J P M O R G A N Global Markets Strategy 11 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Krutik P Mehta Flows & Liquidity The share of retail in US equity trading subsided during Feb/Mar Global Markets Strategy Nikolaos Panigirtzoglou AC (44-20) ...

（原标题：零售媒体站上十字路口：从野蛮生长走向效果验证） 在两年前的戛纳国际创意节上，零售媒体还是行业眼中的"风口宠儿"：只要拥有会员体系，几乎所有零 售企业都在高调构建自己的广告网络。然而，到了2025年，这股热潮正在冷却——行业的关注焦点，已 从"跑马圈地"转向"效果落地"。 从光鲜亮丽的概念到现实落地的挑战，零售媒体正走到一个转折点。 01从爆发到质疑：增长背后的隐忧 商业媒体（Commerce Media）近年来高速增长，根据 eMarketer 的数据，2025年零售媒体全球广告支出 预计将达到1690亿美元，同比增长超过15%。但与此同时，市场也传来越来越多质疑声：广告价格居高 不下、效果评估体系碎片化、转化难以追踪，再叠加全球经济的不确定性、关税政策频繁调整——品牌 主变得更加谨慎，零售商则承压前行。 "品牌客户会一再观望，然后突然要求在24小时内完成投放上线，"一位行业资深人士表示，"未来谁能 提供更灵活的投放机制与更精确的衡量体系，谁就能赢得这场战役。" 在这种高压之下，广告主对于零售媒体的核心诉求愈发明确：一是能否快速响应变化，二是能否拿出确 凿的回报数据。 02高速增长仍在继续，戛纳为其 ...

All right. So, you say retail investors, they're buying on the rumor here. Uh, again, we thought this robo tax thing was going to happen today at first and then Elon Musk says it's not going to happen for another week and a half or so.Is there potential for retail investors here to sell the news if this isn't as impressive as many people believe or is there kind of a cult of Elon Musk here. We're going to continue to buy this stock in your opinion. I think both statements are true.uh in the past we have see ...

Ronald Keung, CFA China Internet & Restaurants: Food delivery expert session takeaways: Focusing on evolving competitive landscape and implications to unit 12 June 2025 | 2:01AM HKT As part of the expert channel-check calls arranged alongside China Consumer team's APAC Consumer & Leisure Corporate Day, we hosted an expert session on food delivery with investors on June 11, where we invited Mr. Shi, CEO & Founder at Yuzhibo Information Technology. Key topics discussed include 1) Enlarged on-demand consumptio ...

Walmart Inc. (NYSE:WMT) 2025 Evercore Consumer & Retail Conference June 11, 2025 8:00 AM ET Company Participants Stephanie Wissink - Senior Vice President of Investor Relations Todd Sears - Senior VP & CFO of Sam’s Club Conference Call Participants Gregory Scott Melich - Evercore ISI Institutional Equities, Research Division Gregory Scott Melich Well, good morning, everyone, to the second day of our Consumer and Retail Conference here for Evercore. I'm Greg Melich. I'm the retail broadlines and hardlines an ...

Stitch Fix (SFIX) Q3 2025 Earnings Call June 10, 2025 05:00 PM ET Company Participants Cherryl Valenzuela - Head of Investor RelationsMatt Baer - Chief Executive OfficerDavid Aufderhaar - Chief Financial OfficerDana Telsey - CEO and Chief Research Officer Conference Call Participants Aneesha Sherman - AnalystDylan Carden - Research AnalystDavid Bellinger - Director & Senior Analyst Operator Good day and thank you for standing by. Welcome to the Q3 FY twenty twenty five Stitch Fix Earnings Conference Call. A ...

Financial Data and Key Metrics Changes - Q3 revenue reached $325 million, reflecting a 0.7% year-over-year increase and a 4.1% quarter-over-quarter increase [20] - Adjusted EBITDA for the quarter was $11 million, representing a margin of approximately 3.4%, up 130 basis points year-over-year but down 170 basis points quarter-over-quarter [22] - Gross margin was 44.2%, down 130 basis points year-over-year and down 30 basis points quarter-over-quarter [21] - Revenue per active client for the quarter was $542, up 3.2% year-over-year and up 1% quarter-over-quarter [20] Business Line Data and Key Metrics Changes - The women's business and overall fixed channel returned to revenue growth, while the men's business and freestyle channel also saw growth [6] - Average Order Value (AOV) grew by 10% year-over-year, with improvements in items per fix, keep rate, and Average Unit Retail (AUR) [7] - Notable growth in athleisure for both women's and men's clients, with sneakers up 35% year-over-year [11] Market Data and Key Metrics Changes - Active clients at the end of Q3 were 2.4 million, down 10.6% year-over-year and down 0.8% quarter-over-quarter, marking the lowest sequential decline in three years [20] - New client growth has been achieved for two consecutive quarters, with new clients spending more, as evidenced by the highest 90-day Lifetime Value (LTV) in three years [12] Company Strategy and Development Direction - The company is transitioning from the build phase to the growth phase of its transformation strategy, focusing on cementing its position as a retailer of choice for apparel and accessories [12] - Strategic investments are being made in client acquisition and reengagement, as well as strengthening the product assortment [23] - The company aims to leverage its unique value proposition and AI capabilities to gain market share [13][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating external challenges, including a dynamic macroeconomic environment and tariff pressures [14] - The company does not expect significant cost impacts from tariffs for the remainder of the fourth quarter [15] - Future guidance indicates a stronger Q4 than previously anticipated, with total revenue expected between $298 million and $300 million [24] Other Important Information - The company generated $16 million of free cash flow in Q3 and ended the quarter with $242 million in cash and no debt [22] - Inventory management has improved, with net inventory flat year-over-year and up 4.4% quarter-over-quarter [21] Q&A Session Summary Question: Insights on core consumer behavior and guidance for Q4 - Management noted strong performance in AOV and engagement metrics, with larger fixes resonating well with clients [32][34] - They expect a slight sequential decline in active clients due to normal seasonality but remain confident in revenue growth [37] Question: Potential share gain opportunities in the current macro environment - Management believes the current macro environment presents an opportunity for share gain, emphasizing the adaptability of their service [52] - They do not anticipate price increases during the fiscal year and are focused on creating value for clients [54] Question: Sustainability of AOV increases - AOV growth is driven by larger fixes and a focus on client engagement, with expectations for continued strength [70] - Tougher comparisons are anticipated in FY 2026 due to the strong performance in the current year [71] Question: Active client growth and advertising spend - Management does not foresee the need to increase ad spend to achieve active client growth, citing improvements in client reengagement [74] - They are focused on quality client acquisition and maximizing lifetime value [60]

Key Takeaways WMT saw a 50% YoY surge in ad revenues, powered by VIZIO's SmartCast and strong Walmart Connect growth. Membership income rose nearly 15% YoY, with gains led by Sam's Club U.S. and Walmart subscriptions. WMT is scaling its marketplace and store delivery ecosystem to boost efficiency and omnichannel reach.Walmart Inc. (WMT) is reshaping its growth strategy by doubling down on high-margin revenue streams — namely, advertising, memberships and marketplace expansion. This strategic shift is boos ...

Asking for a Trend anchor Josh Lipton breaks down the latest market trends for June 9, 2025. The S&P 500 and Nasdaq Composite both closed in the green, while the Dow Jones Industrial Average was flat at market close. Yahoo Finance host Julie Hyman charts the S&P 500 as it approaches a record high and discusses how trade talks could influence the market. The IPO market is seeing a glimmer of light as new listings reached their highest level since 2021. Tariff and trade policy uncertainty continue to concern ...

Group 1 - Torrid Holdings (NYSE: CURV) is undergoing a significant transition as a direct-to-consumer retailer focused on clothing and accessories for 'curvy women' [1] - The company is positioned within a niche market that caters specifically to a demographic often underserved in the fashion industry [1] Group 2 - The investment service provided by Crude Value Insights emphasizes cash flow and the potential for value and growth in oil and natural gas companies [2] - Subscribers have access to a comprehensive stock model account and in-depth cash flow analyses of exploration and production firms [2] - The service includes live chat discussions about the sector, enhancing community engagement and information sharing [2]