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Page 7 of 9
we have not changed our promotional cadence or markdown strategy and we have no plans to do so.
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2022 Q2
2 Sep 22
we are not creating this traffic through markdowns or price promotions.
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2022 Q2
2 Sep 22
Traffic across channels remains robust with store traffic up over 30% and e-commerce traffic increasing over 40%.
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2022 Q2
2 Sep 22
Traffic was incredibly strong with stores up 30%, e-com up 40
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2022 Q2
2 Sep 22
We're in a better inventory position relative to last year, which is also helping to drive our top line strength.
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2022 Q2
2 Sep 22
Barcelona and Madrid are gearing up to open shortly, and we expect Spain to be a strong market for us going forward.
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2022 Q2
2 Sep 22
we likely left guest demand on the table last year as we were under inventory due to supply chain issues
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2022 Q2
2 Sep 22
we're starting to experience earlier deliveries, both vendor readiness and then also lead times.
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2022 Q2
2 Sep 22
higher usage of airfreight impacting our AUC
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2022 Q2
2 Sep 22
air freight represents a big opportunity for us over the longer term, still 280 basis points above 2019 levels.
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2022 Q2
2 Sep 22
we guided to 10 basis points under last year in air freight versus the 30 basis points higher
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2022 Q2
2 Sep 22
It still sits 280 basis points above 2019. But we'll continue to see that moderate through the second half of the year,
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2022 Q2
2 Sep 22
in terms of airfreight, yes, we've started to see it moderate.
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2022 Q2
2 Sep 22
we are starting to see higher on-time deliveries from our vendors as well as some shorter lead times.
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2022 Q2
2 Sep 22
While we expect to see leverage on airfreight expense relative to last year, this will be offset by the timing of expenses related to our supply chain initiatives, as well as a more normalized level of markdowns relative to the low levels we experienced last year.
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2022 Q2
2 Sep 22
being driven by better on-time performance at our vendors, which is allowing us to receive products sooner than we initially expected. This is also allowing us to use less air freight as we now expect air freight for the full year 2022 to be 10 basis points under last year versus our prior expectation of 30 basis points above last year.
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2022 Q2
2 Sep 22
On a three-year CAGR basis, unit inventory increased 38% relative to 2019 at the end of Q2.
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2022 Q2
2 Sep 22
Inventory grew 85% versus last year
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2022 Q2
2 Sep 22
We continue to strategically use airfreight to help mitigate industry-wide supply chain issues and support our top line momentum, with these higher costs having an impact on inventory when looked at on a dollar basis.
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2022 Q2
2 Sep 22
Adjusted operating income for the quarter was $391 million or 20.9% of net revenue compared to adjusted operating margin of 20.6% in Q2 2021 and inclusive of approximately 130 basis points of additional air freight expense.
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2022 Q2
2 Sep 22