Strong Q1 Performance Exceeds Expectations
Net sales increased by 5.3% to $10.4 billion in Q1, surpassing expectations. Same-store sales rose by 2.4%, with growth in all product categories: consumables, seasonal, home, and apparel.
Record Expansion and Market Share Growth
Opened 156 new stores in Q1 and grew market share in both consumable and non-consumable product sales.
Improved Financial Position
EPS increased by 7.9% to $1.78, and merchandise inventories decreased by 5% year-over-year, improving financial health.
Successful Cost Management
Gross profit margin increased by 78 basis points due to lower shrink and higher inventory markups.
Trade-in Customer Growth
Highest percentage of trade-in customers in four years, with new customers making more trips and spending more.