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We are reiterating our Buy rating, raising our price target to $14 (from $12), raising our FY24 EPS projection to $0.18 (from $0.07) and rolling out top and bottom line projected growth for FY25 after Lands' End reported a strong end to FY23, driven by a multi-level focus on driving higher pricing, better inventory management and overall higher returns. Further, we believe in FY24, as the company continues to shift revenue to higher margin segments (such as licensing and online marketplaces) and
Companies: PVH JILL GPS LE LEVI OXM GES JILL OXM GES LE LEVI GPS PVH
Small Cap Consumer Research LLC
We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. With Spring now in full bloom, Express has been rolling out new looks for the season, from a major activewear collection, an expansion of Body Contour, new men's swim, shorts for both men and women and seasonal suiting and dresses for the next key event or wedding. Further, the offerings are keyed by an increased focus on mix and match core basics, offering strong ver
Companies: PVH LULU GPS URBN GIII ROST AEO TPR AEO GIII TJX GES EXPR ROST EXPR TPR LULU GES GPS TJX PVH URBN
We are reiterating our Buy rating, $12 price target and projections for Lands' End with the company announcing 4QFY23 (January) results before the open on Wednesday, March 27th. We believe management's focus on driving higher margins and overall returns via less discounting, more product newness, a focus on key categories (i.e. swimwear and outerwear) where Lands' End is dominant, expansion to incremental online marketplaces and, beginning in FY24, licensing secondary categories, will register s
We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. With the stores receiving early Spring shipments, the focus is on the final clearance of older goods and setting up for the new Spring Season. The new Spring season for women is setting up for lighter colors, continued high levels of versatility, and further expansion of key categories such as denim and Body Contour and women's suiting, while for men the focus is on t
We are initiating coverage of Lands' End, Inc., a leading solutions-based retailer of casual apparel, swimwear, outerwear, accessories, footwear and home products under the Lands’ End label, and school uniforms and workwear under the Lands' End Outfitters brand, with a Buy rating and $12 price target, or 8.1X our FY24 (January) Adjusted EBITDA projection. Under new CEO Andrew McLean, Lands' End has shifted to a more returns driven business model, with a focus on offering key customer solutions,
Companies: PVH JILL GPS LEVI GES JILL LSS OXM GES LE LEVI GPS PVH
We are reiterating our Buy rating and $20 price target for Express, but lowering our 4QFY23 projections after visiting stores in Long Island and Connecticut. While we believe the Holiday offerings, especially on the women's side, were solid in terms of looks and versatility, and the company was not overly focused on the tough outerwear market, Express management made a decision to materially clear out the stores back rooms, which has resulted in material markdowns and inventory on the store floo
We are reiterating our Buy rating, $20 price target and projections for Express as we enter the new year. With FY24 setting up as the first complete fiscal year under new CEO Stewart Glendinning, we look for Express to begin to leverage the gains from material cost saving programs, continue to expand the relationship with brand licensor WHP Global, further demonstrate the strength of the Bonobos acquisition and re-energize the Express brand to once again register consistent, profitable results.
We are reiterating our Buy rating, price target and projections for Express after visiting stores in Connecticut and Long Island. We believe Express has continued to aggressively reduce inventory levels and potential product overhang into 2024, as the company takes advantage of a strong women's offering, reduced dependence on heavy seasonal items (i.e. outerwear), new categories (loungewear), improved accessories offerings, and strong value and versatility, all of which have somewhat offset what
We are cutting our projections and price target for Express, but maintaining our Buy rating after the company missed 3Q projections and guided to a materially weaker than expected 4Q. Further, with inventories heavier than expected ahead of the Holiday season (up 14% YoY, or flat if Bonobos is excluded) we expect the season to remain aggressively promotional and, in the near term, offset any gains from cost savings and other S,G&A reductions (and probably spill over into Q1FY24). That said, we c
We are reiterating our Buy rating, $40 price target and projections for Express with the company announcing 3QFY23 (October) results before the open on Thursday. With a new Chief Executive Officer and Head Merchant and the Chief Financial Officer recently resigning for another opportunity, the 3Q call will be the first pronouncements from new management. We believe the company will continue with the ongoing program of cost savings (up to $80 million in FY23, $120 million in FY24 and $200 million
Gap delivered a strong set of results in the quarter surpassing Wall Street expectations in terms of revenues as well as earnings. The company has taken steps to maximize profitability and cash flow while rebalancing and lowering inventory to drive short-term and long-term improvements across its entire business. It observed continuous category strength in dresses, sweaters, slacks, and woven tops, with active underperforming in all areas as customers continue to move away from the cozier, at-ho
Companies: Gap (GPS:NYSE)Gap, Inc. (GPS:NYS)
Baptista Research
Gap saw a decline in its overall revenues in the past quarter but its results were still above analyst expectations. The company's overall revenues of $3.86 billion were down 8% from the prior year or 7% when measured in constant currency but it did deliver an earnings beat. They have witnessed an improvement in sales trends in July and into August, along with many other merchants, coming off of peak inflation and the increased gas prices, which particularly impacted the low-income consumer in J
Gap delivered a mixed set of Q1 results with revenues surpassing Wall Street expectations but the profitability being below par. The company’s results and revised fiscal 2022 outlook were primarily impacted by industry-wide headwinds and challenges at Old Navy. While the company is disappointed to report results that fall short of its expectations, it is confident in its ability to weather the storm and restore stability to the Old Navy business in order to meet long-term goals. In comparison to
Companies: Gap, Inc. (GPS:NYS)Gapwaves AB Class B (0GF1:LON)
Gap Inc.’s financial performance has been bleak over the past few quarters with many of its core brands, namely Athleta, Banana Republic, and Old Navy, performing quite low. The only category worth mentioning has been the women blazers of Banana Republic that has outperformed expectations, especially in high emotion and novelty colours. The company is looking at some key areas: growth of the loyalty program and using first-party data to monetize its customer relationships better. From the perspe
Gap Inc. delivered a relatively weak result with many of its core brands, namely Athleta, Banana Republic, and Old Navy, performing quite low. The only silver lining in the recent results has been the women blazers of Banana Republic that have outperformed expectations, especially in high emotion and novelty colours. The company is looking at some key areas: growth of the loyalty program and using first-party data to monetize its customer relationships better. From the perspective of category mi
Research Tree provides access to ongoing research coverage, media content and regulatory news on Gap, Inc.. We currently have 17 research reports from 3 professional analysts.
AFC has made strong progress with products and its manufacturing strategy. Despite heavy investment, the cash position, at £27.4m, was slightly better than our estimate for £26.9m, demonstrating good discipline. The monthly cash burn rate (at c. £1.3m) is tracking in-line with our expectations. Generally, we maintain our estimates for significantly increased sales in FY24e and FY25e, with the cash position unchanged. Recent news on commercial progress has been positive. The 30kW H-Power Generato
Companies: AFC Energy plc
Zeus Capital
Spectra Systems (SPSY) has an excellent record in growing profits through its highly regarded technology and relationships with key clients, which include a prominent global central bank. Now, the company is ready for the next stage, and we see the acquisition of Cartor Security Printers as a game-changer in enhancing its ability to continue, and potentially accelerate, this momentum, even as it continues to benefit from a near-term, multi-million-dollar sensor refresh programme with a long-term
Companies: Spectra Systems Corporation
WHIreland
The group’s year-end update flags trading ahead of expectations, achieved by strong growth in its Systems division, with the earlier than expected delivery of a NATO contract just prior to the year-end that pulls forward profit into FY24 making it a record year. Components continue to see a normalisation of orders and slower demand as previously flagged. Order cover is strong and further opportunities in the defence/security sector are leading to investment in Integrated Systems capabilities. Re
Companies: Solid State plc
Cavendish
2023 was a challenging year for Tandem, with cost-of-living pressures impacting demand for many of the group’s products. This led us to downgrade our forecasts several times during the year (including in December), and today’s results are largely in line with those revised projections – revenue -17% YoY to £22.2m and an adj. LAT of -£1.0m (our forecast of -£0.9m). FY24E looks more positive, however: economic pressures are easing for consumers (inflation is falling, interest rate cuts are expecte
Companies: Tandem Group plc
Today’s trading update confirms FY24E profitability above the top end of previously guided range, with positive trading momentum building into FY25.
Companies: Revolution Beauty Group plc
Companies: FOG TND BVXP ACC HDD
Solid State is a specialist value added component supplier and design-in manufacturer of computing, power and communications products. This morning, the group has provided a trading update for the year ended 31 March 2024, reporting the earlier than expected delivery of specific contracts within its Systems division and resulting in the group's FY 2024E revenue and PBT outturn anticipated ahead of our forecasts, with a commensurate decrease in our FY 2025E estimates. The delivery of these contr
Liberum
Companies: LPA SOLI NANO QTX
Encouraging FY23 results from SPSY this morning show profits and cash a touch ahead of expectation and position the company well for a year of strong growth in FY24E. SPSY leads the market in machine-readable high speed banknote authentication, brand protection technologies and gaming security software. The company grew the business robustly in FY23 (PBTA +6%, EPS pared by increased tax payments, progressive DPS), building on a decade of double digit CAGR; and closed the year with the transfor
Finals from the leader in machine-readable high-speed bank note authentication, brand protection technologies, security printing, and gaming software, in line. FY23’s stand-out feature was December’s acquisition of Cartor Holdings, the security printing business. As discussed at the time, this has moved Spectra’s Fusion polymer substrate proposition substantially forward, strengthens its competitive position and provides access to state of the art manufacturing facilities. Extending up the suppl
Allenby Capital
While revenue fell short of expectations due mainly to self-tan weakness, progress on margins, cost synergies and efficiency enabled BAR to deliver a reduction in H1 losses. While growth and profitability in other high margin brands has progressed, Skinny Tan trading is not expected to improve until next year. With synergy benefits having mostly annualised, lower sales forecasts impact the timing of the inflection to profit. We now assume losses both this and next year, albeit net cash is mostly
Companies: Brand Architekts Group plc
Singer Capital Markets
Companies: Portmeirion Group PLC
Shore Capital
Dowlais Group’s first set of results were ahead of our expectations, with positive cash generation a highlight despite restructuring and demerger costs. Softer automotive markets will limit margin progress in FY24 towards the double-digit target. Despite this, margins of c 6.5% are still ahead of automotive peers, although the shares trade at a significant discount to our implied generic peer-based valuation.
Companies: Dowlais Group PLC
Edison
Companies: IG Design Group plc
Canaccord Genuity
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