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    Michael Binetti

    Senior Managing Director and fundamental research analyst at Evercore ISI

    Michael Binetti is a Senior Managing Director and fundamental research analyst at Evercore ISI, specializing in global retailing, softlines, and luxury brands. He covers major publicly traded companies such as Tapestry, Ralph Lauren, Gap, Nike, PVH, and Lululemon, and across his analyst career has ranked as an Institutional Investor All-America analyst since 2012, achieving a 56% success rate and a 6.5% average return per rating according to TipRanks, with standout calls like a 304.4% return on Revolve Group. Binetti joined Evercore ISI in 2023 after serving as Managing Director at Credit Suisse and spending 13 years at UBS in retail equity research. He holds an MBA in finance from New York University’s Stern School of Business and a bachelor’s degree in business from Indiana University.

    Michael Binetti's questions to Ulta Beauty (ULTA) leadership

    Michael Binetti's questions to Ulta Beauty (ULTA) leadership • Q2 2025

    Question

    Michael Binetti inquired about the assumptions underlying the back-half comparable sales guidance of flat to low-single digits and asked if there is a specific comp rate at which supply chain and corporate overhead costs would begin to leverage.

    Answer

    President and CEO Kecia Steelman stated that while H1 performance was strong, it is premature to alter long-term goals given the dynamic environment, the Space NK acquisition, and the Target partnership conclusion. Interim CFO Chris Lialios noted that the back-half guidance has been modestly increased due to less macro uncertainty and attributed Q2 SG&A pressure to transaction costs and higher incentive pay.

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    Michael Binetti's questions to Ulta Beauty (ULTA) leadership • Q4 2025

    Question

    Michael Binetti asked what new CEO Kecia Steelman views as the most critical initiatives to rebuild Ulta's competitive moat, considering the evolving industry dynamics.

    Answer

    CEO Kecia Steelman emphasized that a balanced approach is essential in the competitive beauty landscape. She highlighted the 'Ulta Beauty Unleashed' plan's focus on supercharging core strengths like brand building, personalization, digital acceleration, and marketplace expansion, all centered on the guest.

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    Michael Binetti's questions to KOHLS (KSS) leadership

    Michael Binetti's questions to KOHLS (KSS) leadership • Q2 2025

    Question

    Representing Michael Binetti of Evercore ISI, an analyst asked about the gross margin cadence for Q3 versus Q4, particularly concerning tariff pressures. The question also explored whether an accelerating proprietary brand mix could be a key offset and how adding brands to coupons would factor in.

    Answer

    CFO Jill Timm stated that she expects the margin benefit from proprietary brands to accelerate in the back half, driven by inventory investments. She also cited disciplined inventory management as a key margin driver. While acknowledging tariff pressures will be weighted to the second half, she believes the company has sufficient offsets and sees the margin cadence as balanced between Q3 and Q4. Timm reiterated that the guidance was prudently lowered to provide flexibility for competitive pricing and to navigate tariff impacts.

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    Michael Binetti's questions to KOHLS (KSS) leadership • Q4 2024

    Question

    Michael Binetti requested expectations for Sephora's performance, clarification on how recent changes created 'friction' with core customers, and a tactical explanation of improving promotional efficiency.

    Answer

    CFO Jill Timm stated that the Sephora rollout will be completed in 2025, but since these are smaller shops in smaller stores, the sales contribution will be less than in prior years, though the business saw an accelerating 13% comp in Q4. CEO Ashley Buchanan explained that 'friction' was created when highly productive and incremental categories like jewelry and petites were eliminated to make space for new initiatives like Sephora, alienating core customers with no substitute product. On promotions, she noted that efficiency can be gained by reallocating markdown dollars from less-impactful, point-of-sale discounts to more elastic, value-driving offers that customers actively seek, rather than 'peanut butter spreading' promotions across all categories.

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    Michael Binetti's questions to PVH CORP. /DE/ (PVH) leadership

    Michael Binetti's questions to PVH CORP. /DE/ (PVH) leadership • Q2 2026

    Question

    Michael Binetti of Evercore ISI asked about the projected gross margin impact from tariffs rolling into 2026, the mitigation levers available, and for an update on outlet traffic trends.

    Answer

    CEO Stefan Larsson noted that outlet traffic saw a sequential improvement from Q1 to Q2. Regarding tariffs, he highlighted the strategic advantage of PVH's iconic brands and diversified supply chain. CFO Zac Coughlin confirmed that while the mitigation percentage in 2025 is lower due to higher rates, the company will expand mitigation efforts in 2026 by prioritizing internal efficiencies and targeted pricing actions to protect the price-value equation for consumers.

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    Michael Binetti's questions to PVH CORP. /DE/ (PVH) leadership • Q1 2026

    Question

    Michael Binetti of Evercore ISI asked for details on the company's cost-saving initiatives and questioned if these cuts were contributing to the recent operational volatility at Calvin Klein.

    Answer

    CEO Stefan Larsson explained that the Calvin Klein operational challenges stemmed from the necessary, one-time effort of centralizing global product creation, which is now being resolved. CFO Zac Coughlin clarified that the cost-saving program, targeting 200-300 bps of operating margin expansion over time, is on track, with 200 bps expected by year-end. He detailed that savings come from efficiencies in the global tech stack and logistics network, which are improving SG&A leverage and are distinct from the CK operational issues.

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    Michael Binetti's questions to PVH CORP. /DE/ (PVH) leadership • Q1 2025

    Question

    Michael Binetti of Evercore ISI asked for details on the company's cost-saving initiatives and questioned if these efforts were contributing to the recent operational volatility at Calvin Klein.

    Answer

    CEO Stefan Larsson clarified that the Calvin Klein operational challenges stemmed from the necessary, one-time effort of building a global product creation capability, which is now improving. CFO Zac Coughlin detailed the 'Growth Driver five' cost actions, focused on creating a global tech stack and optimizing the logistics network. He confirmed PVH is on track to realize 200 basis points of SG&A savings by Q4 2025, asserting that the current financial pressure is a gross margin issue, not a result of SG&A cuts.

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    Michael Binetti's questions to PVH CORP. /DE/ (PVH) leadership • Q1 2025

    Question

    Michael Binetti of Evercore ISI inquired about the specifics of the cost-out initiatives, their timing, and whether these savings efforts were contributing to the recent operational volatility at Calvin Klein.

    Answer

    CEO Stefan Larsson clarified that the Calvin Klein operational challenges were transitory and are being resolved, with significant improvements expected for the Fall '25 and Spring '26 seasons. CFO Zac Coughlin added that the cost-saving actions are on track to deliver 200 basis points of SG&A leverage by Q4, driven by a global tech stack and logistics optimization, which will support a return to double-digit operating margins by year-end.

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    Michael Binetti's questions to PVH CORP. /DE/ (PVH) leadership • Q4 2024

    Question

    Michael Binetti inquired about the multi-year margin profile for 2026 and beyond, considering the timing of SG&A savings, the temporary Calvin Klein product disruption, and any other potential headwinds or tailwinds.

    Answer

    CEO Stefan Larsson stated that significant value drivers in the second half of 2025, including European order book growth and cost efficiencies, are not dependent on consumer trends and will position PVH for a step-up in profit levels in 2026. CFO Zachary Coughlin added that these foundational actions will result in a much higher Q4 2025 operating margin, creating a new, elevated starting point for 2026.

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    Michael Binetti's questions to PVH CORP. /DE/ (PVH) leadership • Q3 2024

    Question

    Michael Binetti requested a breakdown of the drivers behind the Q4 gross margin guidance decline of 200 basis points, asking which factors are transitory. He also asked for details on the brand 'flywheel' concept and key investments for 2025, such as the new Calvin Klein flagship store.

    Answer

    CFO Zac Coughlin attributed the Q4 gross margin decline to three main factors: a more promotional U.S. holiday season (~80 bps), modest freight cost increases (~40 bps), and a North America wholesale timing shift (~60 bps), noting most of the impact is transitory. CEO Stefan Larsson described the 'flywheel' as a cycle where stronger product drives consumer engagement and marketplace success, which is then amplified by data-driven operations and strategic investments to build brand relevance.

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    Michael Binetti's questions to PVH CORP. /DE/ (PVH) leadership • Q2 2024

    Question

    Michael Binetti inquired about the specific drivers of the North American business recovery in August after a softer July, and how the Q3 guidance for North America DTC reflects this trend.

    Answer

    CEO Stefan Larsson explained that the company strategically avoided deep, low-quality clearance sales in July, which impacted the top line but protected margins. He noted that as new, full-price fall products arrived in August, consumer demand trends began to recover. CFO Zac Coughlin confirmed that the Q3 and full-year outlook is based on these recent, more moderate trends and does not assume a significant re-acceleration.

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    Michael Binetti's questions to ROSS STORES (ROST) leadership

    Michael Binetti's questions to ROSS STORES (ROST) leadership • Q2 2025

    Question

    Michael Binetti of Evercore ISI sought clarification on the full-year guidance reduction beyond tariffs and requested an update on strategic initiatives, including signage, marketing, store operations, and the queue line.

    Answer

    COO Michael Hartshorn reported that store refreshes are on track to cover half the chain this year and that a self-checkout pilot in 80 stores has been successful in reducing lines. CFO Adam Orvos confirmed the guidance change was driven by the tariff impact and a more conservative sales assumption after Q1. CEO James Conroy added details on new marketing campaigns for both Ross ('Work Your Magic') and dd's DISCOUNTS ('Don't Sleep on DD's').

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    Michael Binetti's questions to ROSS STORES (ROST) leadership • Q1 2025

    Question

    Michael Binetti of Evercore ISI asked about the different scenarios that could lead to the low versus high end of the 0% to 3% Q2 comp guidance. He also requested details on the indirect portion of goods sourced from China and the company's ability to shift this sourcing.

    Answer

    Group President and COO Michael Hartshorn explained the wide guidance range reflects caution due to prolonged inflation impacting their core customer and the unknown effects of tariffs hitting consumers in late Q2. On sourcing, he clarified that Ross is agnostic to origin for closeouts and only has direct control over the small portion it directly imports, mainly in home and shoes.

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    Michael Binetti's questions to ROSS STORES (ROST) leadership • Q1 2025

    Question

    Michael Binetti asked about the different scenarios that could lead to the low (0%) versus high (3%) end of the Q2 comp guidance. He also questioned the company's ability to shift its large indirect sourcing from China to other regions.

    Answer

    Group President and COO Michael Hartshorn attributed the wide Q2 guidance range to caution around prolonged inflation and the unknown impact of tariffs on consumer spending. Regarding sourcing, he noted that for closeouts, Ross is agnostic to origin, and direct control is limited to a small portion of imports. Executive James Conroy added that all off-price players are subject to the same market dynamics for China-sourced goods.

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    Michael Binetti's questions to ROSS STORES (ROST) leadership • Q4 2024

    Question

    Michael Binetti asked for details on the assumptions behind the low versus high end of the full-year comp guidance and whether the neutral merchandise margin outlook includes leveraging the brand strategy in the second half.

    Answer

    Group President and COO Michael Hartshorn explained the guidance was widened due to early-year uncertainty, with comps planned to be neutral through the rest of the year. EVP and CFO Adam Orvos added that the neutral merch margin guide balances the benefits of the branded strategy with factors like tariffs and a flattish outlook for shrink.

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    Michael Binetti's questions to ROSS STORES (ROST) leadership • Q3 2025

    Question

    Michael Binetti asked if the significant Q3 margin beat implies a near-term change to the company's sales leverage point and whether the underlying merchandise margin pressure from the brand strategy is past its peak.

    Answer

    CFO Adam Orvos attributed the Q3 EPS beat to one-time factors like a shrink true-up and packaway timing, as well as strong cost management. Both Orvos and Group President & COO Michael Hartshorn confirmed that the company's sales leverage point has not changed and remains in the 3% to 4% comp growth range.

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    Michael Binetti's questions to ROSS STORES (ROST) leadership • Q2 2024

    Question

    Michael Binetti requested a deeper dive into the merchandise margin pressure drivers and timing, and an explanation for the better-than-expected sales flow-through to operating margin.

    Answer

    Group President and COO Michael Hartshorn attributed the strong margin flow-through to both sales leverage and better-than-planned performance on cost initiatives. CFO Adam Orvos clarified that the merchandise margin pressure from the brand strategy accelerated from Q1 to Q2 (80 basis points) and is expected to increase further in the second half as the penetration of brands continues to ramp up.

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    Michael Binetti's questions to TJX COMPANIES INC /DE/ (TJX) leadership

    Michael Binetti's questions to TJX COMPANIES INC /DE/ (TJX) leadership • Q2 2026

    Question

    Michael Binetti asked if the Q2 comp acceleration was driven by traffic, whether merchandise margin would have been down without the inventory hedge, and requested a bridge for the pretax margin cadence from Q2 expansion to Q3 compression and back to Q4 expansion.

    Answer

    CFO John Klinger clarified that while transactions were up, a higher average basket was a slightly larger factor in Q2, especially at Marmaxx. He noted the inventory hedge was a slight headwind. For the margin bridge, he pointed to the timing of expense reversals into Q3 as a headwind, while also reiterating the previously mentioned impacts from inventory capitalization in Q3 and shrink accrual in Q4.

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    Michael Binetti's questions to TJX COMPANIES INC /DE/ (TJX) leadership • Q1 2026

    Question

    Michael Binetti of Evercore ISI noted that while Q1 gross margin was lower, the full-year guidance was held. He asked if the model for the second half already includes a placeholder for price increases. He also asked about customer acquisition and any signs of trade-down in the basket.

    Answer

    CFO John Klinger stated that mitigation efforts for the back half include better buying, expense initiatives, and productivity strategies, not just pricing. CEO Ernie Herrman and CFO John Klinger both confirmed there are no signs of customer trade-down. Klinger reiterated that sales growth is being driven by customer transactions, indicating strong foot traffic.

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    Michael Binetti's questions to TJX COMPANIES INC /DE/ (TJX) leadership • Q4 2025

    Question

    Michael Binetti asked if a 4% comp is still the long-term leverage point for the business model and inquired about U.S. real estate availability, noting potential tightness due to a lack of new development.

    Answer

    CFO John Klinger confirmed that the operating model, where a 3% to 4% comp yields flat to slightly higher margins, still holds. Regarding real estate, he stated that TJX sees significant availability, particularly from department store and large box closures in rural and other areas, which supports the company's increased long-term store potential.

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    Michael Binetti's questions to TJX COMPANIES INC /DE/ (TJX) leadership • Q3 2025

    Question

    Michael Binetti asked for more detail on the margin algorithm for a 'normal' year, the durability of international margin improvement, and the drivers of Marmaxx's strong start to November.

    Answer

    CEO Ernie Herrman attributed the strong November start at Marmaxx to normalizing weather patterns and the arrival of strong gift-giving assortments. CFO John Klinger noted that one-time items provided a tailwind this year and that the planned expansion into Spain is not expected to be a major headwind for next year's margins.

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    Michael Binetti's questions to Amer Sports (AS) leadership

    Michael Binetti's questions to Amer Sports (AS) leadership • Q2 2025

    Question

    Michael Binetti of Evercore ISI inquired about the expected evolution of Arc'teryx's omni-comp for the remainder of the year, requested a breakdown of the 6% growth in the Americas, and asked about the long-term growth outlook for the Ball and Racket segment.

    Answer

    Arc'teryx CEO Stuart Haselden stated that with easier comparisons ahead, he expects the omni-comp to continue at H1 levels or higher. CFO Andrew Page attributed the modest Americas growth to strong double-digit gains at Arc'teryx and Solomon being offset by slower growth in the Ball and Racket segment, which was impacted by softness in certain categories and cautious retailer ordering. For Ball and Racket's long-term growth, he noted the business is still 85% equipment and its acceleration depends on scaling the Tennis 360 concept in North America.

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    Michael Binetti's questions to Amer Sports (AS) leadership • Q1 2025

    Question

    Michael Binetti asked about the drivers of Arc'teryx's omni-comp, including product launch cadence, and the ROI strategy behind closing partner stores in China to open larger, company-owned locations.

    Answer

    Arc'teryx CEO Stuart Haselden highlighted strong performance in footwear and the Gamma franchise as key drivers. He explained that shifting from partner to owned stores in China is a strategy to elevate brand execution with larger, more productive stores in premium locations. This move captures multiple benefits, including the financial uplift of recognizing full retail sales versus wholesale revenue.

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    Michael Binetti's questions to Amer Sports (AS) leadership • Q1 2025

    Question

    Michael Binetti asked for more detail on the Arc'teryx omni-comp, including the impact of product launch cadence. He also inquired about the strategy and ROI of closing partner-run stores in China to open larger, company-owned locations.

    Answer

    Arc'teryx CEO Stuart Haselden highlighted strong product performance, with footwear up 41% and the women's category up 38%. He explained the China strategy involves elevating the brand by moving to premium, larger-format owned stores. This shift from a wholesale to a retail model captures higher revenue and margin per location and improves brand execution.

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    Michael Binetti's questions to Amer Sports (AS) leadership • Q4 2024

    Question

    Michael Binetti from Evercore ISI asked for clarification on the sourcing exposure to the U.S. from key regions and the reasoning behind guiding the EBIT margin toward the low end of the range.

    Answer

    CFO Andrew Page clarified that the cautious EBIT margin outlook is due to general macro uncertainties early in the year. Regarding sourcing, he reiterated that of the approximately 20% of global sourcing destined for the U.S. from China, Vietnam, Canada, and Mexico, the majority comes from Vietnam and China, with China being slightly larger.

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    Michael Binetti's questions to Amer Sports (AS) leadership • Q3 2024

    Question

    Michael Binetti sought clarification on the SG&A leverage outlook for the next year. He also asked about potential upside to the company's revenue growth framework, given recent investments and performance, and what assumptions underpin the guidance range.

    Answer

    CFO Andrew Page confirmed that SG&A leverage is expected to be flat next year. Arc’teryx CEO Stuart Haselden added that while the current guidance is responsible, there is significant upside potential from growth across regions, channels, and product innovations in footwear and women's categories. He noted the company is just getting started in North America, Europe, and Asia Pacific.

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    Michael Binetti's questions to TAPESTRY (TPR) leadership

    Michael Binetti's questions to TAPESTRY (TPR) leadership • Q4 2025

    Question

    Michael Binetti requested an explanation of the impact from the accelerated removal of the de minimis exemption, its operational consequences, and context for Europe's Q4 growth rate and subsequent reacceleration.

    Answer

    CFO & COO Scott Roe explained that the early termination of de minimis, which allowed for duty-free e-commerce shipments, accounted for about one-third of the $0.60 tariff headwind but that the operational impact is manageable. Coach CEO Todd Kahn clarified that the Q4 slowdown in Europe was an intentional strategic pullback from certain wholesale accounts to protect brand equity, not a reflection of weaker consumer demand.

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    Michael Binetti's questions to TAPESTRY (TPR) leadership • Q3 2025

    Question

    Michael Binetti of Evercore ISI inquired about the drivers of the strong gross margin performance, the specific contribution from the Coach brand, and the outlook for Coach's gross margin. He also asked for a breakdown of the drivers behind the mid-teens AUR acceleration and the strategy for lapping these gains.

    Answer

    CFO and COO Scott Roe stated the gross margin beat was due to solid operational fundamentals, including improvements in both Average Unit Revenue (AUR) and Average Unit Cost (AUC), with no price resistance from consumers. He noted Kate Spade's margin discipline is a positive indicator. Coach CEO Todd Kahn added that Coach achieved a record 79% gross margin for the third quarter and expects to remain in that 'neighborhood,' driven by brand strength and value proposition rather than just pricing.

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    Michael Binetti's questions to TAPESTRY (TPR) leadership • Q2 2025

    Question

    Michael Binetti asked if Coach's growth will eventually translate to unit growth or remain primarily driven by AUR, and also inquired about the company's priorities for SG&A flow-through if revenue upside continues.

    Answer

    CEO Joanne Crevoiserat responded that she sees the opportunity as an 'and, not an or,' with potential for both continued AUR gains and future unit growth driven by new customers and category expansion. CFO and COO Scott Roe added that while profit flow-through will continue, the company will prioritize leaning into strategic investments, such as increased marketing for Kate Spade, to drive long-term brand health, even if it moderates short-term profit.

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    Michael Binetti's questions to TAPESTRY (TPR) leadership • Q1 2025

    Question

    Michael Binetti sought clarification on a wholesale revenue drag in the quarter, asking if it was related to cycling the Amazon launch, and questioned if Coach's direct-to-consumer channels were accelerating.

    Answer

    CFO & COO Scott Roe confirmed the Amazon pipe fill from the prior year was a factor in the wholesale decline, but also attributed it to general order timing, noting it's not a fundamental business change. Coach CEO Todd Kahn added that excluding wholesale, the Coach brand grew 3% globally in constant currency, driven by strong direct business trends in North America and continued AUR growth.

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    Michael Binetti's questions to On Holding (ONON) leadership

    Michael Binetti's questions to On Holding (ONON) leadership • Q2 2025

    Question

    Michael Binetti of Evercore ISI asked about the expected revenue cadence for Q3 and Q4 and how growth drivers will carry into 2026. He also sought clarity on the apparel strategy, questioning if the focus is on performance customers or the broader athleisure market.

    Answer

    CEO & CFO Martin Hoffmann indicated that the full-year guidance implies a consistent growth cadence across Q3 and Q4, with continued strength in APAC, a strong but cautiously approached U.S. market, and a similar outlook for Europe. Co-Founder & Executive Co-Chairman David Allemann clarified the apparel strategy: it originates from core performance but expands into the broader 'sports fashion' space. He confirmed they are building a sports fashion brand for a wider audience but will do so in a distinct, elevated, and premium manner, not by entering the 'sea of sameness'.

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    Michael Binetti's questions to On Holding (ONON) leadership • Q3 2024

    Question

    Michael Binetti of Evercore ISI asked if the accelerated EBITDA margin expansion in 2024 was a pull-forward or if the 2026 target could be surpassed, and also clarified D2C growth expectations for Q4.

    Answer

    An executive, likely CFO Martin Hoffmann, clarified that overall Q4 net sales growth is expected to exceed Q3, without specifying the D2C channel's exact rate. Regarding the multi-year margin, he reiterated the philosophy of balancing growth with investment. The current outperformance demonstrates the model's strength, but the plan remains a gradual increase toward the 2026 EBITDA target, using the flexibility to invest in long-term drivers like innovation and technology.

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    Michael Binetti's questions to RALPH LAUREN (RL) leadership

    Michael Binetti's questions to RALPH LAUREN (RL) leadership • Q1 2026

    Question

    Michael Binetti of Evercore ISI asked for more detail on the momentum behind the strong Q2 guidance, specifically by geography or category, and questioned the outlook for Europe, particularly the reasons for the expected second-half slowdown.

    Answer

    CFO Justin Picicci explained that the Q2 momentum is broad-based, led by the direct-to-consumer channel and continued international strength. He clarified that the anticipated second-half slowdown in Europe is due to a planned shift in wholesale receipts from chase reorders to pre-order bookings and lapping last year's timing shifts related to the Red Sea disruption.

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    Michael Binetti's questions to RALPH LAUREN (RL) leadership • Q4 2025

    Question

    Michael Binetti sought clarification on the company's pricing strategy, asking if the full potential impact of tariffs was included in the guidance, and requested more detail on the revenue outlook by geography for the first quarter.

    Answer

    CFO Justin Picicci reiterated that AUR growth has multiple durable drivers beyond just price increases, such as mix and discount reduction. He confirmed that while proactive pricing was taken for Fall '25, the company retains flexibility to use its full toolkit to mitigate evolving tariff impacts. For the full-year geographic outlook, he guided Asia to high single-digit growth, Europe to mid-single-digits, and North America to be down low-to-mid-single digits due to second-half caution.

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    Michael Binetti's questions to RALPH LAUREN (RL) leadership • Q3 2025

    Question

    Michael Binetti asked why the significant revenue outlook increase didn't translate to a larger operating margin improvement, and questioned if the positive turn in U.S. wholesale is durable.

    Answer

    Executive Justin Picicci explained the Q4 margin outlook reflects that it is a smaller, more promotional end-of-season quarter compared to the strong full-price selling of Q3. Regarding wholesale, he expressed confidence in the underlying trends and noted that stabilizing the business is a key milestone. Executive Patrice Louvet added that wholesale must be segmented, with strong momentum in luxury and online channels, while the company continues to prune lower-performing doors.

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    Michael Binetti's questions to RALPH LAUREN (RL) leadership • Q2 2025

    Question

    Michael Binetti asked if the U.S. wholesale business could turn positive this year and inquired about SG&A, specifically when the company could start to see leverage excluding marketing costs on mid-single-digit revenue growth.

    Answer

    CFO Justin Picicci noted encouraging signs in North America wholesale, with sell-in and sell-out aligning, but called for stabilization rather than positive growth. On SG&A, he confirmed the full-year guidance implies leverage and that while choiceful investments were made in H1, the company is controlling expenses and expects the marketing rate to rebalance in H2.

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    Michael Binetti's questions to Ferrari (RACE) leadership

    Michael Binetti's questions to Ferrari (RACE) leadership • Q2 2025

    Question

    Michael Binetti asked for the number of Daytona units shipped in Q4, questioned the guidance for a stronger first half in 2025 compared to the second half, and inquired if concerns about hybrid residual values are influencing the strategy for the upcoming full electric Ferrari.

    Answer

    CFO Antonio Piccon stated that 46 Daytona units were shipped in Q4. He explained that H1 2025 is expected to be stronger because Daytona deliveries will phase out by Q3, and the new F80 supercar will only contribute a few units late in Q4. CEO Benedetto Vigna addressed the EV question by stating Ferrari's electric car will be 'unique' and differentiated by technology and driving thrills, with more details to be shared in October.

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    Michael Binetti's questions to Ferrari (RACE) leadership • Q1 2025

    Question

    Michael Binetti requested the exact number of Daytona shipments, asked about factors that could cause negative EBITDA margin trends later in the year, and questioned how Ferrari will maintain the 'timeless' nature of its upcoming EV.

    Answer

    CFO Antonio Picca Piccon confirmed 77 Daytona units were shipped and explained that a less rich product mix and higher spending could pressure margins later in the year. CEO Benedetto Vigna emphasized the EV's focus is on emotion, with critical components like batteries and axles developed in-house to guarantee a timeless Ferrari experience.

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    Michael Binetti's questions to Ferrari (RACE) leadership • Q4 2024

    Question

    Asked for Q4 Daytona shipment numbers, clarification on why H1 2025 is expected to be stronger than H2, the number of F80s expected in Q4, and whether declining hybrid residual values impact the strategy for the upcoming full EV.

    Answer

    46 Daytonas shipped in Q4. H1 2025 will be stronger than H2 because Daytona deliveries will phase out through Q3, and the new F80 will only contribute a few units late in Q4. Ferrari's EV will be unique and differentiated, with more details to come in October.

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    Michael Binetti's questions to Ferrari (RACE) leadership • Q2 2024

    Question

    Asked for details on the drivers of increased personalization and the strategic approach for the upcoming EV launch, comparing it to past new technology rollouts.

    Answer

    The increase in personalization is driven by client demand, particularly for carbon finishes, and is consistent across models at around 20%. The EV launch strategy is rooted in technological neutrality, aiming to provide a unique Ferrari driving experience, with the car to be unveiled in Q4 2025.

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    Michael Binetti's questions to Ferrari (RACE) leadership • Q2 2024

    Question

    Michael Binetti inquired about the drivers behind the increased personalization rate of nearly 20% and asked about the strategic approach for the upcoming EV launch, comparing it to past new technology introductions.

    Answer

    CEO Benedetto Vigna explained that personalization is consistently around 20% across models, driven significantly by demand for carbon fiber finishes. Regarding the EV, he emphasized the strategy of 'technological neutrality' to offer clients choices across all powertrain types, confirming a Q4 2025 launch for the first full electric model.

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    Michael Binetti's questions to V F (VFC) leadership

    Michael Binetti's questions to V F (VFC) leadership • Q1 2026

    Question

    Michael Binetti sought clarification on The North Face's 3% revenue decline in the Americas and the outlook for its lifestyle products. He also asked about the Vans turnaround in Europe, contrasting positive store commentary with the region's 16% sales decline.

    Answer

    President & CEO Bracken Darrell explained that Q1 is a seasonally small quarter for The North Face and that a stronger focus on spring/summer lifestyle apparel is a key future growth driver. For Vans in Europe, he stated the turnaround trajectory is similar to the U.S., with ebbs and flows, and the overall recovery is expected at a comparable pace.

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    Michael Binetti's questions to V F (VFC) leadership • Q4 2025

    Question

    Michael Binetti sought more detail on the free cash flow outlook, specifically regarding CapEx plans and a working capital timing shift. He also asked about the strategy for the seasonally important back-to-school period for Vans.

    Answer

    EVP and CFO Paul Vogel explained the working capital shift was a strategic prepayment of a payable. He noted CapEx plans remain flexible to support initiatives like store remodels. President and CEO Bracken Darrell outlined the Vans strategy, emphasizing new leadership, new product rollouts like the Super Low Pro, and disciplined channel management, with improvements expected to cascade through the upcoming seasons.

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    Michael Binetti's questions to V F (VFC) leadership • Q3 2025

    Question

    Michael Binetti asked about the materiality of the revenue shift from Q4 into Q3, the expected sources of deceleration in Q4, and the long-term strategy for the Vans turnaround, including feedback from retail partners.

    Answer

    EVP and CFO Paul Vogel explained the Q3 outperformance was split between wholesale and DTC, with wholesale being a larger factor due to order pull-forwards and stronger reorders. President and CEO Bracken Darrell stated that the Vans turnaround will take time, with new product influence expected around back-to-school and holiday, and emphasized the need for patience to allow the new brand leadership to operate effectively.

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    Michael Binetti's questions to V F (VFC) leadership • Q2 2025

    Question

    Michael Binetti asked for a breakdown of Vans' performance in the Americas by channel (DTC vs. wholesale) and for examples of how the new regional platform benefits go-to-market strategies.

    Answer

    CEO Bracken Darrell clarified that wholesale is outperforming DTC for Vans, which he had previously anticipated due to retail traffic challenges. He explained that the new regional platform is strengthening relationships and execution with key wholesale accounts in the Americas, mirroring successful strategies from other regions.

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    Michael Binetti's questions to Macy's (M) leadership

    Michael Binetti's questions to Macy's (M) leadership • Q1 2025

    Question

    Michael Binetti of Evercore ISI asked if there were any one-time items in the first quarter's SG&A expenses that should be considered for modeling the rest of the year. He also inquired about any evidence of successful sales transfer from recently closed stores and followed up with a question on trends in the overall beauty business across all banners.

    Answer

    COO & CFO Adrian Mitchell confirmed there were no unusual one-time items in Q1 SG&A. Chairman & CEO Tony Spring added that sales recapture from closed stores is slightly ahead of expectations. Regarding beauty, Spring acknowledged increased competition but expressed confidence in Macy's position as a key holiday destination, emphasizing their focus on value sets and maintaining a full-service staffing model across all nameplates to compete effectively.

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    Michael Binetti's questions to Macy's (M) leadership • Q3 2025

    Question

    Michael Binetti of Evercore ISI asked which sales line would see the biggest change to reach the high end of Q4 guidance, the timeline to close the performance gap between 'First 50' and other stores, and the margin impact of closing 65 stores in 2025.

    Answer

    COO & CFO Adrian Mitchell stated that sequential improvement is being seen across all dimensions—digital, stores, Macy's, and luxury—and that the goal is for 'all boats to rise.' He emphasized that learnings from the 'First 50' are proving replicable. CEO Antony Spring added that the higher penetration of best-performing categories in Q4 also supports the guidance. Mitchell noted they would share more on 2025 specifics on the next call but are focused on fundamentals.

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    Michael Binetti's questions to Macy's (M) leadership • Q2 2024

    Question

    Michael Binetti asked for the assumed comp sales spread between go-forward and non-go-forward stores in the H2 guidance. He also inquired about potential changes to the spread between total sales and comps in Q3, and about inventory investment strategy for go-forward stores.

    Answer

    COO and CFO Adrian Mitchell noted that non-go-forward stores were performing slightly better than planned, which is factored into the outlook. He reiterated that sequential comp improvement is expected from executing on strategic initiatives. CEO Tony Spring added that inventory levels are well-managed, down double-digits from a few years ago, and the company is better positioned with transitional inventory and newness for Q3 than it was a year ago, with a focus on being in-stock for the customer.

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    Michael Binetti's questions to Macy's (M) leadership • Q1 2025

    Question

    Michael Binetti of Evercore ISI asked if there were any one-time items in Q1 SG&A, sought evidence of sales recapture from recently closed stores, and inquired about overall trends in the beauty category across all banners.

    Answer

    COO & CFO Adrian Mitchell confirmed there were no unusual one-time items in Q1 SG&A. Chairman & CEO Tony Spring stated that sales recapture from closed stores is slightly ahead of expectations. Regarding beauty, Spring acknowledged increased competition but expressed confidence in Macy's position as a key holiday destination, emphasizing value sets and a full-service staffing model.

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    Michael Binetti's questions to Birkenstock Holding (BIRK) leadership

    Michael Binetti's questions to Birkenstock Holding (BIRK) leadership • Q2 2025

    Question

    A representative for Michael Binetti asked about the growth opportunity in APAC, particularly China, and the long-term store plan for the region, as well as the reason for the Q2 slowdown in EMEA.

    Answer

    EMEA President Nico Bouyakhf explained the EMEA result was against a very strong prior-year comparison and that the company is performing 'rightsizing' actions in certain markets to ensure high-quality growth. An executive covering APAC noted the region's strong performance was driven by DTC, with traffic and conversion rates remaining high. He confirmed product trends like premiumization are similar to other regions.

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    Michael Binetti's questions to Birkenstock Holding (BIRK) leadership • Q1 2025

    Question

    Michael Binetti of Evercore ISI asked for more detail on Q2 gross margin expectations and how the company balances managing scarcity with meeting high holiday demand. He also questioned if the current guidance includes price increases specifically for potential tariffs.

    Answer

    VP, Global Finance Alexander Hoff stated that the gross margin headwind from the Pasewalk factory will lessen quarter-by-quarter. President Americas David Kahan explained that managing allocation is a core strategy to keep stock-to-sales ratios healthy, viewing unmet demand as part of the 'flywheel impact' that fuels the brand. CEO Oliver Reichert added that the company does not have a specific tariff-related price increase planned and instead adjusts prices surgically by style each season.

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    Michael Binetti's questions to Birkenstock Holding (BIRK) leadership • Q4 2024

    Question

    Michael Binetti asked about any unusual items affecting the gross margin outlook for 2025, the expected revenue performance between channels in Q1 given tough comparisons, and the cadence of SG&A spending.

    Answer

    Alexander Hoff, VP of Global Finance, confirmed that fiscal 2024 provides a 'clean' baseline for modeling 2025, with no unusual items to consider. He noted that gross margin improvement is expected primarily in the second half of fiscal 2025. For SG&A, he indicated that the quarterly cadence of fiscal 2024, accounting for normal seasonality, is a good starting point for projecting 2025.

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    Michael Binetti's questions to Revolve Group (RVLV) leadership

    Michael Binetti's questions to Revolve Group (RVLV) leadership • Q1 2025

    Question

    Michael Binetti asked about the sustainability of product return rate improvements, whether a shift to accessible price points is being observed internationally, and the reason for higher guided selling and distribution costs in Q2 versus the full year.

    Answer

    Co-CEO Michael Karanikolas noted that while they have initiatives to lower return rates, they expect year-over-year improvements to moderate. CFO Jesse Timmermans added that there is no significant consumer hesitation internationally, aside from specific weakness in Canada, and explained that Q2 S&D costs are typically seasonally higher.

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    Michael Binetti's questions to Revolve Group (RVLV) leadership • Q4 2024

    Question

    Michael Binetti sought confirmation on whether the February sales run-rate was similar to Q4 levels. He also asked about the key variables for the gross margin outlook and the primary drivers behind the significant improvement in variable costs.

    Answer

    CFO Jesse Timmermans confirmed that the February sales growth rate bounced back nicely and was 'in the zone of that Q4.' He identified the full-price mix and the impact of tariffs as the main variables for the gross margin outlook. Regarding variable costs, he explained that approximately two-thirds of the 160 basis point improvement in fulfillment and S&D costs was driven by a lower return rate.

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    Michael Binetti's questions to Revolve Group (RVLV) leadership • Q3 2024

    Question

    Michael Binetti of Evercore ISI asked about the potential P&L leverage points for 2025, especially with mid-single-digit sales growth. He also inquired about any unusual factors in the October sales data and the outlook for the remainder of Q4.

    Answer

    CFO Jesse Timmermans detailed 2025 opportunities, including gross margin expansion and some leverage in fulfillment and distribution, but guided for marketing spend to remain elevated at 15-16% to support investment. He noted G&A leverage depends on sales growth. For Q4, he stated that despite a strong October, tougher multi-year comps in November and December and macro uncertainty led the company to model some moderation.

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    Michael Binetti's questions to lululemon athletica (LULU) leadership

    Michael Binetti's questions to lululemon athletica (LULU) leadership • Q4 2024

    Question

    Michael Binetti pointed to prior year gross margin outperformance despite a U.S. slowdown and asked where potential conservatism might exist in the current 2025 guidance.

    Answer

    CFO Meghan Frank attributed the 2024 gross margin beat to better-than-expected top-line leverage, a favorable product mix that improved initial mark-up (IMU), and reduced freight costs. For 2025, she stated the current guidance reflects their best view of the business, though acknowledges that outcomes for revenue and product mix could impact the final leverage points.

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    Michael Binetti's questions to lululemon athletica (LULU) leadership • Q3 2025

    Question

    Asked about the impact of inventory provisions on Q4 gross margin and the sustainability of fixed cost control within product margin, especially given negative comps in North America.

    Answer

    Inventory provisions are not expected to be a major factor in Q4. The Q4 gross margin is projected to decrease slightly due to deleverage on fixed costs related to growth investments (stores, distribution centers), although product margin itself is expected to improve.

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    Michael Binetti's questions to lululemon athletica (LULU) leadership • Q3 2024

    Question

    Michael Binetti asked about the key drivers of the Q3 gross margin beat, particularly the impact of lower inventory provisions, and questioned the sustainability of fixed cost control given negative comps in North America.

    Answer

    CFO Meghan Frank clarified that the Q3 gross margin upside was driven by lower inventory provisions, higher IMU, and prudent management of fixed costs. For Q4, she guided to a 20-30 basis point gross margin decrease, expecting a 60-70 basis point product margin increase (with slightly improved markdowns) to be more than offset by deleverage on fixed costs related to store growth and distribution center projects.

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    Michael Binetti's questions to lululemon athletica (LULU) leadership • Q2 2025

    Question

    Asked about the P&L management strategy to maintain EBIT margins during slower U.S. growth and for examples of how the previous imbalance between design and merchandising impacted the product.

    Answer

    The company is protecting long-term investments (international, brand awareness) while finding efficiencies in discretionary spending to balance short-term performance. The new organizational structure creates a better balance between design and merchandising, leading to better alignment on newness ratios and a tighter relationship between brand, marketing, and merchandising.

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    Michael Binetti's questions to lululemon athletica (LULU) leadership • Q2 2024

    Question

    Michael Binetti asked about the P&L mechanics for maintaining EBIT margins amid slower U.S. growth and requested a specific example of how the new organizational structure creates a better balance between design and merchandising.

    Answer

    CFO Meghan Frank explained they are managing the P&L by protecting key long-term investments like international growth and brand awareness while finding efficiencies in discretionary spending. CEO Calvin McDonald detailed that the new structure, with design and merchandising as peers, fosters more creative conversations, better challenges the newness-to-core product ratio, and aligns the entire 'sell side' of the business under one leader for earlier and more effective demand creation.

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    Michael Binetti's questions to lululemon athletica (LULU) leadership • Q2 2024

    Question

    Michael Binetti inquired about the P&L management strategy to protect EBIT margins amid slower U.S. growth. He also asked for a specific example of how the new organizational structure creates a better balance between design and merchandising.

    Answer

    CFO Meghan Frank explained that the company is protecting key long-term investments like international growth while finding efficiencies in discretionary spending. CEO Calvin McDonald detailed that the new structure gives design and merchandising equal footing, fostering more creative outcomes and better alignment on the newness-to-core product ratio. It also integrates brand and merchandising under one leader for earlier alignment on demand creation.

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    Michael Binetti's questions to FOOT LOCKER (FL) leadership

    Michael Binetti's questions to FOOT LOCKER (FL) leadership • Q4 2025

    Question

    Michael Binetti questioned if the high end of the guidance, with 2.5% comp growth and 60 basis points of EBIT margin expansion, represents a normal go-forward algorithm. He also asked for the rationale behind slowing the pace of store refreshes and the strategy for the lower-performing segment of the store fleet.

    Answer

    CFO Michael Baughn affirmed that the company is comfortable with the high-end guidance algorithm for the next few years, supported by margin recovery and a healthier store fleet. He explained that the refresh program is slowing because it has addressed the stores with the best return profile for that investment level, while other locations are better candidates for the more intensive 'reimagined' concept. He noted the fleet has already been significantly optimized by reducing exposure to lower-tier malls.

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    Michael Binetti's questions to FOOT LOCKER (FL) leadership • Q3 2024

    Question

    Michael Binetti questioned the Q4 guidance, asking what factors were considered given improving trends and a favorable launch calendar. He also asked for a bigger-picture view on whether the current promotional environment represents a temporary issue or a structural rebasing of gross margins for the future.

    Answer

    EVP and CFO Michael Baughn explained that the Q4 guidance midpoint aligns with the trend from the past 180 days, balancing a favorable launch calendar against a tough apparel trajectory and a promotional environment. He stated that management views the current margin pressures as 'transitory, not structural,' and intends to continue recovering promotional costs into next year, contingent on the market firming up.

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    Michael Binetti's questions to FOOT LOCKER (FL) leadership • Q2 2024

    Question

    Michael Binetti asked for more detail on the second-half gross margin reduction, inquiring about factors beyond apparel promotions, and requested the specific financial benefit from the headquarters move and international restructuring.

    Answer

    CCO Frank Bracken acknowledged minor Red Sea shipping disruptions but stated they are being managed and are not a major risk. CFO Mike Baughn quantified the combined savings from the corporate and international changes, projecting a contribution of over 20 basis points to EBIT margin by 2027, excluding potential royalty upside.

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    Michael Binetti's questions to FOOT LOCKER (FL) leadership • Q1 2024

    Question

    Michael Binetti asked for confirmation on the drivers of the guided Q2 shift to positive comps and which initiatives would have the most immediate impact. He also requested tangible examples of data utilization from the FLX loyalty pilot in Canada and any early metrics on the sales lift from refreshed stores.

    Answer

    CFO Mike Baughn confirmed that confidence for the Q2 guidance stems from improving sales trends in March and April alongside reduced markdowns. Key Q2 drivers include the U.S. launch of the FLX loyalty program, accelerated store refreshes, and a new workforce management tool. CCO Frank Bracken provided specifics, stating the Canada FLX pilot drove higher enrollment, engagement, frequency, and basket sizes. He also noted that refreshed stores are delivering comp improvements, healthier margin profiles, and higher NPS scores compared to the rest of the fleet.

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    Michael Binetti's questions to NIKE (NKE) leadership

    Michael Binetti's questions to NIKE (NKE) leadership • Q2 2025

    Question

    Michael Binetti inquired about the phasing and pace of investments aimed at restoring the brand to long-term growth, particularly looking beyond fiscal 2025.

    Answer

    President and CEO Elliott Hill outlined a focused investment strategy centered on sport, shifting marketing dollars to brand-building, and resourcing key cities and sports categories. CFO Matt Friend added that while overall expenses are being managed tightly, demand creation spending is increasing. He also highlighted significant near-term investments in Q3 to liquidate inventory and reset the marketplace, which is reflected in the financial guidance.

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    Michael Binetti's questions to NIKE (NKE) leadership • Q1 2025

    Question

    Michael Binetti sought to reconcile the lighter-than-expected spring order books with management's optimistic comments on second-half revenue. He also asked about the long-term leverage of past Direct-to-Consumer (DTC) investments.

    Answer

    EVP & CFO Matthew Friend explained that while overall spring order books were flat, newness and innovation within those orders are set to grow footwear units by mid-to-high single digits, led by strong momentum in Running. Regarding DTC, he stated the focus has shifted to balanced growth across the entire marketplace, but opportunities remain to improve Direct's profitability by leveraging the supply chain capacity built for it.

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    Michael Binetti's questions to JWN leadership

    Michael Binetti's questions to JWN leadership • Q1 2025

    Question

    Asked about the drivers behind the significant sales contribution from new Rack stores and for clarification on the components of the Q1 gross margin pressure.

    Answer

    The strong contribution from new Rack stores is due to the timing of openings in late 2023 and early 2024, which are not yet in the comparable sales base. Regarding gross margin, the pressure versus expectations was confirmed to be roughly half from timing-related factors and half from operational issues.

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