“Our shrink and credit programs, think about that was largely neutral to our performance versus '22 versus '21. And then we'll have a little bit of headwind as we think about both rates and supply chain and our continued build out in the supply chain ecosystem.”

In context

“the credit performance were quite strong and gross margin came in better than expected. How do these sort of proceed into 2022? And what's elevating your gross margin outlook relative to what you talked about in December? David Denton: Yes. Listen, I think first and foremost, we're just extremely pleased with the performance from a shrink perspective. I think the store teams and the loss prevention teams have just done an excellent job of managing that. And now it's becoming a bit of a tailwind for us as opposed to a headwind, which was historic. I think as we lean into '22, think about a few things happening. In general, for the full year, we expect the gross margin to be up slightly, product margin to really lead the charge there as we really manage pricing costs very effectively. Our shrink and credit programs, think about that was largely neutral to our performance versus '22 versus '21. And then we'll have a little bit of headwind as we think about both rates and supply chain and our continued build out in the supply chain ecosystem. Operator: Next question comes from the line of Michael Lasser with UBS. Michael Lasser: Marvin, I think you mentioned earlier today that about half of Lowe's sales growth in the second half of last year was due to product inflation. Home Depot mentioned yesterday they got around 800 basis points of comp benefit from product inflation. At what point does the consumer start to push back or the industry experience an elastic response from all the inflation that's being passed through, especially as there's a return to normalcy, mobility increases and the interest in other categories shift on a return to normalcy? Marvin Ellison: Well, Michael, look, I'll give you just a more of a philosophical perspective based on the trends that we see. So we are very confident that there are certain tre”