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We believe that the current retail environment characterized by a weak sales trend and significant promotional activity is likely to be with us through the rest of the year.
We also think that this promotional activity is likely to delay the emergence of any significant trade down shopper. Think about it, there is really no need to trade down when every major retailer is on sale. Based on these factors, we are lowering our guidance for the back half of the year.
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2022 Q2
29 Aug 22
we focused markdowns on excess seasonal merchandise and ended the quarter very cleanly.
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2022 Q2
29 Aug 22
we didn't have a lot of excess inventories. This meant that our markdowns were modest compared to many other retailers.
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2022 Q2
29 Aug 22