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    Bobby Griffin • Raymond James Financial

    Bobby Griffin's questions to La-Z-Boy Inc (LZB) leadership

    Bobby Griffin's questions to La-Z-Boy Inc (LZB) leadership • Q1 2026

    Question

    Bobby Griffin of Raymond James requested details on the cadence of written business during the quarter, the reasons for the EBIT margin coming in below guidance, the long-term margin impact from the supply chain transformation, and the productivity ramp of new stores.

    Answer

    CEO Melinda Whittington noted a slight improvement in traffic trends from Q4 through Q1 into August, but acknowledged it was less than hoped for due to a soft consumer and investments in promotional discounting. CFO Taylor Luebke confirmed this combination of factors led to the margin miss. Luebke reiterated that the supply chain project will be a modest drag on margins for two years before savings begin in year three, ultimately targeting a 50-75 basis point expansion for the wholesale segment by year four. Whittington stated that the two-to-three-year productivity ramp for new stores remains consistent with historical trends.

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    Bobby Griffin's questions to La-Z-Boy Inc (LZB) leadership • Q4 2025

    Question

    Bobby Griffin of Raymond James Financial inquired about the key drivers for expanding the wholesale segment's operating margin to 10%, the strategic timing of the new distribution network redesign project, and recent written order trends for May and the Memorial Day period.

    Answer

    SVP and CFO Taylor Luebke explained that reaching a 10% wholesale margin long-term depends on both controllable factors, like the multi-year distribution redesign, and a recovery in the broader housing market. President & CEO Melinda Whittington added that the distribution project's timing is driven by the company's increased scale from acquisitions, aiming to boost efficiency and service. She also noted that Memorial Day sales provided a 'solid start' to the new fiscal year, following a challenging February during the fourth quarter.

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    Bobby Griffin's questions to Somnigroup International Inc (SGI) leadership

    Bobby Griffin's questions to Somnigroup International Inc (SGI) leadership • Q2 2025

    Question

    In a follow-up, Bobby Griffin sought a modeling clarification, asking if the 'down 2% wholesale like-for-like' figure neutralizes for the impact of floor sample timing.

    Answer

    EVP & CFO Bhaskar Rao clarified that the down 2% figure does not neutralize for floor model headwinds. He quantified the impact of floor models in the second quarter as a headwind of approximately $15 million on the top line and around $8 million on the EBITDA line.

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    Bobby Griffin's questions to Leggett & Platt Inc (LEG) leadership

    Bobby Griffin's questions to Leggett & Platt Inc (LEG) leadership • Q2 2025

    Question

    Bobby Griffin of Raymond James Financial inquired about the Bedding business, asking for a reconciliation between market consumption estimates and Leggett's U.S. volume, the drivers of metal margin expansion, and the rationale for retaining facilities previously slated for closure.

    Answer

    President, CEO & Chairman Karl Glassman and EVP & President - Bedding Products J. Tyson Hagale responded. Hagale clarified that U.S. spring core volumes were down mid-single digits, comparable to the market, with the larger reported decline due to restructuring-related sales attrition in Mexico and specific customer issues in specialty foam and adjustable beds. Glassman stated that metal margin expansion is sustainable and driven by 232 steel tariffs. Both executives explained that retaining a few small facilities was a strategic adjustment to evolving market conditions and customer needs.

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    Bobby Griffin's questions to Upbound Group Inc (UPBD) leadership

    Bobby Griffin's questions to Upbound Group Inc (UPBD) leadership • Q2 2025

    Question

    Bobby Griffin inquired about the stability of the core customer, the key drivers behind Acima's strong GMV and application growth, and the reason for the sequential increase in Acima's loss ratio.

    Answer

    CEO & CFO Fahmi Karam described the core customer as stable but still under pressure, leading to a conservative underwriting stance. He attributed Acima's 16% GMV growth primarily to new merchants onboarded in the last year (80% of growth) and productivity gains (20%), highlighting the direct-to-consumer channel's 130% YoY growth. The sequential tick-up in the loss ratio was attributed to a product mix shift towards the faster-growing jewelry category.

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    Bobby Griffin's questions to Murphy USA Inc (MUSA) leadership

    Bobby Griffin's questions to Murphy USA Inc (MUSA) leadership • Q2 2025

    Question

    Bobby Griffin of Raymond James sought to understand if the original implied EBITDA would be achievable assuming the original fuel margin range, given the offsets from OpEx. He also asked for clarification on July's volume recovery and any color on July margins, and questioned whether the strong OpEx performance was due to timing or sustainable productivity gains.

    Answer

    President, CEO & Director, Andrew Clyde, clarified that even with the original fuel margin, EBITDA would be below the initial implied level, primarily due to Q1's impact and volume trajectory. EVP & COO, Mindy West, confirmed the OpEx improvements are the result of sustainable productivity initiatives, not timing, citing progress in maintenance and labor. Andrew Clyde added that loss prevention and favorable labor rates were also key drivers. Mindy West hinted July retail-only margins were trending in the 'high twenties'.

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    Bobby Griffin's questions to Mister Car Wash Inc (MCW) leadership

    Bobby Griffin's questions to Mister Car Wash Inc (MCW) leadership • Q2 2025

    Question

    Bobby Griffin of Raymond James asked how the early results from pricing initiatives have influenced management's view of using price as a lever for growth. He also questioned if the success could lead to more dynamic pricing optimization across all membership tiers.

    Answer

    CEO John Lai responded that the company maintains a conservative and 'episodic' approach to pricing, preferring to 'earn' increases by adding value through innovation rather than simply using it as an easy lever. While acknowledging there are future opportunities for optimization, the current strategy is to offer a broad value proposition that appeals to a wide range of consumers, from the price-sensitive to the premium-focused.

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    Bobby Griffin's questions to Caseys General Stores Inc (CASY) leadership

    Bobby Griffin's questions to Caseys General Stores Inc (CASY) leadership • Q4 2025

    Question

    Bobby Griffin asked for clarification on operating expenses, specifically how much of the prior year's one-time integration costs might carry over into fiscal 2026. He also questioned whether the FY26 plan assumes a further reduction in same-store labor hours.

    Answer

    CFO Steve Bramlage estimated that approximately $5 to $7 million in integration-related costs would carry over into FY26, significantly less than the prior year. CEO Darren Rebelez confirmed that a modest labor hour reduction is assumed in the FY26 plan, noting that while the company is ahead of its three-year reduction target, there is still room for improvement.

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    Bobby Griffin's questions to Caseys General Stores Inc (CASY) leadership • Q4 2025

    Question

    Bobby Griffin asked for clarification on whether the one-time integration costs from the FICS deal would carry over into FY26. He also inquired if the FY26 plan assumes a continued reduction in same-store labor hours.

    Answer

    CFO Steve Bramlage confirmed there will be a carryover of approximately $5-7 million in integration-related costs in FY26. President and CEO Darren Rebelez stated that a modest labor hour reduction is assumed in the plan, noting that the company is ahead of its three-year target after achieving a reduction of over 2% in FY25.

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