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CEO Steve Lawrence expressed confidence in continued momentum, citing accelerating e-commerce, strong new store performance, and growth from new brands like Nike and Jordan. He noted that the only wildcard is consumer health. Regarding pricing, he explained that demand elasticity varies by category, with some big-ticket items showing sensitivity.

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CEO Steven Lawrence detailed that the Jordan launch is incremental, focusing on sport products in 145 stores and online, signaling a stronger overall Nike partnership. Regarding tariffs, he explained the company uses a portfolio approach with its pricing tools to mitigate costs on key items and protect value perception.

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CEO Steve Lawrence confirmed that after disruptions from storms and DC issues in July, the business rebounded to a positive comp in August. He explained that the company's strategy is to leverage strong everyday value during lulls and concentrate promotions during key shopping events, as stimulating sales during slow periods has proven to erode margins without a significant unit uplift.

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President & CEO Lauren Hobart expressed strong optimism for the Foot Locker acquisition, outlining plans to invest in stores, marketing, and merchandising, with more details to be shared in the Q3 call. Regarding tariffs, she stated that the updated guidance already accounts for their impact and noted that Q2 gross margins expanded despite surgical price increases, which consumers have responded well to, as evidenced by the 5% comp growth.

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Executive Chairman Ed Stack explained that while some investors prefer the status quo, the Foot Locker deal is a long-term strategic move to enter new global markets, enhance brand partnerships, and drive synergies. President and CEO Lauren Hobart added that all known tariffs are factored into the reaffirmed guidance, and the company's momentum and advanced pricing capabilities provide confidence in navigating the environment.

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CEO Lauren Hobart stated emphatically that the company is not seeing a weaker consumer and that its guidance reflects appropriate caution amid macro uncertainty. She expressed strong optimism about the product innovation pipeline from all key brand partners, highlighting newness in running, basketball, and lifestyle footwear as a key driver of confidence for the year.

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President and CEO Lauren Hobart highlighted the positive community and vendor partner impact of House of Sport and noted the company is prepared for the shorter holiday season by starting promotions early. CFO Navdeep Gupta detailed the plan to open approximately 15 House of Sport locations in 2025, with a long-term goal of 75-100 by 2027, clarifying that most are remodels/relocations and remain in the comp base. He added that the Q4 guidance raise reflects confidence but is balanced against macroeconomic uncertainty.

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President and CEO Lauren Hobart confirmed excitement about the product innovation pipeline from vendor partners, which complements DICK'S own innovation in store experiences and product access. CFO Navdeep Gupta clarified that the SG&A investments are targeted at core strategies like portfolio repositioning and technology to drive long-term growth. He noted these investments are balanced by higher gross margin expectations, resulting in a net increase to the full-year operating margin outlook.

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CEO Winnie Park confirmed that tariffs are a 'reality' that is baked into the company's outlook. She described a comprehensive 'toolkit' for mitigation—including pricing, assortment changes, and vendor diversification—and stated that managing this fluid environment has become a 'way of life' and a core competency for the team.

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CEO Winnie Park attributed the acceleration to two factors: easier year-over-year comparisons on a two-year stack basis in the first half, and a 'maniacal focus' on executing their core strategy of product, value, and experience. She described it as improved 'retail blocking and tackling,' including better trend execution, targeted value, and a cleaner store experience.

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Interim CEO Ken Bull confirmed that Five Below's experience mirrored the broader retail sector. He described the quarter as starting slower, consistent with Q2's exit, before improving from the middle to the end of the period. He stressed that the company was able to successfully capitalize on traffic during key events like Halloween with a strong product assortment.

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Interim President and CEO Kenneth Bull explained the moderation is primarily to ensure focus on executing the turnaround plan. While suggesting a similar growth rate could continue in the near term, he stressed the priority is fixing the business. He confirmed the real estate strategy remains flexible, as the model is successful in diverse locations (urban, rural, suburban) and the long-term whitespace opportunity remains intact.

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President, CEO & Chairman Marvin Ellison noted that besides hurricane overlaps, there were no material geographic anomalies impacting the business. Regarding trade, he explained that Lowe's has significantly diversified its sourcing, with 60% of goods now from the U.S. and only 20% from China. He described pricing as highly dynamic, managed by sophisticated systems to remain competitive and drive share, stating the team is efficient at navigating the environment to give customers reasons to choose Lowe's.

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CEO Marvin Ellison identified two key indicators for an inflection: a rebound in DIY discretionary big-ticket spending and sustained positive trends in the home services business. On Pro sustainability, Ellison pointed to the fragmented $250 billion addressable market for small-to-medium Pros. EVP, Stores, Joseph McFarland added that initiatives like Pro fulfillment centers and outside sales are still in early stages, providing confidence in continued growth.

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CEO Darren Lampert stated that the company has most of the internal assets needed for its transformation, highlighting the goal of reaching a 40% private label sales mix next year. He confirmed that demand is solidifying, with the largest durable goods backlog since 2021, attributing this to a combination of industry dynamics and GrowGen's strong relationships with the largest cultivators who are leading industry consolidation.

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Darren Lampert, Executive, attributed consumer weakness to cannabis price compression, which has reduced the number of individual growers and caused commercial operators to delay durable goods purchases. He explained the shift to the B2B portal is a direct response to this trend. Regarding the balance sheet, Lampert stated that while preserving capital is prudent due to regulatory uncertainty, the company is actively seeking accretive acquisitions in products, distribution, and lawn and garden, noting they have the back-office capacity to integrate them.

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CEO Darren Lampert responded that the company is comfortable with its current 31 stores but may close a few more next year. He explained that proprietary brand growth is driven by both new product adoption and expanded distribution, which carry significantly higher margins (around 40%) compared to third-party products (low 20s). Lampert reiterated the goal for these brands to constitute 35% of sales by the end of 2025, emphasizing that GrowGen will continue to offer customers a choice with best-of-breed partner brands.

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CFO Sarah Oughtred outlined a growth strategy focused on first revitalizing the core business (US, new customers, scrubwear), followed by scaling international, teams, and retail hubs, with these latter drivers expected to ramp up more significantly in 2026. Co-Founder & CEO Trina Spear addressed the competitive question by stating that FIGS remains focused on its own execution and industry leadership.

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CEO Trina Spear cited the company's experience managing supply chain challenges during COVID, highlighting FIGS's advantages: a non-seasonal, replenishment-driven business with a high-volume, low-SKU count model. She stated the company will use its strong balance sheet to be opportunistic. CFO Sarah Oughtred explained that the record $119 AOV was primarily driven by a reduction in discounts due to fewer promotions and a favorable product mix shift.

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CFO Sarah Oughtred attributed the Q4 beat to strong December color launches. She explained the 2025 guidance reflects headwinds from lower active customer growth and a significant reduction in promotions. For long-term growth, she highlighted reinvigorating the U.S. business and active customer base as key.

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CFO Sarah Oughtred detailed that the footwear underperformance was due to promotional exclusion, a delayed launch, and an out-of-stock on a popular style, stating that the company would have met its quarterly expectations otherwise. She clarified that beyond transition costs, higher fulfillment expenses were due to controllable ramp-up inefficiencies and shipping cost pressure from lower AOVs.

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President & CEO Peter Stern attributed the confidence in future growth to several factors: new member acquisition driven by upcoming product innovations, higher revenue per member from selling additional equipment, and growth from the commercial business and content licensing. While not confirming a price increase, he heavily emphasized the significant value added to the platform since the last price change three years ago, suggesting a strong justification for one.

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CFO Liz Coddington stated that deleveraging will be a natural result of generating meaningful free cash flow and improving adjusted EBITDA, with strategic debt reduction possible over time. Interim Co-CEO Chris Bruzzo identified men as a key growth audience, citing a recent 9% year-over-year mix shift in hardware sales toward men, driven by targeted marketing campaigns.

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Founder, Chairman, and CEO Bahram Akradi explained that early quarter softness in member sign-ups was a timing issue that naturally corrected, leading to a strong finish. Akradi and EVP & CFO Erik Weaver affirmed the business remains solid, with strong member engagement and a nearly 12% increase in revenue per membership, indicating effective monetization.

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Erik Weaver, Executive Vice President and CFO, confirmed that not implementing a broad legacy price increase in Q1 was intentional, with dues growth driven by new, higher-rate members replacing those at lower rates. Bahram Akradi, Founder, Chairman and CEO, added that legacy price increases are planned for Q2 and that retention remains at record levels. Regarding the pool season, Akradi noted it was too early to comment on specific sign-up trends.

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CEO Bahram Akradi explained that the company has strong partner demand for sale-leasebacks, expecting $250M-$350M in proceeds for the year at favorable cap rates of 6.5%-7.0%. These funds, along with operating cash flow, will fuel growth. Executive Erik Weaver added that the guidance was lifted due to stronger-than-expected membership dues, robust retention, and effective cost control observed in the first weeks of 2025.

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Founder, Chairman and CEO Bahram Akradi stated the company's target debt-to-EBITDA ratio is 1.75x to 2.25x, which supports a robust growth pipeline of approximately 100 deals for 2025-2027 while remaining free cash flow positive. He clarified that guidance is set conservatively to a level they are highly confident in achieving. EVP and CFO Erik Weaver added that the implied Q4 guidance reflects strong momentum, with approximately 15% year-over-year revenue growth and 16% adjusted EBITDA growth.

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CEO Niraj Shah emphasized that the building momentum is not from a single lever but from the sustained execution of their three strategic pillars: improving the core recipe, leveraging technology, and launching new programs. CFO Kate Gulliver explained that gross margin is reinvested into enhancing customer value, primarily through strategic pricing based on elasticity data and service improvements like faster delivery.

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CEO Niraj Shah confirmed that Wayfair's platform model creates competitive pressure on suppliers to absorb costs. He detailed two key levers Wayfair uses to help: sharing real-time platform data to guide supplier pricing decisions and offering its integrated logistics network, CastleGate, to help suppliers lower costs and maintain competitive retail prices. CFO Kate Gulliver reiterated that the model is designed to outperform in such environments through diligent partnership with suppliers.

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CEO Niraj Shah acknowledged that Wayfair is not the only winner in the market, citing Amazon and HomeGoods as others also taking share in their respective niches, but stressed that there is a much longer list of retailers who are losing share. On costs, CFO Kate Gulliver confirmed they see ongoing opportunities for efficiency across the P&L, including SOTG&A, CapEx, and equity compensation, and will balance investments to continue growing absolute adjusted EBITDA dollars in 2025.

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CEO Ernie Garcia confirmed they are on plan, with production growth outpacing sales and 12 ADESA sites now integrated. Regarding demand, Garcia noted that while there was a minor pull-forward effect from tariffs, the overall quarterly trend was stable, with a noted $100 impact on retail GPU from related pricing adjustments.

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CEO Ernie Garcia stated that capacity expansion is "on plan," with production growing faster than sales and ADESA site integrations proceeding at a steady pace. Regarding demand, Garcia noted that while there was some minor short-term fluctuation around the tariff news, it was not material to the quarter's overall performance, though it did contribute to a $100 per unit retail GPU impact due to pricing adjustments.

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CEO Ernie Garcia explained that the company aims to achieve fundamental gains across all GPU components, providing flexibility to either boost profitability or reinvest in customer value. Regarding the growth to 3 million units, Garcia highlighted that the ADESA acquisition provides significant existing real estate and infrastructure, positioning Carvana to grow into this capacity, which should moderate the need for substantial new capital investment relative to the scale of the growth opportunity.

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CFO Mark Jenkins stated that the company is seeing leverage across all labor cost categories and expects to drive further per-unit efficiencies. CEO Ernie Garcia detailed that future retail GPU gains will come from a wide range of operational improvements, including smarter vehicle bidding, lower logistics costs, and better merchandising.

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President & CEO Peter Fitzsimmons attributed future sales growth to refined marketing efforts and better use of the Confidrive digital inspection tool, which is already driving sales in high-margin categories. EVP & CFO Brian D'Ambrosia reiterated that Q1 was the toughest margin compare and expects pressure to continue in FY26, but sees long-term margin expansion potential driven by leverage on growing comps and new merchandising programs.

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CEO Michael Broderick explained the margin pressure resulted from a strategic decision made in May to reclaim market share in tires by leaning into promotions to combat consumer trade-down. He noted that service categories are now starting to improve, which will help restore balance. CFO Brian D'Ambrosia outlined the path back to historical margins, stating it requires an improved consumer environment (less trade-down, fewer promotions) and top-line growth to leverage fixed costs in labor and occupancy.

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CFO Brian D'Ambrosia clarified there is not a direct trade-off between sales and margin; rather, margin pressure is from the macro environment, including consumer trade-down and promotions. He stated the path to higher margins relies on improving the service category mix (especially brakes) and leveraging occupancy costs with positive comps. D'Ambrosia identified the primary difference from Q1 was a more pronounced trade-down from Tier 1 and 2 tires to Tier 3, which pressured material margins, combined with lapping stronger technician pay improvements from the prior year.

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CFO Todd Vogensen clarified that new tariffs accounted for slightly more than half of the Q2 margin decline, with the remainder due to ramp-up costs that have now been largely addressed. CEO Robert DeMartini added that the Q2 margin impact was amplified because the company incurred startup costs for Rejuvenate 2.0 but did not ship enough product to realize the offsetting revenue benefit within the quarter.

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Tariffs accounted for over half of the Q2 margin decline, while ramp-up costs were the other factor. Mitigation efforts for tariffs are underway, and ramp-up costs are now addressed. Gross margin is expected to ramp up through Q3 and exceed 40% in Q4. The margin pressure was linked to sales, as startup costs were incurred in Q2 without the full revenue benefit from new products, which is now materializing.

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CEO Rob DeMartini stated that start-up costs are fully reflected in their plans and clarified that Purple will continue to manufacture 100% of its proprietary grid material, with partners like Sherwood handling final assembly. He noted that while some product differentiation exists for partners, the deal is primarily a vote of confidence in the brand's ability to drive traffic and trade-ups. He explicitly stated the partnership is completely independent of the strategic alternatives review.

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Executives confirmed a recent softening in consumer demand, noting President's Day was 'lukewarm at best'. They stated that while consumers haven't seen the new Rejuvenate line yet, trade response and initial testing are very positive. Future gross margin gains will be driven by plant consolidation, sourcing initiatives, and production efficiencies.

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CFO Matt Friend confirmed the inventory cleanup timeline is unchanged from the prior quarter and that the growth in the holiday order book indicates progress. Regarding tariffs, he explained that mitigation actions are being implemented at different times throughout the fiscal year, resulting in a larger gross margin impact in Q1 before being fully offset over time.

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President & CEO Bill Nash attributed the performance to both macro factors and internal execution, expressing confidence for the rest of the year. EVP and CFO Enrique Mayor-Mora highlighted the model's power to leverage SG&A, noting the company is committed to continued efficiency gains.

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CEO William Nash asserted that the strong start to the quarter was not a catch-up, as any benefit from delayed tax refunds or weather was minor. While not providing formal guidance, he stated that CarMax expects the momentum seen over the last three quarters to continue, acknowledging the fluid macro environment.

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CEO William Nash indicated that sales momentum accelerated through Q3 and into December, expecting Q4 comps to surpass Q3's performance. CFO Enrique Mayor-Mora reaffirmed the company's goal of reaching a mid-70% SG&A-to-gross-profit ratio, noting that less gross profit growth is now required to achieve leverage compared to their prior heavy investment phase.

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President & CEO William Nash attributed the stronger comps to both internal execution, such as the nationwide rollout of a new order processing system, and favorable macro trends, including seven straight quarters of declining average selling prices. SVP Jon Daniels clarified that the loan loss provision, while informed by economic factors, is primarily based on direct observations of performance within CarMax's own loan portfolio, which they believe mirrors industry trends.

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Chairman & CEO Gary Friedman acknowledged that the current debt and interest expense levels are higher than desired, a result of share repurchases followed by a rapid rise in interest rates. CFO Jack Preston added that while they have no specific target ratios or covenants, the company's leverage ratio has already improved from its peak due to EBITDA growth, and they expect further deleveraging.

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Jack Preston, executive, directed the analyst to the earnings letter for Q4 trends, which noted demand stabilized at +19% in January. Gary Friedman, executive, explained their approach to tariffs is 'all of the above': a mix of price adjustments, vendor negotiations, and internal efficiencies. He stressed that RH's large inventory position provides a significant short-term advantage.

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Chairman and CEO Gary Friedman asserted that the momentum is company-specific, driven by its product transformation, as competitors are not seeing a similar lift. He stated that going forward, investors should expect a 'much more aggressive approach' to product expansion, as the company now sees itself as a 'platform for taste' with a much larger market opportunity than a traditional specialty brand.

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EVP & CFO Keith Siegner stated that the guidance is based on a balanced approach and can be achieved even with flat performance from core products, positioning new product success as a buffer. President & COO Mary Fox addressed pricing by noting that while competitive promotions are necessary, Lovesac's strong brand, superior value proposition, and the fact that many competitors have already taken multiple price hikes allowed for recent surgical price increases.

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CFO Keith Siegner explained that the pace of innovation is directly linked to the cash flow generated by the core 'seats and sides' business, which is influenced by the macro environment. CEO Shawn Nelson revealed that demand for the PillowSac Accent Chair has been an exciting '50-50' split between new and existing customers, highlighting the product's success in driving high-margin repeat business and its viral impact on social media.

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CEO Corie Barry described the approach as a balance, aiming to stimulate demand while optimizing pricing with vendors. CFO Matt Bilunas detailed sustainable efficiencies from technology in customer care, procurement, and supply chain, stating that the company is always seeking cost improvements regardless of the sales environment.

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CEO Corie Barry emphasized the company's experienced team and strong vendor partnerships as key assets for navigating the situation. She outlined several actions, including deep vendor communication, supply chain adjustments, and pricing analysis, while noting much diversification work had already been done. CFO Matthew Bilunas addressed leverage, stating that while sales growth provides core leverage, the company is also making strategic investments in initiatives like Best Buy Ads and Marketplace. These investments will increase SG&A but are expected to contribute to operating income this year and drive rate expansion in the future.

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CEO Philip Daniele confirmed it was a culmination of initiatives that have been rolling out over time, such as commercial delivery strategies that are now fully deployed. CFO Jamere Jackson added that the company has been intentional about investing in SG&A to capture the current growth opportunity, noting that the strategy is working as evidenced by the top-line momentum.

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CEO Philip Daniele explained that many initiatives, while discussed for a year, are just now reaching full rollout, leading to a culmination of benefits. CFO Jamere Jackson confirmed that the company has been intentionally reinvesting in growth opportunities, particularly in SG&A, to capitalize on the current market environment and build a faster-growing business for the long term.

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CFO Jamere Jackson responded that the majority of AutoZone's business is inelastic (needs-based 'break/fix'), so they expect it to perform consistently. Executive Philip Daniele explained that harsh weather provides an immediate sales lift for certain categories (like batteries) and also creates lingering demand for other parts (like brakes and suspension) that surfaces later in the year.

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CFO Jeff Howie stated that quarter-to-date trends are factored into the annual guidance, though the late Easter shift makes current reads difficult. He noted no hard evidence of a demand pull-forward. CEO Laura Alber added that the furniture business trend is improving, which she attributes to the success of their proprietary newness and designs rather than a broader macro lift, providing another reason for optimism.

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CEO Laura Alber explained that the top-line is impacted by the deliberate move away from comping prior-year promotions, which she described as lower-quality sales. Additionally, the overall furniture category remains weak. She described this situation as a 'coiled spring,' suggesting significant operating margin leverage potential when furniture demand eventually recovers.

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CEO Laura Alber reiterated the company's commitment to avoiding site-wide promotions, stating this strategy builds long-term value, with regular-priced sales outperforming markdowns. She explained the revised guidance reflects a prudent view of the macro environment and the lack of a housing market recovery, rather than a specific new area of weakness, describing the operating model as a 'coiled spring' poised for leverage.

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CEO Calvin McDonald explained that while he wouldn't share an absolute number, 'newness' is a percentage of the merchandise mix comprising new colors, patterns, franchises, and seasonal items. He stated the goal is to return this mix to historical levels by Q1 2025. He confirmed that new products introduced this year are performing very well, citing strong guest response to items like the Define jacket variations and Waffle-Knit styles, indicating the issue is the quantity of newness, not its quality.

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CFO Dave Bergman addressed tariffs, stating that the company is monitoring the post-election landscape but is prepared to manage potential changes and does not currently anticipate sizable impacts. CEO Kevin Plank discussed wholesale, noting that retail partners are rooting for Under Armour's success. He stressed the need to provide products that 'cut through' and to better communicate the performance benefits, moving beyond price-based selling. Plank affirmed that Under Armour is actively working to earn back shelf space season by season.

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