Summary of Key Points from the Earnings Call on Tariff Mitigation Strategies Industry Overview - The discussion revolves around the impact of tariffs on various sectors, particularly focusing on how companies are adapting to these challenges in the current economic environment. The effective tariff rate is expected to remain around 15% in the near term, with potential changes depending on the Supreme Court's decision regarding IEEPA tariffs [1][10]. Core Insights and Arguments 1. **Tariff Policy Uncertainty**: The Supreme Court's decision on IEEPA tariffs could significantly alter the tariff landscape, raising questions about future tariff policies and potential refunds of collected revenues [1][2][10]. 2. **Mitigation Strategies**: Companies are employing five key strategies to mitigate tariff impacts: - **Pricing Power**: Companies are increasingly passing costs onto consumers, with pricing power becoming the most mentioned strategy [3][4][16]. - **Supplier Negotiation**: Firms are negotiating with suppliers to share the burden of tariff costs, particularly those with high order volumes [16]. - **Redirecting Products**: Multinational companies are redirecting goods to markets without tariffs, such as moving products from China to Europe [16]. - **Stockpiling Inventory**: Companies are building inventory ahead of potential tariffs, although this strategy is less favored due to associated costs [16]. - **Diversifying Supply Chains**: Companies are reorganizing supply chains under strategies like China+1, nearshoring, or reshoring to reduce reliance on tariff-affected regions [16]. 3. **Sentiment Analysis**: Management teams in healthcare, industrials, and IT express the highest confidence in mitigating tariff risks, while consumer staples and communication services show lower sentiment scores [5][21]. 4. **Trends in Strategy Implementation**: There has been a decrease in mentions of tariff mitigation strategies, indicating a potential peak in tariff pressures and increased confidence in existing strategies [4][20]. Pricing power has overtaken supply chain diversification as the primary strategy mentioned by companies [20]. 5. **Sector-Specific Insights**: - **Industrials and Consumer Discretionary**: These sectors have the highest mentions of pricing power and are actively negotiating with suppliers [20][35]. - **Healthcare**: This sector has seen a significant decrease in mentions of mitigation strategies, indicating a shift in focus or confidence [27]. Additional Important Insights - **Impact of Inventory Levels**: Depleting inventory stockpiles in sectors like consumer discretionary and industrials may be driving companies to rely more on pricing power as a mitigation strategy [35][39]. - **Long-Term Strategy Shifts**: Some companies are shifting their focus from immediate supply chain diversification to long-term goals due to the high costs and complexities involved [33]. - **Illustrative Company Examples**: Various companies, such as Carrier Global, Newell Brands, and Whirlpool, have shared insights on their specific strategies and the impacts of tariffs on their operations [54][57][59]. Conclusion - The current economic environment presents ongoing challenges due to tariffs, but companies are adapting through a combination of pricing strategies, supplier negotiations, and supply chain diversification. The sentiment across sectors varies, with industrials and healthcare showing differing levels of confidence in their ability to manage tariff impacts.

Summary of Revolve's Q3 Earnings Call Company Overview - **Company**: Revolve - **Industry**: Digital Fashion Retail - **Founded**: 2003 - **Segments**: Revolve and Forward - **Recent Developments**: Expansion into physical retail with pop-up stores in Aspen and a new store opening at The Grove in Los Angeles [1][4][5] Key Financial Highlights - **Q3 Performance**: Achieved strong margins and solid profitability despite tariff headwinds - **Margin Growth**: Approximately 300 basis points year-over-year margin increase, marking one of the highest margin quarters ever [4][5] - **Drivers of Success**: - Effective tariff mitigation strategies - Improvements in merchandise assortment algorithms, leading to reduced markdowns [5][6] - Healthier inventory position compared to the previous year [7] Revenue Trends - **Q4 Outlook**: Early indicators show re-acceleration in revenue growth, with mid-single-digit growth observed in October [8][9] - **Strategic Decisions**: Reduced investment in certain promotions to enhance margins, resulting in double-digit gross profit gains in Q3 [9][10] - **Consumer Behavior**: Consumers are holding up well, with rational promotions during the holiday season [11][12] AI and Technology Investments - **AI Utilization**: Significant improvements in search algorithms and marketing reach through AI, leading to double-digit gains in revenue [15][17] - **Future Developments**: Continued investment in AI for design iteration, invoice processing, and customer engagement technologies [18][19][20] Competitive Landscape - **Forward Platform**: Gaining market share despite industry challenges, with a focus on sustainable business practices and avoiding excessive discounting [28][30] - **Market Positioning**: Positioned well for long-term success due to a focus on margins and brand partnerships [30][31] Omnichannel Strategy - **Physical Store Expansion**: Plans to open flagship stores, leveraging online brand strength to capture offline market share [33][34] - **Customer Acquisition**: New physical stores are attracting new customers, enhancing online engagement [35] Marketing Strategy - **Innovative Marketing**: Continued evolution of marketing strategies, including successful events like Revolve Festival and partnerships with brands like the Lakers [36][40] - **Social Media Growth**: Significant growth in marketing efficiency through platforms like TikTok and YouTube [43][44] International Growth - **Market Expansion**: International sales account for about 20% of the business, with significant growth in China (50% year-over-year in Q3) [45][46] - **Live Streaming Success**: Successful marketing efforts in China, including live streaming, which has potential for scalability [46] Inventory and Product Mix - **Healthy Inventory Levels**: Strong inventory management, with a focus on balancing third-party and own brand products [48][49] - **Category Expansion**: Growth in newer categories like beauty and men's fashion, with plans for continued investment [51][52] Pricing Strategy - **Average Order Value (AOV)**: Increased AOV driven by higher full-price realization and some price increases due to tariffs [54][55] - **Tariff Mitigation**: Effective strategies in place to manage tariff impacts while maintaining competitive pricing [56][57] Future Priorities for 2026 - **Key Focus Areas**: - Expansion of physical stores - Continued innovation in marketing and own brand partnerships - Ongoing investments in technology and AI to drive operational efficiencies [59][60][61]

Financial Data and Key Metrics Changes - Revenue increased by 9% in Q3 and 18% on a two-year basis, despite challenging housing market conditions [4] - Adjusted operating margin was 11.6%, below the guidance midpoint of 12.5% due to higher-than-expected tariff expenses [4] - Adjusted EBITDA margin was reported at 17.6%, with free cash flow of $83 million in Q3 and $198 million year-to-date, on track to meet the annual target of $250 million to $300 million [4][5] Business Line Data and Key Metrics Changes - The company is making progress in reducing excess inventory, estimated at $300 million, with inventory down 11% year-over-year and $82 million lower than Q2 [5] - Market share gains are being achieved from fragmented design showrooms and high-end furniture stores, with two-year share gains ranging from 12 to 28 points [5] Market Data and Key Metrics Changes - The current housing market is described as the worst in nearly 50 years, with existing home sales projected to average 4.07 million from 2023 to 2025, compared to 4.09 million in 1978 [8] - Tariffs have disrupted supply chains, leading to increased prices and multiple rounds of price negotiations [8] Company Strategy and Development Direction - The company is focused on long-term growth, emphasizing innovation and investment during challenging times, with plans for a significant product transformation launch in spring next year [9] - A global hospitality business is being developed to enhance brand awareness and cash flow, with the RH Ocean Grill expected to generate significant operating income [10][11] - The establishment of a freestanding interior design firm aims to expand the brand's presence beyond product sales to conceptualizing and selling spaces [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the unusual market conditions and the risks involved, emphasizing the importance of navigating these challenges strategically [8][9] - The outlook for Q4 includes revenue growth of 7%-8% and an adjusted operating margin of 12.5%-13.5%, factoring in the impact of international expansion and tariffs [6][7] - For fiscal year 2025, the revenue growth outlook is set at 9%-9.2%, with adjusted operating margins expected to be between 11.6%-11.9% [7] Other Important Information - The company is launching a new collection targeting high-end architectural aesthetics, with plans to unveil it at the Salone in Milan [59][61] - The acquisition of Michael Taylor Designs is expected to enhance the brand's offerings in the high-end market [64] Q&A Session Summary Question: Demand for RH Paris and its influence on performance expectations for RH Milan and RH London - Management noted that RH Paris is unique and has set a tone for future openings, with expectations for strong performance in Milan and London [16][17] Question: Customer response to recent price increases and elasticity - Management indicated that they are learning from the price increases and navigating the tariff situation, aiming for a fair playing field in the market [51][53][55] Question: Guidance for Q4 and potential limitations on managing tariffs - Management acknowledged the dynamic situation with tariffs and indicated that while there may be some slowdown, they are proud of their navigation strategies [76][78]

Financial Data and Key Metrics Changes - Consolidated net sales from continuing operations for Q3 2026 were $70.7 million, a decrease of $11.9 million or 14.4% compared to the prior year period [2][3] - Gross profit decreased by $2.4 million, but gross margin improved to 25.6%, up from 24.8% last year [3] - Operating loss from continuing operations totaled $16.3 million, and net loss from continuing operations was $12.5 million or $1.18 per diluted share [5][6] - Year-to-date consolidated net sales from continuing operations were $211.1 million, down $22 million or 9.4% compared to the prior year [6][7] - Gross margin for the nine-month period improved to 25%, up from 23.9% in the prior year [7] Business Line Data and Key Metrics Changes - Domestic Upholstery sales increased by 3% in Q3, while Hooker Branded sales rose by 1.1% [3][15] - Hooker Branded reported GAAP operating income of $711,000 for Q3 compared to a loss of $1.5 million [15] - Domestic Upholstery backlog fell from year-end but rose year-over-year on a 3.5% increase in orders [17] Market Data and Key Metrics Changes - The hospitality business experienced a decline due to the timing of shipments, with several large projects shipping in the previous year's third quarter [3][4] - Discontinued operations for Pulaski Furniture and Samuel Lawrence Furniture saw combined net sales decline by $11.3 million in Q3 and $22.5 million year-to-date [8][17] Company Strategy and Development Direction - The company is focusing on becoming a higher margin, design-driven entity by exiting low-margin, tariff-sensitive categories [9][10] - The launch of the Margaritaville license collection is seen as a significant organic growth opportunity, with initial purchase commitments exceeding historical levels [10][11] - A new share repurchase program has been authorized, allowing the company to repurchase up to $5 million of outstanding shares, while also recalibrating the dividend [19][20] Management Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the retail environment, noting that while peak sales periods are positive, consistent demand is needed [28][46] - The company believes it is better positioned to improve profitability even in a prolonged downturn due to a more efficient cost structure and sharper portfolio focus [22][46] Other Important Information - The company recorded $22.1 million in non-cash impairment charges, which included $14.5 million on Sunset West goodwill [4][5] - Cash and cash equivalents stood at $1.4 million, with $63.8 million in available borrowing capacity at quarter end [18][19] Q&A Session Summary Question: Impact of shipment timing in hospitality division - Management noted that the hospitality brand had significant contributions from large hotel projects last year, which did not repeat this quarter [24] Question: Sustainability of sales gains in core business - Management expressed confidence in sustaining sales gains due to product momentum and significant product introductions [25][26] Question: Revenue from discontinued operations - Management indicated that discontinued operations were a significant drag on operating income, with further details expected in upcoming filings [29] Question: Margin profile for Margaritaville line - Management suggested that the margin profile could be estimated based on historical Hooker Branded margins [41] Question: Future cost-cutting measures - Management indicated that additional savings would be identified in future announcements, with a focus on the divestiture of brands creating opportunities [43] Question: Signs of demand recovery - Management reported cautious optimism from retail partners but did not identify specific green shoots indicating demand recovery [46]

Core Insights - General Motors' stock has surged nearly 45% year-to-date and over 60% in the past six months, closing at $77.16 [1] Financial Performance - In Q3, General Motors reported earnings of $2.80 per share on revenue of $48.59 billion, surpassing analyst expectations of $2.30 per share on revenue of $45.04 billion [4] - The company raised its profit guidance for the year to between $9.75 and $10.50 per share, up from a previous range of $8.25 to $10 per share [3] Market Position - General Motors achieved its highest U.S. market share since 2017, now at 17% [3][8] - The company sold 67,000 electric vehicles, capturing a 16.5% share of the EV market [8] Analyst Upgrades - Morgan Stanley upgraded General Motors' stock from equal weight to overweight and raised its price target from $54 to $90 per share, citing execution gains and a favorable shift towards high-margin vehicles [5][6] Operational Strategy - General Motors is investing $4 billion in U.S. operations to mitigate tariff impacts and plans to increase annual capacity for high-margin light-duty pickups, full-size SUVs, and crossovers by up to 300,000 units [9] - The company has demonstrated strong operational execution with industry-leading inventory management and incentive discipline [7]

Core Viewpoint - G-III Apparel Group, Ltd. is navigating challenges in the apparel industry through strategic brand management and tariff-mitigation strategies, positioning itself for future growth despite mixed financial results [2][3][5]. Financial Performance - G-III Apparel reported a decline in net sales year-over-year but exceeded earnings per share (EPS) estimates, driven by strong performance in owned brands and a robust full-price sales mix [2][6]. - The company has raised its fiscal year 2026 earnings guidance, reflecting resilience and strategic adaptability in response to market pressures [3][5][6]. Market Position - The current stock price of G-III Apparel is $30.80, with a recent increase of 3.81% and a market capitalization of approximately $1.34 billion [4]. - BTIG has set a price target of $34 for G-III Apparel, indicating a potential upside of about 10.39% from the current trading price [2][6]. Stock Performance - G-III Apparel's stock has fluctuated between a low of $30.56 and a high of $34.83 in recent trading, with a yearly high of $36.18 and a low of $20.33 [4]. - The trading volume of 721,911 shares indicates active investor interest in the company's stock [4].

Financial Data and Key Metrics Changes - Net sales for Q2 were $57.2 million, a decrease of 5% compared to $60.2 million in Q2 last year [17] - Gross margin was 45.6%, down from 48% in Q2 last year, with actions taken to clear slow-moving inventory impacting margins [18][19] - GAAP EPS for Q2 was $0.16 compared to $0.24 last year, while non-GAAP EPS was $0.29 compared to $0.37 last year [19] Business Line Data and Key Metrics Changes - In the outdoor lifestyle category, net sales were $34.6 million, down 5% year-over-year, primarily due to a decrease in meat processing equipment [17] - The shooting sports category saw a 5.1% decline in net sales, driven by decreases in gun cleaning and personal protection products, partially offset by strong sales in the Caldwell brand [17] - Traditional channel net sales increased by 2.3%, while e-commerce net sales decreased by 15.9% compared to last year [18] Market Data and Key Metrics Changes - Domestic net sales, which accounted for approximately 95% of revenue, decreased by $2.4 million, or 4.3%, while international net sales decreased by roughly $600,000 compared to Q2 of last year [18] - Point-of-sale (POS) for November grew approximately 13%, indicating strong performance in the outdoor lifestyle category [13] Company Strategy and Development Direction - The company is focused on innovation and entering new outdoor product categories, which is driving the strength of its Growth Brands [5] - The innovation pipeline has generated nearly $100 million in incremental annual new product revenue over the past five years, with new products driving over 31% of net sales [10][12] - The company is committed to reducing inventory levels over time to improve working capital [23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance in the second half of the year, despite caution regarding evolving consumer spending patterns and retail order volatility [14][26] - The company expects full fiscal year net sales to decline roughly 13%-14% year-over-year, but underlying net sales decline would be approximately 5% when adjusting for accelerated orders from the prior year [26] - Management believes that the full-year benefit of tariff mitigation actions will provide a clear path to improve profitability in fiscal 2027 [30] Other Important Information - The company ended the quarter with $3.1 million in cash and no debt, maintaining a strong balance sheet [20] - A new $10 million share repurchase program was approved, effective October 2025 through September 2026 [24] Q&A Session Summary Question: Visibility into revenue at POS and brand performance - Management indicated visibility into approximately 60% of revenue through POS, with outdoor lifestyle performing well and Caldwell brand significantly outperforming others [33][34] Question: Disconnect between November performance and quarterly guidance - Management noted that while POS is strong, retailers are managing lower inventory levels and adjusting orders based on available capital [35][37] Question: Mitigating softness in the e-commerce channel - Management highlighted the evolution of sales channels and the need to adapt to changes in consumer behavior and retailer strategies [39][40] Question: Seasonality and margin expectations - Management confirmed that Q2 and Q3 are typically the highest sales quarters, with expected gross margins in the range of 42%-43% for the full fiscal year [42][43] Question: Tariff mitigation and its impact on P&L - Management confirmed that tariff costs are capitalized in inventory and will start to amortize in December, with full mitigation expected by fiscal 2027 [51][52] Question: Insights on Black Friday performance - Management reported strong POS results during Black Friday and November, particularly in direct-to-consumer sales [62][63] Question: New product pipeline and market entry - Management expressed excitement about the innovation pipeline and plans to build on existing ecosystems within brands [66][68] Question: M&A landscape updates - Management noted a more favorable M&A environment with potential opportunities emerging, particularly among family-owned businesses [70]

Financial Data and Key Metrics Changes - Net sales for Q2 were $57.2 million, a decrease of 5% compared to $60.2 million in Q2 last year [16] - Gross margin was 45.6%, down from 48% in Q2 last year, primarily due to actions taken to clear slow-moving inventory [18] - GAAP EPS for Q2 was $0.16 compared to $0.24 last year, while non-GAAP EPS was $0.29 compared to $0.37 last year [18] Business Line Data and Key Metrics Changes - In the outdoor lifestyle category, net sales were $34.6 million, down 5% year-over-year, mainly due to a decrease in meat processing equipment [16] - The shooting sports category saw a 5.1% decline in net sales, driven by decreases in gun cleaning and personal protection products, partially offset by strong sales in the Caldwell brand [16] - Traditional channel net sales increased by 2.3%, while e-commerce net sales decreased by 15.9% compared to last year [17] Market Data and Key Metrics Changes - Domestic net sales, which accounted for approximately 95% of revenue, decreased by $2.4 million, or 4.3%, while international net sales decreased by roughly $600,000 compared to Q2 of last year [19] - The company noted that online-only customers now represent just 20%-25% of total net sales, indicating a shift in consumer purchasing behavior [8] Company Strategy and Development Direction - The company is focused on innovation and expanding into new outdoor product categories, which is driving the strength of its Growth Brands [5] - A major mass-market retailer is introducing Caldwell and BOG brands into thousands of stores, enhancing visibility and consumer engagement [10] - The company aims to reduce inventory levels over time to improve working capital, targeting a decrease to roughly $115 million by the end of the fiscal year [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year but remains cautious about the macro environment and evolving consumer spending patterns [13] - The company expects net sales for the full fiscal year to decline approximately 13%-14% year-over-year, but underlying net sales decline would be roughly just 5% when adjusting for accelerated orders from the prior year [25] - Management believes that the full year could deliver net sales that are down roughly 8% year-over-year in Q3, reflecting macro challenges and retailer dynamics [26] Other Important Information - The company ended the quarter with $3.1 million in cash and no debt, maintaining a strong balance sheet [19] - A new $10 million share repurchase program was approved, with approximately 74,000 shares repurchased at an average price of $8.76 per share [23] Q&A Session Summary Question: Visibility into revenue at POS and brand performance - Management indicated that they have visibility into about 60% of revenue through POS data, with outdoor lifestyle performing well and Caldwell brand significantly outperforming others [32] Question: Disconnect between November performance and Q3 guidance - Management explained that while POS is strong, retailers are managing lower inventory levels and adjusting their purchasing patterns based on available capital [34] Question: Mitigating softness in the e-commerce channel - Management noted that the evolution of consumer behavior and the growth of omnichannel sales are expected to reduce volatility in the e-commerce channel over time [36] Question: Seasonality and margin expectations - Management confirmed that Q2 and Q3 are typically the highest sales quarters, with expected gross margins in the range of 42%-43% for the full fiscal year [37] Question: Tariff mitigation and its impact on P&L - Management clarified that tariff costs are capitalized in inventory and will start to amortize in December, with mitigation efforts expected to offset tariff impacts by FY27 [39] Question: Insights on Black Friday performance - Management reported strong POS results during Black Friday and November, particularly in the direct-to-consumer segment [44] Question: New product pipeline and market entry - Management expressed excitement about the innovation pipeline, focusing on building ecosystems around existing brands and entering new markets [46] Question: M&A landscape updates - Management noted an increase in M&A opportunities, particularly among family-owned businesses looking to divest, and expressed optimism about potential larger assets surfacing in the near future [49]

Core Insights - G-III Apparel Group, Ltd. reported third-quarter fiscal 2026 results with net sales missing estimates while earnings per share exceeded expectations, reflecting a year-over-year decline in both metrics [1][4][9] Financial Performance - Adjusted earnings per share (EPS) for the third quarter were $1.90, surpassing the Zacks Consensus Estimate of $1.60, but down 26.6% from $2.59 in the prior year [4] - Net sales fell 9% year over year to $988.6 million, below the consensus estimate of $1,011 million [4] - Gross profit decreased 11.7% year over year to $381.5 million, with gross margin declining 120 basis points to 38.6% [5] - Adjusted EBITDA declined 28.4% year over year to $124.9 million, with the adjusted EBITDA margin down 340 basis points to 12.6% [6] Brand and Operational Insights - The fiscal third-quarter results were influenced by the performance of the brand portfolio, particularly owned brands, and a strong full-price sales mix [2] - The company has raised its fiscal 2026 earnings guidance despite ongoing consumer uncertainty and tariff-related margin pressures [2][9] Financial Position - As of the end of the fiscal third quarter, G-III Apparel had cash and cash equivalents of $184.1 million, total debt of $10.6 million, and total stockholders' equity of $1.79 billion [7] - Inventory increased 3% year over year to $547.1 million [7] - The company repurchased 209,851 shares for $5.4 million during the fiscal third quarter [7] Fiscal 2026 Guidance - The company revised its fiscal 2026 guidance, projecting net sales of $2.98 billion, down from a previous estimate of $3.02 billion, and net income between $121 million and $126 million [8][10] - Adjusted earnings per share are now forecasted to be between $2.80 and $2.90, an increase from the earlier range of $2.55 to $2.75 [11] - Adjusted EBITDA for fiscal 2026 is expected to be between $208 million and $213 million, compared to the prior estimate of $198 million to $208 million [12]

Financial Data and Key Metrics Changes - Net sales for the third quarter were $989 million, down from $1.09 billion in the same period last year, generally in line with expectations [28] - Non-GAAP earnings per diluted share were $1.90, compared to $2.59 in the previous year, exceeding expectations [30] - Gross margins were 38.6%, down from 39.8% in the previous year's third quarter, primarily due to tariffs [29] Business Line Data and Key Metrics Changes - Wholesale segment net sales were $977 million, down from $1.07 billion last year, mainly due to lower sales from Calvin Klein and Tommy Hilfiger licensed businesses [28] - Retail segment net sales increased to $46 million from $42 million, driven by solid comp sales increases across North American DKNY and Karl Lagerfeld stores [28] - Donna Karan is expected to grow by 40% in fiscal 2026, reflecting strong consumer demand and pricing power [10] Market Data and Key Metrics Changes - North America saw double-digit growth compared to last year, while Europe posted high single-digit growth [6] - Digital traffic increased over 20% across owned dot-com, contributing to substantial growth in conversion rates and overall sales [6] - The company experienced robust digital performance across North America and Europe, with nearly 20% growth in digital sales [22] Company Strategy and Development Direction - The company is focused on driving both near and long-term growth through brand strength, technology investments, and enhancing direct-to-consumer capabilities [8][9] - Strategic priorities include expanding owned brands, international expansion, and category expansion through licensing [9][10] - The company plans to grow mid-single digits this year for key owned brands like DKNY, Donna Karan, and Karl Lagerfeld [31] Management's Comments on Operating Environment and Future Outlook - Management remains cautious about the global consumer environment but is optimistic about holiday performance and spring sell-in [8] - The company is taking a prudent approach to its outlook for the remainder of the year, adjusting guidance to reflect third-quarter earnings outperformance [26] - Management expressed confidence in the ability to sustain long-term success despite challenges from tariffs and the exit from PVH licenses [25] Other Important Information - The company ended the quarter with a net cash position of $174 million after repurchasing approximately $50 million in stock year-to-date [30] - A new dividend program has been introduced, with an initial quarterly cash dividend of $0.10 per share [31] - The gross impact of tariffs is estimated to be approximately $135 million, with an unmitigated impact of about $65 million for fiscal 2026 [32] Q&A Session Summary Question: Can you unpack the gross margin performance? - Management indicated that gross margins were better than expected due to strong full-price selling, despite the impact of tariffs [40][41] Question: What are the preliminary thoughts around the top line or bottom line goals for next year? - Management is exploring various strategic options, including acquisitions and new licenses, but is not in a rush to make decisions [48][49] Question: How has the order trend been changing for your own brands? - Management noted significantly higher demand at the full-price channel, with strong sell-throughs across all brands [76] Question: What are the opportunities for growth in owned brands like Donna Karan? - Management highlighted the potential for growth in dresses, sportswear, and handbags, with a focus on expanding distribution [81]