Bobby Griffin

Darren said Cefco stores were higher-volume with the best pre-acquisition prepared-foods business Casey's has bought; layering its programs drove 30 plus percent lifts and proof-of-concept stores still comp positively.

Darren attributed this quarter's outsized CPG to fuel-price volatility on the way up rather than a structural change in the industry relationship.

Darren said labor hour reduction largely complete; future improvements will be fine-tuning. Emphasized holistic view: traffic up 1.5%, whole pie units up 8%, highest-ever guest satisfaction scores. Growing gross profit dollars and EBITDA is the right measure.

Darren said uncertain on forward promo activity, still discussing with manufacturers. Overall category growing fast as combustibles decline. Back-bar resets giving more space to alternatives is working well.

Darren attributed core margin improvement to procurement progress (especially dispensed beverages) and acceleration of whole pie business, which is the highest-margin and largest prepared food subcategory.

Darren said still tweaking flavor profiles, builds, and equipment. Will expand when fully dialed in. No timeline given. Taking same measured approach as other successful product innovations.

Steve said $5-7M integration costs in FY26 spread ratably through the year, mostly ongoing integration work. Significant reduction from FY25's $26M.

Darren confirmed modest labor hour reduction built into FY26, though less than prior years' 2%+ pace. Running ahead of 3-year plan's 1% annual target.

Darren said when weather normalizes, business responds immediately with growth returning. No fundamental consumer concerns since performance rebounds as soon as weather clears.

Coffee saw positive unit growth for first time in years after giving away 2 million cups in January with new supplier. Wings show high satisfaction and incremental visits without cannibalizing pizza.

Darren confirmed structural margin expansion driven by mix shift toward higher-margin subcategories in alcohol, tobacco alternatives, and improved shrink management.

Steve confirmed some seasonality in Fikes (not as significant as Casey's) and validated $89M LTM EBITDA as starting point including about 20 ramping stores.

Mike said multi-price gives the flexibility to deliver the right item at the right price, the thrill of the hunt spans $1 to $5, and Dollar Tree will keep a dollar price point wherever it can still deliver the value and buy-to-a-margin economics.

Mike said the ~$15 million / 30 bps helium impact was concentrated in the party business and extends beyond balloon sales, is an industry-wide availability (not demand) issue, and the guide assumes no near-term recovery given continued constraint.

Creedon emphasized strong customer acceptance in $3-$5 range driving incremental demand rather than substitution. Multi-price value proposition significantly better than mass or grocery alternatives. Accelerated Q4 household growth as proof point of relevance.

Glendinning confirmed 2% by FY2028 still on track. FY2025 over-delivered despite $40M TSA shortfall ($55M vs $95M expected). FY2026 starts with $15M inflation to absorb plus continued cost removal, while investing in IT automation to flatten SG&A curve.

Creedon noted shrink improvement requires training and technology investments rather than self-checkout removal. Glendinning confirmed some shrink improvement built into forward expectations.

Hal attributed Q4 discretionary weakness to three factors: emergency response lap, seasonal holiday categories specific to Q4, and a promotional December that stepped down broadly across retail. Does not expect carryover into 2026. Feels very good about spring big ticket setup.