Brew Markets – November 26, 2025

Episode: Meet Nuuly: Urban’s Rental Gem & Petco: An Old Dog Learns New Tricks
Host: Ann Berry
Podcast: Brew Markets
Theme: Today’s episode dives into three standout market stories: Urban Outfitters’ thriving rental arm Nuuly, Petco’s struggle to reinvent itself, and updates from Dell’s earnings tying into the AI boom. Ann and co-host John Croteau break down earnings, business models, and the broader implications for each industry.

Main Theme Overview

Ann Berry delivers a rapid, insightful rundown of the day’s top stock market stories with a focus on what they reveal about broader consumer and investor trends. This episode centers on:

Urban Outfitters’ Nuuly emerging as a winner in clothing rental
Petco’s turnaround efforts in a tough pet retail market
Dell’s surprising earnings, bolstered by AI and ongoing PC dominance
Other topics include a viral Campbell’s controversy and the latest in autonomous vehicles via Uber.

Key Discussion Points & Insights

1. Nuuly: Urban Outfitters' Rental Gem

(Begins ~01:00)

Urban Outfitters’ Quarterly Strength:
Urban, bolstered by brands like Anthropologie and Free People, posts record sales of $1.5B ([01:05]).
Nuuly’s Explosive Growth:
Although under 10% of Urban’s business, Nuuly—their clothing rental division—outpaces Rent the Runway, boasting 400,000+ subscribers and 50% revenue growth for the quarter.
Logistics operations have expanded to a 1 million sq ft facility in Kansas City ([01:25]).
Rental’s Consumer Appeal:
Ann highlights that rental appeals due to “the real desire for constant newness, cheaper options and a focus on sustainability” ([01:42]).
Execution & Logistics:
Nuuly’s operations are more streamlined compared to Rent the Runway, which has “burned cash” and watched its stock drop 99% over five years.
- “Where Rent the Runway proved the concept… It has failed to execute over time.” —Ann Berry ([02:12])
Revenue Quality:
The $98/month subscription creates predictable, recurring revenue, with Nuuly alone adding 3.5 percentage points of revenue growth to total sales ([02:42]).
Competitive Edge:
“Part of its inventory conveniently sits inside the stores of Urban Outfitters brands already… which helps to boost its margins.” ([02:56]) Easy return options at Urban stores double down on convenience ([03:06]).
Market Reception:
Urban stock jumped 13% on earnings news, up 90% over 12 months. Ann cautions the stock looks “a little toppy” but acknowledges the current win ([03:19]).
Industry Implications:
“The most interesting thing here? We'll see if others follow Urban into the clothing rental space.” ([03:31])

2. Dell: The OG Tech Giant Evolving for AI

(Begins ~04:35)

Dell’s Legacy:
Founded 40 years ago by Michael Dell, now at a $90B market cap ([04:55]).
Earnings Beat:
Q3 revenue: $27B (up 11% YoY), earnings per share up 39%, $1.2B in operating cash flow. Stock up 6.5% on the day ([05:15]).
AI Impact:
Dell raises its full-year guidance, specifically citing higher AI shipment targets:
“Dell did say its AI shipment guidance... should go up from 20B to 25B as the new target.” ([06:05])
On-Premise vs. Cloud:
Dell focuses on enterprise on-premise AI—servers and GPU-equipped solutions for businesses, responding to security and resilience concerns as many companies seek hybrid (cloud + physical) environments ([06:45]).
PC Business:
Still core: ~50% of revenue. Windows 10 support ending is driving PC refreshes and upgrades to Windows 11 ([08:02]).
- Dell holds 15% of worldwide PC shipments ([08:02]).
- Ann: “We do need to remember there is other hardware out there, trying to find its way as all this evolves.” ([08:11])
Michael Dell’s Wealth:
Michael Dell’s net worth recently hit $154B—“up $30 billion since the start of the year” ([08:48]).

3. Petco: Reinventing an Old Dog

(Begins ~11:00)

Petco’s Woes:
Once a darling of the pandemic pet boom, Petco’s stock has plunged 86% since its 2021 IPO. Market cap now around $1B ([11:07]).
Earnings Highlights:
Revenue: $1.5B (down 3.1% YoY); same-store sales down 2.2%.
However, adjusted EBITDA rose 17% to ~$99M due to cost-cutting.
Marketing spend held steady; overhead reductions drove improved margins ([11:59]).
Guidance & Market Response:
Despite the drop in sales, Petco raised full-year guidance; stock popped ~20% on the news—“to me that is all about that increase in profitability.” ([12:59])
The Real Challenge:
Pet humanization isn’t enough—where are people spending? Chewy and Amazon make pet-supply delivery easy.
John: “If I’m buying shoes, I want to go to Foot Locker... but [for] dog food or a toy... that seems really easy to order from Amazon or subscription from Chewy.” ([13:47])
Competitive Strategy:
Petco aims to compete by enhancing physical retail experiences, events, and in-person services (hospital, grooming)
- CEO Joel Anderson: “We believe in the universal truths of pet parenthood, the boundless boops, Petco missing slippers, late night zoomies…” ([14:20])
Membership & Services Expansion:
Testing a revamped loyalty/membership program for 2026 ([15:03]).
Expanding “hospital and grooming appointments” as a competitive moat ([15:15]), leveraging data to blur the lines between retail and services—e.g., linking vet recommendations with purchases ([15:51]).
- John’s take: “Maybe you should change to a more expensive dog food that we sell outside.” ([16:27])
Merchandising for a Modern Customer:
Petco expands into pet tech—cameras, remote feeders, etc. ([16:57])

4. Other Market Stories at a Glance

Uber launches driverless robotaxis in Abu Dhabi:
First deployment in the Middle East, in partnership with Chinese firm WeRide; reflects global push for AVs ([18:00]).
Campbell’s Soup 3D Printed Chicken Rumor:
Viral tapes catch an IT VP making disparaging claims about Campbell’s (“highly processed food for poor people”; 3D-printed chicken).
Company swiftly denies any such practices:
- “No, we do not use 3D printed chicken, lab grown chicken, or any form of artificial or bioengineered meat in our soups.” —Campbell’s statement ([20:35]) Ann contextualizes: Lab-grown meats are not science fiction, but not used by Campbell’s today ([22:16]).

Notable Quotes & Memorable Moments

Ann Berry on Nuuly’s Business Model ([02:39]):
“Nuuly’s $98 per month fee means that revenue is predictable and it’s recurring. So I’m not a skeptic about Nuuly. It’s likely, in my opinion, to keep eating Rent the Runway’s lunch and gaining share—and doing so profitably.”
John on Petco’s Struggles ([13:47]):
“If I’m buying shoes, I want to go to Foot Locker… but in terms of dog food or a toy, to me that seems really easy to order from Amazon or subscription from Chewy.”
Petco's CEO via earnings release ([14:20]):
“We believe in the universal truths of pet parenthood, the boundless boops… Petco missing slippers, late night zoomies, and everything in between.”
Ann on Dell’s Resilience ([08:11]):
“We do need to remember there is other hardware out there, trying to find its way as all this evolves, where shares for Dell are up 15% year to date. And after 40 years it does seem that Dell still evolving, still moving…”
On Campbell’s Soup Rumors ([20:35]):
“No, we do not use 3D printed chicken, lab grown chicken, or any form of artificial or bioengineered meat in our soups.” —Campbell’s statement
Ann’s historical aside ([22:16]):
“Even [Winston Churchill] was contemplating a possibility that one day, you know, a chicken breast could be grown in a petri dish in a lab. So this is happening… but Campbell’s is clarifying today. They don’t use 3D printed chicken.”

Timestamps for Key Segments

Nuuly & Urban Outfitters Analysis: 01:00 – 04:30
Dell’s Earnings & Legacy, AI Push: 04:35 – 10:25
Petco’s Turnaround, Services, and Pet Retail Trends: 11:00 – 17:30
Uber Driverless News: 18:00 – 19:37
Campbell’s 3D Printed Chicken Controversy: 19:37 – 22:44

Tone and Style

Direct, conversational, slightly irreverent
Ann blends insider insight with accessible takes (“We’ll keep watching!”)
John brings wry humor—playful skepticism, sharp questions, and clever wordplay (“I do detect a little cynicism…”)
Occasional pop culture references and personal anecdotes

Summary Takeaways

Urban’s Nuuly proves clothing rental can be both scalable and profitable, in contrast to original pioneer Rent the Runway.
Petco’s survival may depend on reinventing the in-store experience and merging retail with services, much like big-box human retailers.
Dell’s embracing of on-premise AI shows that legacy hardware players can still surprise, even four decades in.
Even century-old brands like Campbell’s must now address viral rumors with direct consumer comms.
Modern markets reward agility, recurring revenue, and a readiness to pivot or double-down on experience—whether in fashion, pets, or tech.

For listeners and investors alike, Brew Markets delivers distilled, actionable market analysis with a side of personality—perfect for keeping up with both big-picture shifts and quirky corporate news.

Brew Markets – November 26, 2025

Main Theme Overview

Ann Berry delivers a rapid, insightful rundown of the day’s top stock market stories with a focus on what they reveal about broader consumer and investor trends. This episode centers on:

Urban Outfitters’ Nuuly emerging as a winner in clothing rental
Petco’s turnaround efforts in a tough pet retail market
Dell’s surprising earnings, bolstered by AI and ongoing PC dominance
Other topics include a viral Campbell’s controversy and the latest in autonomous vehicles via Uber.

Key Discussion Points & Insights

1. Nuuly: Urban Outfitters' Rental Gem

(Begins ~01:00)

Urban Outfitters’ Quarterly Strength:
Urban, bolstered by brands like Anthropologie and Free People, posts record sales of $1.5B ([01:05]).
Nuuly’s Explosive Growth:
Although under 10% of Urban’s business, Nuuly—their clothing rental division—outpaces Rent the Runway, boasting 400,000+ subscribers and 50% revenue growth for the quarter.
Logistics operations have expanded to a 1 million sq ft facility in Kansas City ([01:25]).
Rental’s Consumer Appeal:
Ann highlights that rental appeals due to “the real desire for constant newness, cheaper options and a focus on sustainability” ([01:42]).
Execution & Logistics:
Nuuly’s operations are more streamlined compared to Rent the Runway, which has “burned cash” and watched its stock drop 99% over five years.
- “Where Rent the Runway proved the concept… It has failed to execute over time.” —Ann Berry ([02:12])
Revenue Quality:
The $98/month subscription creates predictable, recurring revenue, with Nuuly alone adding 3.5 percentage points of revenue growth to total sales ([02:42]).
Competitive Edge:
“Part of its inventory conveniently sits inside the stores of Urban Outfitters brands already… which helps to boost its margins.” ([02:56]) Easy return options at Urban stores double down on convenience ([03:06]).
Market Reception:
Urban stock jumped 13% on earnings news, up 90% over 12 months. Ann cautions the stock looks “a little toppy” but acknowledges the current win ([03:19]).
Industry Implications:
“The most interesting thing here? We'll see if others follow Urban into the clothing rental space.” ([03:31])

2. Dell: The OG Tech Giant Evolving for AI

(Begins ~04:35)

Dell’s Legacy:
Founded 40 years ago by Michael Dell, now at a $90B market cap ([04:55]).
Earnings Beat:
Q3 revenue: $27B (up 11% YoY), earnings per share up 39%, $1.2B in operating cash flow. Stock up 6.5% on the day ([05:15]).
AI Impact:
Dell raises its full-year guidance, specifically citing higher AI shipment targets:
“Dell did say its AI shipment guidance... should go up from 20B to 25B as the new target.” ([06:05])
On-Premise vs. Cloud:
Dell focuses on enterprise on-premise AI—servers and GPU-equipped solutions for businesses, responding to security and resilience concerns as many companies seek hybrid (cloud + physical) environments ([06:45]).
PC Business:
Still core: ~50% of revenue. Windows 10 support ending is driving PC refreshes and upgrades to Windows 11 ([08:02]).
- Dell holds 15% of worldwide PC shipments ([08:02]).
- Ann: “We do need to remember there is other hardware out there, trying to find its way as all this evolves.” ([08:11])
Michael Dell’s Wealth:
Michael Dell’s net worth recently hit $154B—“up $30 billion since the start of the year” ([08:48]).

3. Petco: Reinventing an Old Dog

(Begins ~11:00)

Petco’s Woes:
Once a darling of the pandemic pet boom, Petco’s stock has plunged 86% since its 2021 IPO. Market cap now around $1B ([11:07]).
Earnings Highlights:
Revenue: $1.5B (down 3.1% YoY); same-store sales down 2.2%.
However, adjusted EBITDA rose 17% to ~$99M due to cost-cutting.
Marketing spend held steady; overhead reductions drove improved margins ([11:59]).
Guidance & Market Response:
Despite the drop in sales, Petco raised full-year guidance; stock popped ~20% on the news—“to me that is all about that increase in profitability.” ([12:59])
The Real Challenge:
Pet humanization isn’t enough—where are people spending? Chewy and Amazon make pet-supply delivery easy.
John: “If I’m buying shoes, I want to go to Foot Locker... but [for] dog food or a toy... that seems really easy to order from Amazon or subscription from Chewy.” ([13:47])
Competitive Strategy:
Petco aims to compete by enhancing physical retail experiences, events, and in-person services (hospital, grooming)
- CEO Joel Anderson: “We believe in the universal truths of pet parenthood, the boundless boops, Petco missing slippers, late night zoomies…” ([14:20])
Membership & Services Expansion:
Testing a revamped loyalty/membership program for 2026 ([15:03]).
Expanding “hospital and grooming appointments” as a competitive moat ([15:15]), leveraging data to blur the lines between retail and services—e.g., linking vet recommendations with purchases ([15:51]).
- John’s take: “Maybe you should change to a more expensive dog food that we sell outside.” ([16:27])
Merchandising for a Modern Customer:
Petco expands into pet tech—cameras, remote feeders, etc. ([16:57])

4. Other Market Stories at a Glance

Uber launches driverless robotaxis in Abu Dhabi:
First deployment in the Middle East, in partnership with Chinese firm WeRide; reflects global push for AVs ([18:00]).
Campbell’s Soup 3D Printed Chicken Rumor:
Viral tapes catch an IT VP making disparaging claims about Campbell’s (“highly processed food for poor people”; 3D-printed chicken).
Company swiftly denies any such practices:
- “No, we do not use 3D printed chicken, lab grown chicken, or any form of artificial or bioengineered meat in our soups.” —Campbell’s statement ([20:35]) Ann contextualizes: Lab-grown meats are not science fiction, but not used by Campbell’s today ([22:16]).

Notable Quotes & Memorable Moments

Ann Berry on Nuuly’s Business Model ([02:39]):
“Nuuly’s $98 per month fee means that revenue is predictable and it’s recurring. So I’m not a skeptic about Nuuly. It’s likely, in my opinion, to keep eating Rent the Runway’s lunch and gaining share—and doing so profitably.”
John on Petco’s Struggles ([13:47]):
“If I’m buying shoes, I want to go to Foot Locker… but in terms of dog food or a toy, to me that seems really easy to order from Amazon or subscription from Chewy.”
Petco's CEO via earnings release ([14:20]):
“We believe in the universal truths of pet parenthood, the boundless boops… Petco missing slippers, late night zoomies, and everything in between.”
Ann on Dell’s Resilience ([08:11]):
“We do need to remember there is other hardware out there, trying to find its way as all this evolves, where shares for Dell are up 15% year to date. And after 40 years it does seem that Dell still evolving, still moving…”
On Campbell’s Soup Rumors ([20:35]):
“No, we do not use 3D printed chicken, lab grown chicken, or any form of artificial or bioengineered meat in our soups.” —Campbell’s statement
Ann’s historical aside ([22:16]):
“Even [Winston Churchill] was contemplating a possibility that one day, you know, a chicken breast could be grown in a petri dish in a lab. So this is happening… but Campbell’s is clarifying today. They don’t use 3D printed chicken.”

Timestamps for Key Segments

Nuuly & Urban Outfitters Analysis: 01:00 – 04:30
Dell’s Earnings & Legacy, AI Push: 04:35 – 10:25
Petco’s Turnaround, Services, and Pet Retail Trends: 11:00 – 17:30
Uber Driverless News: 18:00 – 19:37
Campbell’s 3D Printed Chicken Controversy: 19:37 – 22:44

Tone and Style

Direct, conversational, slightly irreverent
Ann blends insider insight with accessible takes (“We’ll keep watching!”)
John brings wry humor—playful skepticism, sharp questions, and clever wordplay (“I do detect a little cynicism…”)
Occasional pop culture references and personal anecdotes

Summary Takeaways

Urban’s Nuuly proves clothing rental can be both scalable and profitable, in contrast to original pioneer Rent the Runway.
Petco’s survival may depend on reinventing the in-store experience and merging retail with services, much like big-box human retailers.
Dell’s embracing of on-premise AI shows that legacy hardware players can still surprise, even four decades in.
Even century-old brands like Campbell’s must now address viral rumors with direct consumer comms.
Modern markets reward agility, recurring revenue, and a readiness to pivot or double-down on experience—whether in fashion, pets, or tech.

wavePod

Meet Nuuly: Urban’s Rental Gem & Petco: An Old Dog Learns New Tricks

Summary

Brew Markets – November 26, 2025

Main Theme Overview

Key Discussion Points & Insights

1. Nuuly: Urban Outfitters' Rental Gem

2. Dell: The OG Tech Giant Evolving for AI

3. Petco: Reinventing an Old Dog

4. Other Market Stories at a Glance

Notable Quotes & Memorable Moments

Timestamps for Key Segments

Tone and Style

Summary Takeaways

Transcript

Summary

Brew Markets – November 26, 2025

Main Theme Overview

Key Discussion Points & Insights

1. Nuuly: Urban Outfitters' Rental Gem

2. Dell: The OG Tech Giant Evolving for AI

3. Petco: Reinventing an Old Dog

4. Other Market Stories at a Glance

Notable Quotes & Memorable Moments

Timestamps for Key Segments

Tone and Style

Summary Takeaways