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Can you talk about how revenues trended through the quarter and into July?
And then gross margin, how should we think about 3Q? Should we assume normal seasonality or anything you want to flag?
What was the biggest surprise in the quarter because you did beat the street on sales?
did you just extrapolate sort of the trends in 1Q? Or did you add a little bit of cushion in the guidance.
comment on gross margins in the third quarter, should we be thinking flat sequentially from the second quarter?
Should we be calibrating to maybe low 20s incremental margins for 2026 at this point?
What are you doing to fix this issue? Because this is the second time in the past year that we are dealing with this.
Are you seeing suppliers continuing to push pricing? Do you expect higher inflation because of oil?
I wanted to start off on incremental margins for '26. I hate to lead the witness, but was thinking high 20s
It has built slower than I think you and we expected. I just want to be clear on why that's the case. Is it that the suppliers aren't raising as fast as you expected?
Can you just explain why was the bonus reset so much larger in 3Q versus February?
SG&A in the fourth quarter. Is it going to be similar, 11% year over year growth that we saw in 3Q?
what's your confidence level in achieving double-digit sales growth in the second half of 25%?
should we expect sort of flattish gross margins year-over-year in the second half?
1% of sites are roughly 50% of sales and those sites tend to be Onsite like, I think, is what you said
how do you marry those two comments? Why do you think the shutdowns this year were so intense?
It looks like it might have exited a little stronger than it started.
So was the surprise the fuel and the freight and maybe you could quantify what that impact was?
DG, what was the surprise for you on revenue in the quarter? Was it just better end-market demand, or is the company-specific story also a part of it?
You did 40%. I think you thought it would be 39%. So is all of the beat this mix/timing?
it doesn't look like there's a lot of organic margin lift ex Cromwell. For example, at the bottom end of the guide, I think margins are flat
gross margins in 4Q were a little bit better than we were thinking. Where did the upside come from there
I thought you were trying to stick to the national account timing there. So is that sort of a change in how you're doing things
Did you guys size what the impact you expect in 4Q is from the government shutdown
is there going to be more price cost risk now in the second half if you have more tariff-driven inflation
the new 50 basis point headwind to gross margin for the year, how much of that is LIFO and how much of that is price cost timing
It sounds like I made first you put through a price increase but it was only for the direct imports that you're bringing in
It sounds like you haven't seen any slowdown yet in the business just based on the guide you gave for daily sales
You've got the market volume down 1%. Can you just talk about some of the assumptions you've made? And did you include anything for tariff uncertainty
should we view AI as potentially transformative for Grainger or is that a bit strong?
The down 12% for the one-step is surprising. What are the what are the key issues, Alok?
And then on the guidance cut, it sounds like you had included the, refunds from some tariffs in the guide.
BCS was really strong. You mentioned good execution. Anything else you'd call out there? And why not raise the guidance a little bit more there
the revenue outlook for 2Q. I think previously you saw it down low single digits year-over-year but it sounds like you're seeing a bit of stabilization
how did HCS trend through the quarter? My feeling is November and December were maybe a little worse than October
can you square those tailwinds with the guide for HCS, you know, up to because it implies volumes are down maybe 3%
can you put the residential volume declines into perspective a little bit more? Comment on what was the performance of one step versus two step
sequentially, the margins are coming down a little more than I would have expected on sort of similar volume declines in 4Q versus 3Q
You lowered the volume to mid-single digits for the year. Could you just talk about why that was
People were worried about the mild weather. You didn't mention weather as a headwind in the script. So just curious if you thought it was a headwind
Just talk about the order delays that you saw. Why was that? And then more importantly, are we past that issue
It looks like it was a little bigger than maybe you were expecting. Can you just comment on what you saw and why that was
would love to hear how the quarter played out on a monthly basis. And then any comments on how July is starting?
can you just comment on what you're seeing so far in April? And how does that compare to March
can you quantify the impact to gross margin from the customer prebuy and then also the higher equipment mix
Are you assuming the first quarter is also up low single digits like the full year?
I'm coming up with like 1.5% SG&A growth for '26. Just given some of the things you talked about with the employee rewards and new sales centers. Is that -- am I in the right ballpark there?
How much is trichlor down year-over-year? And then are you also seeing deflation in PVC?
what is different today about trichlor? Why do we continue to see this persistent deflation?
on the first quarter call, you talked about more price competition. Has this abated as you've gotten to the need of the season?
What's the bottom line on why you lowered EPS guidance for the year? Is it that the first half was just a little bit below what you thought, or is it something else?
just on gross margins, is flat still the right outlook there? That would assume a little lift in the second half
Are you expecting low single-digit top line in the second quarter, which would be consistent with the full year
how you're achieving that because I think product mix will be a negative, and then you've got the accounting headwind
I was a little surprised to see, you know, the outlook for new construction units flattish