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, $20 price target and projections for Lands' End after reviewing the August catalog for 2023 and 2024.</li><li>August is the start of the Fall selling season, and management has continued to raise the overall stakes for Lands' End: 1) the overall discount rate on the catalog has been reduced from 40% to 30%; 2) the focus remains on new items and, especially outfits; 3) fashion denim in wide leg and flared styles are a new fashion key, as the Lands' End customer begins to once again experiment with denim; 4) the product emphasis remains on new items, from further dress expansion and new cooling fabrics and 5) new outerwear, from rainwear to highlighting fashion pieces that are shown in the catalog but sold, for full price, online.</li><li>As such, we believe management remains highly focused on raising overall pricing, increasing returns and continuing to leverage the Lands' End business model; we reiterate our Buy rating and $20 price target for LE.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands' End after reviewing the August catalog for 2023 and 2024.August is the start of the Fall selling season, and management has continued to raise the overall stakes for Lands' End: 1) the overall discount rate on the catalog has been reduced from 40% to 30%; 2) the focus remains on new items and, especially outfits; 3) fashion denim in wide leg and flared styles are a new fashion key, as the Lands' End customer begins to once again experiment with denim; 4) the product emphasis remains on new items, from further dress expansion and new cooling fabrics and 5) new outerwear, from rainwear to highlighting fashion pieces that are shown in the catalog but sold, for full price, online.As such, we believe management remains highly focused on raising overall pricing, increasing returns and continuing to leverage the Lands' End business model; we reiterate our Buy rating and $20 price target for LE.

LE: Snapping the Catalog; Lower Discount, Raise Fall Newness; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating and projections and raising our price target to $20 (from $17) after meeting with Lands' End management at their headquarters in Dodgeville, Wisconsin.</li><li>We believe management is laser focused on continuing to drive higher overall returns to the company, from shifting the product mix, lowering inventories, realizing higher pricing, focusing on features and stories to drive deeper customer interaction and loyalty, deepening licensing penetration on non-core categories, expanding internationally and driving stronger results at the Outfitters segment.</li><li>The emphasis on leveraging the highly trusted Lands' End moniker to maximize brand equity, drive higher returns and create an even more compelling lifestyle story is still in the early stages and, we believe, will drive multi-period growth.</li></ul>

We are reiterating our Buy rating and projections and raising our price target to $20 (from $17) after meeting with Lands' End management at their headquarters in Dodgeville, Wisconsin.We believe management is laser focused on continuing to drive higher overall returns to the company, from shifting the product mix, lowering inventories, realizing higher pricing, focusing on features and stories to drive deeper customer interaction and loyalty, deepening licensing penetration on non-core categories, expanding internationally and driving stronger results at the Outfitters segment.The emphasis on leveraging the highly trusted Lands' End moniker to maximize brand equity, drive higher returns and create an even more compelling lifestyle story is still in the early stages and, we believe, will drive multi-period growth.

LE: Mgmt. Meetings Confirm Positives; Raising PT to $20 (From $17); Reit. Buy

<ul><li>We are reiterating our Buy rating, projections and $17 price target for Lands' End as we review the July 2024 catalog.</li><li>The catalog is incremental for the company, as July is traditionally a clearance month (and the nearing of the end of season for swimwear).</li><li>The July catalog is a true lifestyle driven book, with a focus on fun living with Lands' End products.</li></ul>

We are reiterating our Buy rating, projections and $17 price target for Lands' End as we review the July 2024 catalog.The catalog is incremental for the company, as July is traditionally a clearance month (and the nearing of the end of season for swimwear).The July catalog is a true lifestyle driven book, with a focus on fun living with Lands' End products.

LE: Snapping the Catalog: Peak Excitement as the Temp Rises; Reiterate Buy, 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>Levi Strauss & Company reported a solid second quarter for fiscal 2024.</li><li>The company showcased a positive trajectory with a 9% rise in revenues on a constant currency basis, though this was slightly moderated to a 2% increase when adjusted for an enterprise resource planning (ERP) shift and the exit from the Denizen business.</li><li>Such growth underscores the firm's robust strategic execution despite ongoing market volatilities.</li></ul>

Levi Strauss & Company reported a solid second quarter for fiscal 2024.The company showcased a positive trajectory with a 9% rise in revenues on a constant currency basis, though this was slightly moderated to a 2% increase when adjusted for an enterprise resource planning (ERP) shift and the exit from the Denizen business.Such growth underscores the firm's robust strategic execution despite ongoing market volatilities.

Levi Strauss & Co.: How Are They Strengthening Their D2C Strategy?  - Major Drivers

<ul><li>We are reiterating our Buy rating, $17 price target and projections for Lands' End as we look at key trends for 2HFY24 and beyond.</li><li>We believe management's focus on reducing discounting, material product newness and excitement, telling product "stories" focused on key differentiating features, and shifting the product mix to higher levels of licensing, has been a hit, and we believe FY24 will continue to demonstrate there remain material upgrades still to come, with the potential for further top andbottom line upside.</li><li>Further, with international top line growth nearing, digital marketplaces remaining a plus and the full positive margin impact of licensing still on tap, we believe there remain further catalysts going forward.</li></ul>

We are reiterating our Buy rating, $17 price target and projections for Lands' End as we look at key trends for 2HFY24 and beyond.We believe management's focus on reducing discounting, material product newness and excitement, telling product "stories" focused on key differentiating features, and shifting the product mix to higher levels of licensing, has been a hit, and we believe FY24 will continue to demonstrate there remain material upgrades still to come, with the potential for further top andbottom line upside.Further, with international top line growth nearing, digital marketplaces remaining a plus and the full positive margin impact of licensing still on tap, we believe there remain further catalysts going forward.

LE: 2H Signposts; Proving Model Shifts Working; Reiterate Buy, $17 PT

United States

Levi Strauss & Co. manufactures and distributes apparels. The Company offers jeans, casual pants, tops, jackets, shirts, and other related products. Levi Strauss serves customers worldwide.

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Levi Strauss & Co (LEVI US)

LE: Snapping the Catalog; Lower Discount, Raise Fall Newness; Reiterate Buy, PT

We are reiterating our Buy rating, $20 price target and projections for Lands' End after reviewing the August catalog for 2023 and 2024. August is...

Small Cap Consumer Research

LE: Mgmt. Meetings Confirm Positives; Raising PT to $20 (From $17); Reit. Buy

We are reiterating our Buy rating and projections and raising our price target to $20 (from $17) after meeting with Lands' End management at their...

Small Cap Consumer Research

LE: Snapping the Catalog: Peak Excitement as the Temp Rises; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $17 price target for Lands' End as we review the July 2024 catalog. The catalog is incremental...

Small Cap Consumer Research

Levi Strauss & Co.: How Are They Strengthening Their D2C Strategy? - Major Drivers

Levi Strauss & Company reported a solid second quarter for fiscal 2024. The company showcased a positive trajectory with a 9% rise in revenues...

Baptista Research

LE: 2H Signposts; Proving Model Shifts Working; Reiterate Buy, $17 PT

We are reiterating our Buy rating, $17 price target and projections for Lands' End as we look at key trends for 2HFY24 and beyond. We believe...

Small Cap Consumer Research

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