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    Chris Nardone • Bank of America

    Chris Nardone's questions to Boot Barn Holdings Inc (BOOT) leadership

    Chris Nardone's questions to Boot Barn Holdings Inc (BOOT) leadership • Q1 2026

    Question

    Chris Nardone asked about the factors that drove the business inflection last August and whether management is comfortable with the current category mix, particularly the balance between fashion and core products. He also inquired about the size and composition of the denim business.

    Answer

    CFO Jim Watkins recalled that the business strengthened in August of last year after some July softness and has maintained mid-to-high single-digit growth since. CEO John Hazen added that he is comfortable with the mix, as the growth in women's apparel is driven by the core denim business, which he considers a destination category. He noted denim is roughly half of the men's apparel business and a smaller portion of women's.

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    Chris Nardone's questions to Levi Strauss & Co (LEVI) leadership

    Chris Nardone's questions to Levi Strauss & Co (LEVI) leadership • Q2 2025

    Question

    Chris Nardone of Bank of America asked about the evolution of the DTC business's margin profile and whether any structural factors would prevent the SG&A rate from falling below 50% as the company targets a 15% operating margin.

    Answer

    EVP & CFO Harmit Singh clarified that the DTC business is no longer a drag on EBIT margins, with its margin up 400 basis points year-to-date to the high teens. Key drivers are higher revenue per square foot, better cost management, and a now-profitable e-commerce business. He stated they are in the "early innings" of this pivot and that the improved profitability of the DTC channel will support overall margin expansion.

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    Chris Nardone's questions to American Eagle Outfitters Inc (AEO) leadership

    Chris Nardone's questions to American Eagle Outfitters Inc (AEO) leadership • Q1 2025

    Question

    Chris Nardone from Bank of America sought clarification on how both the American Eagle and Aerie brands were trending relative to the Q2 comp guide of down 3%. He also asked for elaboration on product costs becoming a tailwind and how to think about the phasing of the tariff impact through the rest of the year.

    Answer

    Executive VP & CFO Mike Mathias confirmed that both brands were trending very similar to their Q1 performance, in line with the total Q2 guidance. He clarified that while underlying product costs are favorable, the full-year tariff impact is estimated at around $40 million, with only a couple of million hitting in Q2 and the rest spread across Q3 and Q4.

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    Chris Nardone's questions to Crocs Inc (CROX) leadership

    Chris Nardone's questions to Crocs Inc (CROX) leadership • Q2 2024

    Question

    Chris Nardone from Bank of America inquired about the Crocs brand's international business outlook for the second half and whether the Q3 guidance for the direct-to-consumer channel assumes a continued sequential decline. He also asked about pricing strategies for both Crocs and Heydude to mitigate tariff impacts.

    Answer

    CEO Andrew Rees stated that the long-term, mid-teens growth outlook for the international business remains intact despite quarterly timing shifts. He clarified the Q3 guidance embeds caution but does not assume a sequential worsening from current trends. Regarding tariffs, Rees outlined a multi-faceted mitigation strategy involving selective price increases, supply chain efficiencies, and SG&A reductions, rather than broad price hikes.

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