Consumer BehaviorManagement hinted that the DIY customer was under some stress, with transaction comps deteriorating throughout the quarter as inflation accelerated, suggesting the consumer could be deferring maintenance and repairs, particularly for larger-ticket jobs.
Cost Structure ChallengesSG&A per store is expected to remain high, impacting overall cost structure.
Inflation ImpactManagement noted that 4Q will mark the peak quarter for the same-SKU inflation tailwind, with an expected moderation thereafter, likely falling below investor expectations.