Dana Telsey • Telsey Advisory Group

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CFO John Klinger expressed confidence in continuing to offset tariff pressures through strong execution. CEO Ernie Herrman added that high product availability and sourcing flexibility are key advantages. On real estate, John Klinger confirmed TJX is on track for its plan of over 130 net new stores, sees great location availability, and is having success with relocations and remodels to enhance the customer experience.

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CEO Ernie Herrman said the company is 'playing offense' by spending slightly more on marketing, with creative campaigns aimed at educating new customers on the TJX value proposition. CFO John Klinger added that remodels are keeping the store fleet fresh and relocations to better retail areas are yielding positive results.

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David Kahan, President of Birkenstock Americas, stated that the price adjustments were surgical and well-communicated to retail partners. He reported that in the six weeks following the price actions, sell-through velocity has been exceptional and even accelerated beyond Q3 levels, with no negative impact observed on demand.

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CFO Ivica Krolo confirmed that the absorption of the new facility is ahead of schedule, contributing a 75 basis point tailwind to gross margin in FY25 with more expected in FY26. EMEA President Nico Bouyakhf added that the retail expansion is on track to reach nearly 100 stores by year-end, with new stores ramping up performance quickly and established stores showing healthy comparable growth.

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President, EMEA Nico Bouyakhf stated that retail is and will remain the fastest-growing channel, with plans to grow from 71 to nearly 100 stores this fiscal year. He noted new stores deliver higher ASP and productivity with a CapEx payback of 12-18 months. He also highlighted significant growth opportunities in the online business, particularly in newer markets like APAC and the Middle East, and through new customer acquisition via expansionary product categories.

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Niko Weake, President of EMEA, responded that unit volume will become a larger driver of growth as new production capacity unlocks white space opportunities, though ASP is still expected to contribute positively. David Kahan, President of the Americas, confirmed that over 90% of wholesale growth comes from existing doors as partners increase shelf space and broaden their assortment of BIRKENSTOCK products.

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Co-Founder & CEO Trina Spear explained that strong execution in product and marketing is driving success. She emphasized that price increases are a last resort for mitigating tariff impacts, with the company first focusing on optimizing its sourcing mix, negotiating with suppliers, reducing freight costs, and finding G&A efficiencies. Any potential pricing actions would be targeted and mindful of affordability for healthcare professionals.

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CFO Sarah Oughtred explained that the potential Q2 inventory increase is a strategic consideration to pull forward inventory ahead of potential tariff expirations, a move that carries less risk due to the non-seasonal nature of their products. CEO Trina Spear highlighted the significant opportunity in the TEAMS business, noting the hiring of an outbound sales team, early wins with a major healthcare company, and investments in simplifying the ordering technology to serve large institutions and growing concierge medicine practices.

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CEO Trina Spear highlighted building out fabric platforms across the head-to-toe layering system. CFO Sarah Oughtred noted minimal tariff exposure and guided that promotional impacts would be heavier in 2H, with Q1 having the lowest adjusted EBITDA margin of the year.

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Co-Founder and CEO Trina Spear identified refined product fit, top-of-funnel marketing, and investments in international, teams, and community hubs as key drivers for 2025. Regarding tariffs, she confirmed that FIGS's finished goods are not sourced from China and emphasized the company's commitment to maintaining a nimble supply chain.

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CFO Justin Picicci noted strength across both full-price and outlet stores in North America, with full-price leading and digital accelerating. President & CEO Patrice Louvet attributed China's over 30% growth to strong brand building, product resonance, and key city ecosystem execution. Picicci added that Q2 AUR growth will begin to reflect targeted pricing for fall.

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President and CEO Patrice Louvet confirmed that marketing spend will remain at the elevated level of ~7.3% of revenue and that the company will continue to drive accelerated growth in its high-potential categories. Both Louvet and CFO Justin Picicci described the SoHo store purchase as a smart, selective investment in a key city ecosystem, indicating that future real estate acquisitions would be similarly targeted at iconic, long-term locations.

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Executive Justin Picicci attributed the strong brick-and-mortar results to both full-price and outlet channels, with full-price stores leading growth and outlet comps accelerating. He noted strong AUR, traffic, and basket size. Executive Patrice Louvet explained their AI strategy focuses on 'creativity' (e.g., website search, contact center enhancement) and 'productivity' (e.g., predictive buying, allocation tools), viewing AI as a 'copilot' to enhance operations.

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President and CEO Patrice Louvet confirmed that the strong performance of both core and high-potential categories is consistent globally, driven by the brand's credibility. CFO Justin Picicci addressed the tariff question by stating the supply chain is agile and that China now represents a high single-digit percentage of sourced units, a diversification that mitigates risk.

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Co-CEO Dave Gilboa expressed excitement for the Google partnership, positioning smart glasses as the next major computing platform and highlighting the synergy between Google's AI and Warby's design and retail expertise. Co-CEO Neil Blumenthal reported a positive early reception for the Target shop-in-shops, which operate as authentic Warby Parker experiences. He also noted that selective price increases were well-received, with minimal impact on conversion and, in some cases, a stronger uptake of premium lenses.

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Co-CEO Neil Blumenthal explained that higher price points ($125-$195) for more complex frame constructions have seen successful adoption as customers still perceive them as exceptional value. Regarding the Target partnership, he confirmed the product assortment and pricing will be identical to standalone Warby Parker stores. He did not provide specifics on square footage or scaling metrics but noted their vertically integrated supply chain enables easy execution.

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Co-Founder and Co-CEO Neil Blumenthal stated that the company has materially reduced its exposure to China over the past five years, with around 20% of COGS from the region this year, and is confident in its ability to manage the environment. Co-Founder and Co-CEO David Gilboa expressed excitement about smart glasses, particularly with advancements in AI, and positioned Warby Parker as a strong potential partner for tech companies due to its brand, design, and distribution network.

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CEO Carla Vernón explained that while strong loyalty metrics provide confidence, the company is being thoughtful about pricing as it has not yet seen price advances from major competitors. Regarding customer trends, she noted that while shipments and consumption were aligned for the first half, there is a 'tale of two cities' dynamic: diaper distribution declines at one major retailer are being offset by strong 21% consumption growth in the rest of the market, driven by wipes and baby personal care.

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CEO Carla Vernon reiterated that the deceleration was primarily in the diaper category at Target, due to specific distribution changes and lapping prior-year promotional events. She highlighted offsetting growth in other channels and new product launches. CFO Dave Loretta affirmed that long-term margin expansion remains a core goal, driven by ongoing supply chain efficiencies and a favorable shift in product and channel mix, which will help weather tariff impacts.

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CEO Caryn Seidman Becker stated that retention is driven by a great member experience and that AI is critical for both enhancing security against threats like synthetic identities and for driving internal efficiencies. President Michael Barkin added that a holistic approach to improving the member journey and offering premium add-ons like Concierge supports their methodical pricing strategy. Caryn Seidman Becker also mentioned using AI to personalize the travel experience for different member needs.

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CEO Caryn Seidman-Becker confirmed a bullish outlook on travel, citing record airport traffic. She noted that off-airport enrollment sites are scaling aggressively and become cash-flow positive within weeks. Executive Kenneth Cornick identified a key pricing opportunity in converting historically free airline partner tiers to paid plans. Seidman-Becker added that the pricing philosophy is centered on delivering value through improved experiences, new services, and bundled offerings.

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Chairman and CEO Edward Rosenfeld described the Nordstrom anniversary event as very successful, with the best sell-through in years, providing optimism for the fall season. He noted that while Kurt Geiger sell-through is strong, so is performance in other core brands. For Kurt Geiger in the U.S., he confirmed price increases are similar to or 'a little bit more' than other brands and that future distribution expansion will focus on opening more of its own retail stores.

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CEO Ed Rosenfeld confirmed that in Q1, branded business outperformed private label, and international markets performed better than domestic. He stated that the current disruption could create long-term opportunities to gain market share, as many smaller, less-capitalized competitors with higher China exposure may struggle to adapt as quickly. He believes Steve Madden's ability to shift production and continue investing provides a competitive advantage.

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Chairman and CEO Edward Rosenfeld explained that price increases will be surgical, focusing on new products with elevated materials and detailing to justify higher prices, rather than an across-the-board hike. He reported a strong 2024 for Almost Famous but noted its 2025 results will be impacted by a shipment pull-forward and caution in the private label segment. Marketing investment will see a significant increase in Q1 to support a new campaign, 'House of Steve,' before normalizing for the rest of the year.

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Chairman and CEO Edward Rosenfeld explained that in wholesale, value-priced retailers and the off-price channel are outperforming department stores, with the private label business being particularly strong. For DTC, he noted a recent reversal, with full-price stores now outpacing outlets. Rosenfeld highlighted tall shaft boots, soccer-inspired sneakers, and Mary Janes as key footwear trends performing well and driving demand.

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President & CEO Michelle Gass highlighted upcoming marketing including more with Beyoncé, a new men's campaign for the fall, and the recent Nike collaboration. EVP & CFO Harmit Singh noted that marketing spend is around 7% of revenue with a timing shift from Q4 to Q3. He added that AUR growth is broad-based, driven by both volume and price, with room to grow through premium offerings like the BlueTab line and a focus on full-price sales.

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CFO Harmit Singh reported that Q1 ending inventory was up 7% but healthy, with product for Q2 secured and no changes to wholesale orders. CEO Michelle Gass highlighted the brand's strength, with the Levi's brand up 8% and the women's business growing double-digits for the fourth consecutive quarter to represent 38% of revenue, driven by the successful pivot to a head-to-toe lifestyle offering.

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CEO Hillary Super stated that the intimates market remains pressured. While the bra business rebounded in March and April after a weak February, the panties business was softer due to a less promotional stance compared to competitors. CFO Scott Sekella explained that the bulk of tariff mitigation benefits are expected in the second half of the year, as it takes time for actions like resourcing out of China to flow through the supply chain.

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CEO Hillary Super sees opportunities in re-evaluating space allocation, particularly giving PINK more space for an expanded apparel assortment and ensuring it feels distinct. She also aims to elevate the beauty experience and is considering accelerating the pace of remodels. CFO Tim Johnson stated that the vast majority of products come from Vietnam, Sri Lanka, and Indonesia, with China representing a single-digit percentage of sourcing, some of which is for the China market itself.

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EVP, CFO & COO Mark Webb stated that the company is mitigating tariff impacts through vendor negotiations, order adjustments, and strategic price increases. He also confirmed the OMS project is stable, with only a slightly higher-than-expected one-time cost in Q1. President & CEO Mary Ellen Coyne added that while the holiday product line is set, her focus is on optimizing marketing and in-store presentation to win customer wallet share amidst economic uncertainty.

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Executive Claire Spofford explained that stores remained more full-price focused, while the digital channel saw a greater shift to promotional and markdown sales. Executive Mark Webb noted that the share repurchase program began late in Q4 and the company will continue to be opportunistic, with $24.5 million remaining on the authorization.

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Executive Mark Webb noted no significant regional disparities, though the South was slightly weaker and lifestyle center traffic lagged malls. Executive Claire Spofford discussed category performance, highlighting a slowdown in dresses but continued strength in core linen, gauze, bottoms, and sweaters, which are key for fall. She mentioned adjusting floor set timing for the shorter holiday season. On marketing, she described a flexible, data-driven approach, balancing brand awareness with performance marketing while being mindful of rising ad costs due to the election.

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CFO Eva Boratto confirmed the consistent trend of off-mall stores outperforming mall locations, driven by stronger conversion. CEO Daniel Heaf added that he likes the traffic from anchor tenants near off-mall stores. He stated that website enhancements are a priority, with the underlying tech allowing for rapid changes. Feature updates are planned for the app in August, with a larger aesthetic and functional overhaul of digital platforms coming in the following quarters to drive both brand connection and conversion.

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CEO Gina Boswell noted the loyalty program grew 6% to 39 million active members and that the focus is on quality engagement, driving higher spend and retention. CFO Eva Boratto added that while the company has exceeded its initial cost-saving targets, a mindset of continuous improvement is now embedded in the culture to find further efficiencies without impacting the customer experience.

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CFO Eva Boratto reported that off-mall stores outperformed mall-based stores in both traffic and conversion, with no notable variance across different geographic regions. She highlighted that BOPIS continues to be a strong performer, growing 40% year-over-year in the quarter and now representing 25% of total digital demand, with about a third of users making an incremental in-store purchase.

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President of Retail Julie Rosen suggested that one potential change for the Semi-Annual Sale is adjusting its timing to allow new product deliveries a longer selling period. Regarding new categories, she noted they are in different rollout stages but highlighted that lip products are attracting a younger customer and doubling sales in their rollout stores. She confirmed they are actively testing pricing and promotions across these new lines to find the 'sweet spot' and drive trial.

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CEO J.K. Symancyk attributed the strong AUR growth to two factors: customers trading up in size and quality for lab-grown diamonds in bridal, and the expansion of LGDs into the fashion category, which creates a new avenue for merchandise and spend. He described the consumer as 'resilient' when presented with compelling products. For the holiday season, the strategy involves targeted marketing to leverage a 30% increase in impressions, a continued pullback on promotions, and a focus on key price points and new product launches.

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CEO James Symancyk outlined that progress will build during the year, with H1 focused on execution and inventory, followed by longer-term gains from brand differentiation. COO & CFO Joan Hilson detailed that the store closure decisions will be based on market potential, top-line performance, and 4-wall contribution. She highlighted the flexibility from an average lease term of just over two years and the focus on optimizing sales transference.

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CFO Joan Hilson reported a 600 basis point sequential improvement in the Digital Banners' top-line, which is driving slight bottom-line margin expansion. She noted that adding more finished fashion products to these banners should further help margins. Regarding real estate, Hilson mentioned that ongoing store renovations are expected to provide a top-line lift, and that Zales' e-commerce performance was a bright spot, driven by its new fashion assortment.

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CEO Stefan Larsson provided context that only 30% of PVH's business is in the U.S., limiting overall tariff exposure. CFO Zac Coughlin detailed the mitigation plan, which includes leveraging their diversified global supply chain to optimize costs with partners, implementing strategic discount reductions, and taking calibrated, targeted price increases in areas where the brands have pricing power. The goal is to manage the impact through a combination of operational adjustments and pricing actions.

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CEO Stefan Larsson provided the Bad Bunny campaign for Calvin Klein underwear as a concrete example of combining hero product innovation with major talent to drive engagement and direct commercial impact, noting this systematic approach will be applied season after season. He confirmed that marketing spend continues to be a top priority for investing in growth.

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CFO Jill Timm described the store base as very healthy and profitable, viewing recent closures as routine 'hygiene.' She mentioned the company is exploring smaller 55,000 sq. ft. formats for future flexibility. Both Timm and Interim CEO Michael Bender stated that the tariff situation is fluid but manageable within the current guidance, thanks to a diversified supply chain. They do not foresee major changes to their inventory strategy, which targets a high-single-digit reduction by year-end.

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CEO Ashley Buchanan responded that the store fleet is highly profitable, with very few unprofitable locations, so she does not foresee significant closures beyond the recently announced 27. She noted the 80,000 sq. ft. prototype is the company's productive 'workhorse,' while smaller formats are still being evaluated. Regarding merchandise, Buchanan highlighted opportunities to improve space allocation and adjacencies within the existing store box. She also observed that the consumer, particularly those earning under $100k, is constrained and actively seeking value, which reinforces the company's renewed focus on quality and value.

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CEO Tom Kingsbury stated that while macro factors affect their customer, he believes most issues are internal and fixable through better execution. CFO Jill Timm explained that expenses are managed via a variable store labor model, but the company will increase Q4 investment in marketing to re-engage customers and highlight the return of valued categories like fine jewelry and petites.

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CFO Jill Timm stated that Babies "R" Us represents a significant opportunity to attract younger families, especially with a new registry launching, and expects a positive halo effect on the kids' business. She also highlighted new, market-sourced brands as key drivers. CEO Thomas Kingsbury addressed the home category, noting strong progress in home decor and pets. He identified the large electrics and bedding businesses as key areas needing a turnaround but expressed confidence in the overall repositioning of the category for growth, particularly for the holiday season.

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CEO Richard Dickson reported encouraging progress at Banana Republic, which delivered a flat comp and saw success with its 'White Lotus' collaboration. He reiterated that Athleta is in a reset year with a choppy outlook as they fix fundamentals. On channel performance, he stated that store sales were flat while online sales grew 6%, now representing 39% of total net sales, underscoring the strength of their digital business.

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President and Executive Creative Director Jennifer Foyle highlighted that denim has been strong and will be a focus for back-to-school, along with the growing Offline and intimates categories. Executive VP & CFO Mike Mathias explained that the full-year CapEx guidance was reduced to $275 million by re-cadencing projects, such as slowing the AE remodel program and some technology spend, to preserve cash. He noted Aerie store openings are still planned for around 30 locations.

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CFO Mike Mathias reported that both channels saw comp growth in Q4, with digital ahead of stores, a trend continuing into Q1. He outlined plans for 90-100 remodels and 35 new Aerie/OFFLINE stores within a $300 million CapEx budget. Marketing spend is planned to increase in the first half, funded by other SG&A savings, and remains a flexible lever for the second half.

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CFO Mike Mathias noted that both stores and digital channels had positive comps in Q3, with store traffic hitting historical highs during Thanksgiving week. He downplayed the hurricane impact relative to the effect of warmer weather. He also confirmed that the 70+ remodeled AE stores are outperforming the fleet average, prompting plans to accelerate the program.

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Mike Mathias, CFO, reported that both stores and digital channels saw positive growth in Q2 and early Q3, with healthy traffic across both. Regarding gross margin, he noted that benefits from finished product costs are flowing through and that the team has successfully mitigated recent freight disruptions. The primary variable in quarterly margin rates is the expense leverage impact from the retail calendar shift.

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EVP & CFO Kristin Wolfe confirmed the plan for 100 net new stores in 2025, with 25% opening in the first half and 75% in the second half, mostly in Q3. She added that the 46 acquired Jo-Ann stores are being fast-tracked to open in spring 2026, with most expected in the first quarter of that year.

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CEO Michael O'Sullivan stated that while the off-price model has international potential, Burlington's complete focus is on the 'huge potential' for expansion within the U.S. CFO Kristin Wolfe noted that wage rate increases have been absorbed and are managed on a market-by-market basis. She also confirmed that the deliberate investment in store payroll from Q3 2023 will be fully lapped in Q3 2024.

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EVP & CFO Kristin Wolfe provided the details, stating that for the 100 net new stores in fiscal 2025, approximately 25% will open in the first half of the year, with the remaining 75% opening in the second half, primarily in the third quarter. She added that the company is focused on opening the 46 acquired Jo-Ann stores as quickly as possible, with the current expectation being for openings in the spring of 2026, mostly in the first quarter of that year.

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President & CEO Jay Schmidt explained that Caleres is implementing selective, thoughtful price increases starting with fall receipts and is continuously reviewing the brand portfolio, though no restructuring is currently planned. He confirmed Famous Footwear is in a good inventory position for back-to-school. SVP & CFO Jack Calandra detailed the SG&A cuts, stating they are structural, will save $7.5 million in the second half of 2025, and will be evenly spread across Q3 and Q4, with potential for further efficiencies.

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CFO Jack Calandra noted margin pressure from tariffs but highlighted offsets like an AI pricing tool at Famous and a favorable mix shift to DTC and contemporary brands. CEO John Schmidt clarified the Sam Edelman weakness was a specific Q4 issue and the brand is focused on newness. He also confirmed the strong performance of Flare stores, with plans to upgrade 25 more in 2025, bringing the total to 60.

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CEO Jay Schmidt highlighted strength in fashion sneakers, flats, and tall-heeled boots for the Brand Portfolio, while noting athletic trends remain strong at Famous Footwear, contrasting with weakness in short casual boots. He confirmed 32 FLAIR stores are open, with one more planned for Q4. CFO Jack Calandra stated Famous Footwear's Q4 promotional cadence will be similar to last year's BOGO-heavy strategy, whereas the Brand Portfolio will see more clearance activity to clean inventory. He also mentioned the total footwear industry was down 3% in the quarter, with the fashion segment performing worse than the total.

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CEO Fran Horowitz explained that Abercrombie's Q1 performance was impacted by clearing carryover inventory, affecting AUR, but noted strong response to new swim products and expects an inflection in the back half. For Hollister, she highlighted the success of culturally relevant campaigns like the "Grad Shop" and broad strength across categories. CFO Robert Ball added that the reduction in store closures is due to successful landlord negotiations and strong store performance, justifying keeping more locations open.

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CEO Fran Horowitz-Bonadies noted that while 2024 was outstanding, the transition to spring 2025 is more 'normalized,' with Hollister showing strong momentum and Abercrombie starting slightly negative but with positive 'green shoots.' COO Scott Lipesky highlighted the significant global growth opportunity, particularly in international markets. CFO Robert Ball added that the company is satisfied with its current pricing architecture, having achieved double-digit AUR growth over multiple years without significant ticket price increases, and plans no major changes.

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CEO Fran Horowitz-Bonadies attributed Hollister's 21% comparable sales growth to balanced performance across genders, key categories like sweaters and fleece, and strong traffic, positioning the brand as a leader in the teen space. COO Scott Lipesky confirmed the company will continue to increase marketing investments year-over-year, citing strong traffic to both store and digital channels, and will also invest in store refreshes and technology to enhance the customer journey.

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CEO Fran Horowitz-Bonadies highlighted that Hollister is now a leader in the teen space, showing balanced growth across genders, categories, and regions with strong traffic. COO Scott Lipesky added that the company is pleased with the returns on its marketing investments, which are driving traffic, and will continue to invest in stores, digital experiences, and technology to enhance the operating model.

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CEO Fran Horowitz-Bonadies highlighted strong back-to-school performance and continued AUR growth driven by product acceptance and inventory control. CFO & COO Scott Lipesky explained the Q3 margin guide, noting that while the top line is strong, freight costs are a headwind and the company will continue to invest aggressively in marketing and infrastructure, moderating OpEx leverage compared to recent quarters.

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CEO Fran Horowitz explained that Abercrombie's Q1 AUR was pressured by inventory carryover but expects a rebound in the second half, driven by chasing successful tests like swimwear. For Hollister, she highlighted culturally relevant campaigns like the 'Grad Shop' as key growth drivers. SVP & CFO Robert Ball added that the change in real estate strategy is due to successful landlord negotiations and strong store productivity, justifying keeping more locations open.

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Group President and COO Michael Hartshorn noted that Texas border stores underperformed the chain average due to cross-border traffic delays. Executive James Conroy stated that dd's continues to perform well and was comp-enhancing. CFO Adam Orvos added that excluding tariffs, Q2 merchandise margin is expected to be neutral compared to the prior year.

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Group President and COO Michael Hartshorn noted that Texas border stores underperformed the chain average due to cross-border traffic delays. Executive James Conroy said the dd's business continues to perform well and was comp-enhancing for the quarter. CFO Adam Orvos added that excluding tariffs, Q2 merchandise margin is expected to be neutral year-over-year.

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CEO James Conroy highlighted his experience in unifying a team and establishing a go-forward strategy. Group President and COO Michael Hartshorn explained that during the last tariff cycle, the company reacted by negotiating costs, mixing the business, and selectively raising prices. Conroy added that the team is experienced in navigating such disruptions.

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Group President & COO Michael Hartshorn stated that in the event of tariffs, Ross's focus would be on maintaining its value proposition and price umbrella versus other retailers, not on leading price increases. CEO Barbara Rentler confirmed that dd's DISCOUNTS will continue to build upon its current successful strategy with no new changes planned.

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CEO Barbara Rentler explained that ladies' apparel is a key focus for assortment shifts to add more brands and value. In the home category, the brand focus is more targeted to specific businesses. She emphasized the strategy is centered on delivering 'value' relative to competitors, not a specific price point, utilizing a 'good, better, best' assortment to maintain a broad appeal and the 'treasure hunt' experience.

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Executive David Hayne confirmed that Nuuly has no current plans to raise subscription prices to offset tariff impacts. Co-President and COO Francis Conforti added that Nuuly is not expected to be dilutive to URBN's 10% operating profit goal, implying a 10% margin is an achievable long-term target for the rental business. He praised the team for reaching over 5% operating profit in Q1.

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Executive Shea Jensen reported good progress on Urban Outfitters' transformation, noting the first positive regular price comp in years, evolved marketing creative, and cleaned-up inventories. Executive Tricia Smith shared that Anthropologie's new resort wear brand, Celandine, launched in January and is exceeding expectations, proving to be an additive business across all its categories.

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Co-President and COO Francis Conforti reported that the company is on track to achieve its three-year goal of a 500 basis point IMU improvement by the end of the fiscal year. He also stated that all brands are planning inventory to be in line with sales going forward, which should not negatively impact markdown rates.

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CFO Melanie Marein-Efron noted that while Q2 inventory was well-managed, Q3 buys were planned before the recent slowdown, necessitating potential markdowns, and Q4 plans are more conservative. Tricia Smith, Global CEO of Anthropologie Group, stated that marketing is successfully attracting a younger customer without alienating the core base. CEO Richard Hayne added that the average customer age at Anthropologie has only decreased by a few years.

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President and CEO Bracken Darrell asserted that the gross margin improvements are fundamental, not temporary, and that the company has no intention of backsliding. EVP and CFO Paul Vogel added that core 'Reinvent' initiatives like integrated business planning and markdown management are standardized processes that provide sustainable benefits across all brands and channels.

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CEO Bracken Darrell attributed brand improvement to an integrated effort across product, channel, and marketing, making it difficult to isolate a single factor. He emphasized that these efforts are becoming more synchronized. CFO Paul Vogel declined to provide a detailed breakdown of the free cash flow guidance changes.

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CEO Amanda Baldwin used the 'Bond House' event as an example of creating brand engagement and 'rolling thunder' to build brand love. CFO Catherine Dunleavy stated that the company's strong balance sheet allows it to invest in its strategy through any market turbulence. Regarding inventory, she noted they are managing it carefully and may build stock in certain areas to mitigate potential tariff impacts.

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CEO Amanda Baldwin stated the innovation plan includes 2-3 launches per year, focused on differentiated science and balancing newness with support for core products. COO & CFO Catherine Dunleavy explained that hitting the high end of the EBITDA margin range depends on the speed of progress across their three strategic priorities: generating brand demand, harnessing innovation, and executing with excellence. She noted they will use detailed metrics to monitor progress and react quickly.

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CEO Joanne Crevoiserat emphasized that the direct-to-consumer model is a key advantage, with marketing spend now approaching 10% of sales, up from 3-4% pre-pandemic, driving a compounding effect at Coach. Coach CEO Todd Kahn added that their strategy has shifted to fewer, bigger campaigns for better recall ('spike and sustain'). He also noted investments in experiential retail like Coach Play and Coach Coffee shops to engage Gen Z consumers, who value in-person experiences.

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CEO Calvin McDonald explained that the U.S. community-based activation model is being applied globally, customized for market maturity. CFO Meghan Frank detailed that over half of the guided 100 basis point operating margin decline for 2025 is due to FX and tariffs, with Q1 facing a larger 120 basis point decline due to tough comps. She confirmed that current quarter-to-date trends are reflected in the Q1 guidance.

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CFO Meghan Frank projected a mid-teens inventory increase in Q3, with Q4 at or slightly above that level. She reiterated that the 'Breathe Through' situation was a very small test, resulting in an immaterial and negligible impact on both Q2 results and the financial guidance for the rest of the year, with no notable markdown or gross margin effects.

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CFO Meghan Frank stated that inventory is expected to increase in the mid-teens in Q3, with a similar or slightly higher growth rate in Q4. She reiterated that the 'Breathe Through' product was a very small test and its withdrawal has an immaterial and negligible impact on both Q2 results and the financial guidance for the rest of the year.

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CFO Paula Dempsey explained there is no fixed target for the store count, as the focus is on optimizing the fleet mix towards more profitable outdoor centers. She noted SG&A will be higher in the first half due to a planned shift in marketing spend. CEO Lisa Harper detailed four upcoming sub-brand launches for 2025: Belle Isle (preppy), Lovesick (junior), Tru by Torrid (active), and Studio (workwear), all aimed at building an 'internal marketplace' for the customer.

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CEO Lisa Harper noted that AOV was up and that new sub-brands will feature a mix of higher, similar, and lower price points. She expressed excitement about Laura Willensky joining and Kate Horton's dedicated focus on Intimates. Marketing spend will increase slightly, with a focus on influencer campaigns. Regarding assortment, Harper used denim as a proxy to explain how new styles become 'new core,' and capsules will serve as an incubator for future core products.

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CFO Paula Dempsey stated the goal is a 50/50 split between mall and outdoor centers over the next 3-5 years, achieved through a mix of closures and new openings, with 20-25 additional closures planned for the end of fiscal 2024. CEO Lisa Harper attributed strong full-price sell-through to inventory scarcity and a renewed 'chase' model. She noted that platforming fabrics and strong vendor partnerships continue to improve product costs, and highlighted strong performance in Denim, Tops, and Dresses.

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CEO Kecia Steelman explained that the 'Unleashed' plan simplifies and prioritizes internal focus on core business growth and scaling new ventures. CFO Paula Oyibo clarified that fiscal 2025 is considered the primary transition year and that Q2 and Q3 likely have the greatest comparable sales growth opportunity.

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CEO Morris Goldfarb described the Donna Karan launch as 'amazing,' driven by product quality and strong sell-through, with plans for a nearly 40% sales increase and a 60%+ increase in its DTC digital business. He also mentioned plans for a more casual line and future store openings. Executive Neal Nackman noted that the fall order book is about 50% complete, which is a similar position to the prior year. Morris Goldfarb added that the company is focused on DTC execution, optimizing its warehouse network for quick response, and has redefined leadership on the digital side to drive growth.

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CEO Morris Goldfarb outlined a broad strategy including distributing Pepe Jeans and Hackett in North America via the AWWG partnership and reviving the Façonnable brand. Executive Neal Nackman addressed operations, stating that while most freight is contracted, the company has factored higher spot-rate costs and minor lead time delays into its Q3 guidance.

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CEO Antony Spring noted that private brand penetration is at an all-time low, which presents a significant long-term margin opportunity focused on design and value, not just low prices. COO & CFO Adrian Mitchell stated that while no specific number of 2025 closures has been shared, the company remains committed to closing approximately 150 stores by the end of fiscal 2026 and is pleased with the monetization progress so far.

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CEO Antony Spring explained that the increased store closures reflect favorable deal-making and an eagerness to reach the go-forward enterprise state, while noting positive initial response to the newest small-format Bloomingdale's. COO & CFO Adrian Mitchell added that the higher-than-planned asset sale proceeds provide capital for reinvestment. Regarding margin, he attributed the decline to product mix shifts from weather impacts and the competitive environment.

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CEO Tony Spring explained that the strategy is to win market-by-market by complementing on-mall stores with small-format locations and a strong digital presence. He attributed the low single-digit AUR growth to improved product quality rather than higher prices. COO and CFO Adrian Mitchell stated the increased CapEx is for high-return investments, such as visual enhancements in 'First 50' stores, general store maintenance to improve the customer experience, and digital platform enhancements.

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Chairman & CEO Tony Spring emphasized a disciplined inventory approach, stating the company would not over-buy just to avoid potential tariffs. He affirmed that the current market disruption presents a significant opportunity for both Macy's and Bloomingdale's to gain share, citing stronger vendor partnerships, new brand additions, and positive customer feedback as key advantages.

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CEO Chris Hufnagel highlighted a strong product pipeline, citing Saucony's Endorphin Elite 2 and Merrell's new SpeedARC franchise as key innovations. He confirmed plans to further reduce sourcing from China from its current mid-teens level. CFO Taryn Miller added that the company expects a continued year-over-year decline in promotional activity, supporting full-price sales.

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CEO John Idol clarified that the majority of the 75 store closures planned for fiscal 2026 will be Michael Kors full-price locations, while the outlet store count will remain flat. He noted that future CapEx will prioritize store renovations over IT. He stated that marketing spend is between 7-8% of revenue by brand but deferred sharing specific tactical details until the upcoming Investor Day to maintain a competitive edge. No specific new customer acquisition metrics were provided.

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CEO Stephane de la Faverie outlined KPIs for each of the five 'Beauty Reimagined' pillars, including consumer coverage expansion, innovation speed, ROI on consumer-facing spend, SG&A reduction via the PRGP, and simplification of work processes. Regarding travel retail, he stated that while it remains an important channel for brand desirability, the company is actively reducing its dependency on Asia travel retail while seeking new growth opportunities in the West.

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CFO Steven Fasching explained that for UGG, earlier shipments were driven by partners wanting to stock up after last year's sell-throughs. For HOKA, it was driven by opening new points of distribution in the first half. He noted that while there's always potential for upside, the company remains disciplined in its marketplace management.

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CEO Tom Chubb described a worsening sales cadence through the quarter, with July being particularly weak. He noted that new, differentiated products and dressier categories performed better, while casual and swim categories were slower. CFO Scott Grassmyer added that markdowns were steeper and more frequent, a trend expected to continue. On freight, Grassmyer quantified a 15-20 basis point margin hit is built into guidance. Both executives affirmed they are proceeding 'full steam ahead' with growth initiatives like store openings and the new distribution center, viewing the current downturn as temporary.

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CEO Carlos Alberini explained that Guess? and Rag & Bone are complementary brands targeting different consumers, with a key growth strategy for Rag & Bone being international expansion into markets where Guess? is already strong. Interim CFO Dennis Secor added that marketing spend more than doubled in Q2 and is expected to follow a similar pattern for the full year. He noted that the largest dollar increase in marketing investment is planned for Q3, which will impact margins more significantly in that quarter than in Q4.

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