🔹 Revenue: $2.4B (Est. $2.36B) 🟢; UP +7% YoY (or +8% on cc)
🔹 EPS: $2.60 (Est. $2.58) 🟢
🔹 Comparable Sales: UP +1%
FY Guidance
🔹 Revenue: $11.15B–$11.3B (Est. $11.24B) 🔴
🔹 EPS: $14.58–$14.78 (Est. $14.94) 🔴
🔸 Full-year revenue growth expected +5% to +7%, or +7% to +8% excluding 53rd week effect
🔸 Guidance excludes any impact from future share repurchases
🔸 Forecasts based on management’s expectations; excludes macro and tariff uncertainties
Q2 Guidance
🔹 Revenue: $2.535B–$2.56B (Est. $2.57B) 🔴
🔹 EPS: $2.85–$2.90 (Est. $3.32) 🔴
🔸 Assumes ~30% tax rate
🔸 Revenue Growth Outlook: +7% to +8% YoY
Q1 Geographic Performance
🔹 Americas Revenue: UP +3% YoY (or +4% cc)
🔹 International Revenue: UP +19% YoY (or +20% cc)
🔹 Americas Comparable Sales: DOWN -2% (or -1% cc)
🔹 International Comparable Sales: UP +6% (or +7% cc)
Other Key Q1 Metrics:
🔹 Gross Profit: $1.4B; UP +8% YoY
🔹 Gross Margin: 58.3% (UP +60 bps YoY)
🔹 Operating Income: $438.6M; UP +1% YoY
🔹 Operating Margin: 18.5% (DOWN -110 bps YoY)
🔹 Effective Tax Rate: 30.2% (vs. 29.5% YoY)
🔹 Shares Repurchased: 1.4M shares for $430.4M
🔹 Cash & Cash Equivalents: $1.3B
🔹 Total Stores: 770 (Net +3 stores in Q1)
🔹 Inventory: $1.7B; UP +23% YoY (UP +16% on unit basis)
CEO & CFO Commentary
🔸 CEO Calvin McDonald:
“In the first quarter, we achieved growth across channels, categories, and markets, including the U.S., reflecting the continued strength and agility of our business model. We’re leveraging our financial strength to play offense, even in a dynamic macroenvironment.”
🔸 CFO Meghan Frank:
“We delivered revenue at the high end of our Q1 guidance and are pleased with how Q2 has started. We're operating with discipline and remain focused on long-term strategy.”
