGoods from reaching Marmaxx's profitability levels over the long term.

    Answer

    CEO Ernie Herrman responded that while they aim to continue closing the gap, he doesn't expect HomeGoods to fully reach Marmaxx's margin levels. This is due to innately higher-margin categories within Marmaxx's apparel closeout business. He added that HomeGoods is already one of the most profitable home businesses in the country.

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