Fashion Files Vol 158: Data Matrix, CPI Reads, DECK Pre-EPS Update

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Fashion Files Vol 158: Data Matrix, CPI Reads, DECK Pre-EPS Update

Labor Statistics, FRED

CPI readings are notable, in our view, as apparel and footwear inflation appear to be re-accelerating

toward '22-'23 peak levels following tariff-related price increases in the industry last year. While Exhibit 3 - Footwear CPI vs. PPI Y/Y Growth -

Footwear CPI Accelerating in 2026, PPI More

not yet alarming, these trends warrant close monitoring given cautious company outlooks for Stable

consumer demand ahead. Oct-2025 data unreported due to gov't

shutdown

DECK Key Topics Ahead of Earnings: With sentiment more challenged, key investor qs include US 14%12%

share, HOKA competition, and ME impacts. For EPS next yr, we see initial guide skewing conserv., w/ 10%8%

a potential low end of ~$7 and base case moderately below $7.34 Street, and a softer Q1. That said, 6%4%

0%we believe co. can deliver well above this and see >$9 potential in FY28. While LT drivers remain, -2%2%

execution has been resilient, and P/E is below historical, more visibility is likely needed for a re-rate. -4%

Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26See note HERE and our CYQ1 Fashion Brands & Platforms Preview HERE.

CPI PPI

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TPR Secures AI Patent: TPR received a US patent for its proprietary AI platform, Mira, which Source: U.S. Bureau of Labor Statistics, FRED

connects merchandising, planning, and ops data for faster decision-making. The platform replaces

manual analysis across multiple dashboards, compressing timelines from days to seconds or

minutes. Mira is already being deployed in assortment planning and inventory mgmt., with broader