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Analyst
Simeon Gutman
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 111on tracked calls
- Challenge rate
- 14%16 of 111 questions
- Companies
- 14questioned at least once
- Reporting periods
- 8with 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 111 of 111 questions from 14 companies
HDThe Home Depot, Inc.14 questions · 7 reporting periods · 1 of 14 challenging
Calendar 2026 Q2
I wanted to ask you what success looks like in the wholesale distribution business
Show response
Ted detailed the strategy of best-in-class standalone performance plus cross-selling, noting $400M cross-sell run rate this year with plans to double next year. SRS beat publicly traded competitors by hundreds of basis points.
If you can comment on the comp spread between your best-performing markets and the weakest, whatever that spread is, has it changed much?
Show response
Richard confirmed the spread remains narrow and is almost entirely driven by weather patterns, not housing or macro divergence.
Calendar 2026 Q1
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...
Show response
Billy said customer engagement stayed consistent through the year with record event sales. Some trade-down in countertops and appliances but not broad. Ted noted cumulative $22B underspend in home improvement and people in a repair-not-replace mode while waiting to move.
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...
Show response
Mike Rowe said most capabilities are in place. Trade credit expanding to store level in 2026. Pricing pilots expanding nationally. Order consolidation moving to One Supply Chain. E-procurement and construction management software integrations still ahead. Ted added cross-selling momentum with tens of thousands of incremental homes won.
Calendar 2025 Q4
Was that an expectation based on housing or an expectation that there would be storms?
Show response
Ted explained underlying demand was stable at ~1% storm-adjusted but expected H2 improvement from lower rates didn't materialize. Consumer uncertainty and housing pressure remain headwinds.
We're having a tough time getting to the full amount of, call it, EBIT dollar shortfall, because GMS looks like they made money last year
Show response
Richard walked through guidance revision: GMS inclusion ~20bps, deleverage from lower comp, SRS softness from roofing. Q4 has additional 50bps from 53rd week comparison.
Calendar 2025 Q3
Are you seeing sequential inflections, whether it's some of the core capabilities
Show response
Ted said HD is taking share across paint, roofing, landscape, and drywall based on public company disclosures. Cross-synergies emerging on distribution and sales fronts with SRS.
the degree to which you think there is underlying turning in housing? Or was this market share? Or was this weather?
Show response
Richard said improvement is consistent momentum from healthy customer engaging in core categories, not a housing turn. Pros report customers deferring not canceling projects. Guidance assumes no housing recovery.
Calendar 2025 Q2
The April exit and then, you know, May commentary sounds good. You're close to two. SRS will kick up
Show response
Richard acknowledged strong exit rate but noted they are only one quarter in and feel good about reaffirming current guidance without raising.
Can you talk about how much of a catalyst either order management or trade credits have been or are starting to be
Show response
Ted said SRS is exceeding expectations in all three verticals. Trade credit still early with low single-digit thousands of accounts but seeing accelerating comp as pros engage.
Calendar 2025 Q1
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
Show response
Ted directly explained they're not building in housing recovery despite signs of bottoming, citing continued rate pressure on large projects.
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
Show response
Richard confirmed the 10bps leverage rule of thumb holds regardless of mix shifts, giving analysts a clear framework.
Calendar 2024 Q4
The weight that you're thinking about in terms of tappable equity, which we've talked about recently versus something like housing turnover
Show response
high
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?
Show response
medium
KRKroger13 questions · 8 reporting periods · 2 of 13 challenging
Calendar 2026 Q3
How do you think about the trade off between protecting near term profits and making the investments necessary
Show response
Gregory welcomed the tougher backdrop, said 200 days in he sees even more opportunity in shrink, out-of-stocks and COGS, and is confident the team executes through the back half.
Calendar 2026 Q2
Think about what's the appropriate timeframe that we should expect a decent pickup in sales volumes.
Show response
Greg declined to size the price-investment opportunity or give a sales-payback timeframe, deferring to the October 20 investor update; David noted the cost opportunity more than funds the investment.
Calendar 2026 Q1
I want to push on this self-funding idea. It sounds like it's a goal. Curious how nonnegotiable it is
Show response
Greg addressed directly, noting he's comfortable self-funding is achievable based on early assessment. Drew parallel to Walmart 2014 but noted different starting point, KR foundation is solid. Sees COGS, import direct sourcing, and Capability Center as key levers. Committed to detailed plan within 90-100 days.
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?
Show response
David clarified share gain was in period 13 only, not full Q4. Meat and seafood and deli/bakery were standout improvement categories. Meat investments specifically targeted at helping consumers facing inflation drove units. Greg added grocery churn was also better.
Calendar 2025 Q4
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?
Show response
David confirmed e-commerce losses cut in half in Q3, expects strong double-digit growth to continue with the change being profitability. Ron addressed urgency question: speed and tough decisions are integral to culture, not a sudden shift. Five-days-in-office is simply retail reality.
Calendar 2025 Q3
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.
Show response
Ron firmly stated no shift to EDLP, KR is a promotional retailer and customers respond to that. Focus is on narrowing everyday price gaps while staying sharper, more focused, and simpler.
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%?
Show response
David said inflation slightly more moderate in Q2 vs Q1 while units improved, more of a unit improvement than inflation improvement. Ron added grocery units improved for several quarters and are now almost flat YoY.
Calendar 2025 Q2
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...
Show response
Ron attributed Q1 market share improvement to new store additions, better in-store experience, 15% e-commerce growth, and accelerated Kroger Brands growth. Significant improvements in Q1 with share gains in markets with new stores.
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
Show response
Ron said foundation is in place from heavy prior investment but too early to decide on specific future investments. David clarified Ocado's $152M letter of credit drawdown was a contractual clause on the seventh anniversary, nothing more.
Calendar 2025 Q1
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?
Show response
Todd confirmed ~3% OP growth at midpoint with contributions from both core grocery and alternative profit, noting alt profit fell short in 2024 but expected to advance in 2025.
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?
Show response
Rodney confirmed both internal and external candidates being considered. Search committee formed with nationally recognized firm engaged, but no timeline specifics given.
Calendar 2024 Q4
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...
Show response
Simeon decomposed the P&L to show core business growing nicely on EBIT when stripping out merger costs and extra week. Management confirmed the characterization, highlighting pharmacy strength and core growth despite fuel headwinds.
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...
Show response
Simeon noted mainstream customers may have turned more positive in Q3. Management confirmed mainstream connected better in Q3 than Q2, though unsure how much was Kroger-driven vs consumer sentiment improvement.
LOWLowe's12 questions · 6 reporting periods · 2 of 12 challenging
Calendar 2026 Q3
Can you elaborate on anything that changed?
Show response
Brandon said the outlook reflects first half results plus current DIY trends and residential construction pressure; Q3 is expected flat and Q4 implied negative, with a winter storm cycling creating about a 50bps drag in Q4. Marvin added they are prudently carrying first-half performance into the second half.
as you think about allocating capital to each side of the business, DIY and Pro
Show response
Marvin emphasized the strong balance sheet and long-term view, citing John Burns estimates of $20-50 billion of pent-up deferred project demand as the thesis behind ADG and FBM investments, and reiterated a disciplined, return-on-invested-capital approach.
Calendar 2026 Q2
how you think about that and if you think the sector can really grow without faster turning homes
Show response
Marvin acknowledged severe DIY headwinds but emphasized 4 consecutive quarters of positive comps demonstrate the Total Home strategy works in any environment. Highlighted Pro, Home Services, Online and Appliances as share gain drivers.
the cost environment, Brandon, looks like it's gotten a little bit more challenging since when you guided
Show response
Brandon acknowledged Q2 cost pressure from oil/fuel and tariffs. Team adjusting contracts, pulling forward PPI initiatives. Referenced three inflationary cycles managed in 6+ years as a proven playbook.
Calendar 2025 Q4
there's a housing scenario that it just stays in this trading water position for a longer
Show response
Marvin argued HELOCs will unlock deferred renovation demand as the lock-in effect persists. Brandon noted HELOC rates declining from 10-12% to 8-10% as a potential catalyst.
Can you, Marvin, set up what Lowe's strategy is there. We've talked about the pieces of it
Show response
Marvin outlined dual strategy: small-to-medium pro via stores/online, larger pro via FBM/ADG platform. FBM's commercial business provides countercyclical diversification.
Calendar 2025 Q2
is the deal signaling that you're planning to move quicker here if opportunities present themselves?
Show response
Marvin emphasized disciplined capital allocation and the ADG opportunity to address a $50B market with 18 million new homes needed by 2033.
it looks like that ratio is a little bit higher for the balance of the year, something like 25 basis points of expansion
Show response
Brandon broke down the comp cadence (flat first half, +1 second half) and confirmed 12.3-12.4% operating margin guide with gross margin flat for the year.
Calendar 2025 Q1
Is this roughly the same framework from two months ago, or did it move slightly because of either backdrop or even the slower start
Show response
Brandon confirmed the framework is roughly the same as December, with weather pressure in January and hurricane lap factored in.
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
Show response
Brandon outlined $1B in PPI split $500M margin and $500M expense, with flexibility to ramp up or down based on conditions.
Calendar 2024 Q4
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?
Show response
medium
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?
Show response
high
TGTTarget Corporation12 questions · 7 reporting periods · 6 of 12 challenging
Calendar 2026 Q3
is that the amount of newness that is coming and we have not gone to introduction or there is some batting average
Show response
Said changes are encouraging where made but a lot of work remains, with fall assortments and a multi-year Home journey ahead.
can you give us a sense, have you touched 30, 40%? Have you touched 50, 60%? Where are you in that journey?
Show response
Reframed the percentage question toward a multi-year horizon rather than giving a completion figure.
Calendar 2026 Q2
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?
Show response
Fiddelke said both things are true--teams executed real changes in Q1 but are just getting started with broader strategy. Lee confirmed SG&A up 7% reflects planned investments, guided to high end of EPS range, emphasized top line growth drives leverage.
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?
Show response
Fiddelke explained each category is on different timelines--home is multiyear with decorative accessories changing 75% in Q2, while food and beauty are further along. Noted traffic-driven comp growth as an encouraging sign.
Calendar 2026 Q1
it's been cyclical and somewhat variable. And I think a lot of that is due to merchandise authority that has waned at times. I know a lot of the focus is on recapturing it
Show response
Gutman presses on systemic vs cyclical nature of Target's merchandising authority. Fiddelke acknowledges the fair criticism of categories like home falling off leadership, promises commitment to not forgetting who Target is, but doesn't cite specific structural mechanisms.
Calendar 2025 Q4
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?
Show response
Fiddelke highlights FUN 101 transformation (toys nearly +10%) and in-stock improvements as areas where focused change is already producing results.
can we rule that out, how have you thought about taking maybe a deeper investment in, I guess, margin in order to reinvest?
Show response
Fiddelke emphasizes finding efficiency to fund investments (e.g., Chicago fulfillment market optimization) rather than taking a margin reset, while stepping up CapEx 25% to $5B.
Calendar 2025 Q3
can you give us a sense, what percentage do you think external versus internal?
Show response
Fiddelke acknowledges both macro pressure and internal execution gaps but declines to quantify the split, emphasizing the need to turn green shoots into broad growth.
are you reserving the right to reevaluate? Or are you saying you accept the current run rate?
Show response
Fiddelke confirms the team is always evaluating but feels good about current guidance for the balance of the year based on Q2 progress.
Calendar 2025 Q1
There was a 6% margin target -- EBIT margin target at one point. We didn't hear about that today
Show response
Jim Lee sidesteps the specific 6% margin target, reframing as maximizing profit dollar growth over time rather than committing to a rate target.
Calendar 2024 Q4
The consumer is not showing up. And I know you're not discouraged by it, but does your approach or the risk appetite and what you're doing change, especially as you holiday and you're going to try ...
Show response
Brian emphasized playing the long game, citing 2.4% traffic growth and digital strength as evidence. Highlighted bright spots like all in motion double-digit growth. Acknowledged short-term headwinds but committed to continued investment in value and newness.
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?
Show response
Michael listed the drivers: discretionary category deceleration, port strike repositioning costs, and SG&A items. Jim dimensionalized the SG&A increase as approximately 1% from general liability and health care. Partial because no single aggregate number was given.
ORLYO'Reilly Automotive10 questions · 5 reporting periods · 0 of 10 challenging
Calendar 2026 Q2
I wanted to focus on gross margin If there is any levers there that can be cranked up
Show response
Fletcher listed supplier partnership, proprietary brands and distribution leverage as the playbook but quantified none of them and pointed back to gross profit dollar growth.
Would you invest more for another incremental point of comp, meaning you think the business at its current run rate
Show response
Beckham answered plainly that the company has found the sweet spot on investment level for the top-line return it is generating.
Calendar 2026 Q1
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
Show response
Brad declined to share specific primary distributor percentage but confirmed broad-based performance across mature and new markets, existing and new customers.
it looks like the spread for O'Reilly versus the industry is actually accelerating
Show response
Brad confirmed directional agreement that share gains are accelerating vs industry, citing strong execution across store operations and supply chain.
Calendar 2025 Q3
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
Show response
Jeremy confirmed no fundamental shift in operating margin approach. Current SG&A pressure is partly inflation-driven (medical, insurance) rather than strategic investment. Brad expressed satisfaction with how field teams are managing SG&A-to-sales within controllable areas.
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
Show response
Brad noted the deferral is not directly correlated to tariff-impacted categories, appearing in some categories but not others. Professional side shows no pressure. No trade-down behavior observed, consumers still trading up for better warranties.
Calendar 2025 Q2
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?
Show response
Brent avoided a direct comparison but emphasized industry rationality. Brad added that cost and pricing pressure is generally similar to what they would have expected at the beginning of the year.
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?
Show response
Jeremy cited inflation in hard-to-manage costs and volume-driven service investments as potential upside risks. Brad reinforced long-term commitment to operating profit growth through share gains, noting O'Reilly has only 10% U.S. share.
Calendar 2025 Q1
Anything you're changing with inventory and anything related to expectations for industry growth for the year?
Show response
Brent confirmed no changes to inventory strategy, noting fill rates and in-stock performance are at the highest since pre-COVID. Brad reinforced that inventory investment across DCs, hubs, and spoke stores remains a core competitive strength.
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
Show response
Brad said no plans to invest in price and expressed some disappointment with Q1 SG&A. Noted store manager pay plan enhancement timing and minor maintenance costs that will flush out in remainder of year.
COSTCostco Wholesale Corporation8 questions · 8 reporting periods · 1 of 8 challenging
Calendar 2026 Q3
The spread between membership growth and the unit growth is narrowing, not the MFI, but membership growth.
Show response
Gary pivoted to quality signals - record executive, gas, and digital engagement - arguing spend-per-member offsets the narrowing membership-growth spread.
Calendar 2026 Q2
I would like to ask you first about the core-on-core margin, which was down 9 basis points as you are lapping
Show response
Gary framed the 9bps decline as deliberate price investment (eggs, beef) funded by cycling a large prior-year LIFO charge, and called the market rational.
Calendar 2026 Q1
the competitive openings are stepping up this year. I imagine there's maybe some membership impact in nearby openings
Show response
Ron said competitor openings don't drive the big new-member swells that Costco sees in true new markets, Gary said there's no meaningful membership impact from competing operators, and Ron said Costco wants to surface on every LLM tool as its quality and value should rank well in those searches.
Calendar 2025 Q4
warehouse openings in the US. I think we're going to get to the highest number something like twenty years
Show response
Ron said FY26 US openings are a balanced mix of infills that drive frequency rather than sign-ups and new markets where Costco now has higher confidence in member acquisition.
Calendar 2025 Q3
there was this announcement from Amazon in the quarter around increased fulfillment capabilities
Show response
Ron said Instacart and Uber businesses continue strong growth and that executive benefits are accretive, with members still driven by the Costco items themselves rather than the delivery mechanism.
Calendar 2025 Q2
Curious what you are telling the merchants right now given this moment in time. Do you put, you know, do you put
Show response
Ron said the competitive landscape improved in the latter half of the quarter and COST will continue investing in price as its growth engine.
Calendar 2025 Q1
Curious if consumers' willingness to purchase either discretionary or non-discretionary, you know, as egg prices
Show response
Gary directly addressed the state of the consumer, noting members remain willing to spend but choiceful, and highlighted Canada's strong Q2 comps.
Calendar 2024 Q4
diagnosing the health of the consumer. Can you give us some sense of how you're clearing some of the seasonal inventory
Show response
Gary detailed consumer trends including bifurcation toward premium and value cuts. Ron confirmed strong seasonal sell-through and foundational Christmas buying patterns.
Show 8 more companies
DGDollar General8 questions · 8 reporting periods · 0 of 8 challenging
Calendar 2026 Q3
I always want to ask you about the consumer. As you understand, she and trade down
Show response
Todd described a strained core consumer and steady $100K+ trade-in; Emily said delivery incrementality is stable.
Calendar 2026 Q2
do you think that the top line growth rate on comp to actually normalize closer back to 3% versus the 2%?
Show response
Todd reaffirmed the 2% to 3% long-term comp framework and pointed to delivery as a future driver, handing to Emily on incrementality.
Calendar 2026 Q1
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?
Show response
CFO confirmed SG&A deleverage until comp exceeds ~3%, noted shrink/damages recapture occurred faster than framework anticipated, other gross margin drivers progressing in line. CEO added AI initiatives not contemplated in framework could provide upside.
Calendar 2025 Q4
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?
Show response
CFO outlined gross margin as primary driver with 120bp+ from shrink/damages, plus supply chain, markdown, private brands. Noted AI head hired with potential upside not in framework. CEO affirmed media network as 'second inning.'
Calendar 2025 Q3
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?
Show response
CFO noted tougher Q4 laps and Q3 R&M pressure from project completions. CEO characterized Back to Basics work as in late innings transitioning to sustainability phase.
Calendar 2025 Q2
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
Show response
CEO affirmed sustained 2%+ comp sufficient for framework, with Project Elevate/Renovate and trade-in as key drivers. CFO confirmed shrink tailwind expected to continue through all quarters.
Calendar 2025 Q1
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
Show response
CEO provided detailed consumer color including accelerating trade-down trends and early Q1 observations. Transparent about macro uncertainty.
Calendar 2024 Q4
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
Show response
Dilts confirmed confidence in comp contribution from real estate programs with Project Elevate. Acknowledged cost structure focus on shrink, damages, depreciation and retail salaries. Reiterated long-term double-digit EPS growth target without committing to a timeline.
WMTWalmart Inc.8 questions · 8 reporting periods · 3 of 8 challenging
Calendar 2026 Q3
the lower income consumer has faced pressures for the better part of several years. Is there anything different
Show response
Rainey confirmed incremental consumer pressure from higher fuel and acknowledged a cumulative lag to price cuts, emphasizing durable market-share gains.
Calendar 2026 Q2
what are the gating factors that can allow you to dial these up, the incrementals up
Show response
Rainey confirmed U.S. eCommerce incremental margins at 12%, emphasized speed driving frequency and membership engagement. Furner added the logistics team has levers to navigate fuel environments.
Calendar 2026 Q1
customer traffic flows and loyalty related to agentic
Show response
Furner said agentic is part of omni strategy to deliver what customers want when they want it and how they want it. Sparky learning new skills to understand customer intent generate solutions and deliver with speed. Customers who engage with Sparky saw average order value about 35% higher. High number of customers engaging quarter over quarter. Agentic AI also great for associates helping focus on most important tasks. Guggina said Sparky evolving from traditional search to intent-driven commerce. Roughly half of app users have used Sparky driving bigger baskets and greater frequency. Still early with more capabilities coming. Furner said advertising up 37% globally with Connect US up 41% and ability to connect suppliers and sellers with interested customer groups getting stronger.
Calendar 2025 Q4
Agentic will supercharge Walmart's e-comm growth
Show response
McMillon said advantages include breadth of assortment being close to people helping delivery speed and everyday low prices. Should not underestimate physical aspects underpinning advantages. Technology improving to execute multimodal more personalized contextual vision. Will be important growth channel alongside social commerce and other forms. Furner said Sparky digital agent hitting new milestones with more agentic capabilities coming. Using AI for reorder nudges catalog accuracy and assortment gaps. McLay described basket prediction trial in Chile called Corredo Listo reaching 20% of e-commerce there. Rainey said on consumer Q4 outlook looks pretty similar to other quarters with holiday off to good start. Back-to-school and Halloween strong indicators. Some moderation in low-income cohort.
Calendar 2025 Q3
how much of the underlying profitability is being masked by temporary factors
Show response
McMillon said AI not lifting top line yet but very early days and excited about road map. Daniel Denker going to do great job. Biased towards growth not just productivity from AI with inventory management improvement as example. On flywheel nothing concerning and feels as good about business mix as ever. Rainey added membership growth of 16% advertising growing 50% year over year and encouraged investors to look line by line. Playing offense and accelerating share gains. Raised guidance and maintained profit guidance despite roughly three quarters of a billion dollars of unexpected cost pressure.
Calendar 2025 Q2
why not toggle it in favor of investments even more in this environment
Show response
McMillon said guidance positions them to be appropriately aggressive with flexibility to make different choices depending on pricing dynamics. If need to invest more they can but really want to grow profit faster than sales. Rainey said striking right balance with last two years growing operating income about 10% on average and this year guidance roughly half that reflecting year of investment. Advertising and membership at quarter of profits. Each segment grew membership double digits with international north of 20%.
Calendar 2025 Q1
why not invest faster
Show response
Rainey said striking right balance between investment and margin expansion. Table-stake investments in price associates and technology and supply chain automation driving the bottom line improvement at twice the rate of top line. See opportunity for incremental margins at current level or even beyond while continuing to invest. Do not want to get overly focused on one quarter at expense of long-term company building.
Calendar 2024 Q4
Can you talk about the underlying inflection you're seeing? What do we attribute it to?
Show response
Doug said momentum is consistent across first three quarters. JDR noted Big Billion Days timing added about 60 basis points to Q3 top line, which will reverse in Q4.
AZOAutoZone6 questions · 3 reporting periods · 0 of 6 challenging
Calendar 2026 Q3
if you just do the weighted sum products, you'd get somewhere between a 2% at the low end of comp guide
Show response
Jackson confirmed the sum-of-parts math implies a ~2-5% comp; Daniele said management is never satisfied but believes it is still gaining share in DIY and commercial.
does it feel like those investments fade and you can get back into some of the prior rhythm of comp growth
Show response
Management acknowledged a noisy P&L (tariffs, refunds, LIFO hyperinflation) and said it aimed to give a normalized FY2027 baseline, expecting less noise ahead.
Calendar 2026 Q1
Can the margins of the business re-expand? Or should we think about it in terms of EBIT dollar growth
Show response
Management expects to operate in 18-19% operating margin range going forward. Can incrementally grow gross margins in both DIY and commercial independently, but commercial mix creates top-line margin pressure. 27bps of Q2 mix drag fully offset by merchant actions.
is it fair that 3% to 4% is the baseline that you are hoping to grow faster than
Show response
Management did not endorse a specific baseline but pointed to maturing stores lifting comp rate and SG&A returning to historical management levels, driving confidence in faster comp and EBIT growth.
Calendar 2024 Q4
can you strengthen comps with keeping EBIT in this slightly up range, or are you debating to invest more
Show response
Management expressed confidence in maintaining EBIT growth through gross margin strength and disciplined SG&A.
The CPI is picking up. Curious if there's any bearing to the real world with it
Show response
Management noted supply chain diversification since early tariffs and expects industry pricing discipline to continue.
BBYBest Buy5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q3
So I guess the detail into July, how do you look at that? What is your interpretation?
Show response
Corie attributed the slowdown to lapping the Switch 2 launch and the Prime Day timing shift, noting August quarter-to-date is at the high end of the 1%-3% back-half range.
It sounds like gross margins are now moving in the right direction. I don't know what happens with SG&A.
Show response
Corie said SG&A pressure is mainly Ads/Marketplace and short-term incentive compensation (up ~$130M YoY), which resets lower next year.
Calendar 2026 Q1
the positive comp trends in the first quarter, can you talk about the complexion?
Show response
Matt outlined: computing/gaming/mobile growth continues in Q1, improved TV trends, emerging categories (AI glasses, 3D printers, collectibles, health rings) collectively adding ~0.5+ points of growth. Gaming laps Switch launch mid-year. On promotionality, Corie said they'll continue leaning into key value events plus using personalized promotional levers and tools like trade-in, refurbished, outlets, and financing.
Calendar 2025 Q4
how you set up your fourth quarter guide? And any difference in thinking from when we talked about it 3 months ago?
Show response
Matt explained high-end Q4 is similar to August call; low end raised from implied -4% to -1%. EBIT expectations slightly lowered on low end due to adjusted incentive comp. Q3 beat driven by strong back-to-school and Techtober.
does it portend that you have another year's worth of good momentum?
Show response
Matt expects computing and mobile phone growth to continue into next year (millions still on Win 10, Mac upgrade opportunity remaining). Gaming Switch benefit continues until mid-next-year lap. TV trends improving with competitive pricing and marketing. Marketplace continuing to scale.
WSMWilliams-Sonoma5 questions · 5 reporting periods · 0 of 5 challenging
Calendar 2025 Q4
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
Show response
Laura cautioned against assuming tariff immunity. Q4 impact will be different from Q3. Not focused on hypothetical tariff changes. Jeff reiterated: do not expect Q3 repeat in Q4, guidance embeds best estimates including all mitigation. Reminded of 53rd week headwind of 60bps to Q4 op margin.
Calendar 2025 Q3
How does that sharing look like? Does the guidance mean you have to take price up more and you're more concerned about elasticity
Show response
Laura emphasized innovation is the biggest factor in guidance, not just tariff mitigation. Vendor partnerships strong. No dramatic pricing actions planned for H2. Price-value relationship will be maintained.
Calendar 2025 Q2
Did you always -- did you expect it to improve throughout the year?
Show response
Laura emphasized growth is priority #1 with customer responding to strategies. Jeff explained tariff mitigation costs in Q1 were short-term expenses from halting China shipments and adding to assortments. Front-loaded goods now at zero tariff will benefit throughout year.
Calendar 2025 Q1
Can you talk about the structural opportunity for higher product margins?
Show response
Laura detailed competitive advantages: in-house design, proprietary sourcing, reduced China from 50% to 23%, Sutter Street domestic manufacturing, and targeted price increases showing good results.
Calendar 2024 Q4
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
Show response
Alber confirmed regular price comps improving and clearance inventory in good shape. Noted that in a better sales environment there could be scarcity with less clearance goods. Acknowledged Pottery Barn had more promotional comp to roll off than ideal but the business is becoming cleaner going forward.
ULTAUlta Beauty4 questions · 4 reporting periods · 1 of 4 challenging
Calendar 2026 Q2
the exit rate comp or what you did, I think, was it April, I guess, is that as good as it gets
Show response
Management walked through the quarterly comp cadence and reaffirmed the 2.5%-3.5% full-year comp guide on a high-single-digit two-year stack.
Calendar 2025 Q4
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?
Show response
Kecia feels good about FY2026 newness pipeline. Framed FY2025 as shift from foundation (ERP, POS, supply chain) to go-to-market investments. FY2026 will be more prioritized with fewer investments. Still in early innings of benefiting from multi-year technology investments.
Calendar 2025 Q3
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
Show response
Kecia focused on operating profit dollars over margin rates. Committed to ROI discipline on investments while acknowledging ongoing competitive investment requirements in beauty.
Calendar 2025 Q1
what can you do with the fleet? I'm surprised there isn't more of a refresh. Do you agree with that perspective?
Show response
Management defended new store strategy citing share opportunity data, but acknowledged existing fleet optimization through wellness expansion, assortment refinement, and flexible fixtures.
DLTRDollar Tree3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2025 Q2
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?
Show response
Creedon declined to break out AUR by store format. Glendinning provided detailed TSA mechanics, costs fully reimbursed for services performed for Family Dollar, targeting 2% corporate SG&A rate over medium term.
Calendar 2025 Q1
Do you invest during the next several years, keeping margin down to reinvest back in the company?
Show response
Creedon expressed confidence in multi-year algorithm but stayed high-level, deferring specific margin targets to a future Investor Day. Acknowledged 2025 as transitional year with uneven cost dynamics.
Calendar 2024 Q4
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
Show response
Creedon clarified 5.1 was specifically Q1 cohort performance in Q2, not a comparable aggregate figure. Q1 conversions continue as the strongest, with 1.0-to-3.0 stores getting the biggest lift. Physical conversion costs are incurred once, and the merchant team can iterate on assortment without additional hardware changes. Noted California resonated well with multi-price while Q3 Midwest geographies had less initial pop.
TSCOTractor Supply3 questions · 3 reporting periods · 0 of 3 challenging
Calendar 2026 Q1
Are you willing to share what level of comp growth you're targeting?
Show response
Kurt said companion animal expected to be flat or slight negative comp for full year, embedded in 1-3% guidance. Q2 improvement driven by seasonal mix shift (pet drops from 27-28% to 21% of sales), strength in live goods, zero-turn mowers, digital, wildlife/recreation, and ag categories.
Calendar 2025 Q2
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
Show response
Kurt expects continued solid transaction growth driven by CUE and Neighbor's Club. H2 comp expected to be balanced between ticket and transactions with an inflection to stronger performance.
Calendar 2024 Q4
Can you talk about transaction breadth in two ways, geographically and then if you can look at it across immature and mature stores
Show response
Hal confirmed comp transaction growth was broad-based across all regions and categories, with weather-driven markets seeing extra strength. New stores performing at 4.2-4.3x first-year productivity.
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 |
|---|---|---|
| HD The Home Depot, Inc. | 14 | 7%1 of 14 questions |
| KR Kroger | 13 | 15%2 of 13 questions |
| LOW Lowe's | 12 | 17%2 of 12 questions |
| TGT Target Corporation | 12 | 50%6 of 12 questions |
| ORLY O'Reilly Automotive | 10 | 0%none of 10 questions |
| COST Costco Wholesale Corporation | 8 | 13%1 of 8 questions |
| DG Dollar General | 8 | 0%none of 8 questions |
| WMT Walmart Inc. | 8 | 38%3 of 8 questions |
| AZO AutoZone | 6 | 0%none of 6 questions |
| BBY Best Buy | 5 | 0%none of 5 questions |
- HDThe Home Depot, Inc. · 14 questions7%1 of 14 questions
- KRKroger · 13 questions15%2 of 13 questions
- LOWLowe's · 12 questions17%2 of 12 questions
- TGTTarget Corporation · 12 questions50%6 of 12 questions
- ORLYO'Reilly Automotive · 10 questions0%none of 10 questions
- COSTCostco Wholesale Corporation · 8 questions13%1 of 8 questions
- DGDollar General · 8 questions0%none of 8 questions
- WMTWalmart Inc. · 8 questions38%3 of 8 questions
- AZOAutoZone · 6 questions0%none of 6 questions
- BBYBest Buy · 5 questions0%none of 5 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 | 16 | 6%1 of 16 questions | 11 |
| 2025 Q1 | 15 | 20%3 of 15 questions | 11 |
| 2025 Q2 | 14 | 7%1 of 14 questions | 10 |
| 2025 Q3 | 13 | 15%2 of 13 questions | 9 |
| 2025 Q4 | 14 | 14%2 of 14 questions | 10 |
| 2026 Q1 | 14 | 14%2 of 14 questions | 10 |
| 2026 Q2 | 13 | 15%2 of 13 questions | 9 |
| 2026 Q3 | 12 | 25%3 of 12 questions | 8 |
- 2024 Q416 questions · challenge rate 6% (1 of 16 questions) · 11 companies
- 2025 Q115 questions · challenge rate 20% (3 of 15 questions) · 11 companies
- 2025 Q214 questions · challenge rate 7% (1 of 14 questions) · 10 companies
- 2025 Q313 questions · challenge rate 15% (2 of 13 questions) · 9 companies
- 2025 Q414 questions · challenge rate 14% (2 of 14 questions) · 10 companies
- 2026 Q114 questions · challenge rate 14% (2 of 14 questions) · 10 companies
- 2026 Q213 questions · challenge rate 15% (2 of 13 questions) · 9 companies
- 2026 Q312 questions · challenge rate 25% (3 of 12 questions) · 8 companies
Topics
Topics tagged on this analyst’s questions.
- Demand36
- Margin34
- Competitive Dynamics31
- Revenue Growth21
- Pricing17
- Capex Investment14
- Macroeconomic13
- Guidance Reliability12
- Cost Pressure11
- Innovation & R&D8
Show all 19 topics
- M&A6
- Trade Tariffs6
- Capital Allocation5
- Product Launch4
- Subscriber Growth3
- Geographic Expansion3
- Cloud & AI2
- Supply Chain1
- Inventory1