YouTube TV reaching a short-term extension with NBC just hours uh before a deadline. The carriage fee dispute uh leaving viewers vulnerable to losing NBC football and Premier League Soccer. But the very popular Spanish language network Univision now pulled off of UT TV as of last night.Also uh a fight over fees. Rich Greenfield is here with Lighted Partners. Joins us live this morning.Um how big a deal is this. It it seems pretty big. Well, look, Andrew, this is a really big deal.I think this is going to be ...

Core Viewpoint - Nike is set to report its fiscal first quarter results on September 30, amid challenges from high inflation and a cost-conscious consumer, leading to a decline in stock performance [1][2] Group 1: Financial Expectations - Nike's Q1 sales are expected to decline by 5% to $11 billion compared to $11.59 billion in the same quarter last year [5] - The company's Q1 EPS is projected to fall to $0.28, down from $0.70 per share a year ago, indicating a steeper decline in profitability [5] - Nike's total sales are anticipated to dip 1% in fiscal 2026 but are projected to rebound with a 6% increase in FY27 to $48.41 billion [10] Group 2: Strategic Focus - Investor sentiment is improving as Nike plans to refocus on product innovation, storytelling marketing, and wholesale distribution after previously alienating partners [2] - The decline in revenue is partly attributed to tariff headwinds, especially in China, with a projected 14% drop in quarterly revenue from the Greater China segment [6][9] - Nike has a mature supply chain and a diverse global manufacturing infrastructure, which positions it better to handle tariff impacts compared to competitors [9] Group 3: Market Performance - Nike's stock has recovered from a 52-week low of $52 but remains over 20% below its one-year high of $90 [2] - The company has exceeded the Zacks EPS Consensus for eight consecutive quarters, with an average earnings surprise of 41.99% in the last four quarterly reports [6][7] - Nike's stock currently trades at a premium to the broader market at 41X forward earnings, making favorable guidance crucial for its continued rebound [12]

Group 1 - Shein Xcelerator is an evolution of the Shein X programme, aimed at supporting emerging fashion brands with mentorship and services to overcome industry challenges and achieve global scalability [1] - The programme offers direct-to-consumer services, including product fulfilment and on-demand production, leveraging Shein's global sales platform to enhance brand strategies and market access [1] - The pilot phase began in August 2023, with nearly 20 brands onboarding and achieving close to £300 million ($409.25 million) in combined revenue, with an average sales growth of 190% in the first year [2] Group 2 - The relaunch of the Missguided brand has been a standout success within the Shein Xcelerator programme, projected to generate £200 million in revenue within two years [3] - Sumwon Studios, launched by Missguided's founder in partnership with Shein, combines creativity and brand-building expertise with Shein's DTC services to scale efficiently [4] - Sumwon Studios is expected to generate over £100 million in revenue by 2025, contributing to a projected £750 million in revenue in its third year [5] Group 3 - The partnership with Shein has enabled Sumwon Studios to adopt a digital-first approach, meeting customer demand effectively and showcasing the potential of strong brand identity combined with Shein's operational excellence [6]

Core Insights - Canada Goose Holdings Inc. reported higher earnings and revenues for the fourth quarter of fiscal 2025, driven by strong direct-to-consumer (DTC) growth and successful retail execution [1][3]. Financial Performance - Adjusted quarterly earnings per share reached C$1.12, an increase from C$0.99 in the same quarter last year [3]. - Total revenues increased by 7.4% year-over-year to C$384.6 million, with DTC revenues rising 15.7% to C$314.1 million [3][4]. - Gross profit rose 17.8% to C$274.4 million, resulting in a gross margin of 71.3%, up 620 basis points [5]. Revenue Breakdown - DTC comparable sales increased by 6.8%, while wholesale revenues fell 23.2% to C$31.8 million due to reduced order books in EMEA [4]. - Other revenues decreased by 14.2% to C$38.7 million, primarily due to lower employee sales and Friends & Family events [4]. Expenses and Profitability - Selling, general and administrative (SG&A) expenses increased by 4.5% to C$219.3 million, attributed to strategic investments and higher marketing spend [6]. - Operating profit was C$55.1 million, significantly higher than C$23.1 million from the previous year [6]. Financial Position - As of March 30, 2025, Canada Goose had C$334.4 million in cash, C$408.8 million in net debt, and C$541.2 million in equity [7]. - Inventory decreased by 14% year-over-year to C$384 million, reflecting optimized production levels [7]. Future Outlook - The company did not provide financial guidance for fiscal 2026 due to macroeconomic volatility but remains optimistic about brand strength and financial position [8]. - Canada Goose plans to enhance brand visibility through marketing investments and expand its business through strategic channel development [8].

Core Insights - Walt Disney reported a 7% year-over-year revenue increase to $23.6 billion and a 20% jump in adjusted earnings per share (EPS) for fiscal Q2 2025, exceeding Wall Street expectations [1] - Despite a 45% decline from its all-time high, there are positive indicators for Disney's future performance [2] - Concerns about the economy's direction have eased following the latest quarterly results, which showed resilience in Disney's business [4] Financial Performance - The company experienced growth across all three segments: Entertainment, Sports, and Experiences [5] - The direct-to-consumer (DTC) streaming segment achieved profitability with an operating income of $336 million, indicating a sustainable business model [6] - Management forecasts a 16% increase in adjusted EPS for fiscal 2025, an improvement from previous guidance [7] Strategic Developments - The upcoming launch of a stand-alone ESPN streaming service priced at $29.99 per month aims to attract sports fans without ESPN access [10] - Disney's partnership with Miral to open a new theme park in Abu Dhabi will generate royalty income without cash commitments, enhancing revenue potential [11][12] Valuation and Market Position - Disney shares have increased by 32% in the past month, with a forward P/E ratio of 19.3, suggesting reasonable valuation [13] - The company's strong intellectual property (IP) portfolio allows it to monetize its assets effectively, positioning it favorably in the media and entertainment sector [14] - Holding Disney shares for five years is expected to yield positive returns based on current market conditions [15]

Financial Data and Key Metrics Changes - First quarter revenue declined by 9% year over year, primarily due to $8.5 million in barter transactions and a $3.4 million benefit from a change in loyalty rewards accruals in the previous year. Excluding these items, revenue increased by 4% [18] - Adjusted EBITDA declined by $11.6 million compared to the first quarter of last year, totaling approximately $1 million in Q1 2025 [21] - Gross margin decreased by 680 basis points to 36% of sales, impacted by increased trade investment, green coffee inflation, and changes in loyalty rewards [20] Business Line Data and Key Metrics Changes - The wholesale segment, primarily selling packaged coffee and ready-to-drink beverages, declined by 6% year over year. Excluding non-recurring revenue from the previous year, sales in this segment grew by 9% [18] - Direct-to-consumer (DTC) revenue declined by 15% in the first quarter, but adjusted for last year's loyalty reserve, the decline was closer to 5% [19] - The Outpost segment grew revenue by 2%, driven by higher franchise revenue and increased average order value [19] Market Data and Key Metrics Changes - In the U.S. Food, Drug, and Mass channels, the coffee category declined in unit volume during the first quarter, but Black Rifle Coffee Company achieved 21% sales growth, significantly outperforming the category's 4% increase [8] - The ready-to-drink coffee business saw first-quarter sales up 7% in a category that declined by 6% [12] - Distribution in grocery increased by 25 percentage points year over year to reach 45% [9] Company Strategy and Development Direction - The company is focused on long-term growth by scaling the brand, deepening retail partnerships, and ensuring effective investment in the business [6] - The launch of Black Rifle Energy is a key initiative, with plans to expand distribution and marketing efforts in priority markets [14] - The company is committed to cost reduction and efficiency initiatives, aiming for annualized cost savings of $8 million to $10 million [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging operating environment but expressed confidence in the company's positioning and operational progress [28] - The impact of tariffs and green coffee inflation was highlighted, with an estimated $5 million impact on EBITDA in 2025 [24] - The company maintains its full-year revenue guidance of $395 million to $425 million, expecting sequential growth throughout the year [22] Other Important Information - The company continues to make monetary and product donations to military units and first responder organizations, emphasizing its mission-driven approach [15] - The company has implemented a price increase to offset rising green coffee prices, which have more than doubled since early 2024 [25] Q&A Session Summary Question: How does the business react to an economic slowdown? - Management noted that during economic slowdowns, consumers tend to shift from coffee shops to at-home coffee, which can benefit premium brands like Black Rifle [32] Question: What is the outlook on guidance and gross margin changes? - Management explained that increased trade spending and coffee inflation have impacted gross margin, but they expect to manage these challenges effectively [35][36] Question: Can you share early feedback on the energy drink launch? - Management reported positive early feedback on the energy drink launch, with distribution already reaching over 20% of the market [40][41] Question: What strategies are being implemented to stabilize the DTC business? - Management is focusing on improving conversion rates, particularly through the mobile app, while reallocating resources towards wholesale and energy initiatives [51][53] Question: How is pricing being managed in relation to competitors? - Management indicated that pricing actions are being taken carefully to remain competitive while also considering the elasticity of demand [59] Question: What is the status of hedging for coffee purchases? - Management stated that they are approximately 95% hedged for 2025, which positions them better than competitors who are less hedged [61]

Core Insights - Levi Strauss & Company's shift to a direct-to-consumer (DTC) model is timely and strategically beneficial for its future growth [1] - The DTC model addresses previous challenges with third-party vendor displays, enhancing consumer experience and sales performance [2] Financial Performance - The company reported a revenue growth of 3.4% for fiscal Q1 2025, with a 12% increase in DTC sales contributing to a 9% organic growth [4] - Adjusted diluted earnings increased by 52% to $0.38, significantly surpassing consensus expectations by nearly 2500 basis points [5] - Gross margin improved by 330 basis points and adjusted EBITDA margin by 400 basis points, driven by price realization and cost reductions [5] Market Position and Outlook - The international business showed strong performance with a 9% growth, while U.S. growth was solid at 8% [4] - Women's category sales grew by double digits, now representing 38% of total sales, and non-denim items accounted for 35% of sales [4] - The company projects a 4% organic growth at the midpoint for the year, with an expected gross margin expansion of 100 basis points [5] Capital Return Strategy - Levi's capital return strategy includes a dividend yield of approximately 3.85% and a payout ratio of less than 20%, indicating a sustainable distribution policy [6] - The company has increased its distribution six times since 2021, reflecting a healthy growth outlook despite a brief pandemic-related suspension [7] Balance Sheet Strength - The company's balance sheet remains strong, with equity up by 3.2% despite reduced cash and assets, and leverage is low at less than 0.5x equity [8] - Liquidity is robust, exceeding $1.4 billion, which supports ongoing capital returns and distribution increases [8] Analyst Sentiment - Analysts have mixed responses to Levi's results, with some price target reductions but an upgrade to Overweight by JPMorgan, indicating a potential minimum upside of 10% [11] - The stock is currently rated as Moderate Buy, with a projected earnings growth of 9.45% [9]