So let's let's talk a little bit about this consumer, because that cautious optimism, it's there. You know, you talk to certain people. Other folks would say that the consumer is totally tapped out and there's just not that much pricing power left when it comes to these retailers.And I wonder, you know, when you survey the landscape, what do you see right now. Well, it's funny. I don't know who TransUnion is, but I don't know how you get answers to a survey like that.I am a cynic when it comes to surveys. I ...

Financial Data and Key Metrics Changes - Total system-wide sales for the quarter were $170.7 million, a 3.3% decrease from the previous year [13] - Total revenue was $82.3 million, down 1.6% from $83.7 million in the prior year [13] - Net loss for the quarter was $24.5 million, compared to $16.2 million in the previous year [16] - Adjusted EBITDA increased to $3 million, compared to $2.3 million in the prior year [16] Business Line Data and Key Metrics Changes - Twin Peaks revenue was $50.3 million, up 5.3% from $47.8 million in the prior year, driven by new lodge openings [13] - Smokey Bones revenue was $32 million, down 10.8% from $35.9 million in the prior year, reflecting strategic conversions and closures [14] - Twin Peaks restaurant-level contribution margin increased to 17%, up from 16.3% in the previous year [15] - Smokey Bones restaurant-level contribution margin was negative 0.3%, down from positive 0.3% in the previous year [15] Market Data and Key Metrics Changes - Comparable sales for Twin Peaks declined by 4.1%, influenced by immigration-related issues, particularly in the San Antonio market [13] - System-wide weekly sales averaged $11.3 million over the past 12 weeks, indicating steady performance despite challenges [7] Company Strategy and Development Direction - The company is focused on operational excellence, strengthening margins, and positioning for sustained growth [3] - A strategic conversion program is underway to transform Smokey Bones locations into high-performing Twin Peaks lodges [9] - The company has identified 19 prime conversion candidates for transformation into Twin Peaks lodges [10] - A new partnership with Camp Hope supports veterans, enhancing community engagement [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full annual equity target range to support debt reduction and growth investments [17] - The upcoming fourth quarter is expected to benefit from a strong sports calendar, including college football playoffs [17] - Operational improvements and cost discipline initiatives are anticipated to continue driving margin expansion [17] Other Important Information - The company has strengthened its executive team with key appointments and promotions to enhance operational performance [4][5][6] - The closure of underperforming units and improved financial visibility are part of the strategic plan for Smokey Bones [11] Q&A Session Summary - No questions were taken following the prepared remarks, and the call concluded without a Q&A session [2][20]

Financial Data and Key Metrics Changes - The company is experiencing balanced growth across its portfolio, with a long-term revenue growth algorithm of 2% to 4% expected to be maintained [8][19] - Cocoa costs have moderated significantly, although the company still anticipates year-over-year inflation [7][41] - The company has slightly lowered its tariff estimate, contributing to a more favorable outlook for earnings recovery over time [7][41] Business Line Data and Key Metrics Changes - The everyday CMG business has shown double-digit growth in the last four weeks, indicating strong performance in this segment [15][16] - The core business achieved close to 5% growth in Q3, excluding the impact of new innovations like Reese's Oreo [32] Market Data and Key Metrics Changes - The company noted that Halloween sales have been disappointing, with a slow start attributed to warm weather and consumer behavior [23][24] - The convenience store channel is performing well, with CMG growth at over 6%, indicating a healthy market presence [76] Company Strategy and Development Direction - The company is focused on long-term growth while rebuilding margins, emphasizing the importance of investing in brands and innovation [8][41] - There is a robust pipeline of innovation planned for 2026 and 2027, with a balance between core business growth and new product introductions [32][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that the consumer market is challenging but believes the category remains resilient [84][85] - The company is optimistic about cocoa costs moderating and potential tariff relief, although it remains cautious about the overall economic environment [41][42] Other Important Information - The company is actively analyzing consumer insights to improve product offerings and marketing strategies for future seasons [24][25] - The tax rate has been impacted by several factors, including adjustments in reserves and procurement strategies, with further guidance expected in future calls [105][106] Q&A Session Summary Question: Insights on 2026 expectations and EPS growth - Management discussed the balanced growth and the importance of defining success for 2026, focusing on category growth and margin recovery [8][19] Question: Elasticity and pricing expectations - Management indicated that elasticity is a significant factor in planning for next year, with current expectations being cautiously optimistic [10][11] Question: Halloween sales performance - Management acknowledged a slow start for Halloween but emphasized the importance of consumer insights for future improvements [23][24] Question: Cocoa costs and pricing strategy - Management noted that cocoa costs are still significantly higher than previous years, and pricing strategies will be carefully managed [27][51] Question: Innovation pipeline for 2026 - Management highlighted the importance of innovation, particularly with successful products like Reese's Oreo, and a strong pipeline for future growth [32][33] Question: Consumer health and SNAP program impacts - Management expressed that while consumer sentiment is under pressure, the category remains resilient, with minimal expected impact from SNAP changes [85][87] Question: International market performance - Management acknowledged challenges in the international market but remains optimistic about growth and returning to profitability [59][60]

Core Viewpoint - The current focus for Starbucks is on traffic numbers rather than earnings per share (EPS), with a willingness to accept some margin compression if traffic can be accelerated [2][3] Starbucks Analysis - The rollout of the Green Apron initiative is expected to impact labor costs more than traffic growth [3] - Pricing strategies are crucial, as Starbucks has increased prices without a corresponding improvement in customer experience [4] - There is a suggestion that introducing lower price points could help improve traffic numbers, despite the pressure from rising coffee prices [5] - Starbucks is exploring the possibility of selling a stake or the entire business in China, seeking the right strategic partner to improve performance in that market [6][7] Chipotle Analysis - Expectations for Chipotle's upcoming results are low, with a focus on traffic numbers similar to Starbucks [8] - The fast casual dining sector, including Chipotle, is facing pressure due to excessive pricing and increased competition from new concepts [8]

Financial Data and Key Metrics Changes - For Q3 2025, group revenue was $1.8 billion, representing a year-on-year growth of 4.6% [3] - Organic revenue grew by 3.4%, with North America showing an improvement to 3.4% and international businesses at 3.3% [3] - Net debt at the end of the quarter was $3.9 billion, following the completion of the France Workwear sale, which generated $397 million in cash proceeds [9] Business Line Data and Key Metrics Changes - In North America, Pest Control Services organic growth was 1.8%, an improvement from 0.3% in Q2, while Business Services organic revenue growth was strong at 11.9% [3][6] - International revenue grew by 4.6% with organic growth of 3.3%, particularly strong in Southern European markets [8] - Pest Control organic revenue growth for the group was 3.4%, driven by good momentum in North America, while Hygiene and Well-being grew by 3% [9] Market Data and Key Metrics Changes - The UK saw improved growth in core pest control and plants businesses, while the Pacific region's growth remained below the average for international [8] - The Southern European markets of Spain, Portugal, and Greece sustained strong growth from the first half into the third quarter [8] Company Strategy and Development Direction - The company is focusing on enhancing lead generation and customer retention in North America, with a revised strategy that includes improving digital marketing and local search visibility [4][6] - The rollout of satellite branches is on track, with 139 operational and a target of 150 by year-end, aimed at improving lead generation [5] - Cost efficiency initiatives are expected to deliver $100 million in cost reductions by 2026, with a target operating margin in North America above 20% post-2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the continued positive trends and performance in Q3, expecting to deliver full-year results in line with market expectations [2][10] - The company noted that Q4 is typically a quieter quarter and anticipates a 60 basis point impact on organic growth due to the absence of one-off emergency mosquito control work from the previous year [7] Other Important Information - The company completed three acquisitions in the quarter, bringing the total for the year to 21, with an annualized revenue of approximately $39 million from these acquisitions [9] - The company has reported 11 consecutive quarters of improving colleague retention, with customer retention nudging up to 80.9% [5] Q&A Session Summary Question: Improvement in contracting portfolio performance - Management noted that both jobbing and contracting saw growth, with net gain being the best in a while, but emphasized the need for continued improvement in the portfolio [13][17] Question: Pricing strategy and free cash flow - Management discussed a sophisticated pricing strategy that identifies opportunities for price increases while also managing customer retention [24][27] Question: Expectations for Q4 growth - Management refrained from making precise forecasts but indicated that the fundamentals remain strong despite the seasonal challenges [33][36] Question: Update on Termika integration and technician pay plans - Management reported steady progress in integration and indicated that discussions on pay plans for technicians are ongoing, with potential changes to be decided soon [50][56] Question: Marketing and sales reinvestment - Management acknowledged the challenge of determining effective marketing spend but indicated a willingness to invest more if demonstrable returns can be shown [60][66] Question: Clarification on net gain and contracted growth - Management clarified that net gain refers to the overall performance of the contracted portfolio, emphasizing the importance of customer retention and pricing strategies [103][109]

Core Insights - NIKE Inc. is facing increased challenges due to newly imposed reciprocal tariffs, which are estimated to add $1.5 billion in annual costs, up from a previous estimate of $1 billion just 90 days ago [1][10] - Despite exceeding first-quarter fiscal 2026 earnings expectations, NIKE's gross margins have declined by 320 basis points to 42.2%, influenced by rising product costs and tariff-related pressures [2][10] - The company is implementing cost-control and pricing strategies to protect margins, leveraging its global scale and supply chain expertise [3][4] Financial Performance - NIKE's gross margin is expected to face a 120 basis points drag in fiscal 2026 due to tariff costs, but management remains optimistic about offsetting these pressures through its "Win Now" strategy [4][10] - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 23.2% for fiscal 2026, with a projected growth of 56.4% for fiscal 2027 [12] Competitive Landscape - Key competitors include adidas AG and lululemon athletica inc., both of which are focusing on innovation and strategic brand positioning to enhance their market presence [6][7][8] - adidas is emphasizing high-margin products and direct-to-consumer sales, while lululemon is expanding its product offerings and digital engagement [7][8] Market Positioning - NIKE is rebalancing its channel mix by focusing on wholesale partners and premium full-price sales, reducing reliance on discount-driven digital traffic [4] - The brand's strength lies in its emotional connection with consumers, particularly in performance categories like running, basketball, and football [5] Stock Performance and Valuation - NIKE shares have declined by 4.9% year to date, compared to a 7% decline in the industry [9] - The company trades at a forward price-to-earnings ratio of 36.25X, higher than the industry average of 30.12X [11]

Core Insights - Steven Madden, Ltd. (SHOO) reported second-quarter fiscal 2025 results, indicating ongoing tariff impacts on profitability despite solid consumer demand for the brand [1][10] - Order cancellations and shipment delays, particularly in mass and off-price channels, negatively affected performance, pushing deliveries into later periods and creating pressure on earnings [1][5] Financial Performance - Gross margin remained at 41.9%, an increase of 40 basis points year over year, but tariffs reduced profitability by approximately 230 basis points after supplier discounts [2][10] - Wholesale gross margin decreased to 31% from 33.1%, while direct-to-consumer margin fell to 61.3% from 64.3%, influenced by higher landed costs and the lower-margin Kurt Geiger concessions business [2][10] - Operating income dropped to 4% of revenues compared to over 10% a year ago, leading to adjusted quarterly earnings declining 64.9% from $0.57 to $0.20 per share [2][10] Supply Chain Management - To address supply-chain pressures, the company diversified production to countries like Vietnam and Cambodia while shifting some orders back to China to ensure timely delivery and maintain quality [3][10] - Global trade uncertainty continues to inflate inventory costs and lengthen transit times, making sourcing diversification an ongoing process [3] Pricing Strategy - The company implemented average price increases of about 10% to counter rising costs, with early consumer acceptance being encouraging in categories like boots and dress shoes [4] - Price-sensitive items, such as sandals and sneakers, remain under pressure, and the full impact of pricing strategies is expected to be clearer in the fall season [4] Future Outlook - Management anticipates margin pressure to persist through the fiscal third quarter, with potential easing later in the year if trade conditions stabilize [5] - Until the tariff environment becomes clearer, EBIT margins are unlikely to return to historical double-digit levels, but the company remains confident in brand strength and consumer demand for new assortments [5] Stock Performance and Valuation - Shares of the company have gained 13.6% in the past six months, outperforming the industry's 5.5% growth [8] - From a valuation perspective, Steven Madden is trading at a forward 12-month price-to-sales ratio of 0.87X, significantly lower than the industry average of 1.96X [9]

Financial Data and Key Metrics Changes - Total sales increased by 23.7% to $1,027 million from $830 million in the second quarter of the previous year [18] - Comparable sales rose by 12.4%, driven by an increase in comparable transactions of 8.7% and a comparable ticket increase of 3.4% [19] - Adjusted EPS increased by 50% to $0.81 compared to $0.54 in the previous year [21] - Adjusted gross profit was $340.3 million, a 26% increase year-over-year, with adjusted gross margin rising by approximately 70 basis points to 33.4% [20] Business Line Data and Key Metrics Changes - The company opened 32 net new stores, ending the quarter with 1,858 stores, an increase of 191 stores or 11.5% year-over-year [19] - New stores generated productivity at target levels, which is in the mid-eighty percent range [19] - The majority of items outside of the candy category are now priced at $1, $2, $3, $4, and $5, with selective assortments above $5 [12][13] Market Data and Key Metrics Changes - Inventory at the end of the second quarter was approximately $800 million, compared to $640 million at the end of the second quarter last year, reflecting a 12% increase in average inventory per store [21][22] - The company expects elevated inventory levels at the end of the third quarter due to continued acceleration of receipts [22] Company Strategy and Development Direction - The company aims to be a gift destination for America, focusing on holiday assortments and creating a holiday moment for customers [31] - There is a commitment to providing unique, trend-right, quality products at amazing price points, with a focus on simplifying the shopping experience [12][13] - The company is diversifying its sourcing strategies and looking to optimize inventory availability in response to global trade shifts [88] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's position heading into the fall, with exciting plans for Halloween and the holiday season [16] - The company is focused on controlling controllables and mitigating risks while driving sales through executional excellence [16] - Management noted that customer response to pricing strategies has been positive, with a focus on delivering extreme value [40] Other Important Information - The company is increasing its full-year sales guidance to a range of $4,440 million to $4,520 million, reflecting better-than-expected performance in the second quarter [25] - Adjusted diluted earnings per share for the full year are expected to be in the range of $4.76 to $5.16 [26] Q&A Session Summary Question: Can you expand upon the assortment for the holiday season? - Management is excited about the holiday assortments, focusing on gifting and holiday decor, and will communicate product availability to customers [30][31] Question: What is driving the current comp sales momentum? - The company sees good comp momentum across six out of eight worlds, indicating less reliance on single trends [38] Question: How is the company addressing the impact of tariffs? - Management noted that customer response to pricing adjustments has been positive, and they are focused on delivering extreme value [40] Question: What is the strategy for new store growth? - The company believes there is still significant white space in the market and is being selective in new store openings [52] Question: How is the company managing shrink? - The company is conducting physical inventory counts and implementing initiatives to manage shrink effectively [85] Question: What is the outlook for sourcing strategies into 2026? - The company is diversifying its source base and maintaining agility in its supply chain to respond to global trade conditions [88]

Core Viewpoint - Planet 13 Holdings Inc. reported its Q2 2025 financial results, highlighting challenges in the operating environment, including price compression and increased competition, while focusing on cost-cutting measures and operational efficiency [2][3]. Financial Highlights - Q2 2025 revenue was $26.9 million, a decrease of 13.6% from $31.1 million in Q2 2024 [5][6]. - The net loss for Q2 2025 was $13.3 million, compared to a net loss of $8.1 million in the same quarter last year, reflecting a 64.8% increase in losses [5][6][8]. - Adjusted EBITDA loss was $2.4 million, a significant decline from an adjusted EBITDA of $3.2 million in Q2 2024, marking a 176.1% decrease [5][6][8]. - Gross profit for Q2 2025 was $11.7 million, representing a gross margin of 43.4%, down from $15.8 million and a gross margin of 50.9% in Q2 2024 [6][8]. Operational Insights - The company implemented cost-saving measures that resulted in total expenses decreasing by 4.6% to $18.5 million from $19.4 million in the previous year [6][8]. - The operating expenses as a percentage of revenue increased to 61.8% in Q2 2025 from 55.4% in Q2 2024, indicating a need for further efficiency improvements [8]. Balance Sheet Overview - Cash reserves decreased to $15.9 million from $23.4 million at the end of 2024 [6][8]. - Total assets were reported at $201.0 million, down from $206.7 million, while total liabilities increased to $103.1 million from $94.0 million [6][8]. Recent Developments - The company opened new dispensaries in Florida and launched a revamped loyalty program, indicating ongoing expansion efforts [12]. - Leadership changes included the resignation of the CFO and the appointment of an interim CFO [12]. Market Positioning - Planet 13 is focusing on maintaining its competitive position in key markets through targeted pricing strategies and operational discipline [3][4]. - The company aims to leverage its scale advantage in Nevada while enhancing customer experience and product quality [2][3].

Financial Data and Key Metrics Changes - Revenues in Q2 2025 were $465.3 million, an increase of $88.2 million or 23.4% year over year, with $67.1 million from acquisitions and $21 million from organic growth, representing a 5.6% increase [11][19] - Adjusted EBITDA was $109.5 million, up $17.9 million or 19.5% year over year, with an adjusted EBITDA margin of 23.5%, down approximately 75 basis points year over year [14][19] - Adjusted net income was $23 million or $0.36 per diluted share, up $1.3 million year over year [16] Business Line Data and Key Metrics Changes - Solid waste revenues increased by 27.1% year over year, with pricing up 5% and volume down 0.8% [11] - Resource Solutions revenues were up 10.2% year over year, with recycling and processing revenue up 9.6% and national accounts up 10.6% [13] - Landfill volumes were up 9.5% year over year, with internalized volumes growing over 12% [12][22] Market Data and Key Metrics Changes - Solid waste pricing increased by 5% year over year, indicating a stable economic environment [8][20] - The company experienced a positive volume trend across solid waste and resource solutions, with total company volumes up 30 basis points [20][58] Company Strategy and Development Direction - The company is focused on expanding its footprint through acquisitions, having completed six acquisitions year to date, representing about $90 million in annualized revenues [9][24] - The acquisition of Mountain State Waste is expected to add another $30 million in annualized revenues and expand the company's presence in Pennsylvania and West Virginia [9][39] - The company aims to improve operational efficiencies and synergies in the Mid Atlantic region, which has faced challenges due to system conversions and truck delivery delays [21][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of core pricing and acquisition activity, raising full-year revenue guidance to a midpoint of $1.83 billion [10][19] - The company anticipates that the headwinds faced in the Mid Atlantic region are transitory and expects margin expansion opportunities in the future [15][19] - Management noted that labor costs in the Mid Atlantic are currently higher due to a lack of automation and optimization, presenting an opportunity for future cost reductions [61][62] Other Important Information - The company reported record first-half adjusted free cash flow of over $70 million, which is more than $30 million above the same period last year [8] - The consolidated net leverage ratio was 2.39x, with total liquidity of approximately $900 million, positioning the company well for continued growth [18][25] Q&A Session Summary Question: Can you discuss the challenges in the Mid Atlantic region? - Management acknowledged that the Mid Atlantic region is lagging due to a suboptimal billing system inherited from a previous acquisition, which has delayed automation and synergy realization [30][32] Question: What is the expected synergy EBITDA benefit from the Mid Atlantic assets in 2026? - Management indicated potential benefits of $5 to $10 million over a couple of years as synergies are realized [34][36] Question: Can you elaborate on the Mountain State Waste acquisition? - Management highlighted that the acquisition will expand operations into a growing market in West Virginia and provide opportunities for further growth in the region [39] Question: What is the outlook for Resource Solutions? - Management expects Resource Solutions to continue growing rapidly, particularly in the Mid Atlantic region, where there are significant opportunities [74] Question: How do you see capital expenditures evolving over time? - Management noted that capital expenditures will fluctuate based on landfill development schedules and acquisition activities, which often require significant upfront investments [76]