The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Brandon Babcock Cheatham - Citigroup Inc., Research Division - Analyst
: This is Brandon Cheatham on for Paul. I was wondering if you could talk a little bit about how ticket and traffic trended this quarter? And when did
you start seeing this kind of inflection in the kind of higher price point penetration that seemingly is driving results? And what are your expectations
for that price point for the rest of the year?
Question: Brandon Babcock Cheatham - Citigroup Inc., Research Division - Analyst
: Okay. And is your guidance assumed that, that trend kind of continues in the higher price points? Or are you expecting kind of an inflection in your
lower value range?
Question: Brandon Babcock Cheatham - Citigroup Inc., Research Division - Analyst
: Got it. That's helpful. And then I was wondering, you've talked in the past about gaining more share of kind of wedding day related jewelry. I think
historically, you did a good job of capturing the engagement and then you didn't capture as much of the wedding day, as you wanted. So I was
wondering if you could kind of talk about how is your penetration on the wedding day related jewelry going? Where do you think that, that can
kind of grow to and where you are in kind of that progression?
Question: Mauricio Serna Vega - UBS Investment Bank, Research Division - Analyst
: I wanted to ask just very quickly, you mentioned that you closed the Blue Nile acquisition. So I'm just wondering like is that something that will be
already be reflected in Q3? Or it just -- does that begin in Q4? So maybe if you could provide some guidance around that? And then maybe if you
could elaborate a little bit more about how you see this acquisition versus specifically the James Allen business. Just wondering if there's any big
customer overlap or anything there that could be leading to some cannibalization between both formats?
And then maybe if you can talk about Q3 sales outlook, I think it implies roughly 24% sales growth versus in 2019. But if you take your guidance
for the year, I think that assumes like a 20% growth in Q4. So just wondering what are you thinking there in the guidance for sales?
Question: Mauricio Serna Vega - UBS Investment Bank, Research Division - Analyst
: That's very helpful. And any thoughts on the share repurchases outlook or potential share repurchases given that you still have over $600 million
available?
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