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    Thomas Nass

    Research Analyst at TD Cowen

    Tom Nass is a Vice President, Equity Research Analyst at TD Cowen specializing in the consumer, specialty retail, and broadlines sectors. He covers companies such as BJ's Wholesale Club and Tapestry, contributing analytical insights that support the firm’s research coverage and client interactions. Nass began his finance career as an analyst at Burns & McDonnell in 2018, moving to TD Cowen in 2022, and was most recently listed as an Associate at TD Securities before being recognized as an Equity Research VP. He holds the CFA designation and maintains active industry credentials, providing rigorous, data-driven research on leading retail and consumer firms.

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

    Thomas Nass's questions to Grocery Outlet Holding (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 (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 Virgin Galactic Holdings (SPCE) leadership

    Thomas Nass's questions to Virgin Galactic Holdings (SPCE) leadership • Q4 2024

    Question

    Thomas Nass, on for Oliver Chen, questioned the trajectory of free cash flow leading up to commercial service in 2026 and asked for updates on the customer experience, particularly regarding the potential Italian spaceport and its impact on the total addressable market.

    Answer

    CFO Doug Ahrens detailed that cash spending will trend down through 2025 as capital investments conclude, with 2026 being an inflection year where cash inflows from new ticket sales will begin, leading to positive cash flow around the start of commercial service. CEO Michael Colglazier noted progress with Italian authorities and expressed that international spaceports could increase repeat flights and deepen regional market penetration, though the current focus remains on New Mexico.

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

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

    Question

    Thomas Nass, on for Oliver Chen at TD Cowen, inquired about the margin impact of the impressive growth in digital conveniences, the outlook for the general merchandise category, and how private label fits into the strategy.

    Answer

    CEO Robert Eddy explained that digital sales are a contribution margin story, as the incremental spend from engaged digital members covers fulfillment costs. He expects high-ticket general merchandise to remain soft amid economic uncertainty but noted private label penetration hit a record high, driven by both consumer value-seeking and improved product quality and presentation.

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

    Question

    Thomas Nass, on for Oliver Chen, asked about the margin impact of growing digital sales, the outlook for the general merchandise category, and the role of private label within that outlook.

    Answer

    CEO Bob Eddy explained that while digital fulfillment has higher labor costs, the incremental member spend covers it, making it a contribution margin story, not a gross margin one. He expects GM softness in high-ticket items to persist with economic uncertainty but noted private label penetration hit a new record, driven by consumer value-seeking and product quality, which benefits both margin and loyalty.

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