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 Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday.</li><li>We believe Vince achieved solid 2Q top line expansion, as the company has shifted more goods away from the outlet channel to the main line wholesale channel and the company's owned stores.</li><li>Further, we believe the resumption of a stronger flow of full priced, highly fashionable goods for Summer and pre-Fall has driven strong top line momentum into 2HFY25.</li></ul>

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday.We believe Vince achieved solid 2Q top line expansion, as the company has shifted more goods away from the outlet channel to the main line wholesale channel and the company's owned stores.Further, we believe the resumption of a stronger flow of full priced, highly fashionable goods for Summer and pre-Fall has driven strong top line momentum into 2HFY25.

Pvh Corp - VNCE: 2Q Preview: Showing Their True Strength; Reiterate Buy, $3 PT

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>Guess?, Inc. reported its second quarter fiscal 2025 results, demonstrating a mixed performance.</li><li>The company's revenue increased by 10% in U.S. dollars and 13% in constant currency, reaching $733 million.</li><li>This growth was primarily driven by contributions from all segments except Asia, and notably supported by the recent acquisition of rag & bone, which has been integrated smoothly.</li></ul>

Guess?, Inc. reported its second quarter fiscal 2025 results, demonstrating a mixed performance.The company's revenue increased by 10% in U.S. dollars and 13% in constant currency, reaching $733 million.This growth was primarily driven by contributions from all segments except Asia, and notably supported by the recent acquisition of rag & bone, which has been integrated smoothly.

Guess' Inc.: Are Its Enhanced Brand Awareness and Marketing Investments Paying Off? - Major Drivers

<ul><li>We are reiterating our Buy rating and $20 price target for Lands' End and raising our FY24 and FY25 projections after the company registered another strong upside quarter in 2Q FY24 (July) and provided further compelling evidence the focus on innovation and newness to drive higher overall top and bottom line returns is fully on track and setting up for strong near and longer term upside.</li><li>We believe there remain multiple key catalysts at Lands' End, from: 1) shifts in customer base to a younger, more fashion driven buyer; 2) European top line and margin expansion 3) new online marketplaces, with Nordstrom just coming online; 4) material expansion of the licensing effort, with a new domestic license for wholesale apparel, outerwear and swimwear; and 5) market share gains in the B2B business.</li><li>When combined with a disciplined management team focused on efficiencies and operations, we view the best as still ahead for LE and reiterate our Buy rating and $20 price target.</li></ul>

We are reiterating our Buy rating and $20 price target for Lands' End and raising our FY24 and FY25 projections after the company registered another strong upside quarter in 2Q FY24 (July) and provided further compelling evidence the focus on innovation and newness to drive higher overall top and bottom line returns is fully on track and setting up for strong near and longer term upside.We believe there remain multiple key catalysts at Lands' End, from: 1) shifts in customer base to a younger, more fashion driven buyer; 2) European top line and margin expansion 3) new online marketplaces, with Nordstrom just coming online; 4) material expansion of the licensing effort, with a new domestic license for wholesale apparel, outerwear and swimwear; and 5) market share gains in the B2B business.When combined with a disciplined management team focused on efficiencies and operations, we view the best as still ahead for LE and reiterate our Buy rating and $20 price target.

LE: 2Q Review: Upside Now...and Set Up for Later; Reiterate Buy, $20 PT

<ul><li>We are reiterating our Buy rating, $20 price target and projections with Lands' End announcing 2QFY24 (July) results before the open on Thursday.</li><li>We believe Lands' End management, under CEO Andrew McLean has continued to refocus the company on driving higher returns via lower discounting, fashion and product newness and innovation, reduced overall inventories and licensing non-core categories and relationships.</li><li>When combined with an increased emphasis on core winning categories such as swimwear and women's bottoms in 2Q and shifting to outerwear in 2H, we believe Lands' End is well positioned to drive near and longer term upside, and register returns we believe investors will find compelling.</li></ul>

We are reiterating our Buy rating, $20 price target and projections with Lands' End announcing 2QFY24 (July) results before the open on Thursday.We believe Lands' End management, under CEO Andrew McLean has continued to refocus the company on driving higher returns via lower discounting, fashion and product newness and innovation, reduced overall inventories and licensing non-core categories and relationships.When combined with an increased emphasis on core winning categories such as swimwear and women's bottoms in 2Q and shifting to outerwear in 2H, we believe Lands' End is well positioned to drive near and longer term upside, and register returns we believe investors will find compelling.

LE: 2Q Preview; Momentum Continues to Build; Reiterate Buy, $20 PT

<ul><li>We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but lowered FY25 top and bottom line guidance, as the company continues to invest in marketing and infrastructure for their recently completed rag and bone acquisition and the launch of Guess Jeans, while the domestic store operations remain under pressure.</li><li>While we fully understand and agree with the potential of the material opportunities for rag and bone and Guess Jeans to leverage the company's global and licensing infrastructure in the longer term, we believe investor frustration in the near term will be a key theme.</li><li>That said, with the GES dividend yield of approximately 6% and with our belief the upside potential of both rag and bone and Guess Jeans will become increasingly apparent relatively quickly, we are maintaining our Buy rating, even after lowering our FY25 projections below management guidance.</li></ul>

We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but lowered FY25 top and bottom line guidance, as the company continues to invest in marketing and infrastructure for their recently completed rag and bone acquisition and the launch of Guess Jeans, while the domestic store operations remain under pressure.While we fully understand and agree with the potential of the material opportunities for rag and bone and Guess Jeans to leverage the company's global and licensing infrastructure in the longer term, we believe investor frustration in the near term will be a key theme.That said, with the GES dividend yield of approximately 6% and with our belief the upside potential of both rag and bone and Guess Jeans will become increasingly apparent relatively quickly, we are maintaining our Buy rating, even after lowering our FY25 projections below management guidance.

GES: 2Q Review: Thinking Longer Term, But What About NT?; Lowering EPS, PT

United States

Guess?, Inc. designs, markets, distributes, and licenses a collection of casual apparel, accessories, and related consumer products.  The Company's apparel for men, women, and girls are marketed under branded names.  Guess? provides full collections of denim and cotton clothing and has granted licenses to manufacture complementary products.

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Guess? Inc (GES US)

Pvh Corp - VNCE: 2Q Preview: Showing Their True Strength; Reiterate Buy, $3 PT

We are reiterating our Buy rating, $3 price target and projections with Vince reporting 2QFY24 (July) results after the close on Monday. We...

Small Cap Consumer Research

Guess' Inc.: Are Its Enhanced Brand Awareness and Marketing Investments Paying Off? - Major Drivers

Guess?, Inc. reported its second quarter fiscal 2025 results, demonstrating a mixed performance. The company's revenue increased by 10% in U.S....

Baptista Research

LE: 2Q Review: Upside Now...and Set Up for Later; Reiterate Buy, $20 PT

We are reiterating our Buy rating and $20 price target for Lands' End and raising our FY24 and FY25 projections after the company registered...

Small Cap Consumer Research

LE: 2Q Preview; Momentum Continues to Build; Reiterate Buy, $20 PT

We are reiterating our Buy rating, $20 price target and projections with Lands' End announcing 2QFY24 (July) results before the open on...

Small Cap Consumer Research

GES: 2Q Review: Thinking Longer Term, But What About NT?; Lowering EPS, PT

We are lowering our projections and price target for GUESS?, but reiterating our Buy rating, after the company reported inline 2Q results, but...

Small Cap Consumer Research

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