2025-06-05-Jefferies-巴克公司（BARK）_感受关税冲击的影响_10页_349kb

USA Consumer Health & Wellness Equity Research Summary: BARK, Inc.

• Company Overview: BARK, Inc. is a vertically integrated omnichannel brand serving dogs through subscriptions and retail partnerships, offering products in play, food, health, and home categories.

• Recent Performance: BARK reported mixed results due to tariffs and macroeconomic headwinds. Adj. EBITDA exceeded expectations due to cost savings, but top-line growth missed estimates (-19% YoY).

• Fiscal 2026 Outlook: Limited portfolio growth expected in F26 due to no guidance, but strategic shifts to non-discretionary categories and cost-saving initiatives aim for long-term improvement. DTC is expected to decline in F26 (-15% estimate), partially offset by Commerce growth.

• Key Financial Metrics: Current share price: $1.35, Price Target: $3.00 (122% upside). Estimated 2028 sales: $533M. Analysts maintain a Buy rating, citing progress in operating costs and portfolio rebasing.

• Risks: Slower-than-anticipated demand, margin pressures, and ongoing tariff challenges pose significant risks to near-term performance and long-term growth.

• Valuation: Based on 1x EV/Sales for 2028F, with sensitivity scenarios showing potential upside or downside based on revenue growth and margin improvements.