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CEO Sue Nabi outlined a strategy to reposition Travel Retail as a 'discovery channel' by launching key innovations as one-month exclusives, such as the new Hugo Boss fragrance. This aims to make the channel a destination for newness rather than just price. She reported that Travel Retail is growing nicely in the Americas and EMEA, while the Asia region remains affected by lower Chinese tourism. However, she noted positive signs of gradual improvement in the mainland China prestige beauty market.

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CFO Laurent Mercier noted that retailers are being very disciplined and tight with inventory, moving to very low levels, a trend exacerbated by e-commerce players like Amazon. CEO Sue Nabi explained the U.S. organizational change is about empowering regions, like the newly created English-speaking region, to be more nimble and locally driven after a period of rebuilding central strategy. This shift aims to regain momentum in the U.S., which has driven the majority of the company's decline.

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CFO Laurent Mercier quantified that the challenged areas (China, Travel Retail Asia, Australia, Consumer Beauty) represent 20% of the business, with a 3-point impact on both Prestige and U.S. Consumer Beauty. He confirmed strong sell-out but low retailer replenishment due to caution. CEO Sue Nabi added that replenishment is not expected in H2, leading to prudent guidance.

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President, CEO & Director Doug Mcmillon cited data and physical assets as key AI advantages. Walmart US CEO & President John Furner added that AI enables personalization and empowers associates. On higher-income consumers, Furner pointed to flexibility, broad assortment, and faster delivery. Sam's Club President & CEO Chris Nicholas highlighted the introduction of new, premium brands at Sam's Club as a key draw.

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Co-CEO Neil Blumenthal highlighted the Google partnership's focus on all-day wear and helpful AI, leveraging Warby's 'eyewear first' distribution model. Co-CEO Dave Gilboa described insurance as a multiyear tailwind with strong growth and continued opportunity. CFO Steven Miller detailed how both contacts and progressives are significant growth drivers, noting contacts are accretive to gross margin dollars and progressives are the highest-margin glasses product, with both categories having significant room for penetration growth.

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Co-CEO Neil Blumenthal acknowledged pockets of traffic volatility but noted Warby Parker's value proposition helps it benefit from market disruption, with traffic and conversion generally holding up. Co-CEO David Gilboa highlighted that e-commerce had its strongest growth since 2021. Regarding Target, Blumenthal described the initial stores as a learning phase that will leverage existing Warby Parker systems and staff, viewing it as a complementary growth channel.

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CFO Steve Miller stated that while there's no specific traffic guide, the high end of their range models a moderate improvement in store productivity. He noted the five Target shop-in-shops opening in H2 2025 will have a negligible financial impact this year. Co-CEO Neil Blumenthal highlighted the strategic fit with Target's customer-centric culture and confirmed the shops will be staffed by Warby Parker employees. Co-CEO David Gilboa added that new standalone stores will maintain consistent productivity targets of 35% four-wall margins and a 20-month payback.

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SVP and CFO Steve Miller explained that hiring doctors is a strategic investment to acquire customers and that the company is comfortable with gross margin remaining in the mid-50s. Co-Founder and Co-CEO Neil Blumenthal noted that Q3 was a tough e-commerce comp but that order velocity increased monthly and continued into Q4. Co-Founder and Co-CEO David Gilboa added that while demand trends are better, it's too early to call a sustained category recovery.

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Senior VP & CFO Mandy Fields stated that the company saw growth across both its core brick-and-mortar retail channels and e-commerce, without specifying any weaker channels. CEO & Chairman Tarang Amin explained that the near-term focus for Rhode is executing its launch in Sephora US, Canada, and UK, but sees massive long-term potential for international expansion given the brand's global appeal.

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SVP & CFO Mandy Fields highlighted recent shelf space gains at Target and noted that Walmart remains a significant future opportunity. Chairman and CEO Tarang Amin explained that while both brands appeal to younger demographics, they serve distinct communities with broad, multi-generational appeal, suggesting they are complementary.

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CFO Mandy Fields addressed the ERP, stating the go-live is planned for spring 2025 but will be delayed if the system is not 100% ready, emphasizing extensive testing and training. CEO Tarang Amin described the international strategy as a disciplined, sequential approach, supported by investments in local teams and distribution capacity. For tracked channels, management pointed to the strong overall back-half guidance of 16-20% growth.

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Chairman & CEO John Idol identified the Layla, Nolita, and Bryant handbag families as key drivers, achieving the best sell-throughs in over four years. He also highlighted the upcoming relaunch of the legacy 'Hamilton' group. Regarding store renovations, Idol explained the program addresses an aged fleet and aims to elevate the consumer experience with a new, modern aesthetic, teasing a unique in-store experience to be unveiled at the Rockefeller Center flagship.

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CEO John Idol explained that Versace is staying the course on its repositioning toward high-end, craftsmanship-focused luxury, which aligns with the 'quiet luxury' trend and is resonating with VICs. For Michael Kors, the strategy is to return to its 'chic and glamorous' heritage, moving away from a recent Gen Z-focused plan. He affirmed the store network is being right-sized to around 650 stores with a proper balance between full-price and outlet, stating there are no concerns of over-distribution.

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President and CEO Jason Potter highlighted the success of recent private label launches like 'second cheapest wine' and noted the opportunity to refine the assortment. He explained that KVI pricing work is complete and the focus is now on storytelling. The opportunistic buying environment remains strong. Potter identified the primary past challenge as the organizational distraction from the systems implementation, stating that as the company moves past it, focus can return to customer-facing execution.

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Interim President and CEO Eric Lindberg identified restoring the company's value proposition as the top priority to regain momentum. Regarding the IOs, he acknowledged they have had a 'tough, tough year' due to system inefficiencies. He emphasized his commitment to rebuilding trust through direct and transparent communication, starting with in-person meetings with operators in the coming days.

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CFO Jesse Timmermans clarified that the full-price mix was healthy and in line with 2019 levels. Co-Founder & Co-CEO Mike Karanikolas highlighted broad international strength, particularly in China. Co-Founder & Co-CEO Michael Mente added that owned brands are seeing diversified success across categories, marking five quarters of steady growth.

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CFO Jesse Timmermans projected that future growth will be driven primarily by an increase in customers and orders, with only a slight lift in average order value from a higher full-price mix. Co-CEO Michael Karanikolas described physical retail as a 'huge long-term opportunity.' Timmermans added that for modeling purposes, the company assumes a flat return rate for 2025, though there is potential for improvement, particularly in the first half of the year.

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Co-CEO Michael Karanikolas clarified that strong revenue was driven by marketing and site merchandising efficiencies, with full-price sales growing year-over-year. CFO Jesse Timmermans positioned the 20% sales growth target as a long-term goal dependent on macro factors. Co-CEO Michael Mente described the physical retail strategy as an evolving, test-and-learn approach, starting with a significant store in Los Angeles.

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President & CEO Denise Paulonis explained that macro pressures are causing some Sally customers to trade down in the hair care category, while the core color business remains strong. The BSG segment saw a rebound as stylists feel optimistic, though a trend towards lower-maintenance color was noted. Paulonis stated the store refresh pace is deliberate to properly assess ROI before accelerating, with plans for 50 more in FY26. She cited marketplaces and the Licensed Colorist on Demand (LCOD) tool as key drivers for bringing new customers to the color category. CFO Marlo Cormier added that benefits from the Fuel for Growth initiative are being reinvested into marketing and innovation to drive traffic while maintaining a strong margin profile.

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President and CEO Denise Paulonis explained that strategic initiatives contributed 225 basis points to comp sales. The Sally segment's slight decline was due to consumer caution, while the BSG segment was more impacted by a severe flu season but is now recovering. Paulonis noted e-commerce, now 11% of sales, is growing via an expanded marketplace strategy (including Uber Eats) and personalization. She stated it's too early for definitive store refresh results but initial signs are positive, and the Happy Beauty concept is being refined based on learnings from its 20 stores before further expansion.

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CEO Denise Paulonis explained that Q2 guidance reflects known headwinds for BSG, such as lapping prior product load-ins and an unfavorable calendar, alongside a 'choppier' macro environment in January that disrupted consumer behavior. For the second half, she expressed confidence driven by the K18 launch, expanded distribution with Moroccanoil, and strong digital and CRM initiatives at Sally. She anticipates traffic will be relatively flat, with growth coming from increased purchase frequency among loyal customers.

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President and CEO Denise Paulonis explained that the brand refresh is timed to build on recent growth momentum and will incorporate learnings from the 'Studio by Sally' pilot, with a rollout beginning in H2 FY25. She anticipates continued strength across key categories and expects AUR to remain modestly positive. Regarding promotions, she described the environment as consistent. CFO Marlo Cormier clarified that while second-half comps will be lower, they are not expected to turn negative, with underlying sales volumes remaining strong.

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Carrie Baker, President of Brand & Commercial, stated that success in China stems from a consistent playbook of early marketing, new products, and strong execution, amplified by e-commerce strategies like live streaming. President & COO Beth Clymer noted that accelerating newness is a company-wide effort. Baker clarified that Haider Ackermann is elevating the brand's core DNA, not turning it into a fashion brand. CFO Neil Bowden mentioned that gross margin benefited from European manufacturing efficiencies.

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Carrie Baker, President of Brand & Commercial, noted macro headwinds impacted traffic in the U.K. and China but that conversion was up, and she sees opportunity in all regions. Beth Clymer, President and COO, stated the focus is on improving inventory turns rather than absolute margin dollars, noting that new categories drive basket size and repeat purchases, positively impacting overall profitability. Carrie Baker added that marketing investments are being made earlier in the fiscal year to build demand ahead of peak season. Neil Bowden, an executive, acknowledged that the company is in the early stages of maturing its customer lifetime value analytics.

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Chairman and CEO Dani Reiss explained that the Haider launch successfully validated their strategy, attracting new and existing customers and driving cross-selling. Carrie Baker, President of Brand & Commercial, added that it built new, faster operational muscles for product development. Executive Neil Bowden reported that e-commerce traffic was significantly up, while store traffic was mixed, showing improvement in North America but softness in the U.K. and parts of China. Regarding pricing, the team noted it is not seen as a limiter and that they will continue to evolve the strategy based on consumer value, with the Snow Goose collection at the top of the pyramid.

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CEO Dani Reiss expressed excitement for Haider Ackermann's integration and upcoming capsule collection. CFO Neil Bowden stated the full-year gross margin outlook remains similar to fiscal '24, balancing price increases with production management. President Carrie Baker added that SKU rationalization is focused on top sellers and newness, and noted Haider's positive influence on marketing and wholesale partner perceptions.

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Chairperson & CEO Ermenegildo Zegna described the Greater China region as challenging, emphasizing a strategy to adapt to a "new normal" through network efficiency and enhanced personalized services. For Thom Browne, he highlighted new CEO Sam Loban's focus on a customer-centric experience, women's categories, and full-price selling. COO and CFO Gianluca Ambrogio Tagliabue added that the majority of the Thom Browne wholesale rationalization is expected to conclude by the end of 2025.

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Chairperson and CEO Ermenegildo Zegna explained that Greater China remains challenging with lower traffic, necessitating a focus on personalized services and network efficiency. He stated the new Thom Browne CEO will focus on a customer-centric approach, women's, and accessories. COO and CFO Gianluca Ambrogio Tagliabue added that the bulk of the Thom Browne wholesale pruning is expected to be completed by the end of 2025.

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Chairman and CEO Gildo Zegna attributed the unique U.S. growth to a focus on high-end clients, a successful shift to a DTC model, and the brand's pivot to luxury leisurewear. He also cited the IPO and a strong local team as contributors. Group COO and CFO Gianluca Tagliabue added that growth includes very positive like-for-like comps. Regarding tourism, management noted a strong presence of Americans in Europe and Chinese travelers in Japan.

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EVP & CFO Harmit Singh defended raising guidance by pointing to three quarters of strong momentum and consumer resilience. He noted Asia is a long-term opportunity undergoing a reset in 2025. President & CEO Michelle Gass framed the men's (up 6%) and women's (up double-digits) performance as an "and" story, with women's outperformance being intentional due to underpenetration. Singh added that they are in the "early innings" of improving retail execution and merchandise margins are not at a peak.

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CEO Michelle Gass described the situation as dynamic, emphasizing a surgical approach to any potential pricing actions. She noted that consumers are already driving AURs higher by choosing premium products and that the company can test pricing in its DTC channel. CFO Harmit Singh confirmed they are exploring all options to manage inventory flow, including air freight and accelerating their go-to-market calendar.

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CEO Michelle Gass stated that while the men's business accelerated, there is more opportunity through energizing core products and expanding into loose fits and non-denim categories. CFO Harmit Singh addressed inventory, reiterating a long-term goal of 3.0x turns (from ~2.0x currently), which will be aided by a faster go-to-market calendar, SKU reduction, and the eventual exit of the lower-turn Dockers business.

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CFO Jill Timm explained that the primary driver for gross margin expansion was a favorable category mix, driven by a strategic shift back into higher-margin proprietary brands. She noted that for every 100 basis point increase in proprietary brand penetration, margins improve by 10-15 basis points. Timm also mentioned that while consumers are trading down to lower AUR items, this is partially offset by a slight increase in units per transaction (UPT), aided by impulse buys.

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CEO Ashley Buchanan explained that the initiatives outlined for 2025 are short-term and tactical, but due to long lead times in sourcing, significant impacts may not be visible until the following year. CFO Jill Timm added that the current strategy differs by aiming to correct recent missteps that polarized the core customer, such as reducing offerings in key categories like jewelry and petites. Regarding free cash flow, Timm clarified that the 2025 decline is primarily because the company will not derive as much working capital benefit from inventory reduction as it did in 2024, especially in the first half of the year as it rebuilds its proprietary brand stock.

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CEO Tom Kingsbury and CFO Jill Timm identified the primary unintended consequence as under-investing in private brand inventory (down over 20%), which hurt opening price points and value perception. They are correcting this with a 40% increase in in-transit private brand goods. Jill Timm stated the guidance assumes inventory will end the year down mid-single digits and that Q4 gross margin will benefit from better private brand performance and clean inventory, despite a promotional environment.

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CEO Thomas Kingsbury identified the juniors business as an easier fix due to its trend-driven nature and the ability to leverage the marketplace, while categories like intimate apparel would be harder to turn around. CFO Jill Timm explained the guidance reflects current sales trends at the low end, with the high end incorporating the build from new initiatives. She noted that while transactions and conversion are up, the middle-income consumer remains squeezed, leading to smaller basket sizes (lower UPTs), which is the primary pressure point.

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President & CEO Kecia Steelman explained that a key shift has been activating the 'Ulta Beauty' master brand to create authentic connections. She cited the Super Bowl campaign, the partnership with Beyoncé's Cowboy Carter tour, and the 'Ulta Beauty World' influencer event as highly successful examples. The focus is on generating genuine energy and excitement that positions Ulta as more than just a retailer, which she sees as the key difference in their current approach.

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CEO Dave Kimbell attributed long-term growth to executing on the four strategic pillars from Investor Day: Assortment, Experience, Access, and Loyalty, rather than any single category. CFO Paula Oyibo clarified that the October softness was not surprising and was related to the timing of tentpole events. She did not provide a specific leverage point but noted that rent expense is approximately 4% of sales.

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CEO Dave Kimbell pointed to the four strategic pillars from Investor Day (assortment, experience, access, loyalty) as the key long-term growth drivers. CFO Paula Oyibo stated the October softness was not surprising and was influenced by the timing of tentpole events. She did not provide a specific leverage point but noted rent expense is approximately 4% of sales as a general guide.

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Executive Gary Millerchip noted that while consumer electronics is a relatively slow category, Costco is gaining market share. He also highlighted strong growth from expanding international product sourcing. Executive Ron Vachris added that the digital MVM is driving traffic through a mix of newness and value, and its nimbleness is a key advantage.

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Executive Gary Millerchip highlighted the positive momentum in items per basket, which was up about 2% adjusted for gas and FX, attributing it to strong execution by merchants and operators. Regarding retail media, he stated it is viewed as an incremental opportunity, primarily tapping into new marketing dollars from suppliers' media agencies, which ensures it doesn't detract from everyday product value.

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CEO Antony Spring identified strength in ready-to-wear, handbags, and women's shoes, particularly in reimagined stores, while the home category remains pressured. COO & CFO Adrian Mitchell emphasized that go-forward comps are the key future metric and are outperforming total comps, which are weighed down by underperforming and closing stores.

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COO & CFO Adrian Mitchell noted the high end of the guidance range represents year-over-year growth, encouraged by sequential improvement across the business. CEO Antony Spring added that private brands are a key part of the value equation, citing strong response to Charter Club cashmere and Style & Co. He emphasized that with 85% of the business in market brands, providing a breadth of assortment and price points is crucial to meeting the customer's definition of value.

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Chairman & CEO Tony Spring noted that March and April performance was stronger than a weather-impacted February. He highlighted an ongoing apparel cycle, with denim performing well, alongside improved trends in fine jewelry, watches, and certain home categories. Spring stressed that the company's multi-category model allows it to pivot resources to where demand is materializing.

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CEO Stephane de la Faverie expressed confidence in prestige beauty's fundamentals and noted the portfolio is diversified to capture consumers from entry-prestige (The Ordinary) to luxury (La Mer). CFO Akhil Shrivastava detailed the margin expansion plan, citing gross margin improvements, OpEx reduction from the expanded PRGP, and procurement savings. On M&A, both executives stated that the near-term priority is deleveraging the balance sheet.

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CFO Michel Atwood noted the market has been surprisingly resilient, but Executive Jean Madar cautioned that the high growth of recent years is unlikely to continue, though new launches for Lacoste and Roberto Cavalli should drive outperformance. On destocking, Atwood stated that the process has been slowing and is now considered to be largely behind them. For 2025, Madar identified upcoming launches for Jimmy Choo, Lacoste, Roberto Cavalli, Ferragamo, and GUESS as the most significant.

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CEO Robert Eddy acknowledged strong Q4 general merchandise performance and stated that while discretionary spending could soften, the company will continue to invest in its GM assortment. Regarding new stores, Eddy confirmed there is significant room for optimization. EVP, Strategy and Development, William Werner added that the focus is on driving new members toward high-value behaviors like digital engagement and credit card adoption to accelerate a club's path to maturity.

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