Growing out of the old self: management itself says the company has quietly become a different business, and the numbers
The model's full reasoning — Q1 2017 call → NOThe question asks whether management conveys that the company is running on a different basis than its reported results and reputation were built on, with both halves present: (1) a change of basis already real, and (2) management says the record and perception lag the change. Let me analyze the transcript carefully. Victor Herrero's opening remarks: "You have already heard of course about the challenges in the U.S. Retail sector... At times like this, I think that it is very important to articulate why Guess? is different and why I believe that the negative impact that you read and hear about should not affect Guess? in the same magnitude as many other companies." He then explains: "It is very important to know that in the U.S. Guess? is not a big supplier to department stores... Wholesale revenues represent only about 10% of our total revenues in the U.S. So we are not impacted very much by the shifting landscape in U.S. department stores." "Also, we are one of the very few U.S. based retailers that has the majority of its revenues from outside the U.S. Last year, almost 60% of our sales was generated from international markets." "Guess? is not a U.S. centric company. Guess? is a global brand with distribution in over 90 markets which happens to be headquartered in the U.S. And our business outside the U.S. is currently thriving." So he's describing the company as already being a global company, not a U.S. centric one. This is a description of the current state. He talks about Europe: "In Europe, we have a three-year revenue growth target of $300 million. This quarter our retail comps were up in the mid-teens with positive comps in almost all markets in the region." He talks about the new store concept, the new Guess? lifestyle concept. "In summary, we are confident in our ability to achieve the three-year plan and are prepared to adapt our plans over time as conditions dictate and will update you on our progress during the year." "Before I turn over to Sandeep, please keep in mind my comment in our last earnings call that the first six months of this year is a transition period for our three-year plan. We are now a little more than halfway through this transition.
| Ticker | Company | Call | Date | Call grade |
|---|---|---|---|---|
| SANG | Sangoma Technologies Corporation | Q2 2024 | 2024-02-08 | D |
| WD | Walker & Dunlop, Inc. | Q2 2022 | 2022-08-09 | C+ |
| KD | Kyndryl Holdings, Inc. | Q4 2021 | 2022-03-01 | C+ |
| CAG | Conagra Brands, Inc. | Q2 2017 | 2016-12-22 | C+ |
CALX · Q1 2023 → YESThe question is whether management conveys that the company today is running on a different basis than what its reported results and reputation were built on. Both parts: a change of basis already rea...YES The transcript shows management describing the company as now operating on a fundamentally different basis—selling into a new market of broadband service providers building consolidated networks, shifting from a legacy cyclical model to sequential revenue through platforms, clouds, and managed services—while treating this as an accomplished reality today, not a future plan. They emphasize numbers like 988 BSP deployments, 865 cloud customers, and 334 managed services customers, along with three years of over 25% growth, as evidence of this new foundation already in place.
SANG · Q2 2024 → YESThe question is whether management conveys that the company today is running on a different basis than the one its reported results and reputation were built on. Both parts: a real change of basis alr...
WD · Q2 2022 → YESThe question is whether management conveys that the company today is running on a different basis than the company its reported results and reputation were built on. Specifically, two parts: a change ...