Accessibility StatementSkip Navigation Experience the full interactive Multichannel News Release here: https://www.multivu.com/wss/9293254-en-wss-back-to-school-hirving-chucky-lozano-and-adrian-gonzalez The WSS "Best Value Always" campaign features Lozano and González appearing alongside their children in a heartfelt commercial that blends back-to-school excitement with powerful reminders of cultural pride and generational inspiration. "Back-to-school isn't just about pencils and shoes—it's about giving you ...

Core Viewpoint - The stock market has been volatile since the pandemic, prompting investors to consider dividend stocks for reliable passive income, especially in light of economic uncertainties and competition in various sectors [1][2]. Company Analysis: Nike - Nike's stock has declined approximately 39% over the last five years due to increased competition, brand struggles, and a focus on digital promotions [3][6]. - The company has initiated a turnaround plan under new leadership, focusing on brand strength, product innovation, and key markets including the U.S., U.K., and China [5][8]. - Nike increased its quarterly dividend by 8% in November, marking the 23rd consecutive year of dividend hikes, positioning it to potentially join the Dividend Aristocrats® [7][8]. - The current dividend yield is about 2.6%, which is lower than most Treasury yields, but the company has a trailing 12-month free cash flow yield of 5.66%, indicating strong cash flow capabilities [6][7]. Company Analysis: Wells Fargo - Wells Fargo has faced significant challenges over the past decade, including a scandal involving unauthorized account openings, resulting in fines and regulatory restrictions [9][10]. - Under new CEO Charlie Scharf, the bank has restructured its regulatory framework, cut expenses, and focused on higher-return businesses [10][11]. - Recent regulatory changes have lifted the asset cap, allowing Wells Fargo to grow its balance sheet and expand its market presence [11][14]. - Analysts expect Wells Fargo's diluted earnings per share to grow by about 8% this year and nearly 14% next year, with dividends consuming only 31% of earnings over the past 12 months, suggesting potential for future dividend growth [14].

The competition in the athletic footwear space is heating up, with two key players — NIKE Inc. (NKE) and Deckers Outdoor Corporation (DECK) — drawing investor attention. While NIKE leans on its global brand power and deep product portfolio, Deckers is gaining traction with strong growth from brands like HOKA and UGG. As market dynamics evolve and consumer preferences shift, the real question is: which stock has the better upside potential in the months ahead?The Case for NIKENIKE continues to hold a promine ...

Group 1 - Bill Ackman has made significant investments in the automotive sector, particularly in Uber Technologies, acquiring over 30 million shares, making it the largest holding in the Pershing Square portfolio [2][4] - Ackman increased his stake in Hertz Global Holdings by 18%, with a purchase of 12.7 million shares that was initially undisclosed due to confidentiality [2][3] - Pershing Square exited its position in Nike, previously holding 18.8 million shares, marking a complete divestment [3][5] Group 2 - The latest 13F filing reveals that Ackman and Pershing Square currently hold 11 stocks, with Uber representing 19% of the portfolio, followed by Brookfield Corporation at 18% and Restaurant Brands International at 13% [4][6] - Other notable holdings include Howard Hughes Holdings at 12%, Chipotle at 9.1%, and Canadian Pacific at 8.7% [6] - The portfolio has seen significant changes, with Hilton Worldwide Holdings decreasing by 45% and Google Class C shares down by 16% [5][6]

Financial Data and Key Metrics Changes - Full year fiscal 2025 revenue reached a record $1,900,000,000, reflecting a $1,000,000,000 increase over the last four fiscal years [8] - Earnings per diluted share grew by 23% to $5.88, an increase of $1.08 over the prior year [8] - Fourth quarter total revenue increased by 17%, with earnings per diluted share at $1.22 compared to $0.96 in the prior year [9][10] Business Line Data and Key Metrics Changes - Consolidated same store sales increased by 6% in the fourth quarter, with brick-and-mortar sales up 5.5% and e-commerce sales up 9.8% [9][10] - Merchandise margin expanded by 210 basis points in the fourth quarter and by 130 basis points for the full year [21][25] - Exclusive brand penetration increased to 38.6% for fiscal 2025, with a growth of 1,500 basis points over the last four years [21] Market Data and Key Metrics Changes - The company opened 60 new stores in fiscal 2025, expanding its footprint into four new states, ending the year with 459 stores [14] - The customer loyalty database grew by 14% year-over-year, reaching 9,600,000 active customers [17] Company Strategy and Development Direction - The company plans to open 65 to 70 new stores in fiscal 2026, maintaining a growth rate of 15% [15] - The strategy includes a focus on exclusive brands and managing pricing in response to tariff impacts [12][22] - The company aims to maintain merchandise margin rates while potentially sacrificing some margin to gain market share [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating ongoing uncertainties related to tariffs and consumer demand [10][29] - The company anticipates a potential decline in merchandise margin in the second half of fiscal 2026 due to tariff impacts [22][29] - Management highlighted the importance of maintaining strong customer relationships and brand loyalty as key drivers for future growth [18][35] Other Important Information - The company has authorized a share repurchase program of up to $200,000,000, reflecting confidence in cash flow generation [34] - The company expects to face a tariff impact of approximately $8,000,000 in fiscal 2026, with strategies in place to mitigate this [11][41] Q&A Session Summary Question: Can you elaborate on April and May same store sales? - Management noted strong sales trends in the first quarter, with a guidance of plus 6% for the entire quarter, consistent with Q4 [38][40] Question: Can you elaborate on pricing power for the Boot Barn brand? - Management indicated that they have seen good pricing power, with typical price increases absorbed by customers, but expect some elasticity of demand due to mid-single-digit price increases [41][42] Question: What about product shortages from China? - Management stated that only 5% of exclusive brand products are sourced from China, with efforts to diversify production to other countries [48][49] Question: How do you plan to leverage SG&A expenses? - Management expects to leverage SG&A through normalized incentive compensation and lower legal expenses, benefiting from new store openings [78] Question: What is the outlook for merchandise margins? - Management anticipates strong margins in the first half of fiscal 2026 but expects pressure in the second half due to tariffs [70][71] Question: How is the competitive landscape behaving? - Management noted that larger competitors remain rational, while smaller mom-and-pop retailers may face challenges due to price increases [90][91]

Financial Data and Key Metrics Changes - Full year fiscal 2025 revenue reached a record $1.9 billion, reflecting a $1 billion sales growth over the last four fiscal years, driven by 186 new stores and strong same-store sales growth [6][8] - Earnings per diluted share increased by 23% to $5.88, up $1.08 from the prior year [6] - Fourth quarter total revenue increased by 17%, with earnings per diluted share at $1.22 compared to $0.96 in the prior year [7][8][23] Business Line Data and Key Metrics Changes - Merchandise margin expanded by 130 basis points for the full year and by 210 basis points in the fourth quarter [20][23] - Same-store sales increased by 6% in the fourth quarter, with brick-and-mortar stores up 5.5% and e-commerce up 9.8% [7][15][23] - Exclusive brand penetration increased to 38.6% for fiscal 2025, with a growth of 1,500 basis points over the last four years [20] Market Data and Key Metrics Changes - The company opened 60 new stores in fiscal 2025, expanding its footprint into four new states, ending the year with 459 stores [12][13] - The customer loyalty database grew by 14% year-over-year, reaching 9.6 million active customers [16] Company Strategy and Development Direction - The company plans to open 65 to 70 new stores in fiscal 2026, maintaining a 15% growth rate in new units [13][31] - The strategic initiatives focus on new store growth, same-store sales, omnichannel expansion, and merchandise margin improvement [12][18][20] - The company is diversifying its supply chain to reduce reliance on Chinese production, with expectations that only 5% of exclusive brand goods will be sourced from China in the second half of fiscal 2026 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating ongoing uncertainties related to tariffs and consumer demand, with a proactive approach to pricing and inventory management [8][9][27] - The company anticipates a potential decline in merchandise margin in the second half of fiscal 2026 due to tariff impacts, but expects to maintain overall margin rates through strategic pricing [21][30] Other Important Information - The company has authorized a share repurchase program of up to $200 million, reflecting confidence in cash flow generation [33] - The guidance for fiscal 2026 includes a total sales range of $2.07 billion to $2.15 billion, with same-store sales expected to increase by 2% at the high end [28][30] Q&A Session Summary Question: Can you elaborate on April and May same-store sales? - Management noted strong sales trends in the first quarter, with a consistent performance across major merchandise categories, but does not anticipate accelerating guidance for the entire quarter [37][39] Question: Can you elaborate on pricing power and tariff headwinds? - Management indicated that tariffs are expected to impact margins by approximately $8 million, with price increases anticipated in the summer [40][41] Question: How are you thinking about product shortages from China? - Management expressed confidence in their diversified sourcing strategy, with only 5% of exclusive brand products expected from China [46][47] Question: Can you discuss SG&A leverage and tariff impacts for fiscal 2027? - Management expects to leverage SG&A through normalized expenses and new store contributions, while acknowledging that tariff costs may carry into fiscal 2027 [72][74] Question: What is the strategy for pricing adjustments? - Management is evaluating pricing on a product-by-product basis, considering psychological price points and exclusive brand penetration opportunities [82][84] Question: How is the competitive landscape behaving? - Management noted that larger competitors remain rational, while smaller mom-and-pop retailers may face challenges due to price increases [88][89] Question: How are new markets performing compared to legacy markets? - Management highlighted that new store openings have positively impacted e-commerce sales, particularly in states like New York [92][93]

Financial Data and Key Metrics Changes - Full year fiscal 2025 revenue reached a record $1,900,000,000, marking a $1,000,000,000 increase over the last four fiscal years, driven by 186 new stores and strong same-store sales growth [5][6] - Earnings per diluted share grew by 23% to $5.88, an increase of $1.08 over the prior year [5] - Fourth quarter total revenue increased by 17%, with earnings per diluted share at $1.22 compared to $0.96 in the prior year [6][22] Business Line Data and Key Metrics Changes - Merchandise margin expanded by 130 basis points for the full year and by 210 basis points in the fourth quarter [5][19] - Same-store sales increased by 6% in the fourth quarter, with brick-and-mortar stores up 5.5% and e-commerce up 9.8% [6][22] - Exclusive brand penetration increased to 38.6% for fiscal 2025, with a growth of 1,500 basis points over the last four years [19] Market Data and Key Metrics Changes - The company opened 60 new stores in fiscal 2025, expanding its footprint into four new states, ending the year with 459 stores [11] - The customer loyalty database grew by 14% year-over-year, reaching 9,600,000 active customers [14] Company Strategy and Development Direction - The company plans to open 65 to 70 new stores in fiscal 2026, maintaining a 15% growth rate in new units [12] - The focus remains on expanding exclusive brands while driving growth within third-party partners, with a goal to maintain merchandise margin rates despite potential price increases due to tariffs [20][21] - The company is diversifying its supply chain to reduce reliance on China, with only 5% of exclusive brand goods expected to be sourced from China in the second half of fiscal 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating ongoing uncertainties related to tariffs and consumer demand, with a strong trend of growth continuing into fiscal 2026 [7][27] - The company anticipates potential merchandise margin pressure in the second half of fiscal 2026 due to tariff impacts, but expects to leverage strong sales growth in the first half [20][27] Other Important Information - The company has authorized a share repurchase program of up to $200,000,000, reflecting confidence in strong cash flow generation [32] - Inventory increased by 25% year-over-year, attributed to new store openings and proactive shipment pull-forwards in anticipation of tariffs [26] Q&A Session Summary Question: Can you elaborate on April and May same-store sales? - Management noted strong sales trends in the first six weeks of Q1, with a consistent performance across major merchandise categories, expecting to maintain positive comp growth [37][38] Question: Can you elaborate on pricing power and tariff headwinds? - Management indicated that tariffs are expected to impact margins by approximately $8,000,000, with price increases anticipated in the summer [39][41] Question: How are new markets performing compared to legacy markets? - New store openings have positively impacted e-commerce sales, with notable increases observed in states like New York [95][96] Question: What is the strategy for managing SG&A expenses? - Management expects to leverage SG&A through normalized expenses and increased store count, which helps cover fixed costs [72][77] Question: How does the company view the competitive landscape? - Management has not observed significant changes in competitor behavior, noting that larger competitors remain rational while smaller players may face challenges [90][91]