Financial Data and Key Metrics Changes - Total company revenue decreased 2.5% year-over-year to $856 million, with a 4.2% decline in constant currency [20][22] - Gross margin declined 130 basis points to 61%, primarily due to higher tariff rates impacting margins by approximately 120 basis points [22][23] - Operating margin decreased to 2.3% from 4.2% year-over-year [23] Business Line Data and Key Metrics Changes - Michael Kors revenue decreased 2% year-over-year, with retail sales showing signs of momentum and positive comps in the full-price channel [6][21] - Jimmy Choo revenue decreased 6% year-over-year, with retail sales improving sequentially but wholesale revenue declining mid-teens due to shipment timing [14][22] Market Data and Key Metrics Changes - Revenue in the Americas decreased 7%, while EMEA increased 1% and Asia increased 12% [21] - Michael Kors saw a 25% increase in revenue in Asia, driven by higher wholesale shipments [21] Company Strategy and Development Direction - The company is focused on the growth of Michael Kors and Jimmy Choo following the expected closure of the Versace sale, with plans to use proceeds to reduce debt and enhance financial flexibility [4][26] - A new $1 billion share repurchase program has been authorized, expected to begin in fiscal 2027 [4][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about stabilization and recovery in the business, with expectations for improved retail trends in the second half of fiscal 2026 [5][29] - The company anticipates returning to revenue and earnings growth in fiscal 2027, with gross margin expansion expected as tariff impacts are mitigated [29] Other Important Information - The company plans to invest approximately $350 million over the next three years for store renovations, aiming to enhance the luxury retail experience [12][26] - Inventory at quarter-end totaled $766 million, a 2.8% decline year-over-year [24] Q&A Session Summary Question: Can you speak to global reception for Michael Kors full-price retail repositioning? - Management noted stabilization in Michael Kors business, with positive consumer response to strategic initiatives and full-price comps turning positive [31][32] Question: What is the profile of the consumer engaging in North America? - Management indicated that Gen Z consumers are more price-sensitive, and strategic pricing architecture is helping attract them [40][41] Question: What are the expectations for revenue by geography in the back half? - Management stated that Europe is the best-performing region, with continued strong performance anticipated, while North America is expected to improve gradually [55][56]

Core Insights - Banana Republic is reviving its brand by drawing inspiration from its late 20th-century heritage, focusing on vintage apparel to boost sales [1][2][4] Brand Strategy - The launch of "Banana Republic Archive" features a collection of apparel from the '70s, '80s, and '90s, including limited drops [2][4] - The brand acquired "Abandoned Republic," a collection of marketing materials, to enhance its historical narrative [2][6] Market Trends - The trend of vintage and used products is gaining traction, with the resale apparel market growing five times faster than the overall retail clothing market, projected to reach $74 billion by 2029 [6][8] Consumer Engagement - Younger consumers are increasingly drawn to vintage items, as they provide a connection to a distant past, making them more appealing [6][10] - The brand aims to build a community around its heritage, appealing to both new and existing fans [6][8] Financial Performance - In 2024, Banana Republic reported nearly $2 billion in net sales, flat compared to 2023, with a 1% decline in net sales in the most recent quarter but a 4% increase in comparable sales [9][10] Leadership and Vision - Gap Inc. CEO Richard Dickson is overseeing efforts to reestablish the brand following the departure of Banana Republic's CEO Sandra Stangl [9][10] - The brand is focused on reinterpreting its identity to resonate with contemporary consumers [10][11]

Brand Repositioning Strategy - Zoom's CMO is planning to reposition the brand [1] - The repositioning strategy is aimed at evolving the brand's image [1] Marketing and Communication - The marketing plan involves new approaches to communication [1] - The goal is to reshape how the market perceives Zoom [1]

Market Overview - The global supplement market is large and growing, estimated at $182.7 billion in 2023 and projected to reach $214 billion in 2026 [7] - Asia and Oceania represent 34% of the global supplement sales, followed by North America at 36% and Europe and the Middle East at 19% in 2023 [8] Company Performance and Strategy - Nature's Sunshine operates in 40 markets globally [6] - Asia accounts for 45% of the company's sales, North America 31%, and Europe 18% in 2023 [12] - The company's three global growth strategies are Digital First, Field Energy, and Brand Power [28] - In North America, Subscribe & Thrive represents over 25% of orders, while in Japan, it accounts for over 45% [40] - Taiwan and Japan have experienced strong revenue growth, with Taiwan showing a CAGR of 141% and Japan 23% [45] Financials - The company's revenue was $445.3 million in 2023 [69] - Adjusted EBITDA was $40.4 million in 2022 and $49.4 million in 2023 [69] - The company anticipates net sales between $443 million and $448 million, and adjusted EBITDA between $40 million and $42 million for the full year 2024 [76, 77] - $84 million in shares were repurchased at an average cost of $1656 per share in the first nine months of 2024 [67]