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    Ike Boruchow

    Managing Director and Senior Equity Consumer Analyst at Wells Fargo

    Ike Boruchow is a Managing Director and Senior Equity Consumer Analyst at Wells Fargo, specializing in retailing with a focus on department stores, specialty softlines, and e-commerce. He covers leading retail companies including Ross Stores, TJX Companies, lululemon athletica, Ulta Beauty, Hanesbrands, and Dick's Sporting Goods, maintaining a performance record with a recent average return of 13.8% and a success rate exceeding 53% on over 470 stock ratings. Boruchow began his sell-side career at Morgan Keegan & Co., advanced to J.P. Morgan as a Vice President, then joined Sterne Agee to cover the specialty retail sector before arriving at Wells Fargo Securities in 2015. He earned an MBA in finance from the University of Connecticut and a BS in business management from Florida State University, and is highly ranked in industry surveys including Institutional Investor’s All-America poll, recognized as a runner-up in 2018 and 2017, and named a Rising Star in 2015.

    Ike Boruchow's questions to Bath & Body Works (BBWI) leadership

    Ike Boruchow's questions to Bath & Body Works (BBWI) leadership • Q2 2025

    Question

    Ike Boruchow focused on the underperforming digital business, asking for CEO Daniel Heaf's initial learnings, near-term plans, and long-term outlook for the e-commerce channel.

    Answer

    CEO Daniel Heaf acknowledged the digital platform is not up to standard and is a top priority for attracting new customers. He outlined immediate actions, including a new app in September and a mobile web relaunch in October, with a relentless focus on improvement. He emphasized the goal is to create a superior omnichannel experience rather than targeting a specific growth rate for the digital channel alone.

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    Ike Boruchow's questions to Bath & Body Works (BBWI) leadership • Q1 2025

    Question

    Ike Boruchow asked CFO Eva Boratto if the company would have raised its full-year guidance if not for the impact of tariffs. He also questioned what provides confidence in the back-half revenue growth forecast, given tougher comparisons.

    Answer

    CFO Eva Boratto confirmed that, all else being equal, guidance would have been raised without the recent tariff changes. She noted that at current tariff levels, results would likely be in the lower half of the guidance range. Her confidence in the second half stems from a strong innovation pipeline, including a new elevated ceramic candle, additional collaborations, and an exciting Halloween product launch.

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    Ike Boruchow's questions to Burlington Stores (BURL) leadership

    Ike Boruchow's questions to Burlington Stores (BURL) leadership • Q2 2025

    Question

    Ike Boruchow of Wells Fargo & Company inquired about industry-level pricing trends and Burlington's potential to raise its own prices to offset tariff pressures. He also asked for a detailed breakdown of the drivers behind the Q2 operating margin beat, which significantly exceeded guidance.

    Answer

    CEO Michael O'Sullivan stated that while some competitors are selectively raising prices, Burlington remains cautious due to its price-sensitive customer base and will monitor the broader retail environment before acting. CFO Kristin Wolff attributed the strong Q2 margin performance to multiple factors: the 5% comp drove faster inventory turns and lower markdowns; physical inventory counts revealed lower-than-planned shortage; and the company achieved both freight and SG&A leverage through savings initiatives and higher sales.

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    Ike Boruchow's questions to Burlington Stores (BURL) leadership • Q1 2025

    Question

    Ike Boruchow of Wells Fargo & Company inquired about the monthly comp sales trend during the first quarter and into May, and asked for a breakdown of the Q1 earnings beat, including the expense shift to Q2.

    Answer

    EVP & CFO Kristin Wolfe reported that Q1 comps were down 2% in February but recovered to up 1% for the combined March-April period, with May trends continuing near the midpoint of Q2 guidance. Wolfe attributed the $0.30 EPS beat to two main drivers: approximately half ($0.14) was from a timing shift of expenses into Q2, and the remainder resulted from proactive cost-saving initiatives implemented to offset future tariff impacts.

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    Ike Boruchow's questions to Burlington Stores (BURL) leadership • Q1 2025

    Question

    Ike Boruchow of Wells Fargo inquired about the monthly comparable sales trend cadence during the first quarter (February, March, April) and any color on the trend for May to date. He also asked for a breakdown of the sources of the first quarter earnings upside and the details of the expense shift into the second quarter.

    Answer

    EVP & CFO Kristin Wolfe addressed the questions, stating that February comps were down ~2% due to weather and tax refund timing, but the combined March-April period saw comps increase by 1%. The trend in May-to-date has been similar to the March-April period. Regarding the Q1 earnings beat of about $0.30 per share, Wolfe explained that roughly half (~$0.14) was due to a timing shift of expenses from Q1 into Q2, while the other half came from proactive cost-saving initiatives implemented to offset anticipated tariff impacts.

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    Ike Boruchow's questions to ROSS STORES (ROST) leadership

    Ike Boruchow's questions to ROSS STORES (ROST) leadership • Q2 2025

    Question

    Ike Boruchow from Wells Fargo asked for an explanation for the greater margin degradation expected in Q3 compared to Q2, given that revenue guidance is similar and the tariff headwind is expected to be lower.

    Answer

    CFO Adam Orvos clarified that the primary driver for the sequential margin pressure in Q3 is the unfavorable timing of packaway-related costs. He explained that this will create a significant headwind in Q3, which the company expects to recoup in Q4 based on the projected flow of inventory.

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    Ike Boruchow's questions to TAPESTRY (TPR) leadership

    Ike Boruchow's questions to TAPESTRY (TPR) leadership • Q4 2025

    Question

    Ike Boruchow inquired about the data supporting confidence in lapping strong prior-year comparisons, particularly regarding new customer growth, and asked how the increased tariff headwind (from $90M to $160M) affects the company's ability to maintain margins.

    Answer

    CEO Joanne Crevoiserat explained that strong acquisition of younger customers with higher retention rates is building a durable growth foundation. Coach CEO Todd Kahn added that product newness drives frequent return visits. CFO & COO Scott Roe stated that while the tariff impact is significant and recent, the company's operating margins are still guided to expand, and they have confidence in fully offsetting the impact over time without sacrificing business momentum.

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    Ike Boruchow's questions to TheRealReal (REAL) leadership

    Ike Boruchow's questions to TheRealReal (REAL) leadership • Q2 2025

    Question

    Ike Boruchow of Wells Fargo inquired about the drivers behind The RealReal's strong Q2 revenue beat and impressive guidance, asking for details on recent business cadence. He also asked about the margin profile, specifically if the take rate will continue to decline due to a mix shift towards higher-value items.

    Answer

    President and CEO Rati Sahi Levesque confirmed that the momentum from a 'breakout' Q2 is continuing into Q3, driven by double-digit new seller growth and successful growth playbook reinvestments. CFO Ajay Gopal explained that while the take rate declines with higher average order values (AOV), this brings in higher gross profit dollars. He noted the anchor is the strong consignment gross margin (89.3%) and expects total gross margin to remain in the 74% to 75% range.

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    Ike Boruchow's questions to Kontoor Brands (KTB) leadership

    Ike Boruchow's questions to Kontoor Brands (KTB) leadership • Q2 2025

    Question

    Ike Boruchow of Wells Fargo inquired about the specific EBIT contribution and annualized revenue and EBIT run-rate for the newly acquired Helly Hansen brand. He also asked for an initial outlook on fiscal 2026, focusing on growth sustainability, the impact of Helly Hansen on corporate margins, and overall operating margin trajectory.

    Answer

    EVP, CFO & Global Head of Operations, Joe Alkire, clarified that Helly Hansen's annualized revenue is approximately $680 million with around $50 million in operating income, noting this has evolved with tariff impacts. For the second half, Helly is expected to contribute about $425 million in revenue and $0.32 of EPS accretion. For 2026, Alkire provided a framework expecting organic growth from Wrangler, a transition year for Lee, and scaling benefits from Project Genius to help offset tariff headwinds, while reiterating the goal to double Helly's operating margins over time.

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    Ike Boruchow's questions to Canada Goose Holdings (GOOS) leadership

    Ike Boruchow's questions to Canada Goose Holdings (GOOS) leadership • Q1 2026

    Question

    Ike Boruchow pressed for details on the DTC momentum, asking if the double-digit comp trend seen throughout the quarter had experienced any slowdown and whether this trend was sustainable into the more significant winter months. He also followed up on the wholesale channel, asking if there was any reason it couldn't return to growth given the healthy order book and completed channel reset.

    Answer

    Carrie Baker, President of Brand & Commercial, expressed confidence in the sustainability of the DTC momentum, stating there's no reason to believe it would change, barring major macro events, as it's driven by controllable factors like product, marketing, and execution. Dani Reiss, Chairman & CEO, added that he has lots of confidence given the current momentum. On wholesale, he and Carrie Baker agreed that while they are not planning for it this year, there is no reason it cannot return to growth over the long term and that they are happy with the response from partners.

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    Ike Boruchow's questions to Canada Goose Holdings (GOOS) leadership • Q1 2026

    Question

    Ike Boruchow of Wells Fargo questioned the sustainability of the strong DTC momentum into the key winter season and asked if the wholesale business could return to growth given its healthy order book.

    Answer

    Management expressed confidence in the sustainability of DTC momentum, attributing it to controllable factors like product, marketing, and execution. CFO Neil Bowden noted continued strength, with softness confined to the UK and Japan. Regarding wholesale, CEO Dani Reiss and President of Brand & Commercial Carrie Baker stated that while they are prudently not planning for growth this year, they see no fundamental reason it cannot grow and expect it to be a strong channel long-term.

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    Ike Boruchow's questions to Canada Goose Holdings (GOOS) leadership • Q1 2025

    Question

    An analyst on behalf of Ike Boruchow asked about the full-year plan for the wholesale channel and its growth trajectory beyond the current fiscal year.

    Answer

    President Carrie Baker explained the strategy is to elevate the wholesale channel by optimizing partners, tightening inventory, and improving brand presentation, noting positive partner feedback. She confirmed the full-year wholesale revenue is expected to decline by approximately 20%, attributing the significant Q1 drop to timing. The long-term outlook was not detailed.

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    Ike Boruchow's questions to Capri Holdings (CPRI) leadership

    Ike Boruchow's questions to Capri Holdings (CPRI) leadership • Q1 2026

    Question

    Ike Boruchow of Wells Fargo & Company asked if the current guidance includes any quarterly growth for Michael Kors this year and which channel is expected to inflect first. He also requested an update on the balance sheet outlook following the Versace sale.

    Answer

    Chairman & CEO John Idol clarified that no year-over-year growth is baked into the guidance for any channel yet, but the full-price retail channel is getting close and is expected to be the first to turn positive. Interim CFO Rajal Mehta confirmed that proceeds from the Versace sale will be used to substantially reduce debt, leaving a strong balance sheet with minimal debt. The company will then re-evaluate a share repurchase program.

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    Ike Boruchow's questions to Capri Holdings (CPRI) leadership • Q3 2025

    Question

    Asked about the expected revenue cadence for the next fiscal year, questioning if it will be a linear improvement or more lumpy, and also requested comments on market speculation about a potential sale of the Versace or Jimmy Choo brands.

    Answer

    Tom Edwards stated that for fiscal '26, they expect a progression of sales improvement throughout the year for retail, while wholesale will start negative but improve as the year progresses. John Idol added that Q4 will see the largest wholesale decline. Regarding a potential sale, Idol acknowledged the speculation and stated that while they always consider shareholder value and would listen to interested parties, the current strategy is to build the three brands and focus on the upcoming Investor Day.

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    Ike Boruchow's questions to ThredUp (TDUP) leadership

    Ike Boruchow's questions to ThredUp (TDUP) leadership • Q2 2025

    Question

    Ike Boruchow of Wells Fargo & Company inquired about the primary drivers for ThredUp's significant Q2 revenue outperformance and record new buyer growth, asking for a rank-ordering of contributing factors. He also questioned the sequential growth cadence and the reasoning behind the conservative 10% growth guidance for Q4 after a strong Q3 forecast.

    Answer

    CEO James Reinhart attributed the strong performance to a compounding 'flywheel' effect, where AI-driven improvements to the product experience boost conversion rates, enabling more efficient marketing spend and new buyer acquisition. He explained that this momentum from new buyers acquired in previous quarters is accelerating growth into Q3. For Q4, Reinhart cited historical seasonal slowdowns in resale, higher holiday marketing rates prompting a pullback in spend, and general macroeconomic uncertainty as reasons for a more prudent growth forecast.

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    Ike Boruchow's questions to CARTERS (CRI) leadership

    Ike Boruchow's questions to CARTERS (CRI) leadership • Q2 2025

    Question

    Ike Boruchow from Wells Fargo & Company asked which channel, direct-to-consumer or wholesale, is expected to outperform in the second half and how revenue trends might change with more aggressive pricing. He also sought clarification on whether the $35 million net tariff impact already assumes price increases and asked for framing on when margins might bottom out during the current business reset.

    Answer

    CFO Richard Westenberger projected higher revenue growth in the second half, led by the direct-to-consumer business, and confirmed the $35 million tariff headwind is a net figure that already accounts for partial offsets like price increases and vendor sharing. CEO Douglas Palladini did not specify a bottom for margins but reiterated his focus on achieving long-term, sustainable, profitable growth and winning back market share through product innovation and strategic investments.

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    Ike Boruchow's questions to lululemon athletica (LULU) leadership

    Ike Boruchow's questions to lululemon athletica (LULU) leadership • Q1 2026

    Question

    Asked which parts of the business are underperforming given the low 1% comp growth and questioned the rationale for increasing the markdown forecast if markdowns are not currently an issue.

    Answer

    Overall U.S. traffic numbers are impacting the business, with opportunities in core and seasonal colors as guests gravitate towards entirely new styles. The leading indicator for the cautious markdown forecast is the lower traffic trend and general macro uncertainty, not current markdown levels.

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    Ike Boruchow's questions to GPS leadership

    Ike Boruchow's questions to GPS leadership • Q1 2025

    Question

    Ike Boruchow from Wells Fargo sought to quantify the gross margin headwind in Q2 from the lapping of a credit card benefit and asked for clarification on the back-half gross margin outlook, both with and without the potential tariff impact.

    Answer

    CFO Katrina O'Connell confirmed the Q2 gross margin headwind is roughly 60 basis points, largely due to the credit card benefit lap. She reiterated that underlying full-year gross margin is expected to leverage slightly. She quantified the potential full-year tariff headwind at 80-90 basis points if the estimated $100M-$150M net impact materializes, but stressed the situation remains dynamic.

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    Ike Boruchow's questions to GPS leadership • Q1 2026

    Question

    Ike Boruchow of Wells Fargo asked for quantification of the gross margin impact from the lapping of the credit card benefit in Q2 and sought clarity on the implied back-half margin trajectory, both with and without the estimated tariff impact.

    Answer

    CFO Katrina O'Connell confirmed the Q2 gross margin headwind is roughly 60 basis points, almost entirely due to lapping the prior year's credit card benefit. She reiterated the full-year outlook for slight underlying margin leverage. Regarding tariffs, she calculated the $100-150M net impact equates to a potential 80-90 basis point annual headwind, but stressed the situation remains dynamic and subject to policy changes.

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    Ike Boruchow's questions to SIGNET JEWELERS (SIG) leadership

    Ike Boruchow's questions to SIGNET JEWELERS (SIG) leadership • Q4 2025

    Question

    Ike Boruchow of Wells Fargo Securities inquired about Signet's strategic thinking on the mix between its bridal and fashion categories and how that could shift, alongside the comp cadence and holiday assumptions embedded in the fiscal 2025 guidance.

    Answer

    CEO James Symancyk clarified the strategy is to grow both bridal and fashion categories distinctly, not merely shift the mix. He noted an opportunity to reinvigorate natural diamonds in bridal while using lab-grown diamonds to expand the fashion segment. COO & CFO Joan Hilson added that the full-year guidance reflects a measured consumer environment and does not assume a significant 'hockey stick' recovery during the holiday season.

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    Ike Boruchow's questions to PVH CORP. /DE/ (PVH) leadership

    Ike Boruchow's questions to PVH CORP. /DE/ (PVH) leadership • Q2 2024

    Question

    A representative for Ike Boruchow asked for an update on the G-III licensing agreement and the progress on recapturing that business for Calvin Klein and Tommy Hilfiger.

    Answer

    CEO Stefan Larsson confirmed that PVH is on track with its multi-year plan to take back the licensed businesses. He noted the company has established strong partnerships with key wholesale accounts and has built the necessary sourcing and product engines to support the transition, with Calvin Klein sportswear scheduled as the first launch in Spring '25.

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