市场消息：泰国政府计划采取措施帮助私营部门应对美国关税。 ...

越南贸易部副部长：关税为制造商增加附加值提供了机会，商务部正与企业协调制定应对关税的措施。 措施包括提升产品质量、开拓新市场。 ...

Financial Data and Key Metrics Changes - Non-GAAP earnings per diluted share increased to $0.19 from $0.12 year-over-year, exceeding guidance [13][37] - Net sales for the quarter were $584 million, down from $610 million in the same period last year, aligning with expectations [35] - Gross margin percentage was 42.2%, slightly down from 42.5% in the previous year [35][36] - Non-GAAP net income for the first quarter was $8.4 million compared to $5.8 million in the previous year [37] - Ending cash and availability was approximately $740 million, indicating a strong financial position [13][38] Business Line Data and Key Metrics Changes - Wholesale segment net sales decreased to $563 million from $598 million year-over-year [35] - Retail segment net sales increased to $36 million from $31 million in the previous year [35] - Key owned brands, including DKNY, Karl Lagerfeld, and Donna Karan, experienced double-digit growth, offsetting losses from exited businesses [5][14] Market Data and Key Metrics Changes - International markets are seen as significant growth opportunities, particularly in Europe [14][22] - The brand Donna Karan saw nearly 50% sales growth, with strong performance in dresses and suit separates [15][16] - DKNY and Karl Lagerfeld also reported strong sales growth, particularly in North America and Europe [20][22] Company Strategy and Development Direction - The company is focused on driving growth through its owned brands, which are expected to be sustainable long-term profit drivers [13][14] - Strategic initiatives include sourcing diversification, vendor negotiations, and selective price increases to mitigate tariff impacts [7][39] - The company is also enhancing its omni-channel capabilities and optimizing its global store footprint [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the consumer environment despite macroeconomic uncertainties [6][33] - The potential unmitigated tariff impact for fiscal 2026 is estimated at approximately $135 million, with ongoing efforts to mitigate this through various strategies [7][39] - The company remains committed to investing in key owned brands and growth initiatives despite challenges [12][33] Other Important Information - The company successfully renegotiated favorable lease terms for corporate offices and is streamlining its warehouse network [11] - The planned relaunch of the Sonya Riquel brand was postponed due to uncertainties in the operating environment [12][54] Q&A Session Summary Question: Pricing Power and Areas for Price Increases - Management indicated strong cooperation from retailers in adjusting pricing, focusing on areas where consumers will accept price increases [45][46] Question: Impact of Sonya Riquel Postponement on Guidance - The decision to postpone the Sonya Riquel launch was made to avoid losses, but strength in other brands allows the company to maintain its sales guidance [53][54][75] Question: Inventory Levels and Supply Chain Challenges - Inventory levels are expected to align with sales growth, with management actively managing inventory purchases in light of supply chain disruptions [78][80] Question: Promotions and Consumer Demand - Management does not anticipate significant pressure on promotions, citing strong demand for their products and effective management of inventory levels [84][85]

Financial Data and Key Metrics Changes - The company reported total revenue of $474 million for Q1 2026, an increase of approximately 4% year-over-year, driven by a 5% growth in comparable sales, marking the third consecutive quarter of positive comps [30][31] - Adjusted gross margin for the quarter was 46.7%, a decline of 90 basis points compared to the previous year, primarily due to a shift towards higher price point but lower margin products [32] - SG&A expenses were 52.5% of sales, improving by 170 basis points year-over-year, driven by reduced occupancy and bonus expenses along with cost-saving initiatives [33] Business Line Data and Key Metrics Changes - Journeys led the business with comparable sales up 8%, while Schuh saw a 1% increase, and Johnston and Murphy experienced a 2% decline in comps [30][31] - Journeys' strong performance was attributed to a strategic focus on product assortment and brand partnerships, resulting in double-digit gains across several brands [14][23] - Schuh's comps increased due to improved brand access and digital capabilities, with over 40% of sales coming from e-commerce [18] Market Data and Key Metrics Changes - The consumer environment remains choppy, with consumers showing willingness to shop during key events but retreating during quieter periods [5][28] - The UK consumer market is under pressure, impacting Schuh's performance, while Johnston and Murphy faced challenges in factory store traffic [19][28] Company Strategy and Development Direction - The company is focused on diversifying its product offerings and strengthening its brand partnerships, particularly in the athletic category, to capture a broader teen market [22][23] - The strategic growth plan for Journeys includes enhancing product assortment, elevating customer experience through new store designs, and increasing brand awareness through marketing initiatives [26][68] - The company is actively mitigating tariff impacts by diversifying suppliers and adjusting inventory strategies [12][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current trade environment and emphasized the importance of compelling footwear and freshness to drive consumer purchases [7][10] - The company reiterated its full-year EPS guidance of $1.3 to $1.7, acknowledging ongoing macroeconomic uncertainties and the impact of tariffs [38][39] - Management expects positive comps for Journeys in Q2, despite challenges in other business segments [56][58] Other Important Information - The company ended the quarter with a negative free cash flow of $120 million, attributed to higher capital spending and inventory growth to meet consumer demand [36][37] - The company repurchased approximately 605,000 shares during the quarter, representing about 5% of its outstanding shares [37] Q&A Session Summary Question: Can you talk about the impacts of new athletic brand relationships on Q1 comp? - Management noted that existing brands drove the comp, but new brands like HOKA and Saucony had a positive impact, validating Journeys' position in lifestyle running [46][48] Question: How did vulcanized product trends compare to expectations? - Management acknowledged pressure on vulcanized products but stated that strength in other brands offset this pressure [50][51] Question: What is the guidance for Journeys in Q2? - Management indicated that Journeys is tracking similarly to Q1, with expectations for a positive comp, despite challenges in other segments [56][58] Question: What are the drivers for Journeys in the back half of the year? - Management highlighted the focus on product assortment, store remodels, and marketing initiatives as key drivers for growth [60][68] Question: How does the company view recent M&A activity in the footwear landscape? - Management stated that the company is positioned differently from competitors focused on performance athletic, emphasizing lifestyle and style-driven strategies [77][78] Question: What are the impacts on gross margin and balancing price increases? - Management explained that the shift to athletic products has affected margins, but they are working with brand partners to manage costs and maintain profitability [79][80]

Financial Data and Key Metrics Changes - The company reported a consolidated revenue of $1.1 billion, a decline of 5% compared to the previous year, with comparable sales decreasing by 3% [19][20] - Adjusted operating loss for the quarter was $68 million, with an adjusted loss per share of $0.29 [4][22] - Gross profit dollars were $322 million, with a gross margin of 29.6%, impacted by approximately $75 million in inventory write-downs [20][21] Business Line Data and Key Metrics Changes - American Eagle brand comparable sales were down 2%, while Aerie brand comparable sales declined by 4% [4][19] - Aerie faced challenges in soft apparel, particularly in fleece tops and shorts, while certain categories like intimates showed improvement [12][14] - American Eagle saw growth in women's business, particularly in social casual dressing and achieved its best quarter ever in fleece [15][16] Market Data and Key Metrics Changes - Traffic was reported to be up across brands and channels, although the overall performance was constrained by lower average unit retails (AURs) and conversion rates [19][30] - The company is focusing on diversifying its supply chain and reducing sourcing exposure to China to under 10% this year [23] Company Strategy and Development Direction - The company is committed to optimizing operations and strengthening its supply chain, including closing two Edge fulfillment centers, which is expected to generate annualized savings of approximately $5 million [6][22] - Capital allocation priorities include investments for long-term growth while returning capital to shareholders, including a $200 million accelerated share repurchase program [8][9] - The company is focused on improving product performance and preparing for the back-to-school season with fresh merchandise [24][36] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment with the first quarter performance but remains optimistic about the second half of the year, hoping for improvement as the macro environment stabilizes [4][28] - The company has paused full-year guidance until greater visibility is achieved but expects to see improvement in growth and profitability as the year progresses [22][24] Other Important Information - The company recorded a non-GAAP charge of $17 million related to the closure of fulfillment centers [6][22] - SG&A expenses increased by 2% due to higher advertising investments, with a focus on customer-facing spend [21][63] Q&A Session Summary Question: What is the view of the consumer today and its impact on the retail landscape? - Management remains optimistic about the consumer outlook, hoping for positive economic stimulation from potential tax plans [28] Question: Can you break down the assumptions for gross margin and promotional activity in Q2? - The company expects to maintain a similar comp expectation as Q1, embedding promotional activity to clean inventory for back-to-school [30][31] Question: What are the merchandising issues and how quickly can improvements be made? - Management acknowledged product misses but is working swiftly to address these issues and prepare for back-to-school [35][36] Question: How is the capital allocation and CapEx expenditure being approached? - The company has reduced CapEx guidance to $275 million, recadencing projects to preserve cash [44] Question: How are both brands trending relative to the Q2 comp guide? - Both brands are trending similarly to the guidance of down 3% for Q2 [82] Question: What is the outlook for promotions and SG&A expenses? - Promotions are expected to continue in the near term to clean inventory, with SG&A projected to be flat for the year [59][63] Question: How did digital performance compare to stores during the quarter? - There was an uptick in digital performance, with the company leaning into this channel during the quarter [67] Question: What are the plans for inventory for the remainder of the year? - The company is planning inventory in line with sales expectations and maintaining flexibility in buying [88]

好市多(COST.O)高管：提价是（应对关税的）"最后的手段"。 ...

Financial Data and Key Metrics Changes - Net sales declined by 4.1% and comparable sales decreased by 3.9% in the quarter, attributed to the closure of 24 stores [26][27] - Gross margin increased to 39.9%, up 37 basis points year-over-year, driven by category mix benefits and inventory management [30] - SG&A expenses decreased by 5.2% to $1.2 billion, leveraging approximately 32 basis points compared to last year [30] - The company reported a net loss of $15 million, with earnings per diluted share of negative $0.13, a 46% improvement from the previous year [31] Business Line Data and Key Metrics Changes - Jewelry sales increased by 10% in Q1, primarily driven by Kohl's card customers, following the reintroduction of jewelry into stores [15][16] - Women's apparel is being rebalanced to improve performance, focusing on essentials and proprietary brands [17][19] - Sephora's net sales were up 6% and comparable sales increased by 1% in Q1, contributing to a nearly $2 billion beauty business [18] - The impulse queue line rollout is expected to enhance sales, with plans to expand to nearly all stores by Q3 [18] Market Data and Key Metrics Changes - The digital business saw a sales decline of 7.7% in the quarter, underperforming compared to store sales, which declined by 2.6% [27][28] - The middle and low-income customers are under pressure, prioritizing value and trading down to lower-priced products [28] Company Strategy and Development Direction - The company is focused on three key areas: offering a curated assortment, reestablishing value and quality, and enhancing the omnichannel shopping experience [12][19][23] - Plans for 2025 include improving product assortment clarity and investing in proprietary brands to better serve customer needs [13][19] - The company aims to enhance promotions by including more brands in coupon eligibility, responding positively to customer feedback [21][22] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing transformation and the need to align the business with customer needs, particularly focusing on value [40][41] - The company is navigating a fluid environment with uncertainties, particularly affecting middle-income customers [43][44] - Despite challenges, management remains optimistic about achieving financial guidance for the year, with expectations of comparable sales down 4% to 6% [36] Other Important Information - The company completed a private offering of $360 million in senior secured notes, expected to close on May 30, to refinance upcoming debt maturities [34][35] - Inventory strategies are being implemented to manage tariff pressures, with expectations of inventory down high single digits by year-end [32][36] Q&A Session Summary Question: Any adjustments to strategic priorities and what will it take to return to comp growth? - Management does not foresee major changes to the strategy and emphasizes understanding customer needs to restore growth [39][40] Question: Insights on quarter-to-date trends and tariff impacts? - Management holds the full-year guidance due to uncertainties and notes consistent performance with some weather-related impacts [42][44][46] Question: Breakdown of gross margin increase and private label performance? - The increase in gross margin is attributed to a favorable category mix and improved inventory management, with proprietary brands expected to enhance margins [50][52] Question: Assessment of store footprint and potential closures? - The company has a healthy store base and will continue to evaluate store performance, with closures being part of regular hygiene [60][62] Question: Update on Sephora collaboration and operating environment? - Sephora is now present in all stores, and while comp growth has moderated, the company is pleased with market share gains in beauty [73][75] Question: E-commerce performance and profitability outlook? - Digital sales declined but are expected to improve as core customers return, with profitability being lower than stores due to shipping costs [80][84]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported net revenues of $1.73 billion, achieving a positive comp of 3.4%, exceeding expectations [38] - Operating margin was 16.8%, with earnings per share (EPS) of $1.85, reflecting an earnings growth of 8.8% [6][42] - Gross margin was 44.3%, which was 360 basis points lower than the previous year when accounting for a $49 million out of period adjustment [39] Business Line Data and Key Metrics Changes - Pottery Barn achieved a positive comp of 2% in Q1, with a five-year comp of 46.7% [17] - The Williams Sonoma brand reported a strong quarter with a positive comp of 7.3% and a five-year comp of 36.9% [23] - The B2B program grew by 8%, marking another record-breaking quarter [9] Market Data and Key Metrics Changes - The home furnishings industry contracted approximately 3% in Q1, while the company gained market share [38] - Retail channel comps were up 6.2%, and e-commerce comps increased by 2.1% [38] Company Strategy and Development Direction - The company is focused on three key priorities: returning to growth, elevating customer service, and driving earnings [7][13] - A strong pipeline of new products and strategic collaborations are emphasized to drive brand growth [8] - The company is actively managing tariff impacts through a six-point plan, including cost concessions from vendors and sourcing goods from lower tariff countries [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic uncertainties and is optimistic about gaining market share in 2025 [13][52] - The company is committed to enhancing customer experiences and operational efficiencies, with a focus on AI integration across digital platforms [10][12] Other Important Information - The company plans to spend between $250 million and $275 million in capital expenditures for fiscal year 2025, prioritizing e-commerce and supply chain efficiency [50] - The quarterly dividend was increased by 16% year-over-year, marking the sixteenth consecutive year of increased payouts [51] Q&A Session Summary Question: Merchandise margins decline - Management clarified that merchandise margins were impacted by higher input costs but offset by supply chain efficiencies and occupancy leverage [58][60] Question: Pricing strategy regarding tariffs - The company emphasized a reduced promotional strategy and a focus on value beyond just price, leveraging direct vendor relationships for better pricing [64][66] Question: Inventory position and its impact on sales - The inventory was strategically increased by 10% to mitigate tariff impacts, with a focus on being in stock to drive sales [86][90] Question: Demand trends throughout the quarter - Management noted strong results across all brands, with furniture achieving positive comps for the first time in nine quarters [77][105] Question: Reducing exposure to China - The company has proactively reduced sourcing from China and is flexible in adjusting sourcing strategies based on the trade environment [81] Question: Tariff mitigation costs - Management explained that tariff mitigation costs were short-term expenses, with expectations of future benefits from proactive inventory management [99][101]

Core Insights - Amer Sports shares surged 18.1% following the release of first-quarter earnings, reflecting strong market performance [1] - The company has transformed from an industrial entity founded in 1950 to a global sports equipment leader, recently going public in early 2024 after being taken private in late 2018 [2] - Amer's revenue increased by 23% to $1.47 billion in the first quarter, with adjusted earnings per share nearly tripling to $0.27, surpassing analyst expectations [3] Financial Performance - The company raised its full-year 2025 guidance to a midpoint revenue growth of 16% and adjusted EPS around $0.70, up from previous guidance of 14% growth and $0.67 [3] - The impressive 23% revenue growth is notable in the current global economic climate, with management indicating the ability to offset tariff impacts through pricing strategies and supply chain adjustments [4] - The recovery of the China segment, which previously struggled, contributed significantly to growth, with a 43% increase last quarter, alongside low double-digit growth in North America and Europe [5] Profitability and Valuation - Amer's transition from near-break-even results a year ago to healthy profitability was aided by reduced interest expenses due to debt repayment from IPO proceeds [6] - The stock currently trades at approximately 50 times this year's earnings guidance, indicating a high valuation, but potential for rapid earnings growth if the company maintains its growth trajectory [6]

市场消息：索尼集团计划通过提价、使生产地点多样化来应对美国关税。 ...