FY25 Guidance And MarginsThere are concerns about the FY25 guidance framework, which embeds no impact for tariffs, likely pinching margins to the low-end of the guide.
Tariffs And Import ExposurePrivate label products, accounting for about 20% of sales, tend to have overweight import exposure and are likely less competitive in a tariff regime.
Valuation RisksValuation has fallen to a more comfortable position vs. peers, but remains extended at approximately 24x NTM P/E vs. a 20x 5Y median, indicating potential downside risk.