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 after visiting stores in Long Island and New Jersey.</li><li>We believe, with solid and focused and the return of key features and silhouettes and new sized backpacks, Vera Bradley is re-establishing the brand as a key go to for the upcoming start of school season.</li><li>Further, the focus remains fully on selling in August 2025, as opposed to the material discontinuities (and lack of back-to-campus driven offerings) Project Restoration unveiled in the corresponding period last year.</li></ul>

We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Long Island and New Jersey.We believe, with solid and focused and the return of key features and silhouettes and new sized backpacks, Vera Bradley is re-establishing the brand as a key go to for the upcoming start of school season.Further, the focus remains fully on selling in August 2025, as opposed to the material discontinuities (and lack of back-to-campus driven offerings) Project Restoration unveiled in the corresponding period last year.

VRA: Snapping the Store: Disney, Peanuts Add to Back-to-School Momentum

<ul><li>We are reiterating our Buy rating, $23 price target and projections for Guess?</li><li>after visiting stores in the Metropolitan New York City region and Long Island.</li><li>With hotter temperatures incoming, Guess?</li></ul>

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

GES: Snapping the Store: Hot Summer Trends at Guess?; Reiterate Buy, $23 PT

<ul><li>We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Connecticut, Long Island and New Jersey.</li><li>Unlike last year, when Vera Bradley stores were processing the myriad shifts from the launch of Project Restoration, this year both the main line and outlet stores are fully focused on the back-to-campus season, with a streamlined offering of backpacks, lunch boxes and pencil holders.</li><li>Further, the company continues to focus on driving back OG customers with roll-outs of Heritage based product, returning key features (lanyards, ID holders with windows, zippered tops, wider cross-body straps) and a continued emphasis on intellectual property driven items.</li></ul>

We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Connecticut, Long Island and New Jersey.Unlike last year, when Vera Bradley stores were processing the myriad shifts from the launch of Project Restoration, this year both the main line and outlet stores are fully focused on the back-to-campus season, with a streamlined offering of backpacks, lunch boxes and pencil holders.Further, the company continues to focus on driving back OG customers with roll-outs of Heritage based product, returning key features (lanyards, ID holders with windows, zippered tops, wider cross-body straps) and a continued emphasis on intellectual property driven items.

VRA: Snapping the Store: Streamlined & Ready for Back-to-Campus

<ul><li>We are reiterating our projections as we look ahead for Vera Bradley as we enter 2Q earnings season.</li><li>Give the tumultuous last year, with Project Restoration launched and almost immediately abhorred by the company's OG shoppers, management then rethinking and softening the impact and reviving key pieces of the prior business model, followed by the recent resignation of the prior CEO and CFO, a new CFO and Executive Chairperson hiring and search for a new CEO, VRA investors can be excused for suffering a case of whiplash.</li><li>That said, we believe there remains a basis for the company to build on; given that we do not know where the ultimate goal for Vera Bradley is currently, we are rating VRA a Hold.</li></ul>

We are reiterating our projections as we look ahead for Vera Bradley as we enter 2Q earnings season.Give the tumultuous last year, with Project Restoration launched and almost immediately abhorred by the company's OG shoppers, management then rethinking and softening the impact and reviving key pieces of the prior business model, followed by the recent resignation of the prior CEO and CFO, a new CFO and Executive Chairperson hiring and search for a new CEO, VRA investors can be excused for suffering a case of whiplash.That said, we believe there remains a basis for the company to build on; given that we do not know where the ultimate goal for Vera Bradley is currently, we are rating VRA a Hold.

VRA: 2H Signposts: Greater Urgency...Is It Enough?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>The WTR Consumer Stock Index trailed the Small Cap S&amp;P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.</li><li>The underperformance of our index was mostly due to a larger decline in prospective earnings, coupled with a lesser expansion in its prospective P/E ratio.</li><li>Our index saw prospective earnings decline 7.2% in 2Q versus a 5.0% decline in the S&amp;P 600, while its prospective P/E ratio expanded 0.8x in 2Q to 15.7x versus the 0.9x expansion to 15.3x in the S&amp;P 600.</li></ul>

The WTR Consumer Stock Index trailed the Small Cap S&amp;P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.The underperformance of our index was mostly due to a larger decline in prospective earnings, coupled with a lesser expansion in its prospective P/E ratio.Our index saw prospective earnings decline 7.2% in 2Q versus a 5.0% decline in the S&amp;P 600, while its prospective P/E ratio expanded 0.8x in 2Q to 15.7x versus the 0.9x expansion to 15.3x in the S&amp;P 600.

Consumer Products Monthly WTR Consumer Index Lags S&P 600 in 2Q

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: Snapping the Store: Disney, Peanuts Add to Back-to-School Momentum

We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Long Island and New Jersey. We believe, with solid...

Small Cap Consumer Research

GES: Snapping the Store: Hot Summer Trends at Guess?; Reiterate Buy, $23 PT

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

Small Cap Consumer Research

VRA: Snapping the Store: Streamlined & Ready for Back-to-Campus

We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Connecticut, Long Island and New Jersey. Unlike last...

Small Cap Consumer Research

VRA: 2H Signposts: Greater Urgency...Is It Enough?

We are reiterating our projections as we look ahead for Vera Bradley as we enter 2Q earnings season. Give the tumultuous last year, with Project...

Small Cap Consumer Research

Consumer Products Monthly WTR Consumer Index Lags S&P 600 in 2Q

The WTR Consumer Stock Index trailed the Small Cap S&P 600 in 2Q, declining 2.4% versus the 1.1% gain in the broader index.

Water Tower Research

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