Sign in

    Kelly Crago • Citigroup

    Kelly Crago's questions to Abercrombie & Fitch Co (ANF) leadership

    Kelly Crago's questions to Abercrombie & Fitch Co (ANF) leadership • Q1 2025

    Question

    Kelly Crago, on for Paul Lejuez, asked for more detail on the specific product categories where the Abercrombie brand underperformed expectations in Q1 and what actions are being taken to correct this. She also asked if the Q2 sales guidance incorporates recent quarter-to-date performance.

    Answer

    CEO Fran Horowitz explained that the primary disappointment was not comping the spectacular launch of the wedding shop from the prior year, though dresses still sold well. She emphasized the team is now chasing emerging trends. CFO Robert Ball confirmed that May's month-to-date trends are incorporated into the Q2 sales growth outlook of 3% to 5%, noting that volume will build as the back-to-school season approaches.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Abercrombie & Fitch Co (ANF) leadership • Q1 2025

    Question

    Kelly Crago, on for Paul Lejuez, asked for specifics on which product categories underperformed at the Abercrombie brand in Q1 and what corrective actions are being taken. She also asked if the Q2 sales guidance incorporates quarter-to-date trends.

    Answer

    CEO Fran Horowitz explained the Q1 decline was driven by AUR pressure from liquidating carryover inventory and underperformance against the prior year's highly successful launch of the wedding shop. SVP & CFO Robert Ball confirmed that May's month-to-date trends are incorporated into the Q2 outlook, expressing confidence in growing on top of last year's strong results.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Under Armour Inc (UAA) leadership

    Kelly Crago's questions to Under Armour Inc (UAA) leadership • Q4 2025

    Question

    Kelly Crago of Citigroup Inc. asked for clarification on the expected revenue trajectory for fiscal 2026, bridging the Q1 guide with the prior full-year outlook, and questioned if North American DTC could return to growth as promotional pullbacks are lapped.

    Answer

    CFO David Bergman clarified that the pre-tariff plan for fiscal 2026 implied a better second half than the first, with a full-year revenue decline expected to be more modest than in fiscal 2025. He indicated that the strategic pressures on North American DTC should be 'much more minimized' in the back half of fiscal 2026. CEO Kevin Plank added that the overarching focus remains on driving brand affection and ensuring a clean, premium presentation at retail.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Under Armour Inc (UAA) leadership • Q3 2025

    Question

    Kelly Crago, on for Paul Lejuez, asked for details on the outperformance in North American full-price wholesale, plans for exiting lower-quality distribution, and whether G&A savings can offset rising marketing investments.

    Answer

    CFO David Bergman clarified the North American beat was primarily driven by the DTC business outperforming cautious plans amid reduced promotions. He stated the distribution strategy is focused on adding 'better and best' tier accounts rather than exiting existing ones. On SG&A, he noted that while restructuring will yield savings in late FY26 and beyond, the current focus is on reprioritizing spending to fuel the brand.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Steven Madden Ltd (SHOO) leadership

    Kelly Crago's questions to Steven Madden Ltd (SHOO) leadership • Q1 2025

    Question

    Kelly Crago inquired about Steve Madden's accelerated production shift out of China, asking about the handling of remaining Chinese orders, the destination countries for new production, the margin profile of these new locations, and the potential impact on top-line revenue and business agility due to changing lead times.

    Answer

    CEO Ed Rosenfeld explained that the company is moving any production possible out of China, negotiating price concessions on goods already in process, and shifting to countries like Mexico, Brazil, Cambodia, and Vietnam. He noted that while some moves extend lead times, Mexico and Brazil offer faster turnarounds. Rosenfeld acknowledged that this shift, along with some customer cancellations due to price hikes and later deliveries, will have a revenue impact, and that margins in new sourcing countries are currently lower.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Steven Madden Ltd (SHOO) leadership • Q4 2024

    Question

    Kelly Crago, on behalf of Paul Lejuez at Citigroup Inc., asked for clarification on the tariff assumptions embedded in the 2025 guidance, specifically if it includes both China and Mexico tariffs, and requested the current sourcing percentage from Mexico.

    Answer

    Chairman and CEO Edward Rosenfeld confirmed that the guidance includes the impact of tariffs from both China and potentially Mexico. He stated that sourcing from Mexico represents a mid-single-digit percentage of the overall mix. The company has assumed it would shift production out of Mexico in the fall if those tariffs remain, thereby limiting the primary impact to goods already in production or transit.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Steven Madden Ltd (SHOO) leadership • Q3 2024

    Question

    Kelly Crago of Jefferies inquired about Steve Madden's sourcing exposure to China amid potential tariffs and the company's mitigation plans. She also asked for details on the wholesale footwear channel's Q3 performance and its outlook for Q4.

    Answer

    Chairman and CEO Edward Rosenfeld detailed a plan to reduce goods sourced from China by 40-45% over the next year, which would lower the portion of the business subject to potential tariffs from just under 50% to about 25%. He noted that while the wholesale footwear business improved sequentially from Q2, it missed the target of flat performance due to delayed boot deliveries by partners. Rosenfeld confirmed he expects further improvement in Q4.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Five Below Inc (FIVE) leadership

    Kelly Crago's questions to Five Below Inc (FIVE) leadership • Q4 2024

    Question

    Kelly Crago, on for Paul Lejuez, asked for the percentage of the tariff impact being offset by mitigation efforts, the expected overall price increase across the assortment, and details on the incentive compensation headwind.

    Answer

    CFO Kristy Chipman stated that mitigation efforts are expected to offset 'north of 50%' of the tariff impact but declined to provide a specific figure to maintain confidentiality in vendor negotiations. She also noted that while a range of price increase scenarios is included in the guidance, a specific percentage would not be shared. The question on incentive compensation was deferred.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Ulta Beauty Inc (ULTA) leadership

    Kelly Crago's questions to Ulta Beauty Inc (ULTA) leadership • Q3 2025

    Question

    Kelly Crago asked for context on the flat performance of prestige makeup versus the industry, the innovation pipeline in that category, and the quantifiable drag from new competitive distribution points, including a timeline for when those headwinds might abate.

    Answer

    CEO Dave Kimbell explained that flat prestige makeup performance was an improvement, driven by new brands like ILIA and strong event execution. He noted the overall prestige makeup category grew in the low single digits, so while Ulta's share was pressured, its performance improved from Q2. Kimbell acknowledged the significant impact of over 1,000 new competitive distribution points but stated that Ulta made headway in Q3 and is confident in its long-term ability to absorb the impact, though the pressure is not fully resolved.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Ulta Beauty Inc (ULTA) leadership • Q3 2024

    Question

    Kelly Crago asked for more context on the flat performance of prestige makeup, including industry trends and the innovation pipeline. She also inquired about the quantifiable drag from new competitive distribution and the timeline for those headwinds to abate.

    Answer

    CEO Dave Kimbell stated that flat prestige makeup was an improvement, driven by new brands and strong event execution. He noted the overall category grew in the low single digits, meaning Ulta's share performance improved from Q2 but remained pressured. He acknowledged the significant impact of over 1,000 new competitive distribution points but stated that while Q3 showed progress, the company is not fully through the headwind yet.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Ulta Beauty Inc (ULTA) leadership • Q2 2025

    Question

    Kelly Crago questioned Ulta's ability to maintain promotional levels below pre-COVID highs given increased competition and a value-seeking consumer. She also asked if the company is rethinking its assortment mix, particularly its reliance on widely distributed legacy brands.

    Answer

    CEO David Kimbell stated that while promotions have increased, he expects them to remain below 2019 levels for the year, aided by strong CRM capabilities. On assortment, he affirmed the strategy of balancing key legacy brands, which drive trust and exclusive launches, with a continuous pipeline of new and exclusive brands like ILIA and WYN BEAUTY to maintain a differentiated 'All things beauty' offering.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Foot Locker Inc (FL) leadership

    Kelly Crago's questions to Foot Locker Inc (FL) leadership • Q3 2024

    Question

    Representing Paul Lejuez, Kelly Crago asked for more specifics on the higher Q3 promotions, including whether they were concentrated in footwear or apparel and how much was a reaction to Nike's DTC activity. She also asked if the Q4 guidance implies a deceleration from current trends.

    Answer

    EVP and CFO Michael Baughn clarified that the higher-than-expected Q3 promotions were primarily in Europe and the apparel category. He noted the Q4 outlook anticipates these trends continuing, with added promotional pressure in North America from DTC channels. He confirmed that the quarter-to-date performance, including a soft November start and strong Thanksgiving week, formed the basis for the Q4 guidance.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to DICK'S Sporting Goods Inc (DKS) leadership

    Kelly Crago's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q3 2024

    Question

    Kelly Crago, on for Paul Lejuez, asked about the company's philosophy on SG&A investment, the comp needed to achieve leverage, and for more detail on the 2025 store opening plans, including the mix of House of Sport and Field House concepts.

    Answer

    CFO Navdeep Gupta explained the philosophy is to drive top and bottom-line growth, making strategic investments in areas like technology as opportunities arise, without giving a specific comp leverage target. He clarified that the 2025 plan includes opening approximately 15 House of Sport locations plus an additional 20 Field House locations, with the vast majority being remodels or relocations, resulting in minimal net new store count growth.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q2 2024

    Question

    Kelly Crago, on for Paul Lejuez, asked about the assumptions behind the high and low ends of the second-half comp guidance. She also requested an update on the rollout and performance of brands like HOKA and On.

    Answer

    CFO Navdeep Gupta stated the second-half comp guidance range balances strong confidence in their strategy against ongoing macroeconomic uncertainties. President and CEO Lauren Hobart confirmed that both HOKA and On are performing very well and that there is further opportunity to expand their distribution across the store fleet in the future.

    Ask Fintool Equity Research AI

    Kelly Crago's questions to Bath & Body Works Inc (BBWI) leadership

    Kelly Crago's questions to Bath & Body Works Inc (BBWI) leadership • Q2 2025

    Question

    Kelly Crago, on for Paul Lejuez of Citi, asked about promotional activity during the Semi-Annual Sale versus other periods, whether the company might reinvest in candle pricing to attract value-seeking consumers, and for an update on raw material cost trends.

    Answer

    CFO Eva Boratto stated that overall promotions were comparable for the quarter and that key raw material costs continue to stabilize or trend down slightly. President of Retail Julie Rosen added that instead of cutting prices on core candles, they are amplifying the value of the Single Wick candle to meet the needs of the value-seeking customer.

    Ask Fintool Equity Research AI