INSTITUTIONAL RESEARCH

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SHOWING RETAIL RESEARCH
DECK | Black Book – From Ugg to Ugh – Best Idea Short Learn More
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On Wed 2/7, we'll dive into the sales and margin trajectory and sustainability of Ugg/Hoka, among other thesis-driving reasons we're short.

SKX | Defending This One Big Time – Long Thesis Intact Learn More
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We rarely defend stocks on sell-offs (because we're usually short them), but think that this SKX reaction is overdone.

DECK | The Beat Everyone Knew Was Coming Learn More
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CEO is leaving while the model and the stock are at peak. Growth slows materially from here. Best Idea Short

AMZN | Continued Acceleration, Best Idea Long Learn More
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Quarter was excellent. Accelerating up and down the P&L with 383% EBIT growth. Numbers going way up, but RoC to moderate.

Sunday Retail EDGE | 8 Previews Into The Week Learn More
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Earnings Previews on AMZN, ONEW, DECK, SKX, GPI, BOOT, SBH and Notes on AS & HZO

REPLAY | AMER SPORTS (AS) Pre-IPO Black Book Learn More
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Here is our Amer Sports Pre-IPO Black Book Replay Where We Take an in Depth Walk Through the Brand Portfolio, Its History, Why the Targeted IPO Valuation is Far too High, and Where We Come Out on Our SOTP Valuation.

REPLAY | RH Black Book | The Next Chapter Learn More
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Replay of our RH Black Book - The Next Chapter: 2027 EPS of $48, Which We Think Gets A 25x Multiple, or a $1,200 Stock

Replay | PROBLEMS BREWING IN THE RUNNING SPACE Learn More
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Athletic Footwear Industry Deep Dive Highlighting Key Developments on the Horizon. Most Supply Entering the Market Ever. ONON, DECK, NKE, ADDYY, SKX, FL, ETC.

Retail | Detailed Traffic Analysis 12/1 Learn More
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Detailed Store Visits Analysis Containing Retail Sectors and 140+ Individual Stores. Weekly Publication.

Replay | Auto Retail/Dealer Black Book Learn More
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Auto Retail/Dealer Industry Deep Dive. Cracks Forming as Near Term Developments Bearish. Contrarian Based Research and Calls CVNA, LAD, KMX, SAH, PAG, GPI, ABG, AN.

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