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, projections and $17 price target for Lands' End after reviewing the June 2024 and June 2023 catalogs.</li><li>We believe, with Lands' End in the heart of the swim season, the company remains focused on key new items to drive earlier purchases by customer, with new shaping swimwear products, updates to classic items such as the Tugless Tank and Starfish pants, new fabrics (gauze and rayon) and increased emphasis on seasonal winners (linen).</li><li>Further, the expansion into adjacent categories, such as dresses, after-swim looks and cover-ups, further expands the Lands' End collection and creates a true swim-wear driven vacation lifestyle look.</li></ul>

We are reiterating our Buy rating, projections and $17 price target for Lands' End after reviewing the June 2024 and June 2023 catalogs.We believe, with Lands' End in the heart of the swim season, the company remains focused on key new items to drive earlier purchases by customer, with new shaping swimwear products, updates to classic items such as the Tugless Tank and Starfish pants, new fabrics (gauze and rayon) and increased emphasis on seasonal winners (linen).Further, the expansion into adjacent categories, such as dresses, after-swim looks and cover-ups, further expands the Lands' End collection and creates a true swim-wear driven vacation lifestyle look.

LE: Snapping the Catalog: Layering in Newness; Reiterate Buy Rating, $17 PT

<ul><li>We are reiterating our Buy rating, raising our price target to $17 (from $14) and raising our FY24 and FY25 EPS projections to $0.29 (from $0.18) and $0.56 (from $0.39), respectively, as Lands' End registered an impressive 1QFY24 (April), beating the Street and their own guidance, on multiple levels, raising the lower end of revenue and raising overall EBITDA and EPS guidance for FY24.</li><li>Further, initial 2QFY24 guidance conservatively bracketed Street expectations.</li><li>Management's focus to raise overall returns by injecting further innovation and newness, reducing inventories, shifting secondary categories to licensed product, driving international growth and expanding the B2B channel, have all continued to gain momentum, and we believe the company is nearing a shift to revenue growth, which would further focus investor attention.</li></ul>

We are reiterating our Buy rating, raising our price target to $17 (from $14) and raising our FY24 and FY25 EPS projections to $0.29 (from $0.18) and $0.56 (from $0.39), respectively, as Lands' End registered an impressive 1QFY24 (April), beating the Street and their own guidance, on multiple levels, raising the lower end of revenue and raising overall EBITDA and EPS guidance for FY24.Further, initial 2QFY24 guidance conservatively bracketed Street expectations.Management's focus to raise overall returns by injecting further innovation and newness, reducing inventories, shifting secondary categories to licensed product, driving international growth and expanding the B2B channel, have all continued to gain momentum, and we believe the company is nearing a shift to revenue growth, which would further focus investor attention.

LE: 1Q Review: Turn Fully on Track; Raising Estimates, PT to $17; Reiterate Buy

<ul><li>We are reiterating our Buy rating, projections and price target for Lands' End with the company announcing 1QFY24 (April) results before the open on Wednesday.</li><li>We believe 1Q was another key step forward in terms of driving newness, reducing discounting and shifting the model to a focus on higher overall returns, with key categories (footwear) beginning to shift to the licensed model and international continuing to slowly turn.</li><li>That said, with 1Q anniversarying the closing of the Delta contract, comparisons will be skewed.</li></ul>

We are reiterating our Buy rating, projections and price target for Lands' End with the company announcing 1QFY24 (April) results before the open on Wednesday.We believe 1Q was another key step forward in terms of driving newness, reducing discounting and shifting the model to a focus on higher overall returns, with key categories (footwear) beginning to shift to the licensed model and international continuing to slowly turn.That said, with 1Q anniversarying the closing of the Delta contract, comparisons will be skewed.

LE: 1Q Preview; Margin Driven Model Upside On Track; Reiterate Buy, $14 PT

<ul><li>We are reiterating our Buy rating, $14 price target, and projections for Lands' End after reviewing the May catalogs for 2023 and 2024.</li><li>The overwhelming focus for this month is swim, one of the core categories for the company.</li><li>Lands' End continues to drive deeper levels of newness to capture higher pricing and create a sense of urgency for purchases.</li></ul>

We are reiterating our Buy rating, $14 price target, and projections for Lands' End after reviewing the May catalogs for 2023 and 2024.The overwhelming focus for this month is swim, one of the core categories for the company.Lands' End continues to drive deeper levels of newness to capture higher pricing and create a sense of urgency for purchases.

LE: Snapping the Catalog: The "New" Lands' End Swim; Reiterate Buy & $14 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 & Co reported revenues of $1.6 billion, reflecting a decline of 8% on a constant currency basis due to a $100 million shift from Q2 into Q1 related to the ERP implementation in the U.S. However, excluding this shift and the effect of exiting the Denizen business in Russia, Q1 revenues were flat.</li><li>The company’s adjusted diluted earnings per share (EPS) were $0.26, which outperformed expectations.</li><li>This improvement was mainly driven by a 240 basis-point increase in gross margin and prudently managing the company's expenses.</li></ul>

Levi Strauss & Co reported revenues of $1.6 billion, reflecting a decline of 8% on a constant currency basis due to a $100 million shift from Q2 into Q1 related to the ERP implementation in the U.S. However, excluding this shift and the effect of exiting the Denizen business in Russia, Q1 revenues were flat.The company’s adjusted diluted earnings per share (EPS) were $0.26, which outperformed expectations.This improvement was mainly driven by a 240 basis-point increase in gross margin and prudently managing the company's expenses.

Levi Strauss & Co.: Growth In Direct-to-Consumer (DTC) Propelling Its Success? - Major Drivers

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: Layering in Newness; Reiterate Buy Rating, $17 PT

We are reiterating our Buy rating, projections and $17 price target for Lands' End after reviewing the June 2024 and June 2023 catalogs. We...

Small Cap Consumer Research

LE: 1Q Review: Turn Fully on Track; Raising Estimates, PT to $17; Reiterate Buy

We are reiterating our Buy rating, raising our price target to $17 (from $14) and raising our FY24 and FY25 EPS projections to $0.29 (from $0.18)...

Small Cap Consumer Research

LE: 1Q Preview; Margin Driven Model Upside On Track; Reiterate Buy, $14 PT

We are reiterating our Buy rating, projections and price target for Lands' End with the company announcing 1QFY24 (April) results before the open...

Small Cap Consumer Research

LE: Snapping the Catalog: The "New" Lands' End Swim; Reiterate Buy & $14 PT

We are reiterating our Buy rating, $14 price target, and projections for Lands' End after reviewing the May catalogs for 2023 and 2024. The...

Small Cap Consumer Research

Levi Strauss & Co.: Growth In Direct-to-Consumer (DTC) Propelling Its Success? - Major Drivers

Levi Strauss & Co reported revenues of $1.6 billion, reflecting a decline of 8% on a constant currency basis due to a $100 million shift from...

Baptista Research

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