Category: Consumer

Release – ACCO Brands Announces Leadership Changes

Posted on by aweinsoff@channelchek.com

News Research and Market Data on ACCO

June 10, 2025

LAKE ZURICH, Ill.–(BUSINESS WIRE)–ACCO Brands Corporation (NYSE: ACCO) — the leader in branded consumer and office products — announced changes to its senior executive leadership team, in connection with the multi-year restructuring and cost savings program initiated last year. These important moves are a continuation of the company’s efforts to simplify the operating structure and bring key leaders closer to the customer, and to better leverage our global sourcing capabilities.

Effective August 1, 2025, Patrick Buchenroth, Executive Vice President of ACCO Brands and President of the Americas segment will be leaving the company. The company will continue reporting two segments, the Americas segment and the International segment. Effective July 1, 2025, the Americas operating segment will be led by John “Jed” Peters, newly named Senior Vice President, ACCO Brands and President, North America, who will be leading the company’s commercial businesses in the U.S. and Canada, and Rubens Passos, Senior Vice President, who will be leading its businesses in Brazil, Mexico, Chile and export markets in Latin America.

Effective December 31, 2025, Cezary Monko, Executive Vice President of ACCO Brands and President of the International segment will begin his transition out of the company. Ard-Jen “AJ” Spijkervet has been appointed Senior Vice President, ACCO Brands and President, International effective January 1, 2026. Spijkervet will be responsible for all commercial activities in EMEA, Australia, New Zealand, Asia and the export markets in the Middle East and Africa.

“We are focused on delivering sustained, profitable sales growth, and our leadership team is committed to providing value to our customers and consumers. As we continue to optimize our cost structure and deliver best in class service, we are well positioned for the future. In addition, I would like to thank Pat and Cezary for their significant contributions to ACCO Brands and their leadership of our business,” said Tom Tedford, President and Chief Executive Officer of ACCO Brands.

Executive Biographies

Jed Peters

Jed Peters brings 27 years expertise in the office products industry and at ACCO Brands, starting as a management trainee at the company in 1998. During that time, Peters has developed deep relationships with our North American customer and consumer base through roles of increasing responsibilities within the marketing, sales and global product development functions. Most recently, he served as General Manager, U.S. School & Office Products and PowerA. Peters has an MBA from the Kellogg School of Management at Northwestern University and a Marketing degree from Notre Dame.

AJ Spijkervet

AJ Spijkervet has more than 30 years of international business experience. He joined ACCO Brands in 2016 as part of the Esselte acquisition where he held several key roles over his tenure, including Vice President of Marketing EMEA, Marketing & Sales in China, as well as Marketing Director for Central Europe. Spijkervet is currently serving as Vice President for Central Europe. Prior to Esselte/ACCO Brands, he worked in the consumer goods industry spanning International Sales & Marketing, Trade-& Brand-Marketing and Operations. Spijkervet earned a master’s degree in International Marketing & Strategy from the University of Groningen, Netherlands and a bachelor’s degree in Industrial Engineering from NHL Stenden University.

Rubens Passos

Rubens Passos has 40 years of international business experience, joining ACCO Brands in 2012 as part of the Mead Consumer and Office Products acquisition where he held key positions including CFO and President of the business in Brazil. He has served as SVP Latin America and is currently serving as SVP Latin America and interim General Manager for the business in Canada. Prior to Mead/ACCO Brands, he held key leadership positions working in Consumer Goods, Pulp & Paper and Telecom. Passos holds an MBA from the Fuqua School of Business at Duke University and an undergraduate degree in Economics from F.A.A.P. in Sao Paulo Brazil.

About ACCO Brands Corporation

ACCO Brands is the leader in branded consumer products that enable productivity, confidence and enjoyment while working, when learning and while playing. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.

Forward-Looking Statements

Statements contained herein, other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, strategies, business operations and similar matters, results of operations, liquidity and financial condition, and those relating to cost reductions and anticipated pre-tax savings and restructuring costs are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words “will,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “forecast,” “project,” “plan,” and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Forward-looking statements are subject to the occurrence of events outside the Company’s control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements when deciding whether to buy, sell or hold the Company’s securities.

Among the factors that could cause our actual results to differ materially from our forward-looking statements are: changes in trade policy and regulations, including changes in trade agreements and the imposition of tariffs, and the resulting consequences; global political and economic uncertainties; a limited number of large customers account for a significant percentage of our sales; sales of our products are affected by general economic and business conditions globally and in the countries in which we operate; risks associated with foreign currency exchange rate fluctuations; challenges related to the highly competitive business environment in which we operate; our ability to develop and market innovative products that meet consumer demands and to expand into new and adjacent product categories; our ability to successfully expand our business in emerging markets and the exposure to greater financial, operational, regulatory, compliance and other risks in such markets; the continued decline in the use of certain of our products; risks associated with seasonality, the sufficiency of investment returns on pension assets, risks related to actuarial assumptions, changes in government regulations and changes in the unfunded liabilities of a multi-employer pension plan; any impairment of our intangible assets; our ability to secure, protect and maintain our intellectual property rights, and our ability to license rights from major gaming console makers and video game publishers to support our gaming accessories business; our ability to grow profitably through acquisitions, and successfully integrate them; our ability to successfully execute our multi-year restructuring and cost savings program and realize the anticipated benefits; continued disruptions in the global supply chain; risks associated with inflation and other changes in the cost or availability of raw materials, transportation, labor, and other necessary supplies and services and the cost of finished goods; risks associated with outsourcing production of certain of our products, information technology systems and other administrative functions; the failure, inadequacy or interruption of our information technology systems or its supporting infrastructure; risks associated with a cybersecurity incident or information security breach, including that related to a disclosure of personally identifiable information; risks associated with our indebtedness, including limitations imposed by restrictive covenants, our debt service obligations, and our ability to comply with financial ratios and tests; a change in or discontinuance of our stock repurchase program or the payment of dividends; product liability claims, recalls or regulatory actions; the impact of litigation or other legal proceedings; the impact of additional tax liabilities stemming from our global operations and changes in tax laws, regulations and tax rates; our failure to comply with applicable laws, rules and regulations and self-regulatory requirements, the costs of compliance and the impact of changes in such laws; our ability to attract and retain qualified personnel; the volatility of our stock price; risks associated with circumstances outside our control, including those caused by telecommunication failures, labor strikes, power and/or water shortages, public health crises, such as the occurrence of contagious diseases, severe weather events, war, terrorism and other geopolitical incidents; and other risks and uncertainties described in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other reports we file with the Securities and Exchange Commission.

Contacts

For further information:

Christopher McGinnis
Investor Relations
(847) 796-4320

Kori Reed
Media Relations
(224) 501-0406

Consumer Inflation Expectations Cool in May as Tariff Fears Subside

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Consumers now expect inflation to rise 3.2% over the next year, down from 3.6% in April, signaling easing price concerns.
– President Trump’s decision to pause aggressive tariff plans appears to have calmed inflation fears.
– Fewer Americans expect job losses or missed debt payments, and optimism about the stock market has ticked up.

Americans appeared more optimistic about inflation in May, as expectations for rising prices declined across the board, according to a new report from the Federal Reserve Bank of New York. The improvement coincides with President Donald Trump’s decision to ease back on his sweeping tariff threats, providing some relief to consumers and policymakers alike.

The Fed’s Survey of Consumer Expectations, released Monday, showed that the anticipated inflation rate one year from now fell to 3.2%, down from 3.6% in April. It marks one of the sharpest monthly drops in recent years and suggests Americans are growing more confident that inflation may not spiral out of control.

Longer-term inflation outlooks also improved. The three-year expectation ticked down to 3%, while the five-year projection eased to 2.6%. While still above the Federal Reserve’s 2% target, the declines point to a growing belief among households that price pressures could be moderating.

The shift comes after the White House softened its stance on some of its more aggressive trade proposals. In April, President Trump announced sweeping 10% tariffs on all U.S. imports and floated the idea of “reciprocal” duties on specific countries. But by early May, the administration introduced a 90-day negotiation period and paused additional tariff hikes, calming fears of an escalating trade war.

The easing rhetoric appears to have had a measurable effect on consumer sentiment, at a time when officials at the Federal Reserve are closely monitoring expectations to determine the future path of interest rates.

“The inflation outlook is coming down, even as tariff collections rise,” said National Economic Council Director Kevin Hassett in an interview Monday. “It runs counter to the narrative that tariffs automatically lead to higher inflation.”

April’s core Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation measure, remained at 2.5% — stable, but not accelerating. Headline PCE, which includes food and energy, dipped slightly to 2.1%, one of the lowest levels in over three years.

The New York Fed’s survey also found that inflation expectations declined across several major spending categories. While Americans still expect food prices to climb by 5.5% over the next year — up slightly from April — they foresee smaller increases in gas, rent, medical care, and college tuition.

In addition to inflation, the report included promising data on labor market confidence and household finances. The percentage of respondents who believe they’ll lose their job in the next 12 months dropped to 14.8%, a slight but notable improvement. Meanwhile, fewer Americans expect to miss a minimum debt payment in the near term, with that figure falling to 13.4%, the lowest since January.

Consumers also seem to be gaining confidence in the markets. The share of respondents expecting stock prices to be higher a year from now rose to 36.3%, reflecting optimism despite geopolitical uncertainty.

As policymakers weigh inflation, tariffs, and rate decisions, these improving expectations may offer a signal: Americans are cautiously optimistic that the worst inflation fears could be fading.

FAT Brands (FAT) – Noble Virtual Conference Highlights

Posted on by slightbourne@noblecapitalmarkets.com


Monday, June 09, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Noble Virtual Conference. FAT Brands Chairman Andy Wiederhorn and Co-CEO Ken Kuick presented at the Noble Virtual Conference. Highlights included the new store pipeline, Twin Hospitality, and factory utilization. A rebroadcast is available at https://www.channelchek.com/videos/fat-brands-fat-noble-capital-markets-virtual-conference-replay

Pipeline. FAT Brands new store pipeline consists of approximately 1,100 units already paid for by franchisees, which will add some $50-60 million of incremental EBITDA once opened. With some 250 new unit agreements per year and some 100+ new openings per year, we expect the pipeline to be a key driver of financial performance going forward.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Xcel Brands (XELB) – Positive Cash Flow Outlook Still In Tact

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, June 05, 2025

Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 Results. First quarter results indicated a modest improvement from Q4, but it was a slow start to the year. First quarter revenues were $1.3 million, and the company reported an adj. EBITDA loss of $0.7 million from continuing operations. We believe the company is well positioned to benefit from a number of favorable developments, including the launch of new brands, contributions from Halston, and a lower cost base.

Positive outlook. The company indicated that it plans to be adj. EBITDA $1 million to $2.5 million positive for full year 2025 in spite of the potential impact of trade policies and disruption from headquarter consolidation at HSN and QVC. The outlook is supported by significant cost reductions that are expected to be at a run rate of $2.5 million per quarter and building royalty revenue from GIII and its Halston brand. Most of the trade policy uncertainty is focused on the second half of the year. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Inflation Eases to 2.1% in April, Offering Potential Breathing Room to Fed

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– April’s inflation rate slowed to 2.1%, lower than expected, easing pressure on the Federal Reserve.
– Consumer spending grew just 0.2%, while the savings rate jumped to 4.9%.
– Core PCE inflation held at 2.5% annually, supporting a wait-and-see approach from policymakers.

Inflation cooled in April, offering a potential signal that price pressures may be stabilizing and possibly giving the Federal Reserve more flexibility in managing interest rates. According to data released Friday by the Commerce Department, the personal consumption expenditures (PCE) price index — the Fed’s preferred inflation gauge — rose just 0.1% for the month, bringing the annual rate down to 2.1%. That figure is slightly below expectations and marks the lowest inflation reading of the year so far.

Core PCE, which strips out the more volatile food and energy categories and is considered a better indicator of long-term inflation trends, also increased just 0.1% in April. On a year-over-year basis, core inflation stood at 2.5%, slightly under the anticipated 2.6%.

These subdued inflation figures arrive amid a backdrop of softer consumer spending and a jump in personal savings. Consumer spending rose just 0.2% for the month — a sharp slowdown from the 0.7% gain in March. Meanwhile, the personal savings rate surged to 4.9%, its highest level in nearly a year. This suggests that households may be pulling back on discretionary purchases and becoming more cautious with their finances.

The moderation in price increases could provide the Federal Reserve with more breathing room as it considers the trajectory of interest rates. While the Fed has resisted calls for rate cuts amid lingering inflation concerns, a sustained easing trend could support a policy shift later this year. However, the central bank remains wary, particularly as some inflationary risks — such as potential tariff impacts — loom in the background.

Energy prices ticked up by 0.5% in April, while food prices dipped by 0.3%. Shelter costs, a key driver of persistent inflation in recent months, continued to rise at a 0.4% pace. Nonetheless, the overall inflation picture showed clear signs of deceleration.

Notably, personal income climbed by 0.8% in April, well above the 0.3% estimate. This growth in income, paired with higher savings, points to a consumer base that may be more financially resilient than previously thought, even if spending has temporarily cooled.

Markets responded with relative indifference to the inflation data. Stock futures drifted lower and Treasury yields were mixed, as investors weighed the implications for future monetary policy against broader economic uncertainties.

Recent trade tensions — especially President Trump’s imposition of sweeping tariffs and the ongoing legal back-and-forth over their legitimacy — add complexity to the outlook. While the direct inflationary impact of tariffs has so far been muted, economists warn that higher input costs could feed into prices later this year if tariff policies persist.

Looking ahead, the Fed will be closely monitoring inflation trends, consumer behavior, and labor market developments. If price pressures remain tame and growth conditions warrant, the central bank may eventually consider adjusting rates — though for now, caution remains the guiding principle.

Xcel Brands (XELB) – Building A Sizeable Social Media Presence

Posted on by slightbourne@noblecapitalmarkets.com


Friday, May 30, 2025

Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Lackluster Q4 results. The company reported Q4 revenue of $1.2 million and an adj. EBITDA loss of $0.8 million, both of which were well below our estimates of $2.6 million and $0.2 million, respectively, as illustrated in Figure #1 Q4 Results. Notably, while Q4 results were softer than expected, the company has signed several new brands this year, which have yet to impact operating results. Importantly, the new brand launches have increased the company’s total social media following from 5 million to 45 million over the past five months, a significant step towards reaching its goal of 100 million followers.

Preliminary Q1 results. Additionally, the company provided preliminary Q1 results of $1.33 million in revenue, a decrease from $2.18 million last year, and an expected net loss of roughly $2.67 million, which is an improvement from a net loss of $6.35 million last year. The improvement in net loss is attributable to a $0.8 million improvement in core operating results and a $2.3 million impairment charge recorded in the prior year period. 


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Mortgage Rates Hover Near 7% Pressuring Housing Market and Consumer Confidence

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Mortgage rates edge up — 30-year fixed rates rose to 6.89%, tracking higher Treasury yields.
– Buyer affordability hit — High rates continue to suppress home sales and affordability.
– Applications mixed — Purchase applications rose 3%, while refinance demand fell 7%.

Mortgage rates rose modestly this week, with the average 30-year fixed loan hitting 6.89%, up slightly from 6.86% the week before. The 15-year average also inched higher to 6.03%, reflecting the continued influence of Treasury yields, which have been volatile amid shifting economic signals.

The movement in mortgage rates follows recent fluctuations in the 10-year Treasury yield, a key benchmark for borrowing costs. Investors have been digesting a complex mix of developments, including the U.S. credit rating downgrade, the fiscal implications of proposed tax reforms, and evolving trade policy. While yields dipped slightly in recent days, overall borrowing costs remain elevated.

High mortgage rates continue to act as a headwind for the housing sector. According to newly released data, pending home sales dropped sharply in April, underscoring how rate-sensitive the market remains. Despite a modest weekly increase in home purchase applications, affordability challenges persist, particularly for first-time buyers and middle-income households.

This constrained environment has implications beyond real estate. A sluggish housing market can ripple through related industries—from homebuilding and furniture to construction materials and local services—potentially influencing performance in sectors that rely on consumer confidence and discretionary spending.

Although refinancing activity dropped by 7%, the slight increase in purchase applications signals that some buyers are still moving forward, especially those less sensitive to rate fluctuations or motivated by limited inventory. Nonetheless, sustained high rates may continue to delay broader recovery in housing-related demand.

In this climate, market participants are keeping a close eye on interest rate trends and consumer sentiment data, both of which remain central to shaping the economic outlook. As borrowing costs remain elevated, the pressure on housing and adjacent industries may persist—adding another layer of complexity to growth expectations in the months ahead.

Google Teams Up with Warby Parker and Gentle Monster to Launch AI-Powered Smart Glasses

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Google partners with Warby Parker, Gentle Monster, and Samsung to develop Android XR smart glasses powered by Gemini AI.
– Features include in-lens displays, cameras, real-time translation, and smartphone integration.
– The move sets up a new front in the wearables race against Meta and Apple

Google is reentering the smart glasses race with renewed focus and fresh partners. At its annual Google I/O conference in Mountain View, California, the tech giant announced partnerships with eyewear brands Warby Parker and Gentle Monster to create stylish, AI-powered smart glasses. The company is also expanding its collaboration with Samsung into the realm of intelligent eyewear, building on their joint efforts in augmented reality.

Unlike the tech-heavy and socially awkward Google Glass of 2013, Google’s new smart glasses aim to blend cutting-edge functionality with fashion-forward design. Set to run on the new Android XR operating system, the glasses will include features like turn-by-turn navigation, real-time translation, camera-enabled photography, hands-free calling, and seamless integration with apps—all delivered through the company’s Gemini AI platform.

In a direct challenge to Meta’s Ray-Ban Meta glasses, Google’s new offering will pair with smartphones and be equipped with microphones, speakers, and optional in-lens displays. These displays will allow users to access information such as text messages or directions without pulling out their phone. While the glasses will still rely on smartphones for processing and connectivity, they mark a significant leap in the evolution of wearable tech.

“This new wave of smart glasses is about combining form and function,” said Rick Osterloh, Google’s SVP of Devices & Services. “By working with top eyewear designers, we’re making sure these devices are not only useful, but also something people will want to wear every day.”

Importantly, Google says it will begin working with developers and testers later this year to fine-tune the technology, especially in terms of privacy and usability—areas that proved problematic for the original Google Glass. That early attempt, which cost $1,500 and looked like something out of a sci-fi film, failed to gain traction with mainstream consumers, partly due to design and partly due to discomfort around being unknowingly recorded.

Today’s consumers, however, are more acclimated to cameras in public spaces, and the success of Meta’s more discreet Ray-Ban glasses shows the market may finally be ready for smart eyewear—if it looks good and works well.

The resurgence of interest in smart glasses comes amid a broader push by tech giants to identify the next big hardware platform after the smartphone. Google is also involved in Samsung’s Project Moohan, an AR/VR headset co-developed with Qualcomm, signaling its broader ambitions in the spatial computing space.

Apple is rumored to be working on its own smart glasses, though Bloomberg reports they may not launch until 2027. That gives Google and Meta time to shape the market—and consumer expectations.

While smart glasses are unlikely to replace smartphones overnight, they are becoming a serious contender in the next phase of personal technology. The challenge now is whether Google, this time with the right design and timing, can finally succeed where Google Glass stumbled—and convince the world to put computers on their faces.

DICK’S Sporting Goods to Acquire Foot Locker in $2.5B Deal, Creating Sports Retail Powerhouse

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– DICK’S to acquire Foot Locker for $2.4B equity value, $2.5B enterprise value
– Combined company to operate globally across 20+ countries
– Deal expected to be accretive to earnings and unlock $100M–$125M in cost synergies
– Foot Locker to remain a standalone brand under the DICK’S portfolio

In a bold move set to reshape the global sports retail landscape, DICK’S Sporting Goods announced plans to acquire Foot Locker in a transaction valued at approximately $2.5 billion. The deal, expected to close in the second half of 2025, creates a retail giant capable of reaching a broader demographic—from performance-driven athletes to sneaker culture enthusiasts—across more than 20 countries.

Under the terms of the agreement, Foot Locker shareholders will have the option to receive either $24 per share in cash or 0.1168 shares of DICK’S common stock for each Foot Locker share. This represents a premium of 66% over Foot Locker’s recent 60-day volume-weighted average price. The acquisition multiple stands at roughly 6.1x Foot Locker’s 2024 adjusted EBITDA.

The merger significantly expands DICK’S international footprint while preserving Foot Locker’s brand identity. DICK’S plans to operate Foot Locker as a standalone business unit, retaining its portfolio of popular sub-brands like Champs Sports, Kids Foot Locker, WSS, and atmos. Combined, the companies will operate over 3,200 stores and generate nearly $20 billion in annual revenue.

For investors, this acquisition represents a strategic play to unlock long-term value through scale and operational efficiency. DICK’S expects the deal to be accretive to earnings in the first full fiscal year following the close—excluding one-time costs—and estimates $100–$125 million in medium-term cost synergies. These savings are projected to come from procurement, direct sourcing, and supply chain optimization.

The move also marks DICK’S entry into international markets and builds on its successful House of Sport concept by leveraging Foot Locker’s expertise in sneaker culture. The combined company will cater to a more diverse consumer base with differentiated store concepts and enhanced digital experiences.

Leadership at both companies highlighted the strategic and cultural alignment behind the deal. DICK’S Executive Chairman Ed Stack emphasized Foot Locker’s brand equity and cultural relevance, while CEO Lauren Hobart noted that the merger creates a new global platform for sports and sneaker culture.

Foot Locker CEO Mary Dillon framed the acquisition as a natural evolution of the brand’s mission and a value-creating opportunity for shareholders, giving them the choice between immediate liquidity and future growth participation.

The transaction will be financed through a combination of cash-on-hand and new debt, with Goldman Sachs providing committed bridge financing. Regulatory approval and a shareholder vote are the final hurdles, with no major obstacles expected.

For small-cap investors, this deal has wide implications. While neither DICK’S nor Foot Locker are in the small-cap bracket themselves, the merger sends a strong signal that retail consolidation is accelerating. The competitive pressures and strategic partnerships that follow could impact suppliers, regional chains, and logistics companies that serve the growing global sports retail ecosystem.

SKYX Platforms (SKYX) – U.S. Partnership and Automation Bolster Production Agility

Posted on by slightbourne@noblecapitalmarkets.com


Thursday, May 15, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q1 results. The company reported Q1 revenue of $20.1 million, in line with our estimate of $20.4 million. An adj. EBITDA loss of $3.6 million was also largely in line with our loss estimate of $3.4 million.

Flexible production capabilities. In response to recent tariff-related uncertainty, the company established a partnership with U.S.-based Profab Electronics, enhancing its production flexibility. While elevated tariffs remain a policy risk, recent pauses have mitigated any near-term disruption to the company’s production partnerships in Southeast Asia.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

FAT Brands (FAT) – First Quarter Results

Posted on by cpereira@noblefcm.com


Monday, May 12, 2025

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Progressing. In spite of the uncertain economy, FAT Brands continued to make progress during 1Q25. A total of 23 locations were opened in 1Q25, up 37% from 1Q24. YTD, the Company has signed agreements for an additional 100-plus locations, adding to the over 1,000 location pipeline. The initial Twin Hospitality distribution was accomplished and one of the whole business securitizations was amended.

1Q25 Results. Revenue was $142 million, down from $152 million in the year ago period, impacted by a 3.4% system-wide same store sale decline and lower revenues due to the closure of one Smokey Bones location during its conversion to a Twin Peaks lodge, partially offset by revenues generated by new Twin Peaks lodges. Reported loss was $46 million, or $2.73/sh, compared to a net loss of $38.3 million, or $2.37/sh, in 1Q24.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

1-800-Flowers.com (FLWS) – Recent Quarter Highlights Significant Challenges

Posted on by cpereira@noblefcm.com


Friday, May 09, 2025

For more than 45 years, 1-800-Flowers.com has offered truly original floral arrangements, plants and unique gifts to celebrate birthdays, anniversaries, everyday occasions, and seasonal holidays, and to deliver comfort during times of grief. Backed by a caring team obsessed with service, 1-800-Flowers.com provides customers thoughtful ways to express themselves and connect with the most important people in their lives. 1-800-Flowers.com is part of the 1-800-FLOWERS.COM, Inc. family of brands. Shares in 1-800-FLOWERS.COM, Inc. are traded on the NASDAQ Global Select Market, ticker symbol: FLWS.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Fiscal Q3 disappoints. Fiscal Q3 revenues of $311.5 million was well below our $367.8 million estimate. Adj. EBITDA loss of $38.6 million was below our seasonal loss estimate of $12.4 million. In spite of a good Valentine’s Day, fiscal third quarter results were adversely affected by weakened consumer confidence and macro economic forces. 

Pulls guidance. In lieu of recent trade policies and a weakened consumer, management pulled fiscal full year 2025 guidance. We estimate that fiscal Q4 revenues will decline roughly 6.3% (including the benefit of Easter) and that the company will report an adj. EBITDA loss of $20.5 million. Fiscal full year 2025 revenue and adj. EBIDA are revised to $1.687 billion and $29.2 million, respectively. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

The ONE Group Hospitality (STKS) – A Solid Start to 2025

Posted on by cpereira@noblefcm.com


Friday, May 09, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Solid Start. ONE Group reported results modestly above our expectations for 1Q25. The accomplishments were driven by another quarter of sequential improvement in comparable sales trends, positive comparable sales at the Benihana restaurants, and strong positive transaction growth of 4.1% at the flagship STK brand.

1Q25 Results. ONE Group reported revenue of $211.1 million, up nearly 150% y-o-y, driven by the May 2024 Benihana acquisition. Same Store Sales declined 3.2%, compared to guidance of a negative 3-4%. Adjusted EBITDA was $25.2 million, up from $7.6 million. Adjusted EPS came in at $0.14, compared to an adjusted loss of $0.02/sh last year.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).