Abercrombie & Fitch (NYSE:ANF) Q3 2026 Earnings Call November 25, 2025 08:30 AM ET Company ParticipantsDana Telsey - CEO and Chief Research OfficerMohit Gupta - Vice President of Investor RelationsMarni Shapiro - Managing PartnerRobert Ball - Senior Vice President and CFOScott Lipesky - Executive Vice President and CEORick Patel - Managing DirectorJanet Kloppenburg - PresidentKatherine Delahunt - Equity Research Senior AssociateFran Horowitz - CEOMauricio Serna - Executive DirectorConference Call Participan ...

Abercrombie & Fitch (NYSE:ANF) Q3 2026 Earnings Call November 25, 2025 08:30 AM ET Company ParticipantsDana Telsey - CEO and Chief Research OfficerMohit Gupta - Vice President of Investor RelationsMarni Shapiro - Managing PartnerRobert Ball - Senior Vice President and CFOScott Lipesky - Executive Vice President and CEORick Patel - Managing DirectorJanet Kloppenburg - PresidentKatherine Delahunt - Equity Research Senior AssociateFran Horowitz - CEOMauricio Serna - Executive DirectorConference Call Participan ...

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for operating its retail business in China [1][2] Group 1: Joint Venture Details - Boyu Capital will hold up to 60% equity in the joint venture, while Starbucks retains 40% and continues to own and license its brand and intellectual property [2] - The estimated total value of Starbucks' retail business in China exceeds $13 billion, comprising the equity transferred to Boyu, the retained equity value, and ongoing licensing revenue over the next decade [2] - The joint venture will be headquartered in Shanghai and manage approximately 8,000 Starbucks stores in China, with plans to expand to 20,000 stores in the future [2] Group 2: Market Potential and Strategy - Boyu Capital, founded in 2011, has a diversified investment management platform and aims to leverage its local market insights alongside Starbucks' global leadership in the coffee industry to accelerate growth [3] - Starbucks executives emphasize that this partnership will help unlock significant market potential, particularly in smaller cities and emerging regions in China [3] Group 3: Competitive Landscape - Starbucks China reported a revenue increase of 6% year-on-year to $831.6 million for the latest fiscal quarter ending September 28, 2025, and a projected annual revenue growth of 5% to $3.105 billion [4] - Despite positive growth, Starbucks faces intense competition from domestic brands like Luckin Coffee, which reported a 47% year-on-year revenue increase to $1.24 billion in Q2, along with a net profit growth of 44% [4] - Luckin Coffee continues to expand aggressively, with a total of 26,206 stores as of the end of Q2, reflecting a net increase of 2,109 stores [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported total revenue of 1.186 billion yuan for Q1-Q3 2025, a year-on-year decrease of 8.1%. The net profit attributable to the parent company was 135 million yuan, a slight increase of 0.17% year-on-year. However, the net profit excluding non-recurring items dropped significantly by 34.07% to 86.8 million yuan [2][4]. - In Q3 2025, the company achieved total revenue of 293 million yuan, down 26.96% year-on-year, while the net profit attributable to the parent company increased by 11.78% to 44.58 million yuan. The net profit excluding non-recurring items saw a drastic decline of 85.26% to 582,450 yuan [2][4]. - The decline in revenue growth is attributed to pressure on liquor consumption demand and intensified market competition. The sales revenue for mid-to-high-end liquor and ordinary liquor for Q1-Q3 2025 was 838 million yuan and 330 million yuan, respectively, both showing declines of 7.49% and 8.24% year-on-year [10]. Financial Performance Summary - The company's gross profit margin for Q3 2025 decreased by 2.89 percentage points to 33.07%, while the expense ratio increased by 7.67 percentage points to 26.28%. The increase in expense ratios was driven by higher sales, management, and R&D expenses [10]. - The company expects to activate its system further and gradually release its brand potential, which may contribute to growth in the national market. A recent strategic partnership with China Resources Beer to launch a "yellow wine + beer" crossover product is anticipated to provide additional revenue [10]. Earnings Forecast - The projected earnings per share (EPS) for 2025 and 2026 are 0.22 yuan and 0.23 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 45 and 43 times [10].

Core Insights - The company has established a partnership with Swiss luxury skincare brand Swiss Perfection, gaining exclusive distribution rights for its products in mainland China, Hong Kong, and Macau by the third quarter of 2025 [1] - Swiss Perfection is owned by Swiss company PP Produits Prestiges SA and is known for its high-end, technologically advanced skincare products, which adhere to Swiss innovation standards and manufacturing excellence [1] - This collaboration is expected to enhance the company's high-end brand portfolio, strengthen brand barriers, improve business stability, and significantly boost market competitiveness and customer appeal, driving sustained growth in performance [1]

Core Viewpoint - Roblox Corporation's stock increased following the announcement of a partnership with Mattel, which will introduce major brands like Monster High into Roblox games, enhancing user engagement and monetization opportunities [1][2]. Partnership Details - Mattel and Roblox have established a partnership to create multiple standalone games on the Roblox platform, starting with a new Monster High experience set to launch on October 24 [2]. - The initial game will allow players to explore a Monster High world, customize characters, and earn in-game rewards, with plans to introduce additional franchises such as Barbie and Hot Wheels in the future [3]. Content Integration - Mattel's intellectual properties will be integrated into Roblox's License Manager and Licenses catalog, with existing brands like Polly Pocket already available and others like Matchbox planned for future release [4]. - The collaboration aims to enable developers to use officially licensed assets, thereby increasing user-generated content and brand interactions within Roblox [4]. Executive Insights - Executives from both companies highlighted the imaginative potential of Roblox as a platform for fans to engage with Mattel's brands in innovative ways [5]. - The partnership is seen as a means to connect with next-generation audiences through custom experiences and licensed content [5]. Business and Growth Strategy - Mattel's extensive storytelling history combined with Roblox's global reach and creation tools aims to extend physical franchises into interactive digital worlds [6]. - The strategy includes a series of standalone games and licensed assets across various platforms, targeting sustained engagement across different age groups [6]. Market Impact - The partnership is expected to deepen fan engagement and create merchandising opportunities, contributing to long-term brand value for both companies [7]. - Following the announcement, Mattel's stock rose by 0.67% to $17.92, while Roblox's stock increased by 5.2% [7].

10月12日，绍兴女儿红酿酒有限公司党委书记、董事长胡志明一行莅临新晋商酒庄集团参观考察，新晋商酒庄集团董事长侯清泉热情接待，新晋商酒庄集 团汾杏股份总经理侯青松、销售公司总经理张家升陪同并参加座谈。 新晋商酒庄集团董事长侯清泉对胡志明董事长一行的到访表示热烈欢迎。他指出，绍兴女儿红是享誉全国的"中华老字号"，其品牌故事和匠心产品具有极 强的市场感染力。新晋商酒庄集团秉承晋商勇于开拓、追求卓越的精神，致力于打造中国白酒酒庄标杆和样板企业，非常期待与女儿红这样的优秀民族品 牌携手， 在 渠道共建、文化联动、产品创新与产业链协 同等维度展开深度合作，实现资源共享、优势互补、共赢发展。 来源：新晋商酒庄 编辑：韩生龙 此次考察，标志着绍兴女儿红与新晋商酒庄建立了全新的战略沟通渠道。 双方均表示，将以此次考察为起点，积极推动具体合作项目的落地， 共同开启 两大品牌战略协同、合作共赢的新篇章。 胡志明董事长一行先后参观了万吨储酒窖、杏花村晋商酒文化体验中心、汾杏博物馆，并深入优质原酒酿造生产基地，详细了解新晋商酒庄集团的发展历 程、产业布局及在现代商业领域对"晋商精神"的传承与创新。他对新晋商酒庄坚持传统白酒酿造工艺、 ...

Core Points - The Australian Open has announced a partnership with a2 Milk, making it the first "official milk partner" in the tournament's 120-year history [1] - The partnership aims to promote health and quality, aligning both brands' commitment to enhancing fan experiences and supporting healthier lifestyles [1] - The collaboration provides a significant opportunity for a2 Milk to showcase its brand to consumers and athletes both locally and globally, reinforcing its premium positioning [1] Company Summary - a2 Milk has secured a partnership with the Australian Open, enhancing its brand visibility and market presence [1] - The CEO of a2 Milk emphasized the importance of this collaboration in solidifying the brand's high-end image and deepening its connection with consumers [1] Industry Summary - The Australian Open is a major global sporting event, with the previous tournament attracting 1.9 billion viewers worldwide, highlighting its significant reach [1] - The partnership with a2 Milk is expected to enhance the overall experience for fans and promote a healthier lifestyle, reflecting a growing trend in sports sponsorships [1]

Core Insights - a2 Milk has become the first "official milk partner" of the Australian Open, marking a significant milestone in the tournament's 120-year history [1] - The partnership is seen as an opportunity for a2 Milk to enhance its brand positioning both locally and globally, particularly among consumers and elite athletes [1] Company Summary - a2 Milk's CEO, David Bortolussi, emphasized that the collaboration with the Australian Open will solidify the brand's high-end positioning and deepen its image in the market [1] - The partnership aligns with a2 Milk's strategy to leverage major sporting events to increase brand visibility and consumer engagement [1] Industry Summary - The Australian Open had a global viewership of 1.9 billion during the last tournament, with China being one of the top five viewing markets [1] - The collaboration with a high-profile event like the Australian Open is expected to enhance the overall market presence of a2 Milk within the competitive dairy industry [1]

Core Viewpoint - The collaboration between Nike and SKIMS aims to penetrate the women's sportswear market, potentially challenging Lululemon's dominance, but it may provide Lululemon with some breathing room due to NikeSKIMS' current focus on North America and elite sports rather than the Asian market [5][6][22]. Group 1: NikeSKIMS Launch - NikeSKIMS will launch its first collection on September 26, featuring 58 items across 7 series, with prices similar to Lululemon's popular products [5][6]. - The initial product design and release strategy appear conservative, focusing on North America, which may limit immediate market impact [19][20]. Group 2: Financial Performance - Nike's revenue for the fourth fiscal quarter decreased by 12% year-over-year to $11.1 billion, with a net profit drop of 86% to $211 million [10][12]. - In contrast, Adidas reported a 2.2% increase in net sales for the latest quarter, highlighting competitive pressures on Nike [10]. Group 3: Market Dynamics - Lululemon's revenue grew by 6.5% to $2.525 billion, but net profit declined by 5.6%, indicating challenges in the North American market [22]. - The Chinese market has been a stronghold for Lululemon, with a 25% revenue increase, providing a buffer against competition [22]. Group 4: SKIMS Growth and Strategy - SKIMS has rapidly expanded since its inception in 2019, with a valuation increase from $1.6 billion to $4 billion in 2023, indicating strong market demand [13]. - The brand's unique design philosophy and celebrity backing have allowed it to penetrate various segments, including men's wear and swimwear [12][13]. Group 5: Competitive Landscape - The collaboration between Nike and SKIMS is seen as an attempt to replicate the success of Adidas' Yeezy line, but challenges remain in achieving similar market penetration and brand integration [25][27]. - NikeSKIMS must establish its unique identity and market presence to differentiate itself from competitors like Lululemon and Alo [24][27].