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    Alexia Morgan • Piper Sandler & Co.

    Alexia Morgan's questions to Yeti Holdings Inc (YETI) leadership

    Alexia Morgan's questions to Yeti Holdings Inc (YETI) leadership • Q2 2025

    Question

    Speaking for Peter Keith, Alexia Morgan of Piper Sandler Companies asked about the drivers of the promotional Drinkware environment and whether recent product success was due to a specific focus on female consumers.

    Answer

    CEO Matt Reintjes attributed the promotional environment to market-wide inventory cleanup by competitors, noting YETI's strategy is to diversify its portfolio beyond these trends. CFO Mike McMullen confirmed guidance assumes this pressure continues in Q3. Reintjes clarified that recent product success, including the Camino bag, reflects broad-based appeal across all demographics, not a specific gender-focused strategy.

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    Alexia Morgan's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership

    Alexia Morgan's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership • Q4 2024

    Question

    Alexia Morgan, on behalf of Peter Keith, inquired about the 'dead rent' dynamic, its impact on earnings flow-through from 2025 to 2026, and how the new Big Lots stores are expected to perform compared to the successful 99 Cents Only acquisitions.

    Answer

    Executive Robert Helm clarified that while dead rent on acquired stores pressures near-term earnings, it should lead to stronger, mid-to-high teens earnings growth in 2026 due to below-market rents. Executive Eric van der Valk expressed high confidence that the Big Lots conversions will be as strong or stronger than the 99 Cents Only stores, citing the benefit of acquiring 'warm boxes' with an existing value-oriented customer base.

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    Alexia Morgan's questions to Valvoline Inc (VVV) leadership

    Alexia Morgan's questions to Valvoline Inc (VVV) leadership • Q1 2025

    Question

    Alexia Morgan, on for Peter Keith, asked about the promotional environment in Q1 and the outlook for franchise unit growth towards the company's 2027 target.

    Answer

    CEO Lori Flees stated there has been no significant change in the competitive promotional environment, attributing performance to the brand's quality and customer experience. On franchise growth, she expressed high confidence in reaching the goal of 250 total new units by fiscal 2027 (150 from franchisees), citing strong partner engagement, upsized development agreements, and a robust new unit pipeline.

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    Alexia Morgan's questions to Traeger Inc (COOK) leadership

    Alexia Morgan's questions to Traeger Inc (COOK) leadership • Q3 2024

    Question

    Alexia Morgan, on for Peter Keith of Piper Sandler, questioned the company's exposure to China, its strategy to mitigate tariff risk, and the drivers of gross margin expansion, including the reason for an implied Q4 decline.

    Answer

    CEO Jeremy Andrus detailed that while about 80% of grills are made in China, the company is actively diversifying its supply chain with a new partner in Vietnam and has sourcing optionality. CFO Dom Blosil explained the implied Q4 gross margin decline is due to product mix and normal holiday promotions, noting Q3 benefited from a one-time 110 basis point credit that will not repeat.

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    Alexia Morgan's questions to Floor & Decor Holdings Inc (FND) leadership

    Alexia Morgan's questions to Floor & Decor Holdings Inc (FND) leadership • Q3 2024

    Question

    Alexia Morgan, on behalf of Peter Keith at Piper Sandler, asked if Floor & Decor has noticed any impact on big-ticket sales from 'election distraction' and if there is a discernible sales opportunity from the recent Lumber Liquidators store closures.

    Answer

    President Trevor Lang stated that the company has not yet seen an impact from election distraction, noting that quarter-to-date comps have improved. CEO Tom Taylor commented that the Lumber Liquidators closures are a net positive, creating an opportunity to capture displaced business and hire affected associates. He expressed confidence that Floor & Decor's superior offering positions them to be a beneficiary.

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