Overview

• Second-quarter earnings were $3.10 per share, topping estimates, on revenue of $2.53 billion that slightly missed consensus as total comparable sales rose 1%.
• Americas comparable sales fell 4% while international revenue grew 22%, underscoring continued strength outside the U.S.
• Full-year 2025 guidance was cut to $12.77–$12.97 in EPS and $10.85–$11.00 billion in revenue, both below Wall Street forecasts.
• Management estimates about a $240 million, or roughly 220 basis points, gross-margin hit this year from higher tariffs and the loss of de minimis duty relief.
• Third-quarter guidance of $2.47–$2.50 billion in revenue and $2.18–$2.23 in EPS trailed expectations as shares fell more than 10% after hours and as much as 17% premarket, with inventories up 21% to $1.7 billion and 1.1 million shares repurchased for $278.5 million.