45 annotations
The Q4 slight change on the margins really related to deleveraging with the pull back on the sales from our last guide from a 3% to 5% down to 0% to 2%.
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2022 Q3
14 Dec 22
we're definitely seeing some pressure on some discretionary items that are higher ticket
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2022 Q3
14 Dec 22
Our third quarter total sales increased 9% over last year and comparable store sales increased 1.9%.
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2022 Q3
14 Dec 22
we were tracking to the low end of our comp guidance until we experienced softness in business during the last two weeks of October
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2022 Q3
14 Dec 22
the shortfall in the margin in Q4 is not related to the merch margins. It's all sitting in supply chain and deleveraging fixed costs.
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2022 Q3
14 Dec 22
We're shifting the timing of markdowns. I don't think we're shifting the increase of overall markdown rate because we're already priced strong, and we're just clearing more inventory earlier than later. I don't think 2023 is going to be as promotional as this year has been
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2022 Q3
14 Dec 22
we did obviously see a pretty large improvement in the gross margin from Q2 to Q3. It was about 600 basis points in supply chain.
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2022 Q3
14 Dec 22
the implied margin guide that we're given is really related to the $17 million, $18 million of lower sales volume for the quarter
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2022 Q3
14 Dec 22
with regards to the Q4 margin, I would tell you, it's 100% attributable to the deleveraging of sales. The merch margin, we expect that to actually be up year-over-year, so there's not a compression in the merch margin from Q4 of ’22 to ‘21.
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2022 Q3
14 Dec 22
we will definitely give you a better guide in the upcoming call in March, but I don't think you're looking at a 36%, 37%, I think we'll be closer to 40% than not
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2022 Q3
14 Dec 22
I'm probably closer to let's call it a 39% right now with regards to full-year 2023
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2022 Q3
14 Dec 22
Full-year gross margin of approximately 36.1% to 36.2%, operating income of $129.5 million to $133.5 million, adjusted net income of $98.8 million to $101.8 million and adjusted earnings per share of $1.57 to $1.62
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2022 Q3
14 Dec 22
For the full-year, we now expect total net sales of $1.817 billion to $1.827 billion, comp store sales of negative 3.8% to negative 3.3%
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2022 Q3
14 Dec 22
We now expect total net sales of $540 million to $550 million, comp store sales of flat to 2%. Gross margin rate in the range of 38.2% to 38.4%, operating income of $66 million to $70 million, adjusted net income of $49 million to $52 million and adjusted earnings per share of $0.78 to $0.83
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2022 Q3
14 Dec 22
inventories at the end of Q3 2021 were lower than our historical level due to the supply chain disruption
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2022 Q3
14 Dec 22
Operating margin decreased 80 basis points to 7.1% due to higher supply chain costs, a slightly lower merchandise margin and higher selling costs.
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2022 Q3
14 Dec 22
Gross profit margin declined 40 basis points to 39.4% compared to 39.8% in Q3 last year due to higher supply chain costs and slightly lower merchandise margin. We were pleased with our significant gross margin improvement from the second quarter, primarily driven by lower supply chain costs
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2022 Q3
14 Dec 22
we are seeing continued strength in our consumable categories
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2022 Q3
14 Dec 22
significant improvement in our gross margin rate, compared to last quarter. This was driven by lower supply chain costs and improved merchandise margin.
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2022 Q3
14 Dec 22
our trends are running really, really strong and at the low-end of our guidance until the end of the 11th week of the 13 week quarter
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2022 Q3
14 Dec 22