“We don't see the need nor are in the environment where we need to be more promotional.”

In context

“ger that this downturn persists, does Home Depot have an inclination to invest more in price or value as a way to grab market share that it could sustain on an eventual upturn? And maybe as a part of this, could you pull apart your updated gross margin guidance to reflect the underlying dynamics within core Home Depot versus the influence of SRS on this line item? Billy Bastek: Yes, Michael, thanks. I'll take the first part of that, and then I'll hand it to Richard on a second piece of that question. As it relates to just the promotional activity, I mean, listen, we're going to continue to drive innovation and create value for our consumers. We are in a very rational environment as it relates to the home improvement sector, while there's been some pressure in the category like appliances. We don't see the need nor are in the environment where we need to be more promotional. We're focused on driving innovation and value, creating opportunities for our customers to come into our stores every day. We don't want to be in the promotional business. We feel very good about our position and creating these opportunities and excitement in our stores around just those things, and we've seen great adoption. We've been able to bring value into the marketplace. Areas like our proprietary brands continue to perform very well and we're very pleased with that and don't see a change in really the promotional cadence going forward. Now, I'll toss it to Richard for more on the gross margin piece. Richard McPhail: Yes. Great. So let me actually broaden the question because I think it's important to give the broader context, if you're asking about gross margin, let's just talk ab”