Financial Data and Key Metrics Changes - Total revenue increased by 7% or 8% on a constant currency basis to $2.4 billion in Q1 [7][23] - Gross margin increased by 60 basis points to 58.3% compared to the previous year [7][26] - Earnings per share were $2.6, exceeding expectations [7] - SG&A expenses were $943 million, or 39.8% of net revenue, compared to 38.1% in the same period last year [27] Business Line Data and Key Metrics Changes - Men's revenue increased by 8%, while women's revenue increased by 7% [25] - Accessories and other categories grew by 8% [25] - Comparable sales increased by 1% overall [23] Market Data and Key Metrics Changes - In North America, revenue grew by 3% or 4% in constant currency, with Canada seeing a 9% increase [24][25] - In China Mainland, revenue increased by 21% or 22% in constant currency, with comparable sales up by 8% [25] - The Rest of World segment saw a revenue increase of 16% or 17% in constant currency [25] Company Strategy and Development Direction - The company aims to maximize existing markets while expanding into new ones, with recent store openings in Denmark and Turkey [10] - Plans to enter Italy as a new company-operated market and Belgium and The Czech Republic under a franchise model later this year [10] - Focus on product innovation and community engagement through brand activations [13][14] Management's Comments on Operating Environment and Future Outlook - Management remains confident in maintaining revenue guidance for the full year, expecting 7% to 8% growth [6][10] - The company is well-positioned to navigate tariff impacts and is focusing on strategic pricing and supply chain efficiencies [16][19] - Management acknowledges cautious consumer behavior in the U.S. but is optimistic about market share gains [9][70] Other Important Information - The company repurchased $430 million of stock during the quarter, reflecting confidence in long-term prospects [7] - Inventory increased by 23% in dollars and 16% in units, impacted by tariffs and foreign exchange [29] Q&A Session Summary Question: Can you expand on the mitigation efforts regarding guidance for the balance of the year? - Management plans to take strategic price increases on a small portion of the assortment and pursue sourcing efficiencies [42][43] Question: What are the comp drivers and traffic trends? - There was a decline in store traffic, but an uptick in average transaction size was noted [52][53] Question: How are tariffs impacting margins and pricing strategy? - Tariffs are expected to have a significant impact on margins, with strategic pricing adjustments planned [56][58] Question: What is the outlook for inventory and markdowns? - Inventory levels are being closely monitored, with markdowns expected to increase slightly due to macroeconomic concerns [64][80] Question: How is the company performing in China? - The company has 154 stores in China and plans to reach approximately 200, with strong double-digit growth expected [101][104]

美联储哈克：关税影响是一个不断变化的数据。 ...

Core Viewpoint - South Korean cosmetics brands are actively negotiating with major U.S. retailers to expand their presence in the U.S. market, despite uncertainties caused by tariffs [1] Group 1: Market Expansion - Brands such as Tirtir, d'Alba, Torriden, and Beauty of Joseon are seeking to enter U.S. retail shelves after achieving significant success in the online market [1] - In 2024, South Korea is projected to become the world's third-largest cosmetics exporter, following France and the U.S., and will surpass France to become the largest cosmetics exporter to the U.S. [1] Group 2: Tariff Impact - The current 10% tariff is considered manageable by South Korean exporters, but the potential increase to 25% in July could lead to slight price increases for consumers [1] - Despite the decline in exports to their largest overseas market due to tariff uncertainties, strong demand in the U.S. is expected to mitigate some of the negative impacts [1]

Financial Data and Key Metrics Changes - The company's first quarter net sales were $107.6 million, a decrease of 7.1% compared to the previous year [8] - Comparable net sales decreased by 7%, an improvement from an 11.2% decrease in the previous quarter [4] - Gross margin was 19.8% of net sales, down from 21% last year, while product margins improved by 40 basis points [9] - The net loss was $22.2 million or $0.74 per share, compared to a net loss of $19.6 million or $0.65 per share last year [11] Business Line Data and Key Metrics Changes - Net sales from physical stores decreased by 7.4%, while e-commerce net sales decreased by 5.8% [8] - Physical stores represented 79.8% of total net sales, while e-commerce represented 20.2% [8] Market Data and Key Metrics Changes - The company ended the first quarter with 238 total stores, a net decrease of eight stores compared to a year ago [9] - Total balance sheet inventory was 3.8% lower than at the end of last year's first quarter [11] Company Strategy and Development Direction - The company is actively pursuing marketing opportunities to build mindshare with current and prospective customers, including launching a TikTok shop [5][6] - The focus is on solidifying the company's position at the intersection of youth culture, fashion, and music to improve customer affinity [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the potential stabilization of the business, noting improvements in merchandise assortment and customer engagement [15] - The company expects to end the second quarter with total liquidity of approximately $106 million to $111 million, remaining debt-free [13] Other Important Information - The company anticipates a comparable net sales range of a decrease of 5% to flat for the second quarter [12] - There are plans to close two additional stores in the third quarter, with up to 15 more closures possible depending on lease negotiations [13] Q&A Session Summary Question: Can you unpack the cadence of the first quarter and provide transaction versus ticket breakdown? - February was down 5.7%, March down 13.8%, and April was up 1.5%. Traffic was down low single digits, but average sale was up 1% in May [18] Question: Any impact from last year's calendar shift in June and July? - The bulk of sales volume occurs at the end of the quarter, with May typically representing only about 25% of the second quarter [20] Question: What is the outlook on merchandise assortments? - Merchandise is selling better, particularly in the junior category, and traffic has been consistently improving [22][31] Question: What is the expected impact of tariffs on margins? - No material impact is expected from tariffs for the remainder of the year, with product margins anticipated to be consistent with last year [25][26] Question: Have there been discussions with activist investors? - No discussions have occurred with new investors, and no requests for board seats have been made [38] Question: What is the outlook on occupancy costs? - Occupancy costs will continue to be lower due to store closures, but leveraging will depend on achieving flat or positive comparable sales [40][41]

美国国会预算办公司（CBO）发布关于总统特朗普关税影响的报告。 ...

Financial Data and Key Metrics Changes - Consolidated net sales for Q2 2025 were $629.1 million, an increase of $45.1 million or 7.7% compared to Q2 2024, excluding the impact of the divested E and C transit bus business [26][27] - Adjusted EBITDA for Q2 2025 was $58.9 million, a 63.6% increase year over year, excluding the impact of the divested bus business [27][29] - Cash flow from operating activities in the quarter was $117 million, with $11.4 million spent on capital expenditures [41][22] Business Line Data and Key Metrics Changes - Specialty Vehicles segment sales increased by $16.5 million to $453.9 million, with a 12.2% increase when excluding the divested transit bus business [29][30] - Recreational Vehicle segment sales decreased by $4.4 million or 2.4% due to lower unit shipments amid soft market demand [34][35] - Specialty Vehicles segment adjusted EBITDA increased by $24 million or 74.3% year over year, driven by higher sales and manufacturing efficiencies [30][31] Market Data and Key Metrics Changes - Specialty Vehicles segment backlog at the end of the quarter was $4.3 billion, reflecting strong demand for fire apparatus [31] - Recreational Vehicle segment backlog declined by 2% to $268 million, attributed to soft end market demand [37] - REV brand retail sales decreased by 10% year over year, compared to a 13% decline in the broader industry [35] Company Strategy and Development Direction - The company is focusing on operational excellence, investing in people and equipment, and product innovation to drive sustainable growth [10][23] - A strategic decision was made to exit the non-motorized travel trailer and truck camper product categories to concentrate on scalable operations with stronger competitive positioning [18][19] - The company is increasing capital expenditure plans to enhance throughput and efficiency across its operations [23][42] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating tariff impacts and maintaining updated financial guidance for the year [13][42] - The company anticipates continued growth in the Specialty Vehicles segment, with mid-teens revenue growth expected for the second half of the fiscal year [33][42] - Management noted that demand for fire and ambulance products is returning to long-term trend levels, with expectations for normalized order levels in the back half of the year [64] Other Important Information - The company repurchased approximately 2.9 million shares for $88 million under its share repurchase authorization [22][41] - A non-cash loss of $30 million was recognized related to the Lance Camper assets held for sale, partially offset by a $16.6 million income tax benefit [36][43] - The company maintains ample liquidity with approximately $263.2 million available under its ABL revolving credit facility [41][44] Q&A Session Summary Question: What is the timeframe for tariff impacts on the backlog and output? - Management expects the RV tariff impact to primarily affect the back half of fiscal 2025, with some potential carryover into early 2026 [47][48] Question: What is the expected return on the $20 million investment in the Brandon facility? - Management indicated that the investment aims to reduce lead times and increase throughput, but specific return metrics were not disclosed [49][50] Question: How does the sale of Lance impact long-term EBITDA goals? - Management clarified that Lance represents less than 10% of total sales for recreation, thus having no material impact on long-term EBITDA targets [51][52] Question: Will dealer assistance continue to increase in the second half? - Management expects a softer second half for recreation sales, influenced by tariffs and consumer confidence risks, but did not specify on dealer assistance trends [57][58] Question: What is the demand outlook for the S-one 80 program? - Demand for the S-one 80 program remains strong, with orders increasing across various brands [62][63] Question: What is the current state of wholesale versus retail demand in recreational vehicles? - Retail shipments showed early signs of improvement, while dealer inventories are healthier, which should drive better wholesale orders [70][72]

Financial Data and Key Metrics Changes - For the third quarter of fiscal 2025, consolidated sales rose 1% year over year to $940 million, with modest volume growth offset by currency translation headwinds [9][20] - Adjusted EPS was $0.99, up approximately 8% compared to the prior year [10][21] - Operating margin improved by 80 basis points over the previous year, driven by expense leverage [9][21] Business Line Data and Key Metrics Changes - In Mobile Solutions, total sales were $583 million, roughly flat with the prior year, with aftermarket sales increasing by 3% to $460 million [13][14] - Industrial Solutions sales rose 5% to $283 million, with IFS sales at $232 million, a 1% increase from the prior year [15][16] - Life Sciences sales grew 1% to $74 million, with double-digit growth in disk drive and food and beverage replacement parts [16][17] Market Data and Key Metrics Changes - Mobile Solutions in China saw a 27% increase in sales, driven by growth in both first fit and aftermarket [15] - Aerospace and defense sales reached a record $52 million, largely due to robust market demand [7][16] - The impact of tariffs on net results was deemed immaterial for the quarter, with an annualized estimate of $35 million expected to be offset through supply chain and price adjustments [10][12] Company Strategy and Development Direction - The company is focused on long-term investments in technology opportunities and capital expenditures while maintaining a strong balance sheet [5][30] - A new COO was appointed to strengthen execution across the organization [6] - The company aims to navigate dynamic market conditions while advancing innovation and growth initiatives [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite macro uncertainties [4][35] - The company anticipates fiscal 2025 to be another record year, with record sales, operating margin, and adjusted earnings [17][34] - Management acknowledged ongoing market headwinds in bioprocessing but remains committed to strategic investments [23][24] Other Important Information - The company announced an 11% increase in its quarterly dividend, marking the 30th consecutive year of annual dividend increases [32][33] - Share repurchases totaled 2.4% of outstanding shares for $192 million during the quarter, with expectations to increase the full-year repurchase to between 3-4% [33] Q&A Session Summary Question: Can you discuss the gross profit margin dynamics and inflation impacts? - The decline in gross margin was primarily due to footprint optimization initiatives, with expectations to remain price-cost neutral [37][39][41] Question: What is driving the lowered CapEx outlook? - The company is prioritizing executing business operations over launching new CapEx projects due to supply chain pressures [42][44] Question: Can you provide insights on Industrial Solutions top-line trends? - The equipment side is pressured, but aftermarket growth and share gains in stationary hydraulics are offsetting challenges [49][51] Question: What is the visibility in aerospace and defense? - The company has long visibility on projects, but supply chain uncertainties make predictions challenging [62][68] Question: How does the company view the impact of tariffs on demand? - The company is managing carefully amidst uncertainties, with aftermarket and service-based businesses performing well [100][101]

美联储古尔斯比：近期个人消费支出通胀数据可能是关税前影响的"最后残迹"。 ...

Financial Report Key Information Review - Total revenue for the quarter was $789 million, with a year-over-year growth of 2.0% [1] - Net sales reached $526 million, showing a year-over-year increase of 1.9% [1] - Membership fees amounted to $10.4 million, with a year-over-year growth of 6.1% [1] - Total gross profit was $64.7 million, reflecting a gross profit margin (GPM) of 10.3% [1] - Operating profit stood at $16.8 million, with an operating profit margin (OPM) of 3.1% [1] - Net profit was $13.0 million, resulting in a net profit margin (NPM) of 2.4% [1] - Comparable sales growth was 0.0%, with notable performance in the U.S. and Canada [1] Management Commentary Highlights - The company opened 9 new stores in Q3 and plans to open 10 more in Q4, aiming for a total of 27 new stores this fiscal year [2] - Strategies to mitigate tariff impacts include extending gas station hours and lowering prices on key items like eggs and butter [2] - The Kirkland Signature brand saw sales growth exceeding overall sales, with a penetration rate increase of approximately 50 basis points [2] - Technological innovations include the launch of a "buy now, pay later" service, enhancing member experience [2] Financial Performance Insights - The gross margin for core business improved by 36 basis points, driven by strong sales in the fresh food sector [3] - SG&A expenses increased by 13 basis points due to rising employee wages, partially offset by sales leverage [5] - Capital expenditures for Q3 were approximately $1.13 billion, with an estimated annual total exceeding $5 billion [6] Category Performance - Fresh food same-store sales grew in the high single digits, while non-food categories also saw similar growth [6] - Inflation rates for fresh food and groceries remained similar to the previous quarter, with non-food inflation showing low single digits for the first time in several quarters [6] Future Outlook - Despite tariff impacts and economic uncertainties, the company remains confident in its operational flexibility and commitment to providing high-value products and services [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The DTC channel is under short-term pressure, and the FY2026 Q1 guidance is below expectations [2][6] - The company reported FY2025 revenue of $4.986 billion, a year-on-year increase of 16.3%, with a gross margin of 57.9% [6][9] - The management expects double-digit revenue growth for FY2026, with HOKA brand growth around 15% and UGG brand growth in the single digits [9] Financial Performance - FY2025 Q4 revenue was $1.022 billion, exceeding market expectations of $1.001 billion, with a year-on-year growth of 6.5% [6] - The gross margin for FY2025 Q4 was 56.7%, up 0.5 percentage points year-on-year, driven by an increase in full-price sales of UGG [6] - The company’s inventory at the end of the quarter was $495.2 million, a year-on-year increase of 4.4% [6] Regional and Channel Performance - In FY2025 Q4, UGG brand revenue was $2.531 billion, a year-on-year increase of 13.1% [6] - DTC channel revenue for FY2025 Q4 was $410 million, a year-on-year decrease of 1.2% [6] - HOKA brand revenue for FY2025 was $2.233 billion, a year-on-year increase of 23.6%, with DTC revenue growth of 23% [6] Future Projections - Revenue projections for FY2026 are estimated at $5.412 billion, with a growth rate of 8.6% [8] - The expected diluted EPS for FY2026 is $6.70, with a projected P/E ratio of 15.6 [8][9] - The company aims to maintain profitability through selective price increases and optimizing production efficiency [9]