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 →
Amer Sports 1Q26 Immediate Call Postmortem
Best quarterly growth rate as a public company. Must admit, was expecting law of large numbers to eventually start catching up to them at some point but seems the opposite is occurring.
Under Armour 4Q26 Immediate Call Postmortem
Is Kevin intentionally trying to sink the stock price to take the company private? He sounded more clinical on this call (normally more inspirational), like he was just checking the boxes on what he needs to say so he can move on to whatever else he needs to do today.
Adidas 1Q26 Immediate Call Postmortem
Of course Adidas starts the call off by talking about breaking the two-hour marathon barrier. The shoe is already reselling on StockX at $5,000.
Nike 3Q26 Immediate Call Postmortem
End of day they beat on revenue because of depressed expectations in China and APLA but missed in critical North America and EMEA regions that were supposed to be leading indicators of the turnaround.
Williams-Sonoma 4Q25 Immediate Call Postmortem
Hugely positive LT narrative change today: “A key shift in the plan is a near doubling of capital investment in retail, reflecting the meaningful opportunity we see to accelerate growth of retail stores”.
Academy Sports 4Q25 Immediate Call Postmortem
January softer than anticipated due to winter stores with half store base shut down for 2-3 days. Business rebounded after they reopened.
Lululemon 4Q25 Immediate Call Postmortem
Is Lululemon’s BOD trying to send a message to Chip Wilson that a different “Chip” is the better answer? Almost certainly not the same quality level of at least one of Chip Wilson’s candidates in Marc Maurer.
Adidas 4Q25 Immediate Call Postmortem
“In a complicated world with many negative things there are also great sport events” – CEO Bjorn Gulden. Have to say, really like Bjorn a lot.
On Holding 4Q25 Immediate Call Postmortem
David tells an amazing story about how athletic brands are going to crush life going forward. The “movement class” is the future and they have a desire for vitality.
Arhaus 4Q25 Immediate Call Postmortem
High level it seems the story is Arhaus doesn’t want to be like all the other shitty furniture retailers and instead wants to break out of the group’s reputation like Williams Sonoma did.
Amer Sports 4Q25 Immediate Call Postmortem
Women's and footwear up roughly 40% or more. They had strong double-digit growth in Veilance – I certainly hope so given Arc’teryx store count is up approximately 30%.
Floor & Decor 4Q25 Immediate Call Postmortem
At least Tom Taylor did the beginning commentary for the call. Sadly, it sounds like he won’t do it anymore though.
Under Armour 3Q26 Immediate Call Postmortem
Kevin talked about the one-off items as “frustrating”. Shareholders are way past that word when talking about this company.
Deckers 3Q26 Immediate Call Postmortem
Global Hoka and Ugg performance exceeded expectations and was “exceptional” with balanced growth across DTC and wholesale. Americas accelerated.
VF Corp 3Q26 Immediate Call Postmortem
Main story management selling seems to be they are back to growth again (first time since FY23). Lot of green shoots in every direction.
Nike 2Q26 Immediate Call Postmortem
Every region (and Converse) except for North America missed consensus revenue expectations with China the most notable shortfall.
Lululemon 3Q25 Immediate Call Postmortem
Calvin stepping down is what everyone wanted well now you have it. As much as people love hating on him, he did oversee a massive period of growth (tripled revenue) into an approximate tie with Nike for world largest athletic apparel brand.
Restoration Hardware 3Q25 Immediate Call Postmortem
Am I the only person that read the shareholder letter and felt like Gary was angrily typing various sentences in all caps because he thinks everyone else is stupid?
On Holding 3Q25 Immediate Call Postmortem
First the bad. Not only did they miss the Americas revenue consensus estimate, but they also barely had double digit growth to begin with and everybody remembers what happened to Deckers (DECK) after domestic revenue growth cracked that level.
Under Armour 2Q26 Immediate Call Postmortem
Kevin is talking more about innovation this quarter than we have heard in quite a long time. Of course, he had to bring up the backpack again but this time around he added a lot of other products and even started talking about the NEOLAST technology they have had a partnership with for past year (lead times).