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Buxton Helmsley insights

What Carter's Cost of Goods Sold Did Not Contain

"Carter's, Inc. reported cost of goods sold of $202.9 million for the thirteen weeks ended July 4, 2026, against net sales of $615.5 million.¹ That is a gross margin of 67.0 percent. In the comparable quarter of the prior year the Company reported cost of goods sold of $303.6 million on net sales of $585.3 million, a gross margin of 48.1 percent.¹ Sales grew about five percent. Gross margin expanded by roughly nineteen percentage points."
August 6, 2026
13 min read
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Buxton Helmsley insights

The Unrecognized Holder: How Stacked Special Purpose Vehicles Sold Pre-IPO Exposure That Issuers Never Agreed to Recognize—and What Institutional Investors Must Demand Before They Wire the Next Subscription

"On June 12, 2026, SpaceX sold 555.6 million shares at $135 each, raised approximately $75 billion, and entered the public market at an implied valuation of roughly $1.75 trillion. It was the largest initial public offering ever completed.¹ The stock opened at $150, traded as high as $176.52, and closed its first session at $161.11, up 19.34 percent from the offering price."
August 4, 2026
23 min read
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Buxton Helmsley insights

The Jurisdiction Trade: How the Migration From Delaware Rewrote the Shareholder’s Right to Inspect, to Sue, and to Propose—and What Institutional Investors Must Demand Before the Next Reincorporation Vote

"Every forensic conclusion Buxton Helmsley has ever published rests, somewhere in its chain of evidence, on a document that someone was legally obligated to produce. Compelled disclosure—whether mandated by the securities laws or extracted by a stockholder exercising a statutory inspection right—is the quiet foundation of the entire enterprise of investor advocacy. Financial statements can be reconstructed, footnotes can be parsed, and filings can be compared across periods—but the moment an analysis moves from what a company disclosed to what a company knew, the work depends on a statutory instrument that compels a board to open its records to the people who own the enterprise. In American corporate law that instrument has a name, a century of case law, and, until very recently, a steadily expanding scope."
July 27, 2026
40 min read

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