Kate McShane

what the gross margin headwind there is, as you pursue national accounts versus up and down the street

in the case that product prices do increase due to the higher memory pricing, what that could look like

Vendor support has been a distinguishing part of your story for a long time

some new opportunities in real estate are allowing you to enter into markets that you didn't think you could enter

The renewal rate softness sounded better than what you had expected

we wondered if there was anything to note just given that it has been several months since the price increase

We were wondering with regards to the delivery that you've been so successful at rolling out. It has seemed fairly seamless. But we wondered what you've had to do on your end to ensure the customer...

Your guidance today of getting to operating margin of 6% to 7% by 2028. We were wondering if you can talk about what you expect the arc of the margin expansion to look like between now and then

you had mentioned last quarter that of the share gain that was up for grabs at the time that you didn't quite get your fair share

Of the 10% increase, can you talk to how much of that increase with dollars versus units?

Can you remind us how many combo stores you have with Family Dollar and Dollar Tree and how that unwind might look?

just given your new position, I wondered if you could talk to anything that you might want to accelerate or change with the investments or the strategy

we just wondered if you could talk to how each category performed in Q4 and what your expectation is

just wondered how much of your initiatives like the NAPA brand expansion are helping offset some of maybe those broader macro headwinds

What is driving EBITDA margins flat to up? Is it the cost savings? And our second question is, is there a target in cadence of buying back independent's

How does that look in Q1? And what are your thoughts around promotions heading into the rest of the year

Are you looking at price investment, promotion, some combination of both? How does that compare to how you managed through that in 2025?

how we should be thinking about the cadence of transaction versus ticket throughout 2026?

in terms of like what the initial performance has been, what you've seen with regards to seller onboarding product expansion and customer adoption?

How much inflation do you think can be in the space during the year? And specific to Q1, when you're going through why the margin would be slightly below

do you think ultimately, there will be maybe some elastic impact maybe in more of, like, the maintenance and certainly just discretionary categories if those prices were to go beyond a certain level

we were wondering if you could speak specifically about in-stocks and product availability on the shelf how this is being addressed, what improvements have been made

It seems like a lot of the changes that we saw this morning are coming post-June. So I was wondering why we shouldn't think about the same-store sales differently by first half versus back half?

how you feel about the inventory position going into holiday, how it looks versus last year?

What price increases were taken during the second quarter as a result of tariffs? And what your expectation is for the second half?

can you talk a little bit more about how you're going about that and what your view is on prices in the back half and any demand elasticity?

I was just curious on why do you think this is happening now as I think the consumer has been choiceful and making decisions for a while now. And has this caused you to alter how you're approaching...

Could you maybe double-click on that a little bit more? And then just kind of in the same vein, what kind of comp performance are you seeing in the localized stores

we wondered if you could walk us through the cadence of how you see tariff costs rolling in here maybe in the first half

How should we be thinking about ticket in Q4, especially when it comes to like for like price increases

Could you maybe talk a little bit more about plans for that, just how the dollars look maybe versus what you spent in 2025?

We wondered what the announcement of the Target relationship means for the stand-alone Ulta real estate strategy going forward.

are you seeing a more muted impact from that increased distribution? And how do you think as increased distribution is kind of maybe part of doing business now

when can we expect to see a contribution to the enterprise margin as a result

your outlook for gross margin

how you've managed higher cost through price increases and what elasticity impacts you've seen

e-commerce profitability continued to increase in the quarter

how the tariff situation is impacting your sellers on marketplace

How should we think about the mix impact to gross margin

While general merchandise inflected positive in the quarter, it still seems like mix is a headwind

If you saw any change of behavior during the quarter, any differences between income cohort and if you have seen any changes made to date

if this inflationary environment were to persist do you think you will have to look to increasing prices at all

What it means for your occupancy costs in 2026, and will you be able to leverage a higher occupancy cost at that 4% comp at the midpoint?

I just wanted to check in on incentive comp growth. I think you mentioned it returned in Q4

Do you have any anecdotes on the performance of the broader assortment of non-furniture offerings specifically

if you have a view on when furniture sales could stabilize and can furniture sales grow, just given some of the success that again you've seen with innovation