Sustained Momentum in Denim Should Continue Into 2H

研报英文原文证据摘录

Sustained Momentum in Denim Should Continue Into 2H

TD SECURITIES (USA) LLC CONFERENCE CALL

July 10, 2026

■Retailing/Specialty Stores: Specialty Retail Sustained Momentum in Denim Should

Continue Into 2H

Jonna Kim, CFA THE TD COWEN INSIGHT

646 562 1419

Key takeaways from our conference call: (1) denim demand remains robust across

jonna.kim@tdsecurities.com

demographics, (2) Back-to-School (BTS) trends favor denim, especially relaxed fits & baggy

Oliver Chen, CFA silhouettes, and elevated basics, (3) promotional intensity remains rational, and (4) inventory

646 562 1424 across the industry appears clean and tightly managed.

oliver.chen@tdsecurities.com

Julia Shelanski We hosted Meg Covington Chief Financial Officer of AYR and Rich Cox, Chief Merchandising

646 562 1459 Officer of Pacsun for a conference call on denim trends.

julia.shelanski@tdsecurities.com

Denim Continues to Lead Bottoms Demand

Gabriella Garr

646 562 1356 We believe denim trends remain centered on relaxed silhouettes, with baggy, low-rise, and

gabriella.garr@tdsecurities.com straight-leg fits continuing to drive demand across demographics. While oversized styles

remain popular, consumers are increasingly gravitating toward cleaner, more wearable fits

rather than the most extreme interpretations. Wash trends are also shifting toward classic

indigo and cleaner finishes, while barrel, flare, and bootcut styles remain niche.

■Younger Cohorts: Denim trends remain heavily skewed toward baggy and low-rise

silhouettes, with newer, lower-rise fits gaining momentum and becoming key traffic drivers.

Men's demand continues to center on baggy denim, although consumers are beginning to

favor more wearable relaxed fits over the most extreme oversized styles.