美国服装与运动服饰：评估8月1日关税对利润率的影响

www.bernsteinresearch.com BERNSTEIN TICKER TABLETickerRatingADS.GR0ADDYY0BURL0CPRIM0NKE0NONO0PTONMROSTMSFIXMTPR0TJX0EDMSPXBURL, CPRI, ONON, TPR estimate is Adjusted EPS; BURL, CPRI, ONON valuation is Adjusted P/E (x); NKE base year is 2025;Source: Bloomberg, Bernstein estimates and analysis.INVESTMENT IMPLICATIONSOutperform on TPR, LULU, TJX, ONON, NKE, ADS, BURL. Market-Perform on ROST, CPRI, PTON, SFIX.s微信U.S. APPAREL & SPECIALTY RETAIL 917eBERNSTEIN SOCIETE CENERALE CROUP DETAILSTariff-Related Work:: 2 Jul 2025 - US Apparel & Sportswear: Impact of 20% Vietnam tariffs12 May 2025 - US Specialty Retail & US Transportation: How does China tariff relief impact US supply and demand?: 28 Apr 2025 - US Specialty Retail & US Transportation: What do cancelled China orders mean for supply and demand?: 14 Apr 2025 - US & Europe Apparel: Deglobalization.. It's a big world, after all - How flexible are Fashion Supply Chains?7 Apr 2025 - US Apparel & Specialty Retail: Three names to own into a recession: 4 Apr 2025 - Tariff Trouble: Supply and Demand impacts for Sportswear, Apparel & Accessories brands:2 Apr 2025 - US Apparel & Specialty Retail: Our thoughts on April 2nd Trump tariff impactsU.S. APPAREL & SPECIALTY RETAIL BERNSTEIN SOCIETE CENERALE CROUP I.REQUIRED DISCLOSURESReferences to "Bernstein" or the “Firm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards),Sanford C.Bernstein (Hong Kong) Limited 盛博香港有限公司,Sanford C.Bernstein (Canada)Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanfordC.Bernstein JapanKK（才·C·株式会社)in which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands,"Bernstein" and"Autonomous"Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein's "affiliates" relate to both SG andAB and their respective affliates.VALUATION METHODOLOGYThis research publication covers six or more companies. For valuation methodology and other company disclosures:Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.RISKSThis research publication covers six or more companies. For risks and other company disclosures:Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167.RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTIONBernstein brandThe Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed ontheU.S.and Canadian exchanges,versustheBloombergEuropeDevelopedMarketsLargeandMidCapPriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion,versustheBloombergJapanLargeandMidCapPriceReturnIndexUSD(JP)forstockslistedontheJapaneseexchangesand versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified.The Bernstein brand has three categories of ratings:: Outperform: Stock will outpace the market index by more than 15 pp: Market-Perform: Stock will perform in line with the market index to within +/-15 pp: Underperform: Stock will trail the performance of the market index by more than 15 ppCoverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon.Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company to update investorson events and developments.Autonomous brandThe Autonomous brand rates stocks as indicated below. As our benchmarks we use the Bloomberg Europe 5oo Banks AndFinancialServices Index (BEBANKS)and BloombergEurope Dev Mkt Financials Large and MidCap Price Ret IndexEUR (EDMFl)index for developed European banks and Payments, the Bloomberg Europe 5oO Insurance Index (BEINSUR) for Europeaninsurers, the S&P 5OO and S&P Financials for US banks and Payments coverage, S5LiFE for US Insurance, the S&P InsuranceU.S. APPAREL & SPECIALTY RETAIL BERNSTEIN SOCIETE CENERALE CROUP Select Industry (SPSlINS) for US Non-Life Insurers coverage,