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supply chain costs came in better than we expected.
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2023 Q2
16 Aug 22
there are other programs where some school lunches were paid for last year that this year will be funded by families and parents.
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2023 Q2
16 Aug 22
One is there are more customers shopping in the brand than we have seen previously, including better traffic numbers. Fuel prices did come down throughout the month of July. And I think the third that’s important is school attendance levels, we think will be higher.
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2023 Q2
16 Aug 22
We started experiencing more pronounced supply chain costs in 4Q last year.
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2023 Q2
16 Aug 22
in general, we see better flow. We see better availability.
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2023 Q2
16 Aug 22
I see that as just this quarter, the impact on this quarter.
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2023 Q2
16 Aug 22
that’s really pulling forward those markdowns from Q3 into Q2 to set ourselves up for success and to make sure that we are really competitive going into Q3.
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2023 Q2
16 Aug 22
The largest part of that amount is a strategic decision we made to create an inventory reserve for Q3.
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2023 Q2
16 Aug 22
One is the LIFO charge of $123 million, and the other one is what we had called markdowns.
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2023 Q2
16 Aug 22
Sam’s
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2023 Q2
16 Aug 22
heading into the next year, we will have purchasing levels that are more in line with the way we see demand as it’s going today.
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2023 Q2
16 Aug 22
We still have inventory to work through and ingest from the backlogs
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2023 Q2
16 Aug 22
for the fourth quarter, we mentioned we have canceled billions in orders.
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2023 Q2
16 Aug 22
Q4 last year is the moment where we started to see U.S. food inflation tick up.
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2023 Q2
16 Aug 22
if you go into our filings, you will see our mix change year-over-year
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2023 Q2
16 Aug 22
we have a good handle on what we own, where it is.
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2023 Q2
16 Aug 22
this season is all here at the same time.
So, we have ingested all that inventory.
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2023 Q2
16 Aug 22
we would hope that we are not going to see the level of markdowns that we experienced in the second quarter.
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2023 Q2
16 Aug 22
markdowns in the third quarter, look, we feel like we are in a better inventory position
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2023 Q2
16 Aug 22
number one would be markdowns, number two is mix, and number three is the LIFO charge that we talked about in Sam’s.
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Transcript
2023 Q2
16 Aug 22