SharkNinja Feedback from Meetings at JPM Fast Moving Consumer & Wellness Forum

研报英文原文证据摘录

SharkNinja Feedback from Meetings at JPM Fast Moving Consumer & Wellness Forum

ore similar at an operating margin level at this

point, although over time it is conceivable that DTC/social commerce could generate

better operating margins as company gets better scale on distribution and marketing.

Company sounded construcitve on opportunity globally and sees a “cut-and-paste”

strategy for TikTok shop in other international markets where it is rolling out (e.g.,

France, Germany, Spain, Italy, Mexico). Moreover, European markets generally have

higher DTC mix as company can deliver to consumer in same time as other large e-

commerce retailers given geography/population centers. That said, given omnichannel

approach and desire to establish good relationship with brick & mortar retailers, SN

seems to be taking a measured approach to DTC expansion.

• All Three Pillars Working, but Healthy Core is Key to Success. Of the roughly 25 new

products per year that SN targets to introduce, approximately 20 are in existing categories

and 5 are in “new” categories (where “new” is defined as new within the past two years).

The strategic thrust is to reinvigorate the base by introducing innovation in existing

categories and attempt to gain share and accelerate the replacement cycle—management

(4–8 year typical upgrade cycle) by offering compelling step-function improvements.

The key operating constraint in mature U.S. retail remains shelf/facing limitations, which

heightens the importance of making each facing “work harder.” Management pointed to

a key retailer’s cordless vacuum aisle as an example: 13 facings with SN accounting for

7, meaning incremental facing would be very difficult to come by, so growth must come

from innovation that drives upgrades and ASP lift.