Mike Baker

CEO framed TikTok Shop as complementary, focused on new-guest acquisition into the loyalty ecosystem rather than driving incremental e-commerce revenue.

CFO attributed the raise to strong execution in both gross margin and SG&A but stayed general, citing the value-creation balancing of leverage versus reinvestment.

Kecia acknowledged competitive environment but emphasized Ulta's differentiation: 46.3M loyalty members, low-to-lux assortment, services, experiential shopping, BOPIS proving customers still want stores. Confident plans are working and in early phases.

Kecia characterized competitive intensity as consistent but now cycling through brick-and-mortar prestige expansion. Emphasized own marketplace launch and beauty-tainment events as differentiators.

Paula confirmed limited direct import exposure (~1%). Additional exposure in fixtures, lighting, and Ulta Beauty collection brand. Teams monitoring and scenario planning.

Corrected math to ~40% CAGR for 5-year, ~20% for 10-year. Emphasized 1.5% market share with lots of headroom and machine getting simpler.

Declined to elaborate beyond stated guidance. Framed numbers as big and exciting milestones on the path to 3 million units.

Acknowledged uncertainty. New car price increases would likely support used car prices indirectly. Operating as normal year.

Confirmed targeting high end of 8-13.5% EBITDA margin range. Future fundamental gains will primarily be shared with customers to drive volume.

Brad said based on 30 years of experience, Q1 strength is more likely catch-up/pent-up demand than pull-forward, citing category performance data as evidence.

Jeremy explained SG&A was in line with expectations, higher per-store growth driven by cadence vs H2 2025 comparisons, incremental spend for elevated volumes, and insurance/liability costs continuing as expected.

Jeremy clarified that January comps are below December levels due to tough prior-year weather comparisons, but underlying business volumes are tracking consistent with December exit rate and in line with expectations.

Jeremy explained auto parts pricing adjusts more gradually than fast-turn consumer goods due to slower inventory turnover, and management prefers not to speculate on future inflation not yet seen.

Corie stressed that the value-seeking, deal-focused consumer behavior predates tariffs, it's been consistent for several quarters. Consumers trade down in some categories (TVs) but spend on innovation (computing/tablets).

Matt acknowledged a couple of weeks of possible pull-forward but noted Easter shift makes it hard to size. Corie added Switch 2 pre-orders created a perception of CE spending that won't flow through until Q2. On share, Corie said Q1 may have seen slight loss given fewer launches but expects full-year share gains in computing and gaming.

Baker pointedly asks why the same leadership team is only now driving change. Fiddelke cites institutional knowledge advantage, candid self-assessment, and notes over half the leadership team is new to role or new to Target in the last 18 months.

Fiddelke cites monthly volatility (flat in Aug/Oct, down ~4% in Sept) as reason for cautious Q4 guidance. Highlights strong inventory positioning entering holiday.

Gary said early reaction to extended gas hours is positive and COST believes its price gaps remain favorable with proactive investment.