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    Chris Nardone

    Vice President and Equity Research Analyst at Bank of America

    Chris Nardone is a Vice President and Equity Research Analyst at Bank of America Securities, specializing in consumer and retail sector analysis with direct coverage of companies such as Carter's, Inc. Known for his incisive financial modeling and deep sector knowledge, Nardone most recently issued a Sell rating on Carter's, citing strategic uncertainties and weak earnings performance. Since joining Bank of America in 2013 as a risk analyst, he transitioned into equity research, where he has built a reputation for thorough analysis and impactful calls. Nardone holds recognized professional credentials for securities research, backed by his FINRA registration and applicable industry licenses.

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

    Chris Nardone's questions to Boot Barn Holdings (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 CARTERS (CRI) leadership

    Chris Nardone's questions to CARTERS (CRI) leadership • Q2 2025

    Question

    Chris Nardone of Bank of America asked for perspective on why the children's apparel category has been relatively weak and how the competitive landscape has evolved. He also inquired about the potential to expand shelf space for Carter's premium brands like Little Planet and Purely Soft within the wholesale channel.

    Answer

    CEO Douglas Palladini stated the market is down approximately 2%, with the primary competitive shift being the growth of private label brands at key accounts. However, he stressed that these same wholesale partners expect Carter's, as the leading national brand, to grow with them. CFO Richard Westenberger confirmed there is a significant opportunity to broaden the availability of their brand portfolio, including Little Planet and the new Otter Avenue brand, in the wholesale channel. CEO Palladini added that they are actively remapping their wholesale strategy to place more brands in more doors.

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    Chris Nardone's questions to CARTERS (CRI) leadership • Q2 2025

    Question

    Chris Nardone asked for CEO Doug Palladini's perspective on the recent weakness in the children's apparel category and the changing competitive landscape, particularly from private labels. He also inquired about the health of the wholesale channel and the potential to expand shelf space for emerging brands like Little Planet.

    Answer

    CEO Douglas Palladini acknowledged the market is down slightly and that private label competition has grown, but stressed that key accounts still expect Carter's, as the national brand leader, to drive growth. CFO Richard Westenberger noted that wholesale sell-throughs have been good and demand for Fall/Winter has held up well. Both executives see a clear opportunity to expand the brand portfolio within the wholesale channel.

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    Chris Nardone's questions to LEVI STRAUSS & (LEVI) leadership

    Chris Nardone's questions to LEVI STRAUSS & (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 (AEO) leadership

    Chris Nardone's questions to AMERICAN EAGLE OUTFITTERS (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 (CROX) leadership

    Chris Nardone's questions to Crocs (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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