Mullen Group price target lowered to C$15 from C$18 at CIBC
CIBC lowered the firm's price target on Mullen Group (MLLGF) to C$15 from C$18 and keeps an Outperformer rating on the shares. Heading into the Q1 earnings season, the firm says it does not expect any major guidance revisions from the Canadian rails or the waste sector. For its industrial/transportation coverage, the firm says the focus will be on tariffs and their implications across the coverage universe, adding that freight trends remained soft in Q1 and focus among those names will be on commentary on pricing and volume trends and expectations for the remainder of 2025.
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Mullen Group Ltd. to Announce Q1 2025 Earnings
Mullen Group Declares Monthly Dividend for Shareholders
Mullen Group Ltd. Declares Monthly Dividend
Mullen Group Ltd. Navigates Economic Challenges with Stable Earnings
Mullen Group price target lowered to C$17.50 from C$18.50 at Raymond James
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Designer Brands Inc (DBI) Q1 2025 Earnings Call Highlights: Navigating Challenges with ...
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Release Date: June 10, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Designer Brands Inc (NYSE:DBI) achieved two consecutive quarters of year-over-year adjusted operating income growth. The company implemented expense cuts resulting in a 6% reduction in operating expenses for the quarter. Topo brand showed impressive growth, with sales increasing by 84% year-over-year. The company is focusing on strategic partnerships and data-driven insights to optimize its product assortment. DBI is actively diversifying its sourcing to mitigate tariff impacts, expecting less than half of its sourcing to come from China by the end of the year. First quarter comparable sales declined by 8%, reflecting weakening consumer sentiment. US retail reported a 7.3% decline in comps and a 7.7% decline in total sales. Canadian sales declined by 2.9% with comps down 9.2%, affected by similar consumer sentiment issues as in the US. Consolidated gross margin decreased by nearly 120 basis points due to increased markdowns. The company withdrew its forward-looking guidance due to the highly volatile macro-environment. Q: Can you explain the relationship between the $20 million to $30 million in savings and the anticipated increase in SG&A expenses this year? A: Initially, we anticipated a $30 million headwind due to no bonus accrual for FY24. We started this year without a bonus accrual, providing about $10 million in favorability for Q1. However, we will face a headwind in Q3 due to last year's bonus reversal. Despite not providing guidance, we expect $20 million to $30 million in cuts below last year's SG&A for 2025. Q: Could you elaborate on the performance of the Canadian and brand portfolio segments, particularly regarding comps? A: In Canada, consumer sentiment mirrors the US, with volatility affecting comps. Rubino's addition caused some noise, but the sentiment remains similar. The brand portfolio saw mixed results; Topo grew 84%, while Keds faced top-line headwinds due to last year's liquidation but improved gross margins. Q: What trends are you seeing in Q2, and how are tariffs impacting your business? A: Q2 trends are similar to Q1's exit. Tariffs mainly affect consumer sentiment and volatility. Our brand portfolio team mitigated a potential $100 million gross profit pressure through negotiations and selective pricing. We're working with national brand partners to manage price increases while maintaining our IMU. Q: Can you provide insights into Topo's growth and expectations for 2025? A: Topo grew 84% in the quarter, driven by door expansion and new product launches. It's in 1,200 distribution points, and we expect this trend to continue. We're optimistic about its growth potential as we're just getting started with the brand. Q: How did the athletic wear segment perform in the US, and what are your expectations? A: Athletic and athleisure outperformed other categories, with DSW gaining market share in Q1. The top eight brands, mostly athletic, were flat in Q1, indicating strong relative performance. This aligns with our strategy over the past 18 months. Q: How are you planning for back-to-school and holiday seasons, and how are you navigating tariff mitigation? A: We're cautiously optimistic about back-to-school, with strong performance last year and buoyant kids' business. Inventory is well-managed, and the category is less affected by tariffs. For the holiday season, we're prepared to execute our playbook, focusing on gifting and marketing. Tariff mitigation involves diversifying sourcing and maintaining flexibility. Q: What are your strategies for mitigating tariff impacts, and how does it affect your sourcing? A: We accelerated diversification outside China, with options to reduce sourcing from China to 5%. However, China remains a stable and cost-effective supply chain for non-athletic footwear. Less than 20% of our products are directly controlled, so we work closely with partners on sourcing decisions. Q: How are you managing inventory and pricing in response to the current environment? A: We're closely monitoring inventory investments to align with demand and maintain flexibility. Pricing strategies involve maintaining IMU while working with brand partners to manage price increases. Our focus is on delivering value through inventory, pricing, and messaging. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
