74 annotations
550 basis points of leverage as we lap last year's elevated air freight
(No comment added)
Transcript
2022 Q4
18 Apr 23
we expect to realize roughly half of the $300 million in annualized savings that Bobby spoke to earlier in the back half of fiscal 2023.
(No comment added)
Transcript
2022 Q4
18 Apr 23
We estimate that these actions will result in $300 million of annualized savings, of which roughly half is expected to be realized in fiscal 2023.
(No comment added)
Transcript
2022 Q4
18 Apr 23
today we announced a simplified leadership and operating structure to further optimize cost and organizational effectiveness
(No comment added)
Transcript
2022 Q4
18 Apr 23
We are planning for higher incentive compensation and wage inflation in fiscal 2023, which we expect will be fully offset by the cost savings initiatives implemented in fiscal 2022.
(No comment added)
Transcript
2022 Q4
18 Apr 23
Approximately 100 basis points of deleverage versus last year due to inflationary cost headwinds. This is driven by approximately 300 basis points of deleverage in the first half of the year, shifting to a tailwind of approximately 100 basis points of leverage in the back half as we benefit from improved product costs and freight rates.
We believe the 100 basis points of inflationary headwind for the year could be more than fully offset as a result of our better inventory position and more normalized promotional activity relative to last year.
(No comment added)
Transcript
2022 Q4
18 Apr 23
This will only be a tailwind in the first half of the year as airfreight expense normalized in the back half of fiscal 2022.
(No comment added)
Transcript
2022 Q4
18 Apr 23
fiscal 2023 is expected to be driven by approximately 200 basis points of leverage as we lap last year's elevated air freight
(No comment added)
Transcript
2022 Q4
18 Apr 23
At least half of this 360 basis point inflationary headwind is expected to be offset by less discounting and promotional activity
(No comment added)
Transcript
2022 Q4
18 Apr 23
360 basis points of deleverage due to inflationary cost headwinds as we are now selling product locked in at last year's peak cotton prices
(No comment added)
Transcript
2022 Q4
18 Apr 23
we expect significant year-over-year improvement compared to the 31.5% gross margin in the first quarter last year
(No comment added)
Transcript
2022 Q4
18 Apr 23
sales to be down in the mid-single-digit range year-over-year for the quarter
(No comment added)
Transcript
2022 Q4
18 Apr 23
We just won't have that glut of markdown inventory.
(No comment added)
Transcript
2022 Q4
18 Apr 23
we'll still have a good value proposition for the lower-income consumer
(No comment added)
Transcript
2022 Q4
18 Apr 23
we did not have enough newness in fourth quarter, which really muted some of the performance because we had so much markdown carryover that we had to get through
(No comment added)
Transcript
2022 Q4
18 Apr 23
gives us the
(No comment added)
Transcript
2022 Q4
18 Apr 23
well-positioned liability inventory heading into the quarter
(No comment added)
Transcript
2022 Q4
18 Apr 23
opportunity to pull back on the discounting and markdowns
(No comment added)
Transcript
2022 Q4
18 Apr 23
once we were able to get holiday receipts down and start clearing through the inventory at markdowns, we were able to bring in spring and really see the business rebound
(No comment added)
Transcript
2022 Q4
18 Apr 23
we actually saw our December sales take a dip unlike what I think other competitors have said, because we had cut holiday receipts, and we were carrying a lot of fall inventory
(No comment added)
Transcript
2022 Q4
18 Apr 23