Upon Further Review – Post 2Q26 Thoughts
After 2Q26: RH Estates should help, but Europe keeps dragging on profits; we see 2026 EPS of $5.00 to $7.00.
Grading On A “Maturity” Curve
Academy's new-store comp boost can't offset negative comps, and its other growth drivers look thin.
Sell More Shirts And Shoes. That’s It.
Under Armour has cut costs for years without margin gains; its hits, like Bouncy Tee, aren't reaching enough scale.
Porcelain – This “Isn’t” Goodbye
After laminate and vinyl turned commoditized, is porcelain tile next? What that means for Floor & Decor's business model.
The “Gold” Standard
VF Corp comes down to trusting management; results are improving, but Vans remains the pain point.
Arc’teryx: If The Shoe Doesn’t Fit…
Heavy discounting of Arc'teryx footwear at retailers like REI is the first real warning sign; the rest of Amer looks healthy.
Lululemon Can Make A “Heidi” Look Good
A state-of-the-union on Lululemon: discounting, merchandising, IT and Asia store checks, and why a return to health is underway.
The Tractor Broke Down: Reduced Speed Ahead
Tractor Supply dropped the long-term targets we long called unrealistic; what the withdrawal means for the stock.
Asian Expansion Like A “Pro”
Store visits in Hong Kong and Japan support Deckers' call for faster international growth in the second half for HOKA and UGG.
This Deck Is Stacked In Investors Favor
Every bear worry from last year proved wrong, yet Deckers stock hasn't moved despite about 20% higher earnings.
Dick’s Media Network: Pump Up The Volume
Dick's Media Network is starting to lift gross margin for the first time, which could push margins past their usual ceiling.
Some Moats Don’t Work For Everything
Why laminate and vinyl flooring have become too commoditized for Floor & Decor's model, and why top investors left.
Nike Must Protect This House!
Nike's soft World Cup push in soccer risks handing US ground to Adidas just as the tournament comes to America.
We Have Sense Tec Isn’t There Yet In Apparel
Why On needs its own stores to succeed in apparel, since wholesale rarely explains innovative clothing to shoppers.
CUE The Cyclical Nature Of This Company
Parallels to Tractor Supply's 2016-17 sell-off, as its 'needs-based' categories look more discretionary than claimed.
Chip’s Plan B: Amer Sports + Lululemon?
Why conglomerates usually fail in athletic brands, why Amer is different, and the case for Amer bidding for Lululemon.
Marti Morfitt Needs To “Shake It Off”
Why Lululemon's board chair and board are repeating Nike's strategic mistakes, and what that means for the proxy fight.
Is The Teacher Surpassing The Student?
ASICS keeps matching or beating Nike on major marathon podiums; a deep look at its performance running business.
London Calling: Adidas Declares War
How Adidas is outpacing Nike in running and soccer heading into the World Cup.
After Love Is Gone: Is Yesterday All We Had?
Is Canada Goose more than a niche outerwear brand? Why its costly year-round store expansion story is hard to believe.