KM's quick ping to Hedgeye Retail team when FL stock turned down "FL - anything coming out of the meetings thats neg?" Levine's quickie answer is below. More details to come later.
Probably a bit of hype going in. a little short on specifics as it pertains to product improvements (i.e what programs are forthcoming?). areas of risk, such as the dividend, were put to rest. It’s not going anywhere.
Now this is an execution story, with the plans laid out in front of the Street. I walked away confident that we’re spot on with our thesis and that the opportunities are big.
The only complaint I heard was that some people were hoping to gain exposure in greater depth to the management team, beyond the top 4 guys. This didn’t happen although I’m sure this is still evolving.
Hicks saw our powerpoint and told me I was spot on with where they’re going. Keep in mind that the work we’ve done is in far greater depth than what they spoke about today. This is where the true upside lies…