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Analyst
Max Rakhlenko
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters; questions recorded in 6).
- Questions
- 11on tracked calls
- Challenge rate
- 0%none of 11 questions
- Companies
- 2questioned at least once
- Reporting periods
- 6with 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 11 of 11 questions from 2 companies
WSMWilliams-Sonoma7 questions · 6 reporting periods · 0 of 7 challenging
Calendar 2026 Q3
are you internally moving up the target for when the channel can reach $2 billion in revenues?
Show response
Jeffrey disclosed contract +20% and trade +12%, said contract is 36% of B2B, and reaffirmed a path to $2 billion over several years with no firm timeline.
Calendar 2026 Q1
can you speak to the health of the consumer and their willingness to stomach tariffs in the category?
Show response
Laura noted competitors stepping up promos but no sizable new entrants. WSM consumers responding to aesthetic, newness, and collaborations like Emma Chamberlain at West Elm. Jeff explained shrink benefit from minimal shrink after physical inventory, attributed to supply chain improvements. Not a material driver for FY2026.
Calendar 2025 Q4
can you just discuss the elasticity that you're seeing in the business as you selectively increase prices? And how we should think about the impact to comps, from transactions versus ticket in 3Q?
Show response
Laura declined to break out transactions vs ticket. Said elasticity varies by category and product differentiation. Innovation gives pricing power. Service and experience also factor into value equation beyond just product price.
you noted that it's taken longer for tariffs to flow through. Just how should we consider the impacts of tariffs over the next several quarters as it does sound like 4Q will see a pickup?
Show response
Jeff explained delayed effective dates and on-water exceptions pushed tariff impact later. India tariff exception through September 17. Combined with front-loaded inventory, this advantaged Q3. Q4 will see larger impact. Too early for 2026 guidance.
Calendar 2025 Q2
can you just provide more color on how we should think about merch margins for the rest of the year?
Show response
Jeff declined to guide specific lines but confirmed operating margin guidance reiterated despite absorbing 30% China and 10% reciprocal tariffs. Cited six-point mitigation plan and Q1 EBIT margin expansion of 70bps.
Calendar 2025 Q1
on gross margin for 2025, if we were to ignore tariffs, how much further room do you see across supply chain, product margins and occupancy
Show response
Jeff acknowledged margin could be higher without tariffs but declined to quantify. Highlighted supply chain opportunity with 2.4 million in-home deliveries per year.
Calendar 2024 Q4
your regular price business was outcomping your discounted or promoted business. Curious, did that occur this quarter once again?
Show response
Alber confirmed regular price continues to outperform promotional, citing substantial ongoing reduction in promotions. Noted this is good for both margins and customer experience as customers can trust pricing integrity without waiting for sales.
ORLYO'Reilly Automotive4 questions · 2 reporting periods · 0 of 4 challenging
Calendar 2026 Q1
what is the latest thinking around the level of gas prices where there could be some impact on miles driven
Show response
Brad said sustained gas prices well above $4/gallon historically needed to impact miles driven. Current levels haven't reached that, and no demand impact observed yet from fuel cost increases.
can you speak to the competitive environment with the folks on the independents and WDs? How are they dealing with an increasingly challenging operational backdrop
Show response
Brad outlined competitive disruption among smaller independents from interest rates, inventory costs, and inflation. Larger PE-backed WDs remain competitive. Expressed high conviction in continued share gains.
Calendar 2025 Q2
any specific callouts that you can make as far as the areas that you're investing to capitalize on the market share opportunity?
Show response
Jeremy identified team compensation/positioning and inventory availability as the two primary investment umbrellas, plus technology modernization. Brad added they invest even during softer weeks to maintain service levels and stay top-of-mind.
do you think that your price spreads are similar to historic levels, especially against the WDs or are you noticing any changes there?
Show response
Jeremy noted the industry is behaving rationally with natural timing differences in how suppliers and competitors implement changes. Brad confirmed no changes in general spreads between independent competitors and public national competitors.
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 |
|---|---|---|
| WSM Williams-Sonoma | 7 | 0%none of 7 questions |
| ORLY O'Reilly Automotive | 4 | 0%none of 4 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 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 1 | 0%none of 1 question | 1 |
| 2025 Q2 | 3 | 0%none of 3 questions | 2 |
| 2025 Q3 | No questions recorded | — | — |
| 2025 Q4 | 2 | 0%none of 2 questions | 1 |
| 2026 Q1 | 3 | 0%none of 3 questions | 2 |
| 2026 Q2 | No questions recorded | — | — |
| 2026 Q3 | 1 | 0%none of 1 question | 1 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q11 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q23 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2025 Q3No questions recorded
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2026 Q13 questions · challenge rate 0% (none of 3 questions) · 2 companies
- 2026 Q2No questions recorded
- 2026 Q31 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Pricing4
- Margin4
- Demand3
- Competitive Dynamics3
- Trade Tariffs3
- Revenue Growth2
- Macroeconomic1
- Cost Pressure1