Ulta, the other company I was thinking of cutting, has a surprisingly favorable relative valuation in the beauty retail space. It has decent margins and actually is able to direct decent amounts of buybacks.Read more

It has become more apparent that Capri’s turnaround story has to be done with no moat and rather tiny margins moving forward as it tries to move back to profitability. It can’t currently do buybacks and has to deal with more declining revenue.Read more