E25: Well Spent — A Consumer Health Check
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U.S. retailers are reporting earnings for the final quarter of 2024, and so far they’re painting an overall picture of robust holiday sales. Meanwhile, frigid East Coast temperatures, tariff implications, and food inflation have made for a challenging consumer backdrop in this year’s opening quarter.
In this episode, Anne Malone hosts analysts Paul Lejuez and Steve Zaccone ahead of Citi’s Global Consumer & Retail Conference (March 9 – 11) in South Florida to discuss the trends impacting consumers as well as the retailers in their stock coverage.
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Anne Malone, Head of North America and Latin America Equity Research
Anne Malone was named Head of North America and Latin America Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a CFA Charterholder.
Paul Lejuez, Head of Consumer Discretionary, Citi Research
Paul Lejuez is a Managing Director at Citi Research covering Department Stores & Specialty Softlines, Broadlines and Food Retailing sectors. Prior to joining Citi in 2015, Paul worked at Wells Fargo for more than two years, Nomura Securities for nearly three years, and Credit Suisse for more than ten years, always covering the retail sector. He began his career at Ernst & Young LLC. Paul has a BS/MS degree in Accountancy from Wake Forest University. He is a CFA Charterholder, Certified Public Accountant and Certified Financial Planner.
Steve Zaccone, Senior Research Analyst on Citi’s Retail Team
Steve Zaccone, CFA, is a Senior Research Analyst on Citi’s Retail Team covering the Retailing/Hardlines sector. Prior to joining Citigroup in 2020, Steve served as a Vice President at J.P. Morgan on the Retailing/Department Stores & Specialty Softlines research team. Prior to joining J.P. Morgan in 2016, he spent three years as a senior associate on the retail team at Cowen & Company and Citigroup. He was responsible for covering a broad spectrum of the retail landscape including the Broadlines, Hardlines, Softlines, and Luxury sectors. Steve also previously held equity research roles at Oppenheimer & Co. and Needham & Co. following consumer and technology sectors. Steve graduated summa cum laude from Fordham University with a Bachelor’s degree in Accounting & Finance in 2010 and is a CFA Charterholder.
