Michael Lasser

“So it sounds like given the tariff refund, you have invested about $100 million into price to reinforce Costco's value proposition, yet we really haven't seen a meaningful change in the trajectory of the monthly sales as of yet?”

“How would you quantify the return on the investments that you have seen over the last couple of years? Those have come in the form of accelerated CapEx, accelerated SG&A. as outsiders, what we see is the comps are moderating.”

“You've been gracious enough to host these events for many, many years, and what's been consistent during that time is O'Reilly's ability to gain market share. What's been a little bit newer is that its margin has been running up against an upper bound.”

“Your clear message this morning has been that you can fund price investments almost on a one-for-one basis through the savings that you're going to realize from the business.”

“Thank you so much for taking my question. last quarter, you quantified what the flywheel meant to your business in that the underlying run rate was in the high single-digit range, inclusive of some pricing.”