Collin: And then just to follow up, so, John, as we think about 7.2% comps this year, I mean, that's actually consistent with 7% plus pre-pandemic performance. Could you speak to the durability of the top-line drivers that you think you have remaining and the outperformance relative to the 2% to 4% historical target? If you could just walk through maybe the structural expansion of the total addressable market that you've seen.
John: Yeah, absolutely. We've proven over and over again, of course, that we can comp the comp, and we have exceeded that, to your point. I think there's a couple of things going on. One is the resiliency of our customers and the product that they're buying that they need to buy each and every quarter. And we continue to be a needs-based business, and as we said in the prepared remarks, which is kind of news, is the majority of what we sell, our top sellers, are products that have been in the line and in stores for more than five years. Beyond that, you know, we've become more of a denim destination, as we've said in the past. I think if you walk into a boot barn for the first time, and I hear this, on a regular basis when I'm in the stores and doing store visits across the country, people say, hey, I've only just recently discovered Groupon. I can shop here on a regular basis. It's not only for that needs-based customer. And I think we're taking denim market share from some of the mainstream players who have struggled over the years. And we can service those customers who perhaps don't aren't part of that need-based segment, but instead have found us and realized we can be more of a lifestyle or general retailer to them.
Jim Conroy: That's great, Collin. Best of luck. Thanks, Matt.
Operator: The next question comes from Marks, Buckland Co., with TD Collins.
TD Collins: Great. Thanks a lot, guys. So just first question is, can you elaborate a little bit further on how we should think about the freight headwind throughout the year? You gave us the one cue, some of the guidance, but just the rest of the quarters, what's a good way to think about it, especially if any of the costs were to increase from here? And then just remind us how you capitalize some of the freight expenses.
Jim Conroy: Sure.
John: So, while we're not going to provide the freight numbers as we get throughout the year, the freight in the first quarter, if you go back to last year, we had really nice freight benefit in the first quarter, and then we had a freight headwind in the second quarter. As we block that, we would expect to see in the second quarter, a freight tailwind, assuming all things being normal in this freight environment. And then as we get into the back half of the year, that should be flattish to get us to a 10 basis point improvement on freight year over year. As you think about how we capitalize freight, we turn our inventory roughly twice a year, and so as we incur freight expenses, we capitalize those and expense them over a six-month period. And so if there were to be elevated freight costs that were to come in over the next six months, we would see those go through our P&L in the back half of the year. And so that's roughly how we manage it now.
TD Collins: Got it. That's helpful. And then I think one of the lessons that we learned last year is that it may be your customer shows less elasticity. to you guys taking price. So does that give you more optionality this year as you look to potentially offset some of the transportation or other price increases that we're seeing? And then within that, you did take less price on EVs than national brands. So just curious if there's an opportunity this year to catch up on that.
John: Let me just keep on the freight for just a quick second, and then John can jump in on talking about our pricing strategy for the year. Some of the things that are allowing us to offset some of the increases that we've seen already are the negotiations that we've taken with some of our logistics partners, and that's really allowing us already to offset some of the surcharges that we're seeing. If you get better discounts with our providers, even if the core or the gross cost goes up, we're able to offset that. And so that's been a nice benefit to us right now. If you look at container costs, well, they've been elevated over the last couple of months. They're still relatively low compared to some of the spikes we've seen over the last three or four years. And so it would have to get pretty outsized on the container costs for us to feel that in a material way this fiscal year. I don't want to forecast what's going to happen with freight and fuel costs, but we did want to convey that we've got kind of the current run rate modeled in for the balance of the year, and anything that kind of accelerates from here or elevates from here is not contemplated in the back half of the year. Thanks, Jim. And then if we look at our pricing strategy on third-party as well as exclusive brands, the best way to put it is we're back to kind of normal business and normal cadence of business and price increases. We got through the holiday season. We completed our price increases on our exclusive brands. We continue to see nice performance with exclusive brands. And, you know, every summer we see some price increases from some of our third-party vendors, and it's really business as usual at this point. You know, IEPA tariffs struck down to 10%, deemed unlawful, but still in place. We're kind of running the business right now, business as usual from a pricing standpoint.
TD Collins: Got it. Thanks a lot, guys. Best regards. Thanks, guys.
Operator: The next question comes from Stephen Rakudi with FITI.
Stephen Rakudi: Great. Thanks very much for taking my question. Congrats on that nice quarter, nice year. I wanted to follow up there just thinking about things sort of sales. Could you help us just understand in the quarter, the performance, What is the transaction versus ticket? And then to follow up on your earlier question, how do you think about the outlook for transaction versus ticket this year? Obviously, the transaction compared is tougher in the first half. So how do we think about that over the cadence of the year?
John: Sure. As we look at it for the first six weeks of the fiscal year, it really is how we believe it's going to play out for the remainder of the year. We're up roughly three in AUR. and from an ADT standpoint, we're up roughly one. And so we think we'll be zero to one on the transaction side and two to three on the AUR side.
Stephen Rakudi: Okay, thanks. And then you mentioned opening two stores that are high visibility, high traffic. I'm kind of curious where they're going to be. And then in terms of the 70 store openings, this year, can you just help us understand how you think about new markets versus existing markets in that store opening plan?
John: Absolutely. So one of the stores, the bigger or more expensive one is on the strip in Las Vegas. And the second one is in a market in Southern California. As far as the The 70 stores that we're planning on opening this year, we often struggle as we think about a new market versus an existing market. The number of stores that are going to be 40 miles plus away from an existing store is the majority of the 70 stores. There are some that will open that are in closer proximity, particularly in bigger metropolitan markets that can be 10 miles apart or even closer. There are, yeah, several of those that will plan an opening this year.
Jim Conroy: Okay. Thanks, Aviva. Best of luck. Thank you.
Operator: The next question comes from Peter Keith with Piper Sanda.
John: Thank you, guys. Congrats on the continued momentum here. With the subject of gas prices, there was a time years ago where Bupar actually might do better in a period of higher oil prices. I was wondering kind of where you stand today and how you think about the impact of higher oil prices, higher gas prices, if these stay sustained.
Jim Conroy: And specifically, anything you're seeing in Texas as maybe one market that's potentially seeing a lift? Sure.
John: I think generally speaking, if you're thinking about this from the input cost of things, clearly higher freight or higher fuel prices lead to higher freight costs, and that's something that puts some pressure on the model and often requires increases in pricing. If you're asking the question around our consumer, which I think those were the discussions we had, we've had, Peter, over the last 10 plus years, Our business is more diversified than it used to be out of the oil and gas markets. There is a thought that as we drill more in the U.S. or we do more fracking in the U.S. and we bring more of that oil production and refinery here into the U.S., that there could be a benefit to our core customer and some of the markets that what we're doing. less penetrated than we used to be we over penetrate compared to many other retailers and so there's the potential that that could be a benefit to certain folks as far as what we're seeing right now there's not there's not anything that we're seeing in our business by geography that would lead us to believe that there's an impact that's helping us right now in those markets okay helpful then Maybe for John, so congrats on the stagecoach presence. I know some of the online feedback was that you guys were one of the stronger brands at that festival. Should we think about that as a Q1 impact to sales, or do you think that branding was positioned that there's more of a sustained benefit over time? Thanks, Peter. Yeah, that was a nice review of the brands that kind of own Stagecoach. That was really nice to see. I was at Stagecoach. I spent two days, one day at our stores, one day at the event, and one day watching the streaming side of it, which was the part that I was most excited about. I thought we did an incredible job in Southern California and for the folks who come in from Arizona and Nevada to come to Stagecoach. Our store event was great. Our on-site event at Stagecoach had lineups every single day. It looked amazing. But the best part was the Mustang stage presented by Boot Barn. It was a new stage for Stagecoach, had bands, some kind of retro bands on there, Diplo, Counting Crows, Bush, Third Eye Blind. And it was streamed by Amazon. And so it was that amplification that we saw in the number of folks watching the Stagecoach Festival far beyond Southern California, turning it into a national or you can even argue a global event, that most excited me. So I think this is going to be over the long term, more and more folks across the country and the world recognizing the brand name. And we're already working on how we're going to be louder on that Mustang stage next year in partnership with the eight meetings.
Jim Conroy: Okay. Sounds great. Thank you very much. Thank you.
Operator: The next question comes from with Jessie.
Jeanine: It's with BCIG. I was hoping you could talk a little bit about the exclusive brand strategy, you know, over 40%, how you see that evolving. It definitely seems like you've made some big investments behind the private brands, but at the same time, can you add some new third-party brands that you could just lay in there on how you're thinking about that? And then just on the guidance, wanted to clarify, typically I think you take the prior six to eight weeks or so of volume and then kind of run right back through the year.
John: Yeah, I'll take the first part, Gene, and then I'll pass it to Jim to talk through kind of how we came up with sales. On the consumer brand side, you know, it has always been a little lumpy. Again, we had guided 100 basis points last fiscal year, penetration going from 36 to 39.6, and we nicely exceeded that by 120 basis points. We are marketing those exclusive brand sites and seeing some nice business come through those sites. So I'm still very optimistic about the growth and our March 4th 50% exclusive brand penetration over the next several years. That being said, we are having some success. with some third-party brands, especially in the work space, that is putting some pressure on the overall exclusive brand rate. So that's why it's a little lower this year than we have seen. But we are fully confident that we will get to 50% exclusive brand growth over the next several years. And, Jeanine, on your guidance question, you got cut off or something happened. Do you mind repeating that, please?
Jeanine: Sure. I was just asking about typically you have the formula where you take the last however many six to eight weeks of store volumes and then run rate it through annually. And I think last year you gave a bit of a haircut due to the macro. How are you thinking about the macro embedded in that formula this year?
John: Yeah, so... We did take a similar approach. We took February, March, and April and extrapolated that over the balance of the year. What we did different compared to last year is we did not take a haircut from that guidance. So, the guidance that is laid out there is the guidance as the math works out in that extrapolation.
Jim Conroy: Thank you.
Operator: You're welcome. The next question comes from Jonathan Komp at Baird.
Alex Conway: Yeah, good afternoon. This is Alex Conway on for John. I just wanted to ask, I know you mentioned not having seen really consumers across any income cohort pull back. When you kind of look at March and April, the comps, especially for the in-store, just pulling back a little bit from February and January and starting to see that come back here in May. Anything stand out as necessarily driving that change?
John: So when we look at the comps in store and we look at it by cohort, we're not seeing anything in one income bracket, in one geography, in one occupation that sends out. There's no kind of, quote, unquote, C-shaped economy impact, maybe, to our business. But we are up against some strong comps from last year. And so, you know, we're, you know, We're quite happy with the comps we're seeing in-store and online, and we're sitting at a plus five right now. We started the year at a plus four. So we feel good where the business is. We just know we're up against some of the toughest comps of last year.
Alex Conway: Great. Thank you. That's super helpful. And then just one more kind of on the sourcing side. I know you mentioned you should start to see some benefits in the second half of this year. Just beyond just the tariff offsets, what are you really kind of sharpening there to get those benefits? And then is there any potential of product cost increases given the current oil environment?
John: We've asked that question of the sourcing team very, very recently, and nothing dramatic happening on the raw materials side right now that's worth calling out. When we look at how we're going to attack sourcing and our mix across the globe as we enter the next phase of Paris, we are trying to leverage USMCA. So we've started to move certain products, more products to Mexico. that were essentially duty-free. We're also looking at other duty-free countries that are part of other agreements, such as ADOA in the Africa region, and multi-sourcing products that we may have always had in a particular Asian country and then sourcing it in alternative countries. So it's always a very fluid situation, but we, and I meet with the sourcing team once a week, we feel great about how they are bobbing and heaving, so to speak, through the tariff environment.
Jim Conroy: Well, Jonathan, does that answer your question? Yes, thank you again. Thank you. Thank you, Alex.
Operator: The next question comes from Jason with UBS.
Jason: Super. Thank you so much. John, I want to follow up, if possible, on the exclusive brands. You talked about 50% penetration, but I'm interested in sort of a standalone opportunity, given the stores and the websites that you have and what you've learned over the last 90 days that might inform your vision for the standalone side of what the exclusive brands can be and where you might take those going forward.
John: Yeah, there's nothing planned for this fiscal year. It is going to be kind of business as usual outside of these sites. I think these brand sites are some nice business and we'll continue to market them both in, you know, traditional digital methods such as Google BBC as well as TikTok. And, you know, we are seeding influencers with thousands online. of SKUs from our exclusive brand. So we're going to continue to push exclusively as you would at any other standalone brand throughout the year. So that has a lot of momentum and energy behind it. Well, we're not planning for this year, but I think about it, and I've said this before often, is at some point, you know, distributors internationally, and whether it be in Canada or Australia or something, I would consider, would we ever take a particular category and wholesale it to a particular retailer? Possibly. So I do think there are other growth drivers. Our commercial accounts business would be another place where we could skew towards exclusive brands. So I think there are other growth levers beyond the marketing, the exclusive brand sites, making the brands more recognizable, more coveted. We're doing all those things this year. As I look forward to the next couple of fiscal years, I think some of those other growth levers will start to come into play, but they're not in fiscal 2017.
Jason: Got it. If I can just follow up on one. Do you need to add extra infrastructure in terms of supply chain capabilities or IT capabilities to be able to maybe do some of those things, not this year, but next year, whether it's distributors or international or some of the other ways that maybe you could drive the exclusive branch?
John: Yeah, I've had experience architecting these deals in a past life, and the way we've always done it and we would do it here is you'd have one customer in each country, the distributor, and the orders would seal off at the source. And so we wouldn't store it here, we wouldn't ship it from here, and it would go directly to that distributor. So it is very, very light in the way I've done this in my past life from a footprint and resource standpoint.
Jim Conroy: Got it. Okay. Thank you so much.
Operator: The next question comes from Chris Nardone with Bank of America.
Chris Nardone: Thanks, guys. Good afternoon. We just have a few margin follow-up questions. First, on gross margins, can you just elaborate on the sustainability of this 10% buying and occupancy leverage point beyond this year as you hold this level of unit growth? And then on SG&A, it looks like you're getting about 20 basis points of leverage for each point of comp. If you continue to flow through better comps than what you're initially expecting, is there a good rule of thumb on how we can think about the incremental SG&A leverage as we also try to think about incentive comp potentially moving around? Thank you very much.
Jim Conroy: No problem.
John: On the second question, on just the flow through of a beat to our guidance, we typically model in a 35% income from operations or EBIT on the B. I think your math on the SG&A leverage also gets you probably to a pretty similar spot as you model that forward. As to the 10% change for sale required to leverage buying occupancy and distribution center costs, As we get into next year, I would expect that to go down because I'm not anticipating having some of these other one-time or special investments that we talked through, particularly those two stores and the cycling of the lease amendment in our Southern California distribution center. And so I would expect that to go back down a couple points.
Chris Nardone: Okay, got it. And then just a quick follow-up on the digital comps. Can you just remind us how much these new exclusive brand websites you've launched over the last several months have contributed to that digital comp? And just remind us of the cadence of how we should think about lapping each launch throughout the fiscal year.
John: Yeah, we had mentioned on one of the last calls that, and we had two sites at that point, that they were contributing about a third of the e-commerce growth. It's a little cloudier right now. We are testing several different state initiatives around the different sites. Some of them are much bigger. You know, Cody is much, much bigger than a Cleo and Wolf as an example. So it's still undetermined how much of it will be part of the growth for e-commerce.
Chris Nardone: Okay. Thanks, guys. Good luck.
Jim Conroy: Thanks, Chris.
Operator: The next question comes from Corey Turlowy with Jefferies.
Stephen Rakudi: Yeah, thanks. John, you made a comment about work booths and third parties. I guess, could you just clarify what it is that you meant around kind of that comment or that dynamic? Just curious there.
John: Yeah, we have seen some great sell-through from some of our third-party brands that we have bought. You know, we're retailers, so we're going to provide what a customer wants to buy and sell them what they want from a product standpoint. And we have seen some nice sell-through from several. This isn't, you know, one brand, several working brands. on the lace-up side as well as on the pull-on side. And so there's a little bit of rebalancing as part of this work-boot reinvigoration that's happening as we bring in some of these fast-selling third-party brands. And, of course, when we do that, we're going to take a little bit of a hit on our exclusive brands on the work-boot side. So that work-boot brand EV penetration or exclusive brand penetration is will be a bit of a drag on the overall exclusive brand penetration this year.
Stephen Rakudi: Okay, got it. And is there any way to kind of size up how that plays into the expectation for this year where you guided the exclusive brand penetration? And then just to clarify, Jim, I think you made a comment as well. Basically, it sounds like freight actually is getting to the full year. It's like a 10 basis point improvement. But one would think that in an environment where freight costs are more elevated, that there would be, I guess, an incremental negative. And I recognize that you're lapping higher costs. Is that simply all that is? I'm just curious how that is working out.
John: On the freight, it's really a function of some of the negotiations with our logistics partners that we've been able to work out in getting our rates down at higher discounts, maybe a better way to explain it, higher rebates, better rates as we have increased in volume with those suppliers. those improvements that we've seen in negotiations are helping to offset or even more than offset some of the rising costs that we're seeing. And again, to be very clear, we're not assuming rates that exceed what we're seeing today, which they are elevated from what we had a year ago, but in an environment where those continue to rise and get significant or, you know, they don't go back down for long at this point, the 10 basis points could be something less than 10. And then back to your first question on work boots and the impact of those third-party brands and the growth of 50 basis points. We're comfortable with the growth of 50 basis points of EV penetration for this fiscal year. It contemplates the rebalancing of the work boots. As a reminder, work boots make up roughly 15% of our sales. And so that implies that there's going to be a decrease by, you know, 200 or 300 basis points of EV penetration on the workweek side. But the rest of the business, we're very pleased with how Asus' brands are progressing. And this isn't something that's new. So this year, Corey, every year we'll have, some fluctuations in different categories on exclusive brand penetration. Usually they're going up. Sometimes they're going down. They're rebalancing as we cater to what the customer wants. And so not something that we're concerned about, but as we look at the long-term growth of the exclusive brands, it's something that we've seen in the past as well.
Jim Conroy: That's very helpful. Thanks so much, and best of luck. Thanks, Corey.
Operator: The next question comes from Sam Poser with Williams Trading.
Sam Poser: Thank you for taking my questions. I got three. They're pretty simple. One, can you just give us a breakdown of the store and the e-com, year-to-date comps, just the two, number two, is what regions – Somebody asked earlier about, you know, new markets. But could you talk about regions that you're focusing on with the new store openings? And then lastly, what I view as the most important question, you've done a great job of narrowing your assortment and apparel. I'm hearing from some of your vendors that you're working on the same thing at Footwear, getting more focused in key items. Where are you on that journey? How is it helping? How long will it take to get where you're going? Sure.
John: So in the release, Sam, we've got the e-com and the retail store comps broken out by month. So in April, retail comps were up 3.8%. E-commerce was up 18.3%. And in the most recent two-week period, they were both up about 5%. And as far as the regions, I'd love to give you the roadmap, Sam, but unfortunately on this public call particularly, it's a little hard for competitive reasons for us to lay out where we're planning on going with the stores. And so we'll have to refrain from sharing that right now. And then, Sam, on the third question, you're correct. We had really, last holiday season, kind of leaned into that depth in denim and apparel. If I think about where we are on boots, we're having, I've got some, you know, great examples of where that has also occurred on some very, very popular boot styles in, you know, everything from work boots to women's to men's westerns. If I had to put it in an inning, we're probably in the fifth or sixth inning of that focus in Boots. It takes a little longer for the vendors or our own factories, to be fair, to go as deep as we are able to do in Denham, for example, overseas. So I think there's still opportunity on the Boots side, but I think what we did with the merchandising teams in Denham over the last 12 months kind of open their eyes to those opportunities in boots as well. And I hear them talk about it weekly in our merchandising meetings, how they're doubling down and having, you know, more than one size run of a particular style. And, you know, we know where this one's going to work. Let's have two or three size runs in a particular store. So that philosophy has trickled through into the boot world from what we started on the soft goods, not the denim products.
Sam Poser: And is that helping your conversion rates as you can see it, do you think? Or, I mean, and if you do that better, that should theoretically improve your conversion rates and increase your inventory turn as the old stuff goes away. Is that fair?
John: That's absolutely fair. The conversion, we still have stores that are not comped from a conversion standpoint, so it's a little muddy. And when you look at conversion for one particular category, albeit a big one with boots, the denominator, of course, is all the traffic. But, yes, you're absolutely right.
Jim Conroy: Thanks very much. Thanks, Adam.
Operator: The next question comes from John Keepout with Goldman Sachs.
John Keepout: Hey, guys. Thank you for fitting me in. I appreciate it. I have a couple questions. The first is just the cadence of the comp through the year. Just looking at two-year stacks on a monthly basis, it seems like there's been acceleration in April and May at least and a little bit before that, too. I'm just wondering where the conservatism for the two to four in the quarter and the two to four in the year. I understand like July obviously is going to be a pretty meaty comp, but May was, you know, almost in line with July and it still did a five. So I'm just wondering why the temperance on the four at the high end. And I've got some follow-ups.
John: Sure. The cadence throughout the year, the way we've planned it, is pretty consistent quarter to quarter. And you're right. We've got a plus five that we're sitting on here for the first six weeks. And we're guiding behind the range for the first quarter of four. I'll share with you that the second half of May, so the second two weeks of May last year, We're at plus 14, and so we have the tougher part of the comp ahead of us as we look through these next two weeks. And then, as you can see, as you pointed out, pretty strong comps as we get through the year. So we're not afraid of comp to comp. We've done it in the past. I think it will be a pretty even comp. I think that's how we're modeling it for the year.
John Keepout: Got it. And then presumably the two high-traffic stores you mentioned opening this year, right, there's going to be some elevated costs around that. I'm just wondering how we can think about the cadence of those costs layering in. It seems like 1Q is going to bear some of that brunt, but I'm not sure exactly. So any clarity there?
Jim Conroy: Yes.
John: Both of those stores are – taking more of that expense in this first quarter, one of those stores will open within the quarter and the bigger of those will open later this year. And so I think it's relevant to call out on a full year that it puts some pressure on it. I think for modeling the buying and occupancy throughout the year, there are a lot of other things that weigh into the deleverage in each of those quarters more than those two stores.
John Keepout: Okay. All right, that makes sense. The last one is just on tariffs. I'm not sure if you guys were explicit. I assume that at the moment, you guys, the guidance is factoring in 10%. Just not sure in the back half of the year, are you expecting that through whatever mechanism it jumps back up to the pre-SCOTUS ruling tariffs?
John: It's really a plan of the 10% that's in there for right now. and then we will adapt to whatever tariff environment comes at us, similar to what we did last year. If we need to raise prices because we're seeing price increases, then that's something we'll do. My expectation is that, barring some significant changes in the tariff environment, that the pricing will stay pretty well in check for this year. Those are the early reads we're getting from our vendors. Okay. Thank you, guys. Appreciate it.
Jim Conroy: Thank you. Thanks, John.
Operator: The next question comes from Jeff Blake, Rich Defense.
Jeff Blake: Thanks very much for taking my question. John, in the last call, you talked about how sales for Cody James and Hawks.com, the third-party environment, the direct environments, you were seeing customers that you had never seen before. I was just curious if you could give an update if that's still happening and then Have you had any success converting them into regular Boot Barn store customers?
John: Yeah. Yes and yes. We are still seeing many of the majority of those customers, roughly 70% of them are customers who have never shopped with us in stores on bootbarn.com or any of our other channels. So they are net new customers. to the brand, and we're seeing many of those then shop at Boot Barn. You know, when you order a product from us, we don't hide the fact that the packaging says Boot Barn, shufflers, country outfitters. We let people know that, you know, this is coming from Boot Barn. We don't try and shield that and create unique packaging for each of the sites. And so I think the awareness to Boot Barn is coming to those customers and how they're getting their packages delivered to them. I don't have a number right now on how many of them convert to Blue Barn customers, but we are absolutely seeing it happen.
Jeff Blake: And then just from a digital perspective, you know, what's kind of been the preferred or the most effective mechanisms you've been using to drive, you know, that kind of methodical marketing?
John: For the exclusive brands, it has been social. It's been meta and TikTok, and it is their, you know, it's the algorithm, right? They have an uncanny ability to target customers and find new customers for you. That's why we kind of plow those marketing dollars into those companies. And the other piece of it, if you think about Meta and TikTok, is the one place where a customer doesn't mind being interrupted. by product discovery or an ad for a new product, where even on YouTube, you could argue that it is disruptive to the experience they're having. And that really isn't true when you're on TikTok or Instagram. And so the combination of the medium and how people use it and how good the algorithm is at helping find new customers for us, that's where we're putting a large chunk of the marketing dollars for exclusive brands.
Jeff Blake: Great, thanks for squeezing me in and continued success.
Jim Conroy: Thanks, Trevor.
Operator: The next question comes from Jeremy Hamlin with Craig Allen.
Will: Hey, this is Will on for Jeremy. Thanks for taking my question. I'm just wondering if you're able to quantify the total weather impact you saw in Q4 inclusive of the February storms, and then if there's anything to note on the Easter shift, if that was a benefit at all to Q4.
John: We did not quantify the total weather impact on Q4. We had some discussion on our last call, just early reads, but not something that we reported on for the full quarter. And on the easter impact, there was no real shift that we could see. I say easter. shifts we can see. We can see the Easter shift and what happens around that, but that was all contained within the quarter. The thing that often gets a little hard to read through different spring breaks across the country is people are off at different times depending on whether that falls in the year Easter or around Easter or not.
Jim Conroy: But nothing worth calling out. Got it. Thanks. Best of luck. Thank you, Will.
Operator: Thank you. This concludes our question and answer session and the Goodbarn Holdings Inc. 4th Quarter 2026 earnings call. Thank you for attending today's presentation. You may now disconnect. Thank you.
