Americas Retail: Takeaways from IR/management; June traffic trends

Research evidence excerpt

Americas Retail: Takeaways from IR/management; June traffic trends

Equity Research

6 July 2026 | 6:00AM EDT

In this note, we discuss key takeaways from meeting with BBY’s IR/management Kate McShane, CFA

+1(212)902-6740 |

team. We also analyze Placer traffic data for various hardlines sub-sectors, which kate.mcshane@gs.com

Goldman Sachs & Co. LLC

showed mixed trends for average visits per venue (y/y) in Jun’26. Additionally, we

Mark Jordan, CFA

detail findings from our DG and Family Dollar pricing survey which indicates a +1(617)772-7951 |

widening price gap more favorable to Dollar General in the last month. We also mark.jordan@gs.comGoldman Sachs & Co. LLC

discuss takeaways from our 7/1 Ulta store check. Emily Ghosh

+1(713)658-2632 |

emily.ghosh@gs.com

Takeaways from IR/management meetings Nishi Agarwal

+1(332)245-7668 |

nishi.agarwal@gs.com

Goldman Sachs India SPL

Grace Chee

BBY +1(212)357-9730Goldman Sachs & Co.| grace.chee@gs.comLLC

Smaller Format Stores. Management noted that its smaller and medium-format Samantha Chiang

stores remain in the early stages, with fewer than 10 locations opened over the past +1(212)357-7992 | samantha.chiang@gs.com

several years. While the company does not have a specific annual opening target, Goldman Sachs & Co. LLC

they expect the format to become a larger part of their growth strategy over time,

particularly in markets where brand penetration is lower and a smaller operating

model makes economic sense. Notably, management indicated these smaller stores

are not eliminating any categories, but rather carrying a more targeted SKU

assortment. Customers still have access to the full product catalog through

ship-to-home and store pickup capabilities, allowing the company to maintain

assortment breadth while operating with less space.