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 $20 price target for Lands' End with the company announcing 2QFY25 (July) results after the close on Tuesday.</li><li>We believe the quarter was another key positive in the company's transformation to a leading lifestyle player, with Lands' End continuing to shift the product mix to higher margin licensed items, enjoying the full impact of warmer weather for the swimwear season and successfully navigating the current tariff driven waters.</li><li>We believe, especially in 2HFY25, when new licensing categories kick in and the back-to-school uniform segment ramps up, Lands' End will be poised to drive solid upside on both the top and bottom lines; as such, we reiterate our Buy rating and $20 price target for LE.</li></ul>

We are reiterating our Buy rating, projections and $20 price target for Lands' End with the company announcing 2QFY25 (July) results after the close on Tuesday.We believe the quarter was another key positive in the company's transformation to a leading lifestyle player, with Lands' End continuing to shift the product mix to higher margin licensed items, enjoying the full impact of warmer weather for the swimwear season and successfully navigating the current tariff driven waters.We believe, especially in 2HFY25, when new licensing categories kick in and the back-to-school uniform segment ramps up, Lands' End will be poised to drive solid upside on both the top and bottom lines; as such, we reiterate our Buy rating and $20 price target for LE.

LE: 2Q Preview: Creating the New Lands' End; Reiterate Buy, $20 PT

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Lands' End after reviewing the August catalog.</li><li>Lands' End continues to shift the overall focus of the catalogs to more of a lifestyle retailer, highlighting new denim, chinos, outerwear dressed and multiple tops collections, with new fabrics, textures and treatments.</li><li>Further, the company is beginning to roll out new tariff-driven higher pricing, which has been offset by higher catalog discounts; we believe virtually all apparel driven players will raise prices in 2H.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands' End after reviewing the August catalog.Lands' End continues to shift the overall focus of the catalogs to more of a lifestyle retailer, highlighting new denim, chinos, outerwear dressed and multiple tops collections, with new fabrics, textures and treatments.Further, the company is beginning to roll out new tariff-driven higher pricing, which has been offset by higher catalog discounts; we believe virtually all apparel driven players will raise prices in 2H.

LE: Snapping the Catalog: Ready For Fall with Features, Fun; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Lands' End as we review the July catalog.</li><li>July is the final month of material swimwear focus, as Lands' End begins to shift to Fall fashion (and outerwear); as such, the catalog is the smallest of the swimwear season (60 pages) and focuses on swim solutions, in multiple technologies, fabrics and colors, for the Lands' End customer looking to buy looks and go on vacation (or out to her pool).</li><li>Further, for the Lands' End customer who is already set for swim, there are continued lifestyle expansions in linen, denim, coordinated sets, and lightweight and slender tops.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands' End as we review the July catalog.July is the final month of material swimwear focus, as Lands' End begins to shift to Fall fashion (and outerwear); as such, the catalog is the smallest of the swimwear season (60 pages) and focuses on swim solutions, in multiple technologies, fabrics and colors, for the Lands' End customer looking to buy looks and go on vacation (or out to her pool).Further, for the Lands' End customer who is already set for swim, there are continued lifestyle expansions in linen, denim, coordinated sets, and lightweight and slender tops.

LE: Snapping the Catalog; Winding Down Summer in Style; Reiterate Buy, $20 PT

<ul><li>We are reiterating our Buy rating, $20 price target and projections for Lands' End as we look at key trends for 2HFY25 and beyond.</li><li>We believe Lands' End is poised to move into the next phase of the transformation of the company into a higher margin, higher return global brand, as the recently launched licensing initiatives begin expanding the overall category levels, as opposed to shifting prior owned categories into licensing relationships which, while driving higher return on assets, led to YoY revenue declines.</li><li>Further, with continued international expansion (both owned and licensed) on tap, further key wins at Lands' End Outfitters and the potential to continue to drive higher returns (and sales) in the core business as the company shifts the business model, we believe Lands' End remains well situated to drive further top and bottom line upside, and we reiterate our Buy rating and $20 price target.</li></ul>

We are reiterating our Buy rating, $20 price target and projections for Lands' End as we look at key trends for 2HFY25 and beyond.We believe Lands' End is poised to move into the next phase of the transformation of the company into a higher margin, higher return global brand, as the recently launched licensing initiatives begin expanding the overall category levels, as opposed to shifting prior owned categories into licensing relationships which, while driving higher return on assets, led to YoY revenue declines.Further, with continued international expansion (both owned and licensed) on tap, further key wins at Lands' End Outfitters and the potential to continue to drive higher returns (and sales) in the core business as the company shifts the business model, we believe Lands' End remains well situated to drive further top and bottom line upside, and we reiterate our Buy rating and $20 price target.

LE: 2H Signposts: Moving Past the Gap to Growth; Reiterate Buy, $20 PT

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

Oxford Industries, Inc. is an international manufacturer and wholesale marketer of branded and private label apparel for men, women, and children.  The Company's private label customers include national chains, specialty catalogs, mass merchandisers, department stores, specialty stores, and Internet retailers.

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Oxford Industries (OXM US)

LE: 2Q Preview: Creating the New Lands' End; Reiterate Buy, $20 PT

We are reiterating our Buy rating, projections and $20 price target for Lands' End with the company announcing 2QFY25 (July) results after the...

Small Cap Consumer Research

LE: Snapping the Catalog: Ready For Fall with Features, Fun; Reiterate Buy, PT

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

Small Cap Consumer Research

LE: Snapping the Catalog; Winding Down Summer in Style; Reiterate Buy, $20 PT

We are reiterating our Buy rating, $20 price target and projections for Lands' End as we review the July catalog. July is the final month of...

Small Cap Consumer Research

LE: 2H Signposts: Moving Past the Gap to Growth; Reiterate Buy, $20 PT

We are reiterating our Buy rating, $20 price target and projections for Lands' End as we look at key trends for 2HFY25 and beyond. We believe...

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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