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 - 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。 ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $412 million, exceeding expectations of approximately $395 million, with a year-over-year growth of over 5% on an ongoing basis and nearly 7% on a constant currency basis [9][35] - Adjusted gross margin increased to 47.3%, up 80 basis points compared to the previous year, driven by a healthier sales mix and lower promotional activity [38] - Adjusted diluted earnings per share improved from $0.05 in Q1 2024 to $0.18 in Q1 2025, above the outlook of $0.10 [38] Business Line Data and Key Metrics Changes - Saucony achieved a revenue growth of 30% year-over-year in Q1, with strong contributions from all regions and channels, particularly in North America [10][36] - Merrell's revenue grew by 13% compared to Q1 last year, with significant contributions from core product franchises [15][36] - Sweaty Betty's revenue declined by 16% in Q1, aligning with expectations, but showed improvement in gross margin due to a shift towards full-price sales [36][22] Market Data and Key Metrics Changes - The company's international business grew mid-teens year-over-year in Q1, indicating strong performance outside the U.S. [30] - U.S. retail sell-through remained strong throughout April, with similar reports from international regions [27] Company Strategy and Development Direction - The company is focused on transforming its culture and building new capabilities to compete effectively in the market [24] - Strategic investments are being made in brand momentum, with a particular emphasis on Saucony and Merrell, while also addressing challenges in the Wolverine brand and Sweaty Betty [19][21] - A diversified and nimble supply chain is being leveraged to mitigate risks associated with tariffs and to optimize product delivery [28][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's prospects despite uncertainties in the marketplace, particularly regarding tariffs and consumer sentiment [26][49] - The decision to withdraw full-year guidance for 2025 was made due to the dynamic nature of the operating environment, but management remains confident in the current order book and DTC trends [39][40] - The company is taking a proactive approach to navigate challenges, focusing on profitability while continuing to invest in brand growth [31][44] Other Important Information - The company has initiated a search for new leadership for the work group as part of its ongoing strategic adjustments [21] - Significant investments are planned for Saucony in 2025, marking the largest investment year since its acquisition [15] Q&A Session Summary Question: Insights on Saucony and Merrell business for the full year - Management indicated that sourcing diversification efforts have reduced reliance on China, and they feel good about the momentum for 2025, with no material changes since April 2 [54][56] Question: Details on price increases to mitigate tariff impacts - Price increases were implemented strategically across brands, with mid-single digit increases for specific products, but these are not expected to fully offset tariff impacts [65][66] Question: Demand planning for the back half of the year - The company is closely monitoring consumer demand and adjusting inventory levels accordingly, with a cautious approach in certain areas while remaining bullish in others [77][79] Question: Promotional activities and margin improvements for Merrell - Management acknowledged ongoing promotional activities but emphasized efforts to reduce them, with a focus on improving gross margins over time [81][82] Question: Breakdown of international business revenue - Management directed to the investor presentation for insights on regional revenue dispersion, indicating a significant portion of revenue is generated outside the U.S. [86]

Financial Data and Key Metrics Changes - Revenue for the first quarter of fiscal 2025 was $412 million, exceeding expectations of approximately $395 million, with a year-over-year growth of over 5% on an ongoing basis and nearly 7% on a constant currency basis [34][7] - Adjusted gross margin increased to 47.3%, up 80 basis points compared to the previous year, driven by a healthier sales mix and lower promotional activity [37] - Adjusted diluted earnings per share improved from $0.05 in Q1 2024 to $0.18 in Q1 2025, surpassing the outlook of $0.10 [37] Business Line Data and Key Metrics Changes - Saucony achieved a revenue growth of 30% year-over-year in Q1, with strong contributions from all regions and channels, particularly in North America [8][35] - Merrell's revenue grew by 13% compared to Q1 last year, with significant contributions from Asia Pacific and EMEA [14][35] - Sweaty Betty's revenue declined by 16% in Q1, aligning with expectations, but showed improvement in gross margin due to a better mix of full-price sales [35][36] Market Data and Key Metrics Changes - The company's international business grew mid-teens year-over-year in Q1, indicating strong performance outside the U.S. [30] - U.S. retail sell-through remained strong throughout April, with similar positive reports from international regions [26][27] Company Strategy and Development Direction - The company is focused on transforming its culture and building new capabilities to compete effectively in the market [24] - A strategic plan is in place to mitigate the impact of tariffs, including diversifying the supply chain and implementing price adjustments [31][32] - The company aims to enhance brand positioning and reduce promotional activities to improve long-term profitability [22][80] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's prospects despite uncertainties in the marketplace, particularly regarding tariffs and consumer sentiment [25][26] - The decision to withdraw full-year guidance for 2025 was made due to the dynamic nature of the operating environment [38] - The company remains committed to investing in brand momentum while managing costs effectively [41][42] Other Important Information - The company has initiated a search for new leadership in the work group as part of its ongoing restructuring efforts [21] - Significant investments are planned for Saucony, marking the largest investment year since its acquisition [14] Q&A Session Summary Question: Insights on the order book and momentum for Saucony and Merrell - Management indicated that sourcing diversification efforts have accelerated, with expectations of sourcing from China dropping below 10% this year [54] - The order book remains strong, and there is confidence in the momentum for 2025 [55] Question: Details on price increases to mitigate tariff impacts - Price increases were implemented strategically across brands, with specific examples provided for Saucony and Merrell [64][65] - These increases are not expected to fully offset tariff impacts, necessitating additional measures [66] Question: Demand planning for the back half of the year - The company has established a new integrated business planning group to better manage inventory and demand signals [75] - There is a cautious approach to inventory management based on brand momentum and market conditions [76] Question: Promotional activities and their impact on Merrell - Management acknowledged the need to reduce promotional activities and improve gross margins, indicating a transition period [80] - The increase in Merrell's revenue was attributed to improved sell-through and a cleaner inventory position [81] Question: Breakdown of international business performance - Insights into regional revenue and unit dispersion were provided, with a focus on the significant contribution from international markets [86]

投资策略丨深度报告 [Table_Title] 柳暗花明——关税应对策略三部曲（二） %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 在 2019 年加征关税后，国内逆周期政策和外部压力缓解助力权益市场走牛。结构上，在"抢 出口"叠加中美贸易关系缓和时期，出口链有显著超额收益，出口链仍有"春天"。关注关税"黄 金坑"的机会。未来市场风险偏好持续提升需等待政策变化，一是美国债券和股市流动性问题 或倒逼美联储释放更多流动性，二是国内出口数据若出现较大变化，或有更多货币财政政策支 持，三是贸易关系的变化。当前中美双方已分别加征高关税，若未来出现如阶段性豁免、双边 谈判进展等政策松动信号，或部分产品被移出加征清单，可能再次触发"抢出口"。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 2 / 27 %% %% %% %% research.95579.com 2 [Table_Title2] 柳暗花明——关税应对策略三部曲（二） [Table_S ...

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