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    Olivia Tong

    Wall Street Analyst and Managing Director at Raymond James Financial, Inc.

    Olivia Tong is a Wall Street Analyst and Managing Director at Raymond James, specializing in equity research for the consumer goods and beauty industry. She covers 24 major companies, including e.l.f. Beauty, Inc. (ELF) and Coty (COTY), and has delivered a 53% success rate with an average return per rating of 7.7% and top performance recognized by a +311% gain on ELF. Tong began her analyst career in 2018 and has rapidly progressed to her current leadership role at Raymond James, where she is regarded for her insightful stock ratings and sector expertise. She holds recognized industry credentials and frequently leads high-profile investor events across the consumer sector.

    Olivia Tong's questions to Ulta Beauty (ULTA) leadership

    Olivia Tong's questions to Ulta Beauty (ULTA) leadership • Q2 2025

    Question

    Olivia Tong requested a breakdown of performance between mass and prestige cosmetics, focusing on initiatives in the mass market, and also asked about the new brand pipeline for the upcoming year.

    Answer

    President and CEO Kecia Steelman expressed excitement about a strong and balanced newness pipeline across all categories for the rest of the year and into 2026. She highlighted that both mass and prestige makeup grew during the quarter, a positive trend not seen recently, partly due to lapping the clearance of the old Ulta Beauty Collection.

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    Olivia Tong's questions to Ulta Beauty (ULTA) leadership • Q1 2026

    Question

    Olivia Tong of Raymond James Financial asked about the full-year guidance, noting the implied deceleration after a strong Q1. She sought clarity on the quarterly sales cadence and the potential impact of tariffs on pricing and promotions, especially given the forecast for more pressured H2 margins.

    Answer

    CFO Paula Oyibo explained that while the guidance was updated to reflect Q1's strength, the company remains cautious about second-half uncertainty. She projected low-single-digit comps for the first half, followed by a range of down low-single-digits to up modestly in the second half. Oyibo stated that the promotional environment is expected to remain rational and that the company is working with brand partners to mitigate any potential tariff impacts.

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    Olivia Tong's questions to Ulta Beauty (ULTA) leadership • Q2 2025

    Question

    Olivia Tong asked a multi-part question regarding the Q2 performance miss, seeking to understand the attribution between category deceleration and share loss, why certain promotions failed, and how trends late in the quarter influenced the revised full-year outlook.

    Answer

    CEO David Kimbell identified competitive pressures as the largest driver of the Q2 miss. He explained that incremental promotions layered in late in the quarter drove e-commerce traffic but failed to deliver incrementality in stores. He clarified that the revised outlook is based on a holistic assessment of all challenges and that the go-forward strategy relies on a mix of levers, not just promotions, to drive performance.

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    Olivia Tong's questions to Bath & Body Works (BBWI) leadership

    Olivia Tong's questions to Bath & Body Works (BBWI) leadership • Q2 2025

    Question

    Olivia Tong asked about the outlook for pricing and promotions in the second half, whether tariff mitigation would require price increases, and other initiatives to reduce tariff pressures.

    Answer

    CFO Eva Boratto outlined a multi-year, three-part strategy for tariff mitigation: supply chain optimization, targeted assortment changes, and strategic pricing. She emphasized that the goal is to elevate the brand's value equation through innovation to drive AUR, rather than relying heavily on promotions.

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    Olivia Tong's questions to Bath & Body Works (BBWI) leadership • Q1 2025

    Question

    Olivia Tong asked about the company's pricing strategy in a market where competitors may be raising prices due to tariffs, framing it as an opportunity to either raise prices or gain market share. She also asked CEO Daniel Heaf about his international expansion strategy, specifically regarding market selection.

    Answer

    CFO Eva Boratto stated that the company will remain agile and 'read and react to the customer and the market' on pricing. CEO Daniel Heaf reiterated his earlier comments on international strategy, emphasizing that he will focus on a select group of priority markets and match them with the most appropriate business model, rather than applying a one-size-fits-all approach.

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    Olivia Tong's questions to Bath & Body Works (BBWI) leadership • Q2 2025

    Question

    Olivia Tong from Raymond James asked about AUR expectations for the second half, initiatives planned to drive customer traffic, the source of the incremental cost savings, and management's confidence in sustaining those savings.

    Answer

    CFO Eva Boratto stated the increased cost savings guidance is due to value engineering in the supply chain and ongoing SG&A discipline. She declined to give specific AUR guidance to maintain promotional flexibility. CEO Gina Boswell outlined several traffic-driving initiatives for the second half, including the full launch of the 'Everyday Luxuries' line, new on-trend fragrances, a new collaboration, and two major cross-category launches.

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    Olivia Tong's questions to COTY (COTY) leadership

    Olivia Tong's questions to COTY (COTY) leadership • Q4 2025

    Question

    Olivia Tong inquired about the lack of specific guidance for the second half of fiscal 2026, asking for key drivers of the expected improvement. She also questioned the strategy for Consumer Beauty, focusing on investment levels in mass color cosmetics and the growth potential of mass fragrances.

    Answer

    CFO Laurent Mercier explained that H2 '26 will see growth as retailer inventory headwinds end, supported by strong innovation and the "All In to Win" plan, ensuring full-year EBITDA exceeds $1 billion despite tariff impacts. CEO Sue Nabi added that a second blockbuster launch and a major perfume mist initiative will further drive H2 performance. Nabi also detailed a shift in mass color cosmetics investment towards ROI-driven traditional advertising for core products, while noting that the growing mass fragrance category is highly profitable and additive.

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    Olivia Tong's questions to COTY (COTY) leadership • Q4 2025

    Question

    Olivia Tong inquired about the key drivers for the expected improvement in the second half of fiscal 2026, the evolution of investment levels in mass color cosmetics, and the growth strategy for the mass fragrance business.

    Answer

    CFO Laurent Mercier explained that H2 growth will be driven by the end of retailer inventory reductions, a healthy market, and strong innovations, ensuring full-year EBITDA will exceed $1 billion despite tariff headwinds. CEO Sue Nabi added that two blockbuster launches and a major perfume mist initiative will further bolster H2 performance. On consumer beauty, Nabi noted a strategic shift in marketing for mass color to improve ROI and profitability, while highlighting that the growing mass fragrance category is highly profitable and additive to the business.

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    Olivia Tong's questions to Beauty Health (SKIN) leadership

    Olivia Tong's questions to Beauty Health (SKIN) leadership • Q2 2025

    Question

    Olivia Tong asked for details on the recent consumables price increase, including its timing, customer feedback, and ability to offset tariffs, and also questioned the drivers behind the higher-than-expected customer churn.

    Answer

    CEO Marla Beck stated the average 5% consumables price increase took effect July 3rd and was well-received, as it was lower than other industry increases. CFO Michael Monahan noted it partially offsets the projected $4 million tariff impact. Regarding churn, Monahan said the cause is still under investigation as it is not concentrated in any single channel, but the company is launching targeted initiatives to reactivate customers.

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    Olivia Tong's questions to Spectrum Brands Holdings (SPB) leadership

    Olivia Tong's questions to Spectrum Brands Holdings (SPB) leadership • Q3 2025

    Question

    Olivia Tong from Raymond James followed up on the $30 million sales impact, asking how much is recoverable. She also inquired about consumer demand trends across different price points and the specifics of planned future pricing actions.

    Answer

    CFO Jeremy Smeltzer estimated that about half of the lost sales were likely recovered in July. CEO David Maura noted the consumer has been surprisingly resilient. Smeltzer added that value brands in Home & Garden are gaining share, while premium Pet brands are seeing consumers return. He stated that the remaining pricing needed for fiscal 2026 is a relatively small $20-$25 million, which is less than 1% of revenue and will be implemented strategically with retail partners.

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    Olivia Tong's questions to Spectrum Brands Holdings (SPB) leadership • Q2 2025

    Question

    Olivia Tong of Raymond James asked about the sales percentage of products being exited, the nature of new supplier relationships, the rationale for investing in the HPC supply chain given divestiture plans, and the building blocks for the free cash flow guidance.

    Answer

    CFO Jeremy Smeltser clarified that the company is committed to managing the HPC business effectively, and the required capital for the supply chain transition is nominal. He stated the vast majority of new production will be with existing suppliers who are moving their operations. The products being de-prioritized represent about 15-20% of HPC's U.S. sales. Regarding free cash flow, he explained the guidance is supported by profitability, cost management, and significant working capital benefits from liquidating HPC inventory in the U.S. without replenishment.

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    Olivia Tong's questions to e.l.f. Beauty (ELF) leadership

    Olivia Tong's questions to e.l.f. Beauty (ELF) leadership • Q1 2026

    Question

    Olivia Tong of Raymond James asked about the U.S. core business growth in light of decelerating scanner data and questioned if ex-Rhode results could potentially be down in Q2. She also requested details on the international expansion with Sephora.

    Answer

    Senior VP & CFO Mandy Fields stated there is no scenario contemplated where the core e.l.f. business would be down year-over-year, attributing scanner data deceleration to cycling a very strong fall launch from the prior year. CEO & Chairman Tarang Amin detailed the expanding Sephora partnership, highlighting the successful launch in Mexico and upcoming launches for Rhode in the US, Canada, and UK, as well as for the e.l.f. brand in the six Gulf Cooperation Council countries.

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    Olivia Tong's questions to e.l.f. Beauty (ELF) leadership • Q4 2025

    Question

    Olivia Tong of Raymond James inquired about the performance outlook for the first quarter, the progress of the Dollar General channel, and the planned operational structure for the newly acquired Rhode brand.

    Answer

    SVP & CFO Mandy Fields stated that Q1 consumption trends are strong, though the company is cycling significant growth from the prior year. Chairman and CEO Tarang Amin confirmed that the Dollar General partnership is exceeding expectations and explained that Rhode will operate independently from Los Angeles, leveraging e.l.f.'s resources to support its major Sephora launch and global expansion.

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    Olivia Tong's questions to Sally Beauty Holdings (SBH) leadership

    Olivia Tong's questions to Sally Beauty Holdings (SBH) leadership • Q3 2025

    Question

    Olivia Tong asked for a comparison of performance between the SBS and BSG segments, questioning if BSG's rebound was due to pent-up demand, and explored the potential for expanding into new categories like wellness within Sally Beauty stores.

    Answer

    President & CEO Denise Paulonis stated that the BSG segment's rebound was consistent throughout Q3 and not merely due to pent-up demand from a challenging Q2. The strength was driven by innovation and a healthy stylist business. Regarding new categories, Paulonis confirmed they are actively testing cosmetics, skincare, and fragrance in the 35 brand refresh stores. This is enabled by SKU rationalization to create space, and the company plans to expand this test to 50 more stores in the next fiscal year to gauge customer response and potential for a broader rollout.

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    Olivia Tong's questions to Sally Beauty Holdings (SBH) leadership • Q2 2025

    Question

    Speaking on behalf of Olivia Tong, an analyst asked about the current commercial environment and whether the company anticipates shifting its strategy in response to evolving consumer sentiment.

    Answer

    President and CEO Denise Paulonis affirmed confidence in the company's core strategy, highlighting key initiatives like Licensed Colors on Demand, CRM, marketplaces, and innovation. She stated that while tactics may be adjusted in response to the consumer environment, she does not foresee fundamental changes to the overall strategy. Paulonis emphasized the strategy's success in delivering three consecutive quarters of growth prior to Q2's macro pressures, reinforcing her positive view of the core business.

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    Olivia Tong's questions to EDGEWELL PERSONAL CARE (EPC) leadership

    Olivia Tong's questions to EDGEWELL PERSONAL CARE (EPC) leadership • Q3 2025

    Question

    Olivia Tong of Raymond James Financial questioned the drivers behind the expected Q4 organic sales growth acceleration, including assumptions for category growth and retailer destocking. She also followed up on future brand investment levels and innovation plans.

    Answer

    COO Daniel Sullivan detailed that Q4 growth is driven by international markets accelerating due to pricing and new product distribution, while North America's decline will moderate thanks to a better Sun Care profile, Fem Care returning to growth, and cycling easier comps for Wet Ones. President and CEO Rod Little confirmed that the company will continue to invest where it sees strong returns, such as with Cremo, Hawaiian Tropic, and HydroSilk, and plans to expand successful campaign strategies to other brands. Sullivan added that these investments will be funded by ongoing productivity and efficiency initiatives.

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    Olivia Tong's questions to CHURCH & DWIGHT CO INC /DE/ (CHD) leadership

    Olivia Tong's questions to CHURCH & DWIGHT CO INC /DE/ (CHD) leadership • Q2 2025

    Question

    Olivia Tong from Raymond James Financial asked for color on the sales comps for August and September following a strong July. She also inquired about the net impact of consumer trade-down on the portfolio and the company's view on other underperforming brands beyond the vitamin business.

    Answer

    President and CEO Rick Dierker declined to give monthly guidance but expressed confidence in the 2.5% back-half growth outlook. He stated that consumer trade-down is a net benefit for the company, though significant recessionary behavior has not yet materialized. Regarding the portfolio, Dierker asserted that after the recent exits and the current vitamin review, there are no further plans for strategic changes, as the remaining brands all have a role to play.

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    Olivia Tong's questions to NEWELL BRANDS (NWL) leadership

    Olivia Tong's questions to NEWELL BRANDS (NWL) leadership • Q2 2025

    Question

    Olivia Tong asked about the key drivers behind the expected sequential core sales improvement in the fourth quarter and questioned the retailer response to recent pricing actions, particularly in the baby category.

    Answer

    CFO Mark Erceg clarified that implied Q4 core sales are expected to be roughly flat, not up. CEO Chris Peterson attributed the sequential improvement to Q4-weighted distribution wins from tariff advantages, the major Yankee Candle relaunch hitting in its peak season, and new retailer shelf-set implementations. Regarding pricing, he stated retailers have been constructive, with the main issue being timing. The full consumer impact is not yet clear as the latest price hikes just took effect.

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    Olivia Tong's questions to COLGATE PALMOLIVE (CL) leadership

    Olivia Tong's questions to COLGATE PALMOLIVE (CL) leadership • Q2 2025

    Question

    Olivia Tong from Raymond James Financial inquired about the drivers for the expected sales acceleration in the second half of the year. She also asked if the new restructuring program is entirely new or an acceleration of existing plans, and if it involves specific headcount or regional actions.

    Answer

    Chairman, CEO & President Noel Wallace cited consistent advertising levels, a strong innovation pipeline, and pricing opportunities as key drivers for second-half growth, assuming modest category improvement. CFO Stanley Sutula described the productivity program as a combination of supply chain optimization and resource reallocation, which will involve rebalancing assets and headcount over time, but did not provide specific details.

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    Olivia Tong's questions to CLOROX CO /DE/ (CLX) leadership

    Olivia Tong's questions to CLOROX CO /DE/ (CLX) leadership • Q4 2025

    Question

    Olivia Tong of Raymond James Financial inquired about the specific efforts to improve 'value superiority' in fiscal 2026, the company's flexibility on brand support, and the key drivers of the fiscal 2026 gross margin guidance.

    Answer

    CEO Linda Rendle outlined a two-pronged superiority strategy: raising the bar in categories where Clorox already leads and making significant improvements in areas like cat litter. She affirmed the company has financial flexibility to adjust spending. CFO Luc Bellet expressed confidence in the flat to +50 bps ex-ERP gross margin guidance, citing a strong pipeline of cost savings to offset inflation and tariffs.

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    Olivia Tong's questions to CLOROX CO /DE/ (CLX) leadership • Q1 2025

    Question

    Olivia Tong asked about inventory positions at retail and in consumer pantries, particularly for heavily promoted categories like Litter. She also sought to understand how much of the Q1 gross margin beat was due to structural improvements versus temporary factors.

    Answer

    CEO Linda Rendle reported that inventory levels are normalized at both retail and the consumer level, with no major issues to report. CFO Kevin Jacobsen highlighted the structural drivers of the margin beat, including strong cost savings programs (on track for over 200 basis points of improvement) and the accretive impact of divesting two margin-dilutive businesses, which is expected to add 50-70 basis points to margins.

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    Olivia Tong's questions to PROCTER & GAMBLE (PG) leadership

    Olivia Tong's questions to PROCTER & GAMBLE (PG) leadership • Q4 2025

    Question

    Olivia Tong of Raymond James asked about the drivers of positive price/mix despite a challenged consumer, P&G's confidence in pricing for next year, and the expected growth contribution from focus versus enterprise markets.

    Answer

    President, CEO & Chairman Jon Moeller expressed confidence in future pricing, explaining that P&G's portfolio is resilient because it focuses on daily-use categories where performance drives value. CFO Andre Schulten added that he expects Focus and Enterprise markets to have similar aggregate growth performance in fiscal 2026.

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    Olivia Tong's questions to HELEN OF TROY (HELE) leadership

    Olivia Tong's questions to HELEN OF TROY (HELE) leadership • Q1 2026

    Question

    Olivia Tong of Raymond James Financial requested more details on the retail distribution gains expected in the second half, asking about specific categories and whether the gains were a net figure. She also inquired about the status of the CEO search and the desired profile for the new leader.

    Answer

    CFO Tracy Schuerman confirmed the gains were net and highlighted new distribution for Braun blood pressure monitors at Walmart and international expansion for Hydro Flask and Osprey. CEO Brian Grass added that the board is leading the CEO search, seeking a leader with strong brand-building and growth experience. In the interim, Grass is focused on simplifying the organization and prioritizing sustainable, product-led growth over purely marketing-driven initiatives.

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    Olivia Tong's questions to ESTEE LAUDER COMPANIES (EL) leadership

    Olivia Tong's questions to ESTEE LAUDER COMPANIES (EL) leadership • Q2 2025

    Question

    Olivia Tong asked about discussions with key retailers, the strategy to win consumers in Asia against local brands, and the plan for differentiating the company's products in Western markets.

    Answer

    CEO Stephane de la Faverie explained that differentiation will be driven by a 'transformative innovation' plan, which aims to triple the number of products launched in under a year. This speed will enable the company to tailor new products to specific retailers, consumer segments, and price points globally, helping to capture consumers in a fragmented distribution landscape.

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