TWST: Please start with a brief overview of your coverage universe.
Ms. Storms: I've been following the hardlines sector for 15-plus years or so, and I've covered most of the hardlines space, including the pet retailing area in the mid-1990s, when there was a march across the country to consolidate the highly fragmented pet retail industry, with PetSmart (PETM) and Petco as the leaders. My sector is primarily basic hardlines. I also follow dollar stores, arts and crafts, home goods and a few select other names.
TWST: The retailers you cover sell a pretty diverse range of products. Are there any overall themes or trends that are applicable to PetSmart and Tractor Supply that are also applicable to the rest of the companies in the space, or are there significant differences?
