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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
our core styles, which account for approximately 45% of our total inventory and carry limited seasonal markdown risk
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2022 Q3
9 Dec 22
we made the strategic decision to build inventories this year
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2022 Q3
9 Dec 22
we ended quarter three with dollar inventory up 85% on a one-year basis and units up 38% on a three-year CAGR basis, both metrics in line with our expectations
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2022 Q3
9 Dec 22
you have about 60 basis points less air freight pressure on a one-year basis in the back half
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2022 Q2
2 Oct 22
31% unit increase, we think, is well aligned with our top line momentum.
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2022 Q1
2 Oct 22
36%, 5 points impact included in that for longer in-transit time.
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2022 Q1
2 Oct 22
we have approximately 20% of our close -- of our stores closed currently, so 15 out of 71, primarily in Shanghai and Beijing
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2022 Q1
2 Oct 22
when we look at our inventory on a one-year basis, the rate -- the growth rate includes air freight impacts and then also higher in transient with those longer ocean durations
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2022 Q1
2 Oct 22
when we look at our operating margin overall, we are modestly for the year under 2019, even with that 300 basis point pressure of air freight.
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2022 Q1
2 Oct 22
in terms of air freight, we are up against some increases last year, as we move into the second half of the year.
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2022 Q1
2 Oct 22
air freight in first quarter was 340 basis points of pressure, 150 basis points of pressure in 2Q. To get to the 30 basis points of pressure for the year, you're baking in positive leverage in the second half
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2022 Q1
2 Oct 22