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    Lauren Ng • Morgan Stanley

    Lauren Ng's questions to Best Buy Co Inc (BBY) leadership

    Lauren Ng's questions to Best Buy Co Inc (BBY) leadership • Q1 2026

    Question

    Lauren Ng, on behalf of Simeon Gutman at Morgan Stanley, asked to reconcile positive category sentiment with the updated comp guidance and inquired about the gross margin cadence from the new marketplace.

    Answer

    CFO Matt Bilunas explained the updated guidance of -1% to +1% incorporates Q1 trends and then layers on the estimated impact from tariffs. He stated that margin benefits from the marketplace and ads are expected in the second half of the year, with the marketplace being accretive to the full-year operating income rate.

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    Lauren Ng's questions to Autozone Inc (AZO) leadership

    Lauren Ng's questions to Autozone Inc (AZO) leadership • Q3 2025

    Question

    Lauren Ng, on behalf of Simeon Gutman at Morgan Stanley, asked about the drivers of the strong 5% domestic comp, questioning the split between company initiatives and market demand, and asked about future focus areas for commercial growth.

    Answer

    CEO Philip Daniele attributed the vast majority of the sales growth to company-specific initiatives, such as improved execution, the expansion of hubs and mega hubs, and enhanced product assortments, which are driving market share gains. He reiterated that the commercial strategy remains focused on local assortments, hub deployment, and improving delivery speed.

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    Lauren Ng's questions to Autozone Inc (AZO) leadership • Q3 2025

    Question

    Lauren Ng, on behalf of Simeon Gutman at Morgan Stanley, asked about the drivers behind the strong 5% domestic comp, seeking to understand the split between company initiatives and underlying market demand, and inquired about future focus areas for the commercial business.

    Answer

    CEO Philip Daniele attributed the vast majority of the sales growth to company-specific initiatives, including improved execution, the rollout of hubs and mega hubs, and enhanced product assortments. For the commercial business, he reiterated the focus on improving local store assortments, deploying hubs, and refining delivery strategies to reduce fulfillment times.

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    Lauren Ng's questions to Petco Health and Wellness Company Inc (WOOF) leadership

    Lauren Ng's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q3 2024

    Question

    Lauren Ng of Morgan Stanley, on for Simeon Gutman, asked about the drivers of the consumables segment improvement, specifically if it was ticket-driven or from new customers.

    Answer

    Executive Joel Anderson attributed the consumables strength to fundamental retail execution, including better in-stock positions from a new inventory system, improved inventory flow, and competitive pricing. CFO Brian LaRose added that the fresh and frozen food category was a standout performer, growing 20% year-over-year.

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