Our Top Takeaways from Retail Earnings Thus Far

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Our Top Takeaways from Retail Earnings Thus Far

Consumer Discretionary May 26, 2026

Simeon Siegel, CFA

simeon.siegel@guggenheimpartners.com Our Top Takeaways from Retail Earnings Thus Far

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Daniel Stroller Key Message: Although it may not have felt like it from stock moves, our coverage saw revenues accelerate coupled with an above-

daniel.stroller@guggenheimpartners.com average percentage of EBIT and EPS growers and broad-based upward EPS revisions (pp. 3). Fears are bubbling as we get closer to 929 788 0322 lapping an incredibly strong 2H but, at least for now, results (across the retailers' income demographics) have been generally growing.

Jonathan Elias

jonathan.elias@guggenheimpartners.com Following our recent April 27th, Playbook for Off Price Success, ROST remains our top "Expensive For a Reason" pick as we see

212 381 7573 a multi-year top-line opportunity, with value opportunities littered across the coverage as well (though we acknowledge that, right or

Edward Wendel, CFA wrong, it seems fewer investors are looking for value-centric underappreciated longs at this point). For what it's worth, our Quarterly

edward.wendel@guggenheimpartners.com FAST Analysis flags BIRK (post-ASR lift), URBN & DECK (negative callouts) and TPR, VFC and TJX (positive callouts) as having

415 934 8448 made outsized share moves vs. their relative fundamentals since the beginning of the earnings season (pp. 15).

May Not Have Felt Like It, But So Far This Quarter, Our Coverage Saw Above-Avg. Sales, EBIT & EPS Growers & % of EPS

Ticker Price Rating Beats. pp. 3.

BIRK $41.38 Buy

DECK $106.67 Neutral Tallying it Up: RL & ROST Were the Clear Leaders; TPR & ONON Sold Off on EPS Despite All Positive Results; URBN Went Up

EYE $17.13 Buy Despite GM/EBIT Contraction. pp. 4.