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2022 Q3
12 Dec 22
s is suggested in our 6% to 8% guidance for the fourth quarter, we're anticipating deceleration from what we saw in the third quarter and really throughout the year.
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2022 Q3
12 Dec 22
October was modestly -- decelerated modestly, but still double-digit growth in each period of the quarter
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2022 Q3
12 Dec 22
Mass growing somewhat faster than Prestige
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2022 Q3
12 Dec 22
our longer-term 3% to 5% comp target
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2022 Q3
12 Dec 22
we report in March. We now expect operating margins for the year will be between 15.5% and 15.6% of sales.
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2022 Q3
12 Dec 22
the increase reflects purchases to support key brand launches and increases in inventory costs, as well as ongoing efforts to maintain strong in-stock to support expected demand
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2022 Q3
12 Dec 22
Total inventory increased 10.3%
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2022 Q3
12 Dec 22
, partially offset by lower marketing expenses
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2022 Q3
12 Dec 22
SG&A increased 30 basis points to 25.5% compared to 25.2% last year, primarily due to increases in store payroll and benefits and corporate overhead
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2022 Q3
12 Dec 22
comp sales growth of 14.6%
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2022 Q3
12 Dec 22
average units per transaction was slightly lower than last year, the total number of units sold increased about 10% on a comp basis
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2022 Q3
12 Dec 22
The improvement in merchandise margin was primarily due to benefits resulting from the timing of retail price changes, partially offset by brand mix.
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2022 Q3
12 Dec 22
gross margin increased 160 basis points to 41.2% of sales compared to 39.6% last year. The increase was primarily due to the leverage of store fixed costs, other revenue growth and higher merchandise margin, partially offset by higher inventory shrink
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2022 Q3
12 Dec 22
there's a short-term benefit to cost of goods as we move through the lower cost inventory
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2022 Q3
12 Dec 22
we have executed a number of price increases from our brand partners this year. Generally, when the new price is effective at the shelf, we are still selling the inventory purchased at the lower cost.
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2022 Q3
12 Dec 22
I wouldn't say the strength in Mass or the somewhat higher growth in Mass as we look at it and do -- and analyze our members didn't come at the expense of Prestige
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2022 Q3
12 Dec 22
Mass is strong and there's good newness brands like e.l.f., NYX, Ordinary, La Roche-Posay, CeraVe
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2022 Q3
12 Dec 22
Mass generally outperforming Prestige
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2022 Q3
12 Dec 22
All of our analysis suggests that we have not seen clear signs of trade down.
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2022 Q3
12 Dec 22