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    Mark Petrie

    Research Analyst at CIBC

    Mark Petrie is an Equity Research Analyst at CIBC, specializing in covering the Canadian banking industry and various consumer sectors including retail and packaged foods. He has provided in-depth equity research and investment ratings on companies such as Hudson’s Bay Company and Maple Leaf Foods, where his reports and conference moderation are well regarded in the investment community. Petrie has been with CIBC for multiple years, consistently delivering detailed market analysis and actionable equity recommendations, though third-party platforms like TipRanks do not currently provide public success rate or returns metrics for his coverage. Based in Toronto, he holds recognized industry credentials as a professional equity analyst and has developed a strong reputation for his sector expertise through numerous industry engagements and conference moderation.

    Mark Petrie's questions to BRP (DOOO) leadership

    Mark Petrie's questions to BRP (DOOO) leadership • Q2 2026

    Question

    Mark Petrie of CIBC sought clarification on two different figures mentioned for the destocking headwind ($1.3B vs. $400-500M). He also requested a breakdown of the factors driving the implied 14-15% EBITDA margin in the second-half outlook.

    Answer

    CFO Sébastien Martel clarified that the $400-$500 million figure refers specifically to the revenue impact from destocking in the current fiscal year. For the H2 margin bridge, he expects gross profit to increase by about 300 basis points versus last year, offset by a 500 basis point headwind from higher OpEx (mainly variable compensation), resulting in a net EBITDA margin improvement of roughly 150 basis points.

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    Mark Petrie's questions to BRP (DOOO) leadership • Q1 2026

    Question

    Mark Petrie asked if BRP's view on its prior informal EPS guidance range had materially changed due to shifts in competitive inventory dynamics or consumer demand.

    Answer

    CFO Sebastien Martel confirmed that the outlook has changed from the informal range discussed previously. He cited two main reasons: the new, unforecasted impact of tariffs, and a softer-than-anticipated consumer demand environment, with the industry down 5% in Q1 excluding snowmobiles. These factors led to the decision to withhold formal guidance.

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    Mark Petrie's questions to BRP (DOOO) leadership • Q2 2025

    Question

    Mark Petrie questioned the rationale behind BRP's 15-20% inventory reduction target and asked if it should be adjusted given deteriorating demand. He also asked what would trigger a more aggressive promotional stance from BRP to clear inventory.

    Answer

    CEO Jose Boisjoli explained the target is based on aiming for ~90 days of forward inventory for year-round products and ~10% of next season's retail for seasonal products. CFO Sebastien Martel added that the miss on Q2 inventory was due to PWC softness and that the 15-20% target remains appropriate as it already factors in market pressures and the need for good dealer representation. He stated BRP's current promotional programs are competitive.

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    Mark Petrie's questions to BRP (DOOO) leadership • Q1 2025

    Question

    Mark Petrie of CIBC asked for clarification on the second-half EBITDA outlook, which appeared higher than previously implied, and requested more detail on the $0.75 EPS benefit from cost reductions, questioning if these savings were permanent or temporary.

    Answer

    CFO Sebastien Martel explained that the second-half improvement is driven by a combination of shifting some Q2 deliveries into Q3 and the realization of cost efficiencies. He detailed that the $0.75 benefit is roughly half from lower variable compensation (temporary) and half from permanent operational efficiencies. These efficiencies stem from a renewed focus on lean practices now that the teams are not solely focused on adding capacity as they were during the pandemic.

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    Mark Petrie's questions to Gildan Activewear (GIL) leadership

    Mark Petrie's questions to Gildan Activewear (GIL) leadership • Q2 2025

    Question

    Mark Petrie from CIBC Capital Markets asked for details on the magnitude and timing of price increases implemented to offset tariffs, and how competitors have responded, questioning if price gaps have changed.

    Answer

    President & CEO Glenn Chamandy explained that pricing is being rolled out sequentially but is not substantial due to Gildan's internal mitigation of tariff costs. He noted that competitors face similar or greater pressures and are also taking price, resulting in no significant change to the competitive price gaps. He stressed that the price increases are insignificant relative to the final consumer price, especially in the wholesale channel.

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    Mark Petrie's questions to Gildan Activewear (GIL) leadership • Q1 2025

    Question

    Mark Petrie of CIBC World Markets Inc. followed up on pricing, asking if competitors have raised prices and how Gildan's actions compare. He also inquired about the drivers of working capital changes and the expected pace of share buybacks for the remainder of the year.

    Answer

    EVP and COO Chuck Ward confirmed seeing selective price increases from competitors. President and CEO Glenn Chamandy added that Gildan's U.S. content provides a cost advantage, allowing them to be more cautious on pricing. EVP and CFO Luca Barile explained that the Q1 working capital build was seasonal and is expected to normalize. He affirmed that share buybacks will continue at a sustained pace to achieve the 5-6% annual target, while maintaining the company's leverage framework of 1.5x to 2.5x net debt to adjusted EBITDA.

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    Mark Petrie's questions to Gildan Activewear (GIL) leadership • Q4 2024

    Question

    Mark Petrie questioned how current SKU levels compare to historical levels, particularly after the 'Back to Basics' rationalization, given the recent focus on product innovation. He also asked about the recent slowdown in the pace of share buybacks and the criteria guiding short-term repurchase decisions.

    Answer

    President & CEO Glenn Chamandy clarified that new innovations like soft cotton technology are being applied to existing SKUs, thus not significantly increasing the SKU count. EVP & CFO Rhodri Harries explained the record 2024 buyback was unique due to an increased leverage target. He stated the pace in 2025 will return to a more normal, consistent cadence, targeting around 5-6% of the float for the full year.

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    Mark Petrie's questions to Gildan Activewear (GIL) leadership • Q2 2024

    Question

    Mark Petrie followed up on fleece performance, asking for clarification on its growth versus broader category softness and how much of Gildan's success is from market share gains versus distributor restocking. He also asked about current inventory levels at retail and distributors compared to normalized levels.

    Answer

    CEO Glenn Chamandy clarified that while the overall market was down mid-single digits, Gildan's POS turned positive in June, indicating significant market share gains in fashion basics and fleece. He also highlighted a very strong order book for fleece. President of Sales, Chuck Ward, characterized inventory levels as being 'in balance,' noting some lightness internationally which the Bangladesh facility ramp-up is expected to resolve in Q4.

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