Consumer - Key topics for LULU, ASO, and OXM (incl. card data + TikTok) & tariff impacts on guidance across our covg

研报英文原文证据摘录

Consumer - Key topics for LULU, ASO, and OXM (incl. card data + TikTok) & tariff impacts on guidance across our covg

Truist Securities

Equity Research Report June 4, 2026

CONSUMER: Softlines

Consumer - Key topics for LULU, ASO,

and OXM (incl. card data + TikTok) & tariff Joseph Civello

212-590-0968 impacts on guidance across our covg Joseph.Civello@truist.com

In an environment with consumer sentiment at all-time lows (per UMich Index of

Consumer Sentiment), we remain cautious on ASO as we believe its core consumers

Scot Ciccarelli, CFA continue to get squeezed by the macro. For LULU (Hold), we believe industry

212-319-3920 headwinds are exacerbated by existing product issues/category pressure and we think Scot.Ciccarelli@truist.com

visibility into a potential turnaround is very limited amidst leadership changes (lowering

PT to $135 from $170). We are raising our PT on OXM to $43 from $32 as trends at

Craig Larsen Tommy Bahama appear to have improved. That said, it appears the upside is already

212-319-2120 reflected in the stock and we remain Hold rated. Craig.Larsen@truist.com

14 Page Document Tariff & fuel cost impacts on guidance - For the most part, management teams in our

coverage universe are expecting the current ~10% tariffs in-place to remain in effect for

the rest of the year (reflecting a tailwind vs ~20% in CY2H25, which is largely offsetting

Reasons for this report higher fuel cost assumptions). Notable nuances on refund expectations: VFC (Hold)

has already included their expected refund as a receivable in its reported F4Q26 results,

✓ Earnings Preview and UAA (Hold) has embedded a refund into their F1Q27 outlook (no other outlooks/

✓ Adjusting Price Targets results in our coverage embed a benefit). While ASO (Hold) has yet to report F1Q,