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    Michael Lasser • UBS

    Michael Lasser's questions to Walmart Inc (WMT) leadership

    Michael Lasser's questions to Walmart Inc (WMT) leadership • Q2 2026

    Question

    Michael Lasser of UBS Group AG asked how Walmart can reassure investors that the quarter's U.S. gross margin performance was a one-off event rather than the start of a negative trend, given the market's reliance on the company's consistency.

    Answer

    EVP & CFO John David Rainey explained that unexpected expenses are a reality for a business of Walmart's scale, noting the company has navigated past challenges successfully. He pointed to the strong multi-year growth trend and stated that the full-year operating income guidance is maintained despite new cost pressures, reflecting fundamental business strength.

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    Michael Lasser's questions to Walmart Inc (WMT) leadership • Q1 2026

    Question

    Michael Lasser sought clarification on what constitutes 'elevated tariffs' that would pose a downside risk to guidance and whether the tariff situation could fundamentally impact Walmart's long-term margin structure.

    Answer

    CFO John David Rainey explained that his 'downside risk' comment referred to the significantly higher tariff levels proposed in early April, not the current rates. He affirmed the full-year guidance based on the current, albeit still high, tariff levels. Importantly, he stated that nothing about the current environment changes Walmart's long-term view of its business model or its ability to manage margins over time.

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    Michael Lasser's questions to Walmart Inc (WMT) leadership • Q4 2025

    Question

    Michael Lasser asked about Walmart's sensitivity to the macroeconomic environment, whether its countercyclical benefit is diminishing, and how this is factored into the FY2026 guidance.

    Answer

    CEO Doug McMillon expressed high confidence, citing strong momentum and the company's value and convenience proposition. CFO John David Rainey added that Walmart is increasingly known for convenience, not just value, and noted January was the strongest month of the quarter. He explained that after normalizing for the VIZIO acquisition and the leap year, the underlying operating income guidance of 5% to 7% growth reflects strong confidence in the business model.

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    Michael Lasser's questions to Walmart Inc (WMT) leadership • Q3 2025

    Question

    Michael Lasser inquired about Walmart's ability to balance core business growth with reinvestments in price and wages, and whether the growth of alternative revenues suggests accelerating those investments or if profit growth can accelerate.

    Answer

    CEO Doug McMillon stated the company is appropriately aggressive with investments in price, wages, and capital, which can be done while growing profit faster than sales. CFO John David Rainey added that they are striking the right balance for long-term health and reaffirmed the financial framework of operating income growing faster than sales, attributing recent outperformance to strong execution by the team.

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    Michael Lasser's questions to Lowe's Companies Inc (LOW) leadership

    Michael Lasser's questions to Lowe's Companies Inc (LOW) leadership • Q2 2025

    Question

    Michael Lasser of UBS Group questioned whether the combination of FBM, ADG, and Lowe's existing platform is sufficient to generate strong returns, or if a more differentiated strategy is needed. He also asked how Lowe's will ensure the integration process doesn't distract from executing in the core business during a market recovery.

    Answer

    President, CEO & Chairman Marvin Ellison asserted that the combination of FBM and ADG does create differentiation, enabling Lowe's to offer a comprehensive suite of interior products to large builders, a unique proposition in the market. He assured that Lowe's will not get distracted, explaining that separate integration teams are managing the acquisitions, allowing the core leadership team to remain focused on executing the Total Home strategy and productivity initiatives within the main business.

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    Michael Lasser's questions to Lowe's Companies Inc (LOW) leadership • Q4 2024

    Question

    Michael Lasser asked how large-ticket remodeling categories like kitchens and baths currently compare to 2019 levels. He also questioned if the cost to drive the DIY business is increasing and if it's becoming more expensive to maintain market share.

    Answer

    CEO Marvin Ellison acknowledged that big-ticket DIY discretionary categories remain under pressure versus 2019, which disproportionately impacts Lowe's. However, CFO Brandon Sink noted the trend is 'getting less worse,' with comps for tickets over $500 improving to roughly flat in Q4. Ellison stated there are no plans to increase promotional intensity, instead focusing on leveraging the new DIY loyalty program for targeted marketing. Sink confirmed all promotional costs are factored into the flat gross margin guide.

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    Michael Lasser's questions to Target Corp (TGT) leadership

    Michael Lasser's questions to Target Corp (TGT) leadership • Q2 2025

    Question

    Michael Lasser from UBS Group AG asked how the CEO succession plan would catalyze change to improve business trajectory, the expected timeline for progress, and if it necessitates a cultural shift. He also followed up by asking for a quantification of the investment required to close the performance gap with peers.

    Answer

    Incoming CEO Michael Fiddelke stated his 20 years at Target provide a clear focus on re-establishing 'style and design' leadership across all categories as the path to growth. He committed to candor and urgency in addressing underperforming areas. Regarding investment, he reiterated a consistent capital allocation strategy, funding high-return projects like new stores and remodels, and highlighted a significant opportunity to accelerate the business by investing more boldly in technology.

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    Michael Lasser's questions to Target Corp (TGT) leadership • Q1 2025

    Question

    Michael Lasser asked for a diagnosis of Target's performance challenges, suggesting competitors have caught up on differentiation, and questioned if a focus on execution is sufficient. He also asked if the updated guidance was sufficiently de-risked.

    Answer

    CEO Brian Cornell acknowledged the need for strong fundamentals but stressed that Target's 'magic mix' of national, own, and emerging brands remains a key differentiator. COO Michael Fiddelke noted the new 'acceleration office' is designed to increase the pace of strategic execution. On guidance, CFO Jim Lee stated the cautious sales outlook is balanced by tailwinds from shrink and productivity initiatives, providing the 'oxygen' to continue investing in the business.

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    Michael Lasser's questions to Target Corp (TGT) leadership • Q1 2025

    Question

    Michael Lasser asked for a diagnosis of Target's challenges, suggesting competitors have caught up on differentiation and Target's execution has faltered, and questioned if a focus on execution is sufficient. He followed up by asking if the updated guidance was sufficiently de-risked.

    Answer

    CEO Brian Cornell defended the strategy, emphasizing the 'magic mix' of brands and the need for reliable execution. CCO Rick Gomez noted share gains in 15 of 35 categories, while COO Michael Fiddelke introduced the new 'acceleration office' to increase pace. On guidance, CFO Jim Lee stated the cautious sales outlook is balanced by tailwinds from shrink and productivity initiatives, which provide the 'oxygen' to continue investing.

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    Michael Lasser's questions to Target Corp (TGT) leadership • Q4 2024

    Question

    Michael Lasser of UBS inquired about Target's strategy to achieve growth while simultaneously reducing business volatility, and asked how potential tariffs were incorporated into the 2025 financial guidance.

    Answer

    CEO Brian Cornell framed the response, with COO Michael Fiddelke detailing initiatives like shortening lead times in apparel and improving inventory reliability to enhance consistency. CFO James Lee added that the focus is on controlling internal factors. On tariffs, EVP Richard Gomez and COO Michael Fiddelke explained that the company is leveraging its experienced sourcing team, diversifying countries of origin, and gaining speed benefits from near-shoring, while noting the guidance accounts for the uncertainty.

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    Michael Lasser's questions to Target Corp (TGT) leadership • Q3 2025

    Question

    Michael Lasser asked if Target needs to invest differently to stay in the consumer's core consideration set and whether it would trade future upside in discretionary categories for more near-term consistency.

    Answer

    CEO Brian Cornell asserted that Target will 'continue to be Target,' focusing on its unique mix of brands, partnerships, and store and digital investments. COO Michael Fiddelke highlighted the 11% digital growth and 20% growth in same-day delivery as key long-term investments. Regarding the trade-off, Cornell stated that while they are not pleased with current performance, they see long-term opportunity and will focus on winning seasonal moments while preparing for the eventual rebound in discretionary spending.

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    Michael Lasser's questions to Home Depot Inc (HD) leadership

    Michael Lasser's questions to Home Depot Inc (HD) leadership • Q2 2025

    Question

    Michael Lasser asked about the strategic rationale behind major investments like the Pro ecosystem, SRS, and GMS, questioning if they are responses to market changes and how the company weighs growth versus returns. He also followed up on the impact of reduced promotional activity tied to tariffs.

    Answer

    Chair, CEO & President Ted Decker explained the strategy is customer-backed, aiming to simplify the Pro's workflow in a consolidating market where scale matters. EVP & CFO Richard Mcphail detailed the capital allocation strategy, noting that investments like SRS and distribution centers are often more capital-light with higher and faster returns than even a traditional store. EVP – Merchandising Billy Bastek added that the company remains an EDLP retailer and that the impact of tariffs is already factored into guidance.

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    Michael Lasser's questions to Home Depot Inc (HD) leadership • Q1 2025

    Question

    Michael Lasser asked about the company's pricing strategy in response to potential tariffs on goods sourced outside the U.S. and whether this would absorb productivity gains. He also followed up on the concept of $50 billion in deferred home improvement demand, questioning if this could lead to outsized sales growth for Home Depot in the coming years.

    Answer

    EVP of Merchandising William Bastek explained that Home Depot has been diversifying its supply chain for years and anticipates no single country outside the U.S. will represent more than 10% of purchases within 12 months. He stated the company does not foresee broad-based price increases, instead leveraging its scale, supplier partnerships, and productivity to maintain its value proposition. CEO Edward Decker confirmed that capturing a share of the deferred demand is exactly the opportunity they are targeting, particularly through the buildout of their Pro ecosystem.

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    Michael Lasser's questions to Home Depot Inc (HD) leadership • Q1 2025

    Question

    Michael Lasser asked about Home Depot's pricing strategy in response to potential tariffs and whether the company would need to absorb cost increases. He also inquired if the $50 billion in deferred home improvement demand could lead to outsized sales growth beyond the company's long-term algorithm.

    Answer

    EVP of Merchandising William Bastek stated that due to a diversified supply chain and strong vendor partnerships, the company does not anticipate broad-based price increases and views the situation as a share-gain opportunity. CEO Edward Decker confirmed the expectation that capturing the deferred demand represents a significant share opportunity, especially as Pro ecosystem capabilities are enhanced.

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    Michael Lasser's questions to Home Depot Inc (HD) leadership • Q4 2024

    Question

    Michael Lasser of UBS inquired about the market share assumptions in the 2025 outlook, asking why share gains wouldn't accelerate given the SRS acquisition and other investments. He also asked how potential changes in government efficiency measures or immigration policy were factored into the guidance.

    Answer

    CEO Ted Decker stated that the company expects to gain share in a flat market, driven by its interconnected retail and Pro ecosystem initiatives, and denied that DIY or Pro share has peaked. Executive Jordan Broggi highlighted strong online sales growth driven by site and fulfillment improvements. Regarding policy, Decker noted the company has not seen specific impacts but is prepared to manage potential changes in tax policy or tariffs.

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    Michael Lasser's questions to Home Depot Inc (HD) leadership • Q3 2024

    Question

    Michael Lasser asked if the home improvement outlook involves pent-up demand building as rates stay high, potentially leading to a robust recovery later. He also inquired about the risks from potential tariffs, whether from direct cost increases or indirect impacts on consumer spending.

    Answer

    CEO Ted Decker suggested that interest rate stability is more critical than a dramatic rate drop for housing activity to normalize. Regarding tariffs, Decker stated it would be an industry-wide issue but expressed confidence in Home Depot's ability to manage it effectively. Executive John Deaton added that the company is also focused on near-term risks like East Coast port negotiations.

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    Michael Lasser's questions to Advance Auto Parts Inc (AAP) leadership

    Michael Lasser's questions to Advance Auto Parts Inc (AAP) leadership • Q2 2025

    Question

    Michael Lasser of UBS questioned the company's visibility into its outlook and asked for guidance on the expected linearity of margin improvement towards the 2027 target.

    Answer

    CEO Shane O'Kelly stated that while the company is comfortable with its 2027 target of approximately 7% operating income, 2025 and 2026 are heavy implementation years with a mix of linear and non-linear progress. CFO Ryan Grimsland added that while margin expansion is expected in 2026, it's too early to provide a specific magnitude, but they are tightly tracking KPIs for all initiatives.

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    Michael Lasser's questions to Advance Auto Parts Inc (AAP) leadership • Q1 2025

    Question

    Michael Lasser questioned if Advance Auto Parts can achieve its 2027 margin goals if DIY sales per store remain flat, suggesting deeper investments may be needed. He also asked if an acceleration in business is required to hit the flat Q2 comp guidance and what drivers support back-half growth.

    Answer

    CEO Shane O’Kelly asserted that the company is actively working to be relevant to DIY customers through vendor partnerships, marketing, and store proximity. EVP and CFO Ryan Grimsland clarified that the 2027 targets are based on low single-digit comp growth, led by DIFM, not major DIY growth, and are achievable through operational execution. Grimsland stated that the business is currently trending in line with the flattish Q2 guidance, and back-half growth will be driven by accelerating initiatives like DMA rollouts and easier prior-year comparisons.

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    Michael Lasser's questions to Advance Auto Parts Inc (AAP) leadership • Q4 2024

    Question

    Michael Lasser asked about potential market share losses in the DIFM business, whether the store closure plan was negatively affecting customer psychology, and if internal KPI improvements are sufficient given competitors are also advancing.

    Answer

    CEO Shane O'Kelly stated that he does not see a negative psychological impact from store closures, as they were either complete market exits or the pruning of underperforming locations. He expressed confidence that Advance can succeed alongside strong competitors in a large market and noted that DIFM headwinds were general across the landscape.

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    Michael Lasser's questions to Advance Auto Parts Inc (AAP) leadership • Q3 2024

    Question

    Michael Lasser of UBS inquired about the company's supply chain financing plans and whether cost savings would be reinvested or contribute to profit. He also asked about the long-term strategic vision, questioning if the store closures signal a shift to a leaner, more regional model.

    Answer

    An executive, likely CFO Ryan Grimsland, confirmed the ~$2.8 billion supply chain finance target and stated that reinvestment would occur through higher CapEx, while cost savings would largely flow to the bottom line. CEO Shane O'Kelly clarified the vision is not to become a regional player, but to focus on winning where the company has high store density, noting that post-closures, Advance will be #1 or #2 in 75% of its markets, creating a strong base for future growth.

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    Michael Lasser's questions to Floor & Decor Holdings Inc (FND) leadership

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

    Question

    Michael Lasser of UBS Group AG asked how Floor & Decor would approach its business strategy and shareholder value creation if the current environment of elevated interest rates and subdued existing home sales becomes the 'new norm.' He also requested context on current sales per store versus historical levels.

    Answer

    CEO Tom Taylor responded that even in a stabilized but challenging market, the company has numerous initiatives, including commercial opportunities and in-store experience enhancements, to drive growth. CFO Bryan Langley provided context, stating that stores five years and older currently average about $22 million in sales with 23% EBITDA margins, down from a peak of $28 million. He reiterated confidence in taking market share and achieving the long-term goal of mid-teens EBITDA.

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    Michael Lasser's questions to Floor & Decor Holdings Inc (FND) leadership • Q1 2025

    Question

    Michael Lasser of UBS challenged the perception of weakening business fundamentals, questioning the updated guidance and asking if management has a minimum earnings scenario in mind should a recession occur. He also inquired about observed industry price increases due to tariffs.

    Answer

    CEO Tom Taylor acknowledged the unprecedented and uncertain environment, stating the company will control what it can and has plans for various scenarios, including further cost reductions if sales decline. CFO Bryan Langley clarified the guidance range already assumes a potential sales drop-off at the low end. Taylor confirmed they have seen competitors announce price increases but Floor & Decor has not yet implemented broad tariff-related price hikes.

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    Michael Lasser's questions to Floor & Decor Holdings Inc (FND) leadership • Q4 2024

    Question

    Michael Lasser from UBS asked about the drivers for the weaker quarter-to-date sales performance and the potential impact of immigration policy changes. He also inquired about the strong Q4 earnings flow-through and how to model it if comps exceed the 0-3% guidance.

    Answer

    CEO Tom Taylor attributed the quarter-to-date softness to temporary weather disruptions and noted it was too early to factor in immigration policy changes. CFO Bryan Langley clarified that Q4's strong flow-through was aided by a one-time $6.8M legal settlement. He guided that if sales accelerate, the normalized flow-through should be in the high 30s range, higher than the historical model, due to cost efficiencies and many stores operating on minimum hours.

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    Michael Lasser's questions to Floor & Decor Holdings Inc (FND) leadership • Q3 2024

    Question

    Michael Lasser of UBS asked how Floor & Decor's current per-store transaction and traffic levels compare to 2019, and what this implies for market share, especially considering the impact of cannibalization from new stores.

    Answer

    CFO Bryan Langley explained that on a 5-year basis, per-store transactions are currently almost flat compared to 2019 levels, while the average ticket is higher due to inflation. He noted that this is burdened by cannibalization from recent store openings and suggests there is significant pent-up demand, as transactions would typically have grown in a normal environment.

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    Michael Lasser's questions to Savers Value Village Inc (SVV) leadership

    Michael Lasser's questions to Savers Value Village Inc (SVV) leadership • Q2 2025

    Question

    Michael Lasser asked why second-half margins are not expected to inflect higher relative to Q2, breaking a historical pattern, and about potential system investments to improve forecasting.

    Answer

    CFO Michael Maher explained the margin cadence is primarily impacted by the accelerated new store growth cycle. He also noted that while a stronger Canadian dollar helps sales, hedging mutes the short-term profit impact. CEO Mark Walsh affirmed the company is always exploring technology and process improvements to enhance nimbleness and profitability.

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    Michael Lasser's questions to Savers Value Village Inc (SVV) leadership • Q1 2025

    Question

    Michael Lasser from UBS questioned how Savers would adjust its pricing strategy if tariffs force other retailers to raise prices. He also asked about the potential impact of a weaker macro environment on donation supply and payments to charity partners.

    Answer

    Executive Mark Walsh emphasized that the company has no direct tariff exposure and sees a widening value gap as an opportunity to gain market share and loyalty, rather than a reason to raise prices. Executive Jubran Tanious noted that donation volumes remain robust, driven by a convenient experience, and that the company is proactively managing wage rates, with labor availability currently not an issue.

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    Michael Lasser's questions to Savers Value Village Inc (SVV) leadership • Q4 2024

    Question

    Michael Lasser asked if the Canadian business is expected to achieve positive comps in Q1 and about the timing of a sustained turnaround. He also questioned if the 2025 new store EBITDA drag would reverse into a similar-sized tailwind in 2026.

    Answer

    Executive Michael Maher indicated that Q1 results to date were consistent with the low single-digit total sales growth outlook and confirmed an expectation for positive overall comps in Q1. Regarding 2026, he explained that the large cohort of maturing stores from 2024 and 2025 will begin to provide a meaningful tailwind to both revenue and profit as they enter their second and third years of operation.

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    Michael Lasser's questions to Mister Car Wash Inc (MCW) leadership

    Michael Lasser's questions to Mister Car Wash Inc (MCW) leadership • Q2 2025

    Question

    Michael Lasser of UBS Group noted that Mister Car Wash's 4% revenue growth trailed the reported 5% industry spend growth and asked for an explanation. He also questioned if slowing retail trends indicated consumer pushback on pricing, and whether the company might reconsider its pricing strategy.

    Answer

    CEO John Lai clarified that the 5% industry figure represents aggregate spend, including new stores, and is not a direct same-store sales comparison. CFO Jedidiah Gold added that the retail slowdown was more pronounced than expected after a strong Q1, but the UWC base price increase is performing as planned with no evidence of significant pushback. Lai reinforced the value proposition of the express wash, comparing it favorably to at-home washing.

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    Michael Lasser's questions to Mister Car Wash Inc (MCW) leadership • Q1 2025

    Question

    Michael Lasser asked if the retail business is becoming more volatile due to industry overcapacity and questioned the strategy of raising prices in an inflationary environment, asking what levers would be used in a slowdown.

    Answer

    CEO John Lai disagreed with the premise of increased volatility, citing strong Q1 retail comps and slowing competitive growth as signs of health. He defended the price increase as modest and long-overdue, emphasizing the strong value proposition. In a potential slowdown, Lai said they would manage expenses but argued the business acts like a staple, as consumers continue to maintain their existing vehicles.

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    Michael Lasser's questions to Mister Car Wash Inc (MCW) leadership • Q4 2024

    Question

    Michael Lasser questioned if consumer attitudes toward car wash subscriptions are changing, pointing to increased weather sensitivity and pressure on members per location. He also asked if the low end of the comp guidance implies a decline in same-store members.

    Answer

    CEO John Lai responded that the subscription market remains undersubscribed and customer capture rates have been consistent, indicating no negative shift in consumer attitude. CFO Jed Gold confirmed capture rates are stable at 9-10%. He clarified that 'slight membership growth' refers to a comp store basis, while total member growth is expected to be in the single digits. Gold also stated they expect positive comps each quarter, not negative, even at the low end of the guide.

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    Michael Lasser's questions to Mister Car Wash Inc (MCW) leadership • Q3 2024

    Question

    Michael Lasser questioned the trend in retail-to-member conversions, noting the deceleration in members per store. He followed up by asking about the challenge of stabilizing same-site membership in 2025, considering price sensitivity and competition.

    Answer

    Executive John Lai acknowledged a slight contraction in net members, attributing it to retail softness and a strategic focus on upgrading existing members. He confirmed conversion rates remain consistent at nearly 10%. For 2025, Lai noted that competitive intrusion is lessening and the primary focus is on driving retail traffic. Executive Jedidiah Gold added that other levers like revenue per member and churn reduction will also be key drivers.

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    Michael Lasser's questions to O'Reilly Automotive Inc (ORLY) leadership

    Michael Lasser's questions to O'Reilly Automotive Inc (ORLY) leadership • Q2 2025

    Question

    Michael Lasser from UBS asked if the fundamental cost of doing business has risen due to a stronger competitive landscape, leading to higher SG&A. He also questioned if the softness in the DIY segment in June signals broader consumer weakness ahead.

    Answer

    CEO Brad Beckham acknowledged some rising cost pressures but affirmed the company's long-term operating profit goals remain intact, citing continued opportunities for consolidation and share gains from smaller, volatile competitors. Regarding the June DIY softness, Beckham attributed it primarily to wet weather rather than a fundamental shift in consumer health, noting that business trends in July had started strong.

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    Michael Lasser's questions to O'Reilly Automotive Inc (ORLY) leadership • Q1 2025

    Question

    Michael Lasser inquired about the potential impact of current tariffs on sales and earnings if they persist, and whether O'Reilly's premium service model could be a disadvantage in a hyper-inflationary environment.

    Answer

    Executive Brad Beckham described the tariff situation as highly "fluid," making it difficult to extrapolate future impacts. President Brent Kirby added that complexities like automotive parts exemptions and ongoing negotiations prevent a precise forecast. Both executives expressed confidence in the industry's resilience and O'Reilly's competitive pricing, refuting the idea that their service model is a disadvantage, stating it provides a better negotiating position and that their pricing is highly competitive.

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    Michael Lasser's questions to O'Reilly Automotive Inc (ORLY) leadership • Q4 2024

    Question

    Michael Lasser from UBS asked about the decision to guide comparable store sales to 2-4% instead of the typical 3-5% range, and how any potential outperformance might flow through to the P&L.

    Answer

    CEO Brad Beckham explained the more cautious 2-4% comp guidance reflects a still-choppy business environment and a pressured consumer, despite a strong Q4 that benefited from softer comparisons. For the long term, he noted significant market share opportunity remains. CFO Jeremy Fletcher and CEO Brad Beckham addressed the flow-through question, stating it would depend on the source of the upside; inflation-driven comps might offer easier leverage, while share-gain-driven comps might prompt reinvestment into customer service for long-term benefit.

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    Michael Lasser's questions to O'Reilly Automotive Inc (ORLY) leadership • Q3 2024

    Question

    Michael Lasser of UBS questioned O'Reilly's 2025 guidance philosophy after recent downward revisions and asked about preparations for potential significant tariffs on imported goods.

    Answer

    CFO Jeremy Fletcher stated it was too early to provide 2025 guidance but affirmed their business is structured to gain share and deliver strong returns. On tariffs, President Brent Kirby referenced the 2018 experience, noting they successfully passed on costs and have since increased supply chain diversification away from China. CEO Brad Beckham added that they have a playbook to manage tariffs, which would affect the entire industry.

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    Michael Lasser's questions to Genuine Parts Co (GPC) leadership

    Michael Lasser's questions to Genuine Parts Co (GPC) leadership • Q2 2025

    Question

    Michael Lasser asked if streamlining the company's portfolio, potentially by separating its businesses, could accelerate strategy execution. He also questioned why the automotive segment's top-line outlook was lowered, given its consistent performance and the expected pricing benefits from tariffs.

    Answer

    President and CEO William Stengel responded that the company loves both its businesses and that initiatives are additive across both, creating leverage that would not necessarily be improved by a separation. EVP and CFO Bert Napier explained the lowered auto outlook was due to moderated base revenue assumptions in non-tariff-impacted regions like Europe and APAC, which were not offset by tariff-related pricing benefits seen elsewhere.

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    Michael Lasser's questions to Genuine Parts Co (GPC) leadership • Q1 2025

    Question

    Michael Lasser requested a quantification of the potential cost of goods sold impact from tariffs, independent of mitigation or pricing actions. He also asked about the behavior of independent owners in response to potential price hikes, such as pre-buying inventory.

    Answer

    CFO Herbert Nappier declined to provide a precise COGS impact, citing extreme complexity, but noted one SKU could have nine tariff permutations. CEO William Stengel added that about 70% of GPC's purchases are from the U.S. or Europe. Regarding independents, Stengel stated he has not seen a significant pull-forward of inventory purchases in aggregate and that the company is working closely with owners to navigate the environment.

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    Michael Lasser's questions to Genuine Parts Co (GPC) leadership • Q4 2024

    Question

    Michael Lasser addressed the debate around GPC's market share in North America, asking what factors are driving underperformance and whether the 2025 outlook relies on market share gains or simply an industry acceleration. He also asked about the sensitivity of earnings to the top line if the market doesn't improve as expected.

    Answer

    President and CEO William Stengel disagreed with the premise for the Motion business but acknowledged the work being done in U.S. Auto, stating the outlook relies on both earning share and an improving market. EVP and CFO Herbert Nappier added that the company has levers to pull, such as expanded restructuring and cost actions of $100M-$125M, to protect profitability if sales fall short.

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    Michael Lasser's questions to Genuine Parts Co (GPC) leadership • Q3 2024

    Question

    Michael Lasser requested a breakdown of the $166 million year-over-year increase in SG&A and asked if this pace of investment would continue. He also questioned the motivation for the investments and the expected timeline for returns.

    Answer

    EVP and CFO Herbert Nappier attributed the SG&A increase primarily to acquired businesses, ongoing wage and rent inflation, and planned IT investments, noting the acquisition impact will abate as synergies are realized. President and CEO William Stengel explained the investments were prompted by changing market realities and competitive dynamics, consistent with the strategy outlined at the 2023 Investor Day. Nappier added that the investment rate was increased from a historical ~1% of revenue to a necessary ~2% to modernize the business for long-term growth.

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    Michael Lasser's questions to Kroger Co (KR) leadership

    Michael Lasser's questions to Kroger Co (KR) leadership • Q1 2025

    Question

    Michael Lasser from UBS Group theorized that growth in e-commerce and pharmacy could be cannibalizing the center store and asked if this poses a future challenge. He also asked how Kroger funded increased price investments while maintaining a positive selling margin.

    Answer

    Interim CEO & Chairman Ronald Sargent countered the premise, stating that center store grocery trends actually improved in Q1 and are expected to continue improving. EVP & CFO David Kennerly explained that the positive gross margin, despite price investments, was supported by several levers, including a favorable sales mix from higher-margin 'Our Brands' products and sourcing savings.

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    Michael Lasser's questions to Kroger Co (KR) leadership • Q1 2025

    Question

    Michael Lasser from UBS Group posed a question about whether growth in e-commerce and pharmacy could be cannibalizing the center store, creating a future challenge for identical sales. He also asked how Kroger funded increased price investments while maintaining a positive selling margin.

    Answer

    Interim CEO & Chairman Ronald Sargent responded that the company is actually seeing improved trends in the grocery center store and expects that to continue, dismissing the cannibalization concern. EVP & CFO David Kennerly explained that the positive gross margin was supported by several levers, including a favorable sales mix from higher-margin 'Our Brands' products and significant sourcing savings, which offset the price investments.

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    Michael Lasser's questions to Kroger Co (KR) leadership • Q4 2024

    Question

    Michael Lasser questioned the 2025 identical sales guidance, suggesting it implies flat to negative volumes. He also asked Interim CEO Ron Sargent about potential actions to address business shortcomings and why Q1 EPS is guided to be flat year-over-year.

    Answer

    Interim CFO Todd Foley acknowledged the volume assessment, expecting a negative start to the year that turns positive. He attributed the flat Q1 EPS guidance to a difficult year-over-year comparison in OG&A, primarily due to a union pension contribution 'holiday' in the prior year. Interim CEO Ronald Sargent stated that 2025 plans are set and his focus is on execution, though he does not intend to be a 'status quo' CEO.

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    Michael Lasser's questions to Kroger Co (KR) leadership • Q3 2024

    Question

    Michael Lasser of UBS asked if the removal of a presentation slide mentioning over 20% media growth signaled a slowdown in that business due to competition. He also questioned what would be needed to achieve the long-term sales algorithm in 2025, given that some of this year's drivers like GLP-1s and storms may not recur at the same level.

    Answer

    Interim CFO Todd Foley clarified that they still expect retail media growth to be in the 20% range for the year, citing strong ROI for CPG partners. Chairman and CEO Rodney McMullen added that CPGs spending more on the platform saw the highest tonnage growth. For 2025 sales, McMullen stated they are not dependent on inflation and will focus on customer experience, new stores, and digital growth. Foley added that they still expect growth from GLP-1s as supply and patient adoption increase.

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    Michael Lasser's questions to RH (RH) leadership

    Michael Lasser's questions to RH (RH) leadership • Q1 2025

    Question

    Michael Lasser of UBS Group asked what factors offset the increased membership discount to allow RH to maintain its full-year profitability guidance. He also sought clarification on whether the six-point Q2 revenue deferral was due to demand that has already been realized.

    Answer

    Chairman & CEO Gary Friedman explained that the margin impact is offset by their strong underlying margin structure, annual price adjustments, and better pricing negotiated on new products. He confirmed the revenue deferral is not a demand issue but a shipment lag caused by supply chain disruptions following recent tariff announcements, which temporarily halted production and shipping.

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    Michael Lasser's questions to RH (RH) leadership • Q4 2025

    Question

    Michael Lasser from UBS questioned if RH has started raising prices due to tariffs and when it might react to new ones. He also asked if guidance should be viewed at the low end and if there's a need to raise capital.

    Answer

    Gary Friedman, executive, stated RH will not panic or immediately raise prices, preferring to think and wait for clarity, leveraging their strong inventory position. He affirmed the current guidance, stating he wouldn't go below it, and confirmed there is no need to raise capital, citing strong future cash flow and monetizable real estate assets as financial backstops.

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    Michael Lasser's questions to RH (RH) leadership • Q3 2025

    Question

    Michael Lasser asked about RH's strategy regarding accelerating investments in 2025, potentially at the expense of short-term margins, and inquired about the expected trajectory of margin recovery as the housing market improves.

    Answer

    Chairman and CEO Gary Friedman explained that the most significant investment cycle is largely complete, positioning RH for compounding cash flow. He noted that while a housing market recovery could add 30% or more to growth, the company's current outperformance is driven by its product transformation. Friedman confirmed that as sales accelerate, margins are expected to recover sharply, but the immediate focus is on gaining market share during the downturn.

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    Michael Lasser's questions to RH (RH) leadership • Q2 2024

    Question

    Michael Lasser asked for the reasons behind the updated guidance, questioning the split between market weakness versus slower execution, and also asked when the growth rates for demand and revenue are expected to converge.

    Answer

    CEO Gary Friedman attributed the revised guidance to the time required for a massive product transformation to resonate with consumers, rather than market weakness or poor execution. He stressed that the positive demand vector is the key metric. Regarding convergence, he estimated it might occur by the end of the next year as newness cadences normalize and supply chain imbalances are resolved, but declined to give a precise timeline.

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    Michael Lasser's questions to Academy Sports and Outdoors Inc (ASO) leadership

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

    Question

    Michael Lasser of UBS Group asked if the negative quarter-to-date comp, despite Jordan's success, implies weakness in the core business. He also questioned if Academy should proactively lower margins to gain share in a more competitive landscape.

    Answer

    CEO Steven Lawrence stated the negative comp reflects continued choppy consumer behavior, not underlying weakness, and noted the company is up against a significant slowdown from the prior year. He rejected the idea of preemptively lowering margins, emphasizing that Academy's broad assortment, off-mall locations, and existing value proposition differentiate it from competitors. He added they would only consider lowering margins if it were proven to drive market share and hold margin dollars constant.

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    Michael Lasser's questions to Academy Sports and Outdoors Inc (ASO) leadership • Q4 2024

    Question

    Michael Lasser of UBS asked what macro backdrop would be necessary for a positive full-year comp, given the guidance midpoint is negative despite numerous initiatives. He also questioned the gross margin outlook, considering mix, promotions, and tariffs.

    Answer

    CFO Carl Ford stated the guidance assumes persistent macro headwinds, with internal initiatives intended to counteract them. CEO Steven Lawrence added that the Jordan launch is margin-accretive, as apparel carries higher margins and new products have fewer initial markdowns. He reiterated that price optimization tools are used to manage tariff impacts.

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    Michael Lasser's questions to Academy Sports and Outdoors Inc (ASO) leadership • Q3 2024

    Question

    Michael Lasser from UBS questioned how SG&A expenses would leverage if comparable sales turn positive. He also asked how the new store opening strategy would be impacted if comps remain negative in the medium term.

    Answer

    CFO Carl Ford explained that over 90% of the Q3 SG&A increase was driven by strategic initiatives, primarily new stores, and that base SG&A would leverage on positive comps. CEO Steve Lawrence reiterated that new store growth is their top priority. While acknowledging the tough environment by moderating the 2025 opening plan to 20-25 stores, he affirmed their long-term commitment to expansion, supported by strong cash flow.

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    Michael Lasser's questions to Academy Sports and Outdoors Inc (ASO) leadership • Q2 2025

    Question

    On behalf of Michael Lasser, an analyst asked for confirmation that the $16 million storm headwind and $32 million DC out-of-stock headwind both occurred in Q2 and that the out-of-stock issue is not expected to persist. He also sought to clarify that the strong gross margin was achieved despite this inventory headwind.

    Answer

    CEO Steve Lawrence confirmed the headwinds were isolated to Q2 and that the company is now 'mostly caught up' on the DC issue, not anticipating a further impact. CFO Carl Ford affirmed that the strong gross margin performance was indeed achieved through disciplined inventory management across the enterprise, even with the temporary issues at the Georgia DC, and that overall units per store were down 5%.

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    Michael Lasser's questions to Five Below Inc (FIVE) leadership

    Michael Lasser's questions to Five Below Inc (FIVE) leadership • Q1 2025

    Question

    Michael Lasser from UBS Group AG inquired about the drivers behind the significant turnaround in comparable sales and the rationale for the guided slowdown in the second half of the year.

    Answer

    CEO Winnie Park attributed the strong performance to deliberate internal actions, including improved product selection, enhanced end-to-end marketing storytelling, better inventory flow, and increased store labor. She explained the back-half guidance reflects a prudent approach due to macroeconomic uncertainty, even as the company applies its successful strategies.

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    Michael Lasser's questions to Five Below Inc (FIVE) leadership • Q4 2024

    Question

    Michael Lasser questioned how Five Below plans to recover margins lost to tariffs over time, especially while emphasizing value and simplifying prices, and asked if margins would fully recover if tariffs were rescinded.

    Answer

    CEO Winnie Park clarified that price adjustments are being made both up and down, with a focus on maintaining strong value. CFO Kristy Chipman explained that the company would lap the tariff impact after Q1 of the next fiscal year. She identified sustained improvements in shrink rates and future operational efficiencies as key drivers for margin recovery, noting that a 3% comparable sales growth remains the threshold for leverage.

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    Michael Lasser's questions to Five Below Inc (FIVE) leadership • Q3 2024

    Question

    Michael Lasser questioned how much of the Q3 sales improvement was due to internal actions versus a better external environment, and how the company reconciles adding value via price with the need to potentially raise prices to offset tariffs.

    Answer

    Interim CEO Ken Bull acknowledged an improved external traffic environment but credited the company's ability to capitalize on it through better product, newness, value, and strong operational execution, including labor investments. Regarding tariffs, he clarified that 'value' encompasses trend and quality, not just price. He stated that price increases are a last resort for tariff mitigation and that the company will first focus on leveraging its scale, positioning it well on a relative basis.

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    Michael Lasser's questions to Five Below Inc (FIVE) leadership • Q2 2024

    Question

    Michael Lasser from UBS asked for quantification of the financial impact from investments in labor and value for the current and next fiscal year, as well as the effect of non-recurring items like retention bonuses and lower incentive compensation.

    Answer

    Interim President and CEO Kenneth Bull described near-term labor investments as "modest" and stated that pricing investments would be funded by improved merchandise performance, keeping product margins stable. CFO Kristy Chipman added that on an adjusted basis, these actions are reflected in the current guide and are margin-neutral for the year. She noted that in a future 3% comp scenario, the business would begin to leverage again, and that about half of the current year's $25 million in adjustments would repeat in 2025.

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    Michael Lasser's questions to Dollar Tree Inc (DLTR) leadership

    Michael Lasser's questions to Dollar Tree Inc (DLTR) leadership • Q1 2025

    Question

    Michael Lasser of UBS Group AG questioned how Dollar Tree plans to offset approximately $110 million in unanticipated Q2 costs to maintain its full-year guidance, and asked if the business model is agile enough to handle ongoing market volatility without creating earnings fluctuations.

    Answer

    CEO Michael Creedon asserted that the company is more nimble than ever, utilizing five key levers (supplier negotiation, product re-speccing, changing country of origin, dropping items, and multi-price capabilities) to mitigate cost pressures over time. CFO Stewart Glendinning added that the stronger back-half of the year, a strong Q1 performance, and robust Q2 sales provide the capacity to absorb the near-term costs and meet full-year targets.

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    Michael Lasser's questions to Dollar Tree Inc (DLTR) leadership • Q4 2024

    Question

    Michael Lasser questioned whether the market is correct to assume the second 10% tariff from China should be embedded in the current year's P&L. He also asked for details on the company's sourcing exposure and how it plans to use its balance sheet, particularly cash from the Family Dollar sale, to offset margin pressure and support EPS.

    Answer

    CEO Mike Creedon clarified that the first round of tariffs is included in the forecast, but the second is not, due to uncertainty. CFO Stewart Glendinning added that there is a benefit from existing untariffed inventory. Regarding the balance sheet, Glendinning stated that given the company's healthy cash position post-sale, investors should expect Dollar Tree to resume share repurchases.

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    Michael Lasser's questions to Dollar Tree Inc (DLTR) leadership • Q4 2024

    Question

    Michael Lasser questioned why the second round of tariffs is not embedded in the P&L guidance, asked for details on sourcing exposure, and inquired about the company's willingness to use its balance sheet and cash from the Family Dollar sale to support EPS against tariff pressures.

    Answer

    CEO Michael Creedon clarified that the impact from the first tariff round is included in the forecast, but the second round was excluded due to significant uncertainty. Chief Transformation Officer Stewart Glendinning added that existing non-tariffed inventory provides a buffer and confirmed the company expects to resume share repurchases given its strong cash position and attractive stock price.

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    Michael Lasser's questions to Dollar Tree Inc (DLTR) leadership • Q3 2025

    Question

    Michael Lasser asked about the forward earnings outlook, questioning if onetime items from this year could be added back and how the Family Dollar review and potential tariffs might impact future earnings.

    Answer

    CFO Jeff Davis confirmed that onetime items could be added back to establish a base for fiscal 2025 but declined to provide guidance on the Family Dollar review's impact. Interim CEO Mike Creedon stated the company has multiple levers to mitigate potential tariffs, including negotiating with suppliers, changing product specs, shifting sourcing to other countries, and utilizing the flexibility of its multi-price strategy.

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    Michael Lasser's questions to Dollar Tree Inc (DLTR) leadership • Q2 2025

    Question

    Michael Lasser asked why a series of supposedly onetime issues, like the recent general liability charge, continue to drag down earnings at the core Dollar Tree banner despite tailwinds from multi-price and freight improvements. He questioned when the business can achieve a consistent growth path and what a realistic long-term operating margin would be for a low single-digit comp grower.

    Answer

    CFO Jeff Davis addressed the general liability charge, stating the company believes the Q2 adjustment reflects current liabilities and that they are not anticipating future improvements, implying the issue is now behind them. He affirmed that as multi-price drives gross profit and transformation costs subside, the company can achieve its previously stated long-term outlooks. COO Mike Creedon added that the multi-price product mix will shift to higher-margin discretionary items in the second half of the year, which should provide a tailwind.

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    Michael Lasser's questions to Dollar Tree Inc (DLTR) leadership • Q2 2024

    Question

    Michael Lasser asked why seemingly 'onetime' issues, like the recent general liability charge, consistently impact Dollar Tree's earnings despite positive tailwinds from multi-price and freight, and questioned the realistic long-term operating margin for the core banner.

    Answer

    CFO Jeff Davis stated the company believes the recent general liability adjustment fully captures current and historical claim volatility and that they are not forecasting future improvements, suggesting the issue is now behind them. He affirmed that as transformation costs subside, the business can achieve its previously stated long-term margin outlook. COO Mike Creedon added that the product mix will improve in the second half of the year as more discretionary multi-price items arrive.

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    Michael Lasser's questions to Dollar General Corp (DG) leadership

    Michael Lasser's questions to Dollar General Corp (DG) leadership • Q1 2026

    Question

    Michael Lasser of UBS Group AG asked about the potential need for further investments in price and wages to sustain momentum and how the returns on these compare to the returns on new stores.

    Answer

    CEO Todd Vasos stated that current wage and price investments are sufficient, with the focus now shifting from labor to investing in the mature store base through Project Elevate and Renovate. He affirmed their strong price position, highlighting over 2,000 SKUs at or below $1. CFO Kelly Dilts added that while new stores offer healthy returns, the returns on remodel projects are expected to be even higher, justifying the capital allocation strategy.

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    Michael Lasser's questions to Dollar General Corp (DG) leadership • Q1 2026

    Question

    Michael Lasser of UBS Group AG questioned the potential need for further investments in price and wages to sustain momentum and how those returns compare to the returns on new stores.

    Answer

    CEO Todd Vasos stated that the company is comfortable with its current wage and store-hour investments, noting that the focus has pivoted from labor to investing in the mature store base via Project Elevate and Renovate remodels. He affirmed confidence in DG's price positioning, highlighting over 2,000 items at or below $1. CFO Kelly Dilts added that while new store IRRs are now around 17%, they remain a strong use of capital, and the remodel projects are expected to generate even higher returns and drive sales from the existing store footprint.

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    Michael Lasser's questions to Dollar General Corp (DG) leadership • Q3 2024

    Question

    Michael Lasser inquired if the progress from improved execution and shrink mitigation provides a clear line of sight to restoring double-digit EPS growth in 2025, considering the headwind from recurring incentive compensation.

    Answer

    CEO Todd Vasos expressed confidence that progress on 'Back to Basics' and new initiatives like 'Project Elevate' and home delivery are laying a strong foundation to return to the company's traditional double-digit EPS growth model over the long term, while acknowledging that more work remains to be done.

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    Michael Lasser's questions to Dollar General Corp (DG) leadership • Q2 2025

    Question

    Michael Lasser questioned the market's perception that the small-box value model is structurally challenged and asked how Dollar General plans to rebuild margins after increasing investments in markdowns and promotions.

    Answer

    CEO Todd Vasos asserted the model is not structurally challenged, citing strong new store productivity and market share gains. He attributed Q2 weakness to a financially strapped consumer, noting they failed to capture their 'fair share' of available traffic from competitors. CFO Kelly Dilts added that margin recovery will be driven by leveraging sales growth, with near-term markdown investments to drive traffic and long-term drivers like new stores and shrink mitigation remaining intact. She noted shrink is expected to become a tailwind in Q4.

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    Michael Lasser's questions to Costco Wholesale Corp (COST) leadership

    Michael Lasser's questions to Costco Wholesale Corp (COST) leadership • Q3 2025

    Question

    Michael Lasser of UBS Group AG questioned how investors should think about future growth as Costco laps strong sales from precious metals and gift cards, and at what point warehouse overcrowding could limit U.S. growth.

    Answer

    CFO Gary Millerchip acknowledged that lapping strong bullion and gift card sales contributed to a deceleration in non-food growth, but expressed confidence in the buying team's ability to find new, exciting items. CEO Ron Vachris addressed overcrowding by outlining a multi-pronged strategy: strategically opening new warehouses to cannibalize high-volume locations, expanding gas station hours, and piloting new checkout technologies to improve throughput and parking turnover.

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    Michael Lasser's questions to Costco Wholesale Corp (COST) leadership • Q3 2025

    Question

    Michael Lasser of UBS Group AG questioned the potential impact on growth expectations as Costco begins to lap strong sales from precious metals and gift cards. He also asked about the risk of reaching growth limitations in the U.S. due to warehouse congestion and what percentage of clubs are approaching that level.

    Answer

    Executive VP & CFO Gary Millerchip acknowledged that lapping strong bullion and gift card sales contributed to the deceleration in non-food growth to high-single-digits, but expressed confidence in the buying team's ability to find new, valuable items. President, CEO & Director Ron Vachris added that improving the member experience in high-volume warehouses is a strategic priority, addressed by strategically cannibalizing busy locations with new openings, expanding gas station hours, and piloting technology to speed up checkout and parking turnover.

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    Michael Lasser's questions to Costco Wholesale Corp (COST) leadership • Q2 2025

    Question

    Michael Lasser questioned if the modest decline in core-on-core margin for the quarter indicated an end to Costco's recent margin expansion, particularly given potential inflation and tariff pressures.

    Answer

    Executive Gary Millerchip advised against reading too much into the quarterly result, noting the overall gross margin rate still improved. He attributed the 8-basis-point core-on-core decline to deliberate investments in the supply chain to support higher inventory levels and some mix changes, expressing confidence in their ability to continue investing in member value.

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    Michael Lasser's questions to Costco Wholesale Corp (COST) leadership • Q1 2025

    Question

    Michael Lasser of UBS asked if the success of selling items like precious metals and gift cards has altered Costco's product assortment philosophy or its margin expectations for traditional product vendors.

    Answer

    Executive Ron Vachris explained that Costco is always looking for new categories, like caskets or gasoline in the past, where it can deliver great value and quality to members. Executive Gary Millerchip added that these items are not just about direct margin; they drive significant traffic to the website, create cross-selling opportunities, and generate valuable publicity. Ron Vachris explicitly stated they are not requiring higher margins on other items to offset these, as the traffic drives SG&A leverage.

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    Michael Lasser's questions to Ulta Beauty Inc (ULTA) leadership

    Michael Lasser's questions to Ulta Beauty Inc (ULTA) leadership • Q1 2026

    Question

    Michael Lasser from UBS Group asked for more detail on sales momentum into the current quarter and the reasons for sustained caution in the back-half outlook, questioning what could drive negative comps beyond the macro environment.

    Answer

    President & CEO Kecia Steelman responded that while the company is encouraged by recent progress, the operating environment remains dynamic with limited visibility into the global trade landscape and consumer wallet pressures. She stated that the outlook is prudently risk-adjusted to reflect this uncertainty and that the company wants to see sustained improvement before changing its cautious stance. The potential for flow-through was not directly addressed.

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    Michael Lasser's questions to Ulta Beauty Inc (ULTA) leadership • Q4 2025

    Question

    Michael Lasser asked if increasing competitive intensity in the beauty category implies a higher cost of doing business that could diminish Ulta's ability to scale margins over the long term.

    Answer

    CEO Kecia Steelman responded that the 'Ulta Beauty Unleashed' plan is specifically designed to amplify the company's differentiation. CFO Paula Oyibo reiterated the long-term financial target of maintaining operating margins around 12% to support necessary reinvestments for growth in a competitive market.

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    Michael Lasser's questions to Ulta Beauty Inc (ULTA) leadership • Q2 2025

    Question

    Michael Lasser asked how long Ulta Beauty expects it will take to restore positive comparable sales given the persistent competitive landscape, and questioned the alternative plan if current actions fail, especially since incremental promotions proved ineffective.

    Answer

    CEO David Kimbell expressed confidence in a long-term recovery, emphasizing that key levers like assortment newness, digital engagement, and the loyalty program are gaining traction. He clarified that while some incremental promotions did not work as intended in stores, core tentpole events remain successful. Kimbell asserted that the company's differentiated model provides a strong foundation to regain market share over time without relying solely on promotions.

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    Michael Lasser's questions to DICK'S Sporting Goods Inc (DKS) leadership

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

    Question

    Michael Lasser probed whether the company's strong performance is sustainable and broad-based rather than driven by temporary factors, and asked how much better footwear allocation can get post-Foot Locker acquisition.

    Answer

    President and CEO Lauren Hobart asserted that growth is the result of long-term strategies, not temporary factors. She and CFO Navdeep Gupta explained that the Foot Locker acquisition enhances their global partnership with brands, enabling longer-term product innovation and strengthening relationships, which will benefit product allocation across the entire business.

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

    Question

    Michael Lasser questioned the flexibility of SG&A spending if sales were to fall short of expectations and asked about the risk associated with the 18% year-over-year increase in inventory.

    Answer

    CEO Lauren Hobart affirmed the company has the flexibility to manage expenses but will prioritize long-term investments. CFO Navdeep Gupta added that the inventory increase was a deliberate, strategic decision to fuel sales momentum, noting that clearance levels are at historic lows and that the company expects gross margin to expand in 2025, reflecting confidence in its inventory position.

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    Michael Lasser's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q3 2024

    Question

    Michael Lasser questioned if merchandise margins would continue to expand in 2025 and asked if the current high inventory level poses a markdown risk for Q4, seeking clarity on the drivers for the expected Q4 margin expansion.

    Answer

    CFO Navdeep Gupta outlined that future merch margin opportunities lie in differentiated assortment, pricing optimization, and vertical brand penetration, but noted tariffs are a key unknown for 2025. President and CEO Lauren Hobart reiterated that the inventory investment is strategic and not expected to create heavy markdown risk. Navdeep Gupta explained the implied Q4 profitability is affected by the sales impact from the 53rd week shift last year and higher preopening expenses, not a lack of confidence in margin.

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    Michael Lasser's questions to DICK'S Sporting Goods Inc (DKS) leadership • Q2 2024

    Question

    Michael Lasser questioned why the full-year EPS guidance was raised by only $0.15-$0.20 despite a $0.50 beat versus consensus in Q2. He also asked what economic insights from mature House of Sport stores are influencing future plans.

    Answer

    CFO Navdeep Gupta and CEO Lauren Hobart clarified that the perceived 'beat' was largely due to a $0.30 EPS benefit from a calendar shift that was previously guided but not fully modeled by the street; this benefit will reverse in Q3. They stressed that their internal expectations for the back half have actually increased. Navdeep added that mature House of Sport stores are meeting financial targets and comping positively, reinforcing confidence in the strategy.

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    Michael Lasser's questions to Autozone Inc (AZO) leadership

    Michael Lasser's questions to Autozone Inc (AZO) leadership • Q3 2025

    Question

    Michael Lasser from UBS Group AG questioned if the fundamental cost of doing business has increased, potentially altering the historical model of converting mid-single-digit sales growth into double-digit EPS growth, and asked about the timeline of the current investment cycle.

    Answer

    CEO Philip Daniele acknowledged some core inflation in payroll but emphasized the company's track record of managing expenses in line with sales. He described the current period as an investment phase with initiatives like new DCs and commercial strategies still in their early innings. CFO Jamere Jackson added that these investments are starting to show results, particularly in the commercial top line, which will ultimately drive earnings growth.

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    Michael Lasser's questions to Autozone Inc (AZO) leadership • Q3 2025

    Question

    Michael Lasser of UBS Group AG questioned if the fundamental cost of doing business has risen, potentially altering the historical model of converting mid-single-digit sales into double-digit EPS growth, and asked about the timeline of the current investment cycle.

    Answer

    CEO Philip Daniele acknowledged some core inflation but stressed the company's history of managing expenses. He characterized the current environment as a key investment period in commercial initiatives and new distribution centers that will fuel faster long-term growth. CFO Jamere Jackson added that these investments are already showing positive results in top-line growth.

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    Michael Lasser's questions to Autozone Inc (AZO) leadership • Q1 2025

    Question

    Michael Lasser of UBS asked about the quantitative impact of the prior year's 53rd week on Q1 same-store sales and the difference in commercial sales productivity between stores serviced by Hubs versus those that are not.

    Answer

    CFO Jamere Jackson quantified the calendar shift as a 1-point negative impact on Q1 comps, which is expected to reverse later in the year. Executive Philip Daniele explained that while specific numbers aren't shared, Hub and Mega-Hub stores significantly overperform and lift sales in surrounding stores for both DIY and commercial.

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    Michael Lasser's questions to Autozone Inc (AZO) leadership • Q4 2024

    Question

    Michael Lasser from UBS asked when AutoZone could realistically return to its double-digit EPS growth algorithm given near-term headwinds, and whether the company could manage SG&A down if gross margin growth stalls.

    Answer

    CFO Jamere Jackson stated that the long-term growth algorithm is unchanged but acknowledged near-term quarterly pressure from factors like FX and LIFO. He affirmed that the company has the 'muscle' to manage SG&A to protect operating margins if necessary, but will continue its disciplined investments in growth initiatives like IT and payroll that position it for the future.

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    Michael Lasser's questions to Wayfair Inc (W) leadership

    Michael Lasser's questions to Wayfair Inc (W) leadership • Q1 2025

    Question

    Michael Lasser from UBS questioned whether the mid-to-high teens incremental/decremental margin framework still applies given tariff uncertainty and asked about potential permanent margin impacts if the tariff regime persists. He also inquired about the production capacity in markets outside of China to absorb supply shifts.

    Answer

    CEO Niraj Shah clarified that Wayfair's model is relatively advantaged in a tariff environment but not that it directly benefits. CFO Kate Gulliver stated the focus remains on growing adjusted EBITDA dollars, supported by structural cost efficiencies in SOTG&A. Niraj Shah added that there is significant manufacturing capacity outside of China, especially given the category's multi-year downturn, and Wayfair's integrated logistics platform is a key advantage in facilitating supply shifts.

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    Michael Lasser's questions to Tractor Supply Co (TSCO) leadership

    Michael Lasser's questions to Tractor Supply Co (TSCO) leadership • Q1 2025

    Question

    Michael Lasser sought to reconcile the guidance, questioning how the company could reach its full-year comp target with only 90 days of tariffs priced in, and asked about embedded inflation and elasticity.

    Answer

    CEO Hal Lawton and CFO Kurt Barton addressed this. Lawton pointed to natural second-half tailwinds like strong consumable sales and an expected turn to positive AUR. Barton clarified that inventory costs incurred in Q2 from tariffs would impact the P&L in the second half, which is reflected in the guidance range's potential scenarios.

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    Michael Lasser's questions to Tractor Supply Co (TSCO) leadership • Q4 2024

    Question

    Michael Lasser asked if the 1% to 3% comp outlook for 2025 should be considered conservative, given the solid start to the year and positive drivers. He also inquired how potential comp upside would flow to the bottom line versus being reinvested.

    Answer

    CEO Harry Lawton stated that while the year has started well, the 1% to 3% comp guidance is what the company feels is appropriate for the full year. Regarding potential upside, Lawton explained that the company would evaluate various scenarios. He noted that historically, when comps outperform, they assess reinvestment opportunities in current initiatives but also acknowledged that with comp growth in the long-term target range of 3-5%, they expect operating margin leverage, implying upside would flow to the higher end of guidance.

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    Michael Lasser's questions to Tractor Supply Co (TSCO) leadership • Q3 2024

    Question

    Michael Lasser asked about the path to restoring historical 1-2% traffic growth, whether it is macro-dependent, and if Tractor Supply would consider sacrificing gross margin to stimulate that growth.

    Answer

    CEO Hal Lawton positioned the company's current transaction growth as strong relative to the broader retail market, which is flat to negative. He emphasized that Tractor Supply's multi-year transaction growth is a key strength and believes a return to higher traffic levels is tied to a normalization of the macro environment, particularly the consumer spending shift from services back toward goods.

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    Michael Lasser's questions to Petco Health and Wellness Company Inc (WOOF) leadership

    Michael Lasser's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q4 2025

    Question

    Michael Lasser of UBS questioned whether Petco is intentionally sacrificing short-term sales and market share to improve profitability and how it plans to manage SG&A with potentially negative comps without impacting the customer experience.

    Answer

    CEO Joel Anderson confirmed this was a fair assessment, stating the company is being disciplined by no longer chasing sales with low lifetime value. He assured that Phase 3 will focus on testing growth levers to regain momentum. CFO Sabrina Simmons added that SG&A leverage will come from efficiencies that do not touch the customer. Joel Anderson also noted that recent and planned store closures of unprofitable locations account for a significant portion of the anticipated sales decline.

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

    Question

    Michael Lasser from UBS asked for the potential size of the cost savings opportunity and what portion would need to be reinvested to drive sustainable growth in a competitive market.

    Answer

    Executive Joel Anderson clarified that the current phase of cost-cutting is focused on permanent, structural reductions that are not expected to require reinvestment. He suggested that a potential 'second wave' of savings could be considered for reinvestment in areas like marketing to drive top-line growth, but the immediate priority is permanent cost-out.

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    Michael Lasser's questions to Petco Health and Wellness Company Inc (WOOF) leadership • Q2 2024

    Question

    Michael Lasser asked new CEO Joel Anderson for his diagnosis of what caused Petco to 'lose its way' and how his plan addresses those shortcomings. He followed up by asking how the company's financial leverage influences its strategy and if a significant number of store closures are likely.

    Answer

    CEO Joel Anderson stated his focus is on fixing the business, not dwelling on the past, and affirmed his belief in the current strategy. He emphasized that the brand and partner passion are not broken. Regarding the store portfolio, Anderson clarified that while underperforming stores will be closed as leases expire, a mass closure event is not part of the strategic plan, as the company does not have a large group of EBITDA-negative stores.

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    Michael Lasser's questions to Best Buy Co Inc (BBY) leadership

    Michael Lasser's questions to Best Buy Co Inc (BBY) leadership • Q4 2025

    Question

    Michael Lasser asked for an estimate of the magnitude of industry-wide price increases if tariffs persist and questioned Best Buy's strategy for implementing and potentially rolling back these prices. He also asked for the earnings outlook in a negative 2% comparable sales scenario.

    Answer

    CEO Corie Barry stated that while price increases are inevitable, it is difficult to quantify the exact amount due to variables like vendor cost absorption and the competitive landscape. She clarified that price changes would be gradual, not overnight, due to inventory turns, and the company's core strategy remains to be competitive across all price points. CFO Matthew Bilunas addressed the negative comp scenario, explaining that while the company would work to mitigate profit impact, he could not provide a specific earnings number, as they must balance short-term cost management with protecting long-term growth investments.

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    Michael Lasser's questions to Best Buy Co Inc (BBY) leadership • Q2 2025

    Question

    Michael Lasser from UBS questioned the rationale for lowering the full-year comparable sales guidance despite a strong Q2 and a flat start to August. He also asked for an assessment of market share stabilization and the key factors that would influence incremental margins when sales growth returns.

    Answer

    CEO Corie Barry attributed the cautious guidance to the unpredictable consumer environment, citing the historical impact of elections and potential holiday season volatility. She agreed that market share is showing 'rough stabilization,' with strength in computing but ongoing pressure in the highly promotional appliance category. CFO Matt Bilunas noted that as the industry returns to growth, Best Buy expects to expand its operating income rate, driven by cost efficiencies and strategic initiatives, but deferred providing specific future margin drivers.

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    Michael Lasser's questions to National Vision Holdings Inc (EYE) leadership

    Michael Lasser's questions to National Vision Holdings Inc (EYE) leadership • Q4 2024

    Question

    Michael Lasser asked about the risks and resource allocation involved in pivoting to a middle-income consumer, and how National Vision will balance the expectations of this new customer segment. He also inquired about the recent sales softness in February and its potential impact on full-year guidance.

    Answer

    CEO Reade Fahs clarified that this is not a pivot away from their core customer, but an enhanced focus on an existing segment—managed care, progressive lens wearers, and prescription-in-hand customers—which already constitutes about half of their base. He explained that Q4 2024 and January 2025 were strong, but the last two weeks of February were 'choppy,' leading them to issue a wider, more conservative guidance range for 2025.

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    Michael Lasser's questions to National Vision Holdings Inc (EYE) leadership • Q3 2024

    Question

    Michael Lasser of UBS inquired about the expected 2025 margin profile following the company's strategic changes, and also asked about the company's increased willingness to adjust pricing and its exposure to potential tariffs.

    Answer

    CFO Melissa Rasmussen explained that the previous 2025 margin outlook, which was similar to 2024, did not account for recent initiatives like moderating store growth, suggesting potential upside. President Alex Wilkes confirmed a new approach to pricing, noting different elasticities between the growing managed care segment and cash-pay customers. On tariffs, Rasmussen stated that the impact is not expected to be material, as less than 10% of COGS are subject to prior tariffs and the company has actively moved production out of China.

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