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Stock Analyst Herb Greenberg: Gluten Free a Fad, Michael Kors’ Management Defensive

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TheStreet.com analyst Herb Greenberg sounded off on more than stocks, but on food fads. He said Boulder Brands’ stock was up after earnings last week because management “told a good story about the future, ” when in reality, according to Greenberg “Gluten-free is a fad for most people, besides my daughter, who has Celiac disease (and needs to eat a gluten-free diet.” One indication Greenberg pointed out that Boulder Brands wasn’t serious about “real” gluten-free is that management brushed off an analyst’s question about cross-contamination. This shows a lack of commitment to a real gluten-free diet, according to Greenberg, because those who are serious about being gluten-free need to make sure no gluten enters their food and would be concerned about cross-contamination. “Gluten-free growth is slowing … people aren’t really worried about it … This thing is going to roll over.”

Greenberg also didn’t like the way Michael Kors management behaved in their earnings conference call last week, which he called “horrendous. Management was very defensive. They said, ‘Stop looking at the quarter by quarter numbers. But then why do they give quarterly numbers?” Without mentioning Coach by name, management told analysts not to compare Kors with a certain competitor. “Peers are important, ” said Greenberg. “People are going to compare.” Greenberg had harsh words for Kors’ bossy and “defensive” management and concluded, “They don’t listen to anyone but themselves.”

 

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