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    Matt Boss • JPMorgan Chase & Co.

    Matt Boss's questions to Tapestry Inc (TPR) leadership

    Matt Boss's questions to Tapestry Inc (TPR) leadership • Q4 2025

    Question

    Matt Boss asked about the drivers behind the inflection in unit sales at Coach despite lower promotions, the future interplay between AUR and units, and the expected phasing of gross margin throughout fiscal 2026.

    Answer

    CEO Joanne Crevoiserat noted that Coach has reached a 'tipping point' in its brand-building efforts. Coach CEO Todd Kahn added that while AUR will be the primary growth driver, unit growth is also expected, supported by plans for physical store expansion. CFO & COO Scott Roe detailed that gross margin will be stronger in the first half before tariff impacts are fully reflected in the second half, with Q1 gross margin guided to increase by approximately 100 basis points.

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    Matt Boss's questions to Ralph Lauren Corp (RL) leadership

    Matt Boss's questions to Ralph Lauren Corp (RL) leadership • Q1 2026

    Question

    Matt Boss of JPMorgan Chase & Co. inquired about the primary drivers of Ralph Lauren's recent outperformance, their sustainability, and the factors needed for a more positive second-half consumer outlook. He also asked about the expected drivers of gross margin in the latter half of the year.

    Answer

    President & CEO Patrice Louvet attributed the durable strength to brand desirability, a broad product portfolio, and the key city ecosystem model, while remaining cautious on the second half pending consumer reaction to inflation. CFO Justin Picicci explained that while first-half gross margin is strong, the second half will see pressure from tariffs and cost inflation, though tailwinds like AUR growth and lower promotions remain.

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    Matt Boss's questions to Acushnet Holdings Corp (GOLF) leadership

    Matt Boss's questions to Acushnet Holdings Corp (GOLF) leadership • Q2 2025

    Question

    Matt Boss of JPMorgan Chase & Co. asked for an update on customer response to new golf club and ball launches and the company's visibility into its low single-digit back-half revenue forecast. He also questioned the gross margin and operating expense outlook for the second half.

    Answer

    President & CEO David Maher expressed satisfaction with new product launches like the Pro V1, noting strong sell-through and share trends. He said the back-half outlook is supported by the new T-series iron launch, order books, and healthy inventory levels. CFO Sean Sullivan added that while second-half gross margins will be impacted by approximately $30 million in tariffs, the company is pleased with the overall profile and will continue to invest in growth, with operating expenses also reflecting the costs of a voluntary retirement program.

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    Matt Boss's questions to Topgolf Callaway Brands Corp (MODG) leadership

    Matt Boss's questions to Topgolf Callaway Brands Corp (MODG) leadership • Q2 2025

    Question

    Matt Boss asked for a high-level assessment of the golf industry's health and the drivers of the improved golf equipment forecast. He also questioned if Topgolf's value proposition is now correctly positioned and what is needed to achieve positive comps.

    Answer

    President & CEO Chip Brewer described the golf equipment business as very healthy, particularly in the U.S., with an engaged consumer and low-single-digit sell-through growth. Topgolf CEO Artie Starrs stated that while he is encouraged by the immediate positive traffic response to value initiatives, he is not yet providing a specific date for a return to positive comps, emphasizing that momentum is building.

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    Matt Boss's questions to Capri Holdings Ltd (CPRI) leadership

    Matt Boss's questions to Capri Holdings Ltd (CPRI) leadership • Q1 2026

    Question

    Matt Boss of JPMorgan Chase & Co. asked for details on Michael Kors' recent product performance, including sell-through trends for new launches in both direct-to-consumer and wholesale channels, the status of the product assortment for the second half of the year, and any early signs of demand elasticity or pricing power.

    Answer

    Chairman & CEO John Idol explained that strategic shifts in marketing, including the 'Hotel Stories' campaign and increased use of influencers, are driving positive consumer engagement and a shift in brand affinity. He noted that AURs in the full-price channel turned positive for the first time in three years, and sequential improvements in full-price store comps are continuing. Idol highlighted that while wholesale is improving, the focus has been on correcting design and pricing issues, which is now showing results in stronger full-price sell-throughs for new handbag styles. He also mentioned the forward-looking consumer data for the fall season appears even stronger.

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    Matt Boss's questions to Royal Caribbean Cruises Ltd (RCL) leadership

    Matt Boss's questions to Royal Caribbean Cruises Ltd (RCL) leadership • Q2 2025

    Question

    Matt Boss of JPMorgan Chase & Co. asked for elaboration on the accelerating demand trends, including July bookings, and inquired about Royal Caribbean's long-term offensive strategy to grow its share of the $2 trillion global vacation market. He also asked about the assumptions for close-in demand embedded in the second-half guidance.

    Answer

    President & CEO Jason Liberty highlighted a significant acceleration in close-in demand, driven by a financially healthy consumer with strong confidence. He detailed an offensive strategy centered on increasing customer repetition and lifetime value by investing in new ships, private destinations like Perfect Day and Royal Beach Clubs, expanding into new experiences like river cruising, and leveraging a digital commercial platform with AI. CFO Naftali Holtz added that the current guidance does not factor in further acceleration of close-in demand, which represents potential upside. He reiterated that the company is well-positioned to achieve its 'Perfecta' targets, with share buybacks offering a supplemental return not yet factored into those plans.

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    Matt Boss's questions to Levi Strauss & Co (LEVI) leadership

    Matt Boss's questions to Levi Strauss & Co (LEVI) leadership • Q2 2025

    Question

    Matt Boss of JPMorgan Chase & Co. inquired about the key drivers behind Levi's current demand strength, whether momentum has moderated, the extent of market share gains, and the structural changes supporting the significant gross margin improvement.

    Answer

    President & CEO Michelle Gass attributed the broad-based growth to the successful pivot to a DTC-first model and a full lifestyle brand, highlighting product resonance and strong brand marketing. EVP & CFO Harmit Singh explained that record gross margins are structurally driven by a better mix (DTC, women's, international), a narrowed brand focus, improved assortment productivity, and higher full-price sales, stating "we're not done yet."

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    Matt Boss's questions to Five Below Inc (FIVE) leadership

    Matt Boss's questions to Five Below Inc (FIVE) leadership • Q1 2025

    Question

    Matt Boss from JPMorgan Chase & Co. asked about the source of the strong comparable sales, questioning if it was driven by new customer acquisition or existing customer basket building, and about opportunities in the back half.

    Answer

    CEO Winnie Park confirmed that the 6.2% transaction growth was driven by both new and returning customers, alongside strong conversion. For the second half, she highlighted plans to amplify trends in beauty, novelty food, and style, while maintaining better in-stock positions. COO Ken Bull added that investments in store labor and process simplification will continue.

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    Matt Boss's questions to Abercrombie & Fitch Co (ANF) leadership

    Matt Boss's questions to Abercrombie & Fitch Co (ANF) leadership • Q1 2025

    Question

    Matt Boss inquired about the progression of customer traffic during Q1 and into May for both Abercrombie and Hollister, the current level of Abercrombie's end-of-season carryover inventory, the drivers for Q2 gross margin, and the multi-year operating margin outlook.

    Answer

    CEO Fran Horowitz stated that traffic was nice for Abercrombie and strong for Hollister throughout the quarter. CFO Robert Ball clarified that while some carryover inventory remains, levels are below 2023 and considered normalized compared to the abnormally low levels in 2024. For Q2 gross margin, he noted continued but lessening pressure from freight and carryover. Regarding multi-year margins, he emphasized the focus on long-term growth and the strength of the current 12.5% to 13.5% guided range.

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    Matt Boss's questions to Abercrombie & Fitch Co (ANF) leadership • Q1 2025

    Question

    Matt Boss questioned the traffic progression during Q1 and into May for both Abercrombie and Hollister, and asked about the current level of end-of-season carryover inventory at Abercrombie. He also asked for a breakdown of Q2 gross margin drivers and the multi-year operating margin outlook.

    Answer

    CEO Fran Horowitz stated that traffic was strong for both brands, with Abercrombie's sales issue being AUR compression from carryover inventory, not a lack of customer interest. SVP & CFO Robert Ball clarified that carryover levels are now considered normalized and below 2023 levels. For Q2, he noted continued but lessening pressure from freight and carryover, while affirming the company's focus on long-term growth and the strength of the 12.5%-13.5% operating margin guide.

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