Americas Retail: Specialty Hardlines: Takeaways from IR/management; Earnings revision and price performance ytd; WMT pricing perception

Research evidence excerpt

Americas Retail: Specialty Hardlines: Takeaways from IR/management; Earnings revision and price performance ytd; WMT pricing perception

Equity Research

13 July 2026 | 6:00AM EDT

Americas Retail: Specialty Hardlines: Takeaways from IR/management;

Earnings revision and price performance ytd; WMT pricing perception

In this note, we discuss key takeaways from meetings with the IR/management teams Kate McShane, CFA

+1(212)902-6740 |

of ASO and COST. Additionally, we analyze HundredX trends on pricing and value kate.mcshane@gs.com

Goldman Sachs & Co. LLC

perception for Walmart. Finally, we provide an update on consensus EPS estimate

Mark Jordan, CFA

revisions within our coverage YTD for 2026 and 2027. +1(617)772-7951 |

mark.jordan@gs.com

Emily Ghosh

+1(713)658-2632 |Takeaways from IR/management meetings emily.ghosh@gs.com

Nishi Agarwal

+1(332)245-7668 |

ASO nishi.agarwal@gs.com

Goldman Sachs India SPL

Academy plans to bring prices down to pre-tariff levels in some cases by

Grace Chee

implementing promotions. Given the tariff backdrop last year, the company +1(212)357-9730 | grace.chee@gs.com

increased the prices of some less expensive private label brands (e.g., Magellan,

Samantha ChiangBCG), which was significant for lower income consumers who are the target audience +1(212)357-7992 |

for these brands. Academy has since started lowering the prices for these brands at samantha.chiang@gs.comGoldman Sachs & Co. LLC

some stores through promotions they can control (e.g., T-shirts at 2 for $15.00,

versus 1 for $9.99). That said, Academy is not planning to lower prices throughout

the entire store, noting this will be brand, SKU, and period specific, and the company

expects to drive market share gains to offset the investment.