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In terms of cadence by quarter, I had mentioned earlier, we have the biggest opportunity in markdowns in Q4, offset by Q1 through Q3. And then in terms of airfreight, our biggest opportunity will be Q1 in the range of 300 basis points to 400 basis points.
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Transcript
2022 Q4
29 Mar 23
However, what I'd say is we still had a degree of COVID disruption in both Q4 and full year '22, and we were at a 30% growth rate.
We have seen that trend accelerate as we moved out of Q4 and into 2023, particularly Q1.
So we are above that 30% growth.
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2022 Q4
29 Mar 23
We own our distribution center in Columbus, Ohio, and lease our other distribution facilities
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10-K
2021 FY
24 Mar 23
produced 57% of our products in 2021
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10-K
2021 FY
15 Dec 22
on the SG&A side, we're expecting 30 to 50 basis points of leverage, which would be driven by higher sales as well as a little bit of a benefit on the FX side within SG&A
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Transcript
2022 Q3
9 Dec 22
we're obviously seeing some improvement in the supply chain environment
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2022 Q3
9 Dec 22
ocean delivery times are continuing to improve from the 70 days we experienced last quarter.
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2022 Q3
9 Dec 22
Our factories have now returned to pre-pandemic levels of production efficiency.
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2022 Q3
9 Dec 22
We continue to see improvements across our supply chain.
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2022 Q3
9 Dec 22
Do you still expect air freight to be a 10 basis point benefit to the full year?
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2022 Q3
9 Dec 22
as we look at Q4, we do expect that overall operating margin will have similar pressure as we did in Q3 in terms of FX.
So we had a net pressure of 40 basis points in Q3. We're expecting something similar for Q4. When we look overall at our operating margin for Q4, we see it expanding year-over-year in the 40 to 70 basis point range with our guidance versus last year in gross margin. We gave color of 10 to 20 basis points. We're seeing a benefit on product margin driven by lower air freight, which will be partially offset by normalized markdowns in line with our 2019 levels and then also mix of business.
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2022 Q3
9 Dec 22
In terms of airfreight, we have seen that moderate throughout the year.
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2022 Q3
9 Dec 22
we are expecting airfreight to be slightly better for the full year.
So we had said 10 basis points last time, and it's come up to 50.
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2022 Q3
9 Dec 22
We expect markdowns to be in line with 2019 levels. In Q4, we expect our SG&A rate to leverage 30 to 50 basis points relative to Q4 2021.
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2022 Q3
9 Dec 22
We expect to see an improvement year-over-year in product margin, driven by lower airfreight expense which will be partially offset by continued FX pressure and the timing of expenses related to our supply chain investments.
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2022 Q3
9 Dec 22
We expect gross margin in Q4 to increase 10 to 20 basis points relative to Q4 of 2021.
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2022 Q3
9 Dec 22
The leverage in the quarter versus Q3 2021 resulted from leverage in our stores and other channels on corporate SG&A and on foreign exchange. This was offset somewhat by an increase in depreciation and amortization.
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2022 Q3
9 Dec 22
In stores, traffic increased nearly 25%. And in our digital business, traffic to our e-commerce sites and apps globally increased nearly 50%. On a three-year CAGR basis, traffic is up 9% in stores and over 41% in e-commerce.
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2022 Q3
9 Dec 22
On a three-year CAGR basis, total revenue increased 27%.
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2022 Q3
9 Dec 22
Our gross margin decrease of 130 basis points relative to last year was driven primarily by 60 basis points of deleverage from foreign exchange within gross margin, which was somewhat offset by a 20 basis point FX benefit within SG&A. A 40 basis point decrease in product margin, driven primarily by higher markdowns and inventory provisions relative to low levels last year, partially offset by lower air freight expense. And 30 basis points of deleverage on fixed costs, driven primarily by investments in our product teams and distribution centers, offset somewhat by leverage on occupancy and depreciation. When looking at markdowns versus 2019, they were relatively flat and in line with our expectations. The decline in gross margin was larger than our guidance of 50 to 70 basis points
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2022 Q3
9 Dec 22