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. Sorry to like keep going back to the inventory side, but when we look at a per-store basis, it seems pretty
lean. Could you just talk about, is that where you want it with plenty of open to buy? Or is there more opportunity there to lean down inventory?
And then just on the competition side for product, anything different in the puts and takes there?
Question: Brandon Babcock Cheatham - Citigroup Inc., Research Division - Analyst
: Yes, competition for goods.
Question: Jason Daniel Haas - BofA Securities, Research Division - Analyst
: So I saw you recently did a buy of professional and workwear clothing. So I'm curious to know how that performs and if you could potentially do
more in the apparel category?
Question: Brian Christopher McNamara - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I know you don't typically comment on intra-quarter trends, but you did mention a low single-digit start to the quarter 3 months ago and a stimulus
impact on January benefiting the quarter in your prepared remarks. Can you give us an idea how meaningful that stimulus impact was relative to
December's trend? Clearly, it was an improving trend throughout the quarter.
Question: Brian Christopher McNamara - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: That's what I meant. In terms of the -- how meaningful stimulus was in January relative to December?
Question: Brian Christopher McNamara - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: What I'm trying to get is, right, how -- so presumably, the quarterly trend, it improved as the quarter went on, I'm just trying to kind of tease out
how impactful the stimulus was to January's trend relative to December.
Question: Brian Christopher McNamara - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Got it. And then secondly, given the massive Q2 comp you guys are going to have to cycle in and the strong H2 that you'll be cycling, is it -- would
it surprise you if 12 months from now, we're talking about maybe a minus low single-digit comp that you just reported? Can you talk about kind
of how you're preparing internally, both from a cost standpoint and just an overall business perspective standpoint, as you're obviously just --
you're going to be lapping just an unprecedented year this year.
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