Core Points - Diamond Estates Wines & Spirits Inc. has announced the reinstatement of trading for its common shares on the TSX Venture Exchange, effective around October 21, 2025, following the completion of delayed financial statement filings [1] - The company has signed its sixth amendment to its Second Amended and Restated Credit Agreement with Bank of Montreal, receiving waivers for certain defaults, which provides additional flexibility for its turnaround plan [2][3] - The company has issued a total of 70,833 common shares at a price of $0.24 per share and 23,425 shares at a price of $0.17 per share to satisfy obligations under convertible debentures [4] - Diamond Estates made purchases totaling $190,560 worth of apple juice from Golden Town Apple Products Limited, a related party, during the period from March 31, 2024, to March 31, 2025, which are classified as related party transactions [5] - The company is focused on continuing its turnaround and sustainable growth, with Q2 results expected to be shared by the end of November [6] - A shareholder meeting is scheduled for October 30, 2025, with shareholders encouraged to vote in advance due to ongoing Canada Post service disruptions [7][8] Company Overview - Diamond Estates Wines and Spirits Inc. produces high-quality wines and ciders and acts as a sales agent for over 120 beverage alcohol brands across Canada, operating four production facilities [9][10]

United Airlines earnings proved to be a mixed bag for its third fiscal quarter. The airline reported a earnings per share of $2.78 on a $15.2 billion revenue, plus a pre-tax earnings of $1.3 billion, for its fiscal third quarter earnings after the bell Wednesday. Although United’s EPS beat out estimates, Wall Street expected better revenue results. Zacks Equity Research said analysts projected an EPS of $2.64 on a $15.3 billion revenue. JPMorgan analysts projected an EPS of $2.60 on a revenue of $15.38 b ...

As I pondered what to write about this morning, VF Corp.’s (VFC) two unusually active options from yesterday caught my attention, but not for the reasons you might think. The apparel and footwear company has been working on a turnaround plan for its Vans brand, whose sales have declined significantly over the past couple of years. It’s not going swimmingly. More News from Barchart As is often the case in today’s markets, the call for class action lawsuits has surfaced. It seems in the current environmen ...

CEO Brian Niccol is entering the second year of his turnaround plan. ...

Starbucks said Thursday it's closing hundreds of stores in the U.S., Canada and Europe and laying off 900 nonretail employees as it focuses more of its resources on a turnaround. The Seattle coffee giant said store closures would start immediately. Starbucks said affected baristas will be offered severance packages and transfers to other locations where possible. The company wouldn't give a number of stores that are closing, but the bulk of the closures appear to be in the U.S. and Canada. Starbucks said ...

Core Insights - Citigroup reported second-quarter results that exceeded expectations, with significant stock performance outperforming the market [1][2] - The results reflect a turbulent market period in early April, which likely benefited equity and fixed income trading [1] - Investors are keen to hear updates on the tariff situation and management's outlook [1] Financial Performance - Earnings per share were reported at $1.96, surpassing the estimate of $1.60 [4] - Revenue reached $21.67 billion, exceeding the estimate of $20.98 billion [4] Stock Performance - Citigroup's stock has increased by 24% year-to-date and 38% since April 14, outperforming the broader market and several universal bank peers [2] - The bank previously announced a dividend increase to 60 cents per share from 56 cents following the Federal Reserve stress tests [3] Strategic Updates - CEO Jane Fraser's turnaround plan includes a pullback from international markets and recent layoffs in China [2] - Investors are looking for further updates on the effectiveness of this turnaround strategy [2]

Core Insights - Dave & Buster's Entertainment shares experienced a significant increase of up to 19.2% despite a disappointing earnings report, ultimately settling at a 15.4% gain by midday [1] Financial Performance - In Q1, Dave & Buster's reported sales of $567.7 million, a decline of 3.5% year over year, falling short of the Wall Street expectation of $573.3 million [3] - Adjusted earnings per diluted share decreased from $1.12 to $0.76, compared to the analyst consensus of $1.01 per share [3] Management Commentary - Interim CEO Kevin Sheehan acknowledged the disappointing Q1 results but emphasized that the "back to basics" turnaround plan is showing positive effects [3][4] - Sheehan did not provide specific revenue or earnings guidance but reiterated the full-year spending targets previously set [4] Investor Sentiment - Investors reacted positively to management's optimistic commentary despite the weak financial results, indicating a level of confidence in the company's future [5] - The transition in leadership, following the departure of former CEO Chris Morris, has raised concerns, but Sheehan's comments have helped stabilize investor sentiment [6][7] Valuation Metrics - Dave & Buster's current valuation presents a mixed picture, with high multiples based on reported profits but a forward P/E ratio of 12.1, suggesting analysts anticipate a strong turnaround [7][8]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $392.4 million, compared to $388.5 million in Q1 2024, reflecting an increase [11] - Comparable restaurant revenue increased by 3.1%, driven by a 6.8% increase in net menu price, despite a 3.5% decline in guest traffic [12] - Restaurant level operating profit as a percentage of restaurant revenue was 14.3%, an increase of 330 basis points compared to Q1 2024 [12] - Adjusted EBITDA was $27.9 million, an increase of $14.5 million versus Q1 2024, attributed to cost efficiency gains and menu price increases [13] - General and administrative costs rose to $27 million from $25.8 million in Q1 2024, while selling expenses decreased to $9.4 million from $13.5 million [13] Business Line Data and Key Metrics Changes - The revamped Red Robin Royalty program had approximately 15.3 million members at the end of Q1 2025, contributing to increased guest engagement [9] Market Data and Key Metrics Changes - The company anticipates annual comparable restaurant sales to remain generally unchanged at approximately 0% for 2025 [15] - Guest traffic trends are expected to continue at a decline of approximately 4% for the remainder of the year [34] Company Strategy and Development Direction - The company aims to maintain improvements in guest experience while implementing strategies for sustainable growth in restaurant traffic and profitability [20] - Key priorities include retaining operational execution, returning to sustainable traffic growth, strengthening financial position by reducing debt, and reinvesting in restaurant facilities [21][22] - The company is focused on enhancing marketing strategies to restore Red Robin as a preferred dining option [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's progress but acknowledged the need for further improvements in guest experience [19] - The company is cautious about the broader macro and consumer environment, which has led to a more conservative outlook for the remainder of the year [15][16] Other Important Information - The company ended Q1 2025 with $24.2 million in cash and cash equivalents, $9.1 million in restricted cash, and $35 million available under its revolving line of credit [14] - The company plans to refinance a term loan maturing in Q1 2027 and has made progress in reducing debt [14][76] Q&A Session Summary Question: Profitability in Q1 and guidance for the year - Management noted that efficiency gains in labor contributed significantly to Q1 profitability, despite anticipated pressure from tariffs and traffic declines [30][32] Question: Menu price contribution and expectations for the rest of the year - Management expects menu price contribution to decline throughout the year, with projected check growth of about 4% in Q2 and Q3, and 2% in Q4 [37] Question: Loyalty program performance and future opportunities - Management indicated that the loyalty program is performing well, with significant opportunities for further growth and engagement [39][40] Question: Traffic trends and promotional performance - Management confirmed that traffic trends are consistent with previous expectations, and the Hot Honey promotion exceeded expectations [46][48] Question: Restaurant closures and timing - The company expects to close 10 to 15 restaurants throughout the year, with closures spread evenly over the remaining months [49] Question: Selling expenses and media spend outlook - Management expects selling expenses to remain around $30 million for the year, with some variability quarter to quarter [71]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $392.4 million, an increase from $388.5 million in Q1 2024, primarily driven by a 3.1% increase in comparable restaurant revenue and a 6.8% increase in net menu price, despite a 3.5% decline in guest traffic [10][11] - Adjusted EBITDA for Q1 2025 was $27.9 million, an increase of $14.5 million compared to Q1 2024, attributed to cost efficiency gains and menu price increases [12] - Restaurant level operating profit as a percentage of restaurant revenue was 14.3%, an increase of 330 basis points compared to the same quarter last year [11] Business Line Data and Key Metrics Changes - The revamped Red Robin Royalty program had approximately 15.3 million members at the end of Q1 2025, contributing to increased guest engagement and frequency of visits [8] - The company has focused on operational efficiency through its managing partner program, which incentivizes restaurant leaders to achieve strong financial results [7] Market Data and Key Metrics Changes - The company anticipates comparable restaurant sales to remain generally unchanged at approximately 0% for the year, with expectations of a decline of about 3% in Q2 2025 due to headwinds from the loyalty program changes [14][16] - Guest traffic was down 3.5% in Q1 2025, with expectations of a continued decline of approximately 4% for the remainder of the year [32][34] Company Strategy and Development Direction - The company aims to strengthen its financial position by reducing debt and increasing free cash flow generation, allowing for greater flexibility in investment opportunities [22] - Key priorities for 2025 include retaining operational improvements, returning to sustainable traffic growth, and reinvesting in restaurant facilities and atmosphere [19][20] - The company is focused on enhancing guest engagement and marketing strategies to restore Red Robin as a preferred dining option [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's progress but acknowledged the need for continued improvement in guest experience and traffic growth [18][19] - The broader macroeconomic environment and consumer trends have led to a more cautious outlook for the remainder of the year, prompting a reduction in revenue guidance [14][15] Other Important Information - The company ended Q1 2025 with $24.2 million in cash and cash equivalents, $9.1 million in restricted cash, and $35 million available under its revolving line of credit [13] - The company plans to close 10 to 15 restaurants by the end of the year, with closures expected to be evenly spread throughout the year [48] Q&A Session Summary Question: Profitability in Q1 and maintaining guidance - Management noted that efficiency gains in labor contributed significantly to Q1 profitability, despite anticipated pressure from tariffs and traffic declines [30][31] Question: Menu price contribution throughout the year - Management expects menu price contribution to decline throughout the year, projecting about 4% check growth in Q2, 4% in Q3, and 2% in Q4 [35] Question: Loyalty program effectiveness - Management confirmed that the loyalty program is performing well, with significant opportunities for further growth and engagement [39] Question: Traffic trends and promotions - Management indicated that traffic trends are consistent with previous expectations, and the Hot Honey promotion has exceeded expectations [46][47] Question: Selling expenses and media spend outlook - Management expects selling expenses to remain around $30 million for the year, with some variability quarter to quarter [68] Question: Refinancing debt outlook - Management is optimistic about refinancing opportunities following strong Q1 results, but no specific timeline was provided [72][73]

Financial Data and Key Metrics Changes - First quarter net sales totaled $239 million, down just 6% in constant currency, with core sales declining 8% year-over-year, showing a sequential improvement from a 12% decline in Q4 [27][28] - Gross margin expanded to 61.1%, an increase of 880 basis points compared to the previous year, primarily due to higher product margins and reduced promotional activity [28][29] - Adjusted operating income improved from a loss of $20 million last year to a profit of $10 million this year, resulting in an adjusted operating margin of 4.3% [30] Business Line Data and Key Metrics Changes - The Fossil traditional watch business posted growth of 7% globally, excluding the impact of the additional retail week and store closures, up from low single-digit growth in Q4 [28] - The Kors brand returned to growth with double-digit gains in Q1, while Armani Exchange also saw double-digit growth, although the Armani brand faced challenges in China [14] Market Data and Key Metrics Changes - The wholesale business for the core brand grew in double digits year-over-year in the U.S., with continued momentum in scalable markets like India [15] - Inventory levels totaled $182 million, down 19% compared to a year ago, indicating effective inventory management [31] Company Strategy and Development Direction - The turnaround plan focuses on three pillars: refocusing on core brands, rightsizing the cost structure, and strengthening the balance sheet [8][19] - The company is investing in brand marketing and enhancing storytelling around major product launches to drive engagement and demand [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to drive growth despite macroeconomic challenges, citing strong demand trends and effective turnaround initiatives [7][24] - The company reiterated its full-year guidance, expecting worldwide net sales to decline in the mid to high teens, while anticipating continued narrowing of year-over-year sales declines [37] Other Important Information - The company has taken steps to reduce SG&A expenses by $17 million, representing an 11% decrease versus the prior year [29] - A sale-leaseback agreement for the European distribution center is expected to close in Q2, bringing in excess of $20 million to the balance sheet [31] Q&A Session Summary Question: How is the company addressing the global tariff environment? - Management highlighted the company's diverse global footprint and established vendor relationships as key advantages in mitigating tariff impacts, with plans to increase prices strategically [33][36] Question: What are the expectations for the remainder of the year? - The company expects to continue narrowing year-over-year sales declines and remains confident in its ability to offset potential tariff impacts, even under challenging macroeconomic conditions [37]