Williams-Sonoma 2Q25 Immediate Call Postmortem
Comp was above expectations with an accelerating trend and all brands positive (for second consecutive quarter). Positive comps in both furniture and non-furniture.
On Holding 2Q25 Immediate Call Postmortem
Hard to poke holes in a consumer company that raises guidance like this against a challenged macro-environment backdrop. Key point they made on call was this isn’t just flowthrough but rather they now have increased 2H25 expectations.
Under Armour 1Q26 Immediate Call Postmortem
Kevin brought up a lot of gross margin drivers that we continue to not see the impact of yet. Have cut SKU’s by 25%.
Arhaus 2Q25 Immediate Call Postmortem
Really feels like a lot of the upside this quarter was a one-off due to Dallas opening earlier than expected. They called out the 20 pt gap between 1Q written and 1Q delivered as an example of what that looked like.
VF Corp 1Q26 Immediate Call Postmortem
Main focus of this call was to talk about the return to growth. Three things: 1) not happy with Vans growth and focused on it, 2) goal is to get The North Face to double digit growth, 3) sustain momentum in Timberland.
Tractor Supply (TSCO) 2Q25 Immediate Call Postmortem
At a minimum we are at least back to beating earnings again, however small. It always felt like the comp guide was sandbagged a bit given their long stated “we are a story of halves” narrative and the meaningful weakness in 1Q.
Deckers Brands 1Q26 Immediate Call Postmortem
Oh snap. We have a company that trades at 17x FY1 earnings that is growing sales at 17% and continues to blow out EPS estimates by 20%+ every single quarter, has an EBIT margin north of 20%, and is buying back a ton of stock (with a ton of cash on balance sheet).