IMMEDIATE CALL POSTMORTEMS
The first take, while it still matters.
After earnings, most sell-side research takes a day or more to publish, and much of it repeats the press release. An Immediate Call Postmortem is our unfiltered first read: posted on X within minutes of the call ending, then archived here and on Substack. It’s free, it’s short, and it focuses on what actually changed. We only write one when a call gives us something worth saying, and a much more thoughtful Upon Further Review report tends to follow within 3–5 business days.
Why speed matters: read Confessions of a Sell-Side Analyst →
VF Corp 2Q26 Immediate Call Postmortem
Got a treat today with a video conference call. “It was a good quarter” – Bracken.
Tractor Supply: 3Q25 Immediate Call Postmortem
Going to call this quarter a lesson in reality. Even if management really thought it was possible to do a 4% comp this year, they never should have had that scenario in guidance given the aggressive acceleration required in 2H25 (7%+).
Deckers 2Q26 Immediate Call Postmortem
As much as people want to penalize the company on domestic sales being down, the trend got sequentially better (just like management said would happen) and international continues to grow at an exceptionally impressive rate despite having the best result in years last quarter.
Lululemon 2Q25 Immediate Call Postmortem
Down 4% Americas comp despite massive discounting in July is disappointing but we kinda already knew the entire athletic apparel industry is facing issues (that includes signs at FinX favorites Alo and Vuori BTW).
Academy Sports 2Q25 Immediate Call Postmortem
Is this really the second quarter in a row where they miss earnings but increase the guidance range? Even that is kind of a mess as they lowered adjusted net income on the high end while raising adjusted EPS (likely due to share repurchases but still a lot of noise here).
Dick's Sporting Goods 2Q25 Immediate Call Postmortem
Main message that management wanted to send is they are seeing strength across the board. All channels.
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).