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Page 5 of 7
The decline in merchandise margin was driven by the more aggressive markdowns that Michael referenced in order to sharpen our values.
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2022 Q3
28 Nov 22
This was driven by a 90 basis point decline in merchandise margin, which was partially offset by a 70 basis point decrease in freight expense.
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2022 Q3
28 Nov 22
The gross margin rate was 41.2%, a decrease of 20 basis points versus 2021's third quarter rate of 41.4%.
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2022 Q3
28 Nov 22
For Q3, our adjusted EPS was $0.43, which was within our guidance range of $0.36 to $0.66.
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2022 Q3
28 Nov 22
we are confident in our ability to drive improved execution and significant sales and margin recovery over the next few years
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2022 Q3
28 Nov 22
second key driver of our poor performance as being developmental. In the last few years, we have been transitioning to become more off-price.
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2022 Q3
28 Nov 22
Firstly, the macro headwinds have been real
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2022 Q3
28 Nov 22
there have been two key drivers about poor performance this year
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2022 Q3
28 Nov 22
we do not believe that any of the issues we have faced this year have been what you might call, structural
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2022 Q3
28 Nov 22
we are optimistic about the potential to drive some recovery in sales and margin next year
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2022 Q3
28 Nov 22
we believe that the expense environment in 2023 is likely to improve very significantly versus this year, especially for contracted transportation rates
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2022 Q3
28 Nov 22
we have made mistakes this year that has hurt our sales trend. I realize we have to demonstrate this, but we do not intend to repeat these mistakes in 2023
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2022 Q3
28 Nov 22
there is a very strong availability of great off-price merchandise
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2022 Q3
28 Nov 22
in 2023, we expect a lower level of promotional activity
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2022 Q3
28 Nov 22
we expect that the economy will continue to slow down. And as it does, we anticipate that there will be an even stronger consumer focus on value.
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2022 Q3
28 Nov 22
coming into 2022, we were concerned about the headwinds and risks across retail, and it turns out that we were right. In contrast, we are optimistic about the outlook for 2023
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2022 Q3
28 Nov 22
we are more exposed to some of the prevailing macro headwinds than many other retailers
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2022 Q3
28 Nov 22
we are maintaining the guidance for Q4 that we previewed on our August earnings call
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2022 Q3
28 Nov 22
The main headline is that since mid-October, we have seen a pickup in our sales trend that has continued into November month to date.
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2022 Q3
28 Nov 22
we accelerated releases of great values from reserve inventory
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2022 Q3
28 Nov 22