Story of the Week
Tapestry and Capri terminate merger agreement
Tapestry and Capri Holdings have terminated their merger agreement, the companies said in separate press releases Thursday. Tapestry said terminating the agreement is in the best interest of both companies, “as the outcome of the legal process is uncertain and unlikely to be resolved” by the February deadline. Last month, both companies appealed a federal court decision that blocked the deal, after the Federal Trade Commission sued Tapestry for anticompetitive behavior in April.
Apparel & Footwear
On pulls back on wholesale as Q3 sales surge more than 32%
Sneaker brand On reported that Q3 net sales rose 32.3% to 635.8 million Swiss francs (about $721 million as of Nov 12), with direct-to-consumer sales up 49.8% to 246.7 million Swiss francs and wholesale up 23.2% to 389.1 million Swiss francs. Gross profit margin expanded to 60.6% from 59.9% a year ago, the highest since the company went public in September 2021, “driven by growth in the DTC channel and a continued disciplined approach to full-price sales.” Net income fell by nearly 50% to 30.5 million Swiss francs. To take advantage of what the company described as “exceptional growth” in Asia — net sales in the Asia-Pacific region surged 79.3% — executives told analysts that it will open two flagship stores in China. Net sales rose 15.1% in Europe, the Middle East and Africa and 34.1% in the Americas.
Comfort Brand Taos Names New CEO, President, and VPs
Taos Footwear is shaking up its leadership team with some new promotions. The comfort footwear brand on Nov 14th announced that Glen Barad, the president and founder of the brand, will assume the role of chief executive officer. Bill Langrell, who currently serves as the brand’s chief operating officer and has been with the brand since 2005, has been promoted to president and COO. Other promotions include Sylvia Jensen, formerly national sales manager, to the role of vice president of domestic sales, and Mike Walker, director of marketing and e-commerce, to the role of vice president of marketing and e-commerce.
Athletic & Sporting Goods
Proxy advisory firms recommend Vista Outdoor stockholders vote for CSG deal
Vista Outdoor announced that both leading independent proxy advisory firms Institutional Shareholder Services and Glass Lewis & Co.have updated their reports to recommend Vista Outdoor stockholders vote “FOR” the transaction with Czechoslovak Group a.s. to acquire The Kinetic Group for $2.225 billion. The CSG Transaction will deliver to Vista Outdoor stockholders $25.75 in cash and one share of Revelyst common stock for each share of Vista Outdoor common stock they hold. Following the closing of the CSG Transaction, Revelyst will begin trading on the New York Stock Exchange under the ticker “GEAR”.
Winter Occupancy Down on Higher Rates at Western Ski Mountain Resorts
As forecasted, lodging properties participating in DestiMetrics monthly data collection finalized the summer season with modest year-over-year increases in occupancy, daily rates and aggregated revenue; In the early days of this year’s ski season, the pace and patterns are primarily steady and consistent with last summer and the 2023/24 winter season, but some turbulence exists that could have a little, or a lot, of impact on winter visitation numbers. As of October 31, winter occupancy on the books for November 2024 through April 2025 is down 1.6 percent compared to last year. Gains were recorded in February, March and April, while the first three months were trending down—most notably, December, down 7.7 percent. Daily rates for the full winter season are up 1.9 percent, with a slight decrease in three winter months and a slight increase in three other winter months.
Cosmetics & Pharmacy
Norwest purchases minority stake in scalp health brand Divi
Divi Scalp & Hair Health has announced that it has secured a minority investment from Norwest. Founders Dani Austin and her husband Jordan Joseph Ramirez both plan to remain actively involved in the next chapter of the Divi story as the brand scales to a household name. Sonya Brown, Norwest general partner and co-head of the firm’s Growth Equity team, will join the Board of Directors. The investment will fuel international expansion, domestic scale in key metro areas and continue to deepen the brand’s established relationships with key retailers, including Ulta Beauty at Target and Amazon.
L’Oréal Rumored to Acquire Ushuaïa Brand from TF1 for €27.5 Million
L’Oréal is reportedly set to acquire the rights to the personal care brand Ushuaïa from French TV network TF1 for €27.5 million, according to sources close to the transaction, as reported by L’Informé. This acquisition would grant L’Oréal the rights to develop, market, and license Ushuaïa-branded personal care products, leveraging the brand’s legacy tied to the popular TV series hosted by environmental advocate Nicolas Hulot, which aired from 1998 to 2004. It would further strengthen L’Oréal’s position in the personal care market by expanding its portfolio with a well-known, environmentally themed brand.
The Honest Company raises outlook following strong Q3 2024 results
The Honest Company has reported its results for the third quarter of the current financial year. The clean beauty and household products brand delivered record revenue of US$99 million, up 15 percent on the prior-year quarter. Gross margin increased 710 basis points to 38.7 percent whole net income rose US$8 million to US$165,000. Honest is now predicting revenue growth in the high single digits for FY2024, and adjusted EBITDA in the US$20 million to US$22 million range. Chief Executive Officer Carla Vernón commented, “Our strong third quarter results are a clear reflection of the power of the Honest brand and the strength of the Honest team that has executed our strategy and transformation initiative with discipline and excellence.”
Natura &Co Reports Strong Q3 Growth
Natura &Co achieved significant financial growth in Q3 2024, with revenue reaching R$ 6 billion, an 18.5% year-over-year increase in constant currency. This growth was primarily led by Natura Brazil, which reported a 19.4% increase, and a solid recovery from Avon CFT. The company’s recurring EBITDA rose 52%, reaching R$ 870 million with a margin of 14.6%. Additionally, Natura &Co recognized a non-operating loss of R$ 7.0 billion from Avon’s deconsolidation due to Chapter 11 proceedings, though it did not impact cash flow. Natura &Co’s impressive Q3 performance reflects the success of its integration strategy, particularly in Latin America, as the company continues to expand its market share and margin recovery.
Discounters & Department Stores
Dollar Tree names new leader to guide Family Dollar’s future
Dollar Tree announced that Jason Nordin is the new president of the company’s Family Dollar banner. Nordin will play a key leadership role as the company undergoes a formal review of strategic alternatives, the company said in a Wednesday press release. Jocelyn Konrad is now chief of Dollar Tree stores and enterprise store operations. In that capacity, Konrad will oversee all stores under the company’s namesake banner, along with enterprise store operations services. Dollar Tree Inc. also said Steve Schumacher has been promoted to chief people officer. Schumacher had been serving in that position on an interim basis for the past six months. He will lead all human resources functions for Dollar Tree and Family Dollar.
Nordstrom leverages generative AI for holiday app refresh
Nordstrom is attempting to streamline the holiday shopping experience with a refreshed mobile app that leverages generative artificial intelligence, per a press release. Newly introduced trend reports rely on expertise from Nordstrom stylists and generative AI to deliver relevant trends. Other features include an improved search experience, personalized recommendations and a Style Swipes tool. Also part of the retailer’s strategy will be an immersive installation on Nov. 27 entitled “The Blizz on 57th Street” that will transform its flagship New York City location into a festive visual spectacle. The move from Nordstrom comes as other brands similarly build out their app experiences.
Dillard’s keeps the focus on expenses in Q3 as sales edge down
Dillard’s on Thursday reported that Q3 retail net sales (excluding its construction business) fell 3.8% year over year to $1.4 billion, with store comps down 4%. Cosmetics was the strongest performing category, and the weakest were juniors’ apparel, children’s apparel, men’s apparel and men’s accessories. Inventory was up 3%. Gross margin in the retail business contracted to 44.5% from 45.3% a year ago, according to a company press release. Net income fell 19.8% to $124.6 million, which includes a pretax gain of $4 million primarily related to the sale of a store property.
Emerging Consumer Companies
Fleek raises $20.4 million across two rounds to fuel secondhand apparel platform
Fleek, an online platform for secondhand fashion, raised $20.4 million. This includes a $14.8 million dollar Series A and a $5.6 million dollar seed round. The investment was backed by HV Capital, Andreessen Horowitz and Y Combinator, as well as investors such as Shopify chairman Harley Finkelstein and former Depop CEO Maria Raga. The company uses AI to perform predictive analyses on the second-hand market, with the goal of helping suppliers to respond to trends more efficiently. Through Fleek’s online platform, entrepreneurs can buy various second-hand fashion in bulk, from vintage streetwear to upcycled fashion. The platform operates globally and has, according to the company, served 10,000 resellers and retailers from 70 countries to date, and has traded 2.5 million garments through 1,000 wholesale suppliers. The new funding will enable Fleek to further expand its supplier offering with the platform’s interactive features, such as chat and live shopping.
OneSkin raises Series A, brings total funding to $20 million
OneSkin has closed its Series A investment round, bringing total funding for the brand to $20M. Founded by four Brazilian PhD scientists in 2016, OneSkin has been a first-to-market category leader in science-led topical skin longevity treatments. The brand will enter a new phase of growth and innovation in skin health thanks to an oversubscribed round led by Selva Ventures, alongside with PLUS Capital, Unilever Ventures, Able Partners, and former investors SOSV, and Meta Planet. Additional investors include Brazilian-American model and designer, Camila Alves McConaughey, from PLUS Capital’s collective of artist and athlete partners, and tech entrepreneur Kevin Rose.
Leland lands $12 million to expand coaching platform
Coaching platform Leland has raised $12 million in Series A funding led by Forerunner Ventures with participation from GSV ventures to grow its platform geared toward matching coaches and aspirants to fulfill goals ranging from getting into a university to passing an entrance exam and excelling at product management. The company aims to build better tools for coaches to create content and manage their schedules, as well as build out its enterprise offering. The startup was founded in 2021 by John Koelliker, a former product manager at marketplaces including Uber and LinkedIn. It has raised $17.1 million in funding to date, with investors including Goodwater, FJ Labs, Next Play Ventures, and a few LinkedIn executives. Since the company raised its last round in 2022, it has experienced steady growth, with its revenue increasing fourfold in the past year. The company said it had conducted over 50,000 coaching sessions on the platform in the last 12 months. Leland currently has more than 100,000 users from 70 countries who are accessing coaching, courses, and events.
Food & Beverage
Campbell Soup sells Noosa to fresh foods manufacturer Lakeview Farms
Campbell Soup is selling its Noosa yogurt business to Lakeview Farms, a manufacturer of fresh dips, desserts and specialty products. Terms of the transaction were not disclosed. Noosa generated net sales of $177 million for the last 12 months ending October 2024, according to Campbell. The transaction is expected to close in the first quarter of next year. Campbell acquired Noosa as part of its $2.7 billion purchase of Sovos Brands in March. At that time, Campbell announced it planned to evaluate strategic alternatives for the brand because the yogurt category is not core to its business.
Hershey acquires sour candy maker
The Hershey Co. has acquired Sour Strips, a sour candy brand founded by online social media personality Maxx Chewning. Terms of the transactions were not disclosed. The acquisition enables Hershey to expand its presence in the sour confections category and create new opportunities for snacking occasions, according to the company. Sour Strips currently markets both standard and bite-size formats of its sour candies in select stores, including Walmart, Target, Star Stop and HEB, with flavors like strawberry, green apple, blue raspberry, watermelon, cotton candy, and tropical mango.
Whole Earth Foods joins KP Snacks
KP Snacks, part of the Intersnack Group, is pleased to announce that it has reached an agreement to acquire Whole Earth Foods Limited from the Ecotone group, a European leader in organic and plant-based food, for an undisclosed amount. The Whole Earth brand, which includes the Nut Butters and Soft Drinks ranges, has experienced phenomenal growth since Ecotone acquired the brand back in 2003, achieving fivefold sales returns to become the No.1 peanut butter brand in the UK and achieving impressive growth across organic peanut butter in other key European markets including Germany, the Netherlands, France, Spain and Italy.
Grocery & Restaurants
Race for Japanese 7-Eleven owner heats up with founding family bid
Japan’s Seven & i Holdings has received a buyout proposal from a member of its founding Ito family, it said on Wednesday, a potential $58 billion white-knight bid as it weighs a rival offer from Canada’s Alimentation Couche-Tard. The offer from Ito-Kogyo, a company linked to Vice President Junro Ito and a top shareholder in 7-Eleven owner, is non-binding and under review by the same special committee set up to assess Couche-Tard’s takeover bid. Separately, the Financial Times reported that “preliminary and limited” talks between Seven & i and Couche-Tard have begun, citing people familiar with the matter – a development that comes after months of reluctance on the part of the Japanese company to talk about a deal.
Wonder to acquire Grubhub for $650M
Wonder, the food hall-delivery chain founded by billionaire entrepreneur Marc Lore, is acquiring third-party restaurant delivery company Grubhub for $650 million. The companies on Wednesday said the deal will allow Wonder to offer restaurants, groceries and meal kits on a single ordering app. It includes $500 million of senior notes and $150 million in cash. Wonder also announced that it has raised an additional $250 million from new investors for growth. Chicago-based Grubhub is currently owned by Netherlands-based Just Eat Takeaway.com (JET), which bought Grubhub in 2020 for $7.3 billion. JET has been looking to sell the company for years. Grubhub has more than 375,000 businesses listed on its app and 200,000 couriers across the United States. But it has fallen far behind DoorDash and Uber Eats in terms of market share.
CAVA shows no signs of slowing momentum
CAVA once again bucked industry-wide trends in the third quarter, turning in a same-store sales increase of 18.1% driven largely by a 12.9% increase in traffic. Further, average unit volumes grew to $2.8 million, from $2.6 million in Q3 2023, while restaurant-level profit margins grew to 25.6%, from 25.1% in the same period a year ago. During the company’s earnings call Tuesday after market, chief executive officer Brett Schulman said a “confluence of factors are coming together to fuel growth,” including CAVA’s position as a “category-defining brand,” a compelling value proposition, and a focus on execution. Mediterranean cuisine, he added, is poised to be America’s next major culinary category and is “meeting the moment.”
Home & Road
Home Depot’s Q3 results top Wall Street as pullback in consumer spending eases a bit
Home Depot continued to deal with a pullback in spending from customers in its fiscal third quarter, but it was less severe than in the past, and its performance beat Wall Street’s expectations. The home improvement retailer also boosted its full-year revenue outlook. Revenue for the Atlanta-based company improved 6.6% to $40.22 billion in the quarter. That topped the $39.31 billion that analysts surveyed by FactSet predicted. Sales at stores open at least a year, a key gauge of a retailer’s health, slipped 1.3%. In the U.S., the figure fell 1.2%. Still, that’s a marked improvement from the second quarter, when sales at stores open at least a year declined 3.3% and dropped 3.6% in the U.S.
Furniture category posts first year-over-year retail gains in 20 months
For the first time since February 2023, the U.S. Department of Commerce’s advance monthly estimates show that the furniture and home furnishings category posted year-over-year gains. For the month, the category totaled an adjusted $11.183 billion in sales, which represented a 1.5% increase compared with October 2023’s adjusted $11.015 billion. The last time furniture and home furnishings showed a positive year-over-year increase, it was only up 0.1% in February 2023. But while October’s number was better than a year ago, it was 1.3% off September’s adjusted pace of $11.329 billion. Year-to-date, furniture and home furnishings have accumulated $110.177 billion in sales, down 3.9% compared with the same point a year ago, as the category has been slowly shrinking the YOY gap in recent months.
FTC vs. Tempur Sealy, Mattress Firm starts this week in federal court
The court case between the Federal Trade Commission and Tempur Sealy International and Mattress Firm kicks off with an evidentiary hearing set to begin Tuesday. At stake? Whether or not Tempur Sealy can move forward with its proposed $4 billion acquisition of Mattress Firm announced in May 2023. In July, the FTC filed a lawsuit in the U.S. Court for the Southern District of Texas following its 5-0 decision to block the deal. The FTC alleges that other mattress makers and suppliers will be harmed because they will no longer be able to sell their brands in Mattress Firm stores. The deal, the FTC alleges will “foreclose” competing brands from Mattress Firm floors and cited email and text exchanges in court documents. Tempur Sealy and Mattress Firm have consistently held that the post-acquisition strategy is to maintain Mattress Firm as a multi-vendor retailer selling a variety of products from a variety of vendors.
Despite solid gains in youth, Dorel reports another loss in Q3
Canadian home furniture supplier Dorel Inds. reported $354.2 million in third quarter revenue, a decline of 1.5% from last year. The company also recorded a net loss of $21.9 million for the quarter, continuing its long streak of being in the red. For the first nine months of the year, revenue came in at $1.05 billion, an increase of 1.5% from last year. The net loss for the period was $99 million, compared with a loss of $58.6 million last year. Results varied by segment. The Dorel Juvenile youth division saw revenue of $222.1 million, a 7.8% increase over last year. Juvenile also saw $7.2 million profit, up from $3.2 million last year. Dorel Home, however, the company’s primary furniture division, saw revenue drop 14% to $132.1 million.
Jewelry & Luxury
Brilliant Earth opens first street-level store in New York City
Direct-to-consumer jewelry brand Brilliant Earth has opened its first street-level showroom in New York City, according to a Tuesday press release. Located in the Nolita neighborhood of Manhattan at 255 Elizabeth Street, the showroom marks the brand’s fourth location in the New York Metropolitan area. The company now has 40 showroom locations spread across the country. Similar to its other recently opened locations, the new showroom features a try-on bar as well as a dedicated space for one-on-one bridal and fine jewelry appointments with customers.
Cartier, Van Cleef & Arpels Continue to Shine for Richemont
Jewelry sales were a bright spot in the first half of the year for Richemont, which saw sales and operating profit decline in what it described as a “challenging macroeconomic and geopolitical context.” The Geneva-based luxury conglomerate reported Friday that sales for the six-month period ended Sept. 30 totaled €10.1 billion ($10.73 billion), down 1 percent from €10.22 billion ($10.86 billion) a year ago. Operating profit fell 17 percent year-over-year from €2.66 billion ($2.83 billion) to €2.21 billion ($2.35 billion). Sales at the jewelry brands owned by the company—Cartier, Van Cleef & Arpels, Buccellati, and now Vhernier—continued to grow in the first half, increasing 2 percent at actual and constant exchange rates to €7.1 billion ($7.5 billion).
Global luxury sales to fall 2% in 2024, among weakest years on record, Bain says
Sales of personal luxury goods are set to fall 2% this year, making it one of the weakest on record, with price hikes and economic uncertainty shrinking the industry’s customer base, according to consultancy Bain & Company. In its closely-watched report on the 363-billion-euro ($386 billion) market, Bain estimated a 20-22% sales drop in China, which has turned into a drag after a years-long boom before the pandemic fueled by the wealthy and growing middle-class. The forecasts include the effect of currency moves. “This is the first time the personal luxury goods industry has declined since the 2008-09 crisis, with the exception of the pandemic,” Bain partner Federica Levato told Reuters. The study released on Wednesday will likely heighten concerns among investors that the sector’s current downturn, which has knocked shares in the likes of LVMH and Kering, may be longer and deeper than anticipated.
Office & Leisure
General Mills Acquires Whitebridge’s Tiki Pets, Cloud Star Brands
General Mills, Inc. has entered into a definitive agreement to acquire Whitebridge Pet Brands’ North American premium cat feeding and pet treating business from NXMH in a transaction valued at $1.45 billion. The business, which includes the Tiki Pets and Cloud Star portfolio of brands, is a growth leader in the cat feeding and pet treating segments, which collectively make up $24 billion in retail sales within the broader $52 billion U.S. pet food category, company officials said. With this transaction, General Mills further advances its accelerated strategy, with a focus on its core markets, global platforms and local gem brands to drive sustainable, profitable growth and top-tier shareholder returns over the long term, officials added. “Acquiring the Tiki Pets and Cloud Star portfolio strengthens our commitment in the pet space,” said Jon Nudi, group president, North America Pet, International, and North America Foodservice at General Mills. “These brands complement our Blue Buffalo portfolio and will help us incrementally grow in cat feeding and treats.”
Flutter Q3 Results Easily Top Wall Street Estimates
Shares of Flutter Entertainment rallied in extended trading on November 12th after the gaming company reported third-quarter results that soundly beat Wall Street forecasts. The company tightened fourth-quarter guidance and expects to start buying back stock this week. The FanDuel parent said it earned 43 cents per share on revenue of $3.25 billion during the July through September period. That earnings per share figure isn’t based on generally accepted accounting principles (GAAP). Analysts expected Flutter to post earnings of 23 cents on sales of less than $3.20 billion. In the US, where FanDuel is one of the largest online sportsbook operators, Flutter benefited from a strong start to the 2024 NFL season.
US hotels saw ‘weaker than expected’ Q3 amid slow inbound travel recovery
U.S. hotels saw weaker performance fundamentals in the third quarter of 2024 as the result of a slow summer travel season, according to a quarterly report published by CBRE. In the quarter, occupancy was down 0.8% year over year, offsetting ADR growth of 0.6% for the same period, the report detailed. The occupancy and ADR results led to a 0.2% year-over-year decline in RevPAR in Q3. While summer political conventions and hurricane displacement-related demand were tailwinds for U.S. hotels in Q3, performance in the quarter was negatively impacted by soft leisure travel and a slow return of international visitors, according to CBRE.
Technology & Internet
Shopify stock jumps 21% on revenue beat, rosy holiday forecast
Shopify shares jumped 21% on Tuesday after the Canadian e-commerce company posted better-than-expected results for the third quarter and gave an optimistic forecast for the holiday shopping season. Shopify said it expects revenue in the current quarter to grow at a percentage in the mid- to high-twenties. That surpassed Wall Street’s expectations of 22.8% for revenue growth, according to FactSet. Gross merchandise volume, or the total volume of merchandise sold on the platform, increased 24% year over year to $69.7 billion during the third quarter. Analysts surveyed by FactSet were looking for GMV of $68.1 billion. Shopify sells software for merchants who run online businesses as well as services such as advertising and payment processing tools. The company has been investing heavily in marketing in recent months, even at the risk of pinching near-term profits, as it looks to gain further market share. On a call with investors, Shopify president Harley Finkelstein said a growing number of major retailers and companies signed up for its services during the quarter, pointing to Lionsgate Entertainment, shoemaker Reebok and luxury fashion brand Off-White, along with handbag company Vera Bradley and Hanes.
China’s Singles’ Day wraps up super-sized sales event with volume, shopper growth
China’s largest e-commerce company Alibaba Group said it recorded “robust growth” in sales and a “record number” of shoppers over this year’s Singles’ Day sales period, a weeks-long event that ended at midnight on Monday. The firm did not release total sales revenue for the period but said 45 brands – including Apple, Haier, Midea and Xiaomi – each surpassed 1 billion yuan ($138.62 million) in gross merchandising value (GMV), a commonly used measurement for online sales. JD.com, China’s second biggest e-commerce company, did not disclose information about sales but reported a more than 20% year-over-year increase in shoppers over the event. Data provider Syntun estimated that sales across major e-commerce platforms rose 26.6% to 1.44 trillion yuan over the Singles Day event, which was 10 days longer than last year’s. Originally a 24-hour online shopping event held on Nov. 11 each year in China, the Singles’ Day festival – a nod to the digits in the date – has expanded into weeks of promotions across the country’s major e-commerce platforms and in brick-and-mortar stores. This year’s festival, which kicked off on Oct. 14, is the longest edition yet.
Finance & Economy
October inflation data meets forecasts, keeping Fed on track for December rate cut
New inflation data out November 13th showed consumer prices rose as forecast in October, keeping the Federal Reserve on track to lower interest rates again in December. The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) increased 2.6% over the prior year in October, a slight uptick from September’s 2.4% annual gain in prices. The yearly increase matched economist expectations. The index rose 0.2% over the previous month, matching the increase seen in September and also on par with economists’ estimates.
Wholesale prices rose 0.2% in October, in line with expectation
Wholesale prices nudged higher in October, though largely in line with expectations and mostly consistent with the Federal Reserve cutting interest rates again in December, the Bureau of Labor Statistics reported November 14th. The producer price index, which measures what producers get for their products, increased a seasonally adjusted 0.2% for the month, up one-tenth of a percentage point from September though matching the Dow Jones consensus forecast. On a 12-month basis, headline wholesale inflation was at 2.4%. Excluding food and energy, core PPI rose 0.3%, also one-tenth more than September and also matching expectations. The 12-month rate was at 3.1%.
Bitcoin touches record high above $93,000 on optimism around Trump’s pro-crypto promises
Bitcoin prices traded to a record high on Nov 13, peaking north of $93,400 in a continuation of the crypto rally following Donald Trump’s election win last week. The world’s largest cryptocurrency, which has been at the center of the “Trump trade” catalyzing moves across a range of assets, is up more than 30% since Election Day. The price of bitcoin has more than doubled this year. Investors have flocked to bitcoin and other digital assets under the presumption that Trump will follow through on his pro-crypto campaign promises. The president-elect has suggested appointing a crypto Presidential Advisory Council, firing SEC Chair Gary Gensler, and creating a “strategic national bitcoin stockpile.”
