Aneesha Sherman

Hartshorn said turns stayed strong and clearance low; open-to-buy flexibility lets them adjust if the consumer pulls back.

Conroy described a shift from risk aversion toward growth orientation, empowering faster decisions while maintaining prudence. Emphasized he inherited a well-run company and layered on growth initiatives.

Conroy confirmed sequential improvement in customer count growth over each of the last few quarters, with the growth rate building progressively.

Conroy acknowledged two schools of thought: reversion to mean vs virtuous cycle of new customers and rising brand. Personally subscribes to growth flywheel view. Conservative full-year guide reflects it being early and macro uncertainty.

Conroy emphasized branded values across good, better, best tiers for diverse customer base. Home business building momentum with no pullback. Well-positioned for holiday with strong toys and gifting assortment.

Conroy said not being more cautious, just hyper-conscious of broader retail landscape. Taking longer-term view to maintain bargain perception. Ladies acceleration credited to brand strategy execution and strength in juniors and denim.

Hartshorn differentiated the brand strategy margin investment from tariff pricing. Unlike category-specific costs, tariffs create broad-based inflation allowing Ross to maintain value proposition.

Hartshorn sees no need for format changes. New store productivity steady at 60-65% of average store. Conroy said branded strategy showing results with ladies business improving sequentially.

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Frank said full-price sales should fall mid-single digits in Q2 amid clearance, with full-year flat to slightly better and progressing through the year.

Meghan attributed China comp slowdown to 4-point Chinese New Year timing shift and tough prior-year comps (39% in Q4). Full year China guide unchanged at 25-30%. China remains lowest markdown / highest full-price market globally.

Meghan offered geographic revenue targets (Americas low-to-mid single digit, China 25-30%, Rest of World ~20%) but didn't specify which international markets are slowing, noting they remain ahead of five-year targets.

Hill avoided naming FY28 as normal, reiterating Win Now sunsets by year-end; Friend cited discount improvement, lower reserves and structural supply-chain cost cuts as margin drivers.

Elliott called out football (3 silos, World Cup orders +40% vs 2022), training 24/7, basketball (Sabrina, Caitlin Clark, GT Future), and apparel; Matt said the H2 wholesale order book is balanced between new and existing partners.

Matt stopped short of confirming a specific inflection quarter; he reiterated that liquidation headwinds will continue for several quarters into fiscal 2026.

Ernie expects ticket/AUR to moderate and cited 1.4 billion first-half paid video views on strong marketing engagement.

John credited HomeGoods leverage to sales growth, merchandise margin improvement from buying and freight favorability, shrink improvement, and operational efficiencies. Won't commit to reaching Marmaxx levels since Marmaxx keeps improving too. Ernie added HomeGoods team is internally driven to close the gap.

John confirmed Q1 gross margin variance was essentially all timing from hedges. Q2 tariff impact is on pre-committed orders; Q3 onward will have tariffs factored into negotiations upfront.

Joanne cited creativity, consumer understanding, reduced discounting, and data-driven inventory management as AUR drivers. Todd highlighted One Coach strategy (collection in outlets) and reduced promotions raising the floor. Scott confirmed AUC and supply chain efficiency as additional margin levers beyond AUR.

Joanne confirmed Coach growing above market. Scott noted new categories may have lower gross margins but are operating margin accretive and overall expect to maintain exceptional margins.