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Analyst
Oliver Wintermantel
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q1 (6 quarters; questions recorded in 5).
- Questions
- 8on tracked calls
- Challenge rate
- 0%none of 8 questionsLimited sample
- Companies
- 2questioned at least once
- Reporting periods
- 5with 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 8 of 8 questions from 2 companies
WSMWilliams-Sonoma7 questions · 5 reporting periods · 0 of 7 challenging
Calendar 2026 Q1
Could you maybe talk a little about quarter-to-date trends—if you have seen any disruptions from the winter storms?
Show response
Laura said winter storms did not materially impact results. Consumer continues to be resilient. Declined detailed quarter-to-date commentary but confirmed everything known is embedded in guidance. Noted another Easter shift this year.
Calendar 2025 Q4
could you talk a little bit about SG&A moving parts into the fourth quarter, how you expect that to shake out?
Show response
Jeff declined line-level guidance. Q3 employment deleverage was almost entirely incentive comp. Ad spend deleverage from digital investment that drove incremental traffic and higher revenue per visit. Approach in Q4 is to control SG&A but lean into good ROI opportunities.
Calendar 2025 Q3
Could you talk a little bit about transactions versus ticket or AUR? What really drove most of the comp outperformance?
Show response
Jeff declined to disclose AUR/ticket/transaction metrics. Said pricing was one part but broad-based momentum across all brands, furniture/non-furniture, white space, emerging brands, and B2B drove comps.
Could you maybe talk a little about the gross margin versus SG&A outlook for the second half of the year?
Show response
Jeff confirmed gross margin will be pressured by tariffs, partially offset by supply chain efficiencies. SG&A may generate leverage but they guide only top/bottom line for flexibility.
Calendar 2025 Q1
how do you see SG&A leverage on a flat comp versus a plus 3% comp?
Show response
Jeff declined to guide specific lines but outlined 3 SG&A levers: variable employment, AI savings, and flexible ad spend. Did not give specific breakpoints.
How do you see e-comm versus stores performing in 2025?
Show response
Jeff confirmed e-comm stays ~66% of revenue but declined to provide channel-specific comp guidance. Expressed optimism for both channels.
Calendar 2024 Q4
your sales leverage, what kind of comp do you need to see to get some sales leverage on SG&A?
Show response
Alber declined to give a specific comp threshold for SG&A leverage, citing multiple variables and brand-level choices. Emphasized competitive positioning through product quality, design and value as the priority, with customer loyalty enabling strong online big-ticket purchasing that differentiates WSM.
TSCOTractor Supply1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q4
should we expect any incremental contributions next year? Or does the comparison become neutral?
Show response
Hal said sale-leaseback flat year-over-year. Pivoted to highlighting fee development model: 50% of new stores now own-developed, saving ~10% on total build cost and ~10% on materials procurement. Strong cap rates on owned store sales.
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 |
| TSCO Tractor Supply | 1 | —Rate withheld: fewer than 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 | 1 | 0%none of 1 question | 1 |
| 2025 Q1 | 2 | 0%none of 2 questions | 1 |
| 2025 Q2 | No questions recorded | — | — |
| 2025 Q3 | 2 | 0%none of 2 questions | 1 |
| 2025 Q4 | 2 | 0%none of 2 questions | 2 |
| 2026 Q1 | 1 | 0%none of 1 question | 1 |
- 2024 Q41 question · challenge rate 0% (none of 1 question) · 1 company
- 2025 Q12 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q2No questions recorded
- 2025 Q32 questions · challenge rate 0% (none of 2 questions) · 1 company
- 2025 Q42 questions · challenge rate 0% (none of 2 questions) · 2 companies
- 2026 Q11 question · challenge rate 0% (none of 1 question) · 1 company
Topics
Topics tagged on this analyst’s questions.
- Margin5
- Revenue Growth3
- Cost Pressure3
- Capital Allocation1
- Demand1
- Pricing1
- Trade Tariffs1
- Competitive Dynamics1