A little bit earlier, I had a chance to catch up with the CEO of Macy's, Tony Spring, to talk about the increase in foot traffic, specifically in department stores and obviously specifically in the big brands that he manages, including Macy's and Bloomingdales and his big turnaround strategy to lessen the overall footprint of some of those stores, a leaner, meaner organization. Take a listen to what he had to say. Set about improving the customer experience.So we've had record customer service scores. That' ...

Core Insights - Target is experiencing declining sales, with same-store sales dropping for three consecutive quarters, attributed to its political stances and DEI policies [1][3] - The brand has lost its appeal, with customers feeling that it no longer offers the unique shopping experience it once did [3][4] Financial Performance - In Q3, Target reported net sales of $25.3 billion, a decrease of 1.5% year-over-year, driven by a 1.9% decline in merchandise sales, although non-merchandise sales increased by 17.7% [7] - The third-quarter GAAP EPS was $1.51, down from $1.85 the previous year, while adjusted EPS was $1.78 [7] - Comparable sales fell by 2.7%, with a 3.8% decline in comparable store sales, partially offset by a 2.4% increase in comparable digital sales [7] - Operating income for the third quarter was $0.9 billion, reflecting an 18.9% decrease compared to the previous year [7] Customer Experience and Strategy - Target has been focusing on curbside pickup in certain markets, indicating a shift towards enhancing customer convenience [5] - The company is compared to Starbucks, which successfully revitalized its brand by focusing on customer experience and operational improvements [5][6]

T-Mobile US FY Conference Summary Company Overview - **Company**: T-Mobile US (NasdaqGS: TMUS) - **Event**: FY Conference held on November 18, 2025 Key Points Leadership Transition - The recent CEO transition to Srini Gopalan is viewed positively, with expectations for continued success under his leadership [3][5] - Gopalan has been with T-Mobile for over a decade and is familiar with the company's strategy [3] Strategic Priorities - Three main priorities under Gopalan: 1. Extend network leadership and improve customer perception of the network [4] 2. Enhance customer experience through digitalization [4] 3. Achieve success in broadband services [4] Q4 Promotional Activity - Q4 is expected to be competitive with promotional offers like "four for $100" [6][9] - The company anticipates strong performance, revising its post-paid phone net guidance to 3.3 million for the year [10] Competitive Landscape - The competitive environment remains vibrant, with no immediate concerns about competitors' actions [10] - T-Mobile's post-paid phone churn is reported as the lowest in the industry [18] Fiber and Mobile Convergence - T-Mobile does not see itself as a major fiber provider but is the fifth largest internet service provider in the U.S. with nearly 9 million broadband customers [20][21] - The company aims for 12 million broadband customers by 2028, focusing on monetizing its 5G broadband product [21][22] Fixed Wireless Access (FWA) - T-Mobile has seen significant growth in fixed wireless access, with over 500,000 new customers in Q3 [29] - The majority of customers are coming from cable providers, indicating a strong competitive position [30] Customer Segmentation - T-Mobile views fiber and fixed wireless as complementary products, targeting different customer segments [32] Post-Paid Phone Growth Outlook - The company remains optimistic about post-paid phone growth despite industry concerns about a slowdown [34] - T-Mobile is focused on executing its plan and delivering value to shareholders [36] Network Leadership - T-Mobile has been recognized for having the best overall network, with ongoing efforts to close the perception gap among potential customers [37][42] - The company aims to attract customers from competitors by emphasizing its network quality [42] Rural Expansion and UScellular Integration - T-Mobile is focused on becoming a market leader in rural areas, with a current household share of over 20% [48] - The integration of UScellular is progressing well, with plans to unify operations under the T-Mobile brand [50] T-Life Initiative - T-Mobile's T-Life app has seen significant engagement, with 85 million downloads and two-thirds of upgrades occurring through the platform [55][56] - The company aims to improve customer experience and operational efficiency through T-Life [58] Satellite Connectivity - T-Mobile's partnership with Starlink for satellite connectivity is seen as a complement to its terrestrial network, particularly in remote areas [60][62] Additional Insights - T-Mobile's focus on customer experience and digital transformation is expected to drive future growth and operational efficiencies [59] - The company is committed to maintaining its competitive edge through continuous investment in network quality and customer engagement strategies [43][44]

Financial Data and Key Metrics Changes - Vodafone's group service revenue growth accelerated to 5.8% in Q2, supported by growth across Europe and Africa [3] - Group EBITDA grew by 6.8% in the first half, with nearly all markets posting EBITDA growth [3][4] - Over EUR 5 billion returned to shareholders via buybacks and dividends over the last 18 months, with a further EUR 1 billion of buybacks expected in the next six months [2][9] Business Line Data and Key Metrics Changes - In Germany, the 5G standalone network covers over 90% of the population, serving over 40 million customers and almost 60 million IoT SIMs [4] - Fixed broadband offers gigabit connectivity to three out of four German households, with continued expansion of gigabit broadband reach [4] - In the U.K., Vodafone serves almost 30 million mobile customers and is the fastest-growing broadband provider, with the largest gigabit footprint [6][8] Market Data and Key Metrics Changes - Vodafone holds leadership positions across African markets, reporting strong results in line with medium-term double-digit EBITDA growth guidance [8][9] - The U.K. market is experiencing good commercial momentum, supported by cross-selling opportunities and a multi-brand approach [7][8] Company Strategy and Development Direction - The company aims to improve customer experience, simplify operations, and deliver sustainable cash flow growth in fiscal year 2026 and beyond [9] - Vodafone is focused on operational excellence and has completed the reshaping of the group, including the merger of Vodafone Three in the U.K. and the acquisition of Telecom Romania's assets [2][9] - The company is moving to a progressive dividend policy, indicating a commitment to grow dividends over time [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth outlook due to the turnaround in Germany, the U.K. integration, and strong positions in growing markets across Europe and Africa [9] - The company expects to close the year at the upper end of the growth guidance set in May, despite anticipated slowdowns in certain markets [3][14] Other Important Information - The company has introduced new propositions in mobile and is expanding capabilities to meet growing demand for digital services [5] - The integration of Vodafone and Three in the U.K. is progressing rapidly, with early wins in network quality and customer experience [6][8] Q&A Session Summary Question: EBITDA run rate for the second half and next year - Management indicated that while the first half saw strong growth, a slowdown is expected in the second half due to various factors, including marketing expenses and emerging markets' growth trends [11][14] Question: Turnaround initiatives in Germany - Management expects continued growth in Germany in the second half, supported by wholesale contributions and improved B2B performance [22][29] Question: U.K. integration and commercial performance - The integration of Vodafone and Three is progressing well, with positive actions leading to improved churn trends and strong consumer performance [36][42] Question: Proposed changes to legislation in Germany - Management believes that proposed changes will marginally accelerate fiber building but does not expect significant impacts on the OXG joint venture [47][50] Question: Performance of Vodafone Turkey - Turkey has shown significant financial success, with both EBITDA and cash flow increasing by close to EUR 300 million each over the last two years, despite a potential slowdown in growth due to moderating inflation [58][60] Question: Future of digital services and acquisitions - Management sees significant growth potential in digital services, particularly in B2B, and anticipates more activity in this space, including potential small acquisitions [85][88] Question: Dividend policy and shareholder returns - The company has adopted a progressive dividend policy, expecting to grow dividends year after year, while also considering share buybacks based on market conditions [80][81]

Financial Data and Key Metrics Changes - The company reported consolidated revenues of $9.3 billion for Q3 2025, reflecting an 18% year-over-year growth and a 20% growth in constant currency [4][16] - Gross profit margins expanded over 50 basis points to 29.4%, while Adjusted EBITDA margins increased by 10 basis points to 4.5% [4][16] - Operating income rose to $162 million, a 50% increase year-over-year, with an operating income margin of 1.7% [17] Business Line Data and Key Metrics Changes - Product commerce net revenues reached $8 billion, up 16% year-over-year, with a gross profit of $2.6 billion, increasing 24% year-over-year [11][12] - Developing offerings generated net revenue of $1.3 billion, a 32% increase year-over-year, but reported a gross profit decrease of 22% due to ongoing investments [14][15] Market Data and Key Metrics Changes - The company experienced a 10% growth in active customers, with increased spending primarily from existing customers [11] - In Taiwan, the company reported accelerating revenue growth, with customer adoption and retention improving significantly [9][28] Company Strategy and Development Direction - The company aims to broaden selection across first-party and marketplace offerings, focusing on deepening direct relationships with brand partners [5][10] - Significant investments are being made in FLC (Fulfillment Logistics Center) to enhance convenience and savings for merchants, which will benefit customers [6][10] - The company is committed to operational excellence through automation technologies across its logistics and fulfillment network [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Korea's growth potential, highlighting the untapped opportunities in the market [4][5] - The company anticipates continued growth in Taiwan, driven by expanding selection and the rollout of its own last-mile logistics [9][10] - Management expects to maintain disciplined capital allocation while investing in developing offerings [10][18] Other Important Information - The effective income tax rate for the quarter was 42%, with expectations of a full-year rate of 60%-65% due to early-stage operational losses [17] - The company reported robust growth in operating cash flow, reaching $2.4 billion, a 30% increase year-over-year [19] Q&A Session Summary Question: Impact of Naver Curly partnership on fresh GMV - Management noted that the growth trajectory of Fresh continues to exceed overall business growth, driven by investments in customer experience and competitive pricing [23] Question: Expectation of headwinds in Q4 due to holiday timing - Management indicated that the timing of Chuseok impacted comparability, but underlying demand trends remain solid, expecting full-year growth rates to align with guidance [25] Question: E-commerce share and operating loss trajectory in Taiwan - Management stated that Taiwan has exceeded expectations, with strong customer adoption and engagement, and they are focused on building capabilities for long-term growth [28] Question: Differences between Taiwan and Korea markets - Management acknowledged market differences but emphasized similarities in customer response, focusing on improving service levels and operational excellence [32] Question: AI investment plans - The company is building internal AI infrastructure to enhance operations and improve efficiencies, with ongoing efforts to apply AI across various functions [34] Question: 1P logistics percentage in Taiwan and growth trajectory - Management confirmed that it is still early in the journey for 1P logistics in Taiwan, but they are making good progress and expect rapid expansion [38] Question: Technology investment cycle and EBITDA margins - Management indicated that while technology investments continue, the pace has slowed, and they expect product commerce margins to grow beyond 10% over time [40][41] Question: WOW membership retention and APEC sponsorship - Early customer response to the WOW membership has been encouraging, and the APEC sponsorship is not seen as a significant business lever but rather a relationship-building opportunity [46][47]

Core Insights - The U.S. airline industry is primarily dominated by four major players: Delta Air Lines, American Airlines, United Airlines, and Southwest Airlines, amidst fierce competition and growing customer expectations [1] - Delta Air Lines reported strong third-quarter earnings, achieving record revenue in September and serving over 200 million passengers in 2024 [2][3] - Delta's CEO claims the airline holds a 60% share of overall industry profits, with revenue growth driven by premium, corporate, and loyalty offerings [4][5] Financial Performance - Delta's operating revenue reached $15.2 billion, an increase from $14.6 billion year-over-year [9] - Operating income was reported at $1.7 billion with an operating margin of 11.2%, compared to $1.4 billion and 9.4% respectively in the previous year [9] - Earnings per share rose to $1.71 from $1.50 in the same period a year ago, indicating strong financial performance [9] Strategic Focus - The company emphasizes a relentless focus on enhancing customer experience, investing in premium offerings and loyalty programs to differentiate itself in the market [7] - Delta's executives highlighted the importance of upgrading premium seating and overall travel experience to maintain industry leadership [8]

Core Insights - Verizon Communications has appointed Dan Schulman, former CEO of PayPal, as its new CEO, replacing Hans Vestberg, in a leadership transition aimed at addressing slowing growth in the wireless market [1][8] - The appointment comes amid rising competition and a decline in subscriber growth, with consumers showing reluctance to purchase premium plans [1][8] Leadership Background - Dan Schulman, aged 67, led PayPal for nearly a decade, overseeing its split from eBay and a significant increase in online transactions during the COVID pandemic [2][4] - Schulman has been on Verizon's board for seven years and emphasizes improving customer experience and driving financial results that exceed market expectations [4] Previous CEO's Tenure - Hans Vestberg's leadership included a $52 billion acquisition of key wireless C-Band spectrum and a $20 billion deal for Frontier Communications, alongside a $6 billion acquisition of TracFone Wireless [4][6] - Vestberg's tenure was characterized by substantial investments in 5G networks and attempts to diversify revenue, although the company later exited most media holdings [7][10] Market Context - Verizon is facing increasing pressure from competitors AT&T and T-Mobile US as the U.S. wireless market matures, leading to a challenging environment for subscriber growth [7][10] - The recent leadership change reflects a broader trend in the U.S. telecom sector, with market leaders adapting to fierce competition for consumer spending [11]

Core Insights - 45% of global shoppers often abandon purchases due to frustrating digital experiences provided by major retailers [1] - 52% of shoppers express excitement about the possibility of having their own AI agent to assist with shopping [1] Industry Analysis - The ninth annual Future Shopper report by VML highlights that despite significant digital advancements, many brands are still not meeting basic customer experience expectations [1]

IPO and Financial Strategy - StubHub's IPO priced at $2350 per share, valuing the company at approximately $85 billion [1] - The IPO aims to deleverage the balance sheet following the buyback from eBay [2] - A stronger balance sheet will allow StubHub to allocate resources towards business development rather than debt repayment, enhancing partnerships, consumer awareness, and talent acquisition [3] Pricing and Customer Experience - StubHub has been advocating for all-in pricing to improve the customer experience [5][6] - All-in pricing may initially cause a temporary 10% drop in revenue, but is expected to normalize as the market adjusts [7] - Uniform all-in pricing creates a level playing field for all competitors [6][10] Innovation and Market Expansion - StubHub is exploring the use of AI to enhance customer experience by leveraging 20 years of data to anticipate customer preferences and personalize recommendations [12][13][15] - AI implementation is expected to improve customer experience, increase revenue, and cut costs [15] - StubHub aims to be the primary destination for all live event tickets, including primary and secondary markets [17][18] Competition and Global Reach - Live Nation/Ticketmaster has been a competitor in the secondary market since 2002 [24][25] - StubHub emphasizes providing a great customer experience through an open network and superior product technology [25][26] - StubHub's global reach, stemming from its heritage, allows it to connect people worldwide by offering tickets in their language and currency [19]

Core Insights - Zenvia Inc. is set to release its fiscal second quarter 2025 results on September 10, 2025, after market close [1] - A webcast to discuss the results and business outlook will be held on September 11, 2025, at 10:00 am ET [1] Company Overview - Zenvia is a leading cloud-based customer experience (CX) platform in Latin America, focusing on transforming customer journeys [3] - The company has over 10,000 customers and operates throughout Latin America, providing a unified, multi-channel customer cloud platform [3] - Zenvia aims to enhance brand presence, increase sales, and improve customer support, thereby generating operational efficiency and productivity [3]