Financial Data and Key Metrics Changes - Adjusted EPS for fiscal 2025 increased by 19% compared to fiscal 2024, achieving a 19% compound annual growth rate over the past three fiscal years [6][7] - The company expects double-digit adjusted EPS growth for fiscal 2026 [7] - Free cash flow is projected to continue growing, allowing for increased capital returns to shareholders, including a target of $7 billion in share repurchases for 2026, up from $3.5 billion in fiscal 2025 [8][25] Business Line Data and Key Metrics Changes - The streaming business reported a 39% increase in operating income in Q4, totaling $1.3 billion for the full year, significantly up from a $4 billion operating loss three years ago [11] - The film studio segment achieved a global box office of over $4 billion for the fourth consecutive year, with notable successes including "Lilo & Stitch" and "Predator: Badlands" [9][10] - Retail sales from the consumer products business surpassed $4 billion in fiscal 2025, driven by popular franchises [9] Market Data and Key Metrics Changes - ESPN's direct-to-consumer service has seen strong adoption, with a significant number of subscribers opting for bundled packages, leading to lower churn rates [20][31] - Viewership for live sports on ESPN networks increased by 25% year-over-year [13] Company Strategy and Development Direction - The company is focusing on integrating its streaming services into a unified app experience, enhancing user engagement and simplifying access to content [12][44] - Strategic investments are being made in international markets and original content to expand the direct-to-consumer business [12][76] - The company plans to continue expanding its cruise line and theme park offerings, with new ships and attractions set to launch [14][72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the upcoming film slate and the overall direction of the studio business [37][38] - The company is optimistic about the future of ESPN and its ability to adapt to changing consumer preferences in sports consumption [22][23] - Management highlighted the importance of protecting intellectual property while exploring opportunities with emerging AI technologies [81][82] Other Important Information - The board declared a cash dividend of $1.50 per share, a 50% increase from the previous year [8] - The company is actively engaged in negotiations with YouTube regarding content distribution, emphasizing the importance of maintaining consumer access [84][85] Q&A Session Summary Question: Insights on ESPN's direct-to-consumer launch - Management noted strong initial success in attracting new users and engagement with the app's features, leading to positive advertiser interest [20][22] Question: Content growth outlook for the studio - Management expressed optimism about the upcoming film slate, including major releases like "Zootopia 2" and "Avatar: Fire and Ash" [37][38] Question: Future of Disney Plus as a super app - Management discussed ongoing enhancements to Disney Plus, aiming to create a comprehensive platform for all Disney offerings, including parks and merchandise [43][44] Question: M&A opportunities in the media landscape - Management indicated satisfaction with the current IP portfolio and does not foresee significant M&A activity, focusing instead on organic growth [53][54] Question: Demand trends for parks and cruises - Management reported strong demand for cruises and stable attendance at parks, with advanced bookings up 3% [60][72]

Core Insights - LightInTheBox Holding Co., Ltd. reported a record quarterly profit of $2.8 million for Q3 2025, a significant increase from $0.3 million in Q3 2024, marking the sixth consecutive profitable quarter for the company [1][4]. Financial Highlights for Q3 2025 - Total revenues were $55.5 million, reflecting a 3% decrease year-over-year, a notable improvement compared to a 34% decline in Q1 2025 and a 15% decline in Q2 2025 [5]. - Gross profit increased to $37.1 million from $34.8 million in the same quarter last year, with gross margin improving to 66.9% from 61.1% [5]. - Operating expenses remained stable at $34.5 million compared to $34.3 million in Q3 2024 [5]. - Fulfillment expenses decreased by 2% year-over-year to $4.1 million, while selling and marketing expenses increased by 7% to $26.1 million [5]. - General and administrative expenses decreased by 24% year-over-year to $4.5 million [5]. - Adjusted EBITDA for Q3 2025 was $3.3 million, compared to $0.8 million in Q3 2024 [5]. Financial Highlights for the First Nine Months of 2025 - Total revenues for the first nine months of 2025 were $161.4 million, an 18% decrease year-over-year, primarily due to a focus on margin preservation [5]. - Gross profit for the first nine months was $106.5 million, down from $119.6 million in the same period last year, but gross margin improved to 66.0% from 60.5% [5]. - Operating expenses decreased by 17% year-over-year to $101.9 million, with significant reductions in fulfillment and selling and marketing expenses [5]. - Net income for the first nine months reached $5.0 million, compared to a loss of $2.9 million in 2024, indicating a strong turnaround in profitability [5]. Strategic Focus and Future Outlook - The company is focusing on its direct-to-consumer (DTC) apparel brands, particularly through its proprietary brand Ador.com, which is aimed at delivering premium, affordable fashion [4][6]. - The strategy includes revitalizing legacy operations while scaling DTC brands for growth, which is expected to lead to overall revenue growth in 2026 [6]. - The company has also extended its share repurchase program, indicating confidence in its financial position and future prospects [7].

Financial Data and Key Metrics Changes - The company reported consolidated revenue of $95.8 million for Q3 2025, compared to $83.0 million in Q3 2024, reflecting a year-over-year increase of approximately 15% [12][16] - Adjusted EBITDA for Q3 2025 was $37.5 million, slightly up from $36.5 million in Q3 2024, with an adjusted EBITDA margin of 39.1% [15][16] - Cash flow from operations was $33.4 million in Q3 2025, compared to $32.1 million in Q3 2024, indicating a positive trend in cash generation [16] Business Line Data and Key Metrics Changes - Social casino operations generated $79.6 million in revenue for Q3 2025, growing nearly 6% from Q3 2024 and nearly 15% sequentially [12][13] - Super Nation, the iGaming business, reported revenue of $16.2 million, marking a 108% increase from Q3 2024 and the highest quarterly performance since its acquisition [9][12] - The average revenue per daily active user (ARPDAU) increased to $1.39 in Q3 2025, up from $1.30 in Q3 2024 [7][14] Market Data and Key Metrics Changes - The company noted that the growth potential in the international social casino market is greater than in the U.S., particularly following the acquisition of Wow Games [8][10] - The payer conversion rate rose to 7.8% in Q3 2025, compared to 6.8% in Q3 2024, indicating improved monetization [14] Company Strategy and Development Direction - The company is focused on enhancing shareholder value through investments in both organic growth and acquisitions, such as the recent acquisition of Wow Games [6][10] - There is a commitment to increasing direct-to-consumer (DTC) revenue, with a goal of achieving over 20% of social casino revenue from DTC purchases [8][41] - The company plans to launch a new iGaming casino brand, Las Vegas Sites, to drive scalability and better ROI [44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of Super Nation and the potential for further success in player acquisition [9][20] - The company is optimistic about the integration of Wow Games and its contribution to growth in the European market [13][21] - Management highlighted the importance of monitoring return on ad spend (ROAS) for new player acquisitions to ensure profitability [20][21] Other Important Information - The company transitioned to reporting financial results in accordance with IFRS starting Q4 2024, with minimal implications for financial statements [4][11] - As of September 30, 2025, the company had $439.2 million in cash and short-term investments, reflecting a strong balance sheet [16] Q&A Session Summary Question: Thoughts on balancing investment for growth versus profitability in Super Nation - Management believes there is capacity in Super Nation to add users profitably, with a payback period for acquiring new users of about six months [19][20] Question: Roadmap for Wow Games acquisition - The focus is on acquiring players and enhancing product development, particularly in the European social casino sector [26][27] Question: Update on M&A pipeline - The M&A pipeline remains busy, with opportunities across various gaming genres being evaluated [30][31] Question: Revenue contribution from Wow Games for the quarter - Revenue from Wow Games has not been separately broken out as it is integrated into the social casino segment [33] Question: Impact of regulatory changes on player acquisition costs - It is too early to determine the impact of recent regulatory changes on advertising costs, but management is optimistic about potential benefits [34][35] Question: Direct-to-consumer revenue goals and timeframe - The goal is to exit Q4 with a run rate of over 20% DTC revenue, with potential for higher achievement [40][41] Question: Geographic expansion plans for Super Nation - Management continues to evaluate new markets but sees significant growth potential in existing markets before expanding [45]

Unified Commerce Group has a new partner. The Los Angeles-based owner of Spiritual Gangster, Greats and Böhme, has brought in Back Forty to help expedite its future acquisitions. More from WWD Dustin Jones, the former Macy’s and Fung Retailing Group executive who founded Unified Commerce with Greg Freihofner in 2019, described Back Forty as his company’s “deal machine.” “Any great platform has to have a deal machine,” he explained of the newly formed strategic partnership with Back Forty, a leading inve ...

Core Insights - Koss Corporation's shares have declined 5.7% since the earnings report for the quarter ended September 30, 2025, underperforming the S&P 500 index, which saw a 0.4% decline [1] - The company reported a return to profitability with earnings per share (EPS) of 3 cents, compared to a loss of 5 cents per share a year earlier, driven by better cost discipline and higher-margin sales [2] - Net sales increased by 27.1% to $4.1 million from $3.2 million in the same quarter last year, indicating strong demand dynamics [2] Financial Performance - Gross profit rose to $1.6 million from $1.2 million a year ago, with gross margin expanding by 340 basis points to 40% from 36.6%, attributed to a favorable customer and market mix [3] - Selling, general and administrative (SG&A) expenses decreased to $1.7 million from $1.8 million, contributing to a significant reduction in operating losses, which narrowed to $0.05 million from $0.6 million [4] - Interest income improved to $0.3 million from $0.2 million, further enhancing overall profitability [4] Management Insights - Chairman and CEO Michael J. Koss attributed revenue growth to a large order from the Education sector and a 22.5% increase in direct-to-consumer (DTC) sales, supported by new product launches [5] - Despite a decline in European sales due to delayed orders, strong performance in Asian markets helped mitigate losses [5] - The company faces margin pressure from high tariffs on goods produced in China, specifically a 145% tariff rate, although this was partially offset by improved absorption of fixed manufacturing costs [6] Strategic Focus - The recovery in profitability is linked to a strategic focus on expanding the DTC segment, which has improved both top-line growth and gross margin structure [7] - Operational efficiencies, including reductions in SG&A expenses, have enhanced cost control [7] - Ongoing monitoring of the U.S.-China tariff environment is crucial, as it significantly impacts operations due to sourcing dependencies [8] Leadership Changes - Koss Corporation promoted Michael J. Koss, Jr. to executive vice president, expanding his role to include oversight of sourcing and logistics, emphasizing the company's focus on product innovation and operational execution [9][10]

Financial Data and Key Metrics Changes - The company reported same-store NOI growth of 8.2%, with street retail portfolio delivering 13% growth during the quarter [29][31] - The quarterly FFO increased by a penny to $0.29 compared to the previous quarter's $0.28, despite short-term dilution from the partial conversion of the City Point loan [36][37] - The company expects total same-store growth of 6%-7% in Q4, aiming to achieve the upper end of the 5%-6% projection for the year [31][32] Business Line Data and Key Metrics Changes - The leasing team executed $3.7 million in AVR during Q3, bringing total signed leases year-to-date to $11.4 million, ahead of last year's record pace [17][18] - The company added, expanded, or renewed leases with several high-demand brands, achieving an average GAAP spread of 36% in high-growth markets [19][20] - The company converted approximately $7 million of AVR from S&O to open and paying tenants during the quarter [18][19] Market Data and Key Metrics Changes - Sales for reporting tenants on the streets showed significant growth, with SoHo sales up 15%, Bleecker Street over 30%, and Gold Coast of Chicago over 40% [23][24] - Despite concerns in Washington, DC, sales on M Street increased by 16% year-over-year, indicating strong tenant demand [24] - The company noted a resurgence in foot traffic and energy in key markets, including San Francisco, driven by economic recovery and demographic trends [10][11] Company Strategy and Development Direction - The company aims to build Acadia Realty Trust into the premier owner-operator of street retail in the U.S., focusing on both internal and external growth opportunities [15][28] - The strategy includes maintaining a 5% plus annual growth rate through internal growth opportunities and accretive external acquisitions [7][12] - The company is confident in its ability to fund acquisitions and redevelopment projects, with a strong balance sheet and liquidity [30][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing economic recovery, particularly among affluent consumers, which is driving demand for street retail [49][50] - The company anticipates continued strong performance in its street retail portfolio, with several years of tailwinds expected [15][40] - Management acknowledged the importance of adapting to market conditions and maintaining flexibility in funding strategies [68][69] Other Important Information - The company plans to refine its FFO definition for 2026 to provide a clearer link between real estate growth and bottom-line earnings [30][38] - The company raised approximately $212 million of equity during the quarter to fund its acquisition pipeline and redevelopment projects [39][40] Q&A Session Summary Question: Can you lift the veil a little bit on the pipeline of acquisitions you're looking at? - The company indicated that the $500 million pipeline is a gross number, with specific conversations ongoing regarding potential deals [42][44] Question: Are you seeing no signs of slowing down in terms of tenant demand? - Management confirmed that the affluent consumer is driving recovery, leading to strong sales and profitability for retailers in key locations [48][49] Question: Could you go into some of the considerations of what would make you hit the 5% versus the 9% growth in 2026? - The company highlighted that achieving the higher end of growth depends on the speed of leasing and opening spaces, with confidence in reaching at least 5% [54][55] Question: What proportion of the mark-to-market opportunity has already been addressed? - Management noted significant sales growth in key markets and indicated that the company has already addressed a portion of the mark-to-market opportunities [76] Question: Any sense what the split might look like on that $500 million pipeline between core and investment management deals? - The company refrained from providing specific numbers but emphasized a robust pipeline and the ability to fund all opportunities [81]

Core Insights - The launch of a dedicated Japanese e-commerce site, www.newtongolf.jp, marks a significant milestone in Newton Golf's international expansion strategy [1][2][3] - The new platform aims to meet the growing demand for golf equipment in Japan, which is the world's second-largest golf market [3] - The site will feature Newton's advanced performance technologies, enhancing the customer experience for golfers in Japan [3][4] Company Strategy - The launch aligns with Newton Golf's strategic focus on increasing its international direct-to-consumer (DTC) presence [3] - The company aims to strengthen engagement with golfers worldwide and reinforce its position as a leader in science-driven golf innovation [3] Market Context - Golf participation is on the rise in Japan, providing a favorable environment for Newton Golf's product offerings [2] - The new platform allows golfers in Japan to access Newton's technology-driven innovations designed for performance, precision, and consistency [2]

Financial Data and Key Metrics Changes - In Q3 2025, the company reported revenues of EUR 398 million, representing a 4% organic growth, with nine months' revenues totaling EUR 1.3 billion [4][5] - The Direct-to-Consumer (DTC) channel showed a sequential acceleration, growing by 9% in the quarter, contributing significantly to overall revenue growth [4][8] - The company confirmed expectations for Zegna's wholesale performance to decline in the mid-teens by year-end due to increased control over distribution [10] Performance by Business Line - Zegna brand recorded revenues of EUR 249 million in Q3, up 6%, driven by strong DTC performance in EMEA and the Americas [4][5] - Thom Browne generated EUR 48 million in revenues, showing slight negative growth but with sequential improvement in both channels [4][5] - Tom Ford Fashion reported EUR 66 million in revenues, up 4% organic, driven by DTC channel success and positive reception of the fall-winter 2025 collection [5][12] - Textile revenues remained flat, while other revenues related to finished products grew by 12% [5] Performance by Market - EMEA accounted for 36% of total revenue in the first nine months, with a 3% growth in Q3, primarily from DTC channels [6] - The Americas, contributing 29% of nine months' revenue, recorded a 13% growth in Q3, led by strong DTC performance [7] - Greater China, which accounted for 23% of total revenues, saw a 7% decline in Q3, although there were signs of sequential improvement [7][9] - The rest of APAC represented 12% of nine months' revenues, with a 3% growth in Q3, driven by strong performances in Singapore and Korea [8] Company Strategy and Industry Competition - The company is focused on enhancing its DTC channel, which accounted for 82% of revenues in the first nine months, and aims to continue expanding its retail presence [8][12] - Management emphasized the importance of maintaining a disciplined approach to project implementation and brand priorities to navigate the current volatile environment [20] - The company is also investing in partnerships, such as a multi-year collaboration with Art Basel, to enhance brand visibility and customer engagement [14][18] Management's Comments on Operating Environment and Future Outlook - Management noted that currency fluctuations continue to pose challenges, with expected impacts of 3-4 points in Q3 and 4-5 points in Q4 on organic to reported results [19] - The consumer demand environment remains volatile, particularly in China, which is expected to stabilize into a new normal with balanced growth rates in the coming years [19][20] - Management expressed cautious optimism, focusing on key priorities for each brand and maintaining a solid base for future growth [20] Other Important Information - The company highlighted the successful launch of the "It's Not a Suit, It's a Zegna" campaign, celebrating its heritage and innovation [18] - The reopening of the fully renovated store in Dubai Mall was noted as a significant milestone for the brand [18] Q&A Session Summary Question: Current trading and expectations for Q4 - Management indicated that current trading trends in Q4 are not substantially different from Q3, with expectations for continued performance [24][25] Question: Performance in mainland China - Management reported that high-end spending is performing well, but there is still volatility in traffic and more affordable spending [25][26] Question: FX impact on margins - Management confirmed that while FX impacts exist, they have hedged well, and the focus will be on managing prices effectively [28][56] Question: Consumer environment across regions - Management noted solid growth in the U.S. and Europe, with a slight improvement in Greater China, driven by strong product acceptance [35][36] Question: Wholesale sector trends - Management stated that rationalization efforts in the wholesale channel are ongoing, with selective conversions continuing into next year [37][38] Question: Performance of Tom Ford - Management highlighted positive reception of the new collection and ongoing efforts to enhance CRM and store presence [40][41] Question: Impact of Haider's new collection - Management acknowledged the "wow effect" from the new collection but emphasized that it is part of a broader strategy to improve overall performance [95][96]

Core Insights - Ermenegildo Zegna Group reported revenues of €1.33 billion for the first nine months of 2025, reflecting a decrease of 2.3% year-over-year from €1.36 billion in the same period of 2024, with a slight organic decline of 0.4% [2][4] - The third quarter of 2025 saw revenues of €398.2 million, a marginal increase of 0.2% year-over-year and a 3.6% organic growth [2][7] Revenue Performance - The ZEGNA brand generated €819.8 million in the first nine months of 2025, up 1.1% year-over-year, with Q3 growth of 2.0% [8][34] - Thom Browne's revenues fell to €177.4 million, down 19.4% year-over-year, with Q3 revenues of €48.2 million, a decrease of 9.6% [9][34] - TOM FORD FASHION reported revenues of €218.7 million, an increase of 2.2% year-over-year, with Q3 revenues of €66.0 million, up 0.9% [10][34] - Textile revenues decreased to €96.9 million, down 4.6% year-over-year, while other revenues increased by 16.3% to €13.1 million [11][34] Direct-to-Consumer (DTC) Channel - DTC revenues for the group reached €994.7 million in the first nine months of 2025, a growth of 4.3% year-over-year, with Q3 showing a 4.5% increase [13][14] - The ZEGNA brand's DTC revenues grew by 3.6% year-over-year, while Thom Browne and TOM FORD FASHION saw DTC growth of 2.9% and 9.4%, respectively [14][16] Wholesale Channel - Wholesale branded revenues decreased significantly to €221.2 million in the first nine months of 2025, down 24.0% year-over-year, with Q3 revenues of €67.0 million, a decline of 15.5% [19][20] - The decline in wholesale revenues is attributed to a strategic shift towards enhancing the quality of distribution and focusing on the DTC channel [7][19] Geographic Performance - Revenues in the Americas increased by 7.2% year-over-year to €384.1 million, while EMEA revenues decreased by 1.2% to €480.0 million [22][23] - The Greater China Region experienced a significant decline of 14.9% year-over-year, with revenues of €300.5 million [24] Significant Events - The company announced a partnership with Temasek, which acquired a 10% stake in the company through the purchase of treasury shares [27] - Sam Lobban was appointed as the new CEO of Thom Browne, effective September 2, 2025 [28]

Core Insights - Dollar Shave Club is experiencing challenges in its performance, moving away from its peak in the mid-2010s after being acquired by Unilever for $1 billion and subsequently sold to Nexus Capital Management in 2023 [2] - The brand's identity was altered under Unilever's leadership, losing its original voice and humor, which Bodner believes contributed to a decline in consumer engagement [3] - The company is now focused on returning to its core values and targeting younger consumers, particularly Gen Z, through new marketing strategies and product offerings [6][7] Company Performance - Unilever's acquisition did not yield the expected results, with former CEO Hein Schumacher acknowledging unsuccessful attempts to integrate Dollar Shave Club into its core business [2] - The DTC business model has faced declines, similar to other brands like Casper and Allbirds, prompting the company to reassess its strategies [4] Strategic Initiatives - Dollar Shave Club is launching a new ad campaign for a redesigned razor and introducing college-themed razor handles in collaboration with Walmart to expand its retail presence [7] - Despite the shift towards retail, the company remains committed to its DTC model, recognizing the importance of convenience for its customers [7]