Group 1 - Under Armour intends to offer $400 million aggregate principal amount of Senior Notes due 2030 in a private offering [1][2] - The Notes will be senior, unsecured obligations and will bear interest semiannually [2] - The net proceeds from the Proposed Offering will be used to redeem all $600 million of outstanding 3.25% Senior Notes due 2026 [3] Group 2 - The offering is exempt from registration under the Securities Act of 1933 and will be made only to qualified institutional buyers [4][5] - The announcement does not constitute a notice of redemption for the 2026 Notes [6] - Under Armour is a leading inventor, marketer, and distributor of branded athletic performance apparel, footwear, and accessories [8]

Market Overview - The market has increased by only 3% so far this year, recovering from earlier declines, indicating a potentially favorable buying opportunity for investors [1] Realty Income - Realty Income is a major real estate investment trust (REIT) that pays monthly dividends and has a strong history of increasing payouts, having distributed dividends for 660 consecutive months [3][5] - The REIT owns 15,600 properties, with 80% leased to retailers, including essential businesses like Walmart and Lowe's, providing stability even in tough economic conditions [4] - The current dividend yield is 5.5%, and despite a year-to-date increase, the stock price has declined over the past three years due to higher interest rates, making it an attractive buy [5] MercadoLibre - MercadoLibre operates in 18 Latin American countries and has reported significant growth, with a 40% increase in gross merchandise volume year-over-year on a currency-neutral basis [6][7] - The company has seen a 25% increase in unique active buyers and a 72% increase in total payments volume year-over-year, indicating strong demand for its services [9] - Total company sales rose by 64% in the first quarter, with an operating income of $763 million at a 12.9% margin, showcasing its profitability [9][10] Dutch Bros - Dutch Bros has rapidly expanded its coffee shop chain, recently opening its 1,000th store and aiming to double its footprint in the next five years [11] - Same-store sales increased by 4.7% year-over-year, contributing to a 29% revenue growth, with net income rising by 39% in the first quarter [12] - The stock is currently trading at a high valuation of 88 times next year's expected earnings, reflecting strong growth potential [13] Carnival - Carnival is recovering from pandemic-related challenges, with a 7.4% year-over-year revenue increase to $5.8 billion in its fiscal 2025 first quarter [16] - The company is experiencing record-high demand for cruises, with bookings for fiscal 2026 at unprecedented levels and strong revenue from preboarding sales [16][17] - Carnival's stock is trading at a low price-to-sales ratio of 1.2, and as the company continues to pay down its debt, the stock is expected to rise [18] On Holding - On Holding is gaining traction in the activewear and athletic footwear market, with a 43% year-over-year sales increase in the first quarter [19][20] - The company has a gross margin of 59.9%, indicating strong profitability, and is expanding into new markets [20] - Despite current market concerns, On Holding's long-term outlook remains strong, making it a favorable investment opportunity [22]

Core Viewpoint - BofA Securities analyst Lorraine Hutchinson maintains a Buy rating on Nike, Inc. with a price target of $80, indicating confidence in the company's future performance despite current challenges [1]. Financial Performance - Nike is set to release its fourth quarter fiscal 2025 financial results on June 26, with an EPS estimate of 12 cents, aligning with consensus expectations [2]. - The fourth quarter is characterized as a peak for sales and margin pressure, attributed to aggressive inventory clearance without sufficient new product innovation [1]. Market Position and Strategy - Retailer enthusiasm for Nike's Spring '26 innovation pipeline is growing, although the wholesale landscape remains challenging [3]. - Nike is expected to deepen retail relationships and reclaim shelf space as competitors reduce their presence [4]. - The company is navigating tariff impacts effectively, leveraging strong negotiating power with vendors and retailers [6]. Pricing Strategy - Nike has implemented targeted price increases, including $5–$10 hikes on footwear over $100, while keeping prices for kids' products and footwear under $100 stable to maintain accessibility [7]. - The broad pricing structure and scale are seen as advantages if consumer spending tightens [7]. Inventory and Sales Outlook - There are early signs of stabilization in Nike's wholesale business, with Fall '25 order books outside China showing only modest declines [8]. - Hutchinson has adjusted the FY26 EPS estimate to $1.80 from $2.00 due to foreign exchange impacts and lowered expectations for China, while maintaining the FY27 estimate at $3.00 [8]. Stock Performance - Nike shares are currently trading lower by 1.50% at $61.86 [9].

1. Global Brand 2. Product-Driven 3. Integrated Marketing Strategy 4. World-Class Infrastructure 5. Financial Strength Investor Presentation: Overview 2025 Investor Presentation Positioned for All financial metrics in this presentation are as of fiscal year end 2024, unless otherwise noted. GROWTH Global Brand …with Global Reach International Sales 62% Countries 180+ Skechers Stores Worldwide (as of 2/6/25) 5,300 + 3 RD largest footwear company in the world BELGIUM Markets with E-Comm Platforms 30+ S. KOREA ...

Global Market Overview - The global hiking shoe market is experiencing steady growth, driven by increasing health awareness and the popularity of outdoor activities. The market size is projected to reach $20.94 billion by 2025 and $26.73 billion by 2033, with a compound annual growth rate (CAGR) of approximately 3.1% during the forecast period [1]. North America Market - North America is currently the largest regional market, accounting for 40% of the global market share. The U.S. is the primary market, with a projected market size of $6.12 billion in 2024, expected to grow to $8.63 billion by 2033, reflecting a CAGR of about 3.9%, which is higher than the North American average growth rate [1]. - The extensive outdoor culture in North America, particularly in the U.S. and Canada, is a key driver of market growth, with hiking, trekking, and camping becoming integral to the lifestyle of the middle and high-income groups [1]. Europe Market - The European hiking shoe market is projected to reach approximately $5.94 billion in 2024, representing 30% of the global market share. The market is driven by a strong outdoor culture, especially in countries like Germany, Switzerland, and Austria, where hiking is considered an important part of family leisure and health [3]. - European consumers have higher demands for product performance and sustainability, favoring brands that use renewable materials and have transparent carbon footprints [3]. Asia-Pacific Market - The Asia-Pacific region, while only holding a 23% share of the global hiking shoe market, is the fastest-growing regional market. The market size is expected to reach approximately $4.67 billion in 2024 and grow to $6.79 billion by 2031, with a CAGR of about 5.5% [3]. - The rapid growth of the urban middle class, increased health awareness, and the popularity of "light outdoor" lifestyles are the main drivers of market growth in this region. Consumers prioritize shoe aesthetics, comfort, and brand social attributes, particularly among younger demographics [3]. Latin America Market - Latin America accounts for only 5% of the global hiking shoe market, but its future growth potential is significant due to economic stabilization, increased urbanization, and a rise in outdoor tourism activities. Consumers in this region are price-sensitive but are also raising their expectations for functionality and comfort in hiking shoes [4]. Consumer Trends - Functionality and Comfort: Approximately 70% of consumers globally prioritize comfort and functionality in hiking shoes, especially for prolonged outdoor activities and extreme environments [6]. - Sustainability and Environmental Awareness: In Europe and North America, sustainability is a crucial factor in consumer choices, with about 60% of European consumers and 50% of North American consumers considering sustainable practices when selecting hiking shoes [6]. - Fashion and Design: Hiking shoes are increasingly viewed as fashion items, particularly in the Asia-Pacific region, where consumers demand higher aesthetic standards. The "Gorpcore" trend is particularly popular among young people in Asia [6]. - Price and Value: While high-end brands dominate the market, consumers are becoming more price-sensitive, especially in emerging markets like Asia and Latin America, where about 45% of Asian consumers prioritize value for money when purchasing hiking shoes [7]. - Specialization: As outdoor activities become more specialized, consumers are seeking shoes tailored for specific activities like climbing and trekking, prompting brands to innovate in technical performance and design [7]. Challenges in Market Expansion - Cultural Differences and Consumer Preferences: There are significant differences in consumer preferences across regions, necessitating tailored products that align with local climates, hiking habits, and trends [9]. - Environmental Regulations and Sustainability: Stricter environmental regulations in various countries, particularly in Europe, impose higher standards for product recyclability and production processes, impacting manufacturing practices [9]. - Brand Recognition and Market Competition: In emerging markets, 68% of consumers tend to trust local or established international brands, presenting challenges for new brands that require time to build recognition and competitive advantages [9].

Oxford Industries (OXM) Q1 2026 Earnings Call June 11, 2025 04:30 PM ET Company Participants Brian Smith - Head of Corporate Controls and Financial ReportingTom Chubb - Chairman, CEO & PresidentScott Grassmyer - EVP, CFO & COOEthan Saghi - Equity Research AssociateMauricio Serna - Executive Director Conference Call Participants Ashley Owens - Vice President & Senior Equity Research AnalystJoseph Civello - Equity Research AnalystTracy Kogan - Analyst Operator Greetings and welcome to the Oxford Industries In ...

Oxford Industries (OXM) Q1 2026 Earnings Call June 11, 2025 04:30 PM ET Speaker0 Greetings and welcome to the Oxford Industries Inc. First Quarter Fiscal twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Smith. Please go ahead. Speaker1 Thank you, and good afternoon. Before we begin, I wou ...

Core Viewpoint - BofA Securities highlights rising caution in specialty retail and department store stocks due to tariff concerns, despite solid first-quarter earnings [1] Group 1: Earnings and Market Sentiment - First-quarter earnings were solid, and consumer resilience was noted, but management teams are increasingly uneasy about the second half due to tariff uncertainties [2] - The caution is reflected in conservative sales outlooks across the sector, with a shift in focus towards tariff policy as earnings season concludes [3] Group 2: Tariff Impact and Production Shifts - Most specialty retail and department store stocks have priced in current tariffs of 10% and 30% from China, with further increases potentially leading to significant cuts across the group [1] - Apparel and footwear brands have moved much of their production out of China, making Southeast Asia a new area of concern [3] Group 3: Company-Specific Insights - Ross Stores, Inc. has withdrawn guidance, which analysts view as overly cautious rather than a negative signal [6][7] - Gap, Inc. faces a projected 150 basis-point margin hit in the second half, indicating limited room for price hikes, which aligns with its budget-conscious customer base [7] - Levi Strauss & Co. is expected to see tariff impacts on gross margins starting in the third quarter, while Ralph Lauren Corp anticipates a more significant impact in the second half [7]

Core Insights - NIKE, Inc. views China as a cornerstone of its global growth strategy, with Greater China contributing approximately 15% to total revenues in Q3 fiscal 2025, amounting to $1.7 billion [1][9] Group 1: Performance in Greater China - Greater China revenues decreased by 17% on a reported basis and 15% in constant currency in Q3 fiscal 2025, with NIKE Direct sales falling 11%, NIKE Digital revenues down 20%, and NIKE-owned store revenues dipping 6% [2] - Wholesale performance in Greater China also weakened, showing an 18% year-over-year decline, indicating ongoing consumer and trade pressures [2] Group 2: Long-term Strategy and Initiatives - Despite current challenges, NIKE remains optimistic about Greater China's long-term growth potential and is implementing strategies such as returns and rebates, inventory liquidation, and new product launches to boost market share [3] - The company is customizing product innovation to local tastes, launching culturally relevant marketing campaigns, and forming strategic alliances with Chinese sports and cultural organizations to enhance consumer engagement [4] Group 3: Competitive Landscape - Key competitors in the Chinese market include lululemon athletica and adidas, both of which are also expanding their presence and adapting strategies to local market conditions [5][6][7] - Lululemon reported a 21% revenue increase in Mainland China for Q1 fiscal 2025, while adidas is diversifying its supply chain and launching locally relevant product lines [6][7] Group 4: Financial Performance and Valuation - NIKE shares have declined approximately 15.5% year to date, compared to a 14% decline in the industry [8] - The company trades at a forward price-to-earnings ratio of 32.5X, which is higher than the industry average of 25.76X [10] - The Zacks Consensus Estimate indicates a significant year-over-year earnings decline of 46.1% for fiscal 2025 and 8.7% for fiscal 2026 [11]

Key Takeaways NIKE is refocusing on digital, innovation and premium full-price selling to regain growth and profitability. Wolverine is driving brand heat through targeted storytelling, selective distribution and pricing discipline. WWW's diversified portfolio and leaner model position it to navigate macro headwinds better than NKE.In the world of athletic and lifestyle footwear, few rivalries are as compelling as NIKE Inc. (NKE) and Wolverine World Wide, Inc. (WWW) . On one side stands NIKE — the global ...