Thank you, Operator. Good morning, everyone. Thanks for taking the time to join us today and we do hope everyone is staying safe and well. On the call today are Hal Lawton, our CEO, Kurt Barton, our CFO. After our prepared remarks, we will open the call up for your questions. Seth Estep, our EVP and Chief Merchandising Officer will join us for the question and answer session. Please note that we've made a supplemental slide presentation available on our website to accompany today's earnings release. Now let me reference the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. This call may contain certain forward-looking statements that are subject to significant risks and uncertainties, including the future operating and financial performance of the Company. In many cases, these risks and uncertainties are beyond our control. Although the Company believes the expectations reflected in its Forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct and actual results may differ materially from expectations. Important risk factors that could cause actual results to differ materially from those reflected in the Forward-looking statements are included at the end of the press release issued today and in the Company's filings with the Securities and Exchange Commission. The information contained in this call is accurate only as of the date discussed. Investors should not assume that statements will remain operative at a later time. Tractor Supply undertakes no obligation to update any information discussed in this call. This morning, we shortened the prepared remarks to allow more time for Q&A. Given the number of people who want to participate, we respectfully ask that you limit yourself to one question. If you have additional questions, please feel free to get back in the queue. I appreciate your cooperation on this. We will be available after the call for follow-up. Thank you for your time and attention this morning. Now it's my pleasure to turn the call over to Hal.

Thank you, Mary Winn. And thank you to everyone for joining us this morning. The Tractor Supply Team delivered strong results for the third quarter with net sales of 15.8%. Comparable store sales increase of 13.1% and diluted earnings per share of 20.4%. Team is doing an outstanding job navigating a very dynamic and challenging operating environment. We continue to benefit for many market trends that we see as very structurally sound. We have strengthened our customer base. We're gaining market share across our categories. We continue to advance our Life Out Here Strategy. Our business has never been stronger. And we see tremendous opportunities for growth ahead of us. As we've consistently shared with you over the last 18 months, our strong results are a testament to our 45,000+ team members and I'd like to thank them for all their efforts in the quarter. They kept each other safe as we went through another COVID-19 wave, and navigated through broad based supply chain disruptions, cost of goods increases, and navigated and manage through a tight labor market. Through it all, they've been resilient and persevere to deliver strong customer satisfaction scores, including all-time high [Indiscernible] scores. Our team members are our greatest strategic asset, and a key competitive differentiator with our customers.. Our loyal and highly engaged team members have helped us fare better than most as far as staffing across our stores and [Indiscernible]. Back in June, we raised our minimum opening wage to $11.25 per hour. Our recent wage actions bring our average hourly wage rate at our stores to nearly $15 per hour as we exit the year, with our DC at a higher rate. The investments we have made in store labor are being recognized by our customers, by the overall customer satisfaction scores that…

Thank you, Hal. And hello to everyone on the call. Once again, our third quarter results demonstrate the strength and resilience of our business and our strategic initiatives. As Hal shared, we continue to believe the underlying health of our business is very strong. Third quarter comp store sales of 13.1% representing 39.9% 2-year stack were driven by a comparable average ticket increase of 9.5% and transaction count increase of 3.6% An example of the structural advantage we have is the ongoing strength in our consumable, usable, and edible products. Our C.U.E. products represent the strength of our core business and what drives trips to the store. Once again, C.U.E. outperformed the chain average comp sales and for the fifth consecutive quarter in a row, C.U.E. had comp sales growth at or above 15%. Key subcategories such as poultry, livestock feed, and dry dog food were among the strongest categories, with broad-based strength. Our big ticket categories, which we're going against significant growth in the prior year, continue to have solid comp store sales performance in line with the chain average. This was driven by strength in trailers, recreational and utility vehicles, safes, and zero-turn mowers. Inflation contributed about 700 basis points to comparable store sales. As you've heard from the retail sector and others, the cost environment remains elevated across imports, domestic freight, commodities, and labor wages. Our merchant team has been aggressively advocating for our customers. Where necessary, we are taking price increases to pass through some of the cost pressures that we cannot offset. our merchant and supply chain teams are currently navigating this challenging and disruptive environment extremely well. As we closely monitor our customers purchasing behaviors, we're focused on product unit trends and are committed to being priced right every day. Our third quarter gross…

Thanks, Kurt. Now, I'd like to share with you an update on our recent ESG announcement, as well as provide updates on our Fusion and Side Lot strategic initiatives which are key parts of our Life Out Here Strategy. At the time of urgency and action on climate change in social justice, we just announced new goals that are the next step in our long-standing commitment to sustainability, stewardship, and opportunity. By 2040, we're committing to achieve net zero carbon emissions across all our operations. As part of our social commitments, we are prioritizing and accelerating our initiatives and actions for diversity, equity, and inclusion. At Tractor Supply, we are focused on cultivating an environment of inclusion where diversity of all kinds is appreciated in value. I invite you to learn more on our dedicated ESG website. Turning next to our Life Out Here Strategy. As a reminder, we've been executing against five key strategic initiatives this year as part of our overall strategy. Those initiatives are Neighbors Club, Digital, FAST, Fusion, and Side Lot. The strategy and its initiatives are designed to capitalize on the attractive opportunities we see in our nearly $110 billion total addressable market. Our project Fusion and Side Lot model transformations represent significant investments in our stores. These store-level investments are designed to grow our market share and drive the productivity of both existing and new stores as part of our Life Out Here Strategy. So let's start with our Project Fusion, store remodel program. As a quick reminder, Project Fusion is state-of-the-art space productivity program designed to enhance the customer experience in our mature store base and give customers that may not have shopped with us in the past more reasons to shop. We anticipate having about 15% of our total store base in…

We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Oliver Wintermantel with Evercore ISI. Thank you. You may proceed.

Good morning, guys. Hal, you mentioned a lot about the structural changes within the business. And my question is regarding gross margins. I think you said it's 100 basis points higher than before the pandemic in 2019. So I was wondering if you have early indications of what you think is in gross margin structural gains versus what you have to maybe give back when promotions come back on and maybe the COO decelerates from the very strong 40% to your COO. Thank you.

Hey Oliver, good morning, thanks for joining our call. On gross margins, we're -- we're very pleased both with our short term results, kind of this past quarter on gross margin, and also very optimistic about the long-term nature of our gross margins. On the short-term, we've had significant amount of cost coming through our business, whether that's in cost of goods as it relates to raw materials and commodity-based goods, also vendors passing along costs related to labor and freight. We've also seen freight cost increase as well as well as costs related to imports. The team's done an excellent job navigating those costs, finding offsets, productivity measures really being the advocate for the customer to keep prices as low as possible. That's it. As Kurt mentioned, we did have inflation of 2% to 7% in the quarter, which helped us offset alot of those costs and delivered the gross margin results that we did in the quarter which sequentially from a GAAP to last year improved from Q2. Long term, as we talked about on several of our call s, the question is really around promotional intensity and the clearance intensity in the business. And those two remain at the same levels that they have over the last 6 quarters: very low. We remain very focused on everyday low price. We remain very focused on delivering value every single day to our customers, and we see it playing out that way for the foreseeable future. We have no plans for significant promotional intensity in Q4. And we think this will remain in a very supply constrained environment as we move into the first half of next year. And that too will continue to limit any sort of promotional intensity to market. And a couple of years in now with minimal promotional intensity, I think that bodes well for being able to maintain a low promotional structure going forward. And so as I said, again, we're very pleased with our short-term gross margin results and also very optimistic about the structural nature of our long-term gross margin.

Thanks very much. Good luck.

Thank you, Mr. Wintermantel. The next question is from the line of Karen Short with Barclays. You may proceed.

Hi. Thanks very much. So based on all of those comments that you just provided Hal, the question would be on obviously the longer-term algorithm and we haven't had an update on that for a little bit but we're clearly trending well above that. So wondering if you could maybe just give a little color in how you think about long-term operating margin algorithm more broadly versus the prior 9 to 9.5, because that just obviously isn't really realistic, those lines.

Hey [Indiscernible] and good morning and thanks for joining the call. We see significant growth opportunities ahead in our business which we talked about several times, $110 billion total addressable market. Super excited about our Life Out Here Strategy in a runway ahead there. And we're investing in that strategy to ensure we capture, sustainable market share. Absolute -- to your point acknowledge that absent the write-down on Petsense that we did a t 10.1% off profit in 2020 and our guidance for 2021 here at 102 to103 that both of those exceed our long-term targets. We certainly don't want to get ahead of ourselves here in the third quarter. What we commented on is that, we're in the midst of our annual planning for 2022. It's -- at the same time, we're also just always looking at our long-term targets and it's very natural for us to be reviewing that over the next few months. And so, when we have more news on that, we'll certainly let folks know. But again, I think we're in a period where there's a significant amount of opportunity ahead, and we're very pleased with the results we put up this quarter, the outlook we have for the balance of the year, and also excited about the long-term opportunity that we still see out there in our $110 billion market as we are gaining significant share in it and the team is just executing on all cylinders right now.

Great. Thank you very much.

The next question is from the line of Brian Nagel with Oppenheimer. You may proceed.

Good morning. Congrats on another great quarter. I think my question maybe a bit repetitive here sort of prior to, but the question I have is and Hal you mentioned the structural lot in your prepared comments from the demand side. Clearly, demand of tractor now over the last several quarters has been outstanding. You're still just very odd, presenting unique dynamic within the overall consumer environment. What -- I want to -- I guess the question I have is, what are you seeing in the business, how your consumers are performing that gives you greater confidence there was a structural shift in demand trends that will persist once the COVID crisis is completely behind us?

Hey, Brian. I'd point to 3 things in our business. First off, I'll talk about broad macro trends, second thing I'll talk about is the consistency of our business, and the third I'll talk about is share gains. In the broad macro trends, all the trends that we saw in Q2 of last year really have all sustained themselves, and I think there's certain retailers and other businesses that saw the benefit as it relates to COVID behavior early to mid last year and that waned. And I think that's not been the case for us, whether it's things like rural revitalization, which is a bit more of a permanence in if people move and whether it's things like pet ownership and adoption, again, permanent more so in nature. Whether it's homesteading and just kind of the self-reliance mentality, we're seeing this as more permanent behaviors and really no matter what dataset you look at, whether it's home purchases, whether it's mobility, whether it's pet ownership, any sort of qualitative data on where people are spending their money, they all reinforce the structural nature of those trends. The second thing I'd point to is the consistency, as I mentioned. Our business has been remarkably consistent. Month to month, week to week, by category, and by region. And that's been regardless of whether or not we've been in COVID surges or whether or not certain states have been more in lock down or less in lock down. And that I think just again speaks to the structural orientation. And lastly, we're gaining significant share really in almost every category in our business. And we're seeing that share gain in our core customers who have long shopped us and as they come to us now with a confidence that we're in stock with the right level of customer service and at the right price, and then also new customers who are finding the lifestyle that we serve to be what they're seeking in this time. And we're gaining share really across the board on all of our categories in that context. I'd point to those -- to those three things that give us real confidence in the structural orientation of our business. I think it's -- there's a set of COVID winners that were early on and have seen some of that wane. And then there's another set that are seeing it much more structural and sustained. And I very much put it at the top of that second camp.

That's very helpful. I appreciate it and congrats again. Thank you.

The next question is from the line of Peter Keith with Piper and Sandler -- Piper Sandler and Co. You may proceed.

Hi. Thanks. Good morning. Great results, everyone. Looking forward to the next couple of months with the winter here, looks like we're going to be seeing record energy prices, home heating costs. And I'm just thinking back to 10, 12 years ago with some of the heating exposure you guys have, there sometimes can be a nice benefit for Tractor. So I guess the question is on a net basis, how do you feel about this elevated heating costs that we're going to see this winter? Is it a net positive or conversely maybe elevating costs for your core consumer?

Hey Peter, this is Seth. Thanks for joining the call. Hey, when we look ahead over the next couple of months, just a little bit more broadly, other than just outside of energy costs as well, we're really excited about the opportunity that lies ahead based off a lot of the macro benefits that Hal just discussed and I'd love to just highlight a couple of things that we look to see to drive our business over this holiday season and then to maximize and capitalize on that opportunity. When we think about that, and we're really excited about how the team and the merchandising team continues to execute on our portfolio strategy, leveraging the Fast team. We're doing record number of resets throughout the year, not just call it preholiday, but continuing that reset and the new [Indiscernible] activity as we go through the quarter. And for holidays specifically, over the next couple of months, we're really excited about the momentum we're seeing in some of these new customer trends, as well as our core customers that are coming to us for categories more broadly than maybe they have in the past. Things like apparel and footwear. And we're seeing expansions like in key brands that consumers are really resonating with, with brands like Columbia and Harriet, Carhartt, even our own brand like Ridgecut, where we're expanding into the women's lineup where that shopper's now coming to us where they weren't in the past, where we can continue to drive market share in those categories. We're also seeing with that rural revitalization, consumers coming to us for outdoor activities, even here in the fall. So things like patio heaters, grills, even Wildlife and UTV s driving a demand, we're still seeing strength across the board there and then we're going to continue to focus on our C.U.E. activity where customers are coming to us for footsteps. So, with a record number of pet adoptions over the last few years, we continue to be extremely excited about the momentum that we have at our pet business holistically as well as the C.U.E. business, and we're going to be looking to drive that throughout the whole holiday season. It's a little broader than just the energy market question here as well, but also where we see it as we're coming through, we're seeing activity across our consumer base to be very consistent with what we've seen over the last few quarters. And they are really resonating with the new items, the new categories, as well as the new partnerships that we're continuing to establish.

Thank you very much, Seth.

The next question is from Kate McShane with Golden -- Goldman Sachs. You may proceed.

Hi. Good morning. Thanks for taking our question. I just wanted to go back to inflation for one minute. I wondered if you could talk to us about how much inflation you are expecting for the fourth quarter. And when it comes to the pricing actions that you took, was it across most of the store or in certain categories? And when do you expect or what has been the reaction from an elasticity standpoint?

[Indiscernible], hey. This is Kurt. Good morning and good morning to everybody. On the inflation side of it, as Hal mentioned on the top side, there was 700 basis points of inflation benefit on the business. We saw at that or slightly higher cost pressures in Q3, as we look ahead to Q4, we exited Q3 and into Q4 with continued levels of inflation moderating at the levels compared to like what we saw coming out of Q2 into Q3. But there continues to be some levels of inflation that's factored into our guidance. In regards to how we handle that, it really is more of a portfolio approach. We take a look at where those costs are contributing, both in transportation product costs and we look at our portfolio. Seth, and the merchant team manages the shopping patterns from the customers, as well as making sure that in key traffic driving areas, we've got great everyday low pricing. So we leverage our pricing tools really well and make sure that from the portfolio standpoint that we can balance from a retail side, as well as what we can do to leverage the strength of our mature supply chain to keep cost s as low as possible. And again, our team has just managed through this great and we are forecasting our guidance for Q4 expecting that they're able to manage that in a similar pattern.

Thank you.

The next question is from the line of Michael Lasser with UBS, you may proceed.

Good morning, thanks all for taking my question. Kurt, can you just clarify what you intended to say with the response to that last question in terms of the inflation contribution moderated relative to the 700 basis points, or the inflation contribution that you're expecting 4Q moderated relative to the 350 to 400 basis points, and hopefully I -- that wasn't my question but it was just a little confusing how that was answered. My question really is, moving forward, do you still need a 3% comp or so to leverage your expenses? In your prepared remarks, you noted that SG&A has leveraged 70 basis points relative to 2019. And given the sheer magnitude of the volume increase your stores have had, there would be some opportunity to right-size or manage your cost structures that you might be able to lever on a more moderate COO moving forward. Thank you.

Michael, I'll hit the two questions. In response to clarification on Kate's question, for Q4 the inflation pressures on the business will be fairly similar to what we described and saw on Q3: flattish to potentially slightly up in regards to Q4. In regards to our leverage point, where we're at right now with the business, the elevated levels of revenue growth, as well as our focus on our investments really makes the whole algorithm different than just saying is it a 3% comp that you leverage on. And to your point, right now, we're seeing really strong momentum in the business, and that does elevate our ability to leverage on the cost. But we're also using that to the point that Hal made and that I made in our prepared remarks that we definitely see this as a tremendous opportunity, we're investing from a position of strength, so our continued outlook of managing SG&A to flattish over time will still be our outlook in the way we are managing this business. Great opportunity to just continue to gain market share and drive traffic into the stores.

Thank you very much.

The next question is from the line of Chris Horvers with JP Morgan. You may proceed.

Operator, we can just move on to the next question if Chris is out.

Hello.

Hey, there you are.

Thank you, Mary Winn.

Thanks.

Seth, with your commentary around 4Q, obviously, softline slot Asian sourcing, I'm guessing the heating business and OPE, soit sounds like you're feeling good from an in-stock level there, is that accurate? And then how are you thinking about next spring? At this point you're probably making orders for that. So will you be ordering enough for next spring?

Hey, Chris. Yes. So we always say we're not -- we always want more, but we are satisfied with where we are right now. As we've managed through the supply chain with both our supplier partners and our supply chain team and merchants to get the products where we are, we feel really good where we are heading into the holiday season as products flowing in. As we've managed through this throughout the course of the whole year, you're spot on. We've looked at every piece of our process, we're giving earlier forecast for our key supplier partners, we're working with our overseas factories to give commitments In our earlier lead time, than we have historically so that we can properly plan within, plan through the supply chain, look for alternative ways to source product or need be to make sure that we can have product hit shelf and we're taking it, we'll be able to take it when we can get it even earlier than we have in the past as well. So that we can be locked and loaded and ready for the spring business. Really feel good about the planning that's going on across the team, and across with our supplier base to make sure that we can continue to navigate this supply -- global supply chain challenge that has been out there.

Got it. Thank you.

The next question is from the line of Peter Benedict with Baird. Thank you, you may proceed.

Hi, guys. Thanks for taking the question. I guess back under the expense stuff, the investments you guys are making, obviously Capex has been up, so I'm curious just on D&A and how we're thinking about that, Kurt, for this year. And then next year we've seen this year is probably up 25% year-over-year, maybe it's $270 million of D&A. How do we think about that as you kind of pencil through 2022? Should we see a similar growth rate or -- how should we think about that? That's my question. Thank you.

Yeah, sure, Peter. So for this year, the depreciation growth year-over-year, throughout the quarters, mid-to-high 20% growth rate is very much in line with our expectations. The investments we've made this year, the incremental ones principally with the new distribution center build, as well as the Fusion Side Lot remodel has us right where we expected to be on depreciation. And for 2022 at this point with our plan, we would expect very much similar in the low 20% growth rate, likely and that's very much what we framed out when we launched the Life Out Here Strategy.

Okay, got you. Thanks so much, Kurt.

The next question is from the line of Simon Gutman with Morgan Stanley, you may proceed.

Hey everyone. Good morning. Can I -- Hal and Kurt. Maybe I will take another stab at the longer-term margin question. I think the math would suggest that your business could be running above that level. The question is, philosophically, do you let it run above that level? And Hal, in that regard, are there things along the Out Here Strategy that you can accelerate, are there price investments that you would think about? Are there any other re-investments that the layer -- second or third layers of the plan where you could lean in and just say, hey, we don't want to run the business at a higher margin so that we can keep building on the growth [Indiscernible] think about that.

Hey, Gutman. Good to talk to you this morning and thanks for joining us. You had said -- first off, we see sizable opportunity ahead in our market. For those who followed us for a long period of time, it's a very attractive market. One, it's very fragmented. One, where we're very well-positioned with our scale and size and relationships that we have and investments we've made historically. We think that there are significant further opportunity as we look out. We continue to grow in an out-sized way and take share. And we're committed to going after that share, continuing to grow. That said, would acknowledge 2 straight years of performance above 10% off margin. It's above our long-term guidance. And as we go through our 2022 annual planning process, we'll be -- that will help us really think through our long-term guidance and the relevance of that as we look forward. For right now, it is our long-term guidance. What I would say is, as it relates to investments, we're very bullish on our investments, we're very focused on excellent capital allocation, we're seeing the results of our investments in the business. As we shared today, the Fusion stores and the Side Lot stores are performing very well. As they mature and begin to normalize, we're seeing the results right in line with what our expected business model and business plan for them were. That's it. Also our business is much -- continues to grow at an outsized rate and that gives us an opportunity to leverage and scale on our business in a way that we didn't fully anticipate last year at this time. And I think as we see how that continues to evolve into early next year, you can expect to hear more from us on that. But again, we remain very bullish on our opportunity, very pleased with our business, it's never been stronger, and we're excited about both the short-term and long-term potential inside of it.

Thank you.

The next question is from Zach Fadem with Wells Fargo. You may proceed.

Hey, good morning. Kurt, another expense question. As you're lapping a year of elevating COVID costs, incentive COO, and strategic spend -- so first of all, can you talk through the lingering impact of some of these items? And then as we look to 22, you mentioned an uptick in strategic spend. Is there any detail you can provide there? And then separately on the 20% D& A growth, is that with or without Orscheln?

Zach, this is Kurt and a number of things in there. Let me just try to package that in this. One, I'll hit the last one first. Orscheln is not considered in any of the numbers of the guidance that we've given in regards to the depreciation expense structure. So COVID expenses have been elevated from the level that we entered the year into, just because the pandemic with the Delta variant and others have lingered. They're at lower levels than we saw in comparable quarters last year but we continue to emphasize having a safe and clean environment for our customers and our team members. The incentive comp with the outperformance this year, while at lower levels than last year, continued to be above target. And so we should think about going forward those are items for us as in future years, those are leveraged points. And if, like in this year, while there's incentive comp above target, the performance gives leverage above and beyond the level that we're paying an incentive comp. So it's net an overall leverage this year, and next year those will be favorable items to compare again. The depreciation expense, as I mentioned earlier, the growth rate that I quoted and referring to is very much in line with what we expected in our long-range plan when we launched the Life Out Here Strategy and talked about a 3 year to 5 year plan. And so with the elevated sales, I mean, we feel very comfortable with a 20% growth rate in depreciation because that's where those investments are at, does not include Orscheln, and again, we're very comfortable with the management we've got and what we have visibility on our expenses for the fourth quarter and even the near term beyond that.

Got it.Thanks, Kurt, what about the strategic side?

The strategic initiative that we've had -- we haven't really specifically mentioned any increased spend on strategic initiatives outside of what we had planned in the Life Out Here Strategy on technology, digital that we had this year and we'll continue to execute the plan. So maybe just clarify what you're referring there.

You mentioned you were going to continue to invest in 2022 so I was just curious if there was an uptick in strategic spend that we should anticipate.

Got you, Zach. No, it's very much in line with what we said that our capital expenditures over the next few years. We anticipate those still to be in that 450 to 550 some years, could be higher because of launching of distribution centers. But the level investment in the businesses is consistent with what we expect.

Got it. Appreciate the time today.

The next question is from the line of Seth Basham with Wedbush you may proceed.

Thanks a lot, and good morning. My question is just a clarification around the trends you're seeing in terms of the comp lift following the Fusion and Side Lot roll out. I think you said you're seeing low single-digit for Fusion, mid single-digit for combo stores and stores that have been completed. But your plan is for a full first year list of mid single-digits for Fusion and high single-digits for combos? Is that correct?

Hey, good morning. And yes, that is what we said in our prepared remarks and it is accurate. The add that I'd make to that is just as is typical with a store remodel,

There's a little bit of disruption. There's disruption that happens during the remodel. Particularly with the current supply chain environment, there's a little disruption that's occurring still even after the remodel as some fixtures and other types of things come in some months a little late. That -- and then we start to see the lift happen as customers getting used to shopping, the new layout and find the new categories and the new brands and the new remodel. What we're seeing is what we would expect, which is every week, every month that goes by post kind of the re-grand opening of the remodel that the performance of the store continues to improve. And that's the case of both combo stores and the Fusion remodel. The other that I would make to that is as it relates to the Side Lot with the Garden Center. We have a couple of stores that went through year 2 of spring. We saw outsized gains in those which is in line again with our expectation that we would see more of a maturity curve with the Garden Center than we would with the inside of the store Fusion remodel. We think that and we expect and what we're seeing in the Fusion remodel, it's more of an immediate impact with the maturity curve being more of 3, 4, 5, 6 months maturity curve, whereas for the Garden Center, we're seeing a nice, strong immediate impact, but then we're also seeing 12, 18 months continuation of that maturity curve. But yeah, the results are very much in line, nice positive lift already, even a few months into each of the remodels. And then we see even continued lift as we complete year 1 of those remodels, whether it's Fusion or the combo.

That's helpful. Just a point for clarification. When do you start measuring lift post disruption? How many months after the completion does disruption period end?

Yeah, we start measuring lift the day of the re-grand opening. So not to get too tactical, but there's a sign off that the store manager and the project manager and the construction manager do that on the day that sign off, that's when the project is complete. The re-grand opening happens reasonably quickly after that, 1 week, 2 weeks kind of thing, and then we start measuring the lift from that re-grand opening date.

Thank you.

The next question is from the line of Chuck Grom with Gordon Haskett. You may proceed.

Okay. Thank you. Good morning. Great quarter [Indiscernible] let me look at the Side Lot initiative. I'm curious to what's been the biggest areas of upside surprise for you guys or said differently. What have you learned in the class of 21 Side Lot? So, you would look to apply to future, store efforts and then any sense for where you think the productivity longer-term could be relative to your in-store productivity?

Hey, Chuck and thanks for joining the call today. I'll hit kind of three things on Side Lot and then I'll just briefly touch base on Fusion productivity. On the Side Lot, the 3 things I'll talk about is the Garden Center, I'll talk about BOPIS, and then I'll talk about our feed rooms. So first on the Garden Center. Our customers key data set is that the categories that we least address from a destination perspective, that they most engage in is live goods and garden. And so that's really what the Garden Center strategy is all about, is creating another C.U.E. destination category in our business. And -- but we're seeing that in our results. I'd say we're more excited now about the prospects for adding to our fleet the Garden sooner than we were even this time last year. And the -- just tax and the behavior we're seeing our customers exactly what you expect. It's a little less around beautification, like what you might see in a more of a home improvement store, in terms of the core product, and much more about fruits and vegetables and shrubs and trees. All those sorts of things that really speak to Life Out Here, whether it's the gardening you do in your backyard or whether it's the shrubs and the tree you're planning along your fence line and in -- along -- in your land. And we have significant convenience benefit -- kind of advantages for our customers from a location perspective. So the Garden Center s are performing very well and we're just getting started both on the build-out of those, obviously, but also with our relationships with our live goods vendors and the assortments, tailoring it by store. The second thing is on BOPIS drive-thru. We're…

All right. Thanks, Hal and Operator, that will conclude our call today. I really appreciate everybody's cooperation that allowed us to get through a lot more questions, so thank you all. Looking forward to speaking to you in January on our fourth quarter earnings call and Maryanne and I will be around this afternoon for any questions, so thank you all for your cooperation. Have a great day.

That concludes today's conference call. Thank you for your participation and enjoy the rest of your day.