00:00Let's start with Dick's Sporting Goods. This stock is down 2% right now, but up 18% year-to
00:06-date.
00:06So it's been doing pretty well. In the past year, it's up 34%.
00:09Dick's posted an earnings miss for last quarter. It is trying to get Foot Locker back to growth.
00:16Remember, it bought the Legacy Sneaker store back in September for about $2.5 billion.
00:20So it incurred over $96 million in charges related to that acquisition last quarter.
00:25And so those expenses contributed to a miss on Dick's bottom line.
00:30Top-line results, though, did beat expectations.
00:33And this is coming from analysis at Bloomberg Intelligence.
00:36They say Dick's Sporting Goods has strong momentum for its legacy business heading into the summer and the back-to
00:42-school shopping season.
00:43My goodness, back-to-school. We didn't even finish this school season.
00:46And then the World Cup, a possible catalyst for more same-store sales surprises.
00:51Apparently, that merch is already out in the stores.
00:53Talking of merch, I mean, the stock's down, right?
00:56Yeah.
00:56So I'm sitting in the food coat yesterday having my English breakfast, full English.
01:01Anne-Marie Horton comes up to me, and she's dressed in this gazillion, multiple hundred-dollar sparkle.
01:07I'm sitting in the first row, Nick's jacket.
01:10Love it.
01:11And she goes, does it work?
01:12And I said, well, it's the Knicks. It's got to work.
01:15I mean, can you imagine the merch Dick's is doing?
01:17She got it at Dick's Sporting's Goods.
01:19All right.
01:19Okay, there you go.
01:20So let's stick with retail into a little Lululemon.
01:24So this stock is up better than 3% right now, and we know they've been going through it.
01:28I mean, it's down 39% year-to-date, down 60% in the past year.
01:33They're trying to get their sales up.
01:34There have been executive changes at Lululemon.
01:37Well, now the company's making nice with its founder, Chip Wilson.
01:40Just this morning, it entered an agreement with Wilson to end their messy proxy fight.
01:46Wilson started that back in December.
01:47He is their largest shareholder.
01:49Under terms of the deal, Wilson's going to get two board seats, and in exchange, he's
01:54not going to badmouth Lululemon, it says in the agreement, for around a year and a half.
01:59So what happens after that?
02:01Exactly.
02:01Then you can trash the place.
02:02I don't know what the lawyers were thinking about there, but Lululemon, yeah.
02:06The stock is getting a nice bump today.
02:08And then Bath and Body Works.
02:10Oh, I just realized they're all retail stocks.
02:12That's okay.
02:12That's the time of year.
02:13It's so true.
02:14So this is the soap and candle retailer.
02:16You smell it the minute you walk into the stores.
02:18Stock is up 12% here today.
02:21It reported lower first quarter sales.
02:23The company is overhauling its strategy to return to growth.
02:27But you know what?
02:28Even though sales fell, they still came in better than expected.
02:33Also, guidance matched street estimates, full year guidance maintained.
02:36And their CFO has stepped down.
02:39And they're naming somebody else on an interim basis.
02:41They expect to generate free cash flow of about $600 million.
02:45But I did not get this.
02:47I did not know this.
02:48TD Cowan analyst saying there is more downside risk for Bath and Body Works, given their exposure
02:53to the Middle East.
02:54Do you know they get 5% of their sales from the Middle East?
02:56I did not know that.
02:56I've never gotten a company.
02:58I mean, I don't care because I'm in the triple leverage to all cash.
03:02But, you know, I just...
03:03Candles are not your thing, Tom.
03:05No, they're not.
03:06You know, it's okay.
03:07And I guess the markup's like 400%.
03:09You got anything else?
03:11I mean, I can do a little target for you.
03:13I got the Anne-Marie coat here.
03:15I can see you in this, Alexis.
03:17The pro-standard woman's New York Knicks black legacy varsity jacket.
03:23Oh, a varsity jacket.
03:24Like with the big letters or like a big K?
03:26The big letters and, you know...
03:27Do you think I can expense it?
03:29I would.
03:30I think it's called Retto expense to Anne-Marie Horton's.
03:33It's a job expense.
03:33I mean, same with Alexis Christophorus.
03:35I think it's called Retto expense.
03:35I think it's called Retto expense.
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