Q1 2025 Walmart Inc Earnings Call

Unknown Executive: Doug and John David will first share their views on the quarter, and then we'll open the line to your questions. During the Q&A portion, we will be joined by our segment CEOs, John Furner from Walmart US, Kath McClay from Walmart International, and Chris Nicholas from Sam's Club.

David will first share their views on the quarter and then we'll open the line to your questions during.

During the Q&A portion, we will be joined by our segment Ceos, John Furner from Walmart U S. Cath Maclay from Walmart International and Chris Nicholas from Sam's Club.

Unknown Executive: For additional detail on our results, including highlights by segment, please see our earnings release and accompanying presentation on our website. We will make every effort to answer as many questions as we can in the hour we have scheduled for this call. As a courtesy, please limit yourself to one question.

For additional detail on our results, including highlights by segment. Please see our earnings release and accompanying presentation on our website.

We will make every effort to answer as many questions as we can in the hour we have scheduled for this call as a courtesy.

Please limit yourself to one question.

Today's call is being recorded and management may make forward looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements.

Unknown Executive: Today's call is being recorded, and management may make forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC.

These risks and uncertainties include but are not limited to the factors identified in our filings with the SEC.

Doug Mcmillon: Please review our press release and accompanying slide presentation for a cautionary statement regarding forward-looking statements, as well as our entire Safe Harbor Statement and non-GAAP reconciliations on our website at stock.walmart.com. Doug, that wraps up my introduction. We're ready to begin. Good morning, and thanks for joining us. Our team delivered a great quarter to start the year. Our results were stronger than we anticipated, with sales growth of 5.7% and adjusted operating profit up 12.9% in constant currency. All three operating segments performed well.

Please review our press release and accompanying slide presentation for a cautionary statement regarding forward looking statements as well as our entire safe Harbor statement and non-GAAP reconciliations on our website at stock Dot Walmart Dot com.

Speaker Change: Doug that wraps my intro, we're ready to begin.

Doug Mcmillon: The momentum we see across the business is driven by growth in units sold and transaction counts as well as market share gains, including general merchandise. These are not inflation-driven results. In the U.S., like-for-like sales inflation was about 40 basis points for the quarter, including mid-single-digit deflation in general merchandise and low single-digit inflation in food and consumables.

Doug: Good morning, and thanks for joining us our team delivered a great quarter to start the year. Our results were stronger than we anticipated with sales growth of five 7% and adjusted operating profit up 12, 9% in constant currency.

All three operating segments performed well.

Doug: The momentum we see across the businesses driven by growth in units sold and transaction counts as well as market share gains, including general merchandise. These are not inflation driven results in.

Doug: In the U S like for like sales inflation was about 40 basis points for the quarter, including mid single digit deflation in general merchandise and low single digit inflation in food and consumables.

Doug Mcmillon: Together with our suppliers, we're making progress lowering prices. Our rollback count is up, and customers are responding to our price leadership. The first highlight I'd like to call out is the improvement in customer experience scores. That has a lot to do with our associates. I get to visit with a lot of them as I travel.

Doug: Together with our suppliers, we're making progress lowering prices.

Doug: Our robot count is up and customers are responding to our price leadership.

Doug: The first highlight I'd like to call out is the improvement in customer experience scores that has a lot to do with our associates.

Doug: Get to visit with a lot of them as I travel.

Doug Mcmillon: This quarter, I've been in stores and clubs in Johannesburg, Cape Town, Toronto, Nashville, Los Angeles, Austin, Oklahoma City, and Dallas. And before we get too far into the conversation about our performance, I want to thank all our associates everywhere. They deserve all the credit.

Doug: This quarter I've been in stores and clubs in Johannesburg, Cape Town, Toronto, Nashville, Los Angeles, Austin, Oklahoma City and Dallas.

Doug: And before we get too far to the conversation about our performance I want to thank all our associates everywhere.

Doug: Deserve all the credit there.

Doug Mcmillon: They're managing the things we've always managed, while simultaneously building new capabilities and driving change. Here's what they're doing to drive our business. First, we're providing value. Low prices on quality merchandise are always important to our customers and members. Our combination of everyday low prices plus a large number of rollbacks is satisfying customers. During the holiday, we offered a basket of Easter items for a lower price than a year ago in the U.S. and Canada.

Doug: Theyre managing the things, we've always managed while simultaneously building new capabilities and driving change.

Doug: Here's what they're doing to drive our business first we're providing value low prices on quality merchandize are always important to our customers and members.

Doug: Our combination of everyday low prices plus a large number of rollbacks is resonating.

Doug: During the holiday, we offered a basket of Easter items with a lower price than a year ago in the U S and Canada.

Doug Mcmillon: Customers responded, and we saw strong sell-throughs. Our merchants are doing a great job, including managing inventory, where we finished down 2.7% globally. Second, we have the selection people are looking for. In the U.S., the number of marketplace sellers grew by 36% for the quarter, with a skew count now sitting at more than 420 million.

Doug: Customers responded and we saw strong sell throughs.

Doug: Our merchants are doing a great job, including managing inventory, where we finished down two 7% globally.

Doug: We have the selection people are looking for in the U S. The number of marketplace sellers grew by 36% for the quarter with a SKU count now sitting at more than $420 million in Mexico. The number of marketplace sellers grew by more than 50% with SKU count up nearly 80% more often our customers are finding what they're looking for when they shop, our app or site.

Doug Mcmillon: In Mexico, the number of marketplace sellers grew by more than 50%, with the skew count up nearly 80%. More often, our customers are finding what they're looking for when they shop on our app or site. E-commerce penetration is up in all our markets. Third, we're improving the experience of shopping with us. Our store remodels look good and are performing well. Plus, our curbside pickup and delivery capabilities are improving, as indicated by our customer experience metric. Globally, we completed nearly 70 remodels during the quarter, and we're on track to do more than 900 this year.

Doug: Ecommerce penetration is up in all our markets.

Doug: Third we're improving the experience of shopping with us our store Remodels look good and are performing well plus our curbside pickup and delivery capabilities are improving as indicated by our customer experience metrics.

Doug: Globally, we completed nearly 70 remodels during the quarter and we're on track to do more than 900 this year.

Doug Mcmillon: We're making it more convenient to shop with us, and our customers and members are rewarding us with growth as we save them time. We expect to continue to earn healthy levels of sales growth and simultaneously grow profit faster than sales this year, while managing our price gaps and investing in our associates at the same time. This quarter's results were driven by a combination of strong core performance and the growth of our newer businesses.

Doug: We're making it more convenient to shop with us and our customers and members are rewarding us with growth as we save them time.

Doug: We expect to continue to earn healthy levels of sales growth and simultaneously grow profit faster than sales this year, while managing our price gaps and investing in our associates at the same time. This quarters results were driven by a combination of strong core performance and the growth of our newer businesses as.

Doug Mcmillon: As it relates to the core, strong same-store sales growth combined with good inventory management resulted in strong profit flow-through, and our newer businesses, Advertising and Membership, were both up 24%. Today, we announce that we're expanding our data analytics and insights product, Walmart Luminate, into Mexico and Canada.

Doug: As it relates to the core strong same store sales growth combined with good inventory management resulted in strong profit flow through.

Doug: In our newer businesses advertising a membership were both up 24%.

Doug: Today, we announced that we're expanding our data analytics and insights product Walmart illuminate into Mexico and Canada.

Doug Mcmillon: Our technology team continues to deliver the innovation that helps us drive our business. We're bringing new experiences to life like generative AI-driven product search that helps our customers shop more intuitively. The team continues to build and improve the platforms for the marketplace and data that we're using across countries, and they're building and improving the operating system that enables us to create a more intelligent, flexible, and automated supply chain. The implementation of our automated storage and retrieval systems in our DCs and FCs is on track, and we're as enthusiastic about the impact of that work as we've ever been.

Doug: Our technology team continues to deliver the innovation that helps us drive our business, we're bringing new experiences to life like generative AI driven product search that helps our customers shop more intuitively.

Doug: The team continues to build and improve the platforms for marketplace and data that we're using across countries and their building and improving the operating system that enables us to create a more intelligent flexible and automated supply chain play.

Doug: The implementation of our automated storage and retrieval systems and our D season F. CS is on track and whereas enthusiastic about the impact of that work as we've ever been.

Doug Mcmillon: Turning to our segments, in Walmart U.S., we recently announced a new private brand in food called BetterGood. It's our largest food private brand release in 20 years. The brand focuses on today's trends and premium quality. But at the same time, 70% of Better Goods items are priced under $5. This is the type of quality and value that will resonate with customers across income spectrums. We have also introduced on-demand early morning delivery to customer doorsteps as early as 7am and as quickly as 30 minutes.

Doug: Turning to our segments in Walmart U S. We recently announced a new private brand in food called better goods, it's our largest food private brand release in 20 years. The brand focuses on today's trends and premium quality, but at the same time, 70% or better goods items are priced under $5.

Doug: This is the type of quality and value that will resonate with customers across income spectrums.

Doug: We also introduced on demand early morning delivery to customer doorsteps as early as seven a M and as quickly as 30 minutes.

Doug Mcmillon: Globally, same-day delivery is available from more than 6,500 locations. In Walmart US, over the last 12 months, 4.4 billion items were delivered same or next day, with about 20% of those delivered in under three hours. Delivery times are getting faster, and the cost of delivery is coming down at the same time. During the quarter, we made the necessary but difficult decision to close our U.S. health care clinics.

Globally same day delivery is available from more than 6500 locations.

Doug: In Walmart U S. Over the last 12 months $4 4 billion items were delivered same or next day with about 20% of those delivered in under three hours.

Doug: Delivery times are getting faster and the cost of delivery is coming down at the same time during.

Doug: During the quarter, we made the necessary, but difficult decision to close our U S health care clinics. There were a number of aspects that were going well and we really want to be part of the solution to improving health care in this country.

Doug Mcmillon: There were a number of aspects that were going well, and we really want to be part of the solution to improving health care in this country. But the reality is that, given reimbursement rates and costs to serve, we could no longer see a path to achieving an acceptable level of profitability, and we're committed to being disciplined with our investment. We're grateful to our associates that worked in this area. They did their part.

Doug: But the reality is that given reimbursement rates and cost to serve we could no longer see a path to achieving an acceptable level of profitability and we're committed to being disciplined with our investments.

Doug: We're grateful to our associates that worked in this area they did their part.

Doug Mcmillon: We'll continue to build our pharmacy and optical businesses, and we'll find ways for our pharmacists to help as they've done with immunizations and vaccinations. Earlier this week, we also shared decisions to eliminate some home office roles and reduce the amount of remote work. The vast majority of our home office associates have been back together in offices since we came back from the pandemic, and we want to see even more of that. Being in person is important.

Doug: We will continue to build our pharmacy and optical businesses and will find ways for our pharmacists to help as they've done with immunizations and vaccinations.

Doug: Earlier. This week, we also share decisions to eliminate some home office roles and reduce the amount of remote work.

Doug: The vast majority of our home office associates have been back together in offices since we came back from the pandemic and we want to see even more of that being in person is important our.

Doug Mcmillon: Our culture is stronger when we're together. We make decisions faster, we're more creative, and we help develop the next generation of talent. We'll continue to make changes to ensure we're best positioned to serve customers and support our store, club, and supply chain associates. Moving to Walmart International, we continue to deliver strong results with double-digit growth in sales and profit, boosting our company growth rate. Strength was broad-based, led by Wal-Mex, China, and Flipkart.

Doug: Our culture is stronger when we're together, we make decisions faster and more creative and we helped develop the next generation of talent.

Doug: We will continue to make changes to ensure we're best positioned to serve customers and support our store club and supply chain associates.

Doug: Moving to Walmart International we continue to deliver strong results with double digit growth in sales and profit lifting our company growth rates.

Strength was broad based led by wall, Max China and flip cart.

Doug Mcmillon: Results for the quarter included strong growth in e-commerce, led by store-fulfilled orders and the marketplace. We saw improved sales growth in general merchandise categories as we focused on celebrations across the world, like Chinese New Year, Easter, and Walmart Canada's 30th anniversary. Like the U.S., the international team is improving speed of delivery across markets. Same day delivery orders in India grew by over 150% in the quarter and are now available across 20 major cities.

Doug: <unk> for the quarter included strong growth in E Commerce led by store fulfilled orders and marketplace.

Doug: We saw improved sales growth in general merchandise categories as we focused on celebrations across the world like Chinese new year, Easter and Walmart, Canada, 30th anniversary.

Doug: Like the U S. The international team is improving speed of delivery across markets same day delivery orders in India grew by over 150% in the quarter and is now available across 20 major cities one hour delivery in China grew to 55 million orders as customers sought convenience during Chinese new year.

Doug: And in Chile, 60% of E. Commerce orders are delivered same day.

Doug Mcmillon: One hour delivery in China grew to 55 million orders as customers sought convenience during the Chinese New Year. And in Chile, 60% of e-commerce orders are delivered the same day. With Sam's Club US, it's exciting to see how the team is using computer vision to make it faster for members using Scan and Go to leave the building once they're done shopping. I'm referring to the computer vision and AI-powered exit technology that allows members to leave the club without having to stand in line to get their receipt checked that we announced at the Consumer Electronics Show in January. Since then, we've deployed it in about 20% of our clubs, and we're on track to have it in all U.S. clubs by year-end.

Doug: With Sam's club U S. It's exciting to see how the team is using computer vision to make it faster for members using scanning go to leave the building once they're done shopping.

Doug: I'm, referring to the computer vision and AI powered exit technology that allows members to leave the club without having to stand in line to get their receipt check that we announced at the consumer electronics show in January.

Doug: Since then we've deployed it in about 20% of our clubs and we're on track to have it in all U S clubs by year end.

Doug Mcmillon: In addition to this being better for members, the technology identifies more items than we could with our previous process. This is a great example of people-led, tech-powered solving for technology that benefits the member experience. It was a strong start to the year. We'll remain focused on improving customer and member experiences, being great merchants, building our newer businesses, and improving returns. With that, I'll hand it to John David to share more about the quarter and our outlook for the rest of the year. Thanks, Doug.

Doug: In addition to this being better for members the technology identifies more items than we could with our previous process.

Doug: This is a great example of people led tech powered solving for technology that benefits. The member experience. It was a strong start to the year, we will remain focused on improving customer and member experiences being great merchants building, our newer businesses and improving returns.

Speaker Change: With that I'll hand, it to John David to share more about the quarter and our outlook for the rest of the year.

Doug: Thanks, Doug.

John R. Furner: Our strong results this quarter clearly demonstrate our ability to deliver on our financial framework of growing operating income faster than sales. This quarter's results reflect strong execution from the team across virtually every aspect of our business. Share gains in improving MPS scores from our members and customers who are increasingly looking for value and convenience and the power of our Omni Retail Model. I'll discuss our quarterly results using our framework of growth, margins, and return.

John R. Furner: Our strong results this quarter clearly demonstrate our ability to deliver on our financial framework of growing operating income faster than sales.

John R. Furner: This quarter's results reflect strong execution from the team across virtually every aspect of our business share gains and improving NPS scores from our members and customers that are increasingly looking for value and convenience and the power of our omni retail model I will discuss our quarterly results using our framework of <unk>.

John R. Furner: Growth margins and returns.

John R. Furner: We experienced ongoing sell strength with all three operating segments outperforming our expectations. We're growing traffic and units, and our inventories are in excellent shape. We're on a multi-year journey to reshape our profit profile and operating income growth trajectory, and this quarter reflects the benefits of improved margins in our core retail operations, as well as contributions from business. We're investing in areas that have strong capital returns, like automation, store remodels, and digital tools and technology.

John R. Furner: We experienced ongoing sales strength with all three operating segments outperforming our expectations where.

John R. Furner: We're growing traffic and units and our inventories are in excellent shape.

John R. Furner: We're on a multi year journey to reshape our profit profile and operating income growth trajectory and this quarter reflects the benefits of improved margins in our core retail operations as well as contributions from business mix.

John R. Furner: We're investing in areas that have strong capital returns like automation store, Remodels and digital tools and technologies.

John R. Furner: Combined, these investments are widening our competitive advantages, providing us with levers to also invest in people and price while achieving our sales and margin objectives. Before I provide more color behind the strength of our financial results, I want to remind you that there is a supplemental presentation on our IR website with additional information beyond my remarks. In the first quarter, total net sales grew 5.7% on a constant currency basis, ahead of our guidance of 4 to 5% growth.

John R. Furner: Bind these investments are widening our competitive advantages, providing us levers to also invest in people and price, while achieving our sales and margin objectives.

John R. Furner: Before I provide more color behind the strength of our financial results I want to remind you that there is a supplemental presentation on our IR website with additional information beyond my remarks.

John R. Furner: First quarter total net sales grew five 7% on a constant currency basis ahead of our guidance of 4% to 5% growth.

John R. Furner: As a reminder, the leap year this year contributes approximately one point to our year-over-year sales growth. International led the enterprise with constant currency sales growth of 10.7%, reflecting strength in Wal-Mex, China, and Flipkart. Across markets, seasonal events were strong and were encouraged by early improvements in general merchandise sales. International e-commerce sales were up 19% as we continue to expand our capability. In Canada, the majority of our marketplace growth came from items serviced by Walmart Fulfillment Services. And in India, Flipkart's same-day delivery became available to millions more customers as they expanded the offering to 20 cities.

John R. Furner: As a reminder, the leap year this year contributes approximately one point to our year over year sales growth.

John R. Furner: International led the enterprise with constant currency sales growth of 10, 7%, reflecting strength in warm ex China and flip cart occur.

John R. Furner: Across markets seasonal events were strong and we're encouraged by early improvements in general merchandise sales.

John R. Furner: International ecommerce sales were up 19% as we continued to expand our capabilities in Canada. The majority of our marketplace growth came from items serviced by Walmart fulfillment services.

John R. Furner: And in India flip cart same day delivery became available to millions more customers as they expanded the offering to 20 cities.

John R. Furner: Walmart U.S. also delivered better-than-expected growth with comp sales up 3.8 percent, including strong e-commerce growth of 22 percent, led by store-fulfilled pickup and delivery, marketplace, and advertising. Traffic and sales growth were strong across both stores and digital channels, and we're pleased with the unit growth. We're seeing higher engagement across income cohorts, with upper income households continuing to account for the majority of the share gain. Sam's U.S. comp cells, X-Fuel, were also strong at 4.4%.

John R. Furner: Walmart U S also delivered better than expected growth with comp sales up three 8%, including strong e-commerce growth of 22% led by store fulfill pickup and delivery marketplace and advertising.

John R. Furner: Traffic and sales growth was strong across both stores and digital channels and we're pleased with the unit growth.

John R. Furner: We're seeing higher engagement across income cohorts with upper income households, continuing to account for the majority of the share gains.

John R. Furner: <unk> U S comp sales ex fuel were also strong at four 4% the.

John R. Furner: The SAMS team continues to make progress on quality and value with MembersMark, our private brand. The team is doing a great job of being on top of product trends with the brand. Members Mart drove high single-digit growth in Q1, and it's a growing reason why members join and renew alongside digitally enabled solutions such as Scan & Go and Curbside Pickup. Next to sales, gross profit growth was the key driver of upside in Q1. Consolidated Gross Margin expanded 42 Basis Points, led by Walmart US.

Sam's team continues to make progress on quality and value with members Mark our private brand <unk>.

John R. Furner: Team is doing a great job of being on top of product trends with the brand.

John R. Furner: Member's Mark drove high single digit growth in Q1 and is a growing reason why members join and renew alongside digitally enabled solutions such as scan and go in curbside pickup.

John R. Furner: Next for sales gross profit growth was the key driver of upside in Q1.

John R. Furner: Consolidated gross margin expanded 42 basis points led by Walmart U S.

John R. Furner: Across segments, we benefited from lower markdowns as a result of disciplined inventory management and favorable business mix, enabling strong margin flow through from selling. Consolidated Adjusted Operating Income grew 12.9% in constant currency, more than 700 basis points higher than our sales growth. This reflects better-than-expected sales growth and higher gross margins and membership income. This is partially offset by expense deleverage in our U.S. segments related to higher variable pay expenses from our app performance. Wal-Mart U.S. was the primary driver of outperformance, but all segments contributed to operating income growing faster than sales. Take a closer look at Margin.

John R. Furner: Across segments, we benefited from lower markdowns as a result of disciplined inventory management and favorable business mix, enabling strong margin flow through from cells.

John R. Furner: Consolidated adjusted operating income grew 12, 9% in constant currency more than 700 basis points higher than our sales growth.

John R. Furner: This reflects better than expected sales growth and higher gross margins and membership income.

John R. Furner: This was partially offset by expense deleverage in our U S segments related to higher variable pay expenses from our outperformance.

John R. Furner: Walmart U S was the primary driver of outperformance, but all segments contributed to operating income growing faster than sales.

John R. Furner: Taking a closer look at margins because.

John R. Furner: As we continue to work closely with our suppliers to lower costs, we're managing our Walmart U.S. pricing aligned to competitive price gaps, and customers are responding favorably, resulting in sustained sales growth and higher gross margins. Our price gaps to the retail market remain strong. Improved inventory management and favorable business mix allowed us to optimize our pricing on everyday essentials, and we're investing further in value within our private brand. Our rollback program is driving customer engagement and supporting our volume growth, with gross free rollback counts up 45% year-over-year in April.

John R. Furner: As we continue to work closely with our suppliers to lower costs, we're managing our Walmart U S pricing aligned to competitive price gaps and customers are responding favorably, resulting in sustained sales growth and higher gross margins are.

John R. Furner: Our price gaps to the retail market remains strong.

John R. Furner: Improved inventory management and favorable business mix allowed us to optimize our pricing on everyday essentials, and we're investing further in value within our private brands.

John R. Furner: A rollback program is driving customer engagement and support and our volume growth with grocery rollback counts up 45% year over year in April.

John R. Furner: Carrying forward the success we saw last year in our seasonal programs, we're using celebrations and festive events to reinforce our value proposition, and customers are responding. Chinese New Year, Valentine's Day, and Easter drove stronger sales across categories, including general merchandise.

John R. Furner: Carrying forward the success, we saw last year in our seasonal programs, we're using celebrations and festive events to reinforce our value proposition and customers are responding Chinese new year, Valentine's day, and Easter drove stronger sales across categories, including general merchandise.

John R. Furner: We're also working with suppliers to bring innovation to U.S. customers while leaning into our own private brands as sources of value, quality, and newness. As a result, we've continued to see strong momentum in private brand sales, with gross free penetration up 30 basis points in Q1. While private brand penetration is in the low 20s as a percent of sales, more than half of all customer grocery baskets over the last year have had a private brand in them.

John R. Furner: We're also working with suppliers to bring innovation to U S customers, while leaning into our own private brands as sources of value quality and newness.

John R. Furner: As a result, we've continued to see strong momentum in private brand sales with grocery penetration up 30 basis points in Q1.

John R. Furner: While private brand penetration is in the low twenties as a percent of sales more than half of all customer grocery baskets over the last year have had a private brand in them.

John R. Furner: Our inventory levels continue to come down, with Walmart U.S. declining about 4% and Sam's down nearly 5% at quarter-end, while we sustain strong sales and healthy in-stock rates. Having the right inventory in the right categories in the right places has allowed us to not only minimize markdown activity but also support higher in-stock levels with goods flowing more smoothly through distribution centers into stores. Importantly, the business is realizing efficiencies while both customer and associate MPS scores are rising.

John R. Furner: Our inventory levels continue to come down with Walmart U S declining about 4% and Sam's down nearly 5% in the quarter and while we sustained strong sales and healthy in stock rates.

John R. Furner: Having the right inventory in the right categories in the right places has allowed us to not only minimize markdown activity, but also support higher in stock levels with goods flowing more smoothly through distribution centers into stores importantly, the business is realizing efficiencies, while both customer and associate NPS scores are rising.

John R. Furner: Global e-commerce growth was 21% in Q1, and e-commerce losses continue to narrow, most notably in the U.S. net delivery cost per order improving nearly 40%. More customers are shopping with us more often, across more categories, moving us along the pathway of delivery density and transaction margins that give us clear visibility into profitability in this channel over time. However, many consumer pocketbooks are still stretched.

John R. Furner: Global E Commerce growth was 21% in Q1 and ecommerce losses continue to narrow most notably in the U S net delivery cost per order improving nearly 40%.

John R. Furner: More customers are shopping with us more often across more categories luminous along the pathway of delivery density and transaction margins that gives us clear visibility into profitability in this channel over time.

John R. Furner: Many consumer pocketbooks are still stretched and we see the effect of that in our business mix is they are spending more of their paychecks on non discretionary categories and less on general merchandise.

John R. Furner: And we see the effect of that in our business mix, as they're spending more of their paychecks on non-discretionary categories and less on general merchandise. This merchandise mix remains a headwind to margins, but it's consistent with our expectations. Our Walmart US team is executing strategies to improve general merchandise sales and increase the visibility of our growing e-commerce brand assortments in fashion, home, and electronics. We have the opportunity to grow general merchandise sales in stores with our first-party e-commerce assortment and especially with our marketplace. We were encouraged to see share gains in fashion, home, and hard lines in Q1. In addition, marketplace sales in categories such as furniture, sporting goods, kids' apparel, and home grew more than 20%.

John R. Furner: This merchandise mix remains a headwind to margins, but it is consistent with our expectations.

John R. Furner: Our Walmart U S team is executing strategies to improve general merchandize sales and to increase the visibility of our growing E Commerce brand Assortments and fashion home and electronics.

John R. Furner: We have the opportunity to grow general merchandise sales in stores with our first party ecommerce assortment and especially with our marketplace.

John R. Furner: We were encouraged to see share gains in fashion home and hard lines. In Q1. In addition marketplace sales in categories, such as furniture sporting goods kids' apparel and home grew more than 20%.

John R. Furner: In addition to sales growth and gross margin improvement, the reshaping of our profit composition is an exciting part of our strategy. We're enhancing capabilities and higher margin growth drivers, such as advertising, membership, marketplace, and fulfillment, and data analytics and insights, and seeing the corresponding improvement in our business. Global advertising grew 24%, led by 26% growth from Walmart Connect in the U.S., and international growth of 27%. Walmart's U.S. ad sales reflected more than 50% growth from marketplace sellers, while overall active advertiser counts increased nearly 19%.

John R. Furner: In addition to sales growth and gross margin improvement the reshaping of our profit composition is an exciting part of our strategy.

John R. Furner: We're enhancing capabilities and higher margin growth drivers, such as advertising membership marketplace, and fulfillment and data analytics and insights and seen the corresponding improvement in our business mix.

John R. Furner: Global advertising grew 24% led by 26% growth from Walmart connect in the U S and International's 27% growth.

John R. Furner: Walmart's U S AD sales reflected more than 50% growth from marketplace sellers, while overall active advertiser counts increased nearly 19%.

John R. Furner: Sam's ad business now has 30% more active advertisers versus last year. We're pleased with the trends in our membership programs around the world. Sam's Club U.S. reached another record high level for member counts and plus member penetration, resulting in membership income growth over 13 percent.

John R. Furner: Sam's AD business now has 30% more active advertisers versus last year.

John R. Furner: We're pleased with the trends in our membership programs around the world.

John R. Furner: <unk> Club U S reached another record high level for member counts in plus member penetration.

John R. Furner: <unk> and membership income growth over 13% Sam's China member Count grew 25% with increasing active in renewal rates. In addition, Walmart plus continue to grow double digits as members engage with us more frequently and spend more than other customers.

John R. Furner: Sam's China member count grew 25% with an increasing active and renewal rate. In addition, Walmart+ continues to grow double digits as members engage with us more frequently and spend more than other customers. For Marketplace, within International, all markets grew double digits, led by Flipkart and Walmex, reflecting the strength we're experiencing across markets. In the U.S., Walmart's Marketplace delivered strong results aided by 36% more sellers on our platform, with 28% of sellers using our Marketplace Fulfillment Service. To give you an example of the benefit of our Omni model, in April, we launched a new service enabling customers to order from an extended assortment of nearly 40,000 tires on our marketplace and have them installed at one of our 2,300 auto care centers and stores in the US.

For marketplace within international all markets grew double digits led by flip carton warm mix, reflecting the strength, we're experiencing across markets.

John R. Furner: In the U S. Walmart's marketplace delivered strong results aided by 36% more sellers on our platform with 28% of sellers using our marketplace fulfillment services to.

John R. Furner: To give you an example of the benefit of our omni model.

John R. Furner: In April we launched a new service, enabling customers to order from an extended assortment of nearly 40000 tires or in a marketplace and have them installed at one of our 2300 auto care centers and stores in the U S. It is a great example of how we're leveraging our unique omni capabilities to remove friction for customers.

John R. Furner: It's a great example of how we're leveraging our unique Omni capabilities to remove friction for customers. In data analytics and insights, Walmart Data Ventures continues to see strong demand from clients for its insights on consumer behavior and trends in our omni-channel operations. In Q1, this business doubled versus last year. In April, we announced a new self-serve integration to make it easier for supplier advertisers to combine Walmart Luminate's insights with Walmart Connect's closed-loop, omni-channel retail media solutions to help drive product, brand, and category sales.

John R. Furner: Within data analytics and insights Walmart data ventures continues to see strong demand from clients for their insights on consumer behavior and trends in our Omnichannel operations.

John R. Furner: In Q1, this business doubled versus last year.

In April we announced a new self served integration to make it easier for supplier advertisers to combine Walmart illuminates insights with Walmart connects closed loop Omnichannel retail media solutions to help drive product brand and category sales.

John R. Furner: This is the first time we're bringing these two solutions together, creating greater cohesion between both offerings and helping suppliers deliver more relevant shopping experiences for our customers. Beyond executing on our operating strategies, you're also seeing us take discipline from us to address areas of our business that have not performed as well. You should expect this discipline to continue, concentrating our efforts and capital on clear drivers of incremental value. This requires us to be bold enough to step back from areas that at one time were clear opportunities or were strategically or financially accretive but now have diminishing value. It was through this lens that we made the decision to close all 51 Walmart health centers, as Doug mentioned. Total business reorganization costs resulted in a charge of two cents per share in the first quarter.

This is the first time, we're bringing these two solutions together, creating greater cohesion between both offerings and helping suppliers deliver more relevant shopping experiences for our customers.

John R. Furner: Beyond executing on our operating strategies Youre also seen a discipline from us to address areas of our business that have not performed as well.

You should expect this discipline to continue concentrating our efforts and capital unclear drivers of incremental value.

John R. Furner: This requires us to be bold enough to step back from areas that at one time were clear opportunities are we're strategically or financially accretive, but now have diminishing value.

Speaker Change: It was through this lens that we made the decision to close all 51, Walmart health centers as Doug mentioned.

Speaker Change: Total business reorganization costs resulted in a charge of <unk> <unk> per share in the first quarter.

John R. Furner: Wrapping up Q1 results, below-the-line items reflected slightly higher interest expense on relatively flat net debt balances and a lower tax rate year-over-year based on changes in the fair value of our equity investment. Adjusted EPS of $0.60 per share compared favorably to our guidance of $0.49 to $0.52. Turning to Guidance. Our team is executing at a very high level. Q1 results exceeded our expectations for both sales and operating income growth. And while it might be a little much to expect every quarter to be this good, we feel really good about the performance, and it demonstrates how this business can perform when we're firing on all cylinders. Consumer economic conditions have been relatively consistent since the start of the year.

Speaker Change: Wrapping up Q1 results below the line items reflected slightly higher interest expense on relatively flat net debt balances and a lower tax rate year over year based on changes in the fair value of our equity investments.

Speaker Change: Adjusted EPS of <unk> 60 per share compared favorably to our guidance of 49 to 52.

Speaker Change: Turning to guidance.

Speaker Change: Our team is executing at a very high level.

Speaker Change: Q1 results exceeded our expectations for both sales and operating income growth.

Speaker Change: And while it might be a little much to expect every quarter to be this good we feel really good about the performance that demonstrates how this business can perform when we're firing on all cylinders.

Speaker Change: Consumer economic conditions have been relatively consistent since the start of the year.

John R. Furner: Many of the value-seeking behaviors we witnessed last year have continued, particularly around seasonal events. Our focus on providing customers with value and convenience is resonating, and we're gaining shares. That said, we're one quarter into a year that still has some degree of uncertainty, and we don't want to get ahead of ourselves. We currently expect Q2 sales to increase between 3.5 and 4.5% and operating income growth in line with that at roughly 3% to 4.5%. EPS is expected to be between $0.62 and $0.65 per share.

Speaker Change: Many of the value seeking behaviors, we witnessed last year have continued particularly around seasonal events.

Speaker Change: Our focus on providing customers with value and convenience is resonating and we're gaining share that.

That said, we're one quarter into a year. That's still has some degree of uncertainty and we don't want to get ahead of ourselves.

Speaker Change: We currently expect Q2 sales to increase between three five and four 5% and for operating income growth in line with that at roughly 3% to four 5%.

Speaker Change: EPS is expected to be between 62%.

Speaker Change: <unk> 65 per share.

John R. Furner: In Q2, we expect operating income growth to be impacted by the timing of tech and wage investment. Combining Q1 results with the midpoint of our Q2 guidance would suggest first half cells would grow nearly 5%, and operating income would grow about 8%. We feel really good about our start to the year, and our outlook for the second half is consistent with 90 days ago. Our Q1 results and the midpoint of our 2Q guidance suggest that we should be at the high end or even slightly above our sales and operating income guidance for the year. We'll revisit our full year guidance as we exit Q2.

Speaker Change: In Q2, we expect operating income growth to be impacted by timing of tech and wage investments.

Speaker Change: <unk> Q1 results with the midpoint of our Q2 guidance would suggest first half sales would grow nearly 5% and operating income would grow about 8% we.

Speaker Change: We feel really good about our start to the year and our outlook for the second half is consistent with 90 days ago.

Speaker Change: Our Q1 results and the midpoint of our <unk> guidance suggests that we should be at the high end or even slightly above our sales and operating income guidance for the year.

Speaker Change: We will revisit our full year guidance as we exit Q2.

John R. Furner: This is more aligned with our historic cadence of updates and consistent with the philosophy we have as a management team to recognize early momentum but also maintain prudence early in the year, given the macro uncertainty and so much of the year is still ahead of us. In closing, I'm extremely pleased with our results this quarter. They demonstrate what our team is capable of when we're laser focused on the member and customer, disciplined on cost, and leveraging the technology investments we've made. Profits are growing. Customer NPS scores are increasing, and we're running a great operation. We like our position. We like who we are.

Speaker Change: This is more aligned with our historic cadence of updates and consistent with the philosophy, we have as a management team to recognize early momentum but to also maintain prudence early in the year given the macro uncertainty and so much of the year is still ahead of us.

Speaker Change: In closing I'm extremely pleased with our results this quarter.

Speaker Change: They demonstrate what our team is capable of when we're laser focused on the member and customer disciplined on cost and leveraging the technology investments we've made.

Speaker Change: Profits are growing customer NPS scores are increasing and we're running a great operation.

Speaker Change: We like our position, we like who we are and we like where we're going we appreciate your interest in Walmart and are now ready to take your questions.

Operator: And we like where we're going. We appreciate your interest in Walmart and are now ready to take your questions. Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question today, please press star 1 on your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants who are using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker Change: Thank you at this time, we'll be conducting a question and answer session.

Speaker Change: If you would like to ask a question today. Please press star one from your telephone keypad.

Speaker Change: Permission total indicate your line is in the question queue.

Speaker Change: Can you May press star two if you'd like to remove your question from the queue.

Speaker Change: For participants today, using speaker equipment may be necessary to pick up your handset before pressing the star keys.

Operator: So that we may address questions from as many participants as possible, we ask that you please limit yourself to one question. One moment, please, for the first question. Thank you. Our first question comes from the line of Kate McShane with Goldman Sachs. Please proceed with your question. Good morning, everyone.

Speaker Change: So let me address questions from as many partners participants as possible. We ask you. Please limit yourself to one question.

Speaker Change: One moment. Please for the first question. Thank you.

Speaker Change: Our first question comes from the line of Kate Mcshane with Goldman Sachs. Please proceed with your question.

Doug Mcmillon: Thanks so much for taking our question. We wondered if you could talk a little bit more about what you saw with the lower end consumer throughout the quarter and how you think about their contribution to comp for the rest of the year, especially when it comes to general merchandise. First, I'd just like to say thanks to the entire team for what they did in the quarter and for the execution.

Katharine Amanda McShane: Good morning, everyone. Thanks, so much for taking our question.

Katharine Amanda McShane: Wondering if you could talk a little bit more about what you saw with the lower end consumer throughout the quarter and how you think about their contribution to comp for the rest of the year, especially when it comes to general merchandise.

Speaker Change: Thank you Jennifer and good morning, I'll start.

Speaker Change: Purchase like say, thanks to the entire team for what they did in the quarter and the execution, it's great to see so many of our associates, making such a difference and it's also been encouraging to see our store managers really focus on in store merchandising in the quarter, we saw big improvements all across the U S and that's that was really exciting.

Doug Mcmillon: It's great to see so many of our associates making such a difference, and it's also been encouraging to see our store managers really focus on in-store merchandising in the quarter. We saw big improvements all across the U.S., and that was really exciting. In terms of the consumer, it's been pretty consistent, I think the best word we would use is consistent spending across income groups.

Speaker Change: In terms of the consumer.

Doug Mcmillon: We've had more growth, as we mentioned in the earlier remarks, on the high-end consumer. That remains true. We're very focused on value, flexibility, and convenience, and that's working across income segments. It's great to be in a position where we have store conditions that we're proud of with growth. It's great to be in a position where our pickup business is growing, and then, as we mentioned, our delivery business has now exceeded our pickup business in size, and the run rate remains strong. So I think what we can say at this point is that things have been consistent. What is also helping us is in our food categories. Broadly across the store, we have almost 7,000 rollbacks.

Speaker Change: It's been pretty consistent I think is the best word we would use consistent spending across income groups. We've had more growth as we mentioned in the earlier remarks on the high end consumer that remains true, we're very focused on value flexibility and convenience and that's working across income segments. It's great to be in a position where we are.

Store conditions that we're proud of with growth, it's great to be in a position where our pickup business is growing and then as we've mentioned our delivery business has now exceeded our our pickup business in size in the run rate remains strong. So I think what we can say at this point as things had been consistent what is also helping us as is in our food categories and Paul broadly across.

Speaker Change: The store, we have almost 7000 rollbacks, that's really helping that in our food categories, we see an even larger spread.

Speaker Change: <unk> eating at home preparing meals at home and eating out, which we think can help walmart over the remainder of the year.

Speaker Change: Thank you.

Speaker Change: Thank you.

Doug Mcmillon: That's really helping that in our food categories, we see an even larger spread between eating at home, preparing meals at home, and eating out, which we think can help Walmart over the remainder of the year. Thank you. Thank you. Our next question is from the line of Simeon Gutmann, Morgan Stanley. Please proceed with your question. Good morning, everyone.

Speaker Change: Our next question is from the line of Simeon Gutman with Morgan Stanley. Please proceed with your question.

John R. Furner: I have one question. I'll make it in two parts. First, to diagnose the consumer, not raising the alarm yet, it sounds like you sort of want to, but there is something holding you back besides it is early in the year, but curious if there's anything on the consumer side.

Simeon Ari Gutman: Good morning, everyone.

Simeon Ari Gutman: I have one question I'll make it in two parts.

John R. Furner: And then the second part of this is how Doug has talked about doing both investing and then driving value today. And interestingly, in this environment, if you have the flexibility and even the desire to lean in even more, it looks like it could be a choppy year. So a bit of flexibility to continue to drive both, driving these impressive share gains and profit margin expansion while continuing to invest in the value proposition. Thanks. Let me start with the first part of the question, Simeon, and then hand it over to Doug for the second piece. On guidance, there's nothing to read into that.

Simeon Ari Gutman: First to diagnose the consumer not raising yet it sounds like you sort of want to but there is something holding you back. Besides it is early in the year, but curious if theres anything on the consumer side and then the second part of this is Doug has talked about doing both investing and then driving value today.

Simeon Ari Gutman: And curious in this environment, if you have the flexibility and even the desire to lean in even more it looks like it could be a choppy year.

Speaker Change: <unk> ability to continue to drive that do both driving these.

Speaker Change: Rest of share gain profit margin expansion, while continuing to invest in our value proposition.

Speaker Change: I'll start with the.

Speaker Change: First part of the question Simeon and then hand, it over to Doug for the second piece on guidance. There is nothing to read into that first like we feel really good about the performance in the first quarter.

John R. Furner: First, we feel really good about the performance in the first quarter. These are strong results across the board. We think it's prudent to be patient with this performance, and as we noted, we'd update at the end of the second quarter. I think we'd all agree that we're in far from a certain environment around the consumer.

Doug: These are strong results across the board.

Doug: We think it's prudent to be patient on this performance and as we noted we would update it at the end of the second quarter.

Speaker Change: I think we'd all agree that we're in far from a certain environment around the consumer it's the health of the consumer is something we read about every single day and given that we're one quarter into the year, we just want to be patient on this but that should not take away from our conviction.

John R. Furner: The health of the consumer is something we read about every single day, and given that we're one quarter into the year, we just want to be patient on this. But that should not take away from our conviction and the results and our team's ability to continue to execute, and in our strategy that's continuing to drive results. I mean, I think I'll be a bit repetitive with our previous conversations.

Speaker Change: And the results and our team's ability to continue to execute and in our strategy that's continuing to drive results here.

Simeon Ari Gutman: Simeon I think there'll be a bit repetitive with our previous conversations, but if you look back over the last few years, you'll remember that we've made price investments, we've made wage investments and for a while we've been telling you that we think we're in pretty good shape as it relates to that.

Doug Mcmillon: But if you look back over the last few years, you'll remember that we made price investments, we made wage investments, and for a while, we've been telling you that we think we're in pretty good shape as it relates to those. We use the term managing our price gaps deliberately because that's how we think about it. And if we do need to make further price investments to drive growth or to ensure those baskets are in good shape, we can do that. Investing in our associates is always part of our plan.

Simeon Ari Gutman: We use the term managing our price gaps deliberately because thats, how we think about it and if we do need to make further price investments to drive growth or to ensure those baskets are in good shape, we can do that.

Investing in our associates is always part of our plan. So I think you guys can expect that we'll continue to do it whats happening with business mix in this quarter in particular with inventory management puts us in a position where we do have even more flexibility to make a variety of choices and so we're doing that every week and every month as we manage our business through the quarter and through the year.

Doug Mcmillon: So I think you guys can expect that we'll continue to do that. What's happening with business mix and, this quarter, in particular, with inventory management puts us in a position where we do have even more flexibility to make a variety of choices. And so we do that every week and every month as we manage our business through the quarter and through the year.

Doug Mcmillon: Our next question comes from the line of Robby Oams with Bank of America. Please proceed with your question. Oh, hey, good morning. And thanks for taking my one question.

Speaker Change: Our next question comes from the line of Robbie <unk> with Bank of America. Please proceed with your question.

Doug Mcmillon: You know, my question is that during the commentary, you guys talked about deflation in both general merchandise and food and consumables. And then you talked about, you know, rollbacks and April being up 45%. And then you also talked about, you know, gross margin strength in the Walmart U.S. business. Can you help us think about that going forward? Should we, are you, and how are you doing that?

Robbie: Oh, Hey, good morning, and thanks for taking my one question my.

Robbie: My question is that during the commentary.

Speaker Change: And John David You guys talked about deflation in both general merchandise.

Speaker Change: And in food and consumables and then you talked about rollbacks in April being up 45% and then you also talked about gross margin strength in the Walmart U S business can you help us.

Speaker Change: Think about that going forward should we are you and how are you doing that is it really just the advertising digital advertising in marketplace fulfillment and all those things are helping the gross margin so much that it's more than offsetting gross margin.

Doug Mcmillon: Is it really just the advertising, digital advertising, and marketplace fulfillment and all those things helping the gross margin so much that it's more than offsetting the gross margin weakness, you know, core gross margin weakness, you know, maybe help us think about how to think about that going forward? Robby. This is Doug Oglefirst.

Doug: Core gross margin weakness, maybe help us think about how to think about that going forward and Ravi. This is Doug I'll go first as it relates to gross margin, we're having a conversation inside the company about the fact that the composition of its changing and we don't want to confuse people about what's happening. We are built our purpose is to help people save money and live better.

Doug Mcmillon: As it relates to gross margin, we're having a conversation inside the company about the fact that its composition is changing, and we don't want to confuse people about what's happening. We are built, and our purpose is to help people save money and live better. And we'll manage our merchandise margins like we always have and make sure that we're providing value. But as we report gross margin, it does reflect newer businesses that are helping us mix things up.

Speaker Change: And we'll manage our merchandise margin like we always have and make sure that we're providing value, but as we report gross margin. It does reflect newer businesses that are helping us mixed things up and so we're using terms inside the company like our merchandise our product margins as distinguished from gross margins. So maybe John David as we think about our future reporting we should help.

Doug Mcmillon: And so we're using terms inside the company, like merchandise or product margins, as distinguished from gross margins. So maybe, John David, as we think about our future reporting, we should help kind of clarify that a bit so that people don't have the wrong perception that gross margins are going up as a result of price. They're not. If you look at rollbacks, for example, as John mentioned, in the U.S., as we mentioned earlier this morning, we're seeing a lot of rollbacks. Suppliers participate in a majority of those, but not all of them.

Speaker Change: Kind of clarify that a bit so that people don't have the wrong perception that gross margins are going up as a result of price they're not if you look at Rollbacks for example, as John mentioned in the U S and as we mentioned earlier this morning.

Speaker Change: We're seeing a lot of rollbacks suppliers participate in a majority of those but not all of them, we're going to lead on price and we're going to manage our margins and we're going to be the the Walmart that we've always been but it is also great news that the business mix is changing which just does change gross margin performance.

Doug Mcmillon: We're going to lead on price, and we're going to manage our margins, and we're going to be the Walmart that we've always been. But it's also great news that the business mix is changing, which does affect gross margin performance. Yeah. Robby, there are maybe three points that I'd make in response to your question.

Speaker Change: Ravi, there's maybe three points that I'd make and.

Speaker Change: In response to your question. The first is that overall inflation level for the business was up about 40 basis points for the quarter. That's half the rate of increase that we saw last year, So where we're driving this revenue growth through more units or more.

John R. Furner: The first point is that the overall inflation level for the business was up about 40 basis points for the quarter. That's half the rate of increase that we saw last year. So we're driving this revenue growth through more units and more foot traffic in stores, and we feel really good about that. And it's in the stores that we're just becoming more relevant with consumers. So that's the first point.

Speaker Change: Foot traffic in stores and feel really good about that.

Speaker Change: Stores that were just becoming more relevant with consumers. So that's the first 0.2nd point around gross margins as we've mentioned several times that inventory is in a much better place one of the consequences of results of that as we see a lot less markdowns in our business and so that drove some of the improvement.

John R. Furner: Second point around gross margins is that we've mentioned several times that inventory is in a much better place. One of the consequences or results of that is that we see a lot fewer markdowns in our business. And so that drove some of the improvement in the first quarter.

Speaker Change: In the first quarter, the third point and the one that I would want to emphasize the most here.

John R. Furner: The third point, and the one that I'd want to emphasize the most here, if you look at the composition of our operating income improvement year over year, roughly $900 million, about a third of that came from our newer businesses like advertising, membership, and data ventures. And we're quite excited about that. But combined with that, we're seeing improved e-commerce loss. And one of the things that I focus a lot on in our business is, what is the incremental profit from that additional revenue that we have each year?

Speaker Change: You look at the composition of our operating income improvement year over year, roughly $900 million about a third of that came from our newer businesses like advertising membership data ventures, and we're quite excited about that but combined with that we're seeing improved ecommerce losses and <unk>.

Speaker Change: One of the things that I focus a lot on in our business is what is what is the incremental profit from that additional revenue that we have each year, so incremental margins and if you just.

John R. Furner: So incremental margins. And if you just focused on our e-commerce business, in this last quarter, the incremental margins around that business were 12 and a half percent. So think about that. Roughly three times our overall margin.

Speaker Change: <unk> focused on our e-commerce business in this last quarter, the incremental margins around that business were 12, 5% so thinking about that roughly three times, our overall margin.

John R. Furner: There's not, to me, a more compelling data point that supports the strategy that we have and our execution around that. And importantly, how that's changing the margin profile of our business going forward. That sounds great.

Speaker Change: To me a more compelling data point that supports the strategy that we have in our execution around that and importantly, how that's changing the margin profile of our business going forward.

Speaker Change: That sounds great. Thank you.

Doug Mcmillon: Thank you. Our next question is from the line of Michael Lasser with UBS. Please proceed with your question. Good morning. Thank you so much for taking the time to answer my question. As hard as it is to mention, how would you break down the factors that are driving Walmart's business that are related to its actions and strategies versus those factors that are more of a function of the environment, such as high inflation and a moderating labor market?

Speaker Change: Our next question is from the line of Michael Lasser with UBS. Please proceed with your question.

Doug Mcmillon: What two or three metrics is Walmart monitoring to internally gauge this? Obviously, the point of the question is trying to understand not only the sustainability of the performance if the macro does get better, but also the prospect that the outperformance could expand if the environment weakens.

Michael Lasser: Good morning. Thank you so much for taking my question.

Speaker Change: As hard as it is to dimension.

Michael Lasser: Can you break down the factors that are driving walmart's business that are related to actions in strategy versus those factors that are more of a function of the environment, such as high inflation and a moderating labor market, what two or three metrics is Walmart monitoring to internally gains.

Speaker Change: Obviously the point of the question is trying to understand not only the sustainability of the performance.

Speaker Change: The macro does get better but also the prospect that the outperformance could expand if the environment weakened. Thank you so much probably ignore the external environment more than you do.

Doug Mcmillon: Thank you so much. Michael, I probably ignore the external environment more than you do. I mean, we are focused on what we're doing and how we earn business with customers and members. And if you look at what's happened, we've been known for price forever, but we're increasingly known for convenience. So whether the environment is inflationary or deflationary, whether customers have more money or less money, if we're doing a good job on the items and prices and the service we provide, saving them money with pickup and delivery, for example, we can continue to grow share.

Speaker Change: We are focused on what we're doing and how we earn business with customers and members and if you look at what's happened we've been known for price forever, but we're increasingly known for convenience.

Speaker Change: So whether the environment is inflationary or deflationary, whether customers have more money or less money. If we were doing a good job on the items and prices and the service, we provide saving them money with pickup and delivery. For example, we can continue to grow share, so where where merchants at the core and we've added through the technological changes that we've made in our service chain.

Doug Mcmillon: So we're merchants at the core, and we've added, through the technological changes that we've made and the service changes that we've made, a dimension to the business that's driving that growth. I don't know what the future looks like in terms of what pricing is gonna look like, a year out, two years out, and I don't really worry about that very much. I worry about our own execution. There is not much to add there. But I think that the results this quarter are really a reflection of execution across the team.

Speaker Change: <unk> that we've made a dimension of the business that's driving that growth.

Speaker Change: I don't know what the future looks like in terms of what pricing is going to look like a year out two years out and I don't really worry about that very much I worry about our own execution.

John R. Furner: We're laser focused on the things that matter most to our customers. And one data point that I'd share, just in the US business, and John might want to chime in on this, but you know, Michael, we grade ourselves by a perfect order. And what a perfect order is for us is when you come to our virtual store online. Do you find the things that you want? Do we have to replace those?

Speaker Change: Not much to add there, but I think the results. This quarter are really a reflection of execution across the team.

Speaker Change: We're laser focused on the things that matter most to our customers and one data point that I would share just in the U S business and John might want to chime in on this but you know Michael that we grade ourselves by a perfect order and what a perfect order is for US is when you come to our virtual store online do you find the things that you want do we.

Speaker Change: Have to replace those as it delivered when we say it will be delivered.

John R. Furner: Is it delivered when we say it will be delivered? Year over year, in the first quarter, we saw an almost 900 basis point improvement in our perfect order scores. To me, that's a great example of how the team is continuing to execute, and this is how it is responding with customers. Hey, Michael. Good morning. It's John.

Year over year in the first quarter, we saw an almost 900 basis point improvement in our perfect order scores to me. That's a great example of how the team is continuing to execute and this is this is resonating with customers.

John R. Furner: I'd say something similar to what Doug said. We're always focused on value. And over the last few years, we've been talking about flexibility and the ability to be convenient, whether a customer wants to shop at the counter, at the curb, or delivery. And it's been exciting to see in just these last few months that delivery is now exceeding the other channels, which is great, which gives the customer a lot of options. And then the number that Doug mentioned earlier, 4.4 billion units delivered same day, next day, is exciting, and it's growing quickly. And as he also mentioned, about 20% of that is sub three hours.

Speaker Change: Hey, Michael Good morning, it's John.

Speaker Change: I'd say, what some something somewhere to what Doug said, we're always focused on value and over the last few years, we've been talking about flexibility and the ability to be convenient whether a customer wants to shop at the counter at the curb or delivery and it's been exciting to see just these last few months that deliveries now exceeding.

Speaker Change: The other channels, which which is great which gives the customer a lot of Optionality and then the number that.

Doug: Doug mentioned earlier $4 4 billion units delivered same day next day is exciting and it's growing quickly in and as he also mentioned about 20% of that is sub three hours and we've expanded that service earlier in the morning later at night, So we're becoming even more convenient for for individuals for shoppers and families in a in terms of been able to serve all of their needs.

John R. Furner: And we've expanded that service earlier in the morning and later at night. So we're becoming even more convenient for individuals, for shoppers, and families in terms of being able to serve all of their needs. Those underlying input metrics we're focused on around the world in our SAMHSA U.S. Business Center International, and the commonality between the strategies, first-party e-commerce, marketplace, advertising, and membership, causes us to increasingly be thinking about the same things as we build these new businesses. Yeah, I mean, I would just add, you know, you look in Chile. It's probably a market that's had the least amount of growth; the economy has been tough there.

Speaker Change: <unk>.

Speaker Change: Those underlying input metrics, we're focused on around the world and our Sams U S business and in international and the commonality between the strategies first party ecommerce marketplace advertising membership causes us to increasingly be thinking about the same thing as we build these new businesses.

John R. Furner: As we focused on input metrics like NPS in stock, our price perception, price gap, market share, if you focus on those things when the economy starts to recover, the business lifts with it. And while we're doing that, you're also getting in and making sure that you're building out more sustainable businesses around e-commerce. So over 60% of our e-commerce orders are fulfilled the same day in Chile now. So I think we have shown that we can prosper and thrive in kind of multiple different versions of how the economy plays out across the world.

Speaker Change: Yeah, I mean, I would just add in like you know you're located in Chile is probably a market that had the least amount of growth. The economy has been tough there as we focused on input metrics like M. P. S in stock.

Speaker Change: Our price perception price got market share if you focus on those things when the economy starts to recover the business lives with it.

Speaker Change: We're doing that Youre also getting in and making sure that you're building out.

Speaker Change: More sustainable.

Speaker Change: Businesses around e-commerce, so I have a 60% of our ecommerce orders the same day in Chile now so.

Speaker Change: We have shown that we can prosper and thrive in kind of multiple different versions of it of how the economy plays out across the world and I think during this time as we are focused on building out our e-commerce omni business way of being more and more relevant to consumers in different markets I.

Speaker Change: I think for Sam's club.

Speaker Change: It's very similar to <unk>, we had a really balanced set of results and Sam's club.

John: And as John mentioned, it's all in the hands of the associates and the hardware that they did but.

Speaker Change: The value proposition is really resonating with the club model, it's great items at great value, we will never reliant on that and members of thanking us for it so.

Speaker Change: Membership membership is an all time high plus membership is at 54% of our member base right now and it's up 330 basis points in the year why because we're focusing on the things that really matter deepening digital engagement with our members.

John R. Furner: And I think during this time, as we're focused on building out our e-commerce omni-business, we're becoming more and more relevant to consumers in different markets. (Inaudible) Why? Because we're focusing on the things that really matter, deepening digital engagement with our members, 18% e-commerce growth, and a third of our members are using scan and go now, which is really exciting. We're enhancing our member value proposition constantly; prices are part of it, but value is an important component too. I think you've all heard that we've got 120 of our clubs today that have got the new exit technology that's powered by AI and computer vision.

Speaker Change: 18% e-commerce growth in the third of our members are using scanning go now which is really exciting we are enhancing our member value proposition constantly prices is part of it but value is an important component too I think you've all heard that we've got 120 of our stores are all clubs today that have got the news.

Speaker Change: Exit technology, that's powered by AI and computer vision, that's really exciting and then member's Mark which is our own brand is really setting the bar for quality as well as values now over a third of our sales and we are seeing really strong participation in the quarter. So people just won't really great items that really drive volume week, just continues to get from them.

John R. Furner: That's really exciting. Then Members mark, which is our own brand, is really setting the bar for quality as well as value. It's now over a third of our sales, and we are seeing really strong participation in the quarter. So people just want really great items at really great value, and we just continue to give them that. Thank you. Our next question is from the line of Krisztina Katai with Deutsche Bank. Please receive your question.

Speaker Change: Thank you.

Speaker Change: Our next question is from the line of Cristina <unk> with Deutsche Bank. Please proceed with your question.

Kathryn J. McLay: Hi Kath, good morning and congratulations on a great quarter. So Kath, I wanted to ask you about international opportunities in particular. The performance was really strong; I think you put up your best operating margin in six years. So can you talk about the sort of the main drivers behind the improvement, just how you're thinking about the international EBIT structure on a go forward basis as you have alternative value streams that are ramping up, e-commerce contribution is improving, and all regions are posting very strong top line growth.

Speaker Change: Hi, good morning, and congrats on a great quarter or so.

Cristina: I wanted to ask you on international opportunities in particular.

Speaker Change: <unk> was really strong I think you put up your best operating margin over six years. So can you talk about sort of the main drivers behind the improved land just how youre thinking about international EBIT structure on a go forward basis. As you have alternative value streams that are ramping ecommerce contribution is <unk> all regions posting very.

Speaker Change: <unk> top line growth and I just wanted to ask if there's anything you can share regarding third party contribution how has that changed relative to the acquisition as we've been reading reports that one point, you're ramping up for an IPO. Thank you yeah. Thanks for the question and there's quite a few components to that.

Kathryn J. McLay: And then I just wanted to ask if there's anything you can share regarding Flipkart's contribution, how has that changed relative to the acquisition, as you know, we've been reading reports that at one point you're ramping up for an IPO. Thank you. Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A Q&A [inaudible] As we look at then at e-com across the globe, I probably call out China. I know I've called out the China market before, but really strong growth in Sam's Club. And that business is almost 50-50 offline and online.

Kathryn J. McLay: And while we're doing that, I think this quarter, our bottom line grew faster than our top line in Sam's Club. So really good strength because they've worked out a model of dark stores that give them access to a larger addressable area of the market and allow them to deliver really, really efficiently. So our e-com omnibusiness is growing in a sustainable way. And then, as you talk about Flipkart, I think the things that we've seen with Flipkart that we really like are, as their business has grown, we've seen Mintra get to EBITDA positive for the last two quarters. We've seen a growth in some premiumization, and all of that is lifting the profile of the Flipkart business. And so they're on track to the growth trajectory that we had them on.

Kathryn J. McLay: And we are looking and exploring when would be the right time to IPO that business. But now there's strong growth in Flipkart and in PhonePe, and we're excited about the India market. Thank you. Our next question is from the line of Oliver Chen with TD Cowen.

John R. Furner: Please proceed with your question. Hi, thank you. Within general merchandise, what categories are you most excited about? What do you see happening with innovation opportunities and or opportunities for improvement?

John R. Furner: And as we think about general merchandise as well, the intersection of artificial intelligence, large language models, and also really changing the way consumers think about shopping, just what's on your mind, or enhancing that, and embracing the marketplace as you've been doing to continue to elevate the brand. Thank you. General merchandise is a really core part of all of our businesses, and it's something in Sam's Club that we're really excited about. We have brands that are extreme values, and we feel really good about that. And we've got the Members Mark, where we have incredible value and quality.

Speaker Change: Try and take them.

John R. Furner: And what we're seeing is that members are opting into us as a brand and renewing membership with us because we offer such high quality at such high value. So what we're seeing is that people are continuing to opt into us. Our units are running ahead of our sales on general merchandise because of the value. So we feel really bullish. If you think about apparel, jewelry, home, hard lines, auto, consumer electronics, we're seeing really strong unit growth in there. And it's because of value and it's because of innovation.

Speaker Change: In chunks first of all I want to recognize all of our associates in international for the extraordinary strong result that we've been able to deliver over the last.

John R. Furner: So we remain really bullish on that space. Hey, Oliver. It's John.

John R. Furner: Good morning. I'd like to talk about a couple of things at GM. And I think I'd first start with e-commerce. The strong performance at 22% growth is very helpful.

John R. Furner: We've picked up momentum in the marketplace. Really, really pleased to see a number, a really large number of new sellers come on board, and assortments well north of 400 million. And we spend a lot of time talking about our customer experience score, which starts at the top of the funnel, and then we work our way all the way down the conversion. And as John and David mentioned earlier, one of the components is perfect order.

John R. Furner: And as you look through the results, it's exciting to see more customers shopping more often, particularly in the marketplace. And then the categories that are really strong that are standing out are apparel and fashion online. I'm really excited about what's happening in men's and women's and kids' apparel. We've seen growth there. And then our hard lines business has been strong over the quarter. It was helpful in the quarter to have Easter on Easter Monday and strong weather in March.

Doug Mcmillon: That gave us a strong early start. And these businesses we call omni-services, like tire installation, as we mentioned earlier, having your prescription ready by ordering online, or cake decorating, these are all great services that are relatively unique to Walmart to be able to enable those from a digital standpoint all the way through the store and then deliver them to people's homes. So I really am excited about the convenience and the expansion and variety that we're offering.

Doug Mcmillon: Oliver, we've punched below our weight on general merchandise, specifically in apparel and home, for a really long time, maybe forever. And I think the progress that we're seeing now is driven by the in-store remodels and in e-commerce. The marketplace is a great opportunity, but 1P will be important too. So we've now got tools that we can use to grow the general merchandise business that we didn't have before. As it relates to the other part of your question, I think the thing worth mentioning is the progress we're seeing in search.

Doug Mcmillon: I'm really excited about solution-oriented search and this migration that many of us are on to try and create a personal assistant so that we can be more anticipatory, save people more time, and help them with solutions more than our previous search capability could do. So I think that AI is going to be on a maturity curve from now until the end of time, and generative AI has helped us step change that, and I expect that that improvement will continue.

Doug Mcmillon: Thank you. Best regards. Our next question is from the line of Seth Sigman with Barclays. Please proceed with your question. Hey, good morning, everyone. I wanted to focus on operating expenses and think about the investments planned for this year. If I recall, there was a first half waiting in the guidance originally.

John R. Furner: I know some of that was a year-over-year dynamic. Any update on how to think about that and more specifically to the second quarter? It looks like you set up guidance very similarly to how you set up Q1.

John R. Furner: I'm just curious, is there anything different about the opportunity in Q2? In other words, could there be a bigger step up in spending or anything else that may limit the flow-through that we were able to see here? Thanks. Sure, Seth, happy to take the question. This is John David. So when we gave guidance at the beginning of the year, in last quarter's call, we talked about the first half of the year, we'd likely see sales would outpace operating income. Maybe that's unlikely now with this result in the first quarter, but we did have some planned investments in the second quarter related to some technology investments. We've also got a little higher depreciation year over year.

John R. Furner: In terms of the opportunity in the second quarter relative to the first quarter, there are a couple of things I wanna call out in the first quarter that likely would not repeat themselves, but I don't wanna take away from the team's strong performance. The first of those is just strong seasonal events in the first in international that helped us. And we also lapped a LIFO charge last year at Sam's, which contributed to some of the operating income growth. These are likely not to repeat themselves, but so the possibility for outperformance in 2Q may be less than what it was in the first quarter.

Speaker Change: Period.

John R. Furner: That said, I don't wanna take away the headline here, and we feel really good about how the team is operating. We feel really good about what the year holds for us and the opportunity to outperform the guidance that we've given. Thanks very much. Our next question is from the line of Kelly Abana with BMO Capital Markets. Please just use your question. Hi, good morning. Thanks for taking our questions. I wanted to just go back to business mix, I guess, with the continued strong growth in the marketplace, I guess, when you look at the performance of general merchandise and Walmart US, that marketplace sales would obviously skew higher towards those discretionary categories. You noted the 420 million skews there.

Speaker Change: You're right. It is a really strong result on top line was up $10 seven Bottomline Op, Inc. Was up 27% now I would like to call out that that's not.

John R. Furner: So I guess the question is, is the impact of 3P marketplace growth at all starting to cannibalize, maybe in a good way, the general merchandise comps that you provide, or would the performance of general merchandise be stronger if you looked at it more holistically from a total GMB standpoint? Let me start on this, and others may want to jump in. So first of all, as you think about the mix of our business, we've continued to have a headwind as consumer wallets have been stretched.

John R. Furner: And for us, that resulted in about a 100 basis point shift away from general merchandise to other categories of our business in the first quarter. We expect that to continue or some magnitude of that for the balance of the year. But to me, the real story here around general merchandise is the progress that we're making in our marketplace. And so while general merchandise is, call it roughly flat, there are categories like pets and beauty where the growth in the marketplace is in excess of 30%. There are other categories, like furniture and sporting goods, that are in excess of 20%.

Doug Mcmillon: And I think this shows that customers are coming to us thinking of us very differently than what they have in the past. And it's also an indication of how and where we're gaining share in our business. So general merchandise, being able to offer third-party assortment is giving our customers a lot more options than what they've had in the past. General Merchandise Mix was impacted by food inflation to a degree, you know, when food shot up to mid-double digits, there were a lot of customers that had their paycheck allocated that direction, and now that food pricing has calmed down some, and we've got rollbacks happening in food, and you've got a deflationary situation with GM, you've got the opportunity, given elasticity, to grow more units, which we're doing, and the fact that we're growing share feels good.

Doug Mcmillon: So I don't get too caught up, Kelly, on whether the sales come through stores, clubs, first party, or marketplace. We just want to have what people are looking for, and we'll manage the mix on the other end of it in a way that generates more profitability, which is what you're seeing in this quarter. Thank you. Our next question is from the line of Paul Leshway with Citi.

John R. Furner: I'm pleased to see you with your question. Hey, thank you guys. You mentioned that within Walmart U.S. that your share gains were led by higher-income households. I believe. Curious how you define that, what percent of your customer base the higher-income households comprise, and how you're targeting that consumer.

John R. Furner: And also curious, how has that consumer's engagement with Walmart changed? Thanks. Yeah, this is John David. I'll start. So we define where we stratify the income groups roughly as $50,000 and below, $50,000 to $100,000, and then $100,000 and above.

John R. Furner: And as a general rule, our customer base breaks down about a third in each group. And so in terms of what we're doing to be more attractive to that higher-income household, I think this is the real story or the word we've been using here is convenience. We are not just a play for value anymore. We talked about the number of units that we shipped in the last 12 months, which is on par with any e-commerce player in the world. That shows that customers are coming to us, and we're a consideration where we haven't been before. And convenience matters to someone irrespective of what your paycheck is, irrespective of what your income level is.

John R. Furner: And we expect that to be durable. We don't expect that to change. John, David, I just added that it's also been encouraging to see the improvements in fresh food. We've definitely experienced benefits from improvements in quality. The supply chain's gotten tighter. Many of you have seen the work we're doing in the supply chain. But produce has been really exciting to see the progress over the last couple years.

John R. Furner: I'm really excited, Doug. What you mentioned earlier is better goods as being a way to sell better quality, better taste profiles, and at values that really matter. Seventy percent of the items under $5 are exciting. That appeals to all income groups.

John R. Furner: The same sort of quality improvements are coming through in the meat department. And you can see that in the types of items and categories that we're selling in-store and those in pickup and delivery. And in the delivery business, where we are stronger with higher-income consumers, that's where we've seen a lot of growth.

John R. Furner: And so if you're trying to feed a family of four or five or six and prices in restaurants have gone up and in Walmart, and it's beginning to come down, and we're really proud of the rollbacks, I think our value message is strong. And having the ability to deliver flexibly is going to work out really well for us. We're not trying to chase higher income cohort sales.

Doug Mcmillon: We just offer value. If you look at what's happened historically, people with higher incomes have shopped at Walmart. They're just selective in the categories that they buy and the items that they buy. So if we offer them the right items at the right prices, whether that's in-store, first party, or marketplace, they'll respond to that. And so, as we've been able to expand our assortment online, we can appeal to more people. And then you layer on the convenience dimension, and you get a good outcome. Thank you guys, good luck. Our next question is from the line of Chuck Graham with Gordon Haskett. Please proceed with your question. Yeah, thanks. Good morning. Congratulations on a really great quarter.

John R. Furner: Just wondering if you can discuss trends you're seeing within general merchandise between smaller ticket, shorter replacement items versus higher ticket, longer replacement items, and if any shifts in spending within the categories reflect anything about whether the consumer's making any incremental changes in their discretionary spending. And, as a quick follow-up, just curious if there was any deviation or big change in trend throughout the quarter by month.

Speaker Change: That's that's kind of extraordinary there were some one offs that went into Q1 Op, Inc, which arent repeatable, but we are holding to the ratio of <unk>.

John R. Furner: Thank you. Morning, it's John. I think the best way to describe consumers is that they have been remarkably consistent over the last couple of years. The mix has changed, but it hasn't changed that much.

John R. Furner: We've seen growth in both brands and private brands. We have seen a wide range of price points selling in the quarter. March was a strong month given Easter was in the month. We had leap year in February, which also helped to make it stronger.

John R. Furner: So the phasing of the quarter wasn't all that surprising. It was strong in February, strong again in March, and the weather was favorable in March, although a little bit colder. And then April was softer without Easter in it, but we walked out of the quarter into the month of May with similar trends that we've been seeing. So the phasing of the quarter wasn't all that different than we expected. I think I think you should look, you know, look forward to the consistent consumer. Our inventory is in good shape.

John R. Furner: Our merchants, we said this a few minutes ago, they have the ability to mix out, they're managing their price gaps in value, they're managing their margins, their markdowns have been lower due to stronger inventory management, a little bit of improvement. This year in shrinkage from private from the previous years, we've been going up for the last three years. And it's good to see that it is starting to come down in some places in the country.

John R. Furner: And we'll manage the mix on the backside. Thank you. Our next question is from the line of Rupesh Parikh with Oppenheimer.

John R. Furner: But we'll mix this out. Our merchant team has done this for a while. And in any situation with the consumer, we want to focus on value and be there for them.

John R. Furner: Please proceed with my question. Good morning, and thanks for taking my question. Also, congrats on a nice quarter. So just going back to the commentary on Walmart+, it sounds like it's growing double digits.

John R. Furner: As we look at the backdrop out there for membership and subscriptions, you're clearly seeing a more crowded landscape. So just want to get a sense of how you guys feel about the value proposition today and then further opportunities to differentiate Walmart+ going forward. I am pleased with the progress in Walmart+. It is an important part of what we do, and it is a great way for customers to save time and save money by joining Walmart+. You get access to unlimited deliveries, which is great. And I talk to a lot of people all the time that use it all the time.

John R. Furner: It's also been important for us to improve the perfect order, as we mentioned earlier. We launched Walmart+ in 2020 at a time when the supply chain was difficult. And so the continued momentum and improvements and being able to fulfill customers' orders with what they ordered, when they ordered, has been important. But again, it's an important part of what we do. We think it's a great solution for customers, and it's been exciting to see the progress.

John R. Furner: Great, thank you. Our next question is from the line of Greg Mellick with Evercore ISI. Please proceed with your question. Thanks. I'd like to pivot a bit back to the top line. And I think you said inflation was 40 bps in the quarter.

John R. Furner: If you look at your guidance for the rest of the year, do you expect it to settle at that kind of low level or even fall further? We expect it to be relatively close to what we saw in the current quarter. You know, it's a mix across the baskets. We've seen general merchandise be more deflationary, but consumables and food are hovering slightly above flat to up.

Speaker Change: Bottom line growing faster than top line. So we see strength in international particularly in the way that we are attaining up as kind of more of an ecosystem. So if you look in wall Max while we have grown that traditional.

John R. Furner: So we generally expect it to be at this level. Thank you. Thank you. At this time, we've reached the end of the question and answer session, and I'll turn the call over to Doug McMillan for closing remarks. Thank you all for joining the call. Again, thanks to our associates for a really strong quarter. When I think about the headlines in the quarter, what goes through my mind first is first the e-commerce growth.

Speaker Change: Business.

Speaker Change: We've been looking at how we make sure we are relevant to consumers in areas like where we had consumers that couldn't engage with US online we've been able to provide a service that enables them to get digital connectivity and what that means is that we now have different revenue streams coming in I think we have over 13 million customers have engaged with.

Speaker Change: On <unk>, which is our digital connectivity, whereas we've sold and I and number of health memberships.

The composition of that business as well as having our Kashi financial services looks different and that is helping drive the different kind of economics and more richer Op Inc.

Speaker Change: As we look at then at <unk>.

Speaker Change: e-commerce across the globe I'd, probably call out China, I know I've called out the China market that fall, but really strong growth in Sam's club and that business is almost 50, 50 offline and online and while we're doing that I think this quarter al Bottomline grew faster than our top line in Sam's club, so really good strength because.

Speaker Change: I've worked at a model of dark stores that give them access to a.

Speaker Change: Larger addressable area of the market and allow them to deliver really really efficiently.

Our E comm omni business is growing in a sustainable way and then as you talk about flip Cod I think the things that we've seen.

Speaker Change: With flip cart that we really like is as the business has grind with St Minster I'd get to EBIT positive for the last two quarters, we've seen a growth in some premium amortization and all of that is lifting kind of that the profile of that flip cap business.

Speaker Change: And so when they.

They are on track to the growth trajectory that we had them on and you know we are looking and exploring when would be the right time to IPO of that business, but nowadays that the strong growth in flip cart and info in PE and we're excited about the India market.

Speaker Change: Thank you.

Speaker Change: Our next question is from the line of Oliver Chen with TD Cowen. Please proceed with your question.

Speaker Change: Alright, Thank you within general merchandise what categories are you. Most excited about what do you see happening with innovation opportunities and door opportunities for improvement and as we think about general merchandise as well the intersection of artificial intelligence large language models also.

Speaker Change: We are changing the way consumers think about shopping just what's on your mind or enhancing.

Speaker Change: And the embracing of the marketplace as <unk> been doing to continue to elevate the brand. Thank you.

Speaker Change: General merchandise, aged is a really co par of of all of our businesses and it's something that in Sam's clubs that we're really excited about we have brands that are extreme value and we feel really good about that and we've got members, Mark where we have incredible value and and quality.

Speaker Change: And what we're seeing is that members are opting into OS.

Speaker Change: As a brand and renewing membership with us because we offer such high quality at such high value. So what we're seeing is that people are continuing to opt into as our units are running ahead of our sales on general merchandise because of the value. So we are we.

Speaker Change: We feel really bullish you'd think about apparel jewelry home hotlines auto.

Speaker Change: Consumer electronics, we're seeing really strong unit growth in that and it's just painful H because of value and it's because of innovation. So we remain really bullish in that space.

Jon: Hey, Oliver it's Jon Good morning, I'd like to talk about a couple of things and GM and I think I'd first start with ecommerce is the strong performance at 22% growth as is very helpful. We picked up momentum in the marketplace really really pleased to see a number a really large number of new sellers come onboard in and assortments, well over well north of $400 million and we spent a lot of time.

Speaker Change: And talking about our customer experience score, which starts with the top of the funnel and then we work our wall away all the way down the conversion and then as John David mentioned earlier, one of the components is perfect order and as you look through results, it's exciting to see more customers shopping more often and particularly in the marketplace and then the categories that are really strong the understanding out as <unk>.

Speaker Change: Marilyn fashion online and I'm really excited about what's happening in men's and women's and kids' apparel, we've seen growth there and then a hard lines business has a has been strong over the quarter. It was it was helpful. In the quarter to have Easter early and strong weather in March that gave us a strong early start and these these are businesses, we call omni services like tire and.

Speaker Change: Installation as we mentioned earlier.

Speaker Change: Having your prescription ready by ordering online or cake decorating. These are all great services that are relatively unique to walmart to be able to enable those from a digital standpoint, all the way through the store and then delivered to People's homes. So I really am excited about the convenience and the expansion in the assortment that we're offering.

Oliver Chen: Oliver we punch below our weight on general merchandise, specifically in apparel and home for a really long time, maybe forever and I think the progress that we're seeing now is driven by the in store Remodels.

John R. Furner: I think the progress we're making on convenience for customers is a big deal, and that's happening through our store fulfillment as well as through fulfillment centers. The marketplace is growing, and that brings along with it growth in advertising and membership.

Oliver Chen: And in ecommerce the marketplace is a great opportunity, but one P. It'll be important to so we've now got tools that we can use to grow the general merchandize business that we didn't have before as it relates to the other part of your question I think the the thing worth mentioning is the progress we're seeing in search I'm really excited about a solution oriented search in this migration that many of us Rhonda.

Oliver Chen: Create a personal assistant so that we can be in more anticipatory say people more time and help them with solutions more than what our previous search capability could do so I think that's going to be on a maturity curve from now until the end of the end of time in generative AI has helped us step change that and I expect that that improvement will continue.

Oliver Chen: Yeah.

Speaker Change: Thank you best regards.

Speaker Change: Yes.

Doug Mcmillon: It was great to see both of those up 24 percent. The second headline is related to really good inventory management, and the third headline is related to pricing. I think the number of rollbacks that we have and the value that we're offering to customers and members is resonating, and those really set this quarter apart. Big picture, our thinking is the same as it has been. We're going to be able to grow sales because we're positioned to serve people how they want to be served. We're going to grow profit faster than sales because of our business mix, and we're going to be able to grow returns as we make the right capital investments.

Speaker Change: Our next question is from the line of Seth Sigman with Barclays. Please proceed with your question.

Seth Ian Sigman: Hey, good morning, everyone I wanted to focus on operating expenses and thinking about the investments planned for this year. If I recall there was a first half weighting in the guidance. Originally I know some of that was a year over year dynamic any update on how to think about that in more specific to the second quarter. It.

Speaker Change: It looks like you're set up guidance very similar to how you set up Q1 I'm. Just curious is there anything different about the opportunity in Q2 in other words could there be a bigger step up in spending or anything else that may limit the flow through that we were able to see here.

Speaker Change: Sure Seth happy to take the question. This is John David.

Doug Mcmillon: So we'll be really consistent as it relates to that throughout the year, and we appreciate your time and attention. Thank you. This concludes today's conference. You may disconnect your lines at this time.

Operator: Thank you for your participation. See you in chat and... We're here. It's eight o'clock. I made it. Okay. Let me get this all set up.

Operator: Hi Ashley. Hi Kim. Hi Kyla.

Operator: How are y'all doing tonight on this fine evening? It's not been a fine day. It's been a really horrible weather day. Have y'all been in any horrible weather situations?

Operator: Your power's out, and we are in a hot, hot mess, and more of a hot mess than I am in every day if I had no power right now. Hey, Sherry. Hi, Connie. Hi, Lisa.

Operator: Hi, go, hi. [inaudible] Hi. [inaudible] Oh no, it takes me a second to get all situated. Hi. Hi, Sarah. Hi, Melissa. Y'all, what is going on? We're gonna have a real chill time tonight. It's been... really felt like a Monday for sure. Hi Leanne. Hi Ludi.

Operator: Thank you. I do look so cute. I'm telling y'all. I need to navigate literally Walmart, literally Walmart, even my shoes.

Operator: Thank you for joining us today. I'm going to go ahead and end it there. If you have any questions, please type them in the chat box, and we can get back to you during the next webinar.

Speaker Change: So when we gave guidance at the beginning of the year in last quarter's call. We talked about the first half of the year, we'd likely see that sales would outpace operating income.

Operator: [inaudible] But these pajamas, let's see if I can click on this, if you didn't get them on my story, if you did not. What are you waiting on? Let's go ahead and just pull those up. You can get them right now because they are $6.45.

Operator: Thank you for coming. All right. Thank you. Bye. Thank you. Bye, bye. Bye. Bye. Bye. Bye. Malfunctioning Barbie. Be Watchful... Okay, so I'm in the small, and I would say they're probably pretty true to size.

Operator: I'm out. Hold on. Hold on. They were $6 way past their salaries.

Operator: Let me see if I can get y'all, [inaudible] This is where they give me the bottoms are like a jogger, have that like the elastic of the ankle, they get tighter, then there's kind of loops throughout, um, have this little tie I have tucked in mine, but I also got them in The Paint, the solid paint, which I'm pretty sure all the solid paints are sold But they're like super buttery soft. I love the ribbed material, and if I was at the job, Like, I could never walk by these and not grab them. Sorry, it's not an easily movable chair.

Operator: All right. You got them for $6.48! Oh, praise God. A lot of y'all did.

Operator: Do they know it? Oh, well, if you didn't buy one of my stories, you missed the boat, honey bunches, because they're now back up to $14.98. It's fine that I paid $14.98 for these, but it wasn't until I looked up fees to share with y'all that I was like, oh my god, I got ripped off, and y'all are getting a deal

Operator: Oh, they're chilled out. Oh, and your size is on all sides. Medium. If you're a medium girl, hop on it. Hibernate.

Operator: Hi Carol. Okay. So yeah, these come in this pink leopard print, and they come in a regular gray leopard.

Operator: I think, yeah. Yeah, and y'all can navigate to the, I do believe, and that green is real cute, and you also got green, or do I have to know, yay? 14.

John R. Furner: Maybe that's unlikely now with this results in the first quarter, but we did have some planned investment in the second quarter related to some technology investments. We've also got a little higher depreciation year over year in terms of the opportunity in the second quarter relative to the first quarter. There were a couple of things I want to call out in the first quarter that <unk>.

Operator: [inaudible] Insights, whatever you call them. So yes, grab these. I'm going to go ahead and move on to the next because some of y'all are probably a little sick of those already. I got a size small. I would say they're a pretty true size.

Operator: I'm going to see if I can share these. These, however, Yep, here they are. Okay. These pajamas that you've seen in my last two reels... [inaudible] are the same material, same brand, same, except they're not ribbed. Same material as the soft, stretchy ones. These aren't ribbed, but they're the same brand. Absolutely adorable. I got the medium in these because these buttoned-down shirts tend to run a little short, not necessarily small, but short.

Operator: And I like some links on it. Connected. I was sized up to a medium, and I'm glad I was.

Operator: A small would fit me, but I prefer medium, if that makes sense. This is the shirt, and the bottoms, they also have these, and a long sleeve. Yes, Joyce Bunn. Yes, Christy, they do have an address.

Operator: Yes. In the end, I might be able to go and like navigate to the other styles in this pattern, but they also have a cherry. Look how cute! Look how cute! It's like a little... I mean, it's kind of like this.

Operator: This is cuter in my opinion, but I love that. Super cute. Okay. So yeah, Joy Phone, Walmart, pajamas, you can't go wrong buying any of them. They're all wonderful.

Operator: Remember I got the pumpkin pie ones for Thanksgiving. Love those. All right, it's my thing. I'm now collecting these for like every holiday. I'm going to have me a valentine. Hopefully, they'll come out with a leprechaun.

Operator: What else? Easter bunnies. All right. So we got the... I left my racket over there.

Operator: We do it a little differently tonight. Okay. Next, what I would really love to see, I'm doing all of them.

Operator: It's fine. Something that would be great to pair with those pajamas that I just shared. You guys, this is under $20, and it is.

Operator: That same material. I think I share something from Walmart in this material. Every Life that we all love.

Operator: This little cardigan. Can you see the texture on the screen? Plus. Super, super soft, and the material that you could wear with your pajamas if you have the short sleeve version. Some people are like real...

Operator: Cutting my hair out. If you are hot-natured and you prefer to sleep in a..., short pajamas that you want that you're cold, like before you go to bed. That's super cute. So it's just a little cardigan with the pocket, and it's like you're just sitting in your blanket. Literally like a blanket.

Operator: Yes, yes, yes, yes, so cozy, and it comes in, Why? Red, like a red, pink, what do I call it? Pink. And yeah, under 20.

Operator: So, love, love, love this. I'm going to take it off because I get real hot with these lights and showing all this to y'all. Next up, let's see. [inaudible] So, this top I shared. Several weeks back, maybe like a month or two ago, you loved it.

Operator: It's fine. As long as y'all are here, all right. So yeah, there's that. And again, under 20, these are all great deals.

Operator: So I found it, or I thought I found it and another one. Let's see. Let me just tell you that you can't get this one. The purple is gone. Um, but it's a lot like the, [inaudible] A little bit different stitching, but I meant to bring that one in here. It's in my other, um, love love love that splitter if it's true to size. I'm pretty sure I got a medium in this one, but I want to say I got a small in that one.

Operator: Anyway, all of these just mix. Stitch sweaters are amazing. And you can dress them down with leggings and just chill, or you can totally dress them up with a bunch of jewelry, boots, a fur coat and make them super cute.

Operator: Let's see if it will show me on here. I think most colors are showing out there. Ow, it's killing me. It's telling me it's having technical issues.

Operator: There we go. Yeah, so if you happen to be in Excel, looks like that's in stock. Yeah, so I love that. It was one of my favorites, and it was one of my top sellers for like two weeks.

John R. Furner: Likely would not repeat themselves, but I don't want to take away from the teams strong performance.

Operator: We'll see you next time. Did I get any of those? I get so messed up when this stuff gets out of stock, and I have this whole plan, and then it's gone. Okay, here's this one. Okay, so... Purple, on the topic of purple, Subject, Topic, This cardigan is adorable. I love the pastel purple. And while it is not this one, this is the closest they have.

Operator: So my store had this; I immediately got it and the pink one because I mean, how cute, and they said they don't sell this item online. So this is the closest I could find. Time and true, time and true. This one's just a little bit more sheer. Yeah, I guess it's not gonna keep you quite as warm.

Operator: It's gonna be more of like a for looks, for style. But basically, the same colors and it also comes in. The pink one, like this one, I sized up to a medium in these just because I like more of an oversized fit for my sweaters, but the small would have fit.

Operator: So it's just, again, personal preference, however you like your items to fit you. And then it also comes in black. [inaudible] All right, let's do a poll and see the last two favorites. I wish we could do one of these in the storehouse. Oh, I actually wouldn't be cool. People would be staring.

Operator: Oh, the pajamas. Knew it. You cannot go wrong. You cannot go wrong with those.

John R. Furner: The first of those is just strong seasonal events in the first in international that helped us.

Operator: All right. Next up, we have... Okay, if you like the pink color. I have got you just a little bit of a different style. So this is basically like that cardigan, but it goes all the way down, and it's a dress. How cute is that? So I guess it depends on where you live, but you could take this into the spring. If you live in a little bit of a colder climate, you can throw on your denim jacket and call it Easter, or you can wear it with your.

Operator: Tall boots and Be A Winter. Pink Snow Queen, which is how I plan to wear it. But it comes in this really pretty teal color, the pink color. [inaudible] Are y'all still here? I hope so. My mind just went blank. Ms. Irwin, who decides? Yes. So I tried this one, and it... Like I said, I guess my shoe size is more like a small now, and it fit me well.

Operator: It's not going to be loose. It's going to be more like a fitted dress. Thank you for joining us today. Have a great day. Are y'all still here? Can someone just raise a hand? Do the hearts need it?

Operator: Okay, you're here. Okay. I don't know why mine went black, and it's like completely gone.

John R. Furner: And we also lapped a LIFO charge last year at Sam's, which contributed to some of the operating income growth those are likely not to repeat themselves but.

John R. Furner: So the possibility for outperformance in <unk> may be less than what it was in the first quarter that said I don't want to take away the headline here and we feel really good about how the team is operating feel really good about what the year holds for us and the opportunity to outperform the guidance that we've given.

Operator: Okay, I know a lot of y'all are here for today's OOTD, which is this supercharged pink puffer. I can't get it. You guys. Is this not the best?

Operator: It's freaking pink. I love, love, love, love, love, love it. So the one that I had from the other retailer that y'all love has been sold out. I actually think this is a prettier piece. It's like a mirror, it's bright, but it's not as deep.

Operator: It's so, so pretty. I think it's not your thing. It comes in. The sea turtle, which I love a good green.

Operator: Black and White. And I love the black stitching on the white. Is that not adorbs? So cute with black leggings and you're black and white on cloud. Love it, but of course, pink is my fave. It comes in extra small through 3X, and I believe it's fully stocked in all sizes, and obviously, you can see that the paint is a lot brighter than what it shows.

Operator: It's not like a, that's like a fuchsia what's shown online. And this is like a hot bubblegum. It's good. It's good, y'all. Love, love, love it. And it's also not gonna be super short. It's not like a cropped vest. I wouldn't say it's super long.

Operator: I mean, if you saw it on me today, you'll know, but... Next, please, about where it comes from. So here, this is a small, it's got pockets, the pockets are actually, fleece lined, so you're gonna stay nice and cozy. Um, and I burnt. I'm burned up all day wearing this. Now, my office does stay a little hot, but I love it. It's got the little neck thing, it's got the hood, which I utilized this morning. It was down pouring, absolutely monsooning.

Operator: It's a hood for me. Good question, Tammy. [inaudible] Yes, Tammy, the hood is removable.

Operator: Yes, girl. I got you. Yay! Oh, that's cute! So, like, if you like, like, the less bulky... Upper on your neck, left.

Operator: Oh, lord, I've been exposed some tracks now. Oh, if you know, you know. Bleh. Okay. Yes, I am in the small. I would say it's true to size, and then I've also got these little cinch things you want to like cinch your waist in.

Operator: Time for other items at Universal Affairs. (inaudible) The names are going up, if you know, you know. I tried to hide them with a headband.

Operator: We're shining over here. Okay. Has everyone added to the class?

Operator: Okay, moving on. Okay, this got here today. I was hoping it would get here on time.

Operator: This pink waffle shacket. Y'all, if it's waffle, I want it. Whether that be food or clothing, I love a waffle. So you can wear these in so many different ways.

Operator: Unbuttoned with the tank, buttoned. Button with a vest and a denim jacket. This is just like a good staple piece to have in your closet. Can y'all see this? It keeps blocking me.

Operator: Okay, and I did size up, so I got the medium and, Let's have a little trial and stash tonight, aren't we? We usually don't have stuff that I can like... Put on as much as I did tonight, but it also comes in green, maybe, and Beige. I love a good beige. It goes with everything. I need an assistant to come unbutton all my stuff and hang all my stuff so I don't have these awkward pauses. All right. Am I taking too long?

Speaker Change: Okay. Thanks very much.

Operator: Should I be doing this? So, you can see... It's got booty coverage! See how the hem gets like a high-low? So it covers your booty. No need to worry about that. It probably covers this situation too, but I'd be a little bit more leery about all that.

Operator: But for sure, for sure, your booty. Or maybe it's because I don't have my booty anymore. If you know, you know. So. There you go, this is the medium, and something like this. I definitely would want the medium.

Operator: I would not want the size down to be small. I would not like the way that that fits just for this particular style. So, Size up if you like. The Waffle Mitt. I love it. And it's not super heavy. It's not super light.

Operator: I would say it's about a medium, medium weight, but these are so nice because they go with leggings, jeans, um, really any kind of bottom, so then you can dress them up or dress them down with your shoe. Whatever shoe you decide. Mm-hmm, yes. I was just going to be depressing.

Speaker Change: Our next question is from the line of Kelly Bania with BMO capital markets. Please proceed with your question.

Operator: I don't know if this one's in stock, but... I know, it's in stock in some people's sizes. If you are one at... Today is your lucky day.

Operator: I think 1X, 2X, 3X, it's all in stock. The pink one. Same for the pink, 1X, 2X, 3X. (inaudible) I got the medium, and I would say it. I would say I could fit in this. So if that gives you any help on sizing, this is how the medium looks. Um, this one will fit. This can be more of like an oversized cover your booty fit versus like a shorter, more fitted sweater. But the sleeves are nice.

Operator: The land sleeves. I love a good blend sleeve, and it's got the heart all over it. I knew it wouldn't work. I knew it wouldn't last, but I had to get it because, I mean, cute and then [inaudible] Looks like 2X and 3X are that one as well. [inaudible] Hey, grab it up, girl. Grab it up if that is you because that is a dwarf, and 20 bucks can't beat it.

Operator: [inaudible] Okay. This is more of a... Sorry, I'm getting sidetracked. [inaudible] This is like a little more casual option. I love everything.

Operator: How do you say it? Avia? Avia? It's Walmart's main athletic brand.

Operator: Great, great. This is just kind of like a little purple-y. More of a fitted, this is kind of like a spandex material. You'll see. Spandex material; it has thumb holes on the arms.

Operator: Um, it's got the little Snatch thingies, I guess if you wanted to. I don't buy this stuff to work out, and I buy this stuff to look like I work out. I love it though, like, just chillin', mom uniform, yeah, um, but yeah, there's no pockets. It's just like a normal top. Nothing too special about it, but it's nice to just have something to grab and go and throw on that doesn't take much effort or fault. That is so cute. So, it comes in this color, a gray, to that one, we pray. Courses.

Speaker Change: Hi, good morning, Thanks for taking our questions.

Operator: Look how pretty. What is that, peri? Like a periwinkle?

Operator: Love that. Maybe you can find it in your local store or The Gray. I didn't even check the size of the availability.

Operator: Okay, so here's this. I have another little kind of out leisure set to share. This hall has been a lot of kind of like, "Chil." Chill thing. That's what we're all doing at the beginning of the year, right?

Operator: So, I'm trying to make it. Alright, so here's the chat. This is just a little basic hoodie and pant outfit. Now they're not, they're sold separately, so they have the joggers and the Coordinating Hoodie. This material isn't Spandex, but it's not.

Kelly Ann Bania: I wanted to just go back to business mix I guess with the continued.

Operator: A hundred percent. Cut. I do not. But it's like super soft, super, super soft, and the inside is fleece-lined, so whatever kind of soft, minimal stretch material on the outside, fleece on the inside, and I love a matching set.

Operator: I mean, you can't get it wrong. It comes in black and gray. Can I look at your sign? Anne Maroon, Merlot, but the pink and black are my faves, and I got this small. These look a little big.

Operator: I've not tried these on yet. I was actually going to wear this today, but then I was like, no, I'm wearing that. Wearing that vest because I need the hood and the water repellent because it was horrible, um, but these are again like a jogger style, and jogger styles are always bigger. They're not fitted like leggings.

Operator: So, but I like the little design on. The booty kind of has that little piece of trim, anything to help. Right. So yeah, it's got a little pocket. Simple as that.

Kelly Ann Bania: Strong growth in marketplace I guess.

Speaker Change: When you look at the performance of general merchandise and in Walmart U S.

Speaker Change: That marketplace sales would obviously skew higher towards those discretionary categories. You noted the 420 million Skus there.

Speaker Change: So I guess the question is is the impact of three P marketplace growth.

Speaker Change: That all starting to cannibalize, maybe in a good way that general merchandise comps that you provide in <unk>.

Speaker Change: Or would the performance of general merchandise is stronger if you looked at it more holistically from a total GMB standpoint.

Operator: Let me navigate over to the pan. It washes SAM. SAM has this, you guys, and it washes well. Thank you, SAM, very good, and so we always need to know how to wash, and this joist bun stuff washes great as well as my Christmas pajamas. All right.

Speaker Change: Let me start on this and others may want to jump in so first of all as you think about the mix of our business. We've continued to have a headwind as consumer walls have been stretched and for US. That's that's resulted in about 100 basis point shift away from general merchandise to other categories of our business in.

Operator: My Joy-Spun Christmas pajamas that I got in every Christmas pattern. They've all watched. Great. What am I doing? Sorry. Here we go. Here's the pan.

Operator: Fuchsia Burst. So yeah, let me just show you. If anyone is still pondering the VAS, the difference in color to see how like bubble gummy hot this is freaking love. It's almost like my headband, and this is more of like your traditional fuchsia. This is why the vest looks fuchsia-ish in the online picture. Jessica says it runs bigger on the bottom than your size on top.

Operator: Okay, well, that would make sense then. And actually, did I put... did the black set I was wearing today, is AthleticWorks. I think that's on here. Let me go ahead and... Yes. Okay. So this is also the black stuff at home today is also athletic work. However, it's about half the price, and that's because I'll go get it.

Operator: It's over here in a pile because I wore it today and stripped it right off, but this one is going to be more of your traditional gilded sweatshirt material. When you order a sweatshirt that has a company name on it, that is what this is. The ones that I just shared are more of a luxury, like a soft key, like a step up. And that's why they're a little bit more expensive, but they're of higher quality.

Operator: So, love them both, but what tipped me off on this was... I had the small in these as well, and First off, you know me buying smalls on my, but when I put these on and they were like big and batty, I'm like, well, dang, I need the extra small tail must be freezing over, um, so I would size down in the joggers. [inaudible] Yes, yes, they're all saying that. Yeah, size down, and, like I don't know, a good pair of joggers is always good to have.

Operator: I don't love them like this, This wouldn't be my first pick, I would go for a true legging, but this is super comfy today and pairing it with that vest was... That's just the cutest little casual fit. All right, let me click on the shirt. I think this is cheaper than a Chick-fil-A number one.

Operator: So skip lunch tomorrow and buy yourself a shirt. That one's pretty. Another pair, oh, I'll just talk about them. That periwinkle blue is really pretty. The traditional grey is really pretty too.

Operator: We all need like a grey, a staple grey piece. [inaudible] Next up, do I have a next up? I threw some shoes in here. I don't have them, but you always obsess over my sneakers, while these are not the ones. Let's see. We did not take those.

Operator: Leningrad, I have So, well, let me navigate to them. If y'all can see this, I have this pair. Don't get excited; you can't get that pair. But you can get the sister pair that looks like this. And let me get them. Grab them. I think. Maybe like my first live performance I ever did. Maybe I shared these on, and I was like, they're fully stacked. I would buy them because they ain't gonna last.

Operator: And they didn't last. I've kind of turned them into my own golden gear because they're a little dirty. But they don't come dirty; they come very clean.

Operator: And I made them, I inevitably made them dirty. But yeah, a great pair of shoes. Love these. I wear them all the time. But if you know, you know, I'd... I'm trying to wear shoes that I can link now, so I just got some new ones, but these are available, and they are 2 to 5.

Operator: If you are a size 6, 7, 8, 9, 10, or 11, they are in stock. All right, most wanted item. Let's see what that's going to be for this life. Am I supposed to do that?

Operator: I'm definitely in pajama mode. Well, I'll be. The basic sweatshirt wins.

Operator: Today's OOTD. This is the best part. Okay, sorry. Kathy, good job, girl.

Operator: She bought the leopard shoes when I first shared them with you. I'm telling you, these things do not last. You've got to get them before the rest of the world finds out about them. And that's when we can't get our hands on any.

Operator: All right, and then these shoes are more of a dressier pair. I thought they were pretty for Valentine's Day at work if you're wearing like black slacks and needed like a little shoe to pop out the pink heart of your sweater that you're wearing. These are cute. They're 20 bucks. They're on sale. You'll save $12 from what they were back at Christmas time.

Operator: They also come in black. I love the toe as well. It's not pointy, not round, but it's kind of like, What is the name of the coffin? The coffin shape? It's trendy. It's trendy, you guys. Super cute.

Operator: Thank you. Thank you. Thank you. Red. How are we all ever red? Well... After Valentine's Day, I get over read, but I'm more of a pink Valentine's girl. All right, Regina, pink leggings, can you share again, wide leg? They are not white flags. They are joggers.

Operator: [inaudible] Yes, did you get the Walmart one? I wonder if I can. It's hold on hold on. We're going to go out of the little lineup here. If you did not get yesterday's Leopard, Leopard Cardigan, get it now. 1298.

Operator: Looks like it's available in every size, yeah. Let me go get it in case you missed me yesterday. I had this on yesterday. And yes, I hung it back. (inaudible) Call me dirty. Where's Karen?

Speaker Change: The first quarter, we expect that to continue or some magnitude of that for the balance of the year, but to me. The real story here around general merchandise is the progress that we're making in our marketplace and so while general merchandise is call. It roughly flat there are categories like pets, and beauty, where does the growth in the marketplace.

Operator: But I didn't. Thanks. Here it is. It's so cute, and this is the medium because I actually bought this months ago.

Operator: And I thought Valentine's would be a perfect time to wear it. And it fits fine. I think the small would fit too.

Operator: So, yeah, it's just kind of like here. Average Oversized Fit, but adorable, and it looks just like the picture. Absolutely adorable. I think the other... Patterns are mostly sold out. That one's kind of cute, that one's kind of cute, pink plaid. Oh, and it comes in a gray leopard, too, if you're not, like, annoyed. I love stuff like this.

Operator: [inaudible] It's not everything, but it's shoes. Cardigans. All right. Let me go find those pajamas real quick just because I said that I would. They are joy, and fun. Thank you for joining me. Bye. What would you call those?

Operator: I have the black one; I have the basic long-sleeved shirt. You have the basic long-sleeve shirt in pink. Refresh me. I'm not... The ribbed one, the No Boundaries one, because I wore the No Boundaries rib paint with this yesterday. Yes, yes, yesterday's tank top. Let me just pull it right off, and this is a great option because this is like less than a large diet coke and you can get all the colors and just have them stapled for all your cardigans. Yep, 298.

Operator: Here it is. But that's it. That was right. The paint that I wore is sold out. But see if you can add it to your cart and pick it up at your local store.

Operator: The color I wore yesterday is called, You know this one, San Sergente. Sam Sam Pink, it looks like it's out of stock online, but you might be able to get it at the cart for local pickup and $298. Come on. Great, y'all, and I also have the tan, the black, the green, and I have the brown.

Operator: I have a bunch of colors. They're great. Hmm. Girl, I'm gonna have to, I'm gonna have to look that up myself because I don't know what to do. [inaudible] What size are you going to take? I buy large in those because they are a juniors brand, so No Boundaries is a juniors brand, so it runs a little smaller than Time and True, which is a women's brand.

Operator: However, yesterday, I think I could have, like, it was kind of baggy. I think I could have done the medium, but that's still a size up from, while we're in women as a small. But these are the long sleeves. Is that what, Cassie? Is that what you're talking about? I'm sorry to be calling you out. The ribbed long sleeves, just like this one.

Operator: So the best thing to do when you're browsing the Walmart site is to filter it by brand. Bye. Not by brand, but I think sellers.

Operator: Let me grab those pajamas real quick while we go through. (Inaudible) I should have added them before we got on. They've got, so Walmart has like third-party sellers on here.

Operator: No, I can't see it on here. Anyway, retailer.

Operator: Thank you, Samantha. Thank you. (inaudible) Did I share that? I'm completely drawing a blank. Oh, I had it in that rusty orange color.

Operator: I bet that's what you're talking about. I wore it with that denim jumper. What was the original question? We have the basic long-sleeve shirt and tank.

Operator: If it's that kind of soft, Petal Rose Pink, if it looks like the... Tank top, yes, I believe it would go.

Operator: Are y'all seeing lingerie? This is not where I'm supposed to be. I don't know if you can see what I'm saying because I'm browsing, trying to find those pajamas that I'm about to get. I'm going to have to... Shut this down here in a minute. Let me just see if I can. I think this might be it.

Operator: Is this it? Is this it? No. This is back to the originals, these. If you're just getting on, if you missed these, add to cart, add to cart, add to cart. It's freaking fabulous, and honestly, if they don't have your size, if they have your size up, buy them and just run them through the dryer. Like, if you love them, that's better than nothing

Operator: Why can't I find those other ones? I know you love when you get me blank staring at a screen. Now that's all the Christmas ones. Joan, The Pink Vest, yes, I can go back to The Pink Vest, of course. Let me just try one more.

Operator: Let me do Joy, Fun, Night, Scowl, and the Heart. I can't believe y'all are still on here. [inaudible] I'll link them in my story, or I'll see if I can add them to this from when I post the link to ReshoptheLive when I can go find them. All right, let me get back to the pink vest real quick.

Operator: Paintbrush, paintbrush, paintbrush. And if you are just getting on, or if you got on late and missed the initial share of this, the online picture looks very fuchsia. In person, it is a really, really pretty bright pink.

Speaker Change: <unk> is in excess of 30% through other categories like furniture sporting goods that are in excess of 20% and I think this shows that consumers that customers are coming to us thinking of us very differently than what they have in the past and it's also an indication of how and where we're gaining share in our business, So general merchandise being able.

Operator: They call it Supercharged Pink. Perfect description. Love it. And the head is your makeup line. All right, I believe that's all we got, folks. Hopefully, you got your hands on a few things that were in stock. I'll be on the lookout for Leastot, and yeah, if you buy anything, buy these jammies. They are amazing, which is where the heart comes out.

Operator: Yes! Okay. We didn't have to hit that.

Operator: That was a no boundaries zone. Y'all can exit if you want, this is not going to be any kind of riveting content, but that was one that I bought for my next life not knowing when it was going to be, but I knew that you would love it, and then it's still every time I scan it with my app, it says we don't sell this item. Let me just keep clear of boundaries. [inaudible] Keyhole Flutter. I don't think it's going to be on here. I've scanned that thing so many times, trying to get it to pull up.

Operator: The look in the store. So I've seen it. I've got multiple different Walmarts in multiple different cities.

Operator: And I always see it. I thought for sure it would be online by now, but it might just not be. You might just see one; it's not going to go online, sorry. (Inaudible) I love that sweater. I bought it in both colors, pink and cream. Have you seen the leopard sweater with the red heart? No. Tell me more. So yeah, yeah, for the leopard or for the pink athletic joggers. Pink and Black, Size Down. They do run pretty big, but stay true to size in the top. Or, if you like your athleisure to be more kind of baggy, I would size up in the top.

Operator: All right, thank you all again for joining. Hopefully, I'll be back with more items soon. I think I'll do it on Stories.

Operator: Nobody's leaving. Are y'all are y'all entertained right now? I was going to wait just a second and see if... [inaudible] can point me in the direction to show you this leopard sweater with the red heart. Sounds amazing, right?

Operator: I think most of y'all vote for fashion every time. Samantha and Kim. Okay, hold on, she's got the link. Um, I think you prefer fashion over home. Get some home stuff going, but I think fashion is weird. Alright. Awkward, awkward. You like home better because this is not on a schedule.

Operator: I believe you. I forgot to put you on this. Why am I not following anything?

Operator: We're like the first to know. Y'all buy this before we relinquish it out onto the interweb to all the people who aren't on. Alright, hold on. I'm adding this to my cart. Do any of y'all have this?

Operator: True that, true that. Are y'all doing any organizing in the new year? Maybe I could do one with some organizational items. What is the pain?

Operator: Ugh, what pajamas? Am I missing part of the chat? And was that something that I linked? Lord, Lord. I just need, like, a Walmart brand.

Operator: How's the sizing going? Do we size up, size down, true to size, TTS? Yes, Samantha, please never miss a live show. You never know what you're going to get. Sometimes it's meh. Sometimes it's a little out of control. True Device.

Operator: Wow. Just a different color. Hmm, is it not available online anymore because that was the only option?

Operator: Shipping. Select. It'll be here by... Thursday the 11th? That's two days!

Operator: What's the brand? What's Walmart? Okay, time and truth, time and truth, or No Boundaries. No Boundaries is the brand of the little heart rhinestone keyhole. But time and truth.

Operator: I don't know. I just can't pretend. Okay, I'm going to do... I'm going to do this one that's not super long; it looks like a normal sweater. I'm going to do small because I'm going to pair it with jeans, not leggings.

Operator: The color is ant. Oh, that's what I was like when Kim said it? Okay. Okay, Kim. The color is called ant. No, I can't feel it. If you want to DM it on Instagram, these people are going to get mad at me. I got, I got to wrap this up. The only color it's showing me is brilliant red.

Operator: The heck? Well... Cash me on Friday in this sweater, y'all. All right, out of the cart. All right! Oh, you got the medium-to-medium contact. I just got some new deans on the share.

Operator: [inaudible] You said Leopard. Leopard, Webtoon with Heart, Women's Prank Payment [inaudible] No, no, sorry. No, this is not what we're looking for. Yeah? Yeah? Day in my life, I wish we could like physically talk.

Operator: I don't see a color called. Are you sure you are in the Q cam? Yes! Okay, hold on. Hold on, y'all. We're about to find one final sweater. All right, here we go. Q cam.

Operator: Oh. Alright, sorry, I'm thinking, I'm thinking out loud, that's never good. I'm gonna get the small. Just for how I'm going to style it. But this is honestly personal preference. Get small, get the medium, however you like your clothes to fit.

Operator: Yes. Yes. What? Yes. Ooh, look at this one. That one's cute! Antarctica.

Operator: Oh, hi Kim, you cute girl. Oh Lord, I've missed your messages. I haven't gotten back to you since September 28th.

Operator: You know, we can fit in multiple different sizes. How It Fits. More Fit In. More Leap.

Operator: That's cute! And that's Time and True. I always like buying trusted brands, like Time and True, Net-A-Value, and Tara Sky is one of the plus-size brands, but they're 0Xs.

Operator: I'm so sorry. Okay, I'll go read all these in a minute. Let me see. Oh my gosh! That is adorable. Let me see what I can type in. Hold on, hold on. I hope the color really is called Ant.

Operator: I used to buy all kinds of stuff in the 0X that kind of just fit like an extra-large. That one's super cute, but is this, is this? Is this the one you were referring to? Love that. I love all of the pink and red comics. Not it. I didn't pay.

Operator: I'm dying. I am dying. Okay, time is rolling. Time is true, woman. Print, cue, net, letter, lid.

Operator: I-I-I-I-I-I- I'm not seeing I promise y'all can y'all can leave the number just keeps growing nothing nothing, Time and True Women, Boeing, Sleev, Treat us well, that's all I can say unless you're an ex-ass. That's cute. Kathy, girl, I know, you're gonna have to get in my DMs after this because I'm, I'm obviously not following. I keep wanting to click, you know, I can't tell if this is, blah, okay, well, I'll link it on Stories. If I can find it, because I can't navigate outside of Walmart and get online to know it, even though it's a Walmart item.

Operator: Wait. And. And. No, that's not right now. That's not right.

Speaker Change: To offer third party assortment is giving our customers a lot more options than what they've had in the past.

Operator: There it is! There it is! There it is! Yes! Look at that! How cute!

Operator: Oh yeah, y'all. Hit that little button. Kim, you have saved the day. Kim and Samantha, praise God for you.

Operator: Yes, you found a Valentine's in stock sweater. That is adorable. Can I add it to my cart? I'm going to go ahead and add it on my phone, where I'm logged in right here. What would they call that ant?

Operator: Whatever, it's fine. Oh, oh, so then, hold on. Look at this one. This must be like the new version.

Operator: This is this version. Brilliant red. That's super cute, too.

Operator: Oh, I love that. Oh, I'm buying this. Ms. Barry, it is a hidden gem.

Operator: Yeah, now. All right, I'm gonna get off of here because I have done a run-up all this time. I'm not country.

Speaker Change: I think general merchandise mix was impacted by food inflation to a degree when food shot up to mid double digits. There are a lot of customers that had their their paycheck allocated that direction now that food pricing has come down some and we've got rollbacks happening in food and you've got a deflationary situation with G M. You've got the opportunity.

Speaker Change: Given the elasticity to grow more units, which we're doing and the fact that we're growing share feels good.

Speaker Change: So I don't get.

Speaker Change: Caught up Kelly on whether the sales come through stores clubs first party or marketplace. We just want to have what people are looking for and we will manage the mix on the other end of it in a way that generates more profitability, which is what youre seeing in this quarter.

Operator: [inaudible] Okay, thank you for coming. I had fun. I hope you found something. Hope you got something. Either just a break to talk with a friend or you actually found some type of item that you didn't know you needed. Alright, see you later.

Speaker Change: Thank you.

Speaker Change: Yes.

Speaker Change: Our next question is from the line of Paul Lajoie with Citi. Please proceed with your question.

Speaker Change: Hey, Thank you guys.

Speaker Change: Within Walmart.

Speaker Change: Share gains were led by the higher income households, I believe.

Speaker Change: You define that what was then.

Speaker Change: Base.

Speaker Change: Income households comprise and how you're targeting that consumer and also curious.

Speaker Change: And some of those engagements.

Speaker Change: Hey.

Speaker Change: Yeah. This is John David I'll start so we define where we stratify the the income groups roughly as $50000 and below 50 to 100000, and 100000 and above and as a general rule, our customer break base breaks down about a third in each group.

Speaker Change: And so in terms of what we're doing to.

Speaker Change: Be more attractive to that higher income household I think this is the really the story or the.

Speaker Change: Word we've been using here's convenience, we are not just a play for value anymore. We talked about the number of units that we've shipped in the last 12 months, which is on par with any e-commerce player in the world.

Speaker Change: That shows that customers are coming to us and we're consideration, where we haven't been before and convenience matters to someone irrespective of what your paycheck is irrespective of what your income level is and we expect that to be durable, we don't expect that to change.

Speaker Change: John David I'd, just I'd just add to that.

Speaker Change: Also been encouraging to see the improvements in fresh food and we have definitely experienced benefit from improvements in quality. The supply chain has gotten tighter or many of you have seen the work we're doing in supply chain.

Douglas: But produce has been really exciting to see the progress over the last couple of years are the same same sort of poly agreements are coming through in the meat Department and you can see that in the and the types of items and categories that were selling in store and those in pickup and delivery and in the delivery business, where we are stronger with higher income consumer that's where we've seen a lot of growth I'm really excited Douglas <unk>.

Douglas: You mentioned earlier is better goods as being a way to sell better quality better taste profiles and at values that really matter, 70% of the items under $5 is exciting that appeals to all all income groups and so if you're trying to feed a family of four or five or six in prices and restaurants have gone up and in Walmart and its beginning to come down and we're really proud of the rollbacks.

Douglas: I think our value message is strong and having the ability to deliver flexibly is going to work out really well for us we're not trying to chase higher income.

Douglas: Cohort sales, we just offer value.

Douglas: And if you look at what's happened historically people with higher incomes have shopped Walmart they've just been selective in there in the categories that they buy and the items that they buy.

Douglas: So if we offer them the right items at the right prices, whether that's in store first party or marketplace, they'll respond to that and so as we've been able to expand our assortment online. We can appeal to more people and then you layer on the convenience dimension and you'll get a good outcome.

Thank you James Hello.

Speaker Change: Our next question is from the line of Chuck Grom with Gordon Haskett. Please proceed with your question.

Unknown Attendee: Yes. Thanks, good morning, Congrats on a really great quarter. Just wondering if you can discuss trends youre seeing within general merchandise between smaller ticket shoulder replacement items versus higher ticket longer replacement of items and if any shifts.

Spending within the categories reflect anything about whether the consumers, making any incremental changes in their discretionary spending and then just as a quick follow up just curious if there was any deviation or big change in trend throughout the throughout the quarter by month. Thank you Jack Good morning, It's John I'll take it.

Speaker Change: The best way to describe that consumers, it's been remarkably consistent over the last couple of years.

Speaker Change: Mix has has changed it hasn't changed that much we've seen growth in both brands and private brands.

Speaker Change: We have seen a wide wide range of price point selling them in the quarter.

Speaker Change: March was a strong month given Easter was in the month, we had leap year in February that was also helped to make it stronger so the phasing of the quarter.

Speaker Change: It wasn't all that surprising it was strong and February strong again in March whether it's favorable March a little bit colder and then April was softer without Easter in it but.

Speaker Change: But we walked out of the quarter into the month of May with with similar trends that we've been seeing so the phasing of the quarter wasn't all that different than we expected I think I think as you look forward at the consumers' consistent our inventory is in good shape our merchants.

Speaker Change: We said this a few minutes ago, they have the ability to mix out there managing their price gaps and value their managing their margins their markdowns had been lower due to stronger inventory management, a little bit of improvement. This.

This year in shrinkage from private from their previous years, we've been going out for the last three years and it's good to see that starting to come down in some places in the country, but it will mix us out of our merchant team they've they've done this for a while and in any situation, where the consumer we want to focus on value and be there for them and we'll manage the mix on the backside.

Speaker Change: Thanks, Sean.

Speaker Change: Thank you. Our next question is from the line of <unk> Parikh with Oppenheimer. Please proceed with your question.

Speaker Change: Good morning, and thanks for taking my question also congrats on a nice quarter. So I'm just going back to the commentary of Walmart plus so it sounds like it's growing it's growing double digits as we look at the backdrop out there for membership and subscriptions, you're clearly seeing a more crowded landscape. So just just wanted to get a sense of how you guys feel that the value proposition today, and then further opportunities to differentiate wall or plus going forward.

John: As John I'm pleased with the progress of Walmart plus it is an important part of what we do and it is a great way for customers to save time and save money by by joining Walmart plus you get access to unlimited deliveries switch, which is great and I talked a lot of people over the country that use it all the time, it's also been important for us.

John: To improve the perfect orders, we mentioned earlier, we launched Walmart plus in 2020 at a time when the supply chain was difficult and so the continued momentum and improvements in and being able to fulfill customers orders with what they order when they ordered has been important but again, it's an important part of what we do we think it's a great solution for customers and it's been it's been exciting to see the progress.

Speaker Change: Great. Thank you.

Our next question is from the line of Greg Melick with Evercore ISI. Please proceed with your question.

Speaker Change: I'd like to pivot a bit back to the top line and I think you said inflation was 40 bps in the quarter. If you look at your guidance for the rest of the year do you expect it to settle at that kind of low level or even fall further.

Greg: Greg we expect it to be relatively close to what we saw in the current quarter.

Speaker Change: It's a mix across the baskets, we've seen general merchandise be more deflationary, but consumables and food are hovering slightly above <unk>.

Speaker Change: Flat to up one so we generally expect it to be in this level.

Speaker Change #100: Thank you.

Douglas: Thank you at this time, we've reached the end of the question and answer session now I'll turn the call over to Douglas for closing remarks. Thank you all for joining the call and again, thanks to our associates for a really strong quarter. When I think about the headlines for the quarter. What goes through my mind is first the e-commerce growth I think the progress we're making on convenience for customers is a big.

Douglas: Deal and that's happening through our store fulfillment as well as through fulfillment centers, the marketplaces growing and that brings along with it growth in advertising and membership. It was great to see both of those up 24% second headlines related to really good inventory management and the third headlines related to pricing I think the number of rollbacks that we have and the value that we're offering to <unk>.

Douglas: Customers and members is resonating in those really set this quarter apart Big picture. Our thought is the same as it has been we're going to be able to grow sales because we're positioned to serve people. How they want to be served we're going to grow profit faster than sales because of business mix and we're gonna be able to grow returns as we make the right capital investments. So it will be really consistent as it relates to that through the year.

Douglas: Year, and we appreciate your time and attention.

Speaker Change #101: Thank you.

Speaker Change #102: Today's conference you may disconnect your lines at this time and thank you for your participation.

Speaker Change #102: Yeah.

Speaker Change #103: We're here, it's Eric lot Amit.

Speaker Change #102: Okay.

Speaker Change #102: They may only get this done.

Speaker Change #104: How are you all doing tonight on the fly and evening.

Speaker Change #105: Is my name.

Really horrible weather.

Speaker Change #105: Yeah.

Horrible weather situation.

Speaker Change #105: Hydro.

Speaker Change #105: Yeah.

Speaker Change #105: Okay.

Speaker Change #105: Yes.

Speaker Change #105: Hi.

Speaker Change #105: Yeah.

Speaker Change #105: Okay.

Speaker Change #105: Okay.

Speaker Change #105: Yes.

Speaker Change #105: Yes.

Speaker Change #105: Yes.

Speaker Change #105: Hi, Sam.

Speaker Change #105: Heightened.

Speaker Change #105: Uh huh.

Speaker Change #105: Great.

Speaker Change #105: Regarding our rail shale time Tonight.

Speaker Change #105: X span.

Speaker Change #105: Okay.

Speaker Change #105: Kelly.

Jay: Thank you Jay.

Jay: Sure.

Jay: <unk>.

Jay: Your powers out.

Jay: Thank you.

Jay: And in her own roadmap.

Jay: More of a hurdle.

Jay: Okay.

Speaker Change #107: Hey, Savi.

Speaker Change #107: Hi.

Speaker Change #108: Thank you.

Speaker Change #108: <unk>.

Speaker Change #108: I would tell them yet.

Speaker Change #109: He did not.

Speaker Change #108: Yes.

Amit: Literally you Amit.

Amit: Clearly well even now.

Speaker Change #111: Okay. Okay.

Speaker Change #111: But these the Java.

Speaker Change #112: Let's see.

Speaker Change #112: If you didn't get them all my story like.

Speaker Change #112: If you deny it.

Speaker Change #112: What are you waiting on let's go ahead, and just pull that that you can get it right now because they are 645.

Speaker Change #112: And now.

Speaker Change #112: Hello.

Speaker Change #112: They were $6.

Speaker Change #112: Yes.

Speaker Change #112: No.

Speaker Change #113: Oh, well you didn't write them all my sorry, you missed the boat Honey bunches Theyre now about back at Q.

Speaker Change #114: <unk> 98.

Speaker Change #115: That's fine that I think really it wasn't until I looked at Cid to.

Speaker Change #115: To share with you all and I'm right.

Speaker Change #116: I got a red Daniela getting a deal.

Speaker Change #117: Oh, Thanks, Phil.

Speaker Change #117: Oh and your size.

Speaker Change #117: Media.

Speaker Change #118: I hear a medium girl.

Speaker Change #117: <unk>.

Speaker Change #119: Hi, Denis.

Carol: Hi, Carol.

Speaker Change #119: Hi.

Speaker Change #119: So yes. These can in this pink library, they can earn a regular great library I think yeah.

Speaker Change #119: Yes.

Speaker Change #119: And you all can navigate to the colors.

Speaker Change #119: Yeah.

Speaker Change #119: That green Israel here.

Speaker Change #119: Yes.

Speaker Change #119: Alright.

Speaker Change #119: Welcome.

No functioning body.

Speaker Change #119: In Washington.

Speaker Change #119: Okay.

Speaker Change #119: Tom.

And then I would say they are probably pretty curious eyes.

Speaker Change #119: Okay.

Speaker Change #119: At all.

Well sure.

Speaker Change #119: This is where they can't meet the bottom line.

Speaker Change #121: Thanks Ned.

Speaker Change #121: The elastic at that angle and they get tired and theirs.

Speaker Change #121:

Speaker Change #121:

Hi, Mike.

Speaker Change #122: But I'll say I got them.

Speaker Change #121: Sure.

Speaker Change #121: The Pea mythology.

Speaker Change #121: I'm pretty sure all of the site.

Speaker Change #121: Every size.

Speaker Change #123: Hi, there.

Speaker Change #123: Super Battery saw mill.

The red material.

Speaker Change #124: And John.

Speaker Change #123: Jonathan.

I could never work that you did not.

Speaker Change #123: No.

Speaker Change #123: Alrighty.

Speaker Change #125: Got it.

Speaker Change #126: Naver will chair.

Speaker Change #126: Alright.

Speaker Change #126: Yes.

Speaker Change #126: You got number 648, okay got it.

Speaker Change #126: Oh good.

Speaker Change #126: The online.

Speaker Change #126: And whatever you call them.

Scott: Yes, Scott.

Scott: Next is similar.

Scott: Alrighty.

Scott: I got a nice small.

Speaker Change #128: I'd say theyre pretty curious eyes.

Speaker Change #129: And Lucy.

Speaker Change #128: Gentlemen.

Speaker Change #130: He is.

Speaker Change #130: Sure.

Speaker Change #130: Okay.

Speaker Change #130: Yeah.

Speaker Change #130: Right.

Speaker Change #130: Yes.

Speaker Change #131: These the dominance that you've seen in my last key real.

Speaker Change #130: Oh.

Speaker Change #132: Hi, Steve.

Speaker Change #133: Same material same brand name.

Speaker Change #134: Well, they're not red same material and then like the soft stretchy.

Speaker Change #134: They're the same brand.

Speaker Change #134: Absolutely adorable I got the medium and me because these button down shirt.

Ryan: Thank you Ryan a little less so we're not necessarily small that sorts and light on it.

Speaker Change #134: <unk>.

Speaker Change #134: Yes.

Speaker Change #134: Outside of that peer median.

Speaker Change #134: Ed.

Sydney: Solid Sydney.

Sydney: But does that mean.

Sydney: Sure.

Sydney: And the bottom they often have these and.

Sydney: Our long sleeve.

Speaker Change #137: Uh huh.

Speaker Change #138: Yeah Deutsche Bank, Yes, Chris do you have at any time.

Speaker Change #137: Yes.

Speaker Change #137: And at the end I might be able to go and mine navigates the other styles in the pattern, but they also have a cherry.

Speaker Change #137: Hi.

Speaker Change #137: He.

Hello.

Speaker Change #137: I mean, it's kind of like that kind of like this it does here in my opinion about that.

Speaker Change #139: Thank you.

Speaker Change #139: Okay.

Speaker Change #139: Yes.

Speaker Change #139: Walmart.

Speaker Change #139: So it is you can't go wrong.

Speaker Change #139: Alright.

Speaker Change #139: They're all wonderful.

Speaker Change #139: Nebraska.

Speaker Change #139: Okay.

Speaker Change #139: In Taiwan.

Lee.

Speaker Change #139: Yeah.

Speaker Change #139: Alright, and smiling and now collecting these were like every season.

Speaker Change #139: Ill have me a valentine hopefully they'll come out with the leprechaun.

Speaker Change #139: Okay.

Speaker Change #139: Let out Easter.

Speaker Change #139: Easter timing.

Speaker Change #139: Alright.

Speaker Change #139: Yes.

Speaker Change #139: Hello, everyone.

Speaker Change #139: Hey, Danielle different different Tonight.

Speaker Change #139: Okay.

Speaker Change #140: Nah, but I'll add really left to pay I'm doing all right.

Speaker Change #140: Yes.

Speaker Change #140: Suddenly there'll be great to pair with the gentlemen that I just shared.

Speaker Change #140: Is that.

You guys are just under $20.

Speaker Change #140: And it is.

Speaker Change #140: Yeah.

Speaker Change #140: That same material I think yesterday or something from Walmart and this material and realized that we all love.

Speaker Change #140: Little hard again.

Speaker Change #141: Can you also protection on the screen.

Speaker Change #141: Flash Super Super Star.

Speaker Change #141: The nature of it you could wear.

Speaker Change #142: Hey, John.

Speaker Change #142: Lee.

Speaker Change #142: Jan.

Speaker Change #143: Some people are like well.

Speaker Change #144: Thank you.

Speaker Change #143: Yeah.

Speaker Change #143: Okay.

Speaker Change #143: If you are hot nature at any preferred asleep and a.

Speaker Change #145: Sure Hey, John that that you want.

Speaker Change #145: Cold like before you go to bed.

Speaker Change #145: That's it.

Speaker Change #145: Secret here.

Speaker Change #145: Yes, just a little hard again.

Speaker Change #145: Pocket.

Speaker Change #145: Yes.

Sitting in your blank.

Speaker Change #145: Later.

Speaker Change #145: Okay.

Speaker Change #145: Yes, yes, yes, yes.

And at times and.

Speaker Change #145: Right.

Speaker Change #146: Thank you Ray.

Speaker Change #146: Right.

Speaker Change #146: P.

Speaker Change #146: Okay.

Speaker Change #146: Yeah.

Speaker Change #146: Yeah.

Speaker Change #146: Okay.

Speaker Change #146: And yes, I know Tony.

Speaker Change #146: <unk>.

Speaker Change #146: Second World Heartless Eli.

Speaker Change #146: Sure.

Speaker Change #146: Ed.

Speaker Change #146: No.

Speaker Change #146: Let's see.

Speaker Change #146: Yeah.

Speaker Change #146: Yeah.

Speaker Change #146: Okay.

Speaker Change #146: So.

Speaker Change #146: This top I shared.

Speaker Change #146: Several weeks back maybe like a minor thing gautam.

Speaker Change #146: Yes.

Speaker Change #146: So I found it right now.

Speaker Change #146: In another.

Speaker Change #146: Alright.

Speaker Change #146: Let me just take the <unk>.

Speaker Change #147: That's helpful.

Speaker Change #147: Hi, it's a lot right there.

Speaker Change #148: Windsor right Lynne.

Speaker Change #148: A little bit different setting, but I meant to bring it.

Speaker Change #148: It's in line.

Speaker Change #148: I have a closet.

Speaker Change #148: Love Love Love that's later.

Speaker Change #149: <unk> I'm pretty sure I got a medium in this one.

I'm going to say no.

Speaker Change #149: And not one.

Speaker Change #150: Hey al.

Speaker Change #150: All of these just mix.

Speaker Change #150: Stetz sweaters are amazing and you can just download lightning and dislike Phil are you can totally just map with a bunch of jewelry.

B the FERC.

Speaker Change #150: And make them Super cute.

Speaker Change #151: Uh huh.

Speaker Change #151: Let's see.

Speaker Change #151: I think mass colleagues are still out there.

Speaker Change #152: Oh, okay.

Speaker Change #151: Okay.

Speaker Change #151: Telling me attend technical issues.

Yes.

Speaker Change #151: Davidson.

Speaker Change #151: Yeah.

Speaker Change #151: He has been excellent.

Speaker Change #151: Yes.

Speaker Change #151: Yes.

Speaker Change #151: I loved that.

Speaker Change #151: Alright, and then it was one of my top.

Speaker Change #151: <unk>.

Speaker Change #151: Sure.

Speaker Change #151: Yeah.

Speaker Change #151: Okay.

Speaker Change #151: Okay.

Speaker Change #151: Thank you Tim.

Speaker Change #151: And you have the tough comp.

Speaker Change #151: Yeah.

Speaker Change #151: Okay. Okay.

Speaker Change #151: No.

Speaker Change #153: Purple on the topic of part one.

Speaker Change #154: Jack topic.

Speaker Change #154: This card again, it's adorable I love that.

Speaker Change #154: Like pastel Pat Vaughan.

Speaker Change #154: And while it does not.

Speaker Change #154: Yeah.

Speaker Change #154: This is the closest they have so my store had this I immediately got.

Speaker Change #154: And.

Speaker Change #154: The peak the kids I mean, how cute.

Speaker Change #154: And.

Speaker Change #154: They said they don't promise items online.

Speaker Change #154: So this is the closest I can find common.

Hammond: Commentary with Hammond here you. This one is just a little bit more Sierra.

Yeah, I guess, it's not going to keep the quietest and be more of like a filler or style.

But basically the same as in Opex and.

Hammond: The peak leg that's fine.

Speaker Change #156: Hi, guys.

Speaker Change #156: The medium and these just because.

Speaker Change #156: The average size fits a nice letter is.

Speaker Change #156: But this small it does just again personal preference however, you like.

Speaker Change #156: And then also <unk> black.

Speaker Change #156: Bye.

Speaker Change #156: Hey.

Speaker Change #156: Okay.

Speaker Change #156: Alright.

Speaker Change #156: Great.

Okay.

Speaker Change #156: Okay.

Speaker Change #156: I wish we could do it.

Speaker Change #156: Yeah.

Speaker Change #156: Yeah.

Speaker Change #156: Oh actually one vehicle.

Speaker Change #156: Sure.

Speaker Change #156: Thanks.

Speaker Change #156: But the job.

Speaker Change #156: <unk>.

Speaker Change #156: You cannot go wrong.

Speaker Change #156: Cannot go wrong with this.

Speaker Change #157: All right.

Speaker Change #157: Net.

Speaker Change #157: We have.

Speaker Change #157: Yes.

Speaker Change #158: Okay, if you like.

Speaker Change #158: I got you just a little bit of a different style. So this is basically.

That card again.

Speaker Change #158: But it goes all the way out and let's address how key is that.

Speaker Change #158: So.

Speaker Change #158: I guess it depends on where you live that you could take this into the spring if you live in a little bit of a colder climate, you've grown your denim jacket and call. It E. Sir.

Speaker Change #158: Or you can will inherently there.

Speaker Change #158: Paul.

Speaker Change #158: In the winter.

Speaker Change #158: No clean.

Speaker Change #159: Just to add.

Speaker Change #158:

Speaker Change #158: And then it comes in.

Speaker Change #158: Really pretty PL color.

Speaker Change #158: The blue color.

Speaker Change #158: Sure.

Speaker Change #158: Black.

Speaker Change #158: Yes.

No.

Speaker Change #158: Yes.

Speaker Change #158: Hi.

Speaker Change #158: Right right right.

Speaker Change #158: Hi.

Speaker Change #158: Is there any have you guys yes.

Alan: This is Alan.

Alan: And it.

Speaker Change #161: Like I said, I guess measure sizes and more like a small now.

Speaker Change #162: It's not going to be Lee this is going to be more like an FID Ed.

Speaker Change #162: Hi.

Speaker Change #162: Our work for consumers right hand.

Speaker Change #162: And to the heartening.

Speaker Change #163: Okay, I don't know Ryan Island Black.

Speaker Change #164: Hi, Ryan.

Ann: Hi, Ann.

Ann: Alright.

Ann: No.

Ann: Is that and again under to an E&P there al.

Speaker Change #166: Great deals.

Speaker Change #166:

Speaker Change #166: Now a lot of you all are here for today's TD, but is this separate charge.

Speaker Change #166: Sure.

Speaker Change #166: Okay.

Speaker Change #166: Isn't it.

Speaker Change #166: Yeah.

Speaker Change #166: Is this not the best.

Speaker Change #166: Shaking.

Speaker Change #166: I Love Love Love Love Love It there.

Speaker Change #166: One that I had.

Speaker Change #166: And the other retailer.

Speaker Change #166: I love that and then fill it out perhaps thinking this is a <unk> it's like at.

Speaker Change #167: It's Brian that Med D. So.

Speaker Change #168: He doesn't.

Speaker Change #169: Anything you can add.

Speaker Change #169: The sea turtle, which I'll, let again I'll have to get green.

Speaker Change #169: Black.

Speaker Change #169: And why and I loved the black sticking on the light and whatnot.

Speaker Change #169: <unk>.

Speaker Change #169: With black lagging the Bakken right now.

Speaker Change #169: Yes.

Speaker Change #169: Robert.

Speaker Change #169: But of course, he is might be.

Speaker Change #169: Hey.

Speaker Change #169: And actually small series three accident I believe it fully thought and all sizes.

Speaker Change #169: And obviously you can see that the pain.

Speaker Change #169: Is a lot more right than what it says it's not like that.

Speaker Change #170: Thank you Sir.

Speaker Change #170: No.

Speaker Change #170: As shown on line and this is like a high level.

Speaker Change #170: It's been at that now.

Speaker Change #170: Last level of it and it's also not yet any secret sauce.

Speaker Change #171: The crop.

Speaker Change #171: I wouldn't say, it's super long.

Speaker Change #172: Thank you.

Speaker Change #171: Jay.

Speaker Change #171: No.

Speaker Change #171: Mrs.

Speaker Change #171: No.

Speaker Change #171: Yes.

Speaker Change #171: Yes.

Speaker Change #171: Is that market.

Speaker Change #171: So absolutely.

Fleece line.

Speaker Change #171: So you can say nice thing too.

Speaker Change #171: And I bet.

Speaker Change #171: Okay.

Speaker Change #171: Now my office that central Hot but.

Speaker Change #171: Next thing.

Speaker Change #171: Let's now utilize this morning it was.

Arnie: Well Arnie.

Absolutely my understanding.

Arnie: Is the heat removal.

Arnie: Question.

This is Paul.

Speaker Change #174: The musical.

Tammy: Yes Tammy.

Speaker Change #176: Is there a favorable.

Garen: Yes, Garen I got here.

Speaker Change #176: Okay.

Speaker Change #176: Yeah.

Thank you.

Speaker Change #176: Thank you.

Speaker Change #176: Bulky.

Speaker Change #176: Around your neck.

Speaker Change #176: One.

Speaker Change #176: Alright, I've been Expensed.

Speaker Change #176: Yes.

Speaker Change #178: Go ahead.

Speaker Change #178: Okay.

Speaker Change #178: Yes, I am and the small.

Speaker Change #178: Well I'd say its sheer size.

Speaker Change #178: And then I don't think that these little sense thing.

Speaker Change #178: Since then.

Speaker Change #178: Okay.

Speaker Change #178: Yes.

Speaker Change #178: At Newport.

Speaker Change #178: Okay.

Speaker Change #178: Let me go.

Speaker Change #178: Okay.

Speaker Change #178: I tried to hide them with had been.

Speaker Change #178: Melissa.

Speaker Change #178: Okay.

Speaker Change #178: Has everyone added to cars.

Speaker Change #178: Moving on.

Speaker Change #178: Okay, then it got here today.

Speaker Change #178: Hoping that we'd get here on time.

This peak.

Waffle Shaquan.

Speaker Change #178: Waffle walnuts.

Speaker Change #178: Or would that be food or clothing was a waffle.

Speaker Change #178: Yes.

Speaker Change #178: So you can wear the.

Speaker Change #178: So many different ways and then with the <unk> button.

Speaker Change #178: Button with the Vas with a denim jacket business just like a good stable piece to have in your call that.

Speaker Change #178: Yeah.

Speaker Change #178: Okay.

Speaker Change #178: Okay.

Speaker Change #178: And I did cite so I got the median.

Speaker Change #178: And.

Speaker Change #178: They have their own trials SaaS alright.

Speaker Change #178: We usually don't have something I can link.

Speaker Change #178: And all of that as much as I did Tonight.

Speaker Change #179: But it also kind of underpins that you're saying.

Speaker Change #179: Just kidding.

Speaker Change #179: But then I'll take him and grain.

Speaker Change #179: Navy.

In days, while the disease is with everything.

Speaker Change #179: Okay.

Speaker Change #179: Okay.

Speaker Change #180: Katherine button.

Speaker Change #180: This doesn't hang on Mustang.

Speaker Change #180: Awkward poll.

Speaker Change #180: Okay.

Speaker Change #180: Okay.

Speaker Change #180: No.

Speaker Change #180: And then take them to you.

Speaker Change #180: Thanks.

Speaker Change #180: Yeah.

Speaker Change #180: Okay.

Speaker Change #180: You can see.

Speaker Change #181: Scott maybe rich.

Speaker Change #181: And do you have of him.

Speaker Change #181: It's like a high level.

Betty: Thank you Betty.

Speaker Change #183: No need to worry about that.

Speaker Change #183: Okay.

Speaker Change #183: It probably covers the situation here.

Speaker Change #183: And a little bit more leery about.

Speaker Change #183: No that that's for sure appreciate your body.

Speaker Change #183: The remainder of Quebec.

Speaker Change #183: And now you are now.

Speaker Change #183:

Speaker Change #183: So.

Speaker Change #184: Yeah again this is the median.

Speaker Change #184: In something like this I definitely wed works and medium I would not want to size down.

Speaker Change #184: Now I would not like that.

Speaker Change #184: Just for the.

Speaker Change #184: Okay.

Speaker Change #184: Sal.

Speaker Change #184: If you like.

Speaker Change #184: One format.

Speaker Change #184: Love It and it's not Super heavy not Super light I would say it's about that.

Speaker Change #184: Median medium weight.

Speaker Change #184: But these are so nice because they go at lagging genes.

Speaker Change #184: No.

Speaker Change #184: And then he can address that.

Speaker Change #185: Uh huh.

Speaker Change #185: With U S shale.

Speaker Change #185: Whatever shade aside.

Speaker Change #186: Go ahead.

Speaker Change #186: Yes.

Speaker Change #186: Okay.

Speaker Change #187: Hi, this is going to be depressed.

Speaker Change #187: I don't know.

Speaker Change #187: Right.

Speaker Change #187: <unk> been people sizes.

Speaker Change #187: So.

Speaker Change #187: If you are one X.

Speaker Change #187: Today is your Lucky day, I think onex to <unk> at <unk> Dot.

Speaker Change #187: Okay.

Speaker Change #187: The pink line.

Speaker Change #188: Thanks <unk>.

Speaker Change #188: Okay.

Speaker Change #189: <unk> sizing raspberry.

Speaker Change #190: I got the medium.

Speaker Change #190: And I would say it.

Speaker Change #190: I would say I could fit in this model.

Speaker Change #190: So if that gives you any help on.

Speaker Change #190: Diet.

Speaker Change #190: Yes.

Speaker Change #190: Yeah.

Speaker Change #190: It's how the median right.

Speaker Change #190: This little fish, <unk> wildlife and ever sized carrier BDC versus like that sure.

Speaker Change #190: Sure.

Speaker Change #191: Laura said flat, but the sleeves are nice, but leann sleeves atlantica Blayne. Please.

Speaker Change #192: And then Scott.

Speaker Change #191: Sorry.

Speaker Change #191: Oh.

Speaker Change #191: I mean I knew it Wouldnt lab.

Speaker Change #191: And then last but I had the gig I mean.

Speaker Change #191:

Speaker Change #191: And then.

Speaker Change #191: Thompson.

Yes.

Speaker Change #191: No.

Speaker Change #191: Looks like T X and <unk>.

Speaker Change #193: Is that right.

Speaker Change #191:

Speaker Change #191: Okay.

Speaker Change #191: Carl.

Speaker Change #194: Robert is that as you because that is a door.

Speaker Change #194: In 'twenty that can't be there.

Speaker Change #194:

Speaker Change #194: Okay.

Speaker Change #194: This is more of a.

Speaker Change #194: Alright.

Speaker Change #194: Right.

Speaker Change #194: Yes.

Okay.

Speaker Change #194: Hi.

Speaker Change #194: This is like a little more casual option.

Speaker Change #194: Hi.

Speaker Change #194: Have a great thing.

Speaker Change #194: How do you stay at eight ABN.

Speaker Change #194: Yeah.

Speaker Change #194:

Like many in the athletic brand.

Speaker Change #194: <unk>.

Speaker Change #195: Okay great.

Speaker Change #195: This is currently a little carefully.

And.

Speaker Change #195: Moreover, this is kind of like a spandex material plc.

Speaker Change #195: Spandex material it had some holes in the arm.

Speaker Change #195: And it's gotten a little.

Speaker Change #195: Since they need.

Speaker Change #195: It does.

Speaker Change #195: Sure.

Speaker Change #195: Sanjay.

Speaker Change #195: Ronnie.

I don't.

Work out.

Speaker Change #195: Yeah.

Speaker Change #195: I work out.

Speaker Change #195: I Love I Love it.

Speaker Change #196: Helen Mommy uniform, yes.

Speaker Change #197: Uh huh.

Speaker Change #197: But yeah, there's no pocket.

Speaker Change #197: Mike.

Speaker Change #198: No nothing.

Speaker Change #199: Nothing too.

Speaker Change #199: You.

Speaker Change #199: So about it but it's nice to just have something to grab and go in airline that doesn't take much.

Speaker Change #199: Paul.

Yes.

Speaker Change #200: So Ken Bann.

Speaker Change #201: Color on grain.

Speaker Change #201: Okay.

Speaker Change #201: Of course until now.

Speaker Change #201: Prady.

Speaker Change #202: Perry Perry Winkel.

Speaker Change #202: Maybe.

Speaker Change #202: And <unk> sorry.

Speaker Change #203: Alright, great.

Speaker Change #203: And.

Speaker Change #203: And the availability.

Speaker Change #203: Okay.

Speaker Change #203: Yes.

Speaker Change #203: Yes.

Speaker Change #203: Have another well kind of athleisure side sure.

This is benno.

Speaker Change #203: It's kind of like.

Speaker Change #203: Shell.

Speaker Change #203: <unk>.

Speaker Change #204: That's super helpful.

Speaker Change #204: Yes.

Speaker Change #204: So trying to make it.

Speaker Change #205: Alright, here's a shot.

Speaker Change #205: This is just a little basic.

Speaker Change #205: And Pat outfit now Theyre not theyre sold separately.

Speaker Change #205: The jogger.

Speaker Change #205: And the coordinating penny.

Speaker Change #205: This material.

Speaker Change #205: It's not spend.

Speaker Change #205: Yes.

Speaker Change #205: But at night.

Speaker Change #205: 100%.

Speaker Change #206: I do not believe.

Speaker Change #207: Supersonic secrets tapers off and the inside Fleece line.

Speaker Change #206: So.

Speaker Change #206: Whatever kind of song.

Speaker Change #206: Minimal stretch material on outside placed on the inside.

Speaker Change #206: In our London matching.

Speaker Change #206: And the income.

Speaker Change #206: Black grey.

Speaker Change #206: Pamela.

Speaker Change #206: And marine and rail out.

Speaker Change #206:

Speaker Change #206: But taken block MSA.

Speaker Change #206: And I got in a small.

Speaker Change #206: These will look a little bit I'm not sure it'd be done, yes, I was actually going away. This today.

Speaker Change #206: But no we're not.

Speaker Change #206: I need.

Speaker Change #206: And the water.

Repelling because it was horrible.

Speaker Change #208: But David again, like Ed Joggers style.

Speaker Change #208: And jogger styles are always like bigger theyre not fitted like lane.

Speaker Change #208: But I like the little design.

Speaker Change #208: The baby.

Speaker Change #208: That little piece of trend.

Speaker Change #208: Okay.

Speaker Change #208: Yeah.

Speaker Change #208: Indeed.

Speaker Change #208: Right.

Speaker Change #208: Yeah, Thanks, Scott Little pocket.

Speaker Change #208: Simple as that lemme navigate over to that.

Speaker Change #208: Pat.

Speaker Change #208: And wash it.

Speaker Change #209: Sam Hospice, you guys and it washes Wow.

Sam.

Speaker Change #209: Very good and that we always need to know Washington.

Joey: This is Joey spoke stuff washes, great. Its all my Christmas Pajamas.

Joey: Hi.

Joy Zhang: My Joy Zhang Christmas Pajamas.

And Green Christmas pattern.

Joy Zhang: Okay, all right great.

Joy Zhang: Okay.

Joy Zhang: Alright.

Joy Zhang: Okay.

Speaker Change #212: So Barry.

Speaker Change #212: Let me just shed.

Speaker Change #212: If anyone still pondering diverse.

Speaker Change #212: The difference in the calendar to see how a double dummy hot is freaking lumpiness, it's almost like my head Dan.

Speaker Change #212: And this is more of like your traditional Asia.

Speaker Change #213: So why the best Alex Isa Yes.

Speaker Change #213: The online next year.

Jessica: Jessica Please rins thing on the bottom two sides on top okay.

Speaker Change #215: That would make sense then.

Jessica: Yes.

Speaker Change #216: And actually to the blacks that Alice marrying today.

Speaker Change #216: His athletic works.

Speaker Change #217: You May go ahead.

Speaker Change #217: Yes.

No.

Speaker Change #217: This is also the blacks with at home today and also athletic works.

However, it's about half the price and that is because.

Speaker Change #218: Okay great.

Speaker Change #218: If you ever hear them talk about workday and.

Speaker Change #218: Right.

Speaker Change #218: Right.

Speaker Change #218: This one is going to be.

Speaker Change #218: More and more traditional like.

Speaker Change #218: Like Gil then sweat shirt material.

Speaker Change #219: Yeah, I'm out when the order sweat shirt has like a company name that that material that is when this is.

Speaker Change #219: The ones that I, just shared are more of like a luxury like.

Speaker Change #219: T like it stepped up.

Speaker Change #219: And that's why they're a little bit more expensive, but it's more quality.

Speaker Change #219: Yeah.

When does that.

Speaker Change #219: Hit me up on this was.

Speaker Change #219: I had this small in these as well and.

First off.

Speaker Change #219: I will know me by now.

Speaker Change #219: Right.

Speaker Change #219: The Atlanta these on the mirror like Big and Patti I'm like well Dang.

Speaker Change #219: Need that action.

Speaker Change #219: Right.

Speaker Change #219: So I would die down.

Speaker Change #219: And the doctors.

Speaker Change #219: And does that.

Speaker Change #220: Yes, yes, they're all saying that yes.

<unk>.

Speaker Change #220: And then.

Speaker Change #220: And like.

Speaker Change #221: Hello, Nate I guess hearing jewelry designs get half I don't love Mike.

Speaker Change #221: That's certainly my first tech allogeneic or a true lagging but.

The placebo company today and pairing it with that best flows.

Speaker Change #221: So we'll see.

Speaker Change #221: Alright, let me click the sure.

Speaker Change #221: It is worth it also mcl $8 I think.

Speaker Change #221: This is cheaper than at Chick Fil a number line.

Speaker Change #221: Yes.

So skip lunch tomorrow and buy yourself Sir.

And.

Speaker Change #221: Trading and other people.

Speaker Change #221: And our stock.

Speaker Change #221: Players really pretty.

Speaker Change #221: The traditional printing.

Speaker Change #222: I'll, let Mike and Gray.

Speaker Change #221: Alright.

Speaker Change #221: Alright.

Speaker Change #221: Next.

Speaker Change #221: Next up.

Speaker Change #221: Okay, some shoes in Hawaii.

Speaker Change #223: I don't have.

Speaker Change #223: But yes.

Speaker Change #223: <unk> SaaS ever my sneakers.

Speaker Change #223: While these are not one.

Speaker Change #223: Yeah.

We did that.

Speaker Change #223: Yeah.

Speaker Change #224: Got it.

Speaker Change #224: So well, let me navigate tune if you all can see that I have this pair.

Speaker Change #225: Don't get excited you can't get that here, but you can get the sister Pare. It looks like then and let me guess.

Speaker Change #225: Rob.

I see.

Speaker Change #225: Maybe like an iceberg July if I, maybe I shared these on and off like they are fully back.

Speaker Change #225: I would buy them because the Angola.

And I kind of tuned in and Tonight and Gordon.

Speaker Change #225: Okay.

Speaker Change #225: Bernie they don't come very very clean.

Speaker Change #226: Hi, inevitably Nathan.

Speaker Change #227: Yeah great.

Speaker Change #227: Let me all the time.

Speaker Change #227: But if you know.

Speaker Change #227: Yes.

Speaker Change #227: In China, where she is.

Speaker Change #228: Now sorry discontinuity, but.

Speaker Change #228: These are available and they are true.

Speaker Change #228: If you guys had a 6789 10 or 11 are in fact.

Speaker Change #228: Most women item, let's see what that can mean.

Speaker Change #228: For the law.

Speaker Change #228: Hum.

Speaker Change #228: Yes.

Speaker Change #228: Okay.

Speaker Change #229: Thank you.

Speaker Change #229: Okay.

Speaker Change #229: Well I'll be the basic sweat shirt win.

Speaker Change #229: Today's T D.

Speaker Change #229: Sure.

Speaker Change #229: Okay.

Okay.

Speaker Change #229: And.

Yeah.

Speaker Change #229: Kathy.

Girl She bought the leverage is when I first shared I'm telling you.

Speaker Change #229: Okay.

Speaker Change #229: They do not like you've got to get on the floor. The rest of the world finds out.

Speaker Change #229: Net trend.

Speaker Change #229: When we can't get our hands on anything.

Speaker Change #229: Alright.

Speaker Change #229: And these shares are a more I'd like to address the near term.

Speaker Change #229: And I thought they were pretty for.

Speaker Change #229: Valentine's day.

Speaker Change #229: We're taking a brand like black slacks and needed like a little see that pop out the pink heart at the order.

Speaker Change #229: Sweater that Youre learning.

Speaker Change #229: You just you know 20 background sale.

Speaker Change #229: You'll save $12 from what they were back at Christmas time.

Speaker Change #230: I'll take him in a black allows the tow as well its not <unk> not route.

Speaker Change #230: Alright.

Speaker Change #231: And listen Neal the coffin Jay.

Speaker Change #231: It's trending it's trending he died.

Speaker Change #232: Super cute.

Speaker Change #233: Uh huh.

Speaker Change #233: Brad.

Speaker Change #233: Wow.

Speaker Change #233: Other continents.

Speaker Change #233: But I'm more of a peak Valentine.

Speaker Change #233: Alan.

Speaker Change #233: Alright.

Speaker Change #234: Regina Pink lagging can you here again.

Speaker Change #234: Yeah.

Speaker Change #234: They are not wildlife they are job.

Speaker Change #234: No.

Speaker Change #234: <unk>.

Speaker Change #235: Yeah. Thank you I'll get them online.

Speaker Change #235: Thank you Carter.

Speaker Change #237: Carter Houghton on where at this time.

Speaker Change #238: We're gonna go out of the little lineup here.

Speaker Change #239: If you did not get yesterday's leopard.

Speaker Change #238: Okay.

Speaker Change #238: Right.

Speaker Change #238: Yeah.

Speaker Change #240: Greg card again.

Speaker Change #240: Get it now it's 12 98.

Looks like it's available in every size yeah.

Speaker Change #241: Let me again, thank you Miss me yesterday ahead of this.

Speaker Change #241: On yesterday.

Speaker Change #241: But so many.

Speaker Change #241: Yes.

Speaker Change #242: Can you get back.

Speaker Change #242: Yeah.

Speaker Change #242: Without losses.

Speaker Change #242: Call me.

Speaker Change #242: Karen.

Speaker Change #243: But I didn't.

Speaker Change #243: Alright.

Yeah.

Speaker Change #243: Thank you and this is the medium can actually bought this.

Speaker Change #243: Months ago.

Speaker Change #244: That's not mountain hydro, maybe like a perfect time to where it.

Speaker Change #244: At that time, I think that's not the case.

Speaker Change #244: Just kind of like here.

Speaker Change #244: Average size.

Speaker Change #244: Size that.

Speaker Change #245: Uh huh.

Speaker Change #245: But durable gentlemen depiction.

Speaker Change #245: Absolutely.

Speaker Change #245: Yes.

I think the other.

Speaker Change #245: How do you incrementally fill it out.

Speaker Change #246: Thank you.

Pete: Thank you Pete.

Speaker Change #246: Tom.

Speaker Change #246: And when it comes on a granular to appear Nightlight.

Speaker Change #248: This lower on that.

Speaker Change #248: Hello stuff like that.

Speaker Change #248: Yeah.

Speaker Change #249: Hey, John.

Speaker Change #248: Okay.

Speaker Change #248: Okay.

Speaker Change #248: Okay.

Speaker Change #248: Sure.

Speaker Change #248: Current again.

Speaker Change #248: All right.

Speaker Change #250: Let me go finance for Tom as real quick just because I said that I will add.

Speaker Change #250: They are.

Speaker Change #250: Noise.

Speaker Change #250: <unk>.

Speaker Change #250: Okay.

Speaker Change #250: Sure.

Speaker Change #250: Yes.

Speaker Change #250: Well thank you Paul.

Speaker Change #250: Okay.

Speaker Change #250: Goodbye.

Speaker Change #250: Based upon completion.

Speaker Change #250: We have the basic log space.

Speaker Change #250: <unk>.

Speaker Change #251: Refresh me.

Speaker Change #251: And not to.

Speaker Change #252: The random why they no boundaries Glenn.

Speaker Change #251: Okay.

Speaker Change #251: Cause I were in their boundaries red.

With this yesterday.

Speaker Change #251: Yes, yes, yesterday's tank top.

Speaker Change #251: Colorado.

Speaker Change #251: Yeah.

Speaker Change #251: And this isn't a great outsang because this is like.

Speaker Change #251: And our life science.

Speaker Change #251:

Speaker Change #251: And you can get all of the colors.

Speaker Change #251: And just have them stable all year.

Speaker Change #251: <unk>.

Speaker Change #251: Yeah.

Speaker Change #251: Yeah.

Speaker Change #253: Alright got it.

Speaker Change #253: Right.

Speaker Change #254: The piece that I wore it fill it out but Steve you can add it in the car and pick up at your local store the color I wore yesterday a claw back.

Sam: Yes, Sam.

Yes.

Sam: Sam Thank Alex like a Dallas not online but.

Sam: You might get out of the car for local pick up.

Sam: And clearly a great deal.

Sam: And I also have the opinion in the black.

Sam: Why.

Speaker Change #256: The Guardian has the Brian I have a bunch of colors.

Sam: <unk>.

Sam: Okay.

Sam: Yes.

Sam: Oh.

Sam: The base.

Sam: Yeah.

Sam: Hum.

Sam: Okay.

Sam: Zero.

Sam: Hum.

Sam: Myself.

Okay.

Sam: Yes.

Sam: I'll, let advisory in the Hague.

Sam: And by large and that was because they are a genius brands in their boundaries.

Sam: Isn't juniors brand that rent a little smaller than my commentary, which is a women's brand.

Sam: Hum.

Sam: Yesterday, I think I kind of I think it was kind of baggy I've answered it in the median but that still besides upfront.

Sam: Well they're in women.

Sam: <unk>.

Sam: But these are the long sleeve.

Speaker Change #257: Is that like Kathy is that what youre talking about.

Sam: Yeah.

Speaker Change #258: On slide <unk>.

Sam: Right.

Sam: The Ramsey long sleeve just like this one.

Sam: Yeah.

Sam: Okay.

Sam: Okay.

Sam: Okay.

Speaker Change #259: Uh huh.

Speaker Change #259: Okay.

Speaker Change #259: Okay.

Speaker Change #259: Okay.

Okay.

Speaker Change #259: Okay.

Speaker Change #259: Okay.

Speaker Change #259: Okay.

Speaker Change #259: Okay.

Speaker Change #259: I should add.

Speaker Change #259: Before we go online.

Speaker Change #259: So Robert has my.

Speaker Change #259: Third party salaries.

Speaker Change #260: So the best movie there when Youre browsing Walmart site.

Speaker Change #260: T cell <unk>.

Goodbye.

Speaker Change #261: Great. Thank you.

Speaker Change #260: Sorry.

Speaker Change #260: Yeah.

Speaker Change #260: Yes.

Speaker Change #260: Amy.

Speaker Change #260: Great.

Speaker Change #260: Thanks.

Speaker Change #260: Yeah.

Speaker Change #260: Okay.

Speaker Change #260: Thank you.

Speaker Change #260: Hi.

Speaker Change #260: The cotton.

Speaker Change #260: Okay.

Speaker Change #260: I haven't completely and drawing a blank.

Speaker Change #260: Oh.

Speaker Change #260: And that right now.

Speaker Change #260: Orange.

Speaker Change #260: Okay.

Speaker Change #262: I bet you athlete Youre talking about we're at with that denim jumper.

Speaker Change #262:

Speaker Change #263: Well, it's the original question.

Speaker Change #263: We have the basic conferencing.

Speaker Change #264: Well, let me make sure Ann Inc.

Speaker Change #264: Is that kind of like.

Speaker Change #265: Uh huh.

Speaker Change #265: Yeah.

Pedal right thinking it looks like that.

Speaker Change #265: Okay, Yes, I believe it went down.

Speaker Change #265: Hi.

Speaker Change #265: Right.

Speaker Change #267: Hello, Jim.

Speaker Change #266: This is not Williams excuse me I don't know if you can see what I'm, saying.

Speaker Change #266: Because I'm browsing, China partners Jonathan.

Speaker Change #266: And that again on Manhattan.

Speaker Change #266: Shut this down here in a minute.

Speaker Change #266: See if I can.

Speaker Change #266: Okay.

Speaker Change #268: Is that right.

Speaker Change #269: No Nathan this is back to the original lease.

Speaker Change #270: If you're just getting on if you Miss the Abaco Abaco out Ed Clark Freaking Fabulous.

Speaker Change #270:

Speaker Change #270: And honestly like.

Speaker Change #270: If they don't have your size that they had your size.

Speaker Change #271: By ominous Ramsay Guy.

Speaker Change #271: But if you love them.

Speaker Change #271: Nothing.

Speaker Change #271: Okay.

Speaker Change #271:

Speaker Change #272: I can't.

Speaker Change #271: Yes.

Speaker Change #271: Hmm.

Speaker Change #271: And in the outlet.

Speaker Change #271: Guang screaming into it.

Speaker Change #271: <unk>.

Speaker Change #271: Okay.

Speaker Change #271: Yes.

Speaker Change #273: Hello, Amit.

Speaker Change #273: <unk>.

Speaker Change #273: Okay.

Speaker Change #273: Jan the peak that yes, I can go back to the flue gas cooler heads.

Speaker Change #273: Let me just sort of a blend.

Speaker Change #273: Yes.

Speaker Change #273: Let me, let me take zoning.

Speaker Change #273: Scott.

Speaker Change #273: Alright.

Speaker Change #273: Sure.

Speaker Change #273: Yeah.

Speaker Change #274: I can't blame your lifestyle.

Right.

Speaker Change #274: Okay.

Speaker Change #274: Falling demand my story or I'll see if I can add on to that.

Speaker Change #274: Hastily to reshuffle alive.

Speaker Change #274: Okay.

Speaker Change #274: You can find them.

Speaker Change #274: Alright, let me get back to the peak that real quick.

Speaker Change #274: Painless.

Speaker Change #274: <unk>.

And if you are just getting on Raytheon late in the initial <unk> of that.

Speaker Change #274: The online next year looks very future.

Speaker Change #274: In person.

Speaker Change #274: It's a really really pretty bright.

Speaker Change #275: P J.

Speaker Change #275: They call it a supercharged pink perfect description love it.

Speaker Change #275: N.

Speaker Change #275: Okay.

Speaker Change #275: The head.

Speaker Change #275: Yes.

Speaker Change #275: Yes.

Speaker Change #275: Alrighty.

Speaker Change #275: I believe that's all we got folks.

Speaker Change #276: Boy you got your hands on the few things that we're in stock.

Speaker Change #276: And I will be on the Calgary stocks.

Speaker Change #276: Yeah.

Speaker Change #276: If you buy anything.

Thanks, Jeremy.

Speaker Change #277: They are amazing.

Speaker Change #277: Okay.

Speaker Change #278: Excuse me.

Speaker Change #278: Alright.

Speaker Change #278: Yeah.

Speaker Change #278: Okay.

Speaker Change #278: Great.

Speaker Change #278: Hi.

Speaker Change #278: That was a no boundaries.

Speaker Change #278: Yeah.

Speaker Change #278: Thanks.

Speaker Change #278: Okay.

Speaker Change #278: It can be any kind of red ink content.

Speaker Change #278: But that was why that eye ball for my next slide not only when it was going to be.

Speaker Change #278: Maybe that you all would love it and then it still areas you want to scan it with my office says we don't until this item.

Speaker Change #279: Maybe you can let andres.

Speaker Change #279: Hi.

Speaker Change #279: Keyhole.

Speaker Change #279: Yeah.

Speaker Change #280: I don't think it's going to be on here.

Speaker Change #280: I have scanned that being so many times trying to get a whole lot.

But look in store, so I've seen it I've got a multiple different walmart's in multiple most definitely.

Speaker Change #281: Studies and Ali Sina Dot for sure it will be online by now.

Speaker Change #281: It might just not.

Speaker Change #281: Magazine online.

Speaker Change #281: Sorry.

Hans: Thanks Hans.

Speaker Change #283: What's that about.

Speaker Change #283: About a M best colors to paint can claim.

Speaker Change #283: Yes.

Speaker Change #283: <unk>.

Speaker Change #283: Great.

Speaker Change #283: No.

Speaker Change #284: Tell me more.

Speaker Change #284: Yes.

Speaker Change #284: The lap for the key athletic joggers.

Speaker Change #285: Pink and black size down.

Speaker Change #286: They do I'm pretty bad phase III to size it.

Speaker Change #286: The top.

Speaker Change #286: Or if you like.

Speaker Change #286: Laser to be more anti body shops.

Speaker Change #286: Sure.

Speaker Change #286: Sure.

Speaker Change #286: Okay.

Speaker Change #286: Dan.

Speaker Change #286: Yeah.

Speaker Change #286: Nobody is waiting.

Speaker Change #286: Entertained right now.

Speaker Change #286: Just a second and see ads.

Speaker Change #286: Oh.

Speaker Change #286: Yeah.

Speaker Change #286: Ken.

Speaker Change #286: Accident, <unk> sweater with Rad hard.

Speaker Change #286: Sounds amazing right.

Speaker Change #286: Yeah.

I believe Jonathan.

Jonathan.

Speaker Change #286: Yeah.

Speaker Change #286: Hi, Linda.

Speaker Change #286: Okay.

Speaker Change #286: Jonathan.

Speaker Change #287: And I Miss Am I missing part of the chart.

Speaker Change #287: Or is that something the haile.

Speaker Change #287: Lord lowered.

Speaker Change #287: It seemed like a Walmart right unless the brand less the Walmart.

Speaker Change #287: Okay.

Speaker Change #287: [laughter].

Speaker Change #287: Okay.

Speaker Change #287: Okay, great time injury.

Speaker Change #287: Alright.

Speaker Change #287: <unk> balance sheet as the brand a little higher.

Speaker Change #288: Brian San Keyhole.

Speaker Change #288: Time in St.

Speaker Change #288: Tonnage.

Speaker Change #288: Yeah.

Speaker Change #288: This has left the board.

Speaker Change #288: Right.

Speaker Change #289: <unk> worked hard.

Speaker Change #289: Okay.

[laughter].

Speaker Change #289: Next.

Speaker Change #289: Oh.

Speaker Change #289: Okay.

Speaker Change #289: No.

Speaker Change #289: No sorry.

Speaker Change #289: Now this is not really.

Speaker Change #289: Yes, yes.

Speaker Change #290: Hey, Mike.

Speaker Change #290: I wish we could like physically talk.

Speaker Change #290: Yes, yes, yes.

Speaker Change #290: Yes, we will look at them.

Speaker Change #290: Lynn.

Speaker Change #291: Alan can you.

Speaker Change #291:

Speaker Change #292: The entire year.

Speaker Change #291: Yes.

Speaker Change #291: That's true.

Speaker Change #291: And that time in June.

Speaker Change #291: Bye and length of trusted brands like commentary no boundaries.

Speaker Change #291: Taryn Sky is one of the plus size brand, but they're zero Act says I used to buy all kinds of stuff in midyear lacks that kind of it just felt like at.

Speaker Change #291: <unk>.

Speaker Change #293: Alan Secrets here, but is this.

Speaker Change #291: Is it.

John: This is John.

Speaker Change #294: Thank you.

Speaker Change #295: Not that I'm loving like all of that thinking.

Speaker Change #295: On the edge.

Speaker Change #296: Got it.

Speaker Change #297: I Didnt think that.

I did.

Speaker Change #297: Hello.

Speaker Change #298: I promise you Hakan Yakin Lane.

Speaker Change #298: Now granted.

Speaker Change #298: Nothing.

Speaker Change #298: Yes.

Challenger limited.

Speaker Change #298: <unk>.

Speaker Change #298: Sure sure.

Speaker Change #298: And last year.

Speaker Change #298: Sure.

Speaker Change #298: Robert here.

Speaker Change #298: Kathy Girl.

Speaker Change #298: It all has to be getting Monday and Michigan.

Speaker Change #298: Hi.

Speaker Change #298: I'm, obviously not falling.

Speaker Change #298: Yes.

Speaker Change #298: I keep wanting to click.

Speaker Change #298: Ron.

Speaker Change #298: Okay.

Speaker Change #298: Wow.

Speaker Change #298: Arlington on stories.

Speaker Change #298: If I can find it because I'm not I can't navigate outside of Amaya, Inc. I would like to now.

Speaker Change #298: OMA item.

Speaker Change #298: Okay. Thank you all again for joining.

Speaker Change #298: Hum.

Speaker Change #298: With.

Speaker Change #298: More items soon.

Speaker Change #298: I think it will be on stories I think most of you all for fashion every time.

Samantha: With Samantha.

Speaker Change #298: Tim.

Speaker Change #298: Why.

Speaker Change #298: Okay hard on seed capital Inc.

Speaker Change #300: Uh huh.

Speaker Change #301: I. Thank you all for first fashion is very light.

Speaker Change #301: Really literally.

Speaker Change #301: Kitson hubs that go in.

Speaker Change #301: I think fashion fashion with Twitter.

Speaker Change #301: [laughter].

Speaker Change #301: Alright.

Speaker Change #301: Okay.

Speaker Change #301: Okay.

Speaker Change #302: Oh go ahead.

Good.

Speaker Change #303: We like him better because that's just not on Fox.

Speaker Change #302: That's.

Speaker Change #304: Trade out.

Speaker Change #304:

Speaker Change #305: Are you all doing any him organizing in the new year.

Speaker Change #306: Maybe I could do line with nice and organizational item.

Speaker Change #307: Got it.

Speaker Change #307: Wow.

Speaker Change #307: Hi.

Speaker Change #307: Yes.

Speaker Change #307: At this time.

Speaker Change #307: Just a different time.

Speaker Change #307: Hum.

Speaker Change #308: Uh huh.

Speaker Change #309: Is it not available online anymore.

Speaker Change #309: Because that was the only.

Speaker Change #309: Okay.

Speaker Change #309: The only option color is Ann.

Speaker Change #310: Oh gosh.

Unlike Clinton and when Ken said it.

Speaker Change #310: Okay. Okay.

Speaker Change #310: The color is calling it.

Speaker Change #310: Yeah.

Speaker Change #310: Now I can't see any.

Speaker Change #311: Hey, good morning, Deanna on Instagram.

Speaker Change #311: These people are going to get Mad at me I got our asses that.

Speaker Change #311:

Speaker Change #311: Uh huh.

Speaker Change #311: Okay.

Speaker Change #311: The only color showing me a brilliant red.

Colin: C a color Colin.

Colin: Or isn't he can.

Speaker Change #313: Yeah, I can't hold on hold on and you all read about in the fine line that final slide here.

Speaker Change #313: Okay.

Speaker Change #313: Yes.

Speaker Change #313: Alright.

Speaker Change #313: Yes.

Speaker Change #313: Kim.

Speaker Change #313: Sculptural can be cute girl.

Speaker Change #313: Our lowered.

Speaker Change #314: I've missed your messages.

Speaker Change #316: I have not gotten back to you then.

Speaker Change #315: Timber 28.

Speaker Change #315: I'm so sorry.

Speaker Change #317: Gary at all even in the let me see Oh My God.

Speaker Change #317: That is an adorable.

Speaker Change #317: Let me see equinox Titan.

Speaker Change #317: Yeah.

Speaker Change #317: We hope it <unk> really a club and I'm dying.

Speaker Change #317: King.

Speaker Change #317: Okay time materially.

Speaker Change #317: Yes.

Speaker Change #317: The time.

Speaker Change #317: Last one.

Speaker Change #317: Great.

Speaker Change #317: Yeah.

Speaker Change #317: No.

Speaker Change #317: Okay.

Speaker Change #317: Okay.

Speaker Change #317: Okay.

Wei.

Speaker Change #317: Yeah.

Speaker Change #317: Okay.

Speaker Change #317: Alright.

Speaker Change #317: That's not right.

Speaker Change #317: Dan.

Speaker Change #317: Yeah.

Speaker Change #317: Hi.

Speaker Change #317: Yeah.

Speaker Change #317: Oh, Yeah, yeah yeah.

Speaker Change #317: Well then can you have saved that kevin's demand appraised Scott Ryall, yeah. He found a valentine.

Speaker Change #317: In Florida that is it can I add it in my car.

Adam: Go ahead Adam.

Adam: Town.

Speaker Change #319: Grandma dinner here.

Speaker Change #320: We think of that.

Speaker Change #320: Thanks.

Speaker Change #321: Oh, Oh, sorry.

Speaker Change #321: Brian.

Speaker Change #321: Like in this line, but there's nothing like the new version. This is this this version brilliant red Dot Super cute here.

Speaker Change #322: Oh Wow.

Speaker Change #324: Im buying that.

Barry: Thanks Barry.

Speaker Change #325: It is a hidden gem.

Speaker Change #325: And the first to know.

Speaker Change #326: Yeah I'll buy this before we relinquished shut out in Tibet Interweb.

Speaker Change #327: To all the people who arent you arent on July.

Speaker Change #327: Alright.

Speaker Change #327: And adding a smartcard.

Tony: Tony I'll have this housing sizing gal.

Do we size that size down to five TTS.

Tony: Yeah.

Speaker Change #329: Yes, and Anthony please never materialize, you never know what you're any yet.

Speaker Change #330: The times, it's Matt sometimes at our control.

Speaker Change #331: Curious eyes.

Speaker Change #331: Okay.

Speaker Change #331: I don't know with much greater size.

Speaker Change #331: And just kind of Japan.

Speaker Change #331: Okay.

Speaker Change #331: Sure.

Speaker Change #331: Yes.

Speaker Change #331: And then there is this looks like one that's not super long it looks like a normal fire I mean, it's not because.

Speaker Change #332: I'm here with Jim not lagging.

Speaker Change #332: Shipping.

Speaker Change #332: Select it'll be hereby.

Speaker Change #332: Thursday V 11.

Speaker Change #333: Hey, Dave.

Speaker Change #334: Uh huh.

Speaker Change #334: Wow.

Speaker Change #335: <unk> on Friday, and the sweater Yao.

Speaker Change #334: Right.

Speaker Change #334: Right.

Speaker Change #334: All right.

Speaker Change #334: And you got in the medium term.

Speaker Change #334: Okay.

Speaker Change #334: And he's got to me I'm not sure who.

Hi, sorry, I'm thinking out loud that segregated.

Speaker Change #334: I'm going to get the small.

Speaker Change #334: Just for Hill ROM and style it but this is honestly personal preference get small get the meeting however, you like to close today.

Speaker Change #336: <unk> said in multiple different sizes, it's just how it fits.

Martha morally.

Speaker Change #336: Yes.

Speaker Change #336: All right I'm going to get off of here because I have done ran at all this time.

Speaker Change #336: Our country.

Speaker Change #336: Okay.

Speaker Change #336: Okay.

Speaker Change #336:

Okay. Thank you all for coming.

Speaker Change #336: I.

Speaker Change #336: I hope you can start paying has he got something either just.

Speaker Change #337: Oh, great to talk with a friend or you actually count from Typhoon.

Dan: Hi, Dan.

Dan: Yeah.

Dan: Alright.

Okay.