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    Thomas Nass • TD Cowen

    Thomas Nass's questions to Grocery Outlet Holding Corp (GO) leadership

    Thomas Nass's questions to Grocery Outlet Holding Corp (GO) leadership • Q1 2025

    Question

    Thomas Nass, on for Oliver Chen, inquired about current trends in opportunistic sourcing and any available details on the profitability of independent operators (IOs).

    Answer

    CEO Jason Potter confirmed that opportunistic supply remains strong, with the main opportunity being better execution. He explained that new tools, like the real-time order guide and shared scan data, are helping IOs better see and capitalize on available products. He did not provide specific commentary on IO profitability trends.

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    Thomas Nass's questions to Grocery Outlet Holding Corp (GO) leadership • Q4 2024

    Question

    Thomas Nass, on behalf of Oliver Chen at TD Cowen, asked about the cadence of comparable store sales throughout the fourth quarter, the exit rate, and the company's strategy for balancing price investments against margin preservation.

    Answer

    Chairman Eric Lindberg noted that Q4 comps felt solid, driven by healthy customer counts across all geographies, which he attributed to improved value offerings. However, he mentioned that Q1 started softer, following broader retail trends with a deceleration in February. He also pointed out that the Easter holiday shift is expected to negatively impact Q1 comps by approximately 100 basis points. He acknowledged work is needed to improve the average basket size.

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    Thomas Nass's questions to BJ's Wholesale Club Holdings Inc (BJ) leadership

    Thomas Nass's questions to BJ's Wholesale Club Holdings Inc (BJ) leadership • Q1 2025

    Question

    Thomas Nass, on for Oliver Chen, asked about the margin impact of digital conveniences, the outlook for the general merchandise category, and the role of private label brands.

    Answer

    CEO Bob Eddy explained that while digital sales are slightly less accretive on a contribution margin basis due to fulfillment costs, the incremental member spend and loyalty gains offset this. He noted the general merchandise outlook is tied to consumer confidence, with softness in high-ticket items likely to persist amid uncertainty. For private label, he reported a new penetration record, driven by both consumer demand for value and the company's successful product development and presentation efforts.

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    Thomas Nass's questions to BJ's Wholesale Club Holdings Inc (BJ) leadership • Q1 2025

    Question

    Thomas Nass, on for Oliver Chen, asked about the margin impact from digital conveniences, the outlook for general merchandise, and the role of private label brands.

    Answer

    Chairman and CEO Bob Eddy explained that while digital fulfillment adds costs below the gross margin line, it is paid for by incremental member spending and loyalty. He attributed softness in general merchandise to consumer caution on big-ticket items, a trend he expects to continue amid uncertainty. He also noted that private label penetration hit a record high, driven by both consumer value-seeking and the company's successful product quality and merchandising improvements.

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