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    Tracy Kogan • Citigroup

    Tracy Kogan's questions to Tapestry Inc (TPR) leadership

    Tracy Kogan's questions to Tapestry Inc (TPR) leadership • Q4 2025

    Question

    Tracy Kogan, on behalf of Paul Lejuez, asked for more regional detail on the business acceleration seen in Q1 and inquired about the magnitude of price increases assumed in the guidance for the Coach brand.

    Answer

    CEO Joanne Crevoiserat confirmed the acceleration is widespread across all regions, as Coach's global strategies are resonating with consumers. Coach CEO Todd Kahn added that the brand's mid-to-high single-digit growth forecast is supported by a favorable product mix and AUR lift from initiatives like selling full-price collection items in outlet stores.

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    Tracy Kogan's questions to VF Corp (VFC) leadership

    Tracy Kogan's questions to VF Corp (VFC) leadership • Q1 2026

    Question

    Tracy Kogan, on behalf of Paul Lejuez, asked if quarter-to-date trends were consistent with Q2 guidance and why the negative impact from deliberate actions at Vans seemed less severe than in the previous quarter.

    Answer

    EVP & CFO Paul Vogel declined to comment on intra-quarter performance but stood by the Q2 guidance. He explained the impact from Vans' channel rationalization was in line with expectations, with the variance from the prior quarter (~40% vs. ~50%) being a function of timing and math rather than a change in strategy.

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    Tracy Kogan's questions to Oxford Industries Inc (OXM) leadership

    Tracy Kogan's questions to Oxford Industries Inc (OXM) leadership • Q1 2026

    Question

    Tracy Kogan of Citigroup, filling in for Paul Lejuez, asked about the intra-quarter comparable sales trend, specifically comparing February to the March-April period, and sought details on the restaurant business's performance, including traffic and ticket drivers.

    Answer

    Chairman and CEO Tom Chubb reported that comparable sales improved sequentially through the quarter, with April being the strongest month, aided by the Easter calendar shift. He noted the restaurant comp was down only 1%, with ticket sizes increasing slightly. CFO and COO Scott Grassmyer added that total restaurant sales were impacted by the temporary closure of the Sarasota location for relocation.

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    Tracy Kogan's questions to Oxford Industries Inc (OXM) leadership • Q4 2024

    Question

    Tracy Kogan from Citigroup sought clarification on the wholesale channel, asking what the company is actually seeing in its order books versus just hearing about partner caution. She also asked for more detail on the guided $9-$10 million tariff impact, questioning if it assumes no mitigation.

    Answer

    CFO/COO Scott Grassmyer responded that the company's latest projection is for the wholesale business to be roughly flat for the year, with caution now built into forecasts for future bookings. On tariffs, Grassmyer explained that the guidance already includes some mitigation efforts, but full mitigation is more likely by spring 2026. He characterized the $9-$10 million impact as a worst-case scenario for the year, with some potential for it to improve slightly.

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    Tracy Kogan's questions to Kohls Corp (KSS) leadership

    Tracy Kogan's questions to Kohls Corp (KSS) leadership • Q1 2025

    Question

    Tracy Kogan, on behalf of Paul Lejuez, inquired about the profitability of the e-commerce business and its path to sales improvement. She also sought clarification on how much margin pressure from tariffs is factored into the company's guidance.

    Answer

    CFO Jill Timm stated that while the digital business is profitable, its sales have been weighed down by its high penetration in the underperforming home category and with the core Kohl's Card customer. She expects progressive improvement as strategic changes take hold. Regarding tariffs, Timm confirmed that the company believes it can mitigate the vast majority of the pressure and that the current financial guidance already accounts for any expected impact.

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    Tracy Kogan's questions to Ross Stores Inc (ROST) leadership

    Tracy Kogan's questions to Ross Stores Inc (ROST) leadership • Q1 2025

    Question

    Tracy Kogan, on for Paul Lejuez, sought to confirm if the Q2 EPS tariff impact of $0.11 to $0.16 already includes mitigation efforts. She also asked if a trade-down customer contributed to the sales improvement in Q1.

    Answer

    Group President and COO Michael Hartshorn confirmed the Q2 guidance includes some mitigation but is also negatively impacted by products that were already in transit when tariffs hit. He added that sales comps were broad-based across store income demographics, which does not suggest a significant trade-down effect.

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    Tracy Kogan's questions to Ross Stores Inc (ROST) leadership • Q1 2025

    Question

    Tracy Kogan from Citigroup asked for confirmation that the Q2 EPS tariff impact of $0.11 to $0.16 already includes some mitigation efforts. She also inquired whether a trade-down customer contributed to the sales improvement in the quarter.

    Answer

    Group President and COO Michael Hartshorn confirmed the Q2 guidance includes some mitigation but also incorporates the impact of goods already in transit when tariffs hit. Regarding the customer, he noted that comp performance was broad-based across income bands, which does not suggest a significant trade-down effect.

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    Tracy Kogan's questions to Macy's Inc (M) leadership

    Tracy Kogan's questions to Macy's Inc (M) leadership • Q4 2024

    Question

    Tracy Kogan, on behalf of Paul Lejuez, requested more detail on credit card revenue trends in Q4 and quarter-to-date, including payment rates and losses.

    Answer

    COO & CFO Adrian Mitchell reported that credit card revenues stabilized in 2024 and are expected to return to growth in 2025. This is driven by a healthy portfolio, stabilized net credit losses, and initiatives to increase card usage and applications. He confirmed there have been no meaningful negative changes quarter-to-date and that growth is reflected in the annual guidance.

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    Tracy Kogan's questions to Macy's Inc (M) leadership • Q2 2024

    Question

    Tracy Kogan, on for Paul Lejuez, asked about performance differences by consumer income demographic, particularly as the overall environment weakened during the second quarter.

    Answer

    CEO Tony Spring responded that there was a consistent trend of increased caution across all nameplates and demographics during Q2, as consumers became more judicious with their spending amid macro uncertainty. He emphasized that the company's strategy is to create compelling reasons to buy through newness, exclusivity, and events like the upcoming Bloomingdale's 'Celebration of Italy' and Bluemercury's 25th anniversary, which appeal to all income levels.

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    Tracy Kogan's questions to Columbia Sportswear Co (COLM) leadership

    Tracy Kogan's questions to Columbia Sportswear Co (COLM) leadership • Q4 2024

    Question

    Tracy Kogan, on behalf of Paul Lejuez at Citigroup, asked if there were differences in order trends among U.S. wholesale partners, such as department stores versus specialty retailers. She also requested a breakdown of the 2025 capital expenditure guidance and whether the $60-$80 million range is a sustainable run rate.

    Answer

    CEO Tim Boyle noted that while relationships with all partners are strong, the order book is much stronger with customers that align with the new target consumer for their updated product lines. EVP & CFO Jim Swanson stated that the $60-$80 million CapEx range is a fair estimate going forward, with roughly a quarter being maintenance capital. He noted the most significant investment is in stores.

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    Tracy Kogan's questions to Columbia Sportswear Co (COLM) leadership • Q3 2024

    Question

    Tracy Kogan, on behalf of Paul Lejuez, asked about the better-than-planned Q3 gross margin, specifically the comment on lower promotions in the U.S. She requested a characterization of the current promotional environment and what is built into the Q4 guidance regarding promotions.

    Answer

    CEO Tim Boyle stated that they expect promotions to be stronger in the upcoming holiday season and have built those expectations into the guidance. CFO Jim Swanson elaborated that while the Q3 promotional environment was less intense than anticipated, they have not raised the gross margin outlook significantly for Q4, expecting promotions to remain a factor. He noted the main driver of year-over-year Q4 margin expansion will be cleaner inventory leading to fewer wholesale closeout sales.

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