Financial Data and Key Metrics Changes - Net income for Q1 2026 was $2.001 billion, or $4.50 per diluted share, up from $1.798 billion, or $4.04 per diluted share in Q1 2025, reflecting a 13.6% growth excluding discrete tax items [14][15] - Net sales increased by 8.2% to $65.98 billion from $60.99 billion in the previous year, with comparable sales growth of 6.4% [15][16] - Membership fee income rose to $1.329 billion, a 14% increase year over year, driven by membership growth and fee increases [16][17] Business Line Data and Key Metrics Changes - Digital sales saw a significant increase, with digitally enabled comparable sales growing by 20.5% [15][25] - Fresh sales were up mid to high single digits, with double-digit growth in meat categories [22][24] - Non-foods had comparable sales in the mid-single digits, with strong performance in categories like gold jewelry and health and beauty [23][24] Market Data and Key Metrics Changes - Traffic increased by 3.1% worldwide, and average transaction size rose by 3.2% [15] - The U.S. and Canada renewal rate was 92.2%, and the worldwide rate was 89.7%, both slightly down from the previous quarter [17] - Digital engagement metrics showed a 24% increase in website traffic and a 48% increase in app traffic [25][78] Company Strategy and Development Direction - The company plans to open 30-plus new warehouses annually in the future, with a total of 921 warehouses worldwide [5][6] - A focus on technology integration aims to enhance member experience and operational efficiency, including AI applications in inventory management [10][56] - The company is committed to maintaining competitive pricing while investing in technology and member services [34][54] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in consistent sales growth patterns despite some monthly fluctuations due to external factors [39] - The company is optimistic about future expansion opportunities, particularly in international markets [64][84] - Management acknowledged challenges with healthcare costs impacting productivity but remains focused on leveraging SG&A in the future [92][93] Other Important Information - Capital expenditures for Q1 were approximately $1.53 billion, with an estimated $6.5 billion for the full year [20][22] - The company reported record sales in various categories during the holiday season, including a significant increase in food court sales [22][27] - The company continues to adapt its product assortment to mitigate tariff impacts and enhance value for members [28][29] Q&A Session Summary Question: Observations on Costco's willingness to embrace technology and reinvestment strategies - Management confirmed a focus on technology integration and emphasized the importance of maintaining competitive pricing for members [32][34] Question: Concerns about traffic and the need to invest in pricing - Management noted consistent sales growth patterns and emphasized the importance of delivering value and quality to members [39][41] Question: Membership growth strategies with upcoming warehouse openings - Management indicated a balanced approach to new openings, focusing on both established and new markets [46][48] Question: Insights on retail media and digital advertising opportunities - Management acknowledged the potential of retail media and emphasized the importance of enhancing member experience through targeted marketing [50][52] Question: Warehouse openings and remodel philosophy - Management highlighted a strong pipeline for international growth and discussed the significant uplift from warehouse relocations and remodels [84][86] Question: Dynamics of SG&A leverage and productivity outlook - Management discussed headwinds affecting productivity, including healthcare costs, but expressed optimism about future leverage opportunities [92][93]

Core Insights - Carrefour, Carmila, Unlimitail, and JCDecaux have formed a strategic partnership to enhance retail media through indoor Digital Out-of-Home (DOOH) and outdoor advertising at shopping centers in France and Spain [1][2][10] Partnership Details - The partnership aims to create a new media ecosystem at Carrefour and Carmila sites, with JCDecaux managing and upgrading advertising assets [2] - This collaboration aligns with Carrefour's transformation strategy, focusing on innovation and long-term value creation for real estate assets [2][9] Implementation Strategy - In France, the project will introduce 75-inch LCD digital screens and 81-inch LED screens in access areas, enhancing the advertising format [3][4] - The deployment will cover 161 shopping center malls and 297 access areas, marking JCDecaux's largest multi-site project in France [4] Expansion Plans - In Spain, JCDecaux will develop an indoor DOOH offer across 91 shopping centers and an outdoor offer across 88 access areas starting in 2027 [5] Technological Advancements - The digital assets will utilize low-energy technologies, and analogue street furniture will be upgraded with energy-efficient LED lighting [6] Retail Media Integration - The new OOH/DOOH network will integrate with Unlimitail's retail media offering, allowing for omnichannel strategies and programmatic DOOH campaigns [7][8] - Advertisers will have access to performance measurement tools based on aggregated data from Carrefour and Unlimitail [8] Strategic Goals - The project aims to modernize shopping centers, enhance visitor experience, and create new revenue streams through retail media [9][10] - The partnership is expected to leverage the strengths of Carrefour's audience, Carmila's real estate expertise, Unlimitail's retail media capabilities, and JCDecaux's outdoor advertising leadership [10]

Core Viewpoint - The Trade Desk (TTD) stock has experienced a significant decline of 44% over the past six months, contrasting sharply with the growth of the Zacks Internet Services industry at 74.8% during the same period [1][8]. Price Performance - TTD's performance lags behind other ad tech companies such as Amazon (AMZN), which has gained 5.7%, while Magnite (MGNI) and Criteo (CRTO) have declined by 16.5% and 18.6%, respectively [3][8]. Company-Specific Challenges - The decline in TTD's stock price is attributed more to company-specific challenges rather than broader market trends, raising questions for investors about whether this is a buying opportunity or a sign of deeper issues [4][8]. Long-Term Growth Drivers - Several tailwinds support TTD's long-term growth narrative, including Connected TV (CTV), retail media, Kokai, international growth, and supply-chain modernization efforts like OpenPath [5][8]. - The transition from linear TV to digital spending in CTV is a key growth driver, with management expecting decision-based CTV to become the default buying model [6][8]. - The rise of retail media networks is also beneficial, as retailers are increasingly partnering with TTD for precise targeting and attribution [7][8]. Competitive Advantages - Kokai, TTD's AI-powered demand-side platform (DSP), is central to its strategy, with 85% of clients using it as their default experience, leading to improved performance metrics [9][8]. - TTD's initiatives like OpenPath and others enhance its ecosystem by connecting advertisers directly to publishers, improving transparency and efficiency [10][8]. International Market Potential - Approximately 60% of TTD's total addressable market lies outside the United States, with international business currently representing about 13% of total revenues, indicating significant growth potential [11][8]. Financial Position - TTD has a strong balance sheet with a cash position of $1.4 billion and no debt, providing a buffer against macro volatility [12][8]. - The company repurchased $310 million worth of stock in the third quarter and has approved a new buyback plan of $500 million, anticipating revenues of at least $840 million for Q4 2025 [13][8]. Cost and Competitive Pressures - Rising expenses and competition pose near-term challenges, with total operating costs increasing by 17% year over year to $457 million [15][8]. - The competitive landscape is intensifying, particularly from major players like Meta, Apple, Google, and Amazon, which control their inventory and user data [17][8]. Valuation Concerns - TTD's stock is considered to have a stretched valuation, trading at a price/book multiple of 7.46X compared to the industry's 7.89X [19][21]. Conclusion - While TTD has several long-term catalysts, the near-term outlook is complicated by macro uncertainty, rising expenses, and competitive pressures, suggesting that current investors may hold their positions while new investors should wait for a more favorable entry point [22][23].

Core Insights - Walmart is focusing on transforming its business into a state-of-the-art organization that includes traditional profit and loss (P&L) as well as new revenue streams such as retail media, data monetization, and membership [1][2] Group 1: Leadership and Strategy - Seth Dallaire, the Executive Vice President and Chief Growth Officer at Walmart, has a strong background in both technology and retail, having previously worked at Amazon and Instacart [1][2] - Dallaire's role encompasses broad responsibilities aimed at driving growth and innovation within Walmart [1] Group 2: Retail Experience - The retail experience at Walmart is being enhanced, with a focus on customer recognition and interaction within stores, which has evolved significantly over the past five years [2]

Summary of Walmart's 2025 Conference Call Company Overview - **Company**: Walmart (NYSE: WMT) - **Event**: 2025 Conference held on December 03, 2025 Key Themes and Insights Technology Transformation - Walmart has undergone a significant technology transformation over the past five years, evolving from a traditional retailer focused on value and convenience to a technology leader in retail [6][10][20] - The company emphasizes the integration of technology in both internal operations and customer-facing experiences, enhancing supply chain efficiency and customer shopping experiences [6][7][12] Customer Experience and Expectations - Customer expectations have shifted, with a strong demand for seamless shopping experiences whether in-store or online. Walmart aims to meet these expectations through technology investments [12][16] - The importance of understanding customer behavior and preferences is highlighted, particularly in the context of complex shopping scenarios like grocery stock-up trips [13][17] E-commerce Growth - Walmart reports over 100 million customer visits per week, providing a substantial advantage as it transitions to a tech-enabled company [10] - The company is making significant progress in e-commerce, with ongoing investments to enhance the online shopping experience and integrate third-party offerings [12][30] Agentic Commerce - The concept of agentic commerce is discussed, emphasizing the need for retailers to adapt to changing consumer behaviors and preferences in shopping methods, including the use of AI and large language models [15][20] - Walmart is exploring partnerships with technology firms, such as OpenAI, to leverage AI capabilities in enhancing customer interactions and shopping experiences [20][26] Retail Media and Advertising - Walmart's retail media business is growing, with a focus on improving supplier experiences and measuring the impact of advertising on customer engagement [42][47] - The company sees potential for growth in retail media, particularly through new advertising surfaces like television, following its acquisition of Vizio [42][47] Future Opportunities - Walmart is optimistic about the future of its various business segments, including e-commerce, retail media, and membership programs, which are expected to drive customer loyalty and increase purchase frequency [49][51] - The company aims to deepen relationships with customers through improved omnichannel capabilities and personalized shopping experiences [50][51] Additional Important Points - Walmart's commitment to maintaining its core mission of providing Everyday Low Prices while adapting to technological advancements is emphasized [41][42] - The integration of AI and data analytics is seen as crucial for enhancing operational efficiency and customer satisfaction [35][36] - The company acknowledges the complexity of fulfilling online orders and is focused on reducing errors in the delivery process to improve customer experiences [36][39] This summary encapsulates the key insights and strategic directions discussed during Walmart's 2025 conference call, highlighting the company's focus on technology, customer experience, and future growth opportunities.

US grocer Kroger will shut three automated delivery fulfilment sites in January 2026 and take an impairment charge of around $2.6bn in its third fiscal quarter of 2025. The facilities are in Pleasant Prairie, Wisconsin, in Frederick, Maryland and in Groveland, Florida. The decision follows a review of its e-commerce operations as the grocer increases its use of third-party delivery partners Instacart, DoorDash and Uber Eats. Kroger's revised approach is expected to lift e-commerce operating profit by $4 ...

Core Insights - John Lewis has introduced innovative digital screens in its Bluewater store, marking a significant investment in enhancing customer engagement and brand visibility [2][4][6] - The company is investing £800 million across its stores, with nearly £10 million allocated specifically for the Bluewater project, which is its largest upgrade in four years [6][7] Digital Screens and Advertising - The store features eight digital screens, including a prominent seven-meter by four-meter screen in the atrium, designed to showcase curated content and drive sales [2][4] - There are three types of screens: four bespoke pillar screens and two digital windows, strategically placed in high-traffic areas such as beauty, technology, and fashion departments to enhance brand awareness [3][4] - Brands like Neff, Lego, Sony, Samsung, and Waterstones have already signed up to advertise on these screens, indicating strong interest from major companies [4][6] Customer Experience and Feedback - The digital installations aim to excite customers while maintaining the aesthetic of the John Lewis brand, allowing for meaningful connections between brands and shoppers [5][6] - Initial feedback on the new digital features has been overwhelmingly positive, suggesting a successful integration of technology into the retail environment [6] Additional Store Enhancements - Alongside the digital signage, the Bluewater store has introduced a new 'gifting emporium' to enhance the shopping experience for customers looking for gifts [7]

Core Insights - The Trade Desk, Inc. (TTD) is experiencing significant growth in connected TV (CTV) and retail media, with Q3 2025 revenues rising 18% year over year to $739 million, exceeding expectations of at least $717 million [1][9] - The shift towards biddable CTV is gaining traction, with decision-based buying becoming the preferred method for advertisers due to its flexibility and measurable performance [2] - Retail media is also accelerating, driven by demand for measurable outcomes, with TTD's platform integrating retail data and identity solutions to enhance targeting and attribution [3] CTV and Retail Media Growth - CTV remains TTD's fastest-growing channel, with decision-based buying gaining industry momentum [1][9] - Retail media is seeing increased investment as brands seek to connect consumer behavior directly to business results, supported by TTD's AI-enhanced Kokai platform [3][4] Ecosystem Strategy - TTD's broader ecosystem strategy includes innovations like OpenPath, OpenAds, and Deal Desk, which enhance supply chain transparency and auction integrity, positioning the company for sustained growth into 2026 and beyond [4] Competitive Landscape - TTD faces competition from Magnite, Inc. (MGNI) and Amazon.com, Inc. (AMZN), both of which are also making strides in the CTV and advertising space [5][6][7] - MGNI reported Q3 2025 revenues of $179.5 million, up 11% year over year, with strong performance in CTV [6] - Amazon's AI initiatives are gaining momentum, with significant growth in its AI chip business and overall sales [7] Financial Performance and Valuation - TTD's shares have declined 23.4% in the past month, contrasting with the Internet – Services industry's growth of 9.3% [10] - The forward price/earnings ratio for TTD is 32.76X, higher than the industry average of 26.45X [11] - The Zacks Consensus Estimate for TTD's earnings for 2025 has been slightly revised upward over the past 60 days [12]

Core Insights - Retailers, including Walmart and Costco, are increasingly monetizing their relationships with customers through advertising and data utilization, often without consumers' awareness [1][2]. Group 1: Walmart's Advertising Strategy - Walmart generates revenue through its Walmart Connect platform, which includes online ads, in-store ads, and targeted advertising based on shopper data [7]. - The revenue model for Walmart's advertising is primarily pay-per-click (CPC) or pay-per-impression (CPM), similar to Amazon's retail media network [7]. - Competitors like Amazon and Target have similar advertising programs, while Costco has been more cautious due to its membership model [2]. Group 2: Costco's Media Sales Initiatives - Costco is expanding its media sales efforts, as highlighted by CFO Gary Millerchip during the fourth-quarter earnings call, indicating a long-term strategy to enhance member experiences [3][6]. - The company is utilizing technology to tailor messaging on its website based on membership type and co-brand credit card status, aiming to engage members more effectively [4]. - Costco is exploring the potential to sell external ads while maintaining a focus on member privacy [5]. Group 3: Alternative Revenue Streams - Costco's approach to alternative revenue extends beyond media sales, indicating a broader strategy to enhance profitability while respecting member privacy [6]. - The company has multiple initiatives underway to diversify its revenue sources [8].

Investor Presentation Q3 2025 November 12, 2025 Forward Looking Statements This presentation contains historical information and forward-looking statements within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe- harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to the business, financial condition and results of operations of Perion. The words "will," "believe," "expect," "intend," "plan," "should," "es ...