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Ross Stores Posts The Best Same-store Sales Quarter In Company History | Fast Five Shorts · Omni Talk Retail

• 0:00
  Ross
• 0:00
  stores,
• 0:01
  I
• 0:01
  think
• 0:01
  crush
• 0:02
  it
• 0:02
  might
• 0:02
  be
• 0:02
  an
• 0:02
  understatement.
• 0:03
  Crushed
• 0:03
  its
• 0:04
  first
• 0:04
  quarter
• 0:04
  fiscal
• 0:05
  2026
• 0:05
  expectations
• 0:06
  and
• 0:07
  raised
• 0:07
  its
• 0:07
  full
• 0:08
  year
• 0:08
  outlook,
• 0:08
  reporting
• 0:09
  a
• 0:09
  21%
• 0:10
  jump
• 0:10
  in
• 0:10
  total
• 0:11
  sales
• 0:11
  to
• 0:11
  $6
• 0:12
  billion
• 0:12
  and
• 0:13
  a
• 0:13
  record
• 0:14
  17%
• 0:15
  comparable
• 0:16
  store
• 0:16
  sales
• 0:16
  increase,
• 0:17
  the
• 0:17
  highest
• 0:18
  same
• 0:18
  store
• 0:19
  growth
• 0:19
  in
• 0:19
  the
• 0:20
  company's
• 0:20
  history
• 0:21
  according
• 0:21
  to
• 0:21
  the
• 0:22
  Wall
• 0:22
  Street
• 0:22
  Journal
• 0:22
  and
• 0:22
  company
• 0:23
  earnings
• 0:23
  releases.
• 0:24
  CEO
• 0:24
  James
• 0:25
  Conroy
• 0:25
  said
• 0:26
  strong
• 0:26
  customer
• 0:26
  traffic
• 0:27
  was
• 0:27
  broad
• 0:28
  across
• 0:28
  income
• 0:29
  groups,
• 0:29
  age
• 0:29
  brackets
• 0:30
  and
• 0:30
  demographics,
• 0:31
  pointing
• 0:31
  to
• 0:31
  the
• 0:32
  continued
• 0:32
  tailwind
• 0:33
  Ross
• 0:34
  is
• 0:34
  seeing
• 0:34
  as
• 0:34
  inflation
• 0:35
  and
• 0:35
  economic
• 0:35
  uncertainty
• 0:36
  push
• 0:36
  shoppers
• 0:37
  toward
• 0:37
  off
• 0:37
  price
• 0:38
  retail.
• 0:39
  Ross
• 0:39
  now
• 0:39
  plans
• 0:40
  to
• 0:40
  open
• 0:40
  approximately
• 0:41
  110
• 0:41
  new
• 0:42
  stores
• 0:42
  in
• 0:42
  fiscal
• 0:43
  2026.
• 0:44
  And
• 0:44
  the
• 0:44
  company
• 0:45
  raised
• 0:45
  its
• 0:45
  full
• 0:45
  year
• 0:45
  EPS
• 0:46
  guidance
• 0:46
  and
• 0:47
  lifted
• 0:47
  its
• 0:47
  same
• 0:47
  store
• 0:48
  sales
• 0:48
  growth
• 0:48
  expectations
• 0:49
  to
• 0:50
  6%
• 0:51
  to
• 0:51
  7%
• 0:52
  for
• 0:52
  the
• 0:53
  full
• 0:53
  year.
• 0:54
  Laura
• 0:54
  Ross's
• 0:55
  a
• 0:56
  17
• 0:56
  and
• 0:56
  a
• 0:57
  half
• 0:57
  sales
• 0:57
  comp
• 0:58
  or
• 0:58
  17%
• 0:59
  sales
• 0:59
  comp
• 0:59
  is
• 0:59
  almost
• 1:00
  too
• 1:00
  ridiculous
• 1:01
  to
• 1:01
  say
• 1:01
  out
• 1:01
  loud
• 1:02
  and
• 1:02
  kudos
• 1:03
  to
• 1:03
  them
• 1:03
  for
• 1:03
  that.
• 1:04
  So
• 1:04
  more
• 1:04
  importantly,
• 1:05
  what
• 1:05
  does
• 1:05
  it
• 1:05
  tell
• 1:05
  us
• 1:05
  about
• 1:06
  the
• 1:06
  consumer
• 1:06
  right
• 1:06
  now?
• 1:07
  And
• 1:07
  will
• 1:07
  off
• 1:07
  price
• 1:08
  retail
• 1:08
  be
• 1:08
  the
• 1:09
  great
• 1:09
  unsung
• 1:10
  winner
• 1:10
  of
• 1:11
  this
• 1:11
  macroeconomic
• 1:12
  moment?
• 1:13
  Yeah,
• 1:13
  I
• 1:13
  mean
• 1:13
  the
• 1:14
  comp
• 1:14
  is
• 1:14
  crazy
• 1:15
  but
• 1:15
  equally
• 1:15
  crazy
• 1:16
  to
• 1:16
  me
• 1:16
  is
• 1:16
  the
• 1:16
  idea
• 1:17
  of
• 1:17
  110
• 1:18
  new
• 1:18
  stores
• 1:19
  in
• 1:19
  a
• 1:19
  fiscal
• 1:20
  year
• 1:20
  in,
• 1:20
  in
• 1:21
  2026.
• 1:22
  You
• 1:22
  know,
• 1:22
  this
• 1:22
  isn't
• 1:23
  2010
• 1:24
  or
• 1:25
  you
• 1:25
  know,
• 1:25
  even
• 1:26
  earlier
• 1:26
  than
• 1:26
  that.
• 1:27
  And
• 1:27
  you
• 1:27
  know,
• 1:28
  the
• 1:28
  truth
• 1:28
  is,
• 1:28
  and
• 1:28
  this
• 1:29
  gets
• 1:29
  to
• 1:29
  my
• 1:30
  overall
• 1:30
  point
• 1:30
  is
• 1:30
  that
• 1:31
  this
• 1:31
  is
• 1:31
  not
• 1:31
  just
• 1:31
  2026.
• 1:32
  They
• 1:32
  opened
• 1:32
  90
• 1:33
  stores
• 1:33
  last
• 1:33
  year
• 1:34
  according
• 1:34
  to
• 1:35
  retail
• 1:35
  dive,
• 1:36
  you
• 1:37
  know,
• 1:37
  acquired
• 1:37
  some
• 1:38
  old
• 1:38
  Rite
• 1:38
  Aids
• 1:39
  I
• 1:39
  think
• 1:39
  in
• 1:39
  the
• 1:39
  west
• 1:40
  Coast.
• 1:41
  And
• 1:42
  so
• 1:42
  you
• 1:42
  know,
• 1:42
  I
• 1:42
  think
• 1:42
  it's
• 1:42
  easy
• 1:43
  to
• 1:43
  point
• 1:43
  to
• 1:43
  the
• 1:43
  economic
• 1:44
  environment
• 1:44
  is
• 1:44
  fueling
• 1:45
  this
• 1:46
  and
• 1:46
  you
• 1:46
  know,
• 1:46
  maybe
• 1:46
  the
• 1:47
  indicator
• 1:47
  of
• 1:48
  what's
• 1:48
  really
• 1:48
  going
• 1:48
  on
• 1:49
  that
• 1:49
  it's
• 1:49
  seems
• 1:50
  to
• 1:50
  be
• 1:50
  hard
• 1:50
  to
• 1:50
  find
• 1:51
  otherwise.
• 1:53
  And
• 1:53
  to
• 1:53
  that
• 1:53
  end
• 1:53
  I
• 1:54
  really
• 1:54
  we're
• 1:54
  calling
• 1:54
  it
• 1:54
  unsung.
• 1:55
  I
• 1:55
  think
• 1:56
  17.
• 1:57
  It's
• 1:57
  not
• 1:57
  unsung
• 1:58
  at
• 1:58
  all.
• 1:59
  It's,
• 1:59
  it's
• 2:00
  well
• 2:00
  heard.
• 2:01
  But
• 2:01
  I
• 2:02
  think
• 2:02
  what,
• 2:02
  what
• 2:03
  I
• 2:03
  do
• 2:03
  is
• 2:04
  my
• 2:04
  immediate
• 2:04
  question
• 2:05
  is
• 2:05
  well
• 2:05
  so
• 2:06
  what,
• 2:06
  what
• 2:06
  about
• 2:06
  its,
• 2:07
  its
• 2:07
  competitors
• 2:08
  or
• 2:08
  it's
• 2:08
  you
• 2:09
  know,
• 2:09
  near,
• 2:10
  near
• 2:10
  competitors
• 2:11
  or
• 2:11
  adjacent
• 2:12
  companies
• 2:12
  and
• 2:12
  it's,
• 2:12
  it's
• 2:13
  market
• 2:14
  and
• 2:14
  TJX
• 2:15
  in
• 2:15
  Burlington,
• 2:16
  which
• 2:16
  I
• 2:16
  think
• 2:17
  are
• 2:17
  generally
• 2:17
  in
• 2:18
  that
• 2:18
  same
• 2:19
  bucket
• 2:19
  are
• 2:20
  also,
• 2:20
  you
• 2:20
  know,
• 2:21
  announcing
• 2:21
  solid
• 2:21
  results.
• 2:22
  Of
• 2:22
  course
• 2:22
  TGX
• 2:23
  has
• 2:23
  been
• 2:23
  doing
• 2:23
  great
• 2:24
  forever.
• 2:25
  So
• 2:25
  this
• 2:25
  tells
• 2:26
  me
• 2:26
  that
• 2:26
  it's
• 2:26
  maybe
• 2:26
  it's
• 2:27
  not
• 2:27
  just
• 2:28
  this
• 2:29
  macroeconomic
• 2:30
  environment
• 2:31
  and
• 2:31
  tells
• 2:32
  me
• 2:32
  more
• 2:32
  about,
• 2:33
  I
• 2:33
  mean
• 2:33
  yes,
• 2:33
  it's
• 2:34
  probably
• 2:34
  boosting
• 2:34
  it
• 2:35
  to
• 2:35
  that,
• 2:35
  you
• 2:35
  know,
• 2:36
  kind
• 2:36
  of
• 2:36
  obscene
• 2:37
  level.
• 2:37
  But
• 2:38
  there's
• 2:38
  I
• 2:39
  think
• 2:39
  the
• 2:39
  underlying
• 2:41
  and
• 2:41
  the
• 2:42
  fact
• 2:42
  that
• 2:42
  they're
• 2:42
  opening
• 2:42
  stores.
• 2:43
  The
• 2:43
  underlying,
• 2:44
  you
• 2:44
  know,
• 2:45
  parts
• 2:45
  of
• 2:46
  their
• 2:46
  business
• 2:46
  are
• 2:47
  what
• 2:47
  is
• 2:47
  driving
• 2:48
  it.
• 2:48
  And,
• 2:48
  you
• 2:49
  know,
• 2:49
  if
• 2:49
  I'm
• 2:49
  a
• 2:49
  retailer
• 2:50
  brand,
• 2:51
  it's.
• 2:51
  I'm
• 2:52
  trying
• 2:52
  to
• 2:52
  figure
• 2:53
  out
• 2:53
  what
• 2:54
  this
• 2:54
  tells
• 2:54
  me,
• 2:54
  what
• 2:54
  the
• 2:55
  consumer
• 2:55
  is
• 2:55
  looking
• 2:55
  for.
• 2:56
  And
• 2:56
  so,
• 2:56
  you
• 2:57
  know,
• 2:57
  you
• 2:57
  think
• 2:58
  about
• 2:58
  a
• 2:58
  TJX
• 2:59
  experience
• 2:59
  or,
• 2:59
  you
• 3:00
  know,
• 3:00
  it
• 3:00
  seems
• 3:00
  like
• 3:00
  at
• 3:00
  raw
• 3:01
  stores,
• 3:01
  in
• 3:01
  person
• 3:02
  experience,
• 3:03
  you
• 3:04
  treasure
• 3:04
  hunt,
• 3:04
  discovery,
• 3:06
  rotating
• 3:06
  assortment.
• 3:08
  You
• 3:09
  know,
• 3:09
  I,
• 3:09
  I
• 3:09
  don't
• 3:10
  think
• 3:10
  Ross
• 3:10
  is
• 3:10
  expanding,
• 3:11
  expanding
• 3:11
  its
• 3:11
  store
• 3:12
  footprint
• 3:12
  blindly.
• 3:13
  So
• 3:13
  I
• 3:13
  think
• 3:13
  that
• 3:13
  we
• 3:14
  should,
• 3:14
  you
• 3:14
  know,
• 3:14
  trust
• 3:15
  in
• 3:15
  that.
• 3:15
  And
• 3:16
  so,
• 3:16
  you
• 3:16
  know,
• 3:17
  you
• 3:17
  have
• 3:17
  to
• 3:17
  wonder
• 3:18
  what
• 3:18
  is
• 3:18
  my
• 3:18
  version
• 3:19
  of
• 3:19
  that
• 3:19
  if
• 3:19
  I'm
• 3:19
  a
• 3:19
  retailer
• 3:20
  or,
• 3:20
  or
• 3:20
  a
• 3:21
  brand
• 3:21
  of,
• 3:22
  of
• 3:22
  creating
• 3:22
  that
• 3:23
  treasure
• 3:23
  hunt.
• 3:24
  It's
• 3:25
  clear
• 3:25
  that
• 3:25
  this
• 3:25
  is
• 3:26
  the
• 3:26
  broad
• 3:26
  base.
• 3:27
  It's
• 3:27
  not
• 3:27
  just
• 3:28
  macroeconomic.
• 3:30
  So
• 3:30
  that
• 3:30
  becomes
• 3:31
  something
• 3:31
  that's
• 3:32
  a
• 3:32
  preference
• 3:33
  versus
• 3:33
  just,
• 3:34
  you
• 3:34
  know,
• 3:34
  I
• 3:34
  need
• 3:34
  to
• 3:34
  shop
• 3:35
  off
• 3:35
  price.
• 3:37
  To
• 3:37
  me.
• 3:37
  What
• 3:37
  do
• 3:38
  you
• 3:38
  think?
• 3:39
  Yeah,
• 3:39
  I
• 3:39
  mean,
• 3:39
  I
• 3:39
  think
• 3:39
  what
• 3:40
  you're
• 3:40
  hitting
• 3:40
  at.
• 3:40
  There's
• 3:40
  something
• 3:40
  in
• 3:41
  the
• 3:41
  water
• 3:41
  at
• 3:41
  Ross
• 3:41
  because,
• 3:42
  you
• 3:42
  know,
• 3:42
  while
• 3:43
  the,
• 3:43
  while
• 3:43
  the
• 3:43
  entire
• 3:44
  segment
• 3:44
  is
• 3:44
  working,
• 3:45
  they're
• 3:45
  gaining
• 3:45
  significant
• 3:46
  share
• 3:46
  in
• 3:47
  off
• 3:47
  price.
• 3:48
  And
• 3:48
  the
• 3:49
  numbers,
• 3:49
  these
• 3:49
  aren't
• 3:49
  easy
• 3:50
  comps,
• 3:50
  Laura,
• 3:50
  either.
• 3:51
  I
• 3:51
  looked
• 3:51
  it
• 3:51
  up
• 3:51
  because
• 3:51
  I
• 3:51
  always,
• 3:52
  whenever
• 3:52
  I
• 3:52
  see
• 3:52
  a
• 3:52
  high
• 3:52
  comp,
• 3:53
  I'm
• 3:53
  always
• 3:53
  like,
• 3:53
  what
• 3:53
  are
• 3:53
  they
• 3:53
  anniversarying?
• 3:54
  Because
• 3:55
  there's
• 3:55
  a
• 3:55
  retailer
• 3:55
  that
• 3:55
  announced
• 3:56
  last
• 3:56
  week
• 3:56
  where
• 3:56
  I
• 3:56
  was
• 3:57
  like,
• 3:57
  yeah,
• 3:57
  I'm
• 3:57
  not
• 3:57
  buying
• 3:58
  those
• 3:58
  results.
• 3:58
  They
• 3:58
  had
• 3:58
  the
• 3:59
  easiest
• 3:59
  comp
• 3:59
  in
• 3:59
  a
• 4:00
  long
• 4:00
  time.
• 4:01
  I'd
• 4:01
  like
• 4:01
  there
• 4:01
  to
• 4:02
  be.
• 4:02
  They
• 4:02
  had
• 4:02
  a
• 4:02
  positive
• 4:03
  3
• 4:03
  in
• 4:04
  2024
• 4:04
  and
• 4:04
  a
• 4:05
  flat
• 4:05
  comp
• 4:05
  in
• 4:05
  2025.
• 4:06
  So,
• 4:06
  like,
• 4:07
  you
• 4:07
  know,
• 4:07
  you
• 4:08
  know,
• 4:08
  17%
• 4:09
  growth.
• 4:09
  I
• 4:09
  mean,
• 4:09
  that's
• 4:09
  what
• 4:09
  they
• 4:10
  did
• 4:10
  this
• 4:10
  year.
• 4:11
  Yeah.
• 4:12
  And
• 4:12
  so,
• 4:12
  like,
• 4:12
  and
• 4:13
  not
• 4:13
  surprisingly,
• 4:14
  they're
• 4:14
  doing
• 4:15
  what
• 4:15
  great
• 4:15
  retailers
• 4:16
  do.
• 4:16
  They
• 4:16
  know
• 4:16
  they're
• 4:16
  doing
• 4:17
  something
• 4:17
  right,
• 4:17
  and
• 4:17
  so
• 4:17
  they
• 4:18
  are
• 4:18
  going
• 4:18
  after
• 4:18
  it.
• 4:19
  When
• 4:19
  lightning
• 4:19
  happens,
• 4:20
  you
• 4:20
  got
• 4:20
  to
• 4:20
  catch
• 4:20
  it
• 4:20
  in
• 4:21
  a
• 4:21
  bottle.
• 4:21
  If
• 4:21
  you're
• 4:21
  a
• 4:21
  retailer,
• 4:22
  that's
• 4:22
  like
• 4:22
  one
• 4:22
  axiom
• 4:23
  of
• 4:23
  retail.
• 4:24
  And
• 4:24
  I
• 4:24
  can
• 4:24
  only
• 4:24
  imagine,
• 4:25
  Laura,
• 4:26
  how
• 4:26
  freaking
• 4:27
  fast
• 4:27
  and
• 4:28
  everyone
• 4:28
  is
• 4:28
  working
• 4:29
  at
• 4:29
  Ross
• 4:30
  right
• 4:30
  now
• 4:30
  to
• 4:30
  capitalize
• 4:31
  on
• 4:31
  this
• 4:31
  trend
• 4:32
  because
• 4:32
  it
• 4:32
  only
• 4:32
  comes
• 4:32
  around
• 4:33
  once
• 4:33
  in
• 4:34
  a
• 4:34
  lifetime.
• 4:34
  And
• 4:34
  when
• 4:34
  you
• 4:34
  get
• 4:35
  it,
• 4:35
  you
• 4:35
  go
• 4:36
  for
• 4:36
  it.
• 4:36
  So.
• 4:37
  And
• 4:37
  the
• 4:37
  other
• 4:37
  points
• 4:38
  I'd
• 4:38
  make,
• 4:39
  I
• 4:39
  think
• 4:39
  there
• 4:39
  is
• 4:39
  another.
• 4:40
  There
• 4:40
  is
• 4:40
  going
• 4:40
  to
• 4:40
  be
• 4:40
  another
• 4:41
  unsung
• 4:42
  hero
• 4:43
  out
• 4:43
  of
• 4:43
  this
• 4:43
  macroeconomic
• 4:44
  condition.
• 4:45
  It's
• 4:45
  a
• 4:45
  little
• 4:45
  bit
• 4:45
  of
• 4:45
  a
• 4:46
  pivot,
• 4:46
  but
• 4:47
  I
• 4:47
  think,
• 4:47
  yes,
• 4:48
  off
• 4:48
  price
• 4:48
  is
• 4:48
  going
• 4:48
  to
• 4:49
  win,
• 4:49
  but
• 4:50
  the
• 4:50
  other
• 4:50
  part
• 4:50
  of
• 4:50
  this
• 4:50
  is
• 4:51
  resale.
• 4:52
  Resale
• 4:52
  is
• 4:52
  going
• 4:52
  to
• 4:53
  win.
• 4:53
  And
• 4:53
  I
• 4:53
  think
• 4:53
  the,
• 4:54
  the
• 4:55
  Venn
• 4:55
  diagram
• 4:56
  of
• 4:56
  all
• 4:56
  these
• 4:56
  conditions
• 4:57
  that
• 4:57
  we're
• 4:57
  seeing
• 4:57
  in
• 4:58
  the
• 4:58
  off
• 4:58
  price
• 4:58
  segment
• 4:59
  is
• 4:59
  that
• 4:59
  my
• 5:00
  prediction
• 5:00
  is
• 5:00
  that
• 5:00
  very
• 5:00
  soon
• 5:01
  we're
• 5:01
  going
• 5:01
  to
• 5:01
  see
• 5:01
  a
• 5:01
  national
• 5:02
  branded
• 5:02
  retailer
• 5:03
  that
• 5:03
  makes
• 5:04
  its
• 5:04
  name
• 5:04
  in
• 5:05
  resale
• 5:05
  with
• 5:06
  stores
• 5:06
  throughout
• 5:06
  the
• 5:06
  country
• 5:07
  because
• 5:07
  the
• 5:08
  macroeconomic
• 5:08
  conditions
• 5:09
  are
• 5:09
  perfect
• 5:09
  for
• 5:09
  it
• 5:10
  to
• 5:10
  happen.
• 5:10
  It
• 5:10
  hasn't
• 5:11
  happened
• 5:11
  yet.
• 5:11
  And
• 5:11
  I'm
• 5:12
  not
• 5:12
  talking
• 5:12
  about
• 5:12
  your
• 5:13
  grandmother's
• 5:13
  goodwill,
• 5:14
  which
• 5:14
  we
• 5:14
  all
• 5:14
  know.
• 5:15
  I'm
• 5:15
  talking
• 5:15
  about
• 5:16
  something
• 5:16
  new,
• 5:17
  something
• 5:17
  inviting,
• 5:18
  something,
• 5:18
  well,
• 5:19
  merchandise,
• 5:19
  something
• 5:20
  compelling,
• 5:21
  something
• 5:21
  that
• 5:21
  is
• 5:22
  omnichannel
• 5:22
  in
• 5:23
  nature.
• 5:23
  Perhaps
• 5:24
  that
• 5:24
  just
• 5:25
  does
• 5:25
  resell
• 5:26
  in
• 5:26
  a
• 5:26
  different
• 5:26
  way
• 5:27
  because
• 5:28
  that
• 5:28
  is
• 5:29
  where
• 5:29
  the
• 5:29
  next
• 5:30
  economic
• 5:30
  rung
• 5:31
  will
• 5:31
  go.
• 5:31
  Right.
• 5:32
  There's
• 5:32
  off
• 5:32
  price,
• 5:33
  but
• 5:33
  resell
• 5:34
  is
• 5:34
  even
• 5:34
  more
• 5:35
  advantageous
• 5:35
  economically
• 5:36
  than
• 5:36
  off
• 5:36
  price
• 5:37
  if
• 5:37
  you
• 5:37
  can
• 5:37
  do
• 5:37
  it
• 5:38
  right
• 5:38
  and
• 5:38
  find
• 5:38
  what
• 5:38
  you
• 5:38
  want.
• 5:39
  So
• 5:39
  that's
• 5:39
  my
• 5:39
  prediction.
• 5:40
  Here
• 5:40
  especially
• 5:40
  we
• 5:41
  talk
• 5:41
  about,
• 5:41
  you
• 5:41
  know,
• 5:42
  the
• 5:42
  future
• 5:42
  doesn't
• 5:42
  happen.
• 5:43
  You
• 5:43
  know,
• 5:43
  the
• 5:43
  future
• 5:43
  never
• 5:44
  happens
• 5:44
  as
• 5:44
  quickly
• 5:44
  as
• 5:44
  we
• 5:44
  think
• 5:44
  it
• 5:45
  will.
• 5:45
  But
• 5:45
  I
• 5:45
  think
• 5:45
  when
• 5:45
  we
• 5:46
  look
• 5:46
  back
• 5:46
  10
• 5:46
  years
• 5:46
  from
• 5:47
  now,
• 5:48
  this
• 5:48
  will
• 5:48
  be
• 5:48
  the
• 5:48
  moment
• 5:48
  we
• 5:48
  said
• 5:49
  up.
• 5:49
  Yep,
• 5:50
  that
• 5:50
  national
• 5:50
  resale
• 5:51
  brand,
• 5:51
  that
• 5:51
  is
• 5:51
  where
• 5:52
  it
• 5:52
  all
• 5:52
  started.
• 5:53
  Yeah,
• 5:54
  I
• 5:54
  mean,
• 5:54
  I
• 5:54
  think
• 5:54
  resale,
• 5:55
  resale
• 5:56
  has
• 5:56
  proven
• 5:56
  to
• 5:56
  be
• 5:56
  an
• 5:57
  interesting
• 5:57
  space
• 5:57
  to
• 5:58
  watch
• 5:58
  and
• 5:59
  I
• 5:59
  think
• 5:59
  your
• 5:59
  point
• 6:00
  about
• 6:00
  a
• 6:00
  national
• 6:00
  chain
• 6:02
  and
• 6:02
  thinking
• 6:03
  about
• 6:03
  the
• 6:03
  in
• 6:03
  store
• 6:04
  experience
• 6:05
  matters
• 6:05
  a
• 6:05
  lot.
• 6:06
  I
• 6:07
  feel
• 6:07
  like
• 6:07
  a
• 6:07
  lot
• 6:07
  of
• 6:08
  the
• 6:08
  digital
• 6:09
  solutions
• 6:10
  for
• 6:11
  resale
• 6:11
  maybe
• 6:12
  haven't
• 6:13
  caught
• 6:13
  on
• 6:13
  quite
• 6:14
  like
• 6:14
  we
• 6:14
  thought
• 6:14
  they
• 6:14
  would.
• 6:15
  I
• 6:15
  don't
• 6:15
  think
• 6:15
  anybody's
• 6:16
  in
• 6:16
  bad
• 6:16
  shape,
• 6:16
  but
• 6:17
  it's
• 6:18
  maybe
• 6:18
  a
• 6:18
  little
• 6:18
  slower.
• 6:19
  There's
• 6:20
  interesting,
• 6:21
  I
• 6:22
  think,
• 6:22
  demographic
• 6:23
  trends
• 6:23
  in
• 6:23
  terms
• 6:23
  of
• 6:24
  a
• 6:24
  younger
• 6:25
  generation
• 6:25
  of
• 6:25
  shoppers
• 6:26
  that's,
• 6:26
  that's
• 6:26
  interested
• 6:27
  in
• 6:27
  vintage
• 6:27
  shopping
• 6:28
  and
• 6:29
  all
• 6:30
  of
• 6:30
  the
• 6:30
  sort
• 6:30
  of
• 6:30
  social
• 6:31
  implications
• 6:32
  of
• 6:32
  why
• 6:32
  resale
• 6:33
  is,
• 6:33
  is
• 6:33
  great.
• 6:35
  Same
• 6:36
  generation
• 6:36
  is
• 6:37
  the
• 6:37
  reason
• 6:37
  we
• 6:38
  have
• 6:38
  Shein.
• 6:38
  So,
• 6:39
  you
• 6:39
  know,
• 6:39
  take
• 6:40
  that
• 6:40
  with
• 6:40
  a
• 6:40
  grain
• 6:40
  of
• 6:40
  salt.
• 6:42
  But
• 6:44
  I
• 6:44
  think
• 6:44
  it,
• 6:45
  that
• 6:45
  it
• 6:46
  will
• 6:46
  be
• 6:46
  an
• 6:46
  interesting
• 6:46
  space
• 6:47
  to
• 6:47
  watch
• 6:47
  and
• 6:48
  I've
• 6:49
  certainly
• 6:49
  seen
• 6:50
  a
• 6:50
  lot
• 6:50
  of
• 6:51
  innovation
• 6:51
  in
• 6:52
  the,
• 6:53
  in
• 6:53
  the
• 6:54
  IRL
• 6:55
  resale
• 6:56
  experience
• 6:58
  and
• 6:58
  a
• 6:58
  lot
• 6:58
  of
• 6:58
  enthusiasm
• 6:59
  for
• 6:59
  it.
• 6:59
  So,
• 7:00
  and
• 7:01
  that
• 7:01
  one
• 7:01
  to
• 7:01
  me
• 7:02
  is
• 7:02
  the
• 7:02
  prototypical.
• 7:04
  It's,
• 7:04
  it's
• 7:05
  probably
• 7:05
  always
• 7:05
  going
• 7:05
  to
• 7:05
  have
• 7:06
  a
• 7:06
  base
• 7:06
  that
• 7:06
  is,
• 7:07
  you
• 7:07
  know,
• 7:07
  economically
• 7:08
  based,
• 7:09
  economically,
• 7:10
  you
• 7:10
  know,
• 7:11
  oriented,
• 7:12
  but
• 7:13
  has
• 7:13
  a
• 7:13
  really
• 7:14
  broad
• 7:14
  appeal
• 7:15
  across
• 7:16
  income
• 7:16
  groups.
• 7:17
  Yeah.
• 7:18
  And
• 7:18
  there
• 7:18
  are
• 7:18
  some
• 7:18
  interesting
• 7:19
  franchises
• 7:19
  starting
• 7:19
  to
• 7:19
  pop
• 7:20
  up
• 7:20
  to
• 7:20
  your
• 7:20
  point.
• 7:21
  If
• 7:21
  you
• 7:21
  can
• 7:21
  make
• 7:21
  the
• 7:21
  model
• 7:22
  work
• 7:22
  now,
• 7:23
  you
• 7:23
  should
• 7:23
  only
• 7:24
  be
• 7:24
  able
• 7:24
  to
• 7:24
  make
• 7:24
  it
• 7:24
  work
• 7:24
  even
• 7:25
  better
• 7:25
  in
• 7:25
  the
• 7:25
  future
• 7:25
  and
• 7:26
  you
• 7:26
  should
• 7:26
  actually
• 7:26
  able
• 7:26
  to
• 7:27
  be
• 7:27
  printing
• 7:27
  money
• 7:27
  from
• 7:28
  it
• 7:28
  too.
• 7:28
  So.
• 7:29
  Yeah,
• 7:29
  that's
• 7:29
  my
• 7:30
  other
• 7:30
  kind
• 7:30
  of
• 7:31
  tangential
• 7:31
  takeaway
• 7:32
  that
• 7:32
  I
• 7:32
  get
• 7:32
  from
• 7:32
  this
• 7:33
  headline,
• 7:33
  which
• 7:33
  I
• 7:33
  think
• 7:33
  is
• 7:33
  interesting.