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    Martin Landry

    Managing Director and Consumer & Retail Analyst at Stifel

    Martin Landry is a Managing Director and Consumer & Retail Analyst at Stifel Canada, specializing in research coverage of the Consumer Products, Retail, Healthcare, and Special Situations sectors. He has provided investment research on companies such as Maple Leaf Foods and has achieved notable recognition, including being ranked the top Canadian equity analyst for Small Cap/Special Situations by Brendan Wood International in 2018 and 2017, and Top Stock Picker for Healthcare by Thomson Reuters in 2017. Landry began his professional career at Ernst & Young in 2001, transitioning to capital markets with GMP Securities LP (now part of Stifel) in 2005, and now brings over a decade of expertise in equity research. He holds the Chartered Professional Accountant designation, demonstrating strong financial credentials.

    Martin Landry's questions to BRP (DOOO) leadership

    Martin Landry's questions to BRP (DOOO) leadership • Q2 2026

    Question

    Martin Landry of Stifel asked about BRP's long-term earnings power, questioning the path from the current EPS guidance of around $4.50 back towards the previously discussed potential of $14. He also asked if it was realistic for EPS to double in the next two to three years.

    Answer

    CFO Sébastien Martel affirmed his belief that BRP has the product portfolio, dealer network, and innovation engine to achieve significant growth and reach previously discussed earnings levels. However, he stressed that this potential is highly dependent on the macroeconomic environment and overall industry growth. While Martel confirmed BRP has the manufacturing and product backbone to double its EPS, he reiterated that achieving it is contingent on industry dynamics.

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    Martin Landry's questions to BRP (DOOO) leadership • Q1 2026

    Question

    Martin Landry asked for more color on the upcoming new product introductions and for CEO Jose Boisjoli's perspective on how the current industry cycle compares to previous downturns.

    Answer

    CEO Jose Boisjoli described the upcoming product news as a 'strong product intro for Can-Am' and also a 'very strong lineup on watercraft.' Regarding the cycle, he characterized the current one as unique due to the combination of high inflation, high interest rates, and tariff uncertainty. He believes that once clarity returns, the industry will rebound quickly, and BRP is well-positioned to capitalize on it.

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    Martin Landry's questions to BRP (DOOO) leadership • Q4 2025

    Question

    Martin Landry inquired about the outlook for North American retail demand, specifically the divergence between high-end and entry-level products, and whether this implies a negative volume but positive price/mix scenario.

    Answer

    CEO Jose Boisjoli noted that high-end products are selling well while entry-level models are down about 30%, a trend driven by inflation and interest rates. CFO Sebastien Martel added that February retail was choppy and difficult to forecast, and confirmed that a scenario of lower volumes offset by positive price/mix is a possibility.

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    Martin Landry's questions to BRP (DOOO) leadership • Q2 2025

    Question

    Martin Landry requested BRP's revised expectations for North American industry sales in units for fiscal 2025 and inquired about assumptions for average unit price changes.

    Answer

    CEO Jose Boisjoli provided unit-based industry decline forecasts: ORV down mid-to-high single-digits, snowmobile down low-to-mid-teens, and watercraft/3-wheel down around 20%. CFO Sebastien Martel added that while the promotional environment remains high, BRP expects to return to normal pre-COVID MSRP increases of about 1% next year.

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    Martin Landry's questions to BRP (DOOO) leadership • Q1 2025

    Question

    Martin Landry of Stifel asked if BRP had changed its retail sales assumptions for North America for the year and inquired how the company sustained a strong Powersports gross margin of 26.2% despite a significant sales decline.

    Answer

    CFO Sebastien Martel clarified that retail assumptions were only tweaked for the seasonal business, with the ORV outlook remaining largely the same. He attributed the robust Powersports gross margin to the company's long-term strategy, including leveraging its Mexican manufacturing footprint, in-sourcing technology like turbocharging, using modular platforms, and a renewed team focus on efficiency, all of which are paying off even with lower volumes.

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    Martin Landry's questions to Gildan Activewear (GIL) leadership

    Martin Landry's questions to Gildan Activewear (GIL) leadership • Q2 2025

    Question

    Martin Landry of Stifel Financial Corp. questioned the impact of U.S. distributor consolidation on Gildan's business and asked if the company is observing a rebound in corporate promotional spending.

    Answer

    President & CEO Glenn Chamandy stated that Gildan has not seen a negative impact from distributor consolidation, citing the 12% Activewear sales growth as evidence of its strong position and market share gains. Regarding the market outlook, he said the company remains cautiously optimistic, noting that while corporate promotional activity is weak, new program launches in the second half provide a solid base for growth and good visibility into 2026.

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    Martin Landry's questions to Gildan Activewear (GIL) leadership • Q1 2025

    Question

    Martin Landry of Stifel Financial Corp. questioned the sustainability of the strong Q2 operating margin guidance, given the tough comparison to last year which included a large tax credit. He also asked if Gildan's strengthening competitive advantage allows it to be more selective with programs to enhance margins.

    Answer

    EVP and CFO Luca Barile acknowledged the tough Q2 comparison, which included a $17 million retroactive tax credit last year, but expressed confidence in achieving a similar margin level this year, driven by a favorable product mix. President and CEO Glenn Chamandy responded that while maximizing shareholder value is the goal, the company's primary focus remains on pursuing long-term strategic opportunities and strengthening customer relationships, which will guide their decision-making.

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    Martin Landry's questions to Gildan Activewear (GIL) leadership • Q4 2024

    Question

    Martin Landry inquired about the production capacity utilization rate assumed in the 2025 guidance and the company's capacity runway through 2027. He also asked if there are margin differentials between sales channels and whether the growth in retail is dilutive to overall margins.

    Answer

    President & CEO Glenn Chamandy stated that Gildan has ample capacity to support its growth targets through 2027 without running full, with future CapEx planned for 2028 needs. Both Chamandy and EVP & CFO Rhodri Harries confirmed that margins are consistent across channels, a result of the 'Back to Basics' strategy. They explained that while price points differ by product, the margin percentages are aligned, making the company agnostic to channel mix shifts.

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    Martin Landry's questions to Gildan Activewear (GIL) leadership • Q2 2024

    Question

    Martin Landry asked for an estimate of Gildan's current aggregate market share in the U.S. printwear industry and inquired about the specific market share assumptions embedded in the company's new 3-year financial outlook.

    Answer

    CEO Glenn Chamandy did not provide a specific aggregate market share figure but emphasized that Gildan continues to outperform the market and gain share, particularly in the Fashion and fleece categories. He explained the 3-year outlook assumes a flat to low-single-digit market growth, which Gildan will supplement with share gains, new retail programs, and international growth to achieve its mid-single-digit revenue target. CFO Rhodri Harries clarified that they expect to continue gaining share in fleece, not just maintain it.

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