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continue to reflect challenging trends in the industry, which softened further in Q2
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2023 Q2
26 Aug 23
our results reflected the comparison over last year's clearance and promotional activity, which affected weekly comp trends in certain categories, particularly in the digital channel
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2023 Q2
26 Aug 23
Entertainment business within hardlines continues to see healthy growth in the mid-single digits
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2023 Q2
26 Aug 23
our team continues to face an unacceptable amount of retail theft and organized retail crime
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2023 Q2
26 Aug 23
the first six months of this year compared to 2019, we've got almost well over 20% higher traffic coming to our business than we were pre-pandemic
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2023 Q2
26 Aug 23
the consumer is still taking a very cautious approach to discretionary spending in the goods sector
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2023 Q2
26 Aug 23
we expect to continue into the back half of the year
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2023 Q2
26 Aug 23
You're seeing the uptick in travel and leisure, what's happening in entertainment.
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2023 Q2
26 Aug 23
we've seen a rotation in their wallet from goods into services
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2023 Q2
26 Aug 23
we see a very resilient U.S. consumer, and I think so much of that is fueled by the strength in the labor market
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2023 Q2
26 Aug 23
They were very consistent with what we saw in the month of July as guests turn to target for their back-to-school and back-to-college shopping.
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2023 Q2
26 Aug 23
for the first 10 days of August
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2023 Q2
26 Aug 23
Monthly traffic followed a similar cadence and actually recovered a bit faster than sales in July.
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2023 Q2
26 Aug 23
comp sales in May were down a little more than 3%, moved down to a decline of just over 7% in June, then made an encouraging recovery to minus 5% in July
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2023 Q2
26 Aug 23
Within the quarter, comp trends softened from the second half of May into June, before we saw a meaningful recovery in both traffic and comps in July.
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2023 Q2
26 Aug 23
Shrink in the second quarter remained consistent with our expectations, but well above the sustainable level where we expect to operate over time
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2023 Q2
26 Aug 23
During the first five months of this year, our stores saw a 120% increase in theft incidents involving violence or threats of violence.
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2023 Q2
26 Aug 23
we've experienced more than a percentage point of cumulative profit pressure from higher shrink since 2019
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2023 Q2
26 Aug 23
we saw particular strength in snacks, candy and beverages
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2023 Q2
26 Aug 23
So the fourth quarter will include an extra week of sales and profits. We estimate that the extra week will add about $1.7 billion in sales and results in about 30 basis points of operating margin leverage on the quarter.
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2023 Q2
26 Aug 23