Simeon Gutman

is it fair that 3% to 4% is the baseline that you are hoping to grow faster than

Can the margins of the business re-expand? Or should we think about it in terms of EBIT dollar growth

can you strengthen comps with keeping EBIT in this slightly up range, or are you debating to invest more

The CPI is picking up. Curious if there's any bearing to the real world with it

the positive comp trends in the first quarter, can you talk about the complexion?

does it portend that you have another year's worth of good momentum?

how you set up your fourth quarter guide? And any difference in thinking from when we talked about it 3 months ago?

I would like to ask you first about the core-on-core margin, which was down 9 basis points as you are lapping

the competitive openings are stepping up this year. I imagine there's maybe some membership impact in nearby openings

warehouse openings in the US. I think we're going to get to the highest number something like twenty years

there was this announcement from Amazon in the quarter around increased fulfillment capabilities

Curious what you are telling the merchants right now given this moment in time. Do you put, you know, do you put

Curious if consumers' willingness to purchase either discretionary or non-discretionary, you know, as egg prices

diagnosing the health of the consumer. Can you give us some sense of how you're clearing some of the seasonal inventory

if you look at operating margin, if you can just speak to that. And then, let's say, your comp comes in, I don't know, 3% or so. Are you leveraging expenses at that level?

Can you think about the construct? Should there be linearity to it? It sounds like media will be a big piece of it, but maybe not in the immediate year or so?

if you take the gross margin in the second quarter, and we hold that base, it does look like it steps down in Q3, but is there any reason why it should step down more than expected seasonally?

how important is getting to the 3% comps in order to get there? It feels like your Back to Basics is working and putting less pressure or opening less new stores could be helping

Todd, I wanted to ask if you can diagnose the consumer. It's obviously very fluid at the moment. And I don't normally ask about even quarter-to-date

How does it move now that you're mixing to a higher level of remodels versus store growth? It sounds like you could get almost a point of remodelled lift

Can you tell us or have you told us what the AUR is in the 3.0 stores and then not related, but regarding the TSA, is whatever you're incurring you're going to get fully reimbursed?

Do you invest during the next several years, keeping margin down to reinvest back in the company?

The 5.1 that we talked about the prior quarter versus the 3.3. Are you saying those are apples-to-apples or not necessarily given timing of 1.0s and 3.0s

If you can comment on the comp spread between your best-performing markets and the weakest, whatever that spread is, has it changed much?

I wanted to ask you what success looks like in the wholesale distribution business

is '26 continued rollout of those capabilities across the rest of the enterprise? It's not clear how much of that is in place versus how much of that needs to get done versus now you can execute an...

Can you talk about if the consumer is behaving a little more value conscious? And then there's always this higher spending you're going to get from a turning home versus a non-turning home. Is ther...

Was that an expectation based on housing or an expectation that there would be storms?

Are you seeing sequential inflections, whether it's some of the core capabilities

the degree to which you think there is underlying turning in housing? Or was this market share? Or was this weather?

Can you talk about how much of a catalyst either order management or trade credits have been or are starting to be

The April exit and then, you know, May commentary sounds good. You're close to two. SRS will kick up

existing home sales look like they're set to grow mid singles. And if that's the case, home improvement demand could arguably be a little stronger

if comps do end up being a little stronger than one, does each point flow through at this ten points of leverage to the margin

The weight that you're thinking about in terms of tappable equity, which we've talked about recently versus something like housing turnover

thinking about the movement to Q4, it looks like it's a decel on stacks and obviously the absolute number. So, is the assumption that weather is less helpful?

if you track the improvement throughout the year in share, which culminated in share gains in Q4, is it resulting of e-commerce or stores?

Now that you will be in the green next year, you talk about the scalability or maybe incremental margins. Does it move quicker or is it still a long evolution?

Can you explain which one moved more? Was it ticket growth or volume growth sequentially, or was it about the same to get to the 3.4%?

Wanted to ask about the value proposition. And if there is a debate around the pricing architecture and whether there is a debate around even moving to a strict EDLP pricing architecture.

if you look at the investments that this company has made, do you think you need to step them up in order to scale quicker or accelerate growth

when you look at market share, how you viewed the performance in the quarter, realize that the national data we see, it's not perfect because it's national, but it did look like you inflected in th...

as you and the board approach the succession of CEO, you're obviously sitting on a treasure trove of great operators within the organization. How are you looking at an outside perspective?

If you look at the 2025 guidance, it looks like EBIT is expected to grow in the low single digits, 2% to 3%. Within that, can you share how much is coming from the core business versus alternate?

My question is on the P&L for 2024. If you take out the extra week lap and then you pull out some of the merger-related costs, the big ones, it looks like the core business is growing pretty nicely...

All year, we talked about the mainstream, the premium and the lower end. It felt like there may have been an inflection whereas the mainstream has been resilient and the premium has been healthy. I...

there's a housing scenario that it just stays in this trading water position for a longer

Can you, Marvin, set up what Lowe's strategy is there. We've talked about the pieces of it

is the deal signaling that you're planning to move quicker here if opportunities present themselves?

it looks like that ratio is a little bit higher for the balance of the year, something like 25 basis points of expansion

Is this roughly the same framework from two months ago, or did it move slightly because of either backdrop or even the slower start

Does that change at all? And then if it doesn't change, do you have toggles and PPI to help offset it to basically land the margin

It picked up on at least a single year basis. I think it's high single digits. So, can we talk about what's driving it?

It looks like comps will be a little bit better because of hurricane but EBIT dollars doesn't look like it will be. So, is there anything unique on margin that's holding back Q4?

the percentage of your customers where you are the primary distributor and then is that percentage of that share at being primary, is that continuing to tick up

it looks like the spread for O'Reilly versus the industry is actually accelerating

To what extent is that just price elasticity? And is there any sense that it could be the timing of when prices are moving around in the marketplace

is there maybe a shift from per store to new stores. And then within that, any different way you're approaching the operating margin of the business

Can you tell us is the pressure on pricing, which I assume is upward. Is that around the same? Is it higher? Or is it lower than when you started this journey about 3 or 4 months ago?

if it surprises us at the upside, what would be the cause of it? And then Brad, the age old spending versus investment versus return. Like how do you think about that?

Anything you're changing with inventory and anything related to expectations for industry growth for the year?

I wanted to take your temperature on the debate if you're having any about ramping up SG&A spend and then even handling tariffs to lean in a little bit on price

it seems to me that you're just getting started, so that what we saw in the first quarter may not have even reflected the newness yet?

Can you talk about what percentage of the overall merchandising overhaul is underway in Q1? What percentage will be by the end of the year?

what are the most urgent gaps and capabilities? And then what are you most excited about, meaning things that can get addressed in the near term?

can you give us a sense, what percentage do you think external versus internal?

can you tell us or quantify what the magnitude was? How it was split among gross and SG&A, and if you can, what level of unique costs are embedded into the fourth quarter guidance?

Are you willing to share what level of comp growth you're targeting?

how should we think about the second half? We were prevailing. We had a little stronger traffic. Does the complexion of traffic and ticket changed at all

Can you talk about transaction breadth in two ways, geographically and then if you can look at it across immature and mature stores

can you talk about how much internal improvements you would chalk this year up to and how much you know, more is to go in the in the future?

Do you have a philosophy or a feeling on whether the margin of this business should be higher or no, you should keep it at a certain level

what are the gating factors that can allow you to dial these up, the incrementals up

customer traffic flows and loyalty related to agentic

Agentic will supercharge Walmart's e-comm growth

Can you talk about the underlying inflection you're seeing? What do we attribute it to?

What's the chance that we get to the fourth quarter or even the first quarter as this inventory turns? That the impacts are going to be a lot more minimal than we think

How does that sharing look like? Does the guidance mean you have to take price up more and you're more concerned about elasticity

Did you always -- did you expect it to improve throughout the year?

Can you talk about the structural opportunity for higher product margins?

is that run rate accelerating? And does it ever reach a ceiling, the business will have a certain amount of product that gets sold on some type of clearance