Macroeconomic PressuresNear-term macroeconomic pressures are affecting earnings, which is more due to external factors than QXO-specific issues.
Revenue DeclineQXO revenue per location is declining, likely due to inefficient locations, despite a 20% increase in store count over the last three years.
Store EfficiencyQXO store footprint is inefficient, with less than 1% of company stores free of competition from major competitors within a 25-mile radius, compared to peers at ~3%.