Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

Vera Bradley, Inc. designs, produces and retails fashion accessories for women. The Company markets handbags, accessories and travel and leisure items through its chain of retail stores and independent retailers.

<ul><li>We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Connecticut, Long Island and New Jersey.</li><li> With newness somewhat limited (with one material exception), both the outlet and main line stores are focused on clearing older goods and moving into 2026 with clean stores and ready for the first key season with new management, a period where we expect “Project Sunshine’ to drive even higher levels of cotton goods, the return of key silhouettes and more patterns and collaborations.</li><li> While early, we believe there are key signs the shifts are, at minimum, returning the OG Vera shopper and positioning the company to expand the buyer pool.</li></ul>

We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Connecticut, Long Island and New Jersey. With newness somewhat limited (with one material exception), both the outlet and main line stores are focused on clearing older goods and moving into 2026 with clean stores and ready for the first key season with new management, a period where we expect “Project Sunshine’ to drive even higher levels of cotton goods, the return of key silhouettes and more patterns and collaborations. While early, we believe there are key signs the shifts are, at minimum, returning the OG Vera shopper and positioning the company to expand the buyer pool.

VRA: Snapping the Store: Holiday Tidings Bright; Reiterate Hold

Build-A-Bear Workshop, Inc. is an interactive, entertainment mall-based retailer that invites guests to create their own customized stuffed animals through a bear-making process.  The Company operates various locations in the United States and other countries.

<ul><li>We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island.</li><li> Build-A-Bear is in full Holidays selling season, with “furry friends” both large (Giant sized) and small (Mini Beans) and an impressive assortment, highlighted by the 10th Anniversary version of Glisten.</li><li> Further, for the consumer looking for last minute shopping, gift cards are a material driver and will historically ensure the post-Xmas season is also strong.</li></ul>

We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island. Build-A-Bear is in full Holidays selling season, with “furry friends” both large (Giant sized) and small (Mini Beans) and an impressive assortment, highlighted by the 10th Anniversary version of Glisten. Further, for the consumer looking for last minute shopping, gift cards are a material driver and will historically ensure the post-Xmas season is also strong.

BBW: Snapping the Store: Spreading Holiday Cheer; Reiterate Buy, $65 PT

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Victoria's Secret & Co. retails apparel and accessories. The Compan offers lingeries, bras, panties, pajamas, sleepwear, swimsuits, and other apparel, as well as offers personal care and beauty products for women. Victoria's Secret serves customers worldwide.

<ul><li>Victoria's Secret & Co.'s third-quarter performance in 2025 demonstrated a robust financial recovery, outperforming expected sales and earnings metrics.</li><li>The company's strategy, "Path to Potential," appears to have had a substantial impact on quarterly results, showing alignment with market trends and consumer demand.</li><li>Its focus on four key strategic pillars—supercharging its Bra Authority, recommitting to PINK, fueling growth in Beauty, and evolving brand projection and go-to-market strategy— has contributed to these results.</li></ul>

Victoria's Secret & Co.'s third-quarter performance in 2025 demonstrated a robust financial recovery, outperforming expected sales and earnings metrics.The company's strategy, "Path to Potential," appears to have had a substantial impact on quarterly results, showing alignment with market trends and consumer demand.Its focus on four key strategic pillars—supercharging its Bra Authority, recommitting to PINK, fueling growth in Beauty, and evolving brand projection and go-to-market strategy— has contributed to these results.

Victoria’s Secret & Co.: Inside the Customer Acquisition Strategy Targeting Younger

Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States.  The Company builds customized single and attached homes, primarily on land that it develops and improves. Toll Brothers also operates its own architectural, engineering, mortgage, title, security, landscape, insurance brokerage, and manufacturing operations.

<ul><li>Toll Brothers reported solid performance for the fiscal year 2025 despite a challenging sales environment due to broader market factors such as affordability pressures and interest rate fluctuations.</li><li>The company posted record home sales revenue of $10.8 billion, generated from the delivery of 11,292 homes at an average price of $960,000.</li><li>Their adjusted gross margin stood at a strong 27.3%, with a return on beginning equity of 17.6%.</li></ul>

Toll Brothers reported solid performance for the fiscal year 2025 despite a challenging sales environment due to broader market factors such as affordability pressures and interest rate fluctuations.The company posted record home sales revenue of $10.8 billion, generated from the delivery of 11,292 homes at an average price of $960,000.Their adjusted gross margin stood at a strong 27.3%, with a return on beginning equity of 17.6%.

Toll Brothers Is Scaling Active Adult Communities — But How Durable Is This Growth Engine?

Ollie'S Bargain Outlet Holdings / Equity Bottom-Up

Ollie's Bargain Outlet Holdings, Inc. operates a chain of retail stores that offers brand name products at discounted and closeout prices. The Company provides products, including housewares, food, books and stationery, bed and bath, floor coverings, toys, and hardware.

Ollie'S Bargain Outlet Holdings (OLLI US)

<ul><li>Ollie's Bargain Outlet, a retail chain known for its discount merchandise and closeout deals, recently announced its financial results for the third quarter of fiscal 2025.</li><li>The company reported strong performance with significant growth in sales and store openings, while also navigating a challenging retail environment that has pressured many traditional retailers.</li><li>One of the highlights for the company was its aggressive store expansion strategy.</li></ul>

Ollie's Bargain Outlet, a retail chain known for its discount merchandise and closeout deals, recently announced its financial results for the third quarter of fiscal 2025.The company reported strong performance with significant growth in sales and store openings, while also navigating a challenging retail environment that has pressured many traditional retailers.One of the highlights for the company was its aggressive store expansion strategy.

Ollie’s Bargain Outlet Holdings Inc.: What’s Driving the Surge in Younger Customer Adoption?

Consumer
Insights in the Consumer Space

VRA: Snapping the Store: Holiday Tidings Bright; Reiterate Hold

We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Connecticut, Long Island and New Jersey. With...

Small Cap Consumer Research

BBW: Snapping the Store: Spreading Holiday Cheer; Reiterate Buy, $65 PT

We are reiterating our Buy rating, projections and $65 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long...

Small Cap Consumer Research

Victoria’s Secret & Co.: Inside the Customer Acquisition Strategy Targeting Younger

Victoria's Secret & Co.'s third-quarter performance in 2025 demonstrated a robust financial recovery, outperforming expected sales and...

Baptista Research

Toll Brothers Is Scaling Active Adult Communities — But How Durable Is This Growth Engine?

Toll Brothers reported solid performance for the fiscal year 2025 despite a challenging sales environment due to broader market factors such as...

Baptista Research

Ollie’s Bargain Outlet Holdings Inc.: What’s Driving the Surge in Younger Customer Adoption?

Ollie's Bargain Outlet, a retail chain known for its discount merchandise and closeout deals, recently announced its financial results for the...

Baptista Research