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    Jay Sole

    Managing Director and Senior Retail Analyst at UBS

    Jay Sole is a Managing Director and Senior Retail Analyst at UBS, specializing in retail and specialty softlines, with a particular focus on major companies such as TJX Companies and department store retailers. He is recognized as a top-rated researcher in his sector and has demonstrated a strong performance record, including accurately rating TJX Companies with a price target increase from $164 to $172 following better-than-expected earnings and consistently outperforming consensus estimates. Having started his Wall Street career in equity research, Sole has held senior roles and built his reputation covering both retail and department stores, earning industry accolades for his insights and market impact. He is registered with FINRA and holds key securities licenses required for industry analysts, reflecting his professional standing and expertise.

    Jay Sole's questions to URBAN OUTFITTERS (URBN) leadership

    Jay Sole's questions to URBAN OUTFITTERS (URBN) leadership • Q2 2026

    Question

    Jay Sole of UBS Group AG asked for a reframing of the long-term, big-picture opportunity for the Nuuly brand, in terms of total sales and margin potential over the next three to five years, given its exceptional performance.

    Answer

    David Hayne, Chief Technology Officer, expressed significant excitement for Nuuly's growth, noting that with 66% of new Q2 subscribers being new to rental, there is a large market opportunity. He stated that Nuuly is leading the market and, with approximately 370,000 active subscribers currently, is poised for continued sizable growth.

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    Jay Sole's questions to PVH CORP. /DE/ (PVH) leadership

    Jay Sole's questions to PVH CORP. /DE/ (PVH) leadership • Q2 2026

    Question

    Jay Sole from UBS Group AG inquired about the strategy behind the increased marketing investments for the second half of the year and how these investments are expected to shape the company's P&L.

    Answer

    CEO Stefan Larsson explained that the increased marketing spend is designed to build on Q2's momentum by amplifying product innovation with high-impact campaigns featuring mega-talent, similar to the successful Bad Bunny campaign. CFO Zac Coughlin added that while this will cause SG&A deleverage in Q3, ongoing cost savings from the 'Value Driver five' actions will ensure SG&A leverage is achieved in Q4 and for the full year.

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    Jay Sole's questions to PVH CORP. /DE/ (PVH) leadership • Q1 2026

    Question

    Jay Sole of UBS Group AG questioned whether the updated guidance reflects a loss of brand momentum, asking for evidence that Calvin Klein and Tommy Hilfiger remain strong with consumers despite decreased traffic and increased promotions.

    Answer

    CEO Stefan Larsson asserted that brand momentum is strong where the PVH+ plan is executed effectively. He cited the new Calvin Klein Icon Cotton Stretch underwear, which drove a 25% sales increase in its franchise, and innovative fashion denim, which grew 14%. Larsson highlighted upcoming product launches and a significant new Formula One partnership for Tommy Hilfiger as proof points of scaling these successful strategies to drive growth despite the macro environment.

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    Jay Sole's questions to PVH CORP. /DE/ (PVH) leadership • Q1 2025

    Question

    Jay Sole of UBS Group AG questioned how PVH can be confident that its Calvin Klein and Tommy Hilfiger brands retain strong consumer momentum, given the observed decrease in traffic and increase in promotions.

    Answer

    CEO Stefan Larsson explained that brand momentum is evident where the company executes its PVH+ plan, citing specific product successes. He highlighted the Icon Cotton Stretch underwear launch, which drove a 25% sales increase in its franchise, and a 14% growth in innovated fashion denim. Larsson stated these targeted innovations, amplified by major marketing campaigns and partnerships like the new Formula One sponsorship, demonstrate the brands' ability to win with consumers despite a challenging macro environment.

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    Jay Sole's questions to PVH CORP. /DE/ (PVH) leadership • Q1 2025

    Question

    Jay Sole of UBS Group AG asked for assurance that the updated guidance reflects macroeconomic pressures rather than a loss of brand momentum for Calvin Klein and Tommy Hilfiger.

    Answer

    CEO Stefan Larsson responded by highlighting specific successes where the PVH+ plan was executed, such as a 25% sales increase in Calvin Klein's innovative Icon Cotton Stretch underwear and 14% growth in fashion denim. He asserted that these proof points demonstrate strong consumer connection and that the company's focus is on scaling these successful initiatives to counter the challenging macro environment.

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    Jay Sole's questions to PVH CORP. /DE/ (PVH) leadership • Q4 2024

    Question

    Jay Sole asked for insights from PVH's 'quality of sales' initiatives in Europe and how the enhanced execution of the PVH+ Plan is impacting the business in that region.

    Answer

    CEO Stefan Larsson explained that three focused 'quality of sales' actions, combined with PVH+ Plan execution in product and marketing, drove a return to high-quality D2C growth in Q3 and Q4 and shifted wholesale order books to low single-digit growth for Fall '25. CFO Zachary Coughlin added that this is expected to translate into low double-digit growth in Europe's profitability in euros for 2025.

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    Jay Sole's questions to PVH CORP. /DE/ (PVH) leadership • Q3 2024

    Question

    Jay Sole asked for more details on inventory management, specifically the impact of bringing in inventory early and the strategy to invest in essential products to maintain a 95% in-stock level.

    Answer

    CEO Stefan Larsson clarified that while inventory dollars are up year-over-year, inventory as a percentage of sales is down by double digits, and the composition is healthier with more new product. He explained the 95% in-stock target applies to core 'style icons' like iconic underwear and shirts, a strategic investment to ensure availability of timeless items while still optimizing overall inventory levels.

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    Jay Sole's questions to PVH CORP. /DE/ (PVH) leadership • Q2 2024

    Question

    Jay Sole asked for an update on the European region, specifically regarding the execution and market reception of the company's quality of sales initiatives.

    Answer

    CEO Stefan Larsson expressed strong confidence in the European strategy, stating that the quality of sales initiatives are resonating well. He pointed to improved inventory composition with less clearance and highlighted a significant sequential improvement in the forward wholesale order book for Spring '25, which is down only low-single-digits compared to a high-single-digit decline for Fall '24. He also teased an imminent announcement of a new, highly experienced CEO for PVH Europe.

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    Jay Sole's questions to Amer Sports (AS) leadership

    Jay Sole's questions to Amer Sports (AS) leadership • Q2 2025

    Question

    Jay Sole from UBS Group AG posed a two-part question regarding the development of the women's business at Arc'teryx over the last 90 days and the key factors driving the significant growth inflection at the Solomon brand.

    Answer

    Arc'teryx CEO Stuart Haselden reported continued strength in the women's business, with revenues up over 30% in Q2 and increasing penetration, validating the brand's product strategy. CEO James Zheng attributed Solomon's success to three key drivers: a unique 'outdoor sneakers' product proposition, a powerful D2C model proven in China with nearly 300 stores, and strategic B2B partnerships with key European retailers.

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    Jay Sole's questions to Amer Sports (AS) leadership • Q1 2025

    Question

    Jay Sole asked for an elaboration on the growth opportunity within the Arc'teryx women's business, including recent learnings and its long-term potential.

    Answer

    Arc'teryx CEO Stuart Haselden identified the women's category as a major growth driver where the brand is currently underpenetrated. He noted that improved fit, color, and choice led to 38% growth in Q1. He highlighted strong female participation in brand events and stated the ultimate goal is to achieve a 50/50 gender balance among its customers.

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    Jay Sole's questions to Amer Sports (AS) leadership • Q1 2025

    Question

    Jay Sole asked for more details on the growth opportunity within the Arc'teryx women's business, including recent learnings and long-term potential.

    Answer

    Arc'teryx CEO Stuart Haselden identified the women's category as a major growth driver where the brand is underpenetrated. He attributed recent success, including 38% growth in Q1, to improvements in fit, color, and choice, exemplified by the popular Clarkia pants. He stated the ultimate goal is to achieve a 50-50 gender balance among its customers.

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    Jay Sole's questions to Amer Sports (AS) leadership • Q3 2024

    Question

    Jay Sole asked for an update on Arc’teryx's progress and key growth drivers over the last 90 days, and also inquired about the company's capital allocation priorities and free cash flow expectations for fiscal 2025.

    Answer

    Arc’teryx CEO Stuart Haselden highlighted the successful opening of the Broadway store in Manhattan, strong momentum in footwear, and over 50% growth in the women's category as key developments. CFO Andrew Page added that capital allocation priorities for 2025 include business growth via store build-outs and ERP implementation, managing debt costs, and debt paydown, with an expectation of increased free cash flow.

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    Jay Sole's questions to Birkenstock Holding (BIRK) leadership

    Jay Sole's questions to Birkenstock Holding (BIRK) leadership • Q3 2025

    Question

    Jay Sole from UBS Group AG asked about the durability of the company's average selling price (ASP) gains, considering various factors like FX and tariffs, and questioned how long this positive trend could continue.

    Answer

    CFO Ivica Krolo explained that ASP growth is driven by more than just like-for-like price increases. He attributed the mid-single-digit ASP growth to a favorable product mix, including an increased share of closed-toe styles (up 400 bps) and continued consumer preference for higher-priced leather executions.

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    Jay Sole's questions to Birkenstock Holding (BIRK) leadership • Q2 2025

    Question

    Jay Sole asked about the company's outlook for cash flow and its priorities for the use of cash in the second half of the year and beyond.

    Answer

    CFO Ivica Krolo outlined the primary uses of cash as reinvesting in the business, particularly in white space opportunities with a planned CapEx of around €80 million for the year, and continuing to reduce debt. He noted that after these priorities, the company has additional discretionary cash and is always evaluating all options, including potential share repurchases.

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    Jay Sole's questions to Birkenstock Holding (BIRK) leadership • Q1 2025

    Question

    Jay Sole from UBS asked why Birkenstock is not raising its full-year guidance despite a strong Q1 performance and inquired about the drivers of the significant B2B growth and the expected rebalancing with D2C.

    Answer

    CEO Oliver Reichert explained that while the start to 2025 is strong, Q1 is the smallest quarter, and significant macroeconomic uncertainty remains. He attributed the B2B strength to robust full-price sell-through (up ~40%) and reorders from wholesale partners. Reichert anticipates more balanced growth ahead as the company accelerates its global retail store openings and digital initiatives, which will boost the D2C channel.

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    Jay Sole's questions to Birkenstock Holding (BIRK) leadership • Q4 2024

    Question

    Jay Sole asked about the performance of the injection-molded sandal business (EVA products) in the fourth quarter and the outlook for that category in the upcoming year.

    Answer

    CEO Oliver Reichert described this as the 'outdoor water ready' segment, which is a new strategic category being rolled out globally. He noted that while it was initially developed for tropical climates, it is performing very well in the U.S. and European outdoor channels. The company is supporting its growth with dedicated manufacturing investments and plans for collaborations and special makeups.

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    Jay Sole's questions to On Holding (ONON) leadership

    Jay Sole's questions to On Holding (ONON) leadership • Q2 2025

    Question

    Jay Sole from UBS Group AG questioned the confidence behind raising both the full-year constant currency sales growth and adjusted EBITDA margin guidance, particularly given the headwind from increased U.S. tariffs.

    Answer

    CEO & CFO Martin Hoffmann cited exceptional brand momentum globally, a record-breaking start to Q3, and a strong order book as primary drivers for the raised guidance. He explained that while U.S. tariffs on products from Vietnam are increasing to 40%, the company has multiple levers to offset the impact. These include its premium brand positioning, a growing high-margin DTC channel, economies of scale, supply chain optimizations, and recent price increases. Hoffmann noted that further mitigation discussions with retail and factory partners have not even begun, providing additional potential offsets.

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    Jay Sole's questions to On Holding (ONON) leadership • Q1 2025

    Question

    Jay Sole of UBS asked about the key drivers behind the recent success in the apparel category and when to expect an acceleration in the wholesale apparel business.

    Answer

    Executive Co-Chairman Caspar Coppetti called apparel a 'highlight for the quarter,' attributing its 93% growth to harmonized sizing and a focus on running, training, and tennis categories, supported by high-profile campaigns. He noted that operational improvements and learnings from their own retail stores are now helping to better serve wholesale partners, and the positive results are beginning to show in that channel as well.

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    Jay Sole's questions to On Holding (ONON) leadership • Q4 2024

    Question

    Jay Sole inquired about the full-year sales guidance, asking for a breakdown of growth expectations by region and for commentary on the U.S. consumer environment in early 2025.

    Answer

    CFO and Co-CEO Martin Hoffmann stated that Q1 growth is expected in the low to mid-30s, driven by strong momentum and the Cloud 6 launch. He noted that while full-year guidance is prudent due to macro uncertainty, current preorders are tracking above the guided growth. Co-CEO Marc Maurer added that the brand's premium positioning provides insulation from broader competition and that strong brand awareness is driving growth across all regions, particularly in APAC and key European markets.

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    Jay Sole's questions to On Holding (ONON) leadership • Q3 2024

    Question

    Jay Sole from UBS asked for an update on product assortment diversification, referencing the Investor Day goal of having multiple franchises driving sales.

    Answer

    Executive Co-Chairman and Co-Founder Caspar Coppetti confirmed that On has successfully achieved its goal of diversifying its product portfolio with multiple strong franchises across running, training, tennis, and lifestyle. He highlighted the success of the Cloudsurfer franchise and the upcoming Cloud 6, which will feature a higher price point. Coppetti also announced the future launch of the Cloud Zone, a new performance-inspired silhouette developed with Zendaya, aimed at capturing current trends with a futuristic design.

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    Jay Sole's questions to TheRealReal (REAL) leadership

    Jay Sole's questions to TheRealReal (REAL) leadership • Q2 2025

    Question

    Jay Sole of UBS Group asked about the interplay between a reported slowdown in the primary luxury market and its effect on the resale business. He also inquired about the quarterly fluctuation in the Direct revenue segment's gross margin and its expected trend for the second half of the year.

    Answer

    President and CEO Rati Sahi Levesque explained their business is resilient due to product diversity and benefits when primary market prices rise. CFO Ajay Gopal added that their growth is driven by unlocking the $200B TAM in closets, insulating them from primary market volatility. Regarding Direct revenue, he stated the 15-25% gross margin range fluctuates based on product mix, with high-value items like watches having lower percentage margins but attractive profit dollars.

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    Jay Sole's questions to TheRealReal (REAL) leadership • Q1 2025

    Question

    Jay Sole of UBS inquired about the Q2 revenue guidance, noting its moderation compared to previous quarters, and asked what macroeconomic assumptions were embedded within it.

    Answer

    CFO Ajay Gopal explained that tariffs have no direct impact on their U.S.-sourced supply. He clarified that the Q2 guidance, with GMV and revenue growth both guided to ~9%, reflects an expected convergence of these two metrics, unlike in the prior year when take rate changes caused revenue growth to outpace GMV growth.

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    Jay Sole's questions to TheRealReal (REAL) leadership • Q4 2024

    Question

    Jay Sole of UBS questioned the productivity gap between experienced and newer salespeople, the potential for future efficiency gains from the sales team, and requested a breakdown of the Q1 growth forecast between units and pricing.

    Answer

    CEO Rati Levesque highlighted that the 15% year-over-year increase in supply per sales rep is just the beginning, noting significant room for growth as top reps bring in over $10 million annually. CFO Ajay Gopal addressed the Q1 forecast, stating that strong momentum from Q4 is expected to continue, with revenue guidance of 9% to 12% growth reflecting this strength, even after accounting for a one-point headwind from the 2024 leap year.

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    Jay Sole's questions to RALPH LAUREN (RL) leadership

    Jay Sole's questions to RALPH LAUREN (RL) leadership • Q1 2026

    Question

    Jay Sole from UBS Group AG questioned the early timing of the updated fiscal guidance, asking about the specific assumptions that changed, the inclusion of tariff impacts, and the recent performance and future growth prospects of the handbag category.

    Answer

    CFO Justin Picicci stated the guidance was raised due to a clear Q1 over-delivery and a strong Q2 outlook, noting the tariff impact remains broadly consistent with prior views. President & CEO Patrice Louvet highlighted the handbag category's strong momentum, citing the success of foundational lines and new launches like Polo Play, and emphasized the significant long-term growth opportunity.

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    Jay Sole's questions to RALPH LAUREN (RL) leadership • Q4 2025

    Question

    Jay Sole inquired about Ralph Lauren's pricing strategy for fiscal 2026, particularly in the context of potential tariffs and the significant AUR (Average Unit Retail) growth already achieved over the past eight years.

    Answer

    CFO Justin Picicci explained that the company is well-positioned to manage cost headwinds through a multi-pronged strategy. This includes leveraging its diversified supply chain, enhancing cost efficiencies with partners, using AI for better inventory planning, and implementing selective pricing actions and discount reductions. He noted that proactive pricing for Fall '25 was already planned and that Q1 AUR is expected to grow high single-digits, consistent with recent performance.

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    Jay Sole's questions to RALPH LAUREN (RL) leadership • Q3 2025

    Question

    Jay Sole asked about the primary drivers of the holiday quarter's outperformance, questioning how much was sustainable versus near-term, and inquired about the specific factors fueling growth in the women's apparel and handbags categories.

    Answer

    Executive Patrice Louvet attributed the success to the cumulative effect of a multi-lever strategy, not a single event. He identified three durable drivers: sustained brand strength from marketing, a broad lifestyle portfolio with a strong core and high-potential categories, and the key city ecosystem model. For women's apparel and handbags, which grew 20%, Louvet credited a strong product foundation, dedicated marketing, and improved distribution, highlighting the significant runway for growth in these large markets.

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    Jay Sole's questions to RALPH LAUREN (RL) leadership • Q2 2025

    Question

    Jay Sole inquired about Ralph Lauren's confidence in its pricing power amid a potentially less favorable environment and asked for an update on the performance and expansion potential of full-price stores in the U.S.

    Answer

    CFO Justin Picicci explained that pricing power is supported by durable drivers like brand elevation, product mix, and acquiring higher-value customers, providing flexibility. President and CEO Patrice Louvet added that North American full-price stores continue to lead performance, driven by traffic, and the company remains on track with its store opening plans.

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    Jay Sole's questions to Hanesbrands (HBI) leadership

    Jay Sole's questions to Hanesbrands (HBI) leadership • Q2 2025

    Question

    Jay Sole of UBS Group AG inquired about the specific factors driving Hanesbrands' outperformance in the second quarter and the underlying confidence for raising the full-year guidance.

    Answer

    CFO M. Scott Lewis attributed the Q2 beat to broad-based success, including sales upside from growth strategies and significant operating margin expansion driven by cost savings, strong plant productivity, and SG&A leverage. CEO Stephen Bratspies added that the confidence in the raised guidance stems from strong first-half results, a simpler business model, improving POS trends, and clear visibility into back-half cost structures.

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    Jay Sole's questions to Hanesbrands (HBI) leadership • Q1 2025

    Question

    Jay Sole asked for more detail on Hanesbrands' effective tariff rate, the nature of the incremental revenue opportunities, and the specific drivers of the Q1 earnings beat compared to guidance.

    Answer

    CEO Stephen Bratspies explained that the company can fully mitigate tariff impacts through natural offsets like U.S. cotton content, cost actions, and surgical pricing, noting they are planning for a higher rate to create a cushion. He clarified that revenue opportunities are for Hanesbrands' own brands, not private label, driven by retailer inquiries to replace products from other sources. CFO Markland Lewis added that the Q1 outperformance was driven by better-than-expected sales, accelerated cost savings, and strong SG&A leverage.

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    Jay Sole's questions to Revolve Group (RVLV) leadership

    Jay Sole's questions to Revolve Group (RVLV) leadership • Q2 2025

    Question

    Jay Sole inquired about the progress and future prospects for lowering the product return rate and asked for an update on advancements in AI initiatives over the last 90 days.

    Answer

    Co-Founder & Co-CEO Mike Karanikolas stated that while return rate progress has been strong, H2 2025 faces tougher comps. On AI, he highlighted continued enhancements to the proprietary search algorithm, deployment of voice-to-text in customer service, and R&D efforts in landing page optimization and virtual try-on.

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    Jay Sole's questions to Revolve Group (RVLV) leadership • Q1 2025

    Question

    Jay Sole requested more detail on the company's moderated internal sales expectations, asking about the magnitude of the moderation and if it incorporates assumptions about price elasticity from potential tariff-related price hikes.

    Answer

    CFO Jesse Timmermans clarified that the key takeaway is that they are moderating inventory buys accordingly while remaining nimble. He explained that price elasticity is not viewed in isolation, as it is highly dynamic and influenced by overall consumer sentiment, product type, and price point, making it a complex factor in their planning.

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    Jay Sole's questions to Revolve Group (RVLV) leadership • Q4 2024

    Question

    Jay Sole asked about the impact of rapidly advancing AI technology, inquiring about new opportunities that have emerged for the business in the last 90 days and what new applications are currently being developed.

    Answer

    Co-CEO Michael Karanikolas highlighted that AI is a constant focus with several exciting projects in development, though it's too early to share specifics. He mentioned being particularly excited about 'newer ways of product discovery' for customers. He also noted the team continues to leverage AI and machine learning to enhance existing algorithms for site merchandising, search, and product recommendations.

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    Jay Sole's questions to Revolve Group (RVLV) leadership • Q3 2024

    Question

    Jay Sole of UBS asked for more specific details on how Revolve is leveraging AI to enhance its product assortment, drive sales, and reduce operational costs.

    Answer

    Co-CEO Michael Karanikolas explained that the strategy is to show the "right product to the right customer at the right time." He cited A/B tested improvements in site search and browsing pages that have significantly lifted conversion rates. He also mentioned deploying AI to optimize off-site marketing by better targeting products to various channels, which has proven highly impactful for the business.

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    Jay Sole's questions to Boot Barn Holdings (BOOT) leadership

    Jay Sole's questions to Boot Barn Holdings (BOOT) leadership • Q1 2026

    Question

    Jay Sole asked about the performance nuances between newer stores of different vintages, specifically those opened in the last one to two years versus those opened four to six years ago. He also inquired about the expected sales productivity for a mature store.

    Answer

    CFO Jim Watkins noted that new stores consistently outperform older cohorts as they mature, with no significant difference between recent class years. He stated that new stores open with approximately $3.2 million in year-one sales, implying a mature store AUV of roughly $4.2 million, with plans to continue growing comps in those legacy stores.

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    Jay Sole's questions to Boot Barn Holdings (BOOT) leadership • Q4 2025

    Question

    Jay Sole of UBS inquired about the mechanics of achieving SG&A leverage on a flat comp in fiscal '26. He also asked about the potential for the $8 million tariff impact to continue into fiscal '27 and beyond.

    Answer

    CEO John Hazen explained that the $8 million tariff expense is expected to carry into fiscal '27, and the total impact could be higher with a full year of tariffs, though mitigation strategies will be explored. Regarding SG&A, Hazen stated that leverage will come from more normalized incentive compensation and legal expenses compared to the prior year, the benefit of new stores covering fixed costs, and continued expense discipline, despite absorbing a prior-year incentive comp reversal.

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    Jay Sole's questions to Boot Barn Holdings (BOOT) leadership • Q2 2025

    Question

    Jay Sole asked about the rationale and timing of the CEO's departure and whether it signals a strategy change. He also requested an update on the performance of the Cody James Black 1978 boot line.

    Answer

    Former CEO Jim Conroy explained his departure was a personal decision and emphasized strategic continuity, stating the company will continue with its successful 12-year-old model. He noted the Cody James Black line is performing well in 300 stores but is not a multi-point driver of same-store sales.

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    Jay Sole's questions to Gildan Activewear (GIL) leadership

    Jay Sole's questions to Gildan Activewear (GIL) leadership • Q2 2025

    Question

    Jay Sole from UBS Group AG asked for an expansion on the comment that Gildan is benefiting from "recent changes in the industry landscape," particularly within its national accounts business.

    Answer

    EVP & COO Chuck Ward stated that industry volatility, including tariffs, is driving customers toward stable suppliers like Gildan, which benefits from its vertically integrated model. He noted market share gains in key categories like ring spun and Comfort Colors. President & CEO Glenn Chamandy added that Gildan's use of U.S. cotton and yarn provides a competitive advantage against tariffs, and the company is adding capacity in Central America to capitalize on these opportunities.

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    Jay Sole's questions to Gildan Activewear (GIL) leadership • Q4 2024

    Question

    Jay Sole asked about the sales impact and growth potential of Gildan's new product innovations, such as the soft cotton technology. He also inquired about the company's strategic ambitions for the recently licensed Champion brand within the printwear channel.

    Answer

    President & CEO Glenn Chamandy explained that innovation is a key driver, with soft cotton technology boosting basics to double-digit POS growth in Q4 and the Comfort Colors brand growing 40% in 2024. He positioned the Champion brand as a key part of a multi-tier strategy, targeting the athletic and collegiate niche to gain share without cannibalizing other brands. Chamandy noted that new programs account for about 75% of the guided 2025 revenue growth.

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    Jay Sole's questions to Gildan Activewear (GIL) leadership • Q2 2024

    Question

    Jay Sole asked CEO Glenn Chamandy for any new insights he gained on the business during his recent time away. He also questioned the expected timeframe for increasing leverage and executing on the renewed share buyback program.

    Answer

    CEO Glenn Chamandy shared that his time away reinforced his view that the company is in a 'breakout mode' with a strong innovation pipeline, and that the management team is now more motivated than ever. CFO Rhodri Harries stated that with leverage at 1.6x, the company has significant firepower and plans to actively repurchase shares in the second half of the year, with a target of reaching 2.0x leverage by year-end.

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    Jay Sole's questions to V F (VFC) leadership

    Jay Sole's questions to V F (VFC) leadership • Q1 2026

    Question

    Jay Sole asked about the anticipated impact on unit volumes that might occur from raising prices to mitigate the financial effects of tariffs.

    Answer

    President & CEO Bracken Darrell stated that since the entire industry is affected, they are modeling a roughly one-to-one price elasticity but believe it could be better. He stressed the company's enhanced agility to respond to market dynamics. EVP & CFO Paul Vogel noted that some brands likely had pricing opportunities irrespective of tariffs.

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    Jay Sole's questions to V F (VFC) leadership • Q3 2025

    Question

    Jay Sole asked for an update on the business environment in China and inquired about the priority of debt reduction given the recent progress on the balance sheet.

    Answer

    President and CEO Bracken Darrell described the China economy as 'soft' but noted VFC's business, particularly The North Face, continues to perform well with double-digit growth. EVP and CFO Paul Vogel affirmed that paying down debt remains the top priority for free cash flow, with a focus on reaching the 2.5x leverage target as quickly as possible.

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    Jay Sole's questions to V F (VFC) leadership • Q2 2025

    Question

    Jay Sole asked for the rationale behind issuing quarterly guidance instead of full-year guidance and whether this move signals a major inflection point for the business.

    Answer

    CEO Bracken Darrell explained that the shift to quarterly guidance reflects newfound confidence in their internal forecasting. He credited CFO Paul Vogel with the idea that guiding one quarter at a time is a more sensible approach focused on consistent delivery, rather than trying to predict a full year in a dynamic environment.

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    Jay Sole's questions to CARTERS (CRI) leadership

    Jay Sole's questions to CARTERS (CRI) leadership • Q2 2025

    Question

    Jay Sole from UBS Group AG inquired about Carter's long-term financial targets, asking for specific goals for annual sales growth, EBIT margin, and overall earnings over a three-to-five-year horizon. He also requested a breakdown of the potential offsets for the estimated $125 million to $150 million gross impact from tariffs.

    Answer

    CEO Douglas Palladini declined to provide specific long-term financial targets but affirmed the company's focus on achieving long-term, sustainable, and profitable growth. CFO Richard Westenberger identified price increases as the most significant lever to offset tariffs, supplemented by cost-sharing with vendor and wholesale partners. He noted that while near-term impacts are harder to cover, the goal for 2026 and beyond is to fully mitigate the tariff costs. CEO Palladini also highlighted the supply chain's agility as a key competitive advantage.

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    Jay Sole's questions to CARTERS (CRI) leadership • Q2 2025

    Question

    Jay Sole inquired about Carter's long-term financial targets, including potential annual sales growth, EBIT margin, and earnings goals. He also sought details on the strategy to mitigate the $125M-$150M gross tariff impact, asking about the primary offsets and the expected timeline.

    Answer

    CEO Douglas Palladini declined to provide specific long-term financial targets but reiterated confidence in achieving sustainable, profitable growth. CFO Richard Westenberger identified price increases as the most meaningful tariff offset, supplemented by vendor partnerships and sourcing shifts. He noted that near-term mitigation is challenging but the company aims to fully offset the impact by 2026.

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    Jay Sole's questions to CARTERS (CRI) leadership • Q1 2025

    Question

    Jay Sole asked new CEO Doug Palladini for his initial thoughts on Carter's business and opportunities, and also requested clarification on the assumptions behind the estimated tariff rates presented in the slide deck.

    Answer

    CEO Douglas Palladini expressed his honor in leading the company and his belief in its brand assets but deferred sharing a detailed strategy. CFO Richard Westenberger clarified that the tariff rates on Slide 13 are a hypothetical aggregation based on proposed reciprocal tariffs, intended to illustrate the potential material cost impact on products from key sourcing countries like Vietnam, Cambodia, and Bangladesh.

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    Jay Sole's questions to CARTERS (CRI) leadership • Q3 2024

    Question

    Jay Sole asked about the U.S. Retail comparable sales figures Carter's is lapping from November and December of last year and questioned how the company measures the return on its recent pricing investments.

    Answer

    CEO Michael Casey stated that Q4 last year had a comparable sales decline of around 6%. He explained that the ROI on pricing investments is measured by a return to unit volume growth, improved customer reengagement, and positive trends in transactions and conversion rates. Executive Kendra Krugman added that lower-priced items act as 'basket starters,' lifting the total units per transaction.

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    Jay Sole's questions to DECKERS OUTDOOR (DECK) leadership

    Jay Sole's questions to DECKERS OUTDOOR (DECK) leadership • Q1 2026

    Question

    Jay Sole from UBS Group inquired about HOKA's Q2 growth outlook, specifically the balance between wholesale and DTC channels, the inventory status of older models like the Bondi 8 and Clifton 9, and the brand's upcoming innovation pipeline.

    Answer

    CFO Steven Fasching projected HOKA's Q2 growth at approximately 10%, noting a more balanced channel performance with improving DTC trends. CEO Stefano Caroti confirmed that the market is largely clear of older inventory and expressed excitement for the product pipeline, which includes updates to the Maffate, Mach, Gaviota, and Speedgoat franchises. Fasching added that the strong Q1 performance boosts confidence despite tariff uncertainties.

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    Jay Sole's questions to DECKERS OUTDOOR (DECK) leadership • Q1 2026

    Question

    Jay Sole from UBS Group AG inquired about HOKA's Q2 guidance, specifically the balance between wholesale and DTC channels, the inventory status of older models like the Bondi 8 and Clifton 9, and the brand's upcoming innovation pipeline.

    Answer

    CFO Steven Fasching projected HOKA's Q2 growth at approximately 10%, with a more balanced contribution from wholesale and DTC channels following sequential improvements. CEO Stefano Caroti confirmed that the market is largely clear of older inventory and expressed excitement for the product pipeline, which includes updates to the Maffate, Mach, Gaviota, and Speedgoat franchises.

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    Jay Sole's questions to DECKERS OUTDOOR (DECK) leadership • Q4 2025

    Question

    Jay Sole asked for a breakdown of HOKA's fourth-quarter performance between sales volume (units) and average selling prices (ASPs), particularly concerning the transition to the new Bondi 9 and Clifton 10 models. He also sought clarification on whether the projected $150 million tariff impact was a gross figure before mitigation efforts.

    Answer

    CFO Steve Fasching explained that Q4 HOKA revenue was impacted by increased price promotions on older models during the transition, which affected ASPs, but noted that sales volumes remained healthy. He confirmed the $150 million tariff cost is a gross number and stated that the company aims to mitigate up to half of it through a combination of selective price increases and cost-sharing negotiations with factory partners.

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    Jay Sole's questions to DECKERS OUTDOOR (DECK) leadership • Q3 2025

    Question

    Jay Sole asked about Deckers' strategy for managing the HOKA brand's long-term health in a promotional environment, the growth outlook by channel for Q4, and the product launch pipeline beyond the current quarter, questioning if HOKA can sustain 20% annual growth.

    Answer

    CEO Stefano Caroti emphasized that HOKA is a transformational brand managed for long-term, sustainable growth through a controlled retail environment and compelling innovation, detailing upcoming launches like the Clifton 10 and Arahi 8. CFO Steve Fasching added that the strategy prioritizes building the brand globally over chasing specific growth rates, managing the marketplace cadence carefully, and deferred future growth targets to the next earnings call.

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    Jay Sole's questions to DECKERS OUTDOOR (DECK) leadership • Q2 2025

    Question

    Jay Sole of UBS Group AG inquired about the impact of HOKA's new, higher-priced pinnacle products, such as the Skyward X and Cielo X1, on revenue growth and overall brand expansion.

    Answer

    CEO Stefano Caroti stated that pinnacle products priced above $200 have exceeded expectations and successfully cracked a new price point for the brand. CFO Steven Fasching added that this strategy is key to market penetration, improving HOKA's margin profile, and allowing existing products to be used for broader distribution expansion.

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    Jay Sole's questions to LEVI STRAUSS & (LEVI) leadership

    Jay Sole's questions to LEVI STRAUSS & (LEVI) leadership • Q2 2025

    Question

    Jay Sole of UBS Group AG asked for more detail on the "operate with rigor" strategic pillar, including a supply chain example, and for an update on the quality and evolution of the tops business beyond basic logo tees.

    Answer

    President & CEO Michelle Gass explained that "operating with rigor" involves infusing a DTC mindset across the company. This includes shortening go-to-market calendars, increasing the global assortment from single-digits to over 30%, and reducing unproductive SKUs. On the tops business, she described a complete reset with new talent and capabilities, leading to broad-based growth in denim tops, sweaters, workwear, dresses, and jumpsuits, stating it's "no longer a t-shirt business."

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    Jay Sole's questions to LEVI STRAUSS & (LEVI) leadership • Q1 2025

    Question

    Jay Sole asked for a regional breakdown of the organic net revenue growth guidance provided for the second quarter.

    Answer

    CFO Harmit Singh provided the Q2 organic growth outlook by region: U.S. at low to mid-single digits, Europe at mid-single digits, and Asia at mid-single digits. By channel, he guided DTC to high single-digit growth and global wholesale to be flat to slightly up.

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    Jay Sole's questions to LEVI STRAUSS & (LEVI) leadership • Q4 2024

    Question

    Jay Sole inquired about the performance during the key holiday month of December, sought a more detailed breakdown of the drivers behind the Q4 SG&A increase, and asked for clarification on the higher tax rate guidance for 2025.

    Answer

    CFO and Growth Officer Harmit Singh responded, stating that the November-December period saw strong 8% organic growth. He attributed the SG&A increase to higher sales volume, compensation incentives, increased advertising for the Beyonce campaign, a 53rd week, and distribution center transition costs, while assuring the rate would normalize in 2025. Singh explained the 2025 tax rate of ~23% is a normalization following the expiration of most foreign tax credits.

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    Jay Sole's questions to LEVI STRAUSS & (LEVI) leadership • Q3 2024

    Question

    Jay Sole from UBS asked for a high-level assessment of how far along Levi Strauss & Co. is in its transformation from a traditional wholesale company to a global direct-to-consumer (DTC) business, including progress on acquiring necessary skills and talent.

    Answer

    CEO Michelle Gass described the company as being in the 'early stages' of a multi-year journey but noted that 'rapid progress' has been made, particularly over the last year through its 'Project Fuel' initiative. She highlighted the hiring of new leaders with deep DTC and retail expertise and pointed to ongoing work in 'rewiring the company' by shortening the go-to-market calendar and enhancing store-level execution and profitability.

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    Jay Sole's questions to NIKE (NKE) leadership

    Jay Sole's questions to NIKE (NKE) leadership • Q4 2025

    Question

    Jay Sole from UBS Group AG requested clarification on the 'modest headwind' to revenue in the second half of fiscal 2026 from lapping promotions and the associated trade-off between gross margin and unit volumes.

    Answer

    CFO Matt Friend clarified that the headwind is due to comparing a healthier, more full-price business in the second half of fiscal 2026 against the same period in the prior year, which involved aggressive clearance activity and off-price sales to move aged inventory. The future period will be more profitable but will face a tough revenue comparison.

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    Jay Sole's questions to NIKE (NKE) leadership • Q2 2025

    Question

    Jay Sole asked how far management is willing to take near-term actions that may negatively impact results in order to position the company for long-term success, questioning if there is a limit to these measures.

    Answer

    President and CEO Elliott Hill emphasized that the company is acting with urgency to recenter on sport, lead with a strong product offense, and invest in brand and marketplace health. CFO Matt Friend clarified the financial impact by categorizing headwinds into two types: near-term repositioning costs that will eventually end, and transitory costs from inventory cleanup and deleverage that should be recaptured as the business returns to growth.

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    Jay Sole's questions to lululemon athletica (LULU) leadership

    Jay Sole's questions to lululemon athletica (LULU) leadership • Q1 2026

    Question

    Inquired about the store growth opportunity in China, the current and future store count, and traffic trends in the region.

    Answer

    The company is still early in its China journey with 154 stores and a goal of ~200, seeing growth beyond that. New stores are performing well, and the co-located store strategy is still in its early stages there. While specific traffic trends were not broken out, the China market continues to see strong double-digit growth.

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    Jay Sole's questions to lululemon athletica (LULU) leadership • Q4 2024

    Question

    Jay Sole requested a specific breakdown of the planned square footage growth for the U.S. and China in 2025 and asked if U.S. expansion includes upsizing existing stores.

    Answer

    CFO Meghan Frank did not provide a country-specific breakdown but stated that of the 40-45 net new stores planned for 2025, 10-15 will be in the Americas, with the majority of the international remainder in China. She confirmed that the company's optimization strategy, which includes relocations and expansions, will continue with approximately 40 projects planned globally for the year.

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    Jay Sole's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership

    Jay Sole's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership • Q1 2025

    Question

    Jay Sole from UBS Group AG asked for clarification on the merchandising issues, questioning whether they stemmed from a misinterpretation of consumer trends or if competitors executed on trends more effectively. He also inquired about the expected timeline to correct the assortment and drive stronger comps for the back-to-school and holiday seasons.

    Answer

    Jennifer Foyle, President and Executive Creative Director of AE & Aerie, conceded there were product misses but emphasized that the team has been working swiftly since February to apply learnings. She noted that while some fashion choices in fleece and shorts did not resonate, areas like the Offline sub-brand showed strength. Foyle stated the goal is to be 'clean and mean for back to school,' expressing confidence in the team's ability to improve performance.

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    Jay Sole's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership • Q4 2024

    Question

    Jay Sole of UBS inquired about the comparable sales difference between stores in warmer versus colder climates and questioned the company's long-term ability to control SG&A expenses to achieve its margin targets.

    Answer

    President Jen Foyle acknowledged that stores in warmer climates performed better but did not quantify the difference, noting the quarter was still early. CFO Mike Mathias affirmed the company's expense control capabilities, referencing 2024's SG&A leverage as a proof point. He expressed confidence in achieving the long-term SG&A rate target of 25-26% with a return to revenue growth.

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    Jay Sole's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership • Q3 2024

    Question

    Jay Sole asked for an update on the denim category's performance and competitive landscape, and requested a quantification of the foreign exchange impact on the company's guidance.

    Answer

    President Jen Foyle stated that AEO is holding its market share in denim, with women's fashion denim showing acceleration into Q4. CFO Mike Mathias quantified the FX headwind at approximately $15 million for the fourth quarter, primarily from the Mexican peso and Canadian dollar, which accounted for about half of the downward revision to the operating income guide.

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    Jay Sole's questions to AMERICAN EAGLE OUTFITTERS (AEO) leadership • Q2 2024

    Question

    Jay Sole requested more detail on the gross margin outlook, specifically asking about management's expectations for the promotional environment and whether it has become more competitive compared to three months prior.

    Answer

    Mike Mathias, CFO, stated that while the retail environment is always competitive, AEO will maintain its disciplined and intelligent approach to markdowns. He expressed confidence in the company's price-to-value equation, which provides a strong starting point regardless of competitor actions. He also noted the company is tracking toward its long-term gross margin goal of 39-40%.

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    Jay Sole's questions to Capri Holdings (CPRI) leadership

    Jay Sole's questions to Capri Holdings (CPRI) leadership • Q4 2025

    Question

    Jay Sole of UBS requested elaboration on the core strategies to improve the sales trajectory of Michael Kors, focusing on proven, consistent brand drivers that may have been neglected in recent years.

    Answer

    Chairman and CEO John Idol acknowledged past missteps, stating the company lost its way by straying from Michael Kors' original 'Jet Set' lifestyle vision. He confirmed a strategic return to this heritage, which consumer research supports. Idol also admitted that price elevations went too far and the brand is now returning to historical price points that resonate with its core customer, which is already yielding positive results. For Jimmy Choo, the focus is on expanding into casual footwear and more accessible luxury accessories to broaden its lifestyle appeal beyond formal occasions.

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    Jay Sole's questions to Capri Holdings (CPRI) leadership • Q4 2025

    Question

    Jay Sole from UBS Group AG requested more detail on the core strategies to improve the sales trajectory of Michael Kors, asking what consistent, successful elements from the brand's past may have been lost and are now being reinstated for sustainable growth.

    Answer

    Chairman & CEO John Idol acknowledged past missteps, including straying from the brand's core 'Jet Set' lifestyle vision and elevating prices beyond consumer expectations. He stated that the company has gained clarity and is returning to its heritage, which is resonating with customers and retail partners. The strategy involves reinforcing this brand identity and offering compelling value at historical price points. For Jimmy Choo, the focus is on expanding its lifestyle appeal into casual footwear and more accessible luxury accessories to capitalize on its strong brand recognition and existing customer base.

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    Jay Sole's questions to TJX COMPANIES INC /DE/ (TJX) leadership

    Jay Sole's questions to TJX COMPANIES INC /DE/ (TJX) leadership • Q1 2026

    Question

    Jay Sole of UBS asked for more detail on the expense initiatives within cost of goods sold that are part of the mitigation efforts. He also asked if SG&A cost savings are contemplated for the rest of the year to maintain the EBIT margin guidance.

    Answer

    CFO John Klinger specified that the expense initiatives are centered around distribution centers for gross margin and store initiatives for SG&A. He declined to quantify the impact by category at this time.

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    Jay Sole's questions to Under Armour (UAA) leadership

    Jay Sole's questions to Under Armour (UAA) leadership • Q4 2025

    Question

    Jay Sole from UBS inquired about the progress of the North American business reset and its outlook for fiscal 2026, and also asked for details on the company's upcoming major brand activation.

    Answer

    CEO Kevin Plank explained that the North American reset is being led by Kara Trent, who is implementing the successful European playbook. He emphasized a new go-to-market strategy focused on premium, innovative products supported by comprehensive storytelling, sales training, and social media, using the new 'No Weigh' backpack as a prime example. Plank clarified the brand activation will not be a single large campaign but rather a series of smaller, targeted content drops aimed at the 16-to-24-year-old consumer, leading with story instead of price, primarily in the second half of the year.

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    Jay Sole's questions to Under Armour (UAA) leadership • Q3 2025

    Question

    Jay Sole inquired whether the company is seeing early signs of brand inflection ahead of business results and asked for an analysis of the challenges in the APAC region, distinguishing between macro and company-specific factors.

    Answer

    CEO Kevin Plank stated that brand inflection is evident in the talent the company is attracting and increased interest from new retail partners. He emphasized building 'pricing power' as a key goal. Regarding APAC, Plank noted that while macro issues exist, the challenges are similar to what the company has successfully managed in other regions, and the focus is on implementing their playbook to stabilize the business and restore pricing power.

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    Jay Sole's questions to Under Armour (UAA) leadership • Q2 2025

    Question

    Jay Sole from UBS inquired about the strong feedback on new products mentioned by management, asking for more details on the products and the nature of retailer response in terms of orders.

    Answer

    CEO Kevin Plank responded that the product pipeline is the healthiest he has seen, with exciting drops planned for Q1 of calendar '25 and a major anchor around the Fall/Winter '25 season. He highlighted current successes in basics like UA compression, the Unstoppable franchise, and Vanish. Plank emphasized a strategic shift to compete on product story and innovation rather than price, stating the world needs hope, which Under Armour can provide, and that the brand will inflect before the business does.

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    Jay Sole's questions to Under Armour (UAA) leadership • Q1 2025

    Question

    Jay Sole of UBS asked what provides confidence in the company's ability to deliver on the sales growth guidance implied for the second half of the fiscal year.

    Answer

    CEO Kevin Plank stated that confidence stems from a healthy view of the business, a clear strategy focused on becoming a "sports house," and the ability to attract A+ talent like Eric Liedtke. Plank emphasized that while macro factors exist, the team is focused on internal execution and is proud of the progress made to date, creating a growing sense of momentum for what's to come.

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    Jay Sole's questions to STEVEN MADDEN (SHOO) leadership

    Jay Sole's questions to STEVEN MADDEN (SHOO) leadership • Q1 2025

    Question

    Jay Sole questioned if moving production from China limits the ability to make certain fashion styles, how the company plans to mitigate the 10% tariff on non-China countries, and requested a breakdown of the 18% year-over-year inventory increase.

    Answer

    CEO Ed Rosenfeld responded that while some categories like kids' footwear are more challenging, there are no styles they are prevented from making outside of China. He stated that price increases are the primary strategy to mitigate the 10% baseline tariff. CFO Zine Mazouzi clarified the inventory increase was driven by longer lead times from supply chain disruptions, sourcing diversification, and accelerated shipments ahead of tariffs.

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    Jay Sole's questions to SKECHERS USA (SKX) leadership

    Jay Sole's questions to SKECHERS USA (SKX) leadership • Q1 2025

    Question

    Jay Sole of UBS inquired about Skechers' sourcing strategy concerning tariffs, asking for the percentage of production from China destined for the U.S. and the timeframe to reduce this exposure. He also questioned the extent of collective industry efforts to lobby the administration on trade issues.

    Answer

    John Vandemore, an executive, stated that while specific sourcing percentages are not disclosed, Skechers is actively pursuing three levers: resourcing, vendor cost sharing, and pricing. He highlighted that two-thirds of the business is outside the U.S. and less impacted. Vandemore also noted that while Skechers participates in industry lobbying efforts, a near-term resolution is unlikely, placing the responsibility on the company to navigate the tariff situation directly.

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    Jay Sole's questions to SKECHERS USA (SKX) leadership • Q4 2024

    Question

    Jay Sole from UBS inquired about Skechers' gross margin outlook for fiscal 2025, seeking clarity on the expected trends and influencing factors.

    Answer

    John Vandemore (executive) stated that Skechers does not anticipate a material change in overall gross margin for 2025, aiming for stability. He explained that growth is expected to be more balanced across channels and geographies, which may not provide the same incremental margin accretion from DTC and international mix shifts seen in the past. Vandemore confirmed this balanced growth is the primary reason for the stable margin outlook.

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    Jay Sole's questions to SKECHERS USA (SKX) leadership • Q3 2024

    Question

    Jay Sole inquired about the specific drivers behind the strong 26% domestic wholesale growth and asked for an update on the progress and strategic importance of the Indian market.

    Answer

    John Vandemore, CFO, explained that the domestic wholesale surge was driven by partners who, after clearing prior inventory, are now fully embracing Skechers' comfort technology products. He emphasized that India is a crucial strategic priority, with its recent 24% growth rebound resulting from the resolution of regulatory issues that had previously hampered inventory flow. Management remains optimistic about building a local supplier base for sustained long-term growth in the region.

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    Jay Sole's questions to SKECHERS USA (SKX) leadership • Q2 2024

    Question

    Jay Sole asked for clarification on the decision to raise full-year sales and EPS guidance despite facing significant headwinds from foreign exchange and supply chain disruptions in the quarter.

    Answer

    CFO John Vandemore explained that the guidance was raised due to improved visibility into the second half of the year, particularly a very strong order book for domestic and international wholesale. He noted that while some macroeconomic headwinds will persist, the underlying consumer demand remains strong, as evidenced by the order flow and continued strength in international direct-to-consumer (DTC) sales. The negative impact of foreign currency was particularly acute in Q2 but is not expected to be as severe going forward.

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    Jay Sole's questions to Stitch Fix (SFIX) leadership

    Jay Sole's questions to Stitch Fix (SFIX) leadership • Q2 2025

    Question

    An analyst on behalf of Jay Sole asked for the Q3 gross margin outlook, the drivers of Q2 margin expansion, and for more color on quarter-to-date business trends in February and March.

    Answer

    Executive David Aufderhaar attributed Q2 margin results to typical seasonality but reiterated the full-year guidance of 44-45%, expecting the second half to remain in that range. Executive Matt Baer highlighted strong business momentum, noting that initiatives launched since August have exceeded expectations. Aufderhaar provided specifics, citing a 9% YoY increase in Fix AOV in Q2, which accelerated to 16% YoY in January, driven by higher adoption of flexible Fix options and better keep rates. He also guided for an improved sequential decline in active clients for Q3.

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    Jay Sole's questions to Stitch Fix (SFIX) leadership • Q1 2025

    Question

    Jay Sole requested elaboration on the impact of private brands on sales and AOV, and also asked for an update on the progress being made with the active client file.

    Answer

    CEO Matt Baer explained that the private vs. national brand mix is dynamic and client-led, with private brands historically comprising 40-50% of the portfolio and yielding higher keep rates and margins. Regarding the client file, he emphasized the focus on acquiring 'healthy' clients and increasing their lifetime value. CFO David Aufderhaar added that they expect continued sequential improvement in the active client decline rate and reiterated the goal of achieving quarter-over-quarter growth in active clients during fiscal year 2026.

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    Jay Sole's questions to FOOT LOCKER (FL) leadership

    Jay Sole's questions to FOOT LOCKER (FL) leadership • Q4 2025

    Question

    Jay Sole requested elaboration on the business environment in Europe compared to North America and asked for clarification on the first-half guidance, particularly the expected performance for Q1 versus Q2.

    Answer

    EVP & CCO Frank Bracken described Europe as a challenging macro environment but highlighted a 2% comp gain in Q4 and noted that channel inventories are improving. CFO Michael Baughn clarified the first-half outlook, explaining that while H1 profit is expected to be flat year-over-year, Q2 will benefit from lapping a prior-year $0.09 FLX charge, implying pressure on Q1 profitability. He also guided for a sales ramp from Q1 into Q2.

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    Jay Sole's questions to FOOT LOCKER (FL) leadership • Q1 2024

    Question

    Jay Sole asked if Nike's upcoming innovation pipeline is expected to create a broad 'halo effect' that lifts its entire running and lifestyle business at Foot Locker. He also inquired about the potential size of the women's basketball business and the strategy to improve the underperforming apparel category.

    Answer

    CCO Frank Bracken expressed strong confidence in Nike's innovation pipeline and its return to 'offense' with powerful marketing, which he believes will drive growth. On women's basketball, he sees significant potential, citing early success with Nike's Sabrina 1 and Puma's Stewie lines, and expects all major brand partners to invest in the space. For apparel, he acknowledged the need for more innovation and stated Foot Locker is focusing on key items, improving seasonal transitions, and telling better head-to-toe stories to stabilize the business.

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    Jay Sole's questions to ROSS STORES (ROST) leadership

    Jay Sole's questions to ROSS STORES (ROST) leadership • Q4 2024

    Question

    Jay Sole asked if the low-end Q1 comp guidance of -3% requires further improvement from the current trend and why the full-year comp guidance range is wider than normal.

    Answer

    Group President and COO Michael Hartshorn confirmed the wider full-year comp range is due to a lack of visibility. He stated that they have seen an improvement in sales trends since early February as weather improved, and that this continued improvement is factored into the Q1 guidance.

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    Jay Sole's questions to ROSS STORES (ROST) leadership • Q3 2025

    Question

    Jay Sole asked whether issues with inventory availability or the timing of buys contributed to the merchandising execution challenges cited for the third quarter.

    Answer

    CEO Barbara Rentler stated that overall inventory availability is favorable and that the execution issues were not related to the timing or speed of inventory buys. She explained that merchants maintain liquidity to react to demand, and the challenges were related to specific merchandise choices rather than procurement timing.

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    Jay Sole's questions to ROSS STORES (ROST) leadership • Q2 2024

    Question

    Jay Sole inquired about the company's perspective on international expansion, particularly in light of competitors making moves in international markets.

    Answer

    Group President and COO Michael Hartshorn stated that the company's focus remains entirely on domestic growth. He cited a significant runway for expansion in the U.S., with a long-term target of 2,900 Ross stores and 700 dd's DISCOUNTS locations, and emphasized that all energy is directed toward profitably growing this domestic store base.

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    Jay Sole's questions to Macy's (M) leadership

    Jay Sole's questions to Macy's (M) leadership • Q3 2025

    Question

    Jay Sole of UBS asked about the performance of the furniture business, for more detail on the improvement in handbags, and for an update on business trends since Cyber Monday.

    Answer

    CEO Antony Spring noted the furniture business remains soft and under pressure, likely until interest rates ease, though the mattress business is more stable. He confirmed seeing nice strength in handbags at both Bloomingdale's and Macy's, driven by newness and traditional brands like Coach and Tory Burch. While not commenting on post-Cyber Monday specifics, he stated that on a quarter-to-date basis, the consumer has shown a real interest in shopping.

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    Jay Sole's questions to Macy's (M) leadership • Q2 2024

    Question

    Jay Sole asked for more details on the asset sales that drove the increase in the full-year guidance for asset sale gains and monetization proceeds.

    Answer

    COO and CFO Adrian Mitchell expressed pleasure with the progress, noting healthy responses from landlords and a strong deal pipeline. He confirmed the annual guidance for asset sale gains was raised to approximately $115 million, at the high end of the prior range. This reflects $36 million in Q2 gains, a forecast of $30 million for Q3, and implies an increase in expected store closures for the year from 50 to approximately 55, demonstrating strong traction and value realization.

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    Jay Sole's questions to Crocs (CROX) leadership

    Jay Sole's questions to Crocs (CROX) leadership • Q3 2024

    Question

    Jay Sole from UBS asked for the big-picture, long-term growth plan for the Crocs brand in North America beyond the next year, inquiring about potential levers like brand awareness, new wholesale doors, owned retail expansion, or new product categories.

    Answer

    CEO Andrew Rees stated that in the 1-2 year timeframe, international growth is the primary driver for the Crocs brand. For North America long-term, he sees limited new distribution opportunities but pointed to continued growth in digital, personalization, and sandals. He added that while the company is experimenting with broader silhouettes, the main role of the North American business for now is to be a 'cash cow' funding international expansion and other investments.

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    Jay Sole's questions to Crocs (CROX) leadership • Q2 2024

    Question

    Jay Sole of UBS Group asked for more details on the drivers behind the strong performance in China, which grew over 30%, and the outlook for the region.

    Answer

    CEO Andrew Rees attributed the success in China to effectively driving brand heat, which is bucking a weaker consumer trend in the country. Key drivers include a social-first digital marketing strategy using local celebrities, strong performance during online shopping festivals, significant expansion of mono-brand retail stores with partners, and the high consumer engagement with Jibbitz personalization.

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    Jay Sole's questions to Canada Goose Holdings (GOOS) leadership

    Jay Sole's questions to Canada Goose Holdings (GOOS) leadership • Q1 2025

    Question

    Jay Sole asked about the rationale and timing behind hiring the company's first-ever creative director and the expected evolution of the brand as a result.

    Answer

    CEO Dani Reiss described the decision as the 'right thing at the right time,' marking a crucial inflection point in the brand's journey toward becoming a global luxury powerhouse. He emphasized that Haider Ackermann will build world-class design capabilities and has the potential to elevate the brand to the 'next level.'

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