We have established dedicated research coverage of several companies, including Academy Sports*, Amer Sports, Arhaus, Deckers*, Dick’s Sporting Goods*, Floor & Decor, Lululemon*, Nike, On*, Restoration Hardware, Tractor Supply*, Under Armour, VF Corp, and Williams Sonoma*. You can find the respective landing page for each company using the drop down box. Further, we have provided examples of research that we have written on several other companies below.

We are currently in the soft launch of a subscription service for dedicated research of the retail and consumer industry. Companies with an asterisk* next to their name are available only to subscribers. We will slowly transition the bulk of our public coverage to the subscription model over the coming months but will always provide all of our work on Nike and Restoration Hardware free of charge.

OTHER RESEARCH NOTES

Ground Zero in the Athletic Footwear Debate - 11/12/24

Tickers: FL, NKE, ONON, DECK, UAA, VFC, ASCCY, ADS-DE, PUM-DE

Nike recently admitted that “the multi-brand environment is very competitive today and it will take time to expand market share”. Newer brands such as On and Hoka have proven formidable competitors, particularly within the Running category. Meanwhile, missteps by Nike have opened the door for traditional niche brands (Asics, Brooks, New Balance) to expand. As the largest retailer of athletic footwear in the US, Foot Locker is ground zero in this once in a generation realignment of the athletic footwear industry.

Good Luck Shorting Costco - 6/25/24

So much hate towards Costco on Fintwit recently, primarily based on the valuation multiple alone. Really don’t want to spend time on this name but the noise is deafening. The reality here is that NOBODY shorts a stock professionally based on only a valuation thesis. Just like how value managers won’t buy every stock that is cheap – the overall market tends to need something more. That something can’t be only a macro call as that’s probably the easiest thing to hedge (i.e. there are much better ways to execute that idea).