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    Joseph Feldman • Telsey Advisory Group

    Joseph Feldman's questions to Walmart Inc (WMT) leadership

    Joseph Feldman's questions to Walmart Inc (WMT) leadership • Q2 2026

    Question

    Joseph Feldman of Telsey Advisory Group asked for the reasons behind management's confidence in a solid holiday season for Walmart, given broader cost pressures, and inquired about any changes to the holiday strategy.

    Answer

    President, CEO & Director Doug Mcmillon clarified his confidence was specifically for Walmart's performance. This optimism is based on strong back-to-school results, which often indicate holiday trends, and excitement about the items and pricing planned for the season, which he recently reviewed with store managers. He stressed that strong inventory management will be key to finishing the year well.

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    Joseph Feldman's questions to Target Corp (TGT) leadership

    Joseph Feldman's questions to Target Corp (TGT) leadership • Q2 2025

    Question

    Joseph Feldman from Telsey Advisory Group asked how management plans to change the mindset of the current merchandising team to stimulate change. He also sought clarification on the comment that the 'bulk of the tariff cost is behind us.'

    Answer

    EVP & CCO Rick Gomez explained that the strategy is to build on existing 'green shoots' of success, such as specific product collaborations in the Home category, and apply those learnings more broadly. EVP & CFO Jim Lee clarified that one-time tariff-related costs, primarily from order cancellations, were mostly incurred in Q2, and inventory adjustment costs were fully handled in the first half. Incoming CEO Michael Fiddelke added that the direct cost of tariffs will persist.

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    Joseph Feldman's questions to Traeger Inc (COOK) leadership

    Joseph Feldman's questions to Traeger Inc (COOK) leadership • Q2 2025

    Question

    Joseph Feldman of Telsey Advisory Group inquired about the market reception and performance of new products like the Flat Rock and Woodbridge grills, and asked for the framework used to model the impact of price increases on unit volume.

    Answer

    CEO Jeremy Andrus described the new Woodbridge grill platform as the best product the company has ever built, with a phenomenal response and strong online reviews, though he acknowledged some pressure at higher price points due to tariff-related increases. He noted the Flat Rock griddle is gaining traction more slowly due to its high price point relative to competitors. Regarding pricing elasticity, Andrus stated the company was very thoughtful, analyzing SKUs individually rather than applying across-the-board increases, but acknowledged that learning is ongoing in a noisy environment and they have taken a conservative approach in their guidance.

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    Joseph Feldman's questions to Traeger Inc (COOK) leadership • Q3 2024

    Question

    Joseph Feldman of Telsey Advisory Group asked for a reconciliation of the 11% decline in reported consumables sales with the company's statement of positive sell-through, and also inquired about inventory planning.

    Answer

    CFO Dom Blosil clarified the discrepancy was due to the timing and pacing of retailer orders between Q3 and Q4, which magnified the impact in a low-volume quarter, and he expects a return to reported growth in Q4. Regarding inventory, he stated that channel and balance sheet levels are healthy and that pre-buying against tariffs is not a primary strategy.

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    Joseph Feldman's questions to Grocery Outlet Holding Corp (GO) leadership

    Joseph Feldman's questions to Grocery Outlet Holding Corp (GO) leadership • Q2 2025

    Question

    Joseph Feldman of Telsey Advisory Group inquired about the drivers behind the trend of rising transactions but declining average ticket, and also asked for an updated perspective on the company's digital and e-commerce strategy.

    Answer

    President and CEO Jason Potter acknowledged the recent trend of strong traffic but weaker basket size, noting some improvement in the basket last quarter. He believes improving the in-store experience will lead to bigger baskets, as seen in the Oakland test store. Regarding digital, Potter stated that while there is an opportunity for improvement, it has not been the primary focus recently as the company concentrates on core operational execution.

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    Joseph Feldman's questions to Grocery Outlet Holding Corp (GO) leadership • Q1 2025

    Question

    Joseph Feldman asked for more color on the declining basket size, questioning if it was due to fewer units, lower pricing, or ongoing inventory issues.

    Answer

    CEO Jason Potter clarified that the issue is specifically 'items per basket,' while noting that customer traffic remains solid. He attributed the opportunity to execution, highlighting initiatives to improve the quality of everyday items like produce and ensuring high fill rates to allow customers to complete their shopping trips.

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    Joseph Feldman's questions to Grocery Outlet Holding Corp (GO) leadership • Q4 2024

    Question

    Joseph Feldman of Telsey Advisory Group requested details on the allocation of the 2025 capital expenditures budget, noting it is higher than the previous year despite a reduction in planned store openings.

    Answer

    CFO Chris Miller clarified that the CapEx guidance of $210 million for 2025 is higher because the company plans to open 33-35 net new stores, which is more than the 26 stores opened in 2024 (excluding the UGO acquisition). He stated the two main drivers of the increase are the higher number of new store openings and capital investments related to the new distribution center in the Pacific Northwest.

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    Joseph Feldman's questions to Grocery Outlet Holding Corp (GO) leadership • Q3 2024

    Question

    Joseph Feldman asked for specific examples of areas where execution needs to improve and which strategic projects might be delayed to allow for better focus on the core business.

    Answer

    Interim President and CEO Eric Lindberg explained that the company was trying to do too much at once, citing the simultaneous efforts of an acquisition (UGO), a major systems implementation (SAP), a private label launch, and new marketing tools. He used the UGO integration as an example of an initiative that can be paced more slowly, allowing the team to focus on core operational basics without putting the project on hold entirely.

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    Joseph Feldman's questions to Five Below Inc (FIVE) leadership

    Joseph Feldman's questions to Five Below Inc (FIVE) leadership • Q1 2025

    Question

    Joseph Feldman from Telsey Advisory Group asked how customers became aware of the in-store improvements to drive such strong traffic, questioning if marketing spend increased or if certain channels were more effective.

    Answer

    CEO Winnie Park clarified that overall marketing spend did not increase. Instead, the company redirected its investment into more effective channels, specifically social media and creator content. She cited the Easter basket campaign as an example of creating a successful end-to-end story from social media to the in-store experience.

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    Joseph Feldman's questions to Five Below Inc (FIVE) leadership • Q4 2024

    Question

    Joseph Feldman sought further clarification on pricing, asking if adjustments in the $1 to $5 range would trend more upward than downward and whether these changes would apply to new products or existing items on the floor.

    Answer

    CEO Winnie Park confirmed that while some prices will be adjusted down, the changes for items $5 and below will be 'largely up.' She also clarified that these adjustments will primarily be applied to new products as they are brought in, providing greater flexibility with future buys.

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    Joseph Feldman's questions to Five Below Inc (FIVE) leadership • Q2 2024

    Question

    Joseph Feldman from Telsey Advisory Group asked about the potential for a loyalty program to help better understand customer demand, especially given the company's renewed focus on its core consumer.

    Answer

    Interim President and CEO Kenneth Bull acknowledged that a loyalty program had been delayed by other post-pandemic priorities but confirmed they are now actively developing one. He stated that a very early test of a program could potentially be conducted by the end of the year and that the company views it as a potential future growth driver.

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    Joseph Feldman's questions to Dollar Tree Inc (DLTR) leadership

    Joseph Feldman's questions to Dollar Tree Inc (DLTR) leadership • Q1 2025

    Question

    Joseph Feldman from Telsey Advisory Group asked about Dollar Tree's inventory planning for the remainder of the year, focusing on the staging of goods for back-to-school and the holiday seasons.

    Answer

    CEO Michael Creedon explained that the company is focused on ensuring high in-stock levels to create a great first impression for new customers. He confirmed that back-to-school inventory is in hand and that the company has brought in some holiday freight early. To manage this, they have invested in extra store hours to process the early-arriving product and ensure readiness for key selling seasons.

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    Joseph Feldman's questions to DICK'S Sporting Goods Inc (DKS) leadership

    Joseph Feldman's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q1 2025

    Question

    Joseph Feldman asked for an update on the Golf Galaxy business and for more detail on the customer crossover between GameChanger users and DICK'S shoppers.

    Answer

    President and CEO Lauren Hobart highlighted golf as a key long-term growth category, driven by Golf Galaxy Performance Centers and strong vertical brand performance. She and CFO Navdeep Gupta explained that GameChanger crossover customers are highly valuable, and initiatives like the 'bat lab' and targeted media are being used to deepen the connection between the platforms.

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    Joseph Feldman's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q4 2024

    Question

    Joseph Feldman asked for details on new store openings, including the mix between new and existing markets and the level of landlord contributions. He also requested a reminder of the company's tariff exposure by country.

    Answer

    CFO Navdeep Gupta explained that approximately 70% of new premium stores will be relocations or conversions in existing markets. He noted landlord support is strong, providing both tenant allowances and, more importantly, access to premier real estate. Regarding tariffs, he confirmed negligible exposure to Mexico and Canada and significant diversification away from China for vertical brands.

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    Joseph Feldman's questions to Clear Secure Inc (YOU) leadership

    Joseph Feldman's questions to Clear Secure Inc (YOU) leadership • Q1 2025

    Question

    Joseph Feldman asked for more detail on the progress and trends in the B2B business, CLEAR1, across healthcare, finance, and other sectors. He also asked the new President and CFO for their initial observations and areas of focus since joining the company.

    Answer

    Executive Caryn Seidman-Becker highlighted B2B trends in healthcare, driven by platform power and integrations like Epic, and in workforce security for critical infrastructure, supported by partnerships with Docusign and Okta. President Michael Barkin expressed excitement about the company's inflection point as identity and security become more critical. CFO Jennifer Hsu called her first month "thesis validating," citing a culture of financial discipline and significant growth opportunities in both CLEAR+ and B2B, while also noting a goal to improve clarity in market communications.

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    Joseph Feldman's questions to Costco Wholesale Corp (COST) leadership

    Joseph Feldman's questions to Costco Wholesale Corp (COST) leadership • Q2 2025

    Question

    Joseph Feldman asked about the drivers behind lower gas volumes in February and requested a reminder of the new store opening balance between U.S. and international markets for the year.

    Answer

    Executive Gary Millerchip clarified that the comment on lower gas gallons was specific to the month of February and that year-to-date gallons are actually up low single-digits. Executive Ron Vachris provided the new warehouse plan for the year: 15 in the U.S., 3 in Canada, and 7 in Other International markets.

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    Joseph Feldman's questions to Kroger Co (KR) leadership

    Joseph Feldman's questions to Kroger Co (KR) leadership • Q4 2024

    Question

    Joseph Feldman asked for more details on the pension-related headwind affecting Q1 2025 guidance and inquired if any other significant pension negotiations are expected during the year.

    Answer

    Interim CFO Todd Foley clarified that the situation was not an 'issue' but a difficult year-over-year comparison. In Q1 of the prior year, Kroger had a 'pension holiday' with no required contributions. The company is now back on a normal contribution schedule, which makes the Q1 2025 expense appear higher in comparison.

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    Joseph Feldman's questions to Kroger Co (KR) leadership • Q2 2024

    Question

    Joseph Feldman inquired about the drivers behind the year-over-year reduction in inventory levels and the company's forward-looking strategy for inventory management.

    Answer

    Interim CFO Todd Foley attributed the lower inventory to two main factors: reduced cost inflation, which lowers the value of on-hand goods, and a disciplined focus on working capital management. He stressed this reflects a strategic balance between ensuring product availability and efficient use of capital.

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    Joseph Feldman's questions to Best Buy Co Inc (BBY) leadership

    Joseph Feldman's questions to Best Buy Co Inc (BBY) leadership • Q3 2025

    Question

    Joseph Feldman inquired about consumer response to the new smaller-format stores and asked about the strategic opportunity and competitive advantages of Best Buy's planned U.S. marketplace.

    Answer

    CEO Corie Barry noted that since the new format stores in Bozeman and Kansas City had just opened, it was too early for performance data, but initial community reception was positive. Regarding the marketplace, she explained it will be a curated platform, informed by their Canadian operations, designed to offer deeper assortments in categories aligned with Best Buy's brand. The goal is to create a seamless experience that integrates with fulfillment, membership, and Geek Squad services.

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