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    Scot Ciccarelli • Truist Securities

    Scot Ciccarelli's questions to Home Depot Inc (HD) leadership

    Scot Ciccarelli's questions to Home Depot Inc (HD) leadership • Q2 2025

    Question

    Scot Ciccarelli requested an update on the incremental sales generated from the Complex Pro efforts and asked about the growth trajectory in markets where these capabilities have been rolled out.

    Answer

    Chair, CEO & President Ted Decker declined to provide a new incremental sales figure but affirmed the initiative's momentum is reviewed weekly. He described a 'virtuous cycle' driven by an engaged sales force, a step-change improvement in on-time and complete delivery powered by AI, and the early but promising rollout of trade credit. He noted that the acquisitions of SRS and GMS provide critical expertise in operating as a professional wholesale distributor.

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    Scot Ciccarelli's questions to Home Depot Inc (HD) leadership • Q1 2025

    Question

    Scot Ciccarelli requested an update on the rollout of capabilities for the complex Pro in the 17 designated markets and the relative performance of those markets. He also asked for clarification on how the SRS acquisition will be layered into the comp sales calculation for the remainder of the year.

    Answer

    CEO Edward Decker clarified that they are still focused on the same 17 markets, with progress being made in maturing the sales team, pricing, and delivery, which is at an all-time best for on-time and complete metrics. EVP and CFO Richard McPhail explained that SRS will enter the comp base in mid-June and will be included in the total company comp, but not in the U.S. retail comp, to maintain a clean view of the core retail business. He noted SRS is expected to meet its mid-single-digit growth target for the year.

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    Scot Ciccarelli's questions to Home Depot Inc (HD) leadership • Q1 2025

    Question

    Scot Ciccarelli requested an update on the rollout of capabilities for the complex Pro in the 17 designated markets and asked for clarification on how the SRS acquisition will be incorporated into the comp sales calculation.

    Answer

    CEO Edward Decker reported continued progress in the 17 markets across sales, pricing, and delivery, with a current focus on completing IT work for order management. CFO Richard McPhail clarified that SRS will enter the comp base in mid-Q2 and will be reported as part of the total company comp, not the U.S. comp, to maintain a clean view of the U.S. retail business.

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    Scot Ciccarelli's questions to Home Depot Inc (HD) leadership • Q4 2024

    Question

    Scot Ciccarelli of Truist Securities asked for details on how the company measures the $1 billion in incremental sales from its 17 complex Pro markets and what the expected ramp is for 2025. He also inquired about the biggest challenge in rolling out these Pro capabilities.

    Answer

    Senior EVP Ann-Marie Campbell explained that the $1 billion is measured by the sales outperformance of the 17 enhanced markets compared to other top 40 markets. She noted the focus for 2025 is on maturing existing capabilities and adding new ones like trade credit and order management. The biggest challenge, she said, is the complexity of ensuring all parts of the ecosystem work in concert at different stages of maturity to avoid customer failure points.

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    Scot Ciccarelli's questions to Home Depot Inc (HD) leadership • Q3 2024

    Question

    Scot Ciccarelli asked for an estimate of the broader weather impact beyond hurricanes and for the performance difference in the 17 markets with enhanced Pro capabilities versus the rest of the company.

    Answer

    EVP and CFO Richard McPhail explained it was difficult to quantify the weather impact as it was favorable nationwide. Regarding the Pro ecosystem, executive Chip Devine specified that the 17 investment markets are seeing outperformance and share gains in the 'low single digits.' Executive Hector Padilla added that in-store teams are also focused on improving the Pro experience through strategic adjustments and better resource integration.

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    Scot Ciccarelli's questions to Advance Auto Parts Inc (AAP) leadership

    Scot Ciccarelli's questions to Advance Auto Parts Inc (AAP) leadership • Q2 2025

    Question

    Scot Ciccarelli of Truist Securities asked if the 2027 operating margin target is primarily dependent on gross margin expansion and requested a breakdown of the key drivers.

    Answer

    CFO Ryan Grimsland confirmed that a larger portion of the margin improvement will come from gross margin, identifying two key buckets: merchandising excellence (first cost, promotions) and supply chain productivity (DC consolidation, transportation). CEO Shane O'Kelly added that top-line growth, driven by improved parts availability and delivery speed, is also a critical component of the plan.

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    Scot Ciccarelli's questions to Advance Auto Parts Inc (AAP) leadership • Q1 2025

    Question

    Scot Ciccarelli questioned the drivers of gross margin improvement for the year, noting that the benefit from procurement costs seemed modest at 50 basis points. He asked for more color on what other factors, such as supply chain savings, would contribute to the expected improvement and whether the procurement gains were sustainable.

    Answer

    EVP and CFO Ryan Grimsland clarified that the 50+ basis points from procurement is a significant driver, supplemented by SG&A leverage from higher volume and cost improvements from store closures. He emphasized that the bulk of gross margin improvement will come from COGS, which includes both first-cost work with vendors and leverage on supply chain operations. Grimsland confirmed the 50 bps from procurement is a sustainable, ongoing run rate from new vendor contracts that will grow over time.

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    Scot Ciccarelli's questions to Advance Auto Parts Inc (AAP) leadership • Q3 2024

    Question

    Scot Ciccarelli of Truist Securities asked for a breakdown of the drivers for the significant COGS improvement plan, specifically the contribution from supply chain versus merchandising. He also questioned the management's confidence level in achieving the gross margin targets given recent performance.

    Answer

    An executive, likely CFO Ryan Grimsland, explained that while supply chain optimization is a key factor, the larger portion of near-term COGS improvement will come from merchandising excellence, including better first costs, promotional effectiveness, and pro pricing. CEO Shane O'Kelly expressed high confidence, attributing it to new leadership in merchandising implementing proven retail fundamentals and fostering more collaborative, growth-oriented vendor partnerships.

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    Scot Ciccarelli's questions to O'Reilly Automotive Inc (ORLY) leadership

    Scot Ciccarelli's questions to O'Reilly Automotive Inc (ORLY) leadership • Q2 2025

    Question

    Scot Ciccarelli of Truist Securities asked whether O'Reilly's pricing strategy and the timing of tariff-related price increases differ between its DIY and professional customer segments.

    Answer

    EVP & CFO Jeremy Fletcher explained that while the process is managed on a detailed, category-by-category basis and is more complex on the professional side, the company's overall approach is consistent. He stated that over time, the market tends to reach an equilibrium where pricing dynamics work in close parity on both sides of the business.

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    Scot Ciccarelli's questions to O'Reilly Automotive Inc (ORLY) leadership • Q3 2024

    Question

    Scot Ciccarelli from Truist Securities requested an update on new store economics, given that performance is exceeding expectations despite higher construction costs.

    Answer

    CFO Jeremy Fletcher noted that the cost for an owned store is now approaching $3 million, but the economic model and returns continue to improve, justifying a heavier mix of owned stores. CEO Brad Beckham added that even with inflated costs, the ROI remains excellent, which is why they are increasing their new store opening target to 200-210 for 2025.

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    Scot Ciccarelli's questions to Genuine Parts Co (GPC) leadership

    Scot Ciccarelli's questions to Genuine Parts Co (GPC) leadership • Q2 2025

    Question

    Scot Ciccarelli asked for more detail on same-SKU inflation expectations for the U.S. business and whether the company was assuming any negative unit elasticity. He also questioned if the recent decline in Global Automotive margins represented a new baseline for the segment.

    Answer

    EVP and CFO Bert Napier explained that inflation assumptions are slightly higher for the NAPA business versus Industrial, and more weighted to the U.S. He attributed the auto margin pressure to SG&A inflation outpacing top-line benefits by about 100 basis points, but clarified, "that's not our objective is to keep it with declining profitability," stating that current actions are aimed at long-term improvement.

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    Scot Ciccarelli's questions to Genuine Parts Co (GPC) leadership • Q4 2024

    Question

    Scot Ciccarelli questioned the disconnect between significant investments in the North American Automotive business and its lagging comparable sales growth relative to peers, asking when these operational improvements might translate into better market share.

    Answer

    President and CEO William Stengel responded that while the company is proud of its progress, particularly in the non-discretionary commercial business, it is not yet satisfied. He noted that some initiatives are quick wins while others are longer-term efforts, and the company is working actively with independent owners and improving company-owned stores, with performance getting better each month.

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    Scot Ciccarelli's questions to Genuine Parts Co (GPC) leadership • Q3 2024

    Question

    Scot Ciccarelli asked whether the profit disappointment was concentrated in the international business or if U.S. auto margins also declined. He also requested a general outlook for 2025.

    Answer

    EVP and CFO Herbert Nappier clarified that margin pressure was consistent across all global markets, not isolated to one region, driven by broad-based interest rate and cost inflation pressures. Regarding 2025, Nappier stated that while long-term fundamentals are strong, the biggest variable is the timing of market recovery, as conditions remain stagnant. President and CEO William Stengel added that recent global interest rate cuts should eventually provide a tailwind for the business.

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    Scot Ciccarelli's questions to Carmax Inc (KMX) leadership

    Scot Ciccarelli's questions to Carmax Inc (KMX) leadership • Q1 2026

    Question

    Scot Ciccarelli from Truist Securities inquired about how to model comparable sales growth for the remainder of the year and asked for more color on the accounting mechanics of moving non-prime loans to 'held for sale'.

    Answer

    President & CEO Bill Nash reiterated the outlook to grow sales and gain market share for the year. EVP of Auto Finance, Jon Daniels, and EVP & CFO Enrique Mayor-Mora explained that the 'held for sale' strategy removes the need to hold loss reserves for that specific loan pool, mitigates future risk, and allows for an upfront gain upon sale, enabling CAF income growth.

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    Scot Ciccarelli's questions to Carmax Inc (KMX) leadership • Q3 2025

    Question

    Scot Ciccarelli posed a two-part question on the drivers of the broader used car industry's improvement beyond price stabilization and for more details on CarMax's payment extension policy.

    Answer

    CEO William Nash suggested industry improvement is aided by moderating prices and a widening price gap between new and late-model used cars. SVP Jon Daniels explained the payment extension test allows certain delinquent customers to make one, instead of two, payments to qualify, with the potential impact already factored into the loan loss reserve.

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    Scot Ciccarelli's questions to Carmax Inc (KMX) leadership • Q2 2025

    Question

    Scot Ciccarelli asked if the increased loan loss provision was driven by a higher rate of delinquencies converting into write-offs. He also inquired about the initial loss expectations for the company's subprime loan pools.

    Answer

    SVP Jon Daniels confirmed that during the quarter, they observed that delinquencies began to 'erode a little bit' and roll to loss at a higher rate than in the recent past, which prompted the 'outsized' provision adjustment. Regarding subprime, he outlined the different loss profiles, with Tier 1 historically at 2-2.5% and Tier 3 being significantly higher, emphasizing a prudent and flexible approach to entering that space. President & CEO William Nash reinforced that true-ups to the provision have been ongoing.

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    Scot Ciccarelli's questions to Five Below Inc (FIVE) leadership

    Scot Ciccarelli's questions to Five Below Inc (FIVE) leadership • Q1 2025

    Question

    Scot Ciccarelli from Truist Securities followed up on the tariff impact, asking for more detail on how to model the costs on a go-forward basis, considering the company's mitigation efforts.

    Answer

    COO Ken Bull detailed the outlook, noting significant operating margin deleverage of about 350 basis points is expected in the second half of the year. He specified that approximately 70% of this pressure will be in gross margin, driven by tariffs, with the remaining 30% in SG&A from factors like higher incentive costs and labor investments.

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    Scot Ciccarelli's questions to Five Below Inc (FIVE) leadership • Q4 2024

    Question

    Scot Ciccarelli asked for clarification on the projected tariff impact on margins, questioning whether the guidance assumes only a margin effect or also includes a potential impact on sales.

    Answer

    CFO Kristy Chipman clarified the full-year tariff impact is approximately 100 basis points on margin. CEO Winnie Park elaborated that mitigation strategies include leveraging the company's flexible business model, strong vendor partnerships, surgical price adjustments, and a new global sourcing office in India. COO Ken Bull added that potential demand degradation from price changes has been factored into the guidance.

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    Scot Ciccarelli's questions to Five Below Inc (FIVE) leadership • Q3 2024

    Question

    Scot Ciccarelli asked which customer cohorts drove the sequential improvement in traffic, specifically questioning if performance was concentrated among the previously weak lower-income consumer segment.

    Answer

    Interim CEO Ken Bull responded that the company observed consistent performance across its various income demographics, which aligns with historical trends and was viewed as a positive development.

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    Scot Ciccarelli's questions to Five Below Inc (FIVE) leadership • Q2 2024

    Question

    Scot Ciccarelli of Truist Securities questioned why the business performance declined so rapidly if the underlying issues were long-standing. He also asked if the renewed focus on lower price points would result in significant average selling price (ASP) compression.

    Answer

    Interim President and CEO Kenneth Bull attributed the sharp slowdown to a culmination of factors, including mounting pressure on lower-income consumers and significant underperformance in the seasonal summer category. Regarding pricing, he clarified that the strategy is to re-emphasize key items at $1, $3, and $5 price points, not to implement broad price cuts, thus not expecting major ASP compression. He stressed that value is a combination of trend, quality, and price.

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    Scot Ciccarelli's questions to Dollar Tree Inc (DLTR) leadership

    Scot Ciccarelli's questions to Dollar Tree Inc (DLTR) leadership • Q1 2025

    Question

    Scot Ciccarelli from Truist Securities sought clarification on the $70 million COGS impact from tariffs, asking if it's a one-time cost that must be absorbed and offset elsewhere or if those specific costs can be recovered in the second half.

    Answer

    CEO Michael Creedon described the impact as a near-term timing issue, as the company's five mitigation levers take time to deploy fully. CFO Stewart Glendinning added that the recovery in the second half will be a mix of clawing back some one-time costs and realizing enduring benefits from the strategic changes being implemented.

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    Scot Ciccarelli's questions to Dollar Tree Inc (DLTR) leadership • Q2 2025

    Question

    Scot Ciccarelli observed that while Family Dollar seems to be improving after taking corrective actions, the Dollar Tree banner continues to face new issues each quarter. He asked if it would make sense to perform a 'harder reset' at Dollar Tree, such as through store closures or resetting labor costs, to avoid a 'death of a thousand cuts' scenario for investors.

    Answer

    CFO Jeff Davis framed the current issue as a recent pullback from higher-income customers, which he believes the company is well-positioned to address with its value offerings. He defended ongoing investments in store standards as crucial for this demographic. COO Mike Creedon added that the renovation and opening of over 3,000 stores this year represents a significant investment in improving the store base and evolving the business to meet customer needs.

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    Scot Ciccarelli's questions to Dollar Tree Inc (DLTR) leadership • Q2 2024

    Question

    Scot Ciccarelli observed that while Family Dollar seems to be improving after taking corrective actions, the Dollar Tree banner continues to face new issues each quarter. He asked if a 'harder reset' at Dollar Tree, such as store closures or resetting labor costs, would be prudent to avoid a 'death of a thousand cuts.'

    Answer

    CFO Jeff Davis responded that the company believes it is correctly positioned to meet customer needs with its multi-price offering and that ongoing investments in store standards are crucial. COO Mike Creedon reinforced this by highlighting that over 3,000 stores will be improved this year through new builds, renovations, and conversions. Davis also defended the 99 Cents Only lease acquisition as a valuable long-term asset despite some higher-than-expected upfront costs.

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    Scot Ciccarelli's questions to Costco Wholesale Corp (COST) leadership

    Scot Ciccarelli's questions to Costco Wholesale Corp (COST) leadership • Q3 2025

    Question

    Scot Ciccarelli from Truist Securities noted Costco's consistent EBIT margin expansion over the past several quarters and asked if this trend is a conscious decision and if there's any reason to expect it to change.

    Answer

    CFO Gary Millerchip downplayed a focus on quarter-to-quarter results, emphasizing a long-term management philosophy. He explained that while the company benefited from factors like improved fresh food productivity this quarter, the core strategy remains reinvesting the majority of efficiencies back into lower prices to drive top-line growth. Over the long term, he believes this can still allow for slight margin increases.

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    Scot Ciccarelli's questions to Costco Wholesale Corp (COST) leadership • Q3 2025

    Question

    Scot Ciccarelli from Truist Securities noted Costco's consistent year-over-year EBIT margin increases for several consecutive quarters and asked if there was any reason to expect this trend to change, suggesting it appears to be a conscious decision.

    Answer

    Executive VP & CFO Gary Millerchip stated that the company is less focused on individual quarterly results and more on long-term value creation. He explained that while the model allows for some margin increase over time, the primary philosophy is to reinvest about 90% of efficiencies and cost savings back into lower prices for members to drive top-line growth. He cautioned against expecting a specific quarterly cadence, as investments and market conditions can cause fluctuations.

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    Scot Ciccarelli's questions to Costco Wholesale Corp (COST) leadership • Q2 2025

    Question

    Scot Ciccarelli asked about Costco's merchandising strategy in the face of potential tariffs, questioning if the focus would be on maintaining value leadership for existing items or aggressively sourcing from other countries.

    Answer

    Executive Ron Vachris stated the strategy would be 'a little bit of both.' He highlighted the flexibility of the 'Treasure Hunt' model to find replacement items while also noting that since tariffs affect everyone, Costco's reduced SKU model and strong supplier partnerships position them well to manage any challenges.

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    Scot Ciccarelli's questions to Costco Wholesale Corp (COST) leadership • Q4 2024

    Question

    Scot Ciccarelli asked about the frequency of non-members shopping at Costco prior to the new ID scanning rollout and inquired about the company's broader inflation and deflation expectations for fiscal 2025.

    Answer

    Ron Vachris, an executive, stated he could not provide a specific number on non-member shopping frequency but reiterated that membership has always been exclusive. Gary Millerchip, an executive, addressed inflation, noting it was effectively flat in the quarter. He observed slight inflation in fresh foods (driven by produce) and food/sundries, offset by deflation in non-foods. He mentioned mixed commodity trends and stated that Costco is not seeing anything to suggest a dramatic shift from the current environment.

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    Scot Ciccarelli's questions to Best Buy Co Inc (BBY) leadership

    Scot Ciccarelli's questions to Best Buy Co Inc (BBY) leadership • Q1 2026

    Question

    Scot Ciccarelli of Truist Securities inquired about the significant reduction in China sourcing from 55% to 30-35% and requested the size of the Q1 indirect tax settlement.

    Answer

    CEO Corie Barry explained the sourcing shift resulted from mitigation efforts with vendors, including leveraging manufacturing flexibility in other countries and diversifying the supply chain. She noted that cost increases are lower than tariff rates. CFO Matt Bilunas indicated the tax settlement was at least $13 million, as it was the primary driver for the year-over-year decrease in domestic SG&A.

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    Scot Ciccarelli's questions to Best Buy Co Inc (BBY) leadership • Q3 2025

    Question

    Scot Ciccarelli inquired about the extent to which the early start to Black Friday deals drove the sales improvement in Q4 and asked for an assessment of the current promotional environment.

    Answer

    CEO Corie Barry stated the earlier start was a strategic decision to cater to a value-oriented consumer, using tactics like 'Doorbusters' and targeted digital offers. CFO Matt Bilunas added that the Q4 promotional environment is expected to remain intense, similar to the rest of the year. He noted that while promotional elasticity has been inconsistent, the company's price perception has improved, and promotions are effective during key value-seeking moments.

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    Scot Ciccarelli's questions to Best Buy Co Inc (BBY) leadership • Q2 2025

    Question

    Scot Ciccarelli of Truist Securities asked for clarification on the sales comparisons for the remainder of the quarter and inquired about the consumer adoption mix for new AI-enabled laptops.

    Answer

    CFO Matt Bilunas provided the prior year's comparable sales declines for August (-6%), September (-7%), and October (-8%). CEO Corie Barry added that while new CoPilot+ laptops were a small part of sales, the overall laptop category remains strong due to a replacement and upgrade cycle. She highlighted the 'halo effect' of AI innovation, which boosts the entire category by creating excitement and leveraging Best Buy's enhanced in-store experiences and expert labor.

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    Scot Ciccarelli's questions to Autozone Inc (AZO) leadership

    Scot Ciccarelli's questions to Autozone Inc (AZO) leadership • Q3 2025

    Question

    Scot Ciccarelli of Truist Securities asked for a quantification of the sales comp contribution from hub and mega hub stores and questioned whether new national account wins had an outsized impact on commercial growth.

    Answer

    CEO Philip Daniele described the comp lift from hubs as 'robust' but declined to provide a specific number. He emphasized that commercial growth was broad-based across national, regional, and local accounts, attributing the success to core initiatives like assortment and delivery speed rather than any single factor. He added that margin impacts from customer mix were not material.

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    Scot Ciccarelli's questions to Autozone Inc (AZO) leadership • Q3 2025

    Question

    Scot Ciccarelli from Truist Securities, Inc. asked for quantification of the comp contribution from hubs and mega hubs, whether new national account wins had an outsized impact on commercial growth, and if there was any related merchandise margin impact.

    Answer

    CEO Philip Daniele declined to quantify the specific comp lift from hubs but stated it was 'pretty robust.' He indicated that share gains were broad-based across national, regional, and local accounts, driven by internal initiatives rather than any single factor. He also confirmed that different customer segments have slightly different margin rates but that it was not a material impact on the overall commercial business.

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    Scot Ciccarelli's questions to Autozone Inc (AZO) leadership • Q1 2025

    Question

    Scot Ciccarelli of Truist Securities sought clarification on whether expected performance improvements were due to easier comps or underlying business momentum and asked about the competitive pricing environment from mass retailers.

    Answer

    CFO Jamere Jackson and Executive Philip Daniele stated that improvement is expected from both easier comps and momentum from growth initiatives, improved execution, and potential market share gains. Daniele noted that AutoZone's strategy remains unchanged as mass retailers do not compete in the vast majority of its hard parts categories.

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    Scot Ciccarelli's questions to Walmart Inc (WMT) leadership

    Scot Ciccarelli's questions to Walmart Inc (WMT) leadership • Q1 2026

    Question

    Scot Ciccarelli asked for a reconciliation between the strong reported growth in advertising (50%) and membership (15%) and the lower growth in the 'Membership and other' P&L line, and also inquired about the scale of past eCommerce losses.

    Answer

    CFO John David Rainey clarified that the 50% advertising growth included the VIZIO acquisition; the comparable growth was 27%. He explained that the 'Membership and other' P&L line includes other items like sustainability and recycling revenue, which accounts for the different growth rate. He declined to quantify historical eCommerce losses but confirmed they have been consistently improving for years.

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    Scot Ciccarelli's questions to Walmart Inc (WMT) leadership • Q3 2025

    Question

    Scot Ciccarelli asked for an update on the contribution of ancillary revenue streams to EBIT growth and whether the drivers (advertising, membership, 3P) could be ranked.

    Answer

    CFO John David Rainey stated that membership and advertising contributed slightly more than half of the operating income improvement and nearly one-third of the total operating income, similar to the prior quarter. Walmart International CEO Kathryn McLay added that these higher-margin businesses are the primary reason profit is growing faster than sales, highlighting strong growth in international advertising and membership.

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    Scot Ciccarelli's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership

    Scot Ciccarelli's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership • Q4 2024

    Question

    Scot Ciccarelli requested color on the magnitude of the comp outperformance in stores near closed Big Lots locations and asked what is being built in for cannibalization. He also sought reassurance that the company can avoid the operational strains seen during the Toys R Us acquisition.

    Answer

    Executive Robert Helm indicated the comp lift near closed Big Lots is in the low-to-mid-single digits but noted it's hard to parse out. He also stated that sophisticated, algorithm-based site selection minimizes cannibalization. Executive Eric van der Valk added that unlike in 2019, the company now has ample distribution center capacity and has made infrastructure investments to handle the accelerated growth smoothly.

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    Scot Ciccarelli's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership • Q3 2025

    Question

    Scot Ciccarelli asked for early indications of sales capture from closed Big Lots stores and inquired about any significant future investments in areas like distribution centers or technology that could create margin headwinds.

    Answer

    CFO Robert Helm noted it was too early for a definitive readout on sales capture but mentioned seeing 'glimmers of pickup.' He clarified that major investments to support growth have already been made, so no significant new SG&A or tech spending is anticipated. He added that while a fifth DC is a few years off, they can expand two existing facilities first.

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    Scot Ciccarelli's questions to Ollie's Bargain Outlet Holdings Inc (OLLI) leadership • Q1 2025

    Question

    Scot Ciccarelli of Truist Securities asked for examples of incremental deal flow gained from Big Lots' reduced scale and requested a way to size the profit margin drag from the accelerated new store growth.

    Answer

    CEO Eric van der Valk confirmed Ollie's is seeing increased product pipelines, particularly in consumables, that were previously directed to Big Lots. CFO Robert Helm acknowledged a meaningful profit drag from the high number of young stores but did not quantify it, noting it sets up a strong exit rate into fiscal 2026 as those stores mature.

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    Scot Ciccarelli's questions to Dollar General Corp (DG) leadership

    Scot Ciccarelli's questions to Dollar General Corp (DG) leadership • Q3 2024

    Question

    Scot Ciccarelli highlighted a shift in consumer behavior where traffic is now dropping, contrary to historical patterns of higher traffic and lower tickets during times of pressure. He asked for the reason behind this change.

    Answer

    CEO Todd Vasos explained that the traffic number was softer because it was lapping a positive traffic result from the prior year. He expressed satisfaction with the traffic gains achieved and noted that the higher average ticket was partly driven by discretionary purchases, a positive sign of consumer health.

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    Scot Ciccarelli's questions to Tractor Supply Co (TSCO) leadership

    Scot Ciccarelli's questions to Tractor Supply Co (TSCO) leadership • Q3 2024

    Question

    Scot Ciccarelli sought clarification on whether same-SKU deflation is expected to become inflationary in 2025 and asked if the company could quantify the business impact from declining farm income.

    Answer

    CFO Kurt Barton stated that the transition from deflation to inflation has been pushed out, now potentially occurring in Q1 or Q2 of 2025. He also noted that the company sees very little correlation between its business performance and farm income levels, as the majority of its customers are not professional farmers and do not rely on it as their primary income source.

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    Scot Ciccarelli's questions to Lowe's Companies Inc (LOW) leadership

    Scot Ciccarelli's questions to Lowe's Companies Inc (LOW) leadership • Q1 2025

    Question

    Scot Ciccarelli asked about the relative size of the big-ticket project business and what catalysts, such as improved consumer confidence or lower interest rates, are needed to stimulate demand in that segment.

    Answer

    Chairman and CEO Marvin Ellison stated that while the consumer's financial health is solid, the DIY customer continues to delay large, discretionary projects, a trend he attributed to elevated mortgage rates. EVP and CFO Brandon Sink added that housing affordability remains the primary headwind and that a significant rebound in big-ticket discretionary spending is not factored into the 2025 outlook. However, EVP, Merchandising Bill Boltz identified the appliance business as a consistent bright spot within the big-ticket category.

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    Scot Ciccarelli's questions to Lowe's Companies Inc (LOW) leadership • Q1 2025

    Question

    Scot Ciccarelli asked about the size of the big-ticket project business and what catalysts, such as consumer confidence or lower interest rates, are needed to unlock demand in that segment.

    Answer

    CEO Marvin Ellison stated that while consumer balance sheets are healthy, the DIY customer continues to pull back on large discretionary projects due to elevated mortgage rates. CFO Brandon Sink added that affordability remains the primary concern and a recovery is not baked into the 2025 outlook. EVP, Merchandising, Bill Boltz highlighted appliances as a consistent bright spot within the big-ticket category, showing strength across all major product lines.

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