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    Chad Britnell

    Research Analyst at Morgan Stanley

    Chad Britnell is an Equity Research Associate at Morgan Stanley & Co. LLC, specializing in equity research within the finance sector. He is involved in covering companies such as On Holding AG, as referenced in recent earnings calls, and has a professional background that includes prior experience at CME Group and Needham & Co. LLC. Having started his analyst career after graduating from Providence College, Britnell joined Morgan Stanley in 2023 and has since worked across two major firms in the financial industry, obtaining 53 state securities licenses and maintaining a clean regulatory record with zero disclosures. His credentials are supported by his FINRA registration and active engagement in corporate financial analysis.

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

    Chad Britnell's questions to On Holding (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 /DE/ (TJX) leadership

    Chad Britnell's questions to TJX COMPANIES INC /DE/ (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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    Chad Britnell's questions to Cresco Labs (CRLBF) leadership

    Chad Britnell's questions to Cresco Labs (CRLBF) leadership • Q2 2023

    Question

    An analyst on for Matt McGinley at Needham & Company, Inc. asked for the rationale behind the expected revenue pressure in the second half of the year. He also inquired if the company still expects to reach a 50% gross margin in H2 and what the primary drivers for margin improvement would be.

    Answer

    CEO Charles Bachtell explained that revenue pressure stems from continuing to de-emphasize or divest from non-core, margin-dilutive markets. CFO Dennis Olis specified the high single-digit revenue drop is mainly from exiting operations in California and Maryland. Olis did not confirm the 50% gross margin target but reiterated expectations for sequential improvement in both gross and adjusted EBITDA margins, driven by exiting dilutive operations and realizing cost savings.

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