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    Edward Yruma

    Managing Director and Senior Research Analyst at Piper Sandler & Co.

    Edward Yruma is a Managing Director and Senior Research Analyst at Piper Sandler & Co., specializing in consumer and retail sector equity research. He covers a wide range of public companies across retail, e-commerce, and consumer brands, leveraging over two decades of analytical experience to provide market-leading insights and investment recommendations. Yruma joined Piper Sandler in 2022 after serving as a managing director at KeyBanc Capital Markets for 13 years, where he led the internet and media research team and built a prominent reputation for his work with GenZ market research. Yruma holds a bachelor's degree from the University of Michigan, serves on the board of the Retail Marketing Society, and is a registered securities professional with credentials confirmed by FINRA.

    Edward Yruma's questions to ETSY (ETSY) leadership

    Edward Yruma's questions to ETSY (ETSY) leadership • Q3 2024

    Question

    Edward Yruma from Piper Sandler & Co. asked for color on quarter-to-date business trends, the assumptions behind the high and low ends of the Q4 GMS guidance, and details on the new physical gift card launch.

    Answer

    CEO Josh Silverman noted the holiday season is later and shorter, with the U.S. election being a factor, all of which is baked into guidance. He expressed long-term optimism for gift cards, which are currently under 1% of GMS, but expects a gradual build. CFO Rachel Glaser clarified the revenue recognition accounting for gift cards.

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    Edward Yruma's questions to JWN leadership

    Edward Yruma's questions to JWN leadership • Q4 2024

    Question

    Asked for an update on traffic trends at large, city-center Nordstrom stores and about the return profile and ramp-up of new Rack stores.

    Answer

    The performance gap between urban and suburban stores has closed, with flagship city stores like New York showing strong growth. New Rack stores have a strong ROI and are a key customer acquisition channel, with the company continuously refining the opening and ramp-up process based on learnings.

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