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    Mauricio Serna • UBS Group

    Mauricio Serna's questions to Kontoor Brands Inc (KTB) leadership

    Mauricio Serna's questions to Kontoor Brands Inc (KTB) leadership • Q2 2025

    Question

    Mauricio Serna from UBS asked for details on the cadence of second-half revenue growth, particularly the drivers behind the Q4 acceleration. He also requested more information on the Lee brand's distribution opportunities and the specific actions being taken to improve the business in the APAC region. Lastly, he asked about tariff mitigation strategies, including production shifts and the market reaction to price increases.

    Answer

    EVP, CFO & Global Head of Operations, Joe Alkire, explained that the Q4 revenue acceleration is driven by the inclusion of a 53rd week and the fact that Helly Hansen's business is seasonally weighted toward the fourth quarter. President, CEO and Chair, Scott Baxter, and Alkire added that actions for Lee in APAC involve improving inventory and strengthening the retailer base to establish a stronger foundation for growth. Regarding tariffs, Alkire noted mitigation is a holistic strategy involving production moves, supplier partnerships, and pricing, while Baxter emphasized that the brands' stronger competitive positions enable strategic pricing actions.

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    Mauricio Serna's questions to Columbia Sportswear Co (COLM) leadership

    Mauricio Serna's questions to Columbia Sportswear Co (COLM) leadership • Q2 2025

    Question

    Mauricio Serna inquired about the underlying growth in the 2025 order book, the factors driving the U.S. DTC deceleration (promotional strategy vs. consumer pressure), and the rationale for the implied revenue deceleration from Q3 to Q4 in the guidance.

    Answer

    Chairman, President & CEO Tim Boyle explained that the U.S. DTC comparison is difficult due to heavy liquidation of PFAS inventory in the prior year and expressed optimism for improvement driven by new marketing and a revamped website. He attributed the cautious Q4 outlook to the anticipated negative impact of tariff-related price increases on consumer sentiment and spending, which are expected to manifest late in Q3 and into Q4.

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    Mauricio Serna's questions to Oxford Industries Inc (OXM) leadership

    Mauricio Serna's questions to Oxford Industries Inc (OXM) leadership • Q1 2026

    Question

    Mauricio Serna from UBS requested clarification on the updated $40 million tariff impact, asking if it represented a gross or net figure, and inquired about the timeline for the company's mitigation strategies to take effect.

    Answer

    CFO and COO Scott Grassmyer clarified that the $40 million is the gross impact, up from a $9-10 million estimate, due to newly implemented tariffs. He detailed the mitigation plan, stating that while little could be done for the Spring/Summer 2025 seasons, the company expects to be fully mitigated by Spring 2026 by significantly reducing its sourcing from China to below 10%.

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    Mauricio Serna's questions to Victoria's Secret & Co (VSCO) leadership

    Mauricio Serna's questions to Victoria's Secret & Co (VSCO) leadership • Q1 2025

    Question

    Mauricio Serna from UBS Group AG asked about quarter-to-date sales trends, excluding the impact of the recent security incident, and sought clarification on the drivers of the Q1 gross margin miss relative to guidance.

    Answer

    CEO Hillary Super confirmed that the positive sales trajectory seen in March and April continued into May, indicating solid underlying business momentum. CFO Scott Sekella attributed the gross margin miss versus expectations to an unexpected raw material write-off related to tariff-driven resourcing and a strategic decision to amplify 'gift with purchase' promotions more than originally planned.

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    Mauricio Serna's questions to G-III Apparel Group Ltd (GIII) leadership

    Mauricio Serna's questions to G-III Apparel Group Ltd (GIII) leadership • Q1 2026

    Question

    Mauricio Serna from UBS Group AG asked for clarification on the size of the Q2 revenue timing shift and its distribution into Q3 and Q4. He also questioned how much of the $135 million potential tariff impact G-III expects to mitigate and if a similar impact is anticipated for the first half of the next fiscal year.

    Answer

    CFO Neal Nackman stated that approximately $30 million, or half of the Q2 revenue shortfall, is due to supply chain disruptions from tariffs, with the remainder being sales shifting into both Q3 and Q4. CEO Morris Goldfarb added that the Hudson Bay bankruptcy and Sonia Rykiel postponement also contributed. Regarding tariffs, Nackman described the mitigation process as fluid and ongoing, making it difficult to quantify the final impact, but noted that for future seasons, higher costs can be built into upfront pricing. He also confirmed the full-year sales guide was maintained due to strength in the rest of the brand portfolio.

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    Mauricio Serna's questions to Guess? Inc (GES) leadership

    Mauricio Serna's questions to Guess? Inc (GES) leadership • Q1 2026

    Question

    Mauricio Serna of UBS Group inquired about the organic growth expectations for the Rag & Bone brand, the performance trajectory for the Americas retail business, and the potential for operating margin expansion in the second half of the year.

    Answer

    CEO & Director Carlos Alberini expressed strong satisfaction with Rag & Bone's performance, citing growth from new stores, expanded product categories, and a robust wholesale business, projecting revenues to exceed $320 million. For Americas Retail, he noted that despite traffic headwinds, improved product assortment and execution are leading to better conversion and positive signs. Interim CFO Dennis Secor detailed that the year's growth has an 'inverted bell curve' shape, with operating margin compression expected through Q3 but with an opportunity for leverage and improvement in Q4, driven significantly by a favorable currency tailwind.

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    Mauricio Serna's questions to Signet Jewelers Ltd (SIG) leadership

    Mauricio Serna's questions to Signet Jewelers Ltd (SIG) leadership • Q1 2026

    Question

    Mauricio Serna from UBS Group AG requested details on the current lab-grown diamond penetration, confirmation of quarter-to-date sales trends, clarification on the two-year stack guidance, and the outlook for full-year gross margin leverage.

    Answer

    CFO Joan Hilson confirmed that lab-grown diamond (LGD) penetration is now approximately 20% of the business, up five points year-over-year, largely driven by fashion. She stated that quarter-to-date performance was near or above the high end of the Q2 guidance range. She clarified that the full-year guidance provides flexibility, with the low end reflecting a two-year stack consistent with Q2. For gross margin, she expects continued expansion for the full year, with leverage achievable on a slightly positive comp.

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    Mauricio Serna's questions to Abercrombie & Fitch Co (ANF) leadership

    Mauricio Serna's questions to Abercrombie & Fitch Co (ANF) leadership • Q1 2025

    Question

    Mauricio Serna requested a breakdown of the Q1 gross margin decline between carryover inventory and freight costs, the outlook for inventory growth, and how Hollister plans to sustain growth in the second half against tougher comparisons. He also asked for more color on Q2 gross margin evolution.

    Answer

    CFO Robert Ball explained that freight pressure accounted for more than half of the Q1 gross margin decline, with carryover pressure making up the balance. He expects inventory units to align with sales growth going forward. CEO Fran Horowitz addressed Hollister's growth, citing its evolution to be more culturally relevant and its focus on key life moments for teens. For Q2 gross margin, Ball guided for sequential improvement from Q1 as freight and carryover pressures are expected to lessen.

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    Mauricio Serna's questions to Abercrombie & Fitch Co (ANF) leadership • Q4 2024

    Question

    Mauricio Serna asked about Q4 promotional activity, the components of the Q4 gross margin change, the plan for store openings by region and brand, and whether Abercrombie's growth would come from comps or new stores.

    Answer

    CFO Robert Ball explained that while promos were pulled back for much of Q4, higher freight costs offset AUR gains. He noted January was more promotional to clear seasonal inventory. For 2025, the company will be a net store opener again, with a slight lean towards EMEA and the A&F brand. COO Scott Lipesky added that the goal is always to drive positive comp sales, with new stores and future third-party partnerships providing additional layers of growth.

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    Mauricio Serna's questions to Abercrombie & Fitch Co (ANF) leadership • Q1 2025

    Question

    Mauricio Serna asked for a breakdown of the Q1 gross margin decline between freight and inventory pressure, the inventory growth outlook, and the strategy for sustaining Hollister's growth against tougher second-half comparisons.

    Answer

    SVP & CFO Robert Ball stated that freight accounted for 'more than half' of the 440 basis point gross margin decline in Q1, with carryover pressure making up the balance. CEO Fran Horowitz attributed Hollister's momentum to its cultural relevance and expressed confidence in future initiatives. Ball emphasized the goal is to grow the total company portfolio, not just one brand.

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