Reasons to Read

Discover how retailers and brands are treating billions of dollars in tariff refunds—and what the different approaches mean for reported profitability and future guidance.

Read this report to discover answers to these and other questions:

• How large are the tariff-refund benefits recognized by Walmart and Target, and what impact have they had on earnings and margins?
• How are TJX, Ross Stores, Dollar Tree and Dollar General incorporating tariff refunds into their forward guidance, and how much EPS benefit are they assuming?
• Why are Lululemon, Adidas, Deckers, Crocs and Levi Strauss taking a more conservative approach by excluding potential future refunds from their outlooks?

Companies mentioned in this report include: Under Armour; PUMA; Columbia Sportswear; PepsiCo; VF Corporation; Floor & Decor; Amazon; Colgate-Palmolive; Kimberly-Clark; Procter & Gamble; Tapestry; Deckers; Adidas; Crocs; Levi Strauss; Tractor Supply; Wayfair; Ross Stores; TJX; Coty; Estée Lauder; Lowe’s; Home Depot; Walmart; Target; BJ’s Wholesale Club; Abercrombie & Fitch; Burlington Stores; DICK’S Sporting Goods; The Gap; Urban Outfitters; Bath & Body Works; Best Buy; Kohl’s; Dollar General; Dollar Tree; Williams-Sonoma; Lululemon Athletica; PVH Corp.; Five Below; Petco Health and Wellness Company.

Data in this report include: Earnings-season tariff refunds and company commentary; refund amounts and earnings/margin impacts; treatment of refunds in forward guidance.

This report was first published on August 27, 2026, and was republished in updated form, with further company information, on September 8, 2026.