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    Greg Melich • Evercore ISI

    Greg Melich's questions to Floor & Decor Holdings Inc (FND) leadership

    Greg Melich's questions to Floor & Decor Holdings Inc (FND) leadership • Q2 2025

    Question

    Greg Melich of Evercore ISI followed up on the second-half comp progression, asking for clarification on the expected interplay between average ticket and transactions. He questioned if the flattish comp outlook implies that transaction declines would offset ticket growth driven by tariffs.

    Answer

    CFO Bryan Langley confirmed that the guidance assumes average ticket will be up low-to-mid single digits, while transactions are expected to be down low-to-mid single digits. He noted there might be some slight compression in basket size embedded within the ticket assumption. CEO Tom Taylor added that both ticket and transactions will face pressure in Q4 from lapping the prior year's hurricane impact.

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    Greg Melich's questions to Sherwin-Williams Co (SHW) leadership

    Greg Melich's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Greg Melich of Evercore ISI asked to quantify the impact of weak architectural volumes on gross margin, questioning what the margin might have been if volumes were flat or positive.

    Answer

    SVP of Finance & CFO Al Mestyshin acknowledged that margins would have been higher but was hesitant to provide a specific figure. He explained that the 60 basis point year-over-year gross margin expansion was driven by effective pricing in the Paint Stores Group and favorable mix, which was partially offset by the drag from supply chain inefficiencies due to lower production volumes.

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    Greg Melich's questions to Sherwin-Williams Co (SHW) leadership • Q2 2025

    Question

    Greg Melich of Evercore ISI asked about the relationship between volume and gross margin, seeking to quantify the margin headwind from the decline in architectural paint volume during the quarter.

    Answer

    CFO Allen Mistysyn explained that while the company achieved its 12th consecutive quarter of year-over-year gross margin expansion, driven by pricing and mix, there was a significant drag from supply chain inefficiencies due to lower production volumes needed to manage inventory. He was hesitant to quantify the exact basis point impact from volume alone.

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    Greg Melich's questions to Academy Sports and Outdoors Inc (ASO) leadership

    Greg Melich's questions to Academy Sports and Outdoors Inc (ASO) leadership • Q1 2025

    Question

    Greg Melich of Evercore ISI questioned the cadence of gross margin, asking how long the benefit from pulled-forward inventory would last, and sought to clarify if the SG&A pressure from the Jordan launch was a one-time event.

    Answer

    EVP & CFO Earl Carlton Ford IV stated the $85 million inventory pull-forward should last through the tariff expiration dates in July and August. CEO Steven Lawrence added the inventory is 'evergreen' with no obsolescence risk. Ford confirmed the $7.5 million in SG&A for the Jordan launch was a Q1-specific expense, with ongoing SG&A deleverage driven by strategic investments like new stores and technology.

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    Greg Melich's questions to Costco Wholesale Corp (COST) leadership

    Greg Melich's questions to Costco Wholesale Corp (COST) leadership • Q3 2025

    Question

    Greg Melich from Evercore ISI sought clarification on the level of grocery inflation and requested a deeper dive into digital performance, asking for its percentage of total sales and the specific contribution of Costco Logistics to e-commerce.

    Answer

    Executive VP & CFO Gary Millerchip confirmed grocery inflation was in the low single-digit range, similar to the prior quarter. He stated that e-commerce, as defined by Costco, is about 8% of sales but closer to 12% if gas sales are excluded and other online services are included. President, CEO & Director Ron Vachris added that Costco Logistics handles 20-25% of total e-commerce deliveries but represents a significant 80-85% of big and bulky items like furniture and TVs.

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    Greg Melich's questions to Costco Wholesale Corp (COST) leadership • Q3 2025

    Question

    Greg Melich from Evercore ISI asked for clarification on the level of grocery inflation and requested a deeper dive into digital metrics, including its percentage of total sales and the role of Costco Logistics.

    Answer

    CFO Gary Millerchip confirmed grocery inflation was in the low single-digit range. He detailed that e-commerce represents about 8% of sales by their narrow definition, but is closer to 12% when adjusted for gas sales and including other online services. CEO Ron Vachris added that Costco Logistics handles 80-85% of big and bulky deliveries, a key driver of its growth.

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    Greg Melich's questions to Best Buy Co Inc (BBY) leadership

    Greg Melich's questions to Best Buy Co Inc (BBY) leadership • Q1 2026

    Question

    Greg Melich of Evercore ISI questioned where the 3P marketplace and advertising initiatives appear in financial statements and followed up on the blended tariff rate's impact on price elasticity.

    Answer

    CFO Matt Bilunas clarified that ad revenue primarily flows through gross margin, while marketplace commissions will be recognized in both revenue and gross margin. CEO Corie Barry emphasized that due to mitigation efforts, the actual product cost increases are lower than the headline tariff rates, and elasticity models are based on these lower, post-mitigation costs.

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    Greg Melich's questions to Autozone Inc (AZO) leadership

    Greg Melich's questions to Autozone Inc (AZO) leadership • Q3 2025

    Question

    Greg Melich from Evercore ISI asked about consumer behavior, specifically if customers are trading down or simply taking discretionary items out of their baskets, and inquired how the EBIT impact from foreign exchange is allocated across the P&L.

    Answer

    CEO Philip Daniele noted that he hasn't seen significant trade-down behavior, but the discretionary business, which is about 16% of DIY, has been under pressure and its volume is now more constant. CFO Jamere Jackson clarified that the negative FX impact flows through the top line to gross margin and is a net negative to EBIT, despite being a slight 'good guy' on the SG&A line.

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    Greg Melich's questions to Autozone Inc (AZO) leadership • Q3 2025

    Question

    Greg Melich from Evercore ISI inquired about consumer behavior regarding trade-down and discretionary spending, and also asked for clarification on how the international FX headwind flows through the P&L.

    Answer

    CEO Philip Daniele stated that there has not been significant consumer trade-down, but discretionary categories (about 16% of DIY sales) remain under pressure. CFO Jamere Jackson explained that the negative FX impact hits revenue, flows through to gross margin, provides a slight benefit to SG&A, but is ultimately a net negative for EBIT, thus increasing deleverage.

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