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    Mauricio Serna Vega

    Vice President and Equity Research Analyst at UBS

    Mauricio Serna Vega is a Vice President and Equity Research Analyst at UBS, specializing in coverage of Latin American financial institutions and banks. He provides in-depth analysis on leading companies such as Grupo Financiero Banorte, Banco Santander Mexico, Gentera, and Banco del Bajío, with a reputation for delivering actionable investment insights and maintaining strong performance in analyst rankings. Serna Vega began his career in financial analysis and transitioned to UBS in the mid-2010s after roles at Citibanamex and BBVA, contributing research that has guided prominent institutional investors. He holds recognized securities licenses issued by Mexican regulators and is registered with the Mexican Asociación Mexicana de Instituciones Bursátiles, reflecting his commitment to professional standards and market expertise.

    Mauricio Serna Vega's questions to BUCKLE (BKE) leadership

    Mauricio Serna Vega's questions to BUCKLE (BKE) leadership • Q1 2025

    Question

    Mauricio Serna Vega from UBS Research inquired about the anticipated impact of tariffs on gross margin, the drivers behind the Q1 merchandise margin improvement, and the reasons for the increase in both operating lease assets and SG&A expenses.

    Answer

    Executive Dennis Nelson explained that the company is managing tariff impacts by working with vendors who are diversifying sourcing and helping to control prices. Executive Thomas Heacock attributed the merchandise margin strength to higher private label penetration and strong full-price sales. Heacock also clarified that the rise in lease assets is due to new stores and remodels, while increased SG&A was driven by higher variable payroll, incentive compensation, and health insurance costs.

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    Mauricio Serna Vega's questions to BUCKLE (BKE) leadership • Q1 2025

    Question

    Mauricio Serna Vega from UBS Research inquired about the anticipated impact of China tariffs on gross margin, the drivers behind the increase in both merchandise margin and operating lease assets, and the reasons for elevated SG&A expenses, including the potential for future leverage.

    Answer

    Executive Dennis Nelson stated that the company is managing tariff impacts by working with vendors, some of whom are sourcing from other countries, resulting in either no cost increases or low-to-mid-single-digit hikes. Executive Thomas Heacock attributed the merchandise margin improvement to a higher mix of private label sales and strong regular-price selling. He explained the rise in lease assets was due to new stores and remodels. Heacock also detailed that the SG&A increase was driven by variable store payroll tied to sales performance, higher incentive and equity compensation, and increased health insurance costs.

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    Mauricio Serna Vega's questions to BUCKLE (BKE) leadership • Q4 2024

    Question

    Mauricio Serna Vega of UBS inquired about the drivers behind the 40 basis point gain in merchandise margin, the other components of Q4 gross margin, and the company's historical tariff mitigation strategy.

    Answer

    An executive, Dennis Nelson, attributed the merchandise margin strength to an increased mix of private label products and improved regular-price selling, which reduced end-of-season markdowns. He also expressed confidence in managing potential tariff impacts through strong vendor relationships. Executive Thomas Heacock added that for the quarter, the 40 basis point merchandise margin gain was the primary driver, partially offset by a 10 basis point deleverage in buying, distribution, and occupancy costs.

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    Mauricio Serna Vega's questions to BUCKLE (BKE) leadership • Q3 2024

    Question

    Mauricio Serna Vega of UBS Research asked for clarification on gross margin drivers, questioning the deceleration in merchandise margin improvement and the deleverage in buying, occupancy, and distribution costs. He also inquired about the company's future store expansion plans, specifically regarding net store additions over the next few years.

    Answer

    Executive Thomas Heacock confirmed the gross margin figures, attributing the 55 basis point merchandise margin improvement to growth in private label denim and a favorable mix shift away from lower-margin footwear. He noted the comparison to the prior year's quarters was a factor in any perceived deceleration. Regarding store growth, executive Dennis Nelson projected a net addition of 2 to 3 stores in 2025, resulting from 7-8 new openings and some closures, alongside plans for numerous remodels and relocations.

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    Mauricio Serna Vega's questions to BUCKLE (BKE) leadership • Q2 2025

    Question

    Mauricio Serna Vega inquired about the key factors driving the significant underperformance in the online channel and the reasons for the merchandise margin expansion. He also asked for an explanation of the increase in operating expenses, specifically SG&A, despite a decline in overall sales.

    Answer

    Executive Dennis Nelson attributed the merchandise margin growth to strong sell-through in denim, solid demand for private brands, and improved kids' apparel margins. Executive Thomas Heacock addressed the online channel, stating that third-party engagements have improved site shoppability and conversion, with a recent strategic shift toward driving traffic. Regarding operating expenses, Heacock explained that G&A increases were from home office payroll investments, while higher selling costs were driven by store payroll inflation and e-commerce consulting fees.

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    Mauricio Serna Vega's questions to GUESS (GES) leadership

    Mauricio Serna Vega's questions to GUESS (GES) leadership • Q4 2025

    Question

    Mauricio Serna Vega of UBS Group AG inquired about the key drivers for the optimistic growth outlook for the rag & bone brand and the strategic plan to return the Americas retail business to growth in fiscal 2026.

    Answer

    CEO Carlos Alberini detailed the strong potential for rag & bone, citing its brand strength, leadership under Andrew Rosen, robust e-commerce performance, healthy margins, and significant international expansion plans in Europe and Asia. For the Americas retail business, Alberini outlined a comprehensive turnaround strategy focused on developing exclusive product collections, implementing a speed-to-market model, refining store assortments through granular clustering, optimizing entry-level price points, and enhancing visual merchandising and customer experience, with impacts expected in the second half of the year.

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    Mauricio Serna Vega's questions to GUESS (GES) leadership • Q3 2025

    Question

    Mauricio Serna Vega of UBS Group AG inquired about the drivers for the Q4 revenue growth forecast, specifically the impact from the timing of European wholesale shipments, and also asked about the company's long-term operating margin potential.

    Answer

    CEO Carlos Alberini and Interim CFO Dennis Secor addressed the outlook. Carlos Alberini explained that a $10 million European wholesale shipment was pulled forward from Q4 into Q3, which is accounted for in the revised guidance. He affirmed that a double-digit operating margin is a long-term goal, viewing the dilutive effect of the rag & bone acquisition as temporary. Dennis Secor detailed the Q4 revenue bridge, citing headwinds from last year's extra week and currency, offset by contributions from rag & bone and growth in European wholesale. He noted that normalizing for these factors, the Q4 operating profit outlook is roughly flat year-over-year.

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    Mauricio Serna Vega's questions to GUESS (GES) leadership • Q2 2025

    Question

    Mauricio Serna Vega requested details on the Rag & Bone business, specifically its gross margin profile compared to Guess? and whether its operating margin impact was driven by gross margin or SG&A. He also asked for more color on European consumer trends and followed up with a question about initiatives to reduce operating expenses in Americas Retail.

    Answer

    CEO Carlos Alberini declined to provide specific margin figures for Rag & Bone but stated its margins are healthy due to higher price points and disciplined promotions. He attributed some European consumer softness to extended summer weather and Red Sea-related logistics delays impacting product availability. Regarding Americas Retail expenses, he explained the focus is on controlling variable costs like store payroll and optimizing organizational structures, while noting that lower variable compensation also impacts the outlook. However, he stressed that the marketing budget is being protected to support long-term growth.

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    Mauricio Serna Vega's questions to WOLVERINE WORLD WIDE INC /DE/ (WWW) leadership

    Mauricio Serna Vega's questions to WOLVERINE WORLD WIDE INC /DE/ (WWW) leadership • Q1 2025

    Question

    Mauricio Serna Vega asked for several clarifications on the outlook, including the tariff impact assumed in Q2 and in the $30 million estimate. He also questioned the reason for the Q1 decline in the DTC channel and inquired about initiatives to resume debt paydown.

    Answer

    CFO Taryn Miller stated that the Q2 tariff impact is expected to be minimal and that the $30 million estimate already reflects the planned reduction in China sourcing. CEO Christopher Hufnagel attributed the DTC decline to a strategic shift away from promotions, which lifted DTC gross margins by 550 bps. Taryn Miller reiterated that deleveraging remains a capital allocation priority.

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    Mauricio Serna Vega's questions to WOLVERINE WORLD WIDE INC /DE/ (WWW) leadership • Q1 2025

    Question

    Mauricio Serna Vega asked several questions, including whether Q2 guidance includes a tariff impact, if the $30 million tariff estimate already accounts for reduced China sourcing, the reason for the DTC channel's decline, and plans for debt paydown.

    Answer

    CFO Taryn Miller stated that no meaningful tariff impact is expected in Q2 and confirmed the $30M estimate assumes the planned sourcing shift away from China. CEO Christopher Hufnagel attributed the DTC decline to a strategic shift toward less promotional activity, which boosted DTC gross margins by 550 bps. Taryn Miller reiterated that deleveraging remains a capital allocation priority and highlighted the company's improved balance sheet.

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    Mauricio Serna Vega's questions to WOLVERINE WORLD WIDE INC /DE/ (WWW) leadership • Q4 2024

    Question

    Mauricio Serna Vega inquired about the reasons for the Q4 decline in direct-to-consumer (DTC) sales and asked for more detail on fiscal 2025 cost savings, questioning an apparent deleverage in expenses. He also requested Q1 sales guidance by brand.

    Answer

    CEO Chris Hufnagel explained the DTC decline was a result of a deliberate strategy to reduce promotions, which improved full-price penetration by 500 bps, despite weaker-than-expected Black Friday sales. CFO Taryn Miller clarified the guidance implies operating margin leverage, not deleverage, as cost savings are funding strategic investments. She reiterated that quarterly guidance is now provided by segment, not by brand.

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    Mauricio Serna Vega's questions to WOLVERINE WORLD WIDE INC /DE/ (WWW) leadership • Q3 2024

    Question

    Mauricio Serna Vega asked for more detail on direct-to-consumer (DTC) growth trends across the activewear brands and for further elaboration on the market share gains at Merrell, given the softness in the overall outdoor category.

    Answer

    CEO Christopher Hufnagel stated that DTC for both Merrell and Saucony grew in the mid-single digits during the quarter. He attributed Merrell's accelerating market share gains, which approached 300 basis points, to its successful strategy of 'modernizing the trail' with more lightweight and versatile products like the Moab Speed 2, which is resonating strongly with consumers.

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    Mauricio Serna Vega's questions to COLUMBIA SPORTSWEAR (COLM) leadership

    Mauricio Serna Vega's questions to COLUMBIA SPORTSWEAR (COLM) leadership • Q1 2025

    Question

    Mauricio Serna Vega asked if Q1 results included a pull-forward of sales, whether Q1 gross margin met expectations, why an EPS guide for the first half wasn't provided, and if the tariff impact would lessen by H1 2026.

    Answer

    CFO Jim Swanson confirmed that the Q1 beat was partly due to earlier wholesale shipments and favorable weather, and that gross margin was generally in line with expectations. He explained that an EPS guide was withheld due to numerous variables beyond tariffs, such as potential bad debt risk. CEO Tim Boyle stressed that the extreme uncertainty regarding future tariff policies makes any projection for 2026 speculative at this time.

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    Mauricio Serna Vega's questions to COLUMBIA SPORTSWEAR (COLM) leadership • Q4 2024

    Question

    Mauricio Serna Vega of UBS asked for the rationale behind the fall 2025 order book being lighter than spring, inquired about any Q4 demand pull-forward, and questioned the lower 2025 operating cash flow guidance. He also followed up on the drivers of lower product costs and the gross margin cadence.

    Answer

    EVP & CFO Jim Swanson explained the fall order book reflects a more cautious season following lighter sell-through in fall '24, though it still shows modest growth. He confirmed no demand pull-forward into Q4 but noted a $60M shift from Q3 due to supply chain issues. The lower cash flow guidance is due to inventory reductions having a less amplified benefit than in the past two years. Swanson attributed lower product costs to factory negotiations on input costs.

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    Mauricio Serna Vega's questions to COLUMBIA SPORTSWEAR (COLM) leadership • Q3 2024

    Question

    Mauricio Serna Vega asked for clarification on the net impact of shipment timing shifts on Q3 wholesale sales. He also inquired about management's outlook for overall U.S. outdoor industry demand heading into 2025. Lastly, he asked if there have been any order cancellations for Q4 given the warm weather trend.

    Answer

    CFO Jim Swanson clarified that a shipment timing shift of $15 million to $20 million moved from Q3 to Q4 due to supply chain disruptions, contributing to the Q3 revenue miss. CEO Tim Boyle stated that the market for outdoor apparel remains strong as consumers continue to prefer comfortable, casual wear, and Columbia needs to capture a larger share. Swanson concluded that there have been no meaningful order cancellations for Q4 at this point.

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    Mauricio Serna Vega's questions to OXFORD INDUSTRIES (OXM) leadership

    Mauricio Serna Vega's questions to OXFORD INDUSTRIES (OXM) leadership • Q4 2024

    Question

    Mauricio Serna Vega from UBS asked for more detail on the comparable sales trend seen in March and the expected sales cadence for the remainder of the year, questioning if growth would be driven by new stores or improving comps. He also inquired about specific initiatives aimed at controlling SG&A expenses, given their projected growth.

    Answer

    Chairman and CEO Thomas Chubb stated that March felt better than February, though still negative, and he anticipates a positive comp in April due to the Easter shift. CFO and COO K. Grassmyer elaborated that comps are expected to be more negative in the first half and closer to flat in the second half, with new, front-loaded store openings helping to offset the decline. On SG&A, Grassmyer mentioned a focus on marketing efficiency, personnel reductions, and vendor negotiations, but noted that new store costs are the primary growth driver, making leverage difficult in a negative comp environment.

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    Mauricio Serna Vega's questions to OXFORD INDUSTRIES (OXM) leadership • Q3 2024

    Question

    Mauricio Serna Vega from UBS requested initial guidance for operating margins and sales for fiscal 2025 and asked for details on the financial contribution of the Tommy Bahama Marlin Bars.

    Answer

    Chairman & CEO Thomas Chubb stated that while recent trends are encouraging, the company will be cautious with 2025 top-line plans, focusing instead on improving operating margin through expense control. CFO & COO K. Grassmyer detailed that Marlin Bars are highly efficient, profitable, and drive traffic, with food and beverage locations averaging twice the sales per square foot of a standalone retail store.

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    Mauricio Serna Vega's questions to OXFORD INDUSTRIES (OXM) leadership • Q2 2025

    Question

    Mauricio Serna Vega of UBS requested a more detailed breakdown of promotional activity across Tommy Bahama, Lilly Pulitzer, and Johnny Was. He also asked for an explanation of the slowdown in the food and beverage business and for clarification on the comparable sales figures from the second half of the prior year.

    Answer

    CFO Scott Grassmyer clarified that the promotional impact was less about new types of events and more about selling a higher volume of inventory during clearance periods due to lower full-price sell-through. CEO Tom Chubb attributed the restaurant slowdown to a normalization of post-pandemic demand, particularly in the key Florida market. Grassmyer confirmed that the prior year's Q3 and Q4 comps were in the negative 3% to 5% range.

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    Mauricio Serna Vega's questions to OXFORD INDUSTRIES (OXM) leadership • Q2 2024

    Question

    Mauricio Serna Vega of UBS requested more detail on the promotional activity across Oxford's three major brands and asked about the unexpected slowdown in the restaurant business. He also asked for a reminder of the comparable sales figures the company is up against in the second half of the year.

    Answer

    CFO and COO K. Grassmyer clarified that the increased promotional impact was not due to a change in strategy, but rather lower full-price sell-through, which left more inventory to be cleared during sales events. Chairman and CEO Tom Chubb explained the restaurant slowdown as a normalization after a period of exceptionally strong post-pandemic performance, particularly in Florida. Grassmyer confirmed that the prior year's Q3 and Q4 comps were in the negative 3-5% range, and the current guidance projects similar performance for the second half of this year.

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    Mauricio Serna Vega's questions to Designer Brands (DBI) leadership

    Mauricio Serna Vega's questions to Designer Brands (DBI) leadership • Q4 2025

    Question

    Mauricio Serna Vega from UBS Group AG inquired about Q4 athleisure growth, Nike's performance, and the expected magnitude of the Q1 sales decline. He also sought clarity on the full-year gross margin and SG&A outlook, specifically whether the company plans to be more or less promotional, and the resulting impact on operating margins.

    Answer

    CEO Douglas Howe confirmed significant athleisure growth, with top brands up 25% for the year, offsetting weakness in seasonal categories. CFO Jared Poff elaborated on the Q1 outlook, noting a slower-than-expected start will likely result in sales slightly below the prior year, with improvement expected as the year progresses. Poff explained that gross margins are planned to be relatively flat, with reduced promotions offsetting mix shifts. He also detailed a ~$50 million increase in SG&A due to a new distribution center, normalized bonuses, and the Rubino acquisition, confirming this implies modest operating margin expansion for the year.

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    Mauricio Serna Vega's questions to Designer Brands (DBI) leadership • Q3 2024

    Question

    Mauricio Serna Vega inquired about the sales performance of the top 8 national brands, quarter-to-date business trends, the company's approach to debt management following a significant share repurchase, and the performance of the Nike partnership.

    Answer

    CEO Douglas Howe reported that the top 8 brands grew 27% in Q3 and now represent 40% of the business. He confirmed quarter-to-date trends align with guidance, noting softer Black Friday sales were offset by margin expansion from lower promotions. CFO Jared Poff added that the company focuses on liquidity management and is comfortable with its current debt levels. Howe concluded by stating the Nike partnership continues to perform very well.

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    Mauricio Serna Vega's questions to Designer Brands (DBI) leadership • Q2 2024

    Question

    Mauricio Serna Vega from UBS requested quantification of quarter-to-date performance, the outlook for full-year gross margin, and clarification on the drivers behind the revised EPS guidance, including SG&A leverage and interest expense.

    Answer

    CEO Douglas Howe confirmed a positive comparable sales trend quarter-to-date, marking a key inflection point. CFO Jared Poff projected a 'bit flattish' full-year gross margin, as pressure from athletic brand IMU is offset by lower markdown activity. Poff attributed the lower EPS guidance primarily to the muted top-line forecast against a relatively fixed cost structure and projected full-year interest expense just under $40 million.

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    Mauricio Serna Vega's questions to SIGNET JEWELERS (SIG) leadership

    Mauricio Serna Vega's questions to SIGNET JEWELERS (SIG) leadership • Q4 2025

    Question

    Mauricio Serna Vega of UBS asked for the specific Q1-to-date comp sales range, performance during Valentine's Day, and the company's growth expectations for the total U.S. jewelry industry. He also followed up on gross margin outlook and the drivers for the high and low ends of the sales guide.

    Answer

    COO & CFO Joan Hilson stated that quarter-to-date comps were near the high end of the flat to +2% guidance range, helped by a strong Valentine's period. CEO James Symancyk said their guidance assumes a flattish industry, plus or minus low single digits. Hilson added that they expect moderate gross merchandise margin expansion to continue, and the sales guidance range accounts for variability in bridal and fashion unit performance.

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    Mauricio Serna Vega's questions to SIGNET JEWELERS (SIG) leadership • Q3 2025

    Question

    Mauricio Serna Vega asked for color on quarter-to-date same-store sales, the key puts and takes for fiscal 2025 margins, and clarification on the full-year share count calculation. He later followed up on the specific drivers of the digital banners' negative impact and the promotional environment in Q3 and Q4.

    Answer

    Executive Joan Hilson stated that quarter-to-date performance, including a high single-digit comp over the Black Friday weekend, is reflected in the Q4 guidance. She deferred a detailed fiscal 2026 (calendar 2025) outlook but noted digital banner issues stemmed from late replatforming. Executive Robert Ballew explained the share count complexity was due to the timing of preferred share redemptions throughout the year.

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    Mauricio Serna Vega's questions to SIGNET JEWELERS (SIG) leadership • Q2 2025

    Question

    Mauricio Serna Vega of UBS asked for details on the implied fourth-quarter guidance, specifically the scenario that would result in the low end of the annual range. He also inquired about the drivers behind the significant implied Q4 operating margin expansion.

    Answer

    CFO Joan Hilson explained that the low-end guidance scenario could involve engagement units being down 5% and fashion sales down low single-digits, noting that current positive trends are not required to hit the range. For the strong Q4 margin outlook, she cited operating leverage from positive comps, continued strength in high-margin fashion and services, and the flexibility provided by increased cost savings targets.

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    Mauricio Serna Vega's questions to G III APPAREL GROUP LTD /DE/ (GIII) leadership

    Mauricio Serna Vega's questions to G III APPAREL GROUP LTD /DE/ (GIII) leadership • Q4 2025

    Question

    Mauricio Serna Vega of UBS sought clarification on the Q4 outperformance, asking if there were any wholesale shipment shifts from Q1. He also questioned why the decline in PVH revenues was less than anticipated, requested details on the current business size of the Donna Karan brand, and asked for more insight into the strong Q4 gross margin performance.

    Answer

    CEO Morris Goldfarb confirmed there were no unique shipment shifts in Q4; in fact, results were negatively impacted by the Hudson's Bay bankruptcy filing. Executive Neal Nackman stated the PVH revenue fall-off was largely in line with their expectations. While declining to provide a specific sales figure for Donna Karan, Morris Goldfarb described it as the company's 'best launch ever,' with margins that are the 'best in the company' and growth approaching 40% expected. Neal Nackman attributed the strong Q4 gross margin to the higher profitability of owned brands and a stronger outerwear season compared to the prior year.

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    Mauricio Serna Vega's questions to G III APPAREL GROUP LTD /DE/ (GIII) leadership • Q3 2025

    Question

    Mauricio Serna Vega asked for more detail on the revenue contribution from the Donna Karan brand, the specific drivers of the Q3 gross margin outperformance, and the potential for continued margin expansion into fiscal 2026.

    Answer

    Chairman and CEO Morris Goldfarb described the Donna Karan launch as 'perfectly executed,' with strong product-market fit at an elevated but accessible price point, driving retailer enthusiasm and door count expansion. He also noted that the Nautica brand successfully replaced the sales volume from the exited Tommy Jeans business. Executive Neal Nackman confirmed that improving gross margins for the year are a result of the brand mix shift, and it is possible for this trend to continue, depending on the future mix of owned versus licensed brands.

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    Mauricio Serna Vega's questions to G III APPAREL GROUP LTD /DE/ (GIII) leadership • Q2 2025

    Question

    Mauricio Serna Vega asked about the expected size of the Donna Karan business for the year, sought clarification on the drivers of the raised EPS guidance, and inquired about the potential scale of the Converse license rollout.

    Answer

    CEO Morris Goldfarb described Donna Karan as the company's 'best launch ever' with a conservative $1 billion global sales potential over time. Executive Neal Nackman confirmed the EPS guidance increase was due to the Q2 earnings beat, interest expense savings, and share repurchases of 1.1 million shares. Goldfarb estimated the Converse business could reach $200 million in sales in a 'reasonable time' given its global distribution rights.

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

    Mauricio Serna Vega's questions to Victoria's Secret & (VSCO) leadership • Q4 2025

    Question

    Mauricio Serna Vega asked about the status of a previously announced cost savings program, sought more detail on marketing strategies to differentiate the brands, and inquired about any noteworthy recent product launches.

    Answer

    Executive Kevin Wynk confirmed the company largely completed its $250 million savings goal in two years instead of the planned three, having realized nearly $200 million in 2024. CEO Hillary Super added that VS marketing will focus on 'consideration' to drive acquisition, while PINK marketing will focus on 'awareness' once its new identity is solidified. She highlighted the successful relaunch of the VSX sport line and the knockout bra as key recent launches.

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    Mauricio Serna Vega's questions to Victoria's Secret & (VSCO) leadership • Q3 2024

    Question

    Mauricio Serna Vega inquired about the opportunity in the sports bra category, the company's view on the broader intimates market, and current business trends in China.

    Answer

    CEO Hillary Super stated that the recent sports bra launch was successful and that the company intends to reclaim significant market share in the category. She acknowledged the overall intimates market is soft but believes compelling product can win. CFO Tim Johnson noted that the China JV saw growth in Q3, driven by digital and the timing of Singles Day, with encouraging recent trends in stores. He remains confident in the strategy despite a challenging market.

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    Mauricio Serna Vega's questions to Victoria's Secret & (VSCO) leadership • Q2 2024

    Question

    Mauricio Serna Vega of UBS inquired about which business segments are expected to drive the sequential sales improvement in the third-quarter guidance and asked for the company's outlook on the North America Intimates market. He also followed up on the impact of transportation costs on gross margin.

    Answer

    CFO and Interim CEO, Timothy Johnson, noted that the Q3 guidance for low-single-digit growth includes a roughly two-point benefit from a retail calendar shift. The underlying improvement is driven by new product acceptance, a major VSX Sport launch, and the commercialization of the Fashion Show. Regarding transportation, Johnson stated that after being a tailwind, freight rates have recently spiked and are now expected to be a headwind in the second half, which is factored into the margin outlook.

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

    Mauricio Serna Vega's questions to Kontoor Brands (KTB) leadership • Q4 2024

    Question

    Mauricio Serna Vega asked about the health of the consumer following a deceleration in February POS trends and whether to expect another year of divergent performance between the strengthening Wrangler brand and the transitioning Lee brand.

    Answer

    An executive, likely CEO Scott Baxter, described the consumer as 'confused' and 'conservative' due to macro uncertainty. COO Thomas Waldron confirmed they expect Wrangler to continue gaining market share, while 2025 will be a 'reset year' for Lee, with performance expected to strengthen as the year progresses. CFO Joe Alkire reiterated the balanced full-year outlook, which accounts for this dynamic.

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    Mauricio Serna Vega's questions to Kontoor Brands (KTB) leadership • Q3 2024

    Question

    Mauricio Serna Vega inquired about the incremental supply chain and inventory actions, noting the gross margin outlook was raised despite these negative impacts. He also asked for more clarity on the flow-through timing of the $100 million in Project Jeanius savings.

    Answer

    CFO Joseph Alkire explained the $0.08 EPS impact was from proactive measures like expedited freight and inventory clearance, taken from a position of strength. He clarified that excluding this impact, the EPS outlook would have been raised by approximately $0.11. Regarding Project Jeanius, he reiterated a gradual build, with SG&A benefits in H1 2025 and gross margin benefits scaling in H2 2025, reaching a full run-rate in 2026.

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    Mauricio Serna Vega's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership

    Mauricio Serna Vega's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q3 2024

    Question

    Mauricio Serna Vega of UBS inquired about the regional concentration of new store openings, the specific drivers of Hollister's comp sales acceleration (by region, units, or AUR), and the expected inventory levels at year-end.

    Answer

    COO Scott Lipesky stated that new store growth is tilted towards Abercrombie & Fitch and the U.S. market, while Hollister is focused on remodels and rightsizes. CEO Fran Horowitz-Bonadies attributed Hollister's acceleration to broad-based, balanced growth across genders and categories, highlighting the successful launch of the collegiate collection. Scott Lipesky added that year-end inventory will be up year-over-year to support expected Q1 2025 growth, with the final level depending on holiday sell-through.

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    Mauricio Serna Vega's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q3 2024

    Question

    Mauricio Serna Vega asked about the regional concentration of new store openings, the specific drivers behind Hollister's comp sales acceleration (units vs. AUR), and the outlook for year-end inventory levels.

    Answer

    COO Scott Lipesky noted that new store openings are tilted towards Abercrombie & Fitch and the U.S. market. CEO Fran Horowitz-Bonadies attributed Hollister's growth to balanced performance across genders and categories, particularly sweaters, knit bottoms, and the new collegiate collection. Scott Lipesky projected year-end inventory would be up year-over-year to support growth into 2025 but did not provide a specific figure.

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    Mauricio Serna Vega's questions to ABERCROMBIE & FITCH CO /DE/ (ANF) leadership • Q2 2024

    Question

    Mauricio Serna Vega of UBS asked for details on sales growth in the U.K. and Germany following localization efforts. He also questioned the implied deceleration in Q4 sales growth within the full-year guidance and sought clarity on gross margin expectations for Q3 and Q4.

    Answer

    CFO & COO Scott Lipesky highlighted that the U.K. and Germany are two of the fastest-growing countries in Europe, validating the company's localization strategy. Regarding guidance, he noted that Q4 is distant and the focus is on delivering strong Q3 growth on top of a tough comparison from last year. For gross margin, he reiterated that Q3 is expected to be relatively flat year-over-year, balancing AUR opportunities with freight headwinds, but declined to provide a specific Q4 outlook.

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    Mauricio Serna Vega's questions to Stitch Fix (SFIX) leadership

    Mauricio Serna Vega's questions to Stitch Fix (SFIX) leadership • Q4 2024

    Question

    Mauricio Serna Vega, on for Jay Sole, asked about business trends in August and September, the active client outlook for Q1, and whether additional adjustments are planned for a potential macro downturn.

    Answer

    CFO David Aufderhaar confirmed that recent trends are in line with guidance and projected a Q1 sequential active client decline of 'a little bit above 3%,' an improvement over prior quarters. He also expressed confidence in the company's ability to manage costs in a downturn, citing a proven track record and the variable nature of many expenses.

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