Financial Data and Key Metrics Changes - Tapestry reported a record revenue of $7 billion for fiscal year 2025, with an operating margin of 20% and adjusted EPS of $5.1, all showing significant growth compared to the previous year [5][27]. - The company achieved a 5% revenue growth overall, with Coach leading at 10% growth [27][28]. - Gross margins increased by 210 basis points, and EPS grew by 19% year-over-year [27][31]. Business Line Data and Key Metrics Changes - Coach experienced a 10% revenue increase for the year, with a 13% constant currency growth in Q4, driven by strong performance in North America (up 16%), China (up 22%), and Europe (up 12%) [11][28]. - Kate Spade's revenue decreased by 13% in Q4, reflecting ongoing brand reset efforts, while the company is focused on increasing brand awareness and customer acquisition [19][21]. - Stuart Weitzman was sold to Caleres, aligning with Tapestry's strategy for disciplined capital allocation [24]. Market Data and Key Metrics Changes - North America sales increased by 8%, with significant contributions from Coach [28]. - In Europe, revenue grew by 10%, driven by local consumer spending and new customer acquisition, particularly among Gen Z [29]. - Greater China saw an 18% revenue growth, indicating strong performance across all channels, especially digital [29]. Company Strategy and Development Direction - Tapestry aims to leverage its competitive advantages, global scale, and strong fundamentals to drive sustainable growth [10][25]. - The company is focused on building emotional connections with younger consumers, particularly Gen Z and millennials, to enhance customer lifetime value [7][12]. - Tapestry is investing in brand marketing and product innovation to strengthen its market position and drive future growth [21][23]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a complex macroeconomic environment, highlighting the resilience and agility of the business [6][10]. - The company anticipates continued mid-single-digit revenue growth for fiscal year 2026, despite facing tariff-related challenges [39][40]. - Management emphasized the importance of customer acquisition and retention, particularly among younger demographics, as a foundation for future growth [66][67]. Other Important Information - Tapestry returned $2.3 billion to shareholders in fiscal year 2025, including $300 million in dividends and $2 billion in share repurchases [32][33]. - The company recorded a non-cash impairment charge of over $850 million related to Kate Spade, reflecting current business trends and strategic investments [36]. Q&A Session Summary Question: Can you help us unpack your outlook for fiscal '26 and what you're seeing in the business right now? - Management highlighted strong top-line results and continued growth momentum, particularly at Coach, while acknowledging tariff impacts [50][52]. Question: Can you help us with the data or the new customer growth? - Management noted significant new customer acquisition, particularly among Gen Z and millennials, which is expected to drive future growth [66][67]. Question: Can you talk about structurally what is different today for Coach? - Management emphasized the brand's direct-to-consumer focus, geographic diversification, and data-driven decision-making as key structural advantages [94][96]. Question: Can you elaborate on the phasing of gross margin for fiscal '26? - Management indicated that gross margins would be stronger in the first half of the year, with tariff impacts expected to affect the second half [86][87].

Financial Performance Highlights - Tapestry delivered record revenue of over $7.01 billion, a 5% increase compared to the prior year[46,54] - The company achieved record EPS of $5.10, representing a 19% growth[46,54] - Adjusted free cash flow exceeded expectations, generating over $1.3 billion in the year[46] - Operating margin increased to 20.0%, driven by 210 basis points of gross margin expansion[46,54] Brand Performance - Coach's net sales reached $5.60 billion, with a 10% increase year-over-year[54] - Kate Spade's net sales were $1.20 billion, a 10% decrease year-over-year[54] - Stuart Weitzman's net sales were $215 million, an 11% decrease year-over-year[54] Geographical Trends - North America saw a 5% revenue increase, led by double-digit growth at Coach[50] - Europe experienced a 28% revenue increase, driven by DTC strength and new customer acquisition[50] - Greater China's revenue increased by 5%, with strength in Digital[50] Fiscal Year 2026 Outlook - The company expects revenue to approach $7.2 billion, with mid-single-digit growth[62] - Diluted adjusted EPS is projected to be $5.30 to $5.45, up 4% to 7%[62] - Free cash flow is expected to approach $1.3 billion[62] Shareholder Value - Tapestry returned $2.3 billion to shareholders in FY25 alone[68] - The company executed a $2 billion Accelerated Share Repurchase program[70] - The annual dividend rate increased by 14% to $1.60 per share in Fiscal 2026[70]

Core Insights - Fossil Group, Inc. reported a second quarter 2025 net sales of $220 million, a decrease of 15.2% compared to the same period in 2024, primarily due to category softness and a decline in smartwatch sales [5][11] - The company achieved a gross margin of 57.5%, an increase of 490 basis points year-over-year, attributed to improved product margins and reduced freight costs [5][11] - Operating income for the second quarter was $8 million, with an operating margin of 3.9%, marking a significant improvement from a loss of $34 million in the prior year [11][12] - Fossil Group announced a comprehensive refinancing plan aimed at strengthening its balance sheet and increasing liquidity [3][4] Financial Performance - Net sales for the second quarter totaled $220.4 million, down from $260 million in Q2 2024, with declines across all major regions: 19% in the Americas, 14% in Europe, and 12% in Asia [5][11] - Gross profit was $126.7 million, a decline of 7.4% from $136.9 million in the previous year, but gross margin improved to 57.5% from 52.6% [5][11] - Operating expenses decreased by 30.8% to $118.2 million, representing 53.7% of net sales compared to 65.7% in the prior year [5][6] Outlook and Guidance - The company raised its full-year 2025 financial guidance, reflecting strong year-to-date results and ongoing progress in its turnaround strategy [8][12] - Worldwide net sales are expected to decline in the mid-teens, an improvement from previous guidance of a decline in the mid to high teens [12] - Adjusted operating margin is anticipated to be break-even to slightly positive, compared to prior guidance of negative low single digits [12] Balance Sheet and Liquidity - As of July 5, 2025, Fossil Group had total liquidity of $110.6 million, including $109.9 million in cash and cash equivalents [7] - Total debt stood at $179 million, with inventories decreasing by 11.9% to $178.1 million compared to the previous year [7][11]

Revolve Group (RVLV) FY Conference Summary Company Overview - Revolve Group was founded 20 years ago by Mike and Michael, who are still co-CEOs and co-founders, owning less than 50% of the company [3][4] - The company focuses on a long-term, owner mindset with a data-driven approach to decision-making [4][6] Industry Context - The total addressable market (TAM) in the U.S. is approximately $700 billion, with 37% being online [9] - Revolve estimates only 3% penetration in the domestic market, indicating significant growth potential [10] Business Model and Strategy - Revolve operates with a capital-efficient business model, achieving a 17% compound annual growth rate (CAGR) and a 73% increase in net income year-over-year [13][14] - The company has two segments: Revolve (86% of business) focusing on fashion apparel and Forward (14%) focusing on higher-end luxury items [11][12] - The company emphasizes a curated merchandise assortment and a strong brand marketing engine, leveraging social media and influencer marketing [8][9] Customer Dynamics - Active customer base has grown to approximately 2.7 million, with a 15% CAGR [15] - Existing customers represent 54% of the active customer base, placing 80% of orders and accounting for 81% of net sales [19][21] - The average order value (AOV) is premium, allowing the company to absorb high return rates [18] Technology and AI Integration - Revolve has developed its own AI algorithms for site search, outperforming third-party solutions and driving revenue gains [23][24] - AI initiatives are aimed at improving customer experience, reducing return rates, and optimizing inventory management [25][26] Financial Performance - The company reported a 10% increase in top-line revenue, with a 57% increase in income from operations and a 45% increase in adjusted EBITDA [31][32] - Free cash flow reached $45 million, up 18%, contributing to a strong balance sheet with over $300 million in cash and no debt [27][33] Growth Opportunities - The company plans to invest in customer acquisition, AI, and potential M&A opportunities during the current cycle [28] - International markets present a significant growth opportunity, with only 20% of business coming from international sales [10][49] - Expansion into men's fashion and beauty categories is also a focus, with beauty currently representing only 4% of the business [45][46] Challenges and Market Dynamics - The company faces uncertainty regarding tariffs, particularly with China, which has fluctuated between 30% and 45% [35][69] - Despite challenges in the luxury market, Revolve sees opportunities to capture market share and expand its offerings [39][41] Physical Retail Expansion - Revolve is cautiously expanding into physical retail, with successful pop-up stores in Aspen and The Grove [60][62] - The company aims to create experiential retail environments to enhance customer engagement and acquisition [66] Conclusion - Revolve Group is positioned for continued growth with a strong focus on data-driven strategies, customer experience, and market expansion, despite facing external challenges such as tariffs and market volatility [37][70]

Core Insights - The RealReal has opened its 16th store in Summit, New Jersey, continuing its expansion in the tri-state area and enhancing its presence in the luxury resale market [1][3] Store Design and Experience - The Summit store features a design that combines sustainability and luxury, with a color palette of burgundy and brass, light wood flooring, and a unique installation by textile artist Kiva Motnyk [2] - The store aims to be a destination for both shopping and inspiration, showcasing a curated mix of vintage furniture, art, and décor [2] Community Engagement - The Chief Merchandising Officer of The RealReal highlighted the success of previous pop-up events in the area, indicating strong community demand for a permanent store [3] Company Overview - The RealReal is the largest online marketplace for authenticated resale luxury goods, boasting 38 million members and a rigorous authentication process [4] - The company supports the circular economy by giving new life to luxury items across various categories, including fashion, jewelry, art, and home goods [4] Store Offerings and Services - The store provides personalized consultations and valuations for luxury items, along with a constantly refreshed selection of authenticated goods [6] - The RealReal offers various services to consignors, including free virtual appointments, in-home pickup, and direct shipping, ensuring a seamless selling experience [4]

Core Insights - Fossil Group, Inc. reported a first quarter net sales of $233 million, reflecting an 8.5% decrease compared to the previous year, primarily due to category softness and declines in smartwatch sales [5][12] - The company achieved a gross margin of 61.3%, an increase of 890 basis points year-over-year, attributed to improved product margins and reduced freight costs [5][6] - Despite an operating loss of $7 million, the adjusted operating income was $10 million, indicating a positive trend in operational performance [2][6] Financial Performance - First quarter net sales were $233.3 million, down from $254.9 million in the same quarter last year, with a constant currency decline of 6.2% [5][15] - Gross profit increased to $143 million from $133.5 million, with a gross margin improvement to 61.3% from 52.4% [5][15] - Operating expenses decreased by 8% to $149.7 million, with selling, general and administrative expenses down 12.1% to $133.8 million [5][15] Operational Highlights - The company reported a total liquidity of $100 million, including $78.3 million in cash and cash equivalents [2][7] - Inventory levels decreased by 19% year-over-year to $182.1 million, indicating improved inventory management [7] - The company closed 62 stores, reducing the total store count to 220, with significant closures in the Americas and Europe [28] Market Trends - Sales in the Americas declined by 9% and by 10% in Asia, while Europe saw a slight increase of 1% [5] - Direct-to-consumer sales decreased by 24%, while wholesale sales increased by 6% on a constant currency basis [5] - The traditional watch category saw a 2% increase in sales, contrasting with a 37% decline in the leathers category [5] Future Outlook - The company reiterated its full-year guidance for 2025, anticipating a worldwide net sales impact of approximately $45 million due to retail store closures [8] - The management expressed confidence in the turnaround plan, aiming for long-term profitable growth despite current challenges [4][8]

Core Viewpoint - Steven Madden Ltd (SHOO) reported a significant earnings beat but withdrew its full-year guidance due to tariff-related uncertainties [1][2] Company Performance - Analyst Dana Telsey maintained a Market Perform rating with a price target of $24 [1] - Shares of Steven Madden rose by 2% to $23.90 at the time of publication [3] Strategic Initiatives - The company completed the acquisition of Kurt Geiger, enhancing its product offerings towards higher-end handbags [1] - Management withdrew its 2025 guidance due to uncertainties associated with tariffs, particularly given the company's sourcing exposure to China [2] Tariff Mitigation Strategy - Steven Madden plans a three-pronged tariff mitigation strategy, which includes: - Moving production out of China [4] - Negotiating with suppliers for price concessions [4] - Taking price on products [4] - These changes are expected to position the company for long-term growth [2]