“I certainly hope not. And so if we do get back to what we've seen over the last three decades, you would expect that to reverse out in a reasonably quick time period.”

In context

“I would encourage you to think about that over a multiyear period. Michael Lasser: Could I clarify that one, please? If you're expecting the $1 billion headwind to gross margin from LIFO in, let's say, the next two or three quarters, does that mean you would get it back in the subsequent two2 or three quarters based on everything that you know today? John David: That's the right way to think about it, Michael. I don't want to be so specific as to say the number of quarters or which quarters. But over the past, call it 35 years, we've generally been, either because of our business model of everyday low prices or just what's happening with retail prices, in general, we've generally been in a deflationary retail cost environment. We don't expect to live in this era of high inflation forever. I certainly hope not. And so if we do get back to what we've seen over the last three decades, you would expect that to reverse out in a reasonably quick time period. So this is not something that if we get back to a normal environment, it's going to take years to reverse out. So what you said is generally correct. I can't be so specific as to be, say, which quarters they're going to happen though. Operator: Next question comes from the line of Peter Benedict with Baird. Please proceed with your question. Peter Benedict: Just a couple of quick ones. First, just John David, maybe you guys -- you talked a lot about the flywheel new capabilities. Understanding that those are all integrated into the business in different ways, how should we be thinking about the impact that can have on the business, either currently or over the next few years? Any way you can help us frame that? And then the second question is just around the trade down and the increase in”