Going to call this quarter a lesson in reality. Even if management really thought it was possible to do a 4% comp this year, they never should have had that scenario in guidance given the aggressive acceleration required in 2H25 (7%+).

At a minimum we are at least back to beating earnings again, however small. It always felt like the comp guide was sandbagged a bit given their long stated “we are a story of halves” narrative and the meaningful weakness in 1Q.