<SEC-DOCUMENT>0001104659-23-033368.txt : 20230425
<SEC-HEADER>0001104659-23-033368.hdr.sgml : 20230425
<ACCEPTANCE-DATETIME>20230316170137
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-23-033368
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MSC INDUSTRIAL DIRECT CO INC
		CENTRAL INDEX KEY:			0001003078
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-INDUSTRIAL MACHINERY & EQUIPMENT [5084]
		IRS NUMBER:				113289165
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0902

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		515 BROADHOLLOW ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
		BUSINESS PHONE:		516-812-2000

	MAIL ADDRESS:	
		STREET 1:		515 BROADHOLLOW ROAD
		CITY:			MELVILLE
		STATE:			NY
		ZIP:			11747
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; width: 50%; vertical-align: top"><IMG SRC="image_001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; width: 50%">515 Broadhollow Road<BR> Suite 1000<BR> Melville, NY 11747<BR> 516.812.2000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 16, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade &amp; Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>Re:</B></TD><TD STYLE="text-align: justify"><B>MSC Industrial Direct Co., Inc.<BR>
Form 10-K for the Fiscal Year Ended September 3, 2022 <BR>
Filed October 20, 2022 <BR>
Earnings Release on Form 8-K<BR>
Furnished January 5, 2023<BR>
Form 10-Q for the Fiscal Quarter Ended December 3, 2022<BR>
Filed January 5, 2023<BR>
File No. 001-14130</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Sir or Madam:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This letter is submitted on behalf of MSC Industrial Direct Co., Inc.
(the &ldquo;Company&rdquo; or &ldquo;MSC&rdquo;) in response to comments of the staff (the &ldquo;Staff&rdquo;) of the Securities and
Exchange Commission (the &ldquo;Commission&rdquo;) set forth in your letter dated March 6, 2023. Our responses to your comments are set
forth below, with each paragraph numbered to correspond to the numbered paragraphs set forth in your letter and <FONT STYLE="background-color: white">we
have included the Staff&rsquo;s comments in italicized text prior to the Company&rsquo;s responses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form 10-K for the Fiscal Year Ended September 3, 2022</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Note 2. Revenue</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Disaggregation of Revenue, page 49</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD><I>You disaggregate revenue by customer end-market. In MD&amp;A and on earnings calls, you disclose changes in sales by customer type
such as&nbsp;national account, government, and core and other.&nbsp; National account and public sector appear to be defined on page 7.
Please revise page 7 to clarify whether government and public sector are the same and to define core and other. Given your quantification
of different categories in MD&amp;A, please tell us your consideration of also disaggregating revenues by these categories on page 49
(in addition to your disaggregation by customer end-market).&nbsp; Refer to ASC 606-10-50-5 and 50-6 and ASC 606-10-55-89 through 55-91.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">In response to the Staff&rsquo;s comment, the Company has
considered the guidance in ASC 606-10-55-89 through 55-91, specifically the portion requiring &ldquo;an entity to disaggregate revenue
from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are
affected by economic factors.&rdquo; In addition, the Company considered the portion of the guidance noting &ldquo;an entity should consider
how information about the entity&rsquo;s revenue has been presented for other purposes&rdquo; when selecting the type of category (or
categories) to use to disaggregate revenue, including &ldquo;disclosures presented outside the financial statements (for example, in earnings
releases, annual reports, or investor presentations).&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Trade &amp; Services<BR>
 United States Securities and Exchange Commission <BR>
Page 2 <BR>
March 16, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that the Company will revise future filings, commencing with the Company&rsquo;s Quarterly Report on Form
10-Q for the fiscal quarter ended March&nbsp;4, 2023, to provide additional disclosure of revenue disaggregated by customer type. Beginning
with the Quarterly Report on Form 10-Q for the fiscal quarter ended March 4, 2023, the Company will provide tabular disclosure in &ldquo;Note
2. Revenue&rdquo; disaggregating revenue by customer type, in addition to the existing tabular disclosure of revenue disaggregated by geography
and end use market. The Company will further revise its disclosure to clarify that &ldquo;government&rdquo; and &ldquo;public sector&rdquo;
each refer to the same type of customer, will use &ldquo;public sector&rdquo; to describe that type of customer and will provide additional
disclosure to clarify that &ldquo;core and other&rdquo; refers to those customers which are not classified as belonging to either the
 &ldquo;national account&rdquo; or &ldquo;public sector&rdquo; types of customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Earnings Release on Form 8-K Furnished on January 5, 2023</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Adjusted Financial Highlights</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD><I>Please clearly label and describe your Adjusted Financial Highlights for&nbsp;income from operations, operating margin, and net
income attributable to MSC as non-GAAP.&nbsp; Refer to Question 100.05 of the Staff's Compliance and Discussion Interpretations on Non-GAAP
Financial Measures.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that, in future filings, the Company will more clearly label such financial measures as non-GAAP by referring
to such financial measures, as &ldquo;Adjusted Income from Operations,&rdquo; &ldquo;Adjusted Operating Margin&rdquo; and &ldquo;Adjusted
Net Income Attributable to MSC,&rdquo; respectively, and by including appropriate footnote disclosure identifying each such financial
measure as a non-GAAP financial measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Trade &amp; Services<BR>
 United States Securities and Exchange Commission <BR>
Page 3 <BR>
March 16, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Fiscal 2023 Full Year Financial Outlook and Key Assumptions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD><I>Referencing non-GAAP Adjusted Operating Margin, please present the most directly comparable GAAP measure or add disclosure explaining
why&nbsp;forward looking-information cannot be presented, to the extent available without unreasonable efforts, for&nbsp;the differences
between the non-GAAP financial measure disclosed with the most directly comparable financial measure calculated and presented in accordance
with GAAP. Likewise, please explain the use of Operating Cash Flow Conversion and present the most directly comparable GAAP measure.&nbsp;
Refer to Item 10(e)(1)(i)(B) of Regulation S-K and Question 102.10(b) of the Compliance and Disclosure Interpretations on Non-GAAP Financial
Measures.&nbsp;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment and advises the Staff that the Company will revise its disclosure, starting with the earnings release for the fiscal quarter ended
March 4, 2023, to include the following language on why forward looking information for Operating Margin, the most directly comparable
financial measure calculated and presented in accordance with GAAP, cannot be presented without unreasonable efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;This press release also includes certain forward-looking
information that is not presented in accordance with GAAP. The Company believes that a quantitative reconciliation of such forward-looking
information to the most directly comparable financial measure calculated and presented in accordance with GAAP cannot be made available
without unreasonable efforts because a reconciliation of these non-GAAP financial measures would require the Company to predict the timing
and likelihood of potential future events such as restructurings, M&amp;A activity and other infrequent or unusual gains and losses. Neither
the timing or likelihood of these events, nor their probable significance, can be quantified with a reasonable degree of accuracy. Accordingly,
a reconciliation of such forward-looking information to the most directly comparable GAAP financial measure is not provided.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company respectfully advises the Staff that it does
not consider Operating Cash Flow Conversion to be a non-GAAP financial measure. The Company defines Operating Cash Flow Conversion as
Net cash provided by operating activities as a percentage of Net income. As a result, Operating Cash Flow Conversion, as used by the Company,
is not a non-GAAP financial measure for purposes of Item 10(e) of Regulation S-K because it is a ratio or statistical measure calculated
using exclusively financial measures calculated in accordance with GAAP in accordance with Item 10(e)(4)(ii)(A) of Regulation S-K. Accordingly,
no explanation of the use of Operating Cash Flow Conversion or reconciliation to the nearest GAAP financial measure is required. However,
the Company will revise its disclosure, starting with the earnings release for the fiscal quarter ended March 4, 2023, to include the
definition of, and the GAAP financial measures used to calculate, Operating Cash Flow Conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Trade &amp; Services<BR>
 United States Securities and Exchange Commission <BR>
Page 4 <BR>
March 16, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><U>Non-GAAP Financial Measures</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD><I>Please explain to us and disclose how &quot;GAAP&quot; and non-GAAP Incremental Margin are determined.&nbsp; Please also disclose
how they provide useful information to investors, and provide a reconciliation from the most directly comparable GAAP measure, operating
margin.&nbsp; If you believe a different comparable GAAP measure is more appropriate, please explain. Refer to Items 10(e)(1)(i)(B), (C),
and (D) of Regulation S-K.</I></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company defines Incremental Margin as the change
in year-over-year Income from Operations as a percentage of the change in year-over-year Net Sales and Adjusted Incremental Margin
as Incremental Margin adjusted to exclude acquisition-related costs, and restructuring and other costs. The
Company&rsquo;s management believes that Incremental Margin is useful because it <FONT STYLE="background-color: white">shows the
direction that operating profit margins are moving as a result of changes in net sales between periods,</FONT> and that, by
excluding the aforementioned items, Adjusted Incremental Margin helps to more clearly show<FONT STYLE="background-color: white">,</FONT>
on a comparable basis between periods, trends in the Company&rsquo;s underlying business and results of operations. The Company
believes that investors benefit from seeing results from the perspective of management in addition to seeing results presented in
accordance with GAAP for the same reasons and purposes for which management uses such non-GAAP financial measures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Because it is a ratio of the change in Income from Operations
as a percentage of the change in Net Sales, we believe that Incremental Margin, as used by the Company, is not a non-GAAP financial measure
for purposes of Item 10(e) of Regulation S-K because it is a ratio or statistical measure calculated using exclusively financial measures
calculated in accordance with GAAP in accordance with Item 10(e)(4)(ii)(A) of Regulation S-K. Accordingly, reconciliation to Operating
Margin or another GAAP measure is not required. The Company will continue to include a reconciliation of Adjusted Incremental Margin to
Incremental Margin in accordance with Item 10(e)(1)(i)(B) of Regulation S-K. In addition, the Company will revise its disclosure, starting
with the earnings release and Quarterly Report on Form 10-Q for the fiscal quarter ended March 4, 2023, to include the definition of,
and the GAAP measures used to calculate, Incremental Margin and more clearly title such measures as &ldquo;Incremental Operating Margin&rdquo;
and &ldquo;Adjusted Incremental Operating Margin.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Office of Trade &amp; Services<BR>
 United States Securities and Exchange Commission <BR>
Page 5 <BR>
March 16, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><U>Form 10-Q for the Fiscal Quarter
Ended December 3, 2022</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><U>Recent Developments</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><U>Impact of Economic Trends, page 17</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>5.</I></TD><TD><I>Please update your disclosure to identify actions planned or taken, if any, to mitigate inflationary pressures in response to price
increases from suppliers and labor price inflation.&nbsp; We note in your first quarter earnings call on January 5, 2023 that your chief
executive officer acknowledged the company has experienced price increases from its suppliers, and stated &quot;we are initiating a fresh
look at our supplier and assortment strategy.&quot;&nbsp; Your CFO also discussed pressure around labor inflation during the call.&nbsp;
Discuss your&nbsp;planned strategy and actions&nbsp;&quot;towards reducing purchase costs, implementing operational efficiencies,&nbsp;improving
the customer shopping experience, and channeling more market share to those suppliers who partner with us....through a formalized category&nbsp;line
review process that will begin in the next couple of months&quot; as noted in your CEO's remarks during the first quarter earnings call.&nbsp;
Refer to Item 303(c) of Regulation S-K.&nbsp;</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company respectfully acknowledges the Staff&rsquo;s
comment. When the United States economy began to experience elevated levels of inflation, the principal impact on the Company&rsquo;s
business, financial condition and results of operations was the price realization efforts which were disclosed in the Company&rsquo;s
previous filings. The Company would also direct the Staff&rsquo;s attention to the disclosure concerning supplier and labor price pressure
resulting from inflation included in Item 7. Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operation
of the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended September 3, 2022, specifically under the heading <I>Impact
of COVID-19 and Other Economic Trends</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Company advises the Staff that, beginning with the Company&rsquo;s
Quarterly Report on Form 10-Q for the fiscal quarter ended March 4, 2023, it will revise its disclosure to include additional detail to
more specifically address actions taken and planned to be taken to mitigate inflationary pressures resulting from price increases from
suppliers and labor prices, particularly with respect to the formalized category line review process mentioned during the Company&rsquo;s
earnings call for the first quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Office of Trade &amp; Services<BR>
 United States Securities and Exchange Commission <BR>
Page 6 <BR>
March 16, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your attention to this matter. We trust that our responses
and proposed disclosures in future filings adequately address your comments and would be happy to discuss with you any remaining questions
or concerns you may have. Please contact me at (704) 987-5750 should you have any questions or require further information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Kristen Actis-Grande</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kristen Actis-Grande</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President and Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  [ -P# 2(  A$! Q$!_\0
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M0]GSQ<5ZE17/Z1XK\->(-,CUK0]<TW5])E5FBU'3KJ.\LY F=^R> NC%=IW
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MOB7X)=5)!(\1Z6.1U S<C./;-+_PNGX1F7R?^%E>"?-*A@G_  DFE9VGH?\
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M ()U> ))KFXO'7XL_M'PBYNV+W,L5O\ 'CQ_!!YSL\C.T4$<<*LS$^7&@P
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M2> O^";.B?M6?#'PM\8_#7P(UO\ :2^*'[2=]\*H+>W\>Z+K7C1O#_A/X<>
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MVB_$7XS_ +6W@#X4^'OA_P"&O"$VOWO[/_A+7/B-I_A/5_ VOZ-?QZ=<:O\
M$'3K&1[C5[?4)+96N9?)L9[J-EF/[,?\$R/'WQ\^(WPB\9Z[\?/B#XM^(FNP
M>-/[.T2^\9?!R7X+:S9:9!HNGO/ N@S:AJ U*WGNYVG34DG1!@(BN'W4 ?I?
M14<8(0*Q!9>&(R1GKW Z@@]._%24 %%%% &?,QV-Y8#/L9D/.&=0-C' SM).
M,CMZU^!/_!<3X\2^#?A?X,^!VB:F@U?XD>(7U77;*"8-+%X.TZ.4027BH<I!
M<:G";<1.06<+("02#^]UJ=P"B1) $53]X%@HP<Y'1P22..W'2OYX?VT/^":/
M[3G[47QU\0_%F?Q'X6M-,N].T/2M#TVZN[CR].L=.T.P$J98#R1-K)O9I0%&
MYV'+=:^'\0I9R^&LPR_(<//$YGC9>SG2BXP;P\XU(U6JM1QBI*$E:FKSJ?PX
MIMI']2_0T7AIE7COPIQIXK\191PQPYP!+-.(L'#B'FIX3-,XA@IX+)\)7I^R
MKVI4,36_MJ=:K3=*C5P%'F:G)-?*W_!%/]G4?$[X[^(_C9J]I)=^'OA%9QV>
MBR3QYLV\::B5>,88;'DLK-UN!@/GY3\NTFOA#]OW6AJW[9/QXD<?:%O/&EU9
M)(@,C8LTC@.YP0#(C6;E7Z*'C3:?+R?ZZ?V$/V8H?V2?@!X?^&<SZ?J'BF6_
MN]?\9ZWIT92'5-6NR4C:1P,2+:6ZQVT6,Y1=Q&2:_$WXU_\ !'?]HSXC?&+X
MC>.;3Q1X)CL/%_C#6O$&FFXOG$\%O?74\]M;S*/WBL$F8-@ =NN*_+\\X$S/
M \ \.Y/E>6U,1C*F,J8_,HJ4*<Z%>KAJZC.I*5DYTZE6FK63DU*U]W_H)X3?
M2Y\,\^^EQXX>)/%OB/D?#O!&6<"X;PY\,JN:XC$4<!FV4Y3G;JX/,,OJ5,/5
M<Z^+Q4*N?XM*,:F*C7PM&5ZM-1C^;7["7[,>L_M3?M%^'O!LUG=)X&\.RQZ[
MXYU2*)F2UT"T5Y9+:>X7:HNM5GA2-=Q/G?9&54.SY?KO_@LOXCT*7XX_#CX+
M>&$$/A?X+_#"STFVL+==L=IJ.L:D+NY3"?NQ<7%C;Z1([*HV/#+NR7X_>O\
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MMI>_#;5];:6!?"OCG3;B.72?$-E?0.MQ87%I"UZK26[PFZC9K:5_*9\_('Q
M_P""=WQO^$7A3_@FYXV_8XTSX4Z;\1OV#?AKK_P[N?A;XH^V6G@CQ=HGQ!\%
M^'M!\>_V7J=MA['6KK5]$;58=4N4EO9Y)2L]TS233N <%^Q9^VU_P2Q_94^
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M?M*^)? '_!0;P!X5^"O@;6-:L)-7^$"ZGX,\/^.9M \/P"#PO)HDVI7NE:Y
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*P  ["EHHH __V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
