Retail turnover (including VAT) of Apranga Group amounted to EUR 31.2 million in September 2025 and increased by 9.4% compared to September 2024. The retail turnover (including VAT) of Apranga Group totalled EUR 99.7 million in Q3 2025 and increased by 11.0% year-on-year. In Q3 2025, the retail turnover of the Group in Lithuania increased by 13.1%, in Latvia increased by 9.0% and in Estonia increased by 6.6% year-on-year. In January through September 2025, the retail turnover of Apranga Group (including VAT ...

Core Insights - Burlington Stores Inc reported strong second-quarter results, with revenue growth and gross margin expansion exceeding expectations, despite a decline in share price during early trading [1][2]. Financial Performance - The company achieved adjusted earnings of $1.59 per share, surpassing the consensus estimate of $1.28 per share [4]. - Comparable store sales (comp) growth was 5%, significantly above the Street expectations of 1.5% [4]. - Burlington Stores raised its 2025 guidance for adjusted earnings from a range of $8.70-$9.30 per share to $9.19-$9.59 per share, which is higher than the consensus of $9.24 per share [4]. Market Position and Strategy - Analysts view Burlington Stores as a beneficiary in the current retail climate due to its off-price model and adaptability to changing trends and external pressures [3]. - The company is expected to continue expanding its store fleet and strategically relocating stores, which presents further growth opportunities compared to peers [3]. Analyst Ratings and Price Targets - Telsey Advisory Group maintained an Outperform rating and raised the price target from $300 to $350 [6]. - Goldman Sachs reiterated a Buy rating and increased the price target from $316 to $339 [6].

Group 1 - Burlington Stores (BURL) has reached a key level of support and crossed above the 20-day moving average, indicating a short-term bullish trend [1][4] - The stock has moved 10.5% higher over the last four weeks, suggesting potential for further gains [4] - There have been two upward revisions in earnings estimates for the current fiscal year, with no downward revisions, which supports the bullish outlook [4][5] Group 2 - The 20-day simple moving average is a popular tool among traders, smoothing out short-term price trends and providing trend reversal signals [2] - A stock price above the 20-day moving average indicates a positive trend, while a price below suggests a downward trend [2]

Core Viewpoint - The implementation of a "no-reason return" policy in Shenyang is enhancing consumer confidence and stimulating retail activity, with over 2,000 stores voluntarily participating in this initiative [1][3]. Group 1: Policy Implementation - Shenyang's market regulatory bureau and consumer association have developed a plan to promote "no-reason return" services, aiming to add over 3,000 new participating units by the end of 2025, covering key sectors such as retail, home goods, clothing, and electronics [2]. - A collective commitment was signed by over 600 brand merchants at Zhongxing Building, indicating a strong willingness among businesses to adopt the "no-reason return" policy as a demonstration of their product and service quality [2]. Group 2: Consumer Engagement - The initiative has led to the establishment of visible commitment signs in nearly 600 large supermarkets and retail enterprises, making return policies clear and accessible to consumers, which has been positively received by shoppers [2][3]. - Consumers are encouraged to engage in responsible and honest return practices, contributing to a better shopping environment while enjoying the benefits of the "no-reason return" policy [2]. Group 3: Digital Empowerment - A new mini-program has been developed to facilitate the entry of "no-reason return" commitment units, enhancing the efficiency of management and allowing for easier consumer access to information regarding return policies [2]. - This digital platform simplifies the process for businesses to manage their commitments and allows regulatory bodies to monitor compliance effectively, while providing consumers with a reliable way to check return policy details [2].

Group 1 - The retail turnover of Apranga Group in July 2025 was EUR 30.8 million, reflecting a 1.9% increase compared to July 2024 [1] - For the period of January to July 2025, the total retail turnover reached EUR 196.9 million, marking a year-on-year increase of 2.6% [1] - In the first seven months of 2025, turnover in Lithuania increased by 4.4%, while Latvia and Estonia saw decreases of 2.2% and 0.4% respectively [1] Group 2 - Apranga Group operates a total of 168 stores, with 102 located in Lithuania, 42 in Latvia, and 24 in Estonia [2] - The total retail area of Apranga Group's stores is 91.7 thousand square meters, which is an increase of 0.8% compared to the previous year [2]

Core Insights - Sam's Club has opened 56 stores in China, achieving annual revenue exceeding 100 billion yuan and a membership base of over 9 million, but is currently facing a reputation crisis due to recent product selection and quality control issues [1] Group 1: Company Performance - Sam's Club has successfully established a significant presence in the Chinese market with 56 stores and over 9 million members [1] - The annual revenue of Sam's Club in China has surpassed 100 billion yuan, indicating strong financial performance [1] Group 2: Reputation Crisis - Recent issues with product selection and quality control have led to a backlash from members, who feel that the store is offering subpar products [1] - Popular items such as sun cakes and rice puddings have been quietly removed from shelves, contributing to customer dissatisfaction [1] Group 3: Market Dynamics - The retail market in China is undergoing significant changes, impacting consumer expectations and company strategies [1] - The emergence of lower-quality products, referred to as "street goods," has raised concerns among members about the value of their membership [1]

Financial Data and Key Metrics Changes - Revenue for the quarter was $2.82 billion, showing a 22% increase compared to Q1 2025, although it declined 29% year-over-year [6][36] - Gross margin improved to 23.7%, a 360 basis point increase year-over-year, despite being slightly below the anticipated range [36][38] - Adjusted EBITDA came in at a loss of $8 million, representing a 78% improvement year-over-year [40] - Reported GAAP EPS was a loss of $0.34 per share, while adjusted diluted loss was $0.22, a $0.54 improvement year-over-year [41] Business Line Data and Key Metrics Changes - The patio business showed significant improvement, contributing to an increase in average order value (AOV) [6][7] - Overstock brand has seen consistent improvements, particularly in newly launched categories like luxury handbags and shoes [8][10] - The company is focusing on a higher-end customer base, with a shift towards more affluent demographics [55] Market Data and Key Metrics Changes - The company is experiencing a stabilization in the retail business, with expectations for continued growth in Q3 [11][12] - Cash flow for the quarter was significantly better than Q1, marking the best performing cash flow quarter in several years [12][13] Company Strategy and Development Direction - The company aims to continue tightening SG&A expenses and improve operational efficiencies across all areas of the business [13][14] - A focus on unlocking value from assets like tZERO and GrainChain is a priority, with plans for potential public offerings or other liquidity events [20][24] - The company is exploring the issuance of a contingent value right as a form of dividend to shareholders [32][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to stabilize cash flow and improve profitability [41][45] - The company is optimistic about the potential for growth in a stabilized housing market, which could positively impact revenue [28][29] - There is a commitment to continue exploring opportunities in the blockchain and crypto space as the core business stabilizes [27] Other Important Information - The company has a remaining $68 million on its share repurchase program and approximately $131 million left on the ATM [46] - A long-term partnership in Canada was established, resulting in a $5 million upfront payment [16] Q&A Session Summary Question: Update on SKU rationalization efforts across Bed Bath and Beyond - The heavy lifting of SKU rationalization is complete, but fine-tuning will continue [50] Question: Confidence in leaning into a more affluent customer for Overstock - Research indicated that the target demographic has a household income over $150,000 and a credit score over 700, leading to increased sales in luxury items [55] Question: Update on tZERO's potential to go public - The company is focused on mutual alignment for value creation and expects to unlock value soon [66] Question: Potential timeline for a GrainChain IPO - Discussions are ongoing, but the focus is on ensuring value creation before any public offering [72]

Group 1: Small-Cap Market Outlook - Small-cap stocks are expected to break out in the second half of 2025 due to potential interest rate cuts, improving macroeconomic conditions, and attractive valuations [1] - Institutional investors are beginning to rotate into small-cap stocks after two years of underperformance compared to large-cap peers [1] Group 2: Boot Barn (BOOT) - Boot Barn reported a 5% year-over-year growth in consolidated same-store sales for FY 2025 and projects a 2% growth for the current year while planning to increase store count by 14% [2] - The company anticipates a total net sales growth of 13%, but this guidance is contingent on raising prices due to tariffs, particularly from China and Mexico [3][4] - Despite tariff concerns slowing institutional buying in Q2 2025, Boot Barn's stock has increased over 35% in the last 12 months and over 11% in 2025, with a market cap exceeding $5 billion [5][6] Group 3: Sterling Infrastructure (STRL) - Sterling Infrastructure has seen its stock rise over 2,300% in the past five years, leading to a market cap of over $7 billion [7] - The company serves large blue-chip clients in e-commerce and data centers and has announced plans to acquire CEC Facilities Group to expand its opportunities [8] - Institutional buying for STRL reached $46 million in the current quarter, significantly outpacing institutional selling of $1 million [9] Group 4: Tactile Systems Technology (TCMD) - Tactile Systems, with a market cap of $230 million, specializes in home therapy solutions for chronic edema and related conditions, targeting a $10 billion total addressable market [11][12] - The company has shown steady revenue growth but is not consistently profitable, with TCMD stock down 41% in 2025 due to skepticism about its market size [13] - Institutional buying has slowed, but notable support comes from Congresswoman Tina Smith, who has made two purchases of the stock [14]

Financial Data and Key Metrics Changes - Total revenue increased by 7.4% from $195.7 million to $210.1 million for fiscal year 2025 [10] - Net income decreased to $6.6 million from $7.5 million in fiscal year 2024, primarily due to foreign currency exchange losses [12] - Basic earnings per share were $0.16 for fiscal year 2025 compared to $0.20 for fiscal year 2024 [12] Business Line Data and Key Metrics Changes - Revenue from directly operated stores grew by 14.4%, contributing $17.1 million [10] - Revenue from franchise stores and wholesale customers increased by 9.1% to $185.5 million, accounting for 88.3% of total revenue [6][10] - The total stock keeping unit (SKU) increased to 201,300 from approximately 151,700, indicating significant growth in product offerings [5] Market Data and Key Metrics Changes - The company opened five new directly operated stores in the United States, Canada, and Hong Kong, enhancing brand recognition [6] - Revenue from collectible cards and training toys totaled $11.4 million, representing 5.4% of total revenue [7] Company Strategy and Development Direction - The company is focused on optimizing local operations by converting some directly operated stores into franchise stores to enhance cash flow [5] - Plans to enter new markets include opening stores in Vietnam and Australia, and establishing a presence in the Middle East [9] - The company aims to strengthen its market footprint while exploring new partnership opportunities and improving operational efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in driving sustainable growth and exploring new opportunities while enhancing customer loyalty [8] - The company remains committed to enhancing financial performance through robust business strategies and disciplined cost management [13] Other Important Information - The company received a Goldsmith Award in the retail medium-sized category at the 21st Annual International Business Awards, highlighting market recognition [7] Q&A Session Summary - No specific questions and answers were provided in the content, thus this section is not applicable.

Group 1 - The retail turnover of Apranga Group in June 2025 was EUR 34.0 million, reflecting a year-on-year increase of 13.8% compared to June 2024 [1] - In Q2 2025, the total retail turnover of Apranga Group reached EUR 92.2 million, marking a 3.3% increase year-on-year, with Lithuania showing a 5.3% increase, Latvia a 3.5% increase, and Estonia a 5.0% decrease [1] - For the first half of 2025, the retail turnover of Apranga Group totaled EUR 166.1 million, which is a 2.8% increase year-on-year [2] Group 2 - In H1 2025, the retail turnover in Lithuania was EUR 101.2 million, up by 4.9% year-on-year, while Latvia's turnover was EUR 42.1 million, increasing by 2.7%, and Estonia's turnover was EUR 22.8 million, down by 5.6% [2] - Apranga Group opened 1 new store, renovated 5 stores (3 of which were enlarged), and closed 3 stores in H1 2025 [3] - The company currently operates 169 stores across the Baltic region, with a total gross area of 92.2 thousand sq. m., representing a 1.3% increase from the previous year [3]