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    Eric Beder • B. Riley Securities

    Eric Beder's questions to JAKKS Pacific Inc (JAKK) leadership

    Eric Beder's questions to JAKKS Pacific Inc (JAKK) leadership • Q2 2025

    Question

    Eric Beder of Small Cap Consumer Research, LLC inquired about the FOB business, specifically how quickly it ramped back up after the tariff-related pause and the potential for international FOB growth. He also asked how long it might take for the business to normalize under current tariff levels and whether the company's financial strength is attracting new licensing or acquisition opportunities.

    Answer

    CEO Stephen Berman responded that the company managed the FOB disruption by using bonded warehouses and working closely with factories in China and Vietnam to restart production immediately. He noted that international growth is supported by both FOB and domestic inventory, with higher inventory levels overseas fueling sales to smaller customers. Berman stated that the company is not waiting for normalization but is actively planning for 2026 and 2027 with current tariffs considered the 'new norm'. He confirmed that JAKKS' financial strength is attracting nervous licensors and other opportunities, but the company is being very cautious and selective before taking on new commitments in the current environment.

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    Eric Beder's questions to JAKKS Pacific Inc (JAKK) leadership • Q4 2024

    Question

    Eric Beder of ROTH Capital Partners asked about the new dividend's impact on financial flexibility for acquisitions, the typical sales cycle for holiday movie tie-ins, and the potential to increase FOB sales while managing inventory risk amid tariff concerns.

    Answer

    CEO Stephen Berman explained that the company is very comfortable with the new dividend, stating that strong free cash flow provides ample capital for opportunistic IP or company acquisitions. He detailed that holiday movie tie-ins like 'Moana' and 'Sonic' have a long tail of demand, often boosted by subsequent streaming releases. Berman also confirmed that while the company's FOB sales are already high at 75%, they manage inventory methodically, holding strategic evergreen items domestically to mitigate tariff impacts without taking on significant risk.

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    Eric Beder's questions to JAKKS Pacific Inc (JAKK) leadership • Q3 2024

    Question

    Eric Beder from B. Riley Securities inquired about the growth potential of the outdoor segment, particularly the new Authentic Brands partnership. He also asked for the outlook on the 2025 movie slate, including "Dog Man," and whether the successful Target private label program could be expanded to other retailers.

    Answer

    Executive Stephen Berman confirmed the Element brand launch with Authentic Brands Group has seen "tremendous" initial sell-through and that the broader seasonal business is seeing better comparisons. Regarding 2025 films, he noted "Dog Man" has strong early indicators but the company remains "cautiously optimistic" and will not build heavy inventory. He also confirmed that the company is launching other private label initiatives with major retailers, to be announced in 2025.

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    Eric Beder's questions to Guess? Inc (GES) leadership

    Eric Beder's questions to Guess? Inc (GES) leadership • Q1 2026

    Question

    Eric Beder from Small Cap Consumer Research, LLC asked for clarification on inventory flow for the remainder of the year given global supply chain issues and requested an update on the Guess? Jeans brand.

    Answer

    CEO & Director Carlos Alberini explained that the 15% inventory increase was a deliberate strategy to mitigate Red Sea supply chain risks, enabling early shipments to wholesale partners. He anticipates inventory levels will normalize in the medium term. Interim CFO Dennis Secor quantified this strategic investment at approximately $50 million, noting it has helped gain market share. Regarding Guess? Jeans, Carlos Alberini reported that the brand is exceeding expectations, particularly in European wholesale, and is being supported by new product development, targeted marketing for a younger demographic, and new store openings in key markets like Los Angeles and Tokyo.

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    Eric Beder's questions to Guess? Inc (GES) leadership • Q4 2025

    Question

    Eric Beder from Small Cap Consumer Research asked about the growth opportunity for the new Guess Jeans brand, particularly in the U.S., and the performance of the former G-III licensed businesses (dresses and outerwear), questioning if other licenses might be brought in-house.

    Answer

    CEO Carlos Alberini expressed high confidence in the Guess Jeans brand, noting its successful launch in European wholesale and plans for a U.S. push with new flagship stores and a strengthened team. He sees it as a potential $100M+ business. Regarding the former G-III licenses, Alberini stated the company is very pleased with the integration, especially the significant outerwear business. He affirmed the strength of Guess's long-standing licensing partnerships, emphasizing trust and collaboration, and stated there are no current plans to bring other major licenses in-house.

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    Eric Beder's questions to Guess? Inc (GES) leadership • Q3 2025

    Question

    Eric Beder of Small Cap Consumer Research asked about the differing results of the 'universal product' strategy between Europe and the U.S., and questioned the company's ability to manage potential future tariffs on goods from China and other regions.

    Answer

    CEO Carlos Alberini responded, acknowledging the global product line has been highly successful in elevating the brand in Europe but faced challenges in the more promotional U.S. market. He outlined strategies to 'reclaim' the U.S. market, including introducing Guess Jeans, re-evaluating pricing, and investing in marketing. Regarding tariffs, Alberini stated that the company has significantly reduced its dependency on China and has sourcing flexibility, expressing confidence in their ability to manage potential tariff impacts without major disruption.

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    Eric Beder's questions to Guess? Inc (GES) leadership • Q2 2025

    Question

    Eric Beder asked for a long-term perspective on the company's potential goals for wholesale, retail, and margins, considering the significant investments being made in the current fiscal year.

    Answer

    CEO Carlos Alberini characterized the current year as one of transformation and investment, highlighting the integration of Rag & Bone, the launch of Guess? Jeans, and increased spending on marketing and talent as foundational for long-term growth. He emphasized that these initiatives will take time to mature. Interim CFO Dennis Secor supported this by noting the company has strengthened its capital structure, including refinancing debt and expanding credit facilities, to ensure it has over $600 million in liquidity to support its long-term vision and seize future opportunities.

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