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    Janet Kloppenburg

    Research Analyst at JJK Research

    Janet Kloppenburg is the President of JJK Research Associates and a renowned specialty retail analyst with over three decades of experience providing strategic research and market insights for leading consumer and specialty retail companies. She covers major companies such as Gap Inc., Ann Taylor, Men’s Wearhouse, Michaels Stores, and Restoration Hardware, with a proven track record of timely and influential investment calls that have guided clients’ decisions. Kloppenburg began her career as a buyer at a major New York City department store, then spent 18 years as a Managing Director at Robertson, Stephens & Co., where she was pivotal in taking multiple companies public before founding JJK Research in 2002. She holds an M.B.A. from Boston University and a B.S. from the University of Vermont, and currently serves as an independent director for several public and private companies.

    Janet Kloppenburg's questions to URBAN OUTFITTERS (URBN) leadership

    Janet Kloppenburg's questions to URBAN OUTFITTERS (URBN) leadership • Q2 2026

    Question

    Janet Kloppenburg of JJK Research Associates asked about the execution and elasticity of recent price increases, the drivers behind the acceleration at Free People and FP Movement, and whether marketing as a percentage of sales could continue to increase.

    Answer

    Sheila Harrington, Global CEO of Urban Outfitters & Free People Groups, confirmed thoughtful price increases on select items have been well-received and credited FP Movement's success to delivering on both performance and fashion. CEO & Chairman Richard Hayne noted marketing spend will rise in Q3 for specific campaigns but will defer guidance on future years until the next call.

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    Janet Kloppenburg's questions to URBAN OUTFITTERS (URBN) leadership • Q1 2026

    Question

    Janet Kloppenburg asked about the potential for gross margins to exceed historical highs and whether new occasion-wear businesses at Anthropologie, like Celandine, could be spun out into standalone stores similar to FP Movement.

    Answer

    Co-President and COO Francis Conforti suggested that historical gross margin levels are no longer the right benchmark, as a new, higher standard is being set now that the Urban Outfitters brand is improving. Executive Tricia Smith stated that while new businesses like Celandine are outperforming, there are no current plans for standalone stores, though they continue to assess the opportunity and have found success with pop-up locations.

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    Janet Kloppenburg's questions to URBAN OUTFITTERS (URBN) leadership • Q4 2025

    Question

    Janet Kloppenburg sought clarification on the Urban Outfitters 'flattish' comp guidance, asking if it implied continued strength in Europe offset by improving trends in North America. She also asked about the brand's profitability outlook.

    Answer

    CEO Richard Hayne confirmed her interpretation of the comp guidance was correct, stating the brand is 'on the cusp' of positive comps. Co-President and COO Francis Conforti clarified that while the Urban Outfitters brand can drive meaningful profit improvement this year through margin recapture, it is not expected to reach breakeven. Achieving profitability will require a return to positive top-line comps to leverage expenses.

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    Janet Kloppenburg's questions to URBAN OUTFITTERS (URBN) leadership • Q3 2025

    Question

    Janet Kloppenburg asked for elaboration on the target Urban Outfitters customer and inquired if the current mid-single-digit growth in marketing spend would be maintained going forward.

    Answer

    Executive Shea Jensen defined the UO customer as young people aged 16-28, segmented into pre-college, college, and post-college, with an aspiration to be a more welcoming brand to youth in both urban and suburban areas. CFO Melanie Marein-Efron confirmed that Q4 SG&A is planned to grow in line with sales, at a mid-single-digit rate.

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    Janet Kloppenburg's questions to URBAN OUTFITTERS (URBN) leadership • Q2 2025

    Question

    Janet Kloppenburg asked what customer research indicates for Urban Outfitters' future pricing, whether inventories will align with sales by the end of Q3, and how a slowing AOV might impact the company's overall marketing budget.

    Answer

    CEO Richard Hayne confirmed that marketing spend levels are under discussion. Shea Jensen, President of Urban Outfitters North America, said research showed a customer perception of the brand being expensive, leading to a strategy of offering better price-value and more accessible price points. CFO Melanie Marein-Efron affirmed the goal is to have Q3 inventory levels in line with sales.

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    Janet Kloppenburg's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership

    Janet Kloppenburg's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q2 2025

    Question

    Janet Kloppenburg of JJK Research Associates asked about the expected comp performance for Hollister and A&F in the back half, given their differing year-over-year comparisons, and whether A&F's AUR is poised for improvement as inventory normalizes.

    Answer

    CEO & Director Fran Horowitz emphasized the focus on driving total company results to build on a record 2024. SVP & CFO Robert Ball added that the Q3 outlook of 5-7% growth is on top of a strong +14% comp from the prior year. He expects Hollister to continue outperforming A&F in Q3 but did not provide specific brand-level AUR guidance, stating the goal is to hold multi-year gains through product and inventory management.

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    Janet Kloppenburg's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q1 2025

    Question

    Janet Kloppenburg questioned if the expected second-half improvement at Abercrombie is due to filling a product void and asked about confidence levels. She also theorized that the current carryover inventory might just be a normalization of markdown levels after years of high growth and questioned if the company is feeling increased competitive pressure.

    Answer

    CFO Robert Ball agreed with the assessment that carryover levels are a normalization compared to the unusually clean inventory of 2024. CEO Fran Horowitz clarified that the second-half opportunity is less about filling voids and more about reacting to emerging trends like 'BOHO' and new bottom shapes, which the company's agile model allows it to chase. Regarding competition, she acknowledged it's a compliment that others are watching their successful playbook and stated their job is to stay ahead.

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    Janet Kloppenburg's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q3 2024

    Question

    Janet Kloppenburg of JJK Research Associates inquired about the Hollister brand's contribution margin given its top-line acceleration and whether inventory growth would return to single-digit levels in the coming year.

    Answer

    CEO Fran Horowitz-Bonadies stated that the company is very pleased with Hollister's strong margins, which are benefiting from terrific productivity and strong traffic in both digital and store channels. COO Scott Lipesky addressed inventory, stating that the company wants inventory to be up next year to support further business growth and that it's too early to specify a growth rate, which will depend on holiday sell-through and freight levels.

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    Janet Kloppenburg's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q3 2024

    Question

    Janet Kloppenburg asked about the contribution margin of the Hollister brand given its significant top-line acceleration. She also questioned if inventory growth could remain at double-digit levels into the next year.

    Answer

    CEO Fran Horowitz-Bonadies expressed that the company is very pleased with Hollister's strong margins and increased store productivity, driven by robust traffic. COO Scott Lipesky indicated that the goal is for inventory to grow next year to support continued business expansion, but it was too early to specify the growth rate.

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    Janet Kloppenburg's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q2 2024

    Question

    Janet Kloppenburg of JJK Research inquired about clearance inventory levels and whether they are normalizing or remaining low. She also asked about the promotional outlook for the second half of the year compared to last year's lean levels and whether freight costs are expected to remain elevated through Q4.

    Answer

    CEO Fran Horowitz-Bonadies stated that clearance levels remain low due to lean inventory management and a 'read and react' approach, and the goal is to keep promotions at or below prior-year levels, managed weekly. CFO & COO Scott Lipesky confirmed that the guidance assumes elevated freight costs will persist through Q3 and Q4, and that while the major cotton tailwind is over, the focus remains on AUR to drive gross margin.

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    Janet Kloppenburg's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q1 2025

    Question

    Janet Kloppenburg questioned if the expected second-half improvement at Abercrombie is due to filling a product void and whether the current carryover situation is simply a normalization of markdown levels. She also asked about competitive pressures.

    Answer

    SVP & CFO Robert Ball agreed that the carryover situation is a normalization compared to the 'basically zero carryover' in Q1 2024. CEO Fran Horowitz clarified the opportunity is in chasing emerging trends like 'Boho and Western,' not filling voids. Regarding competition, she acknowledged it as a compliment and stated their focus is on executing their playbook to stay ahead.

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    Janet Kloppenburg's questions to Revolve Group (RVLV) leadership

    Janet Kloppenburg's questions to Revolve Group (RVLV) leadership • Q2 2025

    Question

    Janet Kloppenburg asked if assortment mix was driving down average price points and whether the company saw customer resistance to tariff-related price increases in July.

    Answer

    Co-Founder & Co-CEO Mike Karanikolas stated that early data showed no significant customer resistance to price increases. He explained that Q2's average price point was affected by both a mix shift in assortment and weaker consumer sentiment early in the quarter, but he expects this trend to moderate in the second half.

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    Janet Kloppenburg's questions to Revolve Group (RVLV) leadership • Q3 2024

    Question

    Janet Kloppenburg of JJK Research Associates inquired about demographic trends, particularly the re-engagement of younger customers, and any changes to pricing architecture. She also asked about the inventory-to-sales spread and the timeline for alignment.

    Answer

    Co-CEO Michael Karanikolas stated there were no pricing architecture changes but believes recent site merchandising improvements have helped the assortment resonate better with all customers, including Gen Z. He characterized the inventory issue as moderate and expects levels to decrease in Q4. CFO Jesse Timmermans added that the sales-to-inventory growth differential improved from Q2 to Q3.

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    Janet Kloppenburg's questions to Victoria's Secret & (VSCO) leadership

    Janet Kloppenburg's questions to Victoria's Secret & (VSCO) leadership • Q1 2025

    Question

    Janet Kloppenburg of JJK Research Associates questioned the company's pricing structure relative to competitors and asked if the increased use of 'gift with purchase' (GWP) promotions is a permanent part of the marketing mix despite potential margin pressure.

    Answer

    CEO Hillary Super acknowledged pricing pressure in the market but asserted that VSCO's strategy is to better communicate value and differentiate through brand storytelling rather than compete on price alone. She confirmed that GWPs are preferred over traditional discounts as they drive traffic and higher basket sizes. While a margin headwind, this is offset by reducing other promotions and is seen as a positive step in evolving the promotional strategy.

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    Janet Kloppenburg's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership

    Janet Kloppenburg's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership • Q4 2024

    Question

    Janet Kloppenburg of JJK Research sought clarification on the performance of Aerie's leggings and swim categories, the specific drivers of the slowdown in American Eagle's women's business beyond weather, and requested a more precise gross margin outlook for the first half of the year.

    Answer

    President Jen Foyle confirmed leggings are a significant strength, with Aerie growing to the #2 market share position. She noted Aerie's softness was due to being under-inventoried in fleece after a strong Q4. CFO Mike Mathias provided specific guidance, projecting gross margin to be down approximately 240 basis points in Q1, driven by deleverage, and down about 150 basis points in Q2 as currency headwinds ease.

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    Janet Kloppenburg's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership • Q3 2024

    Question

    Janet Kloppenburg sought more detail on the demand choppiness, asking if it was related to inventory, and questioned the reasons for the digital business slowdown and the interplay between Q3 and Q4 SG&A.

    Answer

    President Jen Foyle attributed choppiness to external factors but emphasized record-breaking store performance during peak periods. She noted the digital channel is facing tough comparisons to last year. CFO Mike Mathias stressed that the SG&A discipline is ongoing and that Q3's strong results do not detract from Q4, where SG&A dollars are also expected to decline.

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    Janet Kloppenburg's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership • Q2 2024

    Question

    Janet Kloppenburg posed a multi-part question, asking Jay Schottenstein for his consumer outlook, Jen Foyle about Aerie's growth potential post-swim season and the AE men's denim business, and Mike Mathias about merchandise margin drivers and future inventory improvements.

    Answer

    Jay Schottenstein, CEO, expressed extreme optimism, calling it the 'greatest opportunity in the history of the company' and outlining a path to becoming a $10B business. Jen Foyle, President, noted Aerie's profit growth is outpacing revenue and sees strong momentum in OFFLINE and new categories. Mike Mathias, CFO, confirmed a positive outlook for initial margins and stated that inventory levels are healthy and well-managed for the remainder of the year.

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    Janet Kloppenburg's questions to Macy's (M) leadership

    Janet Kloppenburg's questions to Macy's (M) leadership • Q2 2024

    Question

    Janet Kloppenburg asked about Q2 merchandise margin performance versus expectations, the outlook for it in H2, and whether improvements in handbags and men's at 'First 50' stores are due to service or brand matrix. She also inquired about the strategy for the current denim cycle.

    Answer

    CEO Tony Spring attributed the strong merchandise margin to the collective work of the team, including compelling value offerings, pricing science, and healthy inventory quality. He confirmed the outperformance in handbags and shoes is a combination of enhanced staffing and strong inventory from brands like COACH and Lauren. Regarding denim, he stated the company is capitalizing on the new wide-leg silhouette cycle with strong assortments from premium and national brands at both Macy's and Bloomingdale's.

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