Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

<ul><li>We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 2QFY26 (July) results before the open on Thursday.</li><li>While we expect progress operationally as the company anniversaries the chaos surrounding the launch of Operation Restoration, the key will be the initial vision laid out by Executive Chairamn Ian Bickley and Chief Financial Officer Marty Layding for the company.</li><li>While we are wholly speculating, we believe it will focus on a balance between old and new and continue the shift to a more fashion driven customer, but perhaps at a pace which does not leave the OG Vera Bradley shopper behind.</li></ul>

We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 2QFY26 (July) results before the open on Thursday.While we expect progress operationally as the company anniversaries the chaos surrounding the launch of Operation Restoration, the key will be the initial vision laid out by Executive Chairamn Ian Bickley and Chief Financial Officer Marty Layding for the company.While we are wholly speculating, we believe it will focus on a balance between old and new and continue the shift to a more fashion driven customer, but perhaps at a pace which does not leave the OG Vera Bradley shopper behind.

VRA: 2Q Preview: What's the Playbook?; Reiterate Hold Rating

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Tapestry has reported strong financial performance for fiscal year 2025, with revenue reaching an impressive $7 billion and an operating margin of 20%.</li><li>The company achieved these results despite a challenging macroeconomic environment, demonstrating the resilience and effectiveness of its strategies.</li><li>Tapestry has seen significant growth across key regions, particularly North America, China, and Europe, and has successfully attracted 6.8 million new customers in North America alone, with a substantial portion from the Gen Z and millennial demographics.</li></ul>

Tapestry has reported strong financial performance for fiscal year 2025, with revenue reaching an impressive $7 billion and an operating margin of 20%.The company achieved these results despite a challenging macroeconomic environment, demonstrating the resilience and effectiveness of its strategies.Tapestry has seen significant growth across key regions, particularly North America, China, and Europe, and has successfully attracted 6.8 million new customers in North America alone, with a substantial portion from the Gen Z and millennial demographics.

Tapestry Inc.: Targeted Brand Investments & Product Innovation to Ensure Brand Remains Relevant & Competitive!

<ul><li>We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess?</li><li>provided further evidence why management and Authentic Brands want to take the company private in their 2QFY26 (July) results.</li><li>2Q registered top line growth of 6%, handily beating the Street and management guidance, as Europe has remained a key winner (+11% same store sales) and domestic retail provided further evidence, while slow, the turn is coming, with domestic comps of -5% the best in six quarters.</li></ul>

We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess?provided further evidence why management and Authentic Brands want to take the company private in their 2QFY26 (July) results.2Q registered top line growth of 6%, handily beating the Street and management guidance, as Europe has remained a key winner (+11% same store sales) and domestic retail provided further evidence, while slow, the turn is coming, with domestic comps of -5% the best in six quarters.

GES: 2Q Review: Showing Why Mgmt. Buying Company; Moving to Hold (from Buy)

<ul><li>We are reiterating our projections and Buy rating and lowering our price target on GES to $16.75 (from $23.00) after the company announced an agreement with Authentic Brands, Maurice and Paul Marciano and Guess?</li><li>Chief Executive Officer Carlos Alberini to acquire Guess?</li><li>for $16.75 per GES share, a valuation for the company of $1.4 billion.</li></ul>

We are reiterating our projections and Buy rating and lowering our price target on GES to $16.75 (from $23.00) after the company announced an agreement with Authentic Brands, Maurice and Paul Marciano and Guess?Chief Executive Officer Carlos Alberini to acquire Guess?for $16.75 per GES share, a valuation for the company of $1.4 billion.

GES: To Be Acquired by Authentic, Marciano Family and CEO for $16.75/GES Share

<ul><li>We are reiterating our Buy rating, $23 price target and projections for Guess?</li><li>after visiting stores in the Long Island and Metropolitan New York City regions.</li><li>As we have seen with Spring, Guess?</li></ul>

We are reiterating our Buy rating, $23 price target and projections for Guess?after visiting stores in the Long Island and Metropolitan New York City regions.As we have seen with Spring, Guess?

GES: Snapping the Store: Easing Into Fall; Reiterate Buy, $23.00 PT

United States

Tapestry, Inc. designs and markets clothes and accessories. The Company offers handbags, leather goods, footwear, fragrance, jewelry, outer wear, ready-to-wear, scarves, sunwear, travel accessories, and watches. Tapestry serves customers in the United States.

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Tapestry Inc (TPR US)

VRA: 2Q Preview: What's the Playbook?; Reiterate Hold Rating

We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 2QFY26 (July) results before the open on...

Small Cap Consumer Research

Tapestry Inc.: Targeted Brand Investments & Product Innovation to Ensure Brand Remains Relevant & Competitive!

Tapestry has reported strong financial performance for fiscal year 2025, with revenue reaching an impressive $7 billion and an operating margin of...

Baptista Research

GES: 2Q Review: Showing Why Mgmt. Buying Company; Moving to Hold (from Buy)

We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess? provided...

Small Cap Consumer Research

GES: Snapping the Store: Easing Into Fall; Reiterate Buy, $23.00 PT

We are reiterating our Buy rating, $23 price target and projections for Guess? after visiting stores in the Long Island and Metropolitan New York...

Small Cap Consumer Research

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52-week Range

Market Cap (USDm)

P/E

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VRA: 2Q Preview: What's the Playbook?; Reiterate Hold Rating

We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 2QFY26 (July) results before the open on...

Small Cap Consumer Research

Tapestry Inc.: Targeted Brand Investments & Product Innovation to Ensure Brand Remains Relevant & Competitive!

Tapestry has reported strong financial performance for fiscal year 2025, with revenue reaching an impressive $7 billion and an operating margin of...

Baptista Research

GES: 2Q Review: Showing Why Mgmt. Buying Company; Moving to Hold (from Buy)

We are lowering our rating to Hold (from Buy), suspending our price target and tweaking our FY26 and FY27 projections higher after Guess? provided...

Small Cap Consumer Research

GES: To Be Acquired by Authentic, Marciano Family and CEO for $16.75/GES Share

We are reiterating our projections and Buy rating and lowering our price target on GES to $16.75 (from $23.00) after the company announced an...

Small Cap Consumer Research

GES: Snapping the Store: Easing Into Fall; Reiterate Buy, $23.00 PT

We are reiterating our Buy rating, $23 price target and projections for Guess? after visiting stores in the Long Island and Metropolitan New York...

Small Cap Consumer Research