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sales trends in our discretionary categories softened even more in the last few weeks of the quarter, a trend that’s persisted into the first few weeks of November
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2022 Q3
28 Nov 22
Food & Beverage continues to outperform the market with low double-digit growth and strength across the portfolio, gaining both dollar and unit share every week throughout the quarter.
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2022 Q3
28 Nov 22
Beauty continues to drive strong performance, delivering sales growth in the mid-teens. Skin care, hair care and cosmetics, all performed very well and our Ulta Beauty at Target offerings nearly tripled their total sales volume when compared to this period a year ago.
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2022 Q3
28 Nov 22
these trends only became more pronounced towards the end of the third quarter
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2022 Q3
28 Nov 22
Others are opting for larger pack sizes or stocking up when items are on promotion, knowing they will receive greater per unit value.
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2022 Q3
28 Nov 22
some guests are trading into smaller pack sizes, opening price point options or owned brands
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2022 Q3
28 Nov 22
We see our guests holding out for and expecting promotions more than ever, spending less on regularly priced items.
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2022 Q3
28 Nov 22
like the rest of the industry, we’re facing a growing financial headwind from shortage, which is running hundreds of millions of dollars higher than a year ago. Along with other retailers, we’ve seen a significant increase in theft and organized retail crime across our business.
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2022 Q3
28 Nov 22
we faced an unexpected gross margin rate headwind from a higher-than-expected mix of promotional sales as guests moved away from full price purchases
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2022 Q3
28 Nov 22
our guests are exhibiting increasing price sensitivity, becoming more focused on and responsive to promotions and more hesitant to purchase at full price
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2022 Q3
28 Nov 22
many consumers this year have relied on borrowing or dipping into their savings to manage their weekly budgets
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2022 Q3
28 Nov 22
This rapid change in trend is consistent with what we’re seeing in syndicated data on broader industry trends
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2022 Q3
28 Nov 22
Even within the month of October results in the back half of the month were much softer than in the first half and the mix of our sales tilted much more heavily towards promotions.
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2022 Q3
28 Nov 22
through the first two months of the quarter, we had seen comp growth of well over 3%, and then saw a deceleration to just under 1% in October
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2022 Q3
28 Nov 22
discretionary categories, which worsened at the end of the quarter
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2022 Q3
28 Nov 22
we saw a very strong growth in our frequency businesses, led by double-digit growth in both Beauty and Food & Beverage
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2022 Q3
28 Nov 22
we saw a 1.3% increase in average ticket
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2022 Q3
28 Nov 22
third quarter traffic expanded 1.4% on top of 12.9% growth a year ago
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2022 Q3
28 Nov 22
Q3 comparable sales grew 2.7% on top of 12.7% a year ago and 20.7% in the third quarter of 2020
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2022 Q3
28 Nov 22
consumers are showing increasing signs of stress and pulling back from discretionary purchases
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2022 Q3
28 Nov 22