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, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in FY27 after the company announced solid 4QFY25 (January) results, with top and bottom line upside driven by rag and bone and European results.</li><li>With management focused on returning domestic stores to positive comps (via closures and upgrades) and continuing to fund growth opportunities for rag and bone, Guess Jeans and international, we expect FY26 to set the stage for FY27 (and beyond) top and bottom line growth.</li><li>Further, with Guess?' highly material international operations and licensed businesses, we believe tariffs are not as material an issue as investors perceive.</li></ul>

We are reiterating our Buy rating, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in FY27 after the company announced solid 4QFY25 (January) results, with top and bottom line upside driven by rag and bone and European results.With management focused on returning domestic stores to positive comps (via closures and upgrades) and continuing to fund growth opportunities for rag and bone, Guess Jeans and international, we expect FY26 to set the stage for FY27 (and beyond) top and bottom line growth.Further, with Guess?' highly material international operations and licensed businesses, we believe tariffs are not as material an issue as investors perceive.

GES: 4Q Review: Being Offensive & Defensive to Drive Returns; Reiterate Buy

<ul><li>We are reiterating our Buy rating, projections and $23 price target with Guess?</li><li>announcing 4QFY25 (January) results after the close on Thursday.</li><li>While we do not expect material upside to our previously reduced 4Q projections, we do believe management will be upbeat on the potential to turn the domestic operations in FY26 and the beginning of rag and bone global store expansion, with the launch of licensed accessories also on tap for Spring 2025; further, we believe Europe has remained a key bright spot, with the Guess Jeans launch gaining momentum.</li></ul>

We are reiterating our Buy rating, projections and $23 price target with Guess?announcing 4QFY25 (January) results after the close on Thursday.While we do not expect material upside to our previously reduced 4Q projections, we do believe management will be upbeat on the potential to turn the domestic operations in FY26 and the beginning of rag and bone global store expansion, with the launch of licensed accessories also on tap for Spring 2025; further, we believe Europe has remained a key bright spot, with the Guess Jeans launch gaining momentum.

GES: 4Q Preview: Planning the Turn; Reiterate Buy, $23 PT

<ul><li>We are reiterating our Buy rating, projections and $23 price target for Guess?</li><li>after visiting stores in Long Island and Metropolitan New York City.</li><li>Although way too early to call, we are seeing hints of a turn at the company's main line and outlet stores, driven by shifts in displaying product, distorting to key fashion leading product and magnifying the product positives by offering key items in multiple hues/patterns.</li></ul>

We are reiterating our Buy rating, projections and $23 price target for Guess?after visiting stores in Long Island and Metropolitan New York City.Although way too early to call, we are seeing hints of a turn at the company's main line and outlet stores, driven by shifts in displaying product, distorting to key fashion leading product and magnifying the product positives by offering key items in multiple hues/patterns.

GES: Snapping the Store: Signs of a Spring Turn; Reiterate Buy, $23 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>Ross Stores, Inc. recently reported its fourth-quarter and fiscal year 2024 financial results, offering a mixed performance.</li><li>The company achieved fourth-quarter sales of $5.9 billion, representing a comparable store sales gain of 3%, a significant improvement on top of the robust 7% gain in the same period last year.</li><li>Earnings per share for the quarter slightly decreased to $1.79 from $1.82 per share in the previous year's 14-week quarter.</li></ul>

Ross Stores, Inc. recently reported its fourth-quarter and fiscal year 2024 financial results, offering a mixed performance.The company achieved fourth-quarter sales of $5.9 billion, representing a comparable store sales gain of 3%, a significant improvement on top of the robust 7% gain in the same period last year.Earnings per share for the quarter slightly decreased to $1.79 from $1.82 per share in the previous year's 14-week quarter.

Ross Stores Inc.: Brand Strategy Impact & An Improved Competitive Position Contributing To Stock's Potential Growth!

<ul><li>We are reiterating our Buy rating, $23 price target and projections for Guess?</li><li>after visiting stores in Long Island and the Metro New York City area.</li><li>Given shifts in the calendar (materially later Easter), unseasonably cold weather and an unforeseen store closing, main line Guess?</li></ul>

We are reiterating our Buy rating, $23 price target and projections for Guess?after visiting stores in Long Island and the Metro New York City area.Given shifts in the calendar (materially later Easter), unseasonably cold weather and an unforeseen store closing, main line Guess?

GES: Snapping the Store: Calendar Leads to Leisured Spring; Reiterate Buy, PT

United States

Ross Stores, Inc. operates two brands of off-price retail apparel and home accessories stores. Ross Stores offers name brand and designer apparel, accessories, footwear, and home fashions at discount prices.

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Ross Stores Inc (ROST US)

GES: 4Q Review: Being Offensive & Defensive to Drive Returns; Reiterate Buy

We are reiterating our Buy rating, $23 price target, lowering our FY26 EPS projections and rolling out a somewhat belated return to EPS growth in...

Small Cap Consumer Research

GES: 4Q Preview: Planning the Turn; Reiterate Buy, $23 PT

We are reiterating our Buy rating, projections and $23 price target with Guess? announcing 4QFY25 (January) results after the close on...

Small Cap Consumer Research

GES: Snapping the Store: Signs of a Spring Turn; Reiterate Buy, $23 PT

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

Small Cap Consumer Research

Ross Stores Inc.: Brand Strategy Impact & An Improved Competitive Position Contributing To Stock's Potential Growth!

Ross Stores, Inc. recently reported its fourth-quarter and fiscal year 2024 financial results, offering a mixed performance. The company achieved...

Baptista Research

GES: Snapping the Store: Calendar Leads to Leisured Spring; Reiterate Buy, PT

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

Small Cap Consumer Research

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