| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | September 3, 2026 | 7/12 | 2 high, 2 medium, 1 low flags | 0 | 0 | Call sheet → |
| Q1'26 | June 4, 2026 | 6/12 | 2 high, 4 medium, 1 low flags | 2 | 3 | Call sheet → |
| Q4'25 | March 17, 2026 | 10/12 | 1 high, 3 medium, 3 low flags | 5 | 0 | Call sheet → |
| Q3'25 | December 11, 2025 | 9/12 | 3 high, 2 medium, 2 low flags | 4 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Reduce product development cycle to 12‑14 months No update on actual cycle length in Q2; management only said they are working on it |
| Q1'26 | Delivered | Meaningful improvement in Q1 full-price sales relative to Q4 Confirmed high single digit increase globally though US still negative |
| Q1'26 | Missed | Gross margin decrease approximately 120 basis points for full year 2026 Now expecting 90 bps decline, better than originally guided due to lower tariff impact |
| Q1'26 | Pending | Opening approximately 40-45 net new stores in 2026 Moved to 'closer to low end' of 40-45 range, slight pullback from original commitment |
| Q1'26 | Delivered | China revenue up approximately 20% for full year 2026 Maintaining 20% guide despite Q1 brand noise impact, Q1 came in at 30%/23% constant currency |
| Q1'26 | Missed | Driving full-price sales growth beginning in Q2 and continuing into second half Now saying Q2 will have markdowns up 50 bps and seasonal clearance higher than expected |
| Q1'26 | Missed | Returning to healthier levels of full-price sales with improvement through the year Full price globally up high single digits but US still negative, and Q2 guidance shows more markdowns not less |
| Q4'25 | Exceeded | Expected China Mainland at or better than high end of 20-25% range Q4 came in at 28% growth despite calendar headwinds |
| Q4'25 | Pending | Reducing go-to-market timeline from 18-24 months Target of 12-14 months confirmed but timeline for achieving this not specified |
| Q4'25 | Delivered | Chase capabilities to get back into strong performing styles Specified 6-8 weeks timeline for chase capability |
| Q4'25 | Delivered | Planning inventory units below sales (Q3 2025) Confirmed units flat to slightly down for 2026, maintaining conservative posture |
| Q4'25 | Delivered | Revenue trends in U.S. in Q4 to be modestly improved relative to Q3 North America went from -2% in Q3 to flat in Q4 (ex-53rd week) |
| Q4'25 | Delivered | New style penetration to 35% next spring (Q3 2025 call) Confirmed 35% target for spring 2026, up from 23% in 2025 |
| Q3'25 | Delivered | Enterprise-wide savings initiatives to mitigate tariff costs Reduced 2025 tariff impact from $220M to $190M through mitigation efforts |
| Q3'25 | Exceeded | China Mainland growth of 20% to 25% for 2025 Now expecting 'at or better than the high end' after 46% Q3 performance |
| Q3'25 | Exceeded | EPS guidance of $12.77 to $12.97 for 2025 Raised to $12.92-13.02 range |
| Q3'25 | Exceeded | Revenue growth of 4% to 6% for 2025 excluding 53rd week Raised guidance to $10.96-11.05B range, implying 4% growth at midpoint |
| Q3'25 | Pending | Most meaningful impact beginning in 2026 Timeline slightly softened to 'beginning in spring 2026' rather than full year impact |
| Q3'25 | Pending | New style penetration to approximately 35% next spring Reconfirmed this quarter, on track for spring 2026 delivery |
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