Good morning, CFOs. Jesse Timmermans, the finance chief at Revolve, on how the retailer lives with high customer return rates; semiannual reporting plan strikes a nerve; plus, Apple through the years.

Jennifer Williams, our WSJ Leadership Institute reporter who focuses on retailers and other companies, writes today about how Revolve Group isn’t like other retailers. Jennifer interviewed their CFO and co-CEO (more on that relationship below) about what makes the company unique. She writes in today’s Morning Ledger:

While most retailers dread high return rates and worry about how they can eat into profits, Revolve has learned to live with a high return rate.

Data points: Revolve’s customer return rate is roughly 60%, nearly triple the typical online average. And even as the retailer remains committed to a shopper-friendly free returns policy, that didn’t stop the company’s profit from surging nearly 60% in the fourth quarter.

Key quote: “That is the opportunity right now,” Chief Financial Officer Jesse Timmermans says. With profits growing and cash on hand, he said, that allows the company to be “on offense when others are playing defense and really capture market share.”

On C-suite collaboration and communication:

It also helps that the company is founder-led, said Timmermans, referring to co-CEOs Mike Karanikolas and Michael Mente. They also still own 43% of the company’s common shares, he said, so they are “very aligned on the long term in building long-term value.”

For the full details, read on here.

We continue to get more reader feedback on the WSJ’s Corrie Driebusch’s story on how companies might report their financial results in the future.

(And by the way, that was a popular topic for CFOs at one of our plenary sessions at the 2026 WSJ CFO Council Summit, with Bill Harts, CEO of the Long-Term Stock Exchange, in his conversation with Alan Murray, president of the WSJ Leadership Institute, during our gathering in Palo Alto, Calif.)

Russ Porter, an assistant professor of finance at Sacred Heart University, writes to us from Ridgefield, Conn….

Walden and the CFO Journal team:

With regard to the SEC proposal to require financial reporting for public companies only twice a year rather than quarterly…

Justin Moreschi from Quaker Houghton in your Morning Ledger newsletter on Wednesday hinted at what may ultimately come of this proposal. If approved, there will be companies that will see value from continuing quarterly reporting, and those that will not. Just as some (not all) companies report monthly same-store sales (retail) or production volume (auto/aircraft manufacturers), some companies will continue to see competitive value from frequent communication with their investors and prospective investors (aka the public).

And those that communicate less will be perceived as higher risk due to the lack of transparency, facing a diminished potential investor base and higher costs of borrowing in the process. As such, it may result in an interesting test of the market’s demand for frequent information, and the costs of not providing it to investors. (As an aside, private credit is giving us a peek at that world now, and the perceived cost of opacity seems to be rising quickly.)

The balance to these downsides (the benefit to the company) may come in the form of lower costs of reporting, compliance, and (theoretically) a greater emphasis on longer-term results, but moving from quarterly to semiannual won't affect the last element much. In addition, for many companies, the volume of workload from the close of a quarter to publishing results is the driver of finance staffing capacity. Companies moving to six-month reporting will likely find that they need to either keep the same level of year-round staff to support the reporting process, or delay their reporting farther from the close of the reporting period.

Thank you, Russ, for your insight on the semiannual reporting proposal, which seems to have hit a nerve with some readers. Do you agree/disagree with these points?

✏️ Get smarter. Help us continue the conversation. Do you think the U.S. will shift to semiannual reporting, and how would that change your role? (Hit Reply to this newsletter, and we may feature your comments.)

Meanwhile, here’s a look at…

🥚 Equity markets are closed in observance of Good Friday. The bond market closes early, at 12 p.m. Eastern time.

The latest tariff developments. The U.S. will impose tariffs of up to 100% on branded pharmaceuticals, but nations or drugmakers that strike deals with the Trump administration or commit to build manufacturing facilities in the U.S. can receive lower levies, the White House said.

Who’s impacted the most? The 100% tariff will apply to patented imported pharmaceuticals from companies that haven’t committed to invest in the U.S. and haven’t entered into “most favored nation” agreements to match their U.S. prices to the lowest they charge in other developed countries, a senior administration official said on Thursday.

OpenAI expands into news. The maker of ChatGPT said it has acquired TBPN, an online talk show that aims to compete with Bloomberg and CNBC in by-the-minute analysis of technology news and executive interviews.

The new jobs created by AI. Artificial intelligence has sparked fears it will become a job killer. It’s also fueling a crop of new careers. AI created 640,000 jobs between 2023 and 2025 in the U.S., according to an analysis by LinkedIn of job posting data, including new white-collar positions such as head of AI and AI engineer.

OK, perhaps this has broader appeal beyond finance pros. But here’s a great read and nifty look back at our Apple coverage over the past 50 years, via our columnist Ben Cohen.

• The Epic 50-Year Story of Apple, Told Through the WSJ Archive
• Watch: Apple Has Archives That Even Tim Cook Didn’t Know About. We Went Inside.
   

📰 Other headlines

• What We’re Looking For in Today’s Jobs Report
• Blue Owl’s $36 Billion Private-Credit Fund Hit by 22% Withdrawal Request
• Starbucks Expands Tipping and Adds Bonuses to Boost Barista Pay
• Rising Tesla Sales in First Quarter Didn’t Beat Wall Street Expectations
• Maine Is About to Become the First State to Ban New Data Centers
• Saks Global Secures $500 Million Creditor Deal to Support Bankruptcy Exit
• American Brands Used to Be ‘Sexy’ in China. No Longer.

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Sally Beauty Holdings, the Plano, Texas-based beauty-supplies retailer, has hired Bed Bath & Beyond executive Adrianne Lee as the company's new senior vice president and CFO, effective April 28. Marlo Cormier, who has been senior vice president and CFO since November 2020, is leaving the company on April 11 to pursue other opportunities. Bed Bath & Beyond said Brian LaRose, currently CFO of specialty retailer Container Store, will succeed Lee as finance chief on April 28. Bed Bath & Beyond on Thursday said it has signed a deal to acquire Container Store. LaRose, 53, will receive an annual base salary of $700,000 and an annual bonus with a target of 125% of his base pay. Sally said Lee will receive an annual base salary of $725,000, a $175,000 sign-on bonus and an annual bonus with a target of 75% of her base pay.

Palo Alto, Calif.-based Broadcom appointed Amie Thuener as its next finance chief, succeeding Kirsten Spears, who is retiring. Thuener joins the semiconductor and software company from Alphabet, where she has served as corporate controller and chief accounting officer since 2018. Her appointment as Broadcom's CFO is effective June 12. Before Alphabet, Thuener was a managing director at PricewaterhouseCoopers.

—Colin Kellaher and Elias Schisgall contributed to today’s Ledger.

The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.