“In our RV end market, we have seen an industry-wide restocking of dealer inventories approaching pre-pandemic levels. We are beginning to see OEM production react accordingly. We currently estimate full year 2022 RV wholesale unit...
READ MORE >“As we sit here today, I'm proud to tell you that last weekend, our Friday, Saturday and Sunday in May was the biggest weekend in our company's history, period, end of story, in all aspects, every part of our...
READ MORE >We are introducing Camping World Holdings (CWH) as a long idea with a $20 Price Objective. Please see the attached slide deck which outlines our investment thesis and feedback from our survey of more...
READ MORE >Approximately 3-years ago we introduced BIG as a short idea. Our thesis at that time was as follows: The financial benefits of gaining access to EBT/SNAP benefits and the introduction of Easy Leasing...
READ MORE >“One thing I do want to mention though that we learned for the recession as well is you have to remember the nature of our portfolio. Where we are typically a bit of a higher risk more of a near-prime portfolio, it...
READ MORE >Somewhere in the Bay Area right now, a seasoned executive in the retail space sits in his office with a furrowed brow and clenched hands as he contemplates his move back to Ohio. West Point grads are known for their tenacity in tackling a challenge, so there’s little doubt that Bruce...
READ MORE >Heading into BIG’s 4Q17 earnings release, we thought the company would be able to generate positive comps, albeit lower than consensus, but would struggle to generate the kind of operating leverage on meager SSS growth it has achieved over...
READ MORE >Presumably BIG will report 4Q17 earnings results on Friday morning. At this stage, the company has not yet announced an official reporting date which is somewhat unusual. Historically, BIG has...
READ MORE >Expanded square footage, broader product offerings and SKU sets (gray!), more liberal down payment options through Progressive, and the Big Lots private label credit card couldn’t prevent BIG from witnessing massive deceleration in growth...
READ MORE >“We’re focused on growth in e-commerce….I don’t think enough companies worry about obsolescence. We think about it all the time.” Kevan Gorrie, CEO Pure Industrial REIT 2/9/17 (Canada...
READ MORE >“I guess the best thing that I can say is from a strategic standpoint, Seasonal and Furniture and Soft Home seem to be categories that not everybody is focused on.” Timothy A. Johnson, Big Lots CFO, 8/25/17 2Q17 Earnings Conf....
READ MORE >“There is always a heavy demand for fresh mediocrity. In every generation the least cultivated taste has the largest appetite.” Paul Gauguin Following another 90-minute conference call in which...
READ MORE >“It's just that I've never seen people celebrate mediocrity the way you do.” Jack Byrnes (Robert DeNiro). Meet the Fockers. Dir. Jay Roach. Universal Studios 2004. For...
READ MORE >“Financial engineering is the use of mathematical techniques to solve financial problems. Financial engineering uses tools and knowledge from the fields of computer science, statistics, economics and applied...
READ MORE >This isn’t the first time, nor will it be the last (unfortunately) that the stock of a company that we have recommended going short has been acquired. It happened with OPEN, MCRS, and now RON. ...
READ MORE >We recently conducted a survey of approximately 20 independent specialty jeweler retailers. The purpose of our survey was to: Gain greater insight on sales trends in the first few weeks of the holiday season Determine how independent...
READ MORE >This report was originally published on 12/16/09.Shares of SIG (29.54 ↓0.94%) have pulled back in the past 10-days following ZLC (3.03↓6.19%)’s 10-Q filing, in which Zale’s reported...
READ MORE >This report was originally published 9/9/09.SIG reported 2Q10 results this morning. You can find the full press release here. Overall, the company handily beat consensus expectations and the stock has reacted...
READ MORE >This report was originally published 8/25/09.In a recent post on NILE (54.88 ↑1.95%), we discussed the primary fundamental short thesis on the stock, which included among other things the company’s “operating margin conundrum”. In short, it is our view that...
READ MORE >This report was originally published on 8/12/09.Approximately 6-weeks ago we introduced a pair trade recommendation Long Signet Jewelers/Short Blue Nile. Thus far it has not yielded positive...
READ MORE >This report was originally published on 6/25/09.Over the past few months there have been some nascent signs of stabilization in consumer spending. For the most part we have avoided the entire consumer sector during the recovery in the market over...
READ MORE >SELL
$50
LONG
$110
SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0