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Analyst
Karen Short
Period: Reporting periods mapped to calendar 2024 Q4 – 2025 Q1 (2 quarters).
- Questions
- 14on tracked calls
- Challenge rate
- 7%1 of 14 questions
- Companies
- 10questioned at least once
- Reporting periods
- 2with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 14 of 14 questions from 10 companies
HDThe Home Depot, Inc.2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2025 Q1
should we look at that as the right way to think about the relationship between sales growth and operating margin growth
Show response
Richard confirmed adjusted operating margin excluding all non-cash amortization (not just SRS-related) is the preferred metric going forward.
And is two point five percent of sales the rate run rate to think about on capex?
Show response
Richard explained elevated CapEx reflects new store program (25 of 80 stores completed) plus leaning into high-return investments. Program completion targeted for 2027.
LOWLowe's2 questions · 1 reporting period · 0 of 2 challenging
Calendar 2024 Q4
Are you still thinking about a format that gives three scenarios? Or is that maybe too complicated?
Show response
medium
The range in 4Q is very wide when I look at operating profit growth and margin expansion specifically. So maybe can you talk to that a little bit?
Show response
medium
TGTTarget Corporation2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q1
how much are you expecting in savings? And how much will that benefit the actual full year guidance?
Show response
Fiddelke describes efficiency as always-on but doesn't quantify the specific savings amount, pointing to operating margin expansion on a flat comp as evidence.
Calendar 2024 Q4
The first is, as it relates to apparel, what is fashion as a percent of sales versus basics? And would you look to pivot a little more into basics versus fashion. The second question is, how to thi...
Show response
Rick said apparel success comes from combining fashion with compelling price points, not pivoting to basics. Michael confirmed inventory up 3% YoY but feels well-positioned and committed to ending year clean. Jim confirmed 2025 CapEx at $4B-$5B, anchoring around the midpoint of the long-run expectation.
TSCOTractor Supply2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2025 Q1
can you just give a little color on the split or how to think about the cadence of gross margin versus SG and A
Show response
Kurt said gross margin and SG&A assumptions fairly consistent with original guidance. Gross margin up 20-40bps, higher in H1. SG&A deleverage ~50bps. Inflationary tariff scenario could shift mix between GM and SG&A.
Calendar 2024 Q4
can you give a sense of what the comp waterfall contribution is or the new store waterfall contribution is to the comp
Show response
Kurt said new stores are a modest net contributor to comp after cannibalization, in the 5-15 basis point range over five-year maturation. Store count ramping from 80 to 90 in 2025.
BBYBest Buy1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
When you look at your implied Q4 guidance, there's a very wide range on operating income
Show response
Matt attributed the OI range to SG&A deleverage at the low end of comp guidance. On membership, Corie shared retention outperforms expectations but declined to give precise rates.
COSTCostco Wholesale Corporation1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
There's kind of been a trend in retail for some for stock splits generally. And I'm wondering what your philosophy is on that
Show response
Gary said no current stock split plan but will evaluate. On tariffs, noted uncertain timing/scope, about a quarter of business is nonfoods with a subset imported.
Show 4 more companies
DGDollar General1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
if you could just give a little bit more color on the actual dollars going into the standard remodels versus Project Elevate, and also what the return profile
Show response
Dilts confirmed traditional remodel CapEx similar to prior years with Project Elevate significantly less. Noted Project Elevate IRRs expected higher than new store returns and relatively in line with traditional remodel returns. Did not disclose specific dollar amounts for either program.
DLTRDollar Tree1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q1
what is the right run rate to think about for Dollar Tree banner on operating margin once we get past transition in 2025?
Show response
Creedon deferred specific margin targets but expressed confidence in multi-year algorithm. Glendinning noted structural margin improvement from shedding Family Dollar's lower-margin revenue and targeting 100bps corporate SG&A rate reduction.
KRKroger1 question · 1 reporting period · 1 of 1 challenging
Calendar 2025 Q1
Where you think your price gaps are now versus where they were, say, ten years ago. Because the The Kroger Co. Heyday is you were within 5% to 8% of your largest big box competitor
Show response
Todd said all-in pricing (shelf + loyalty + fuel rewards) is favorable to the 5-8% gap Karen referenced. Acknowledged customer perception may not match actual value. On OP, said both four-wall and alt profit contributing 'in a reasonably similar range.'
WMTWalmart Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2024 Q4
your OpEx at 21.2%, I'm wondering what the potential is to get closer to 19% or get back to 19%
Show response
JDR targeted 20% SG&A rather than Karen's 19% aspiration. Noted digital mix shift structurally pressures SG&A, but team is pursuing efficiencies and technology. No commitment to change segment reporting.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| HD The Home Depot, Inc. | 2 | —Rate withheld: fewer than 3 questions |
| LOW Lowe's | 2 | —Rate withheld: fewer than 3 questions |
| TGT Target Corporation | 2 | —Rate withheld: fewer than 3 questions |
| TSCO Tractor Supply | 2 | —Rate withheld: fewer than 3 questions |
| BBY Best Buy | 1 | —Rate withheld: fewer than 3 questions |
| COST Costco Wholesale Corporation | 1 | —Rate withheld: fewer than 3 questions |
| DG Dollar General | 1 | —Rate withheld: fewer than 3 questions |
| DLTR Dollar Tree | 1 | —Rate withheld: fewer than 3 questions |
| KR Kroger | 1 | —Rate withheld: fewer than 3 questions |
| WMT Walmart Inc. | 1 | —Rate withheld: fewer than 3 questions |
- HDThe Home Depot, Inc. · 2 questions—rate withheld: under 3 questions
- LOWLowe's · 2 questions—rate withheld: under 3 questions
- TGTTarget Corporation · 2 questions—rate withheld: under 3 questions
- TSCOTractor Supply · 2 questions—rate withheld: under 3 questions
- BBYBest Buy · 1 question—rate withheld: under 3 questions
- COSTCostco Wholesale Corporation · 1 question—rate withheld: under 3 questions
- DGDollar General · 1 question—rate withheld: under 3 questions
- DLTRDollar Tree · 1 question—rate withheld: under 3 questions
- KRKroger · 1 question—rate withheld: under 3 questions
- WMTWalmart Inc. · 1 question—rate withheld: under 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 8 | 0%none of 8 questions | 7 |
| 2025 Q1 | 6 | 17%1 of 6 questions | 5 |
- 2024 Q48 questions · challenge rate 0% (none of 8 questions) · 7 companies
- 2025 Q16 questions · challenge rate 17% (1 of 6 questions) · 5 companies
Topics
Topics tagged on this analyst’s questions.
- Margin8
- Guidance Reliability3
- Cost Pressure3
- Capex Investment3
- Subscriber Growth1
- Capital Allocation1
- Trade Tariffs1
- M&A1
- Pricing1
- Competitive Dynamics1
Show all 14 topics
- Revenue Growth1
- Geographic Expansion1
- Demand1
- Inventory1