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Company Overview - Bath & Body Works (NYSE: BBWI) is a specialty retailer focused on selling soaps, lotions, and fragrances [1] Industry Challenges - The company is currently facing scrutiny due to operating in a challenging industry environment [1] - The ongoing trade war between the United States and China poses additional risks for the retailer [1]

Core Viewpoint - Sportsman's Warehouse Holdings, Inc. has promoted Susan Sanderson to Chief Marketing Officer, a move aimed at strengthening the company's leadership and supporting its growth plans [1][2]. Company Overview - Sportsman's Warehouse is an outdoor specialty retailer catering to a diverse customer base, from seasoned veterans to first-time participants, providing exceptional gear and service [4]. Leadership and Strategy - Susan Sanderson joined Sportsman's Warehouse in July 2024 as Senior Vice President of Marketing, E-commerce, and Loyalty, bringing over two decades of experience in omni-channel retail and business turnarounds [2]. - Sanderson's leadership is expected to accelerate performance and guide the company through its next growth phase, focusing on brand enhancement and customer connection [2][3]. Growth Initiatives - The company has laid a strong foundation for transformational growth over the past year, with Sanderson emphasizing the importance of sharpening the brand and driving growth across all channels [3]. - The marketing strategy will involve listening to customer insights to build a competitive advantage, positioning Sportsman's Warehouse as a trusted destination for hunting and fishing [3].

Financial Data and Key Metrics Changes - For the quarter ending December 31, 2024, the company reported net investment income of $0.8 million or $0.06 per share, down from $0.16 per share in the prior quarter [4] - The net asset value per share decreased by $0.16 to $5.39 compared to $5.55 as of September 30, 2024 [4] - The fair value of the portfolio was $191.6 million compared to $190.1 million at September 30 [17] - Net assets were $77.6 million, a decline of $2.3 million from the prior quarter [17] - The weighted average yield of the debt portfolio decreased slightly from 10.5% to 10.4% [17] Business Line Data and Key Metrics Changes - The median EBITDA of the portfolio remained flat at approximately $61.76 million, while the weighted average net leverage increased from 4.8 times to 5 times [9] - The percentage of covenant appeals increased from 70% to 77% [9] - The weighted average yield of debt investments made in the quarter was approximately 11.8% [11] Market Data and Key Metrics Changes - Approximately 30% of the portfolio may experience moderate effects from tariffs, with strategies in place to mitigate these risks [7] - The company is strategically targeting investments in critical sectors and defensive industries, including a recent investment in the data center sector [8] Company Strategy and Development Direction - The company remains focused on capital preservation and NAV stability, with a disciplined investment approach [22] - The management is adapting to economic uncertainties and believes the portfolio is well-positioned for the shifting economic environment [6][7] Management's Comments on Operating Environment and Future Outlook - Management noted that heightened market volatility has created a tightening spread environment, impacting investment yields [5] - There is optimism for a resurgence in M&A activity post-election, although risks from tariff wars and fiscal policy changes create uncertainty [5][6] - The company does not foresee significant changes in investment yields in the near term, expecting them to remain around 10.5% [34] Other Important Information - The company appointed Andrew Muns as Chief Operating Officer, enhancing the executive team [3] - The company has approximately $12.1 million in cash, with $11.3 million being restricted cash [20] - A distribution of $0.12 per share was declared for the quarter ending March 31, 2025, payable in cash [19] Q&A Session Summary Question: What was the cause for the drop in PIK income quarter-over-quarter? - The drop was due to a reversal of non-accrual for one portfolio company in the previous quarter, which inflated PIK income [25] Question: What are the comments on the sustainability of the dividend given lower yields and higher leverage? - The company is constantly evaluating the dividend sustainability and will monitor the portfolio's performance [26][27] Question: Is the company changing to a calendar fiscal year? - Yes, the company has changed its fiscal year from June to December [28][30] Question: Where does the company see the trend for investment yield over the next quarter or two? - The investment yield is expected to remain stable around 10.5%, barring any economic shocks [34][36]

Zumiez (ZUMZ) Q4 2025 Earnings Call March 13, 2025 10:43 PM ET Company Participants Richard Brooks - CEOChristopher Work - Chief Financial Officer Conference Call Participants Mitch Kummetz - Senior Analyst Operator Good afternoon, ladies and gentlemen, and welcome to Zumie Inc. Fourth Quarter Fiscal twenty twenty four Earnings Conference Call. At this time, all participants are in a listen only mode. We will conduct a question and answer session towards the end of this conference. Before we begin, we would ...