Jonathan Komp • Robert W. Baird & Co.

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Arc'teryx CEO Stuart Haselden expects the outlet drag to remain consistent with H1 levels and described the Korea acquisition as an 'exciting' opportunity with potential to become larger than Japan. CFO Andrew Page explained the operating margin guidance reflects a strategic decision to reinvest the gross margin upside into growth initiatives, such as new stores and marketing to support the Solomon brand's inflection, while still delivering 100 basis points of bottom-line expansion.

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CFO Andrew Page described the back-half guidance as a responsible approach given macro uncertainties. CEO Jie Zheng added that Salomon's wholesale business, primarily in Europe, is seeing strong momentum with accelerated reorders and positive future bookings, driven by strong resonance for new products like the XT-Whisper and Aero Glide 3.

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CFO Andrew Page described the guidance as a 'responsible' approach given significant macro uncertainty. CEO Jie Zheng added that Salomon's wholesale business, driven by Europe, is seeing strong momentum with accelerated reorders and positive future order bookings, fueled by successful new product launches that are resonating with retail partners.

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CFO Jay Stasz framed the online cancellation feature as the right choice for members. CEO Colleen Keating noted that High School Summer Pass participation is up markedly, which is a positive indicator for fall conversions. On Black Card pricing, she said the company wants to let the initial churn from the online cancellation rollout moderate before deciding on the timing.

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CFO Jay Stasz stated that member trends are good and consistent. He explained that 2025 is a unique investment year due to the hiring of a new CMO and CDO and a full year of CEO compensation, which is why revenue and adjusted EBITDA are guided to grow at the same rate. He clarified that in a normalized year, the company would expect SG&A to grow slower than revenue, leading to EBITDA margin expansion, and expects to return to that leverage in future years.

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CEO Colleen Keating stated that the brand positioning work is in its final stages, with new creative being developed for Q1, and that recruiting a CMO and CDO is a top priority. CFO Tom Fitzgerald addressed unit growth, expressing confidence in meeting the Q4 opening targets. He noted that while 2025 guidance is not yet available, the current strategic initiatives are designed to accelerate new unit growth in the future.

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CFO Jim Watkins stated that the company feels very good about its inventory flow and is confident it has enough product to meet its guidance and handle potential upside. CEO John Hazen affirmed his focus on the three key adjustments—sourcing, exclusive brand marketing, and reinvigorating the work business—emphasizing the importance of maintaining simplicity and focus for the foreseeable future.

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CEO John Hazen identified a significant positive shift in the denim business as a primary driver of the recent sales acceleration, alongside continued strength in Western boots and work apparel. CFO Jim Watkins added that the business feels like it's back to its historical algorithm of low-to-mid-single-digit growth. Regarding margins, Watkins expressed confidence in reaching the 15% operating margin target over time, stating that absent the current tariff pressures, this year would have shown progress towards that goal.

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Interim CEO John Hazen attributed the e-commerce growth primarily to increased traffic, driven by successful customer acquisition through Google's marketing tools while maintaining a strict return on ad spend. For future marketing, he indicated the company will continue to lean into artist collaborations and expand its use of connected TV.

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CFO Jim Watkins explained the Q3 guidance reflects recent trends adjusted for potential election disruption and a shorter holiday period. Former CEO Jim Conroy stated that interim CEO John Hazen was the top internal succession choice and is well-positioned for the permanent role, emphasizing the importance of the company's collaborative culture.

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CFO Neil Bowden stated that the timing of investments is dynamic and declined to provide specific guidance on SG&A seasonality or the revenue scale needed for margin expansion. He confirmed a lease expiration in Dalian where another store had recently opened. President of Brand & Commercial Carrie Baker expressed confidence in their ability to continue driving growth on platforms like Douyin by constantly optimizing their strategy.

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Executive Neil Bowden indicated that Q4 gross margin is expected to be slightly better year-over-year, though continued marketing spend will pressure operating income. Carrie Baker, President of Brand & Commercial, acknowledged that the late marketing start in Q3 had a short-term impact but established a new, bolder, and more effective go-to-market strategy for the long term. Chairman and CEO Dani Reiss added that the strong performance of non-outerwear categories like apparel and fleece is highly encouraging for future growth.

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CEO Stefano Caroti explained that investments in innovation and design are crucial in a competitive landscape and that the company learned to better space out key launches. CFO Steven Fasching stated that the company's strong cash position enables opportunistic share repurchases, especially when management feels the stock is undervalued.

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CEO Stefano Caroti explained that investments in innovation, design, and color are crucial in a competitive market and that key learnings include better spacing of product launches and tighter inventory management. CFO Steven Fasching stated that the company's strong cash position allows the board to authorize share repurchases, particularly when they believe the stock is undervalued.

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CFO Steve Fasching attributed the HOKA U.S. D2C pressure to temporary factors, including consumers purchasing new models in physical stores, promotions on outgoing models, and slower new customer acquisition amid macro uncertainty, while noting strong international D2C performance. CEO Stefano Caroti affirmed his strong confidence in the brand's long-term potential. Fasching added that while a mid-teens growth rate is the goal in a normal environment, current uncertainty makes it difficult to forecast demand precisely.

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CFO Steve Fasching explained the Q4 growth rate is not indicative of brand health but a result of deliberate market management, inventory control, and difficult year-over-year comparisons. CEO Stefano Caroti addressed competition by highlighting HOKA's strong innovation pipeline and stated that distribution expansion will remain selective and thoughtful, particularly in international markets.

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CFO Steven Fasching explained the growth moderation was planned, with new styles and door expansion driving a front-loaded first half. He confirmed the back-half gross margin caution is a forward-looking assumption based on a potentially challenged holiday season, more product in the channel, and planned promotions for upcoming product transitions, not current trends.

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President & CEO Elliot Hill expressed confidence in the 'WinNow' actions and the 'sport offense,' citing the improving order book as a positive signal. However, he cautioned that a full recovery will take time as each geography is on a different timeline, with North America and EMEA showing the clearest progress and China taking longer. The company will provide guidance 90 days at a time.

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President and CEO Elliott Hill confirmed that growth is a factor but also highlighted a new strategic focus on supply chain efficiency by having the Chief Supply Chain Officer report directly to him. CFO Matt Friend added that there is a significant margin rate opportunity in NIKE Direct by shifting away from a 50% promotional mix to a healthier, full-price model, which would also reduce reliance on costly paid media.

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Executive Co-Chairman Caspar Coppetti attributed strong Q1 results to upper-funnel brand campaigns like the Super Bowl ad and Zendaya partnership. Co-CEO Martin Hoffmann added that momentum continued into April, the company's strongest month ever. For the Americas, Hoffmann cited strong brand resonance, market share gains in running, controlled store expansion, a favorable comparison to last year's D2C operational issues, and a robust product pipeline reflected in strong preorders.

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CFO and Co-CEO Martin Hoffmann explained that G&A leverage is the primary driver for the expected adjusted EBITDA margin expansion to 17-17.5%, with further benefits from warehouse automation expected later in 2025 or early 2026. Co-CEO Marc Maurer addressed the long-term targets, stating they are on track with retail and China expansion but slightly behind on apparel, though they have clear plans to accelerate growth. He noted China's store count will grow from 58 to approximately 80 in 2025.

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Executive Co-Chairman Caspar Coppetti asserted that LightSpray is a potentially disruptive manufacturing technology intended for large-scale commercialization, not just a marketing story. CFO and Co-CEO Martin Hoffmann explained the Q4 EBITDA margin outlook reflects a balance of growth and investment, with planned spending on major brand campaigns and higher D2C distribution costs during the holidays. This aligns with the long-term strategy of gradually expanding margins toward the 18%+ goal by 2026.

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CEO Andrew Rees explained that while April performance was strong, the decision to withdraw guidance is a matter of prudence due to the highly unpredictable global trade environment. He clarified that the $130 million tariff impact is an extreme and unlikely scenario, as the company would not continue importing from China at current rates if the 145% tariff remains. He noted they are already shifting sourcing away from China.

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CEO Andrew Rees expressed confidence in the North American product pipeline for Crocs but noted a prudent outlook due to consumer uncertainty. CFO Susan Healy explained that the lower SG&A growth in 2H 2025 is due to lapping the back-half weighted investments made in 2024. Rees added that after a period of rapid growth and SG&A leverage, the company has been making critical investments in capabilities and marketing, and is now committed to maintaining a 24% operating margin floor.

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CFO Susan Healy confirmed that Q4 DTC is expected to be positive, offset by a planned decline in wholesale due to earlier shipments, while maintaining a flat outlook for the second half. CEO Andrew Rees characterized the North American business as a stable, highly profitable cash generator that funds international growth and HEYDUDE investments, and he anticipates modest growth in the short to longer term.

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CEO Andrew Rees explained that the North American outlook is affected by a cautious consumer and a deliberate, strategic pullback on promotions to protect long-term brand health and profitability. He acknowledged a competitive athletic trend but highlighted Crocs' strong international growth, innovation in sandals, and ongoing cost-saving measures ($50 million actioned) as key priorities. Rees noted that 170 basis points of Q3 margin deleverage are due to tariffs.

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CEO Tim Boyle explained that reducing U.S. sourcing from China has been a multi-year strategy and does not pose a risk to product assortment or quality. CFO Jim Swanson stated that while the company is absorbing the tariff costs this year, the expectation is to implement strategies to recover those costs next year, though the environment remains highly uncertain.

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CEO Tim Boyle explained the marketing goal is to attract younger, more active consumers to its premium, innovative products. EVP & CFO Jim Swanson added that key metrics include online conversion rates and loyalty program member acquisition. Regarding profitability, Swanson stated the long-term goal is to reach upper-quartile operating margins in the teens, which requires both cost management and top-line growth.

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CEO Tim Boyle responded that in the consolidated North American retail market, Columbia must improve its performance through better marketing and in-store execution, leveraging unique products like PFG to drive a stronger wholesale business. On balancing costs and growth, Boyle clarified that the "Accelerate" strategy is not about across-the-board cuts but about reallocating spend from postponed initiatives toward high-impact marketing and promotional activities to regain brand strength.

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CEO Chris Hufnagel responded that while the largest brands, Saucony and Merrell, are poised for strong growth, it is challenging to have all portfolio brands peak simultaneously. He specifically mentioned that the Work Group requires performance improvement. CFO Taryn Miller added that the 2025 constant currency guidance of 4.2% to 5.9% growth is already at the midpoint of the long-term aspirational range.

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CEO Bracken Darrell noted that overall business performance has been very consistent with internal expectations, without any significant areas outperforming. He expressed confidence in the ongoing improvement trajectory but declined to quantify the future rate of change.

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