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    Mitch Kummetz • Seaport Research Partners

    Mitch Kummetz's questions to Zumiez Inc (ZUMZ) leadership

    Mitch Kummetz's questions to Zumiez Inc (ZUMZ) leadership • Q1 2025

    Question

    Mitch Kummetz of Seaport Research Partners questioned Zumiez about the impact of tariffs, its China sourcing exposure, and mitigation strategies. He also followed up on the outlook for product margins amid these cost pressures and inquired about the strategic plan to address the significant sales decline in the 'Other International' segment, particularly in Europe.

    Answer

    CFO Christopher Work detailed the company's proactive tariff mitigation, including reducing China sourcing from 50% to a target of 30% by year-end and aiming for no single country to exceed 20% long-term. He stated that a mix of sourcing diversification, vendor partnerships, and selective price adjustments allows them to project modest product margin growth. Regarding the international weakness, Work acknowledged the slow start in Europe but noted a focus on new products, margin control, and inventory management, emphasizing that the key fourth quarter will be critical for the segment's performance.

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    Mitch Kummetz's questions to Genesco Inc (GCO) leadership

    Mitch Kummetz's questions to Genesco Inc (GCO) leadership • Q1 2026

    Question

    Mitch Kummetz from Seaport Research Partners asked for clarity on the Q2 outlook for Journeys, the key drivers for growth in the second half against tougher comparisons, and the potential impact of price increases on "must-have" items.

    Answer

    CEO Mimi Vaughn and CFO Cassandra Harris clarified that while Journeys' Q2 comp is tracking well, the overall company guidance accounts for softness in other divisions. For the back half, Vaughn highlighted the strategy of serving a larger teen market, the significant sales lift from the 4.0 store remodels, and improved product allocation as key drivers. Regarding pricing, Vaughn stated they do not expect to absorb margin hits from tariffs and that brands with momentum have more ability to increase prices, though all partners are proceeding cautiously.

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    Mitch Kummetz's questions to Genesco Inc (GCO) leadership • Q3 2025

    Question

    Mitch Kummetz of Seaport Research Partners inquired about the progress of Journeys' product assortment, the impact of brand partners noticing recent success, the effects of store optimization on productivity, the rollout plan for the new store concept, specific guidance for Journeys' Q4 comparable sales, and details on new demand creation strategies.

    Answer

    Mimi Vaughn, Board Chair, President and CEO, explained that Journeys' assortment is now more diversified across 7-8 brands, moving beyond the previous focus on canvas products. She stated that strong brand partnerships are improving access to athletic styles and that the company is in the "early innings" of its turnaround. Regarding stores, she noted the strategy is to optimize the footprint and drive productivity in the best locations with a new, cleaner store concept, with 10 open and at least 15 more planned for next year. For Q4, she guided to positive comps for Journeys, though not at Q3's 11% level, highlighting strong full-price selling. Demand creation efforts include building a new brand purpose, increasing marketing on platforms like TikTok, and leveraging the 4 million-member loyalty program.

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    Mitch Kummetz's questions to Caleres Inc (CAL) leadership

    Mitch Kummetz's questions to Caleres Inc (CAL) leadership • Q1 2025

    Question

    Mitch Kummetz requested more detail on the 'encouraging' early sales of the Jordan brand, the timing of its all-door rollout, the immediate customs impact of the tariff block, and the forward-looking implications of the quarter's specific cost pressures, including sourcing, inventory reserves, and bad debt.

    Answer

    President & CEO Jay Schmidt shared that early Jordan sales show men's, boys', and accessories tracking well, with a full all-door rollout planned for the mid-July back-to-school period. He noted the tariff situation was too new to comment on definitively. SVP & CFO Jack Calandra explained that inventory reserves for spring are largely complete, but customer credit issues could persist depending on the macro environment. The SG&A increase in the Brand Portfolio was attributed to international investments.

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